Document:

Exhibit 4.1

 

EXECUTION COPY

 

 

 

 

FOURTH SUPPLEMENTAL
INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

(as successor to The Chase
Manhattan Bank)

 

as Trustee

 

Dated as of December 9,
2010

 

 

FOURTH
SUPPLEMENTAL INDENTURE

 

FOURTH SUPPLEMENTAL INDENTURE, dated as of December 9, 2010 (the “Fourth
Supplemental Indenture”), between WESTPAC BANKING CORPORATION (ABN 33 007 457
141), a company incorporated in the Commonwealth of Australia under the
Corporations Act 2001 of Australia and registered in New South Wales (the
“Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as
successor to The Chase Manhattan Bank, as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company and The Chase Manhattan
Bank are parties to a Senior Indenture, dated as of July 1, 1999 (the
“Base Indenture”), relating to the issuance from time to time by the Company of
Securities in one or more series as therein provided;

 

WHEREAS, the Trustee has succeeded The Chase
Manhattan Bank as trustee under the Base Indenture;

 

WHEREAS, the Company and the Trustee entered
into the First Supplemental Indenture, dated as of August 27, 2009 (the
“First Supplemental Indenture”), among other things, to supplement and amend
certain provisions of the Base Indenture (the Base Indenture, as supplemented
and amended by the First Supplemental Indenture is referred to herein as the
“Amended Base Indenture” and the Amended Base Indenture as further supplemented
by this Fourth Supplemental Indenture, is referred to herein as the
“Indenture”);

 

WHEREAS, Section 8.1(7) of the
Amended Base Indenture provides that the Company may enter into a supplemental
indenture to establish the forms or terms of Securities of any series as
permitted by Sections 2.1 and 3.1 therein;

 

WHEREAS, in connection with the issuance of the
2013 Notes, the 2015 Notes and the Floating Rate Notes (each as defined
herein), the Company has duly authorized the execution and delivery of this
Fourth Supplemental Indenture to establish the forms and terms of the 2013
Notes, the 2015 Notes and the Floating Rate Notes as hereinafter described; and

 

WHEREAS, all conditions and requirements of the
Amended Base Indenture necessary to make this Fourth Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms have been
performed and fulfilled by the parties hereto.

 

 

NOW, THEREFORE, for and in consideration of the
premises and other good and valuable consideration, receipt of which is hereby
acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01                                General
Definitions.  For
purposes of this Fourth Supplemental Indenture:

 

(a)                                  Capitalized
terms used herein without definition shall have the meanings specified in the Amended
Base Indenture;

 

(b)                                 All references
to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of the Amended Base Indenture; and

 

(c)                                  The terms
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
Fourth Supplemental Indenture as a whole and not to any particular Article,
Section or other subdivision.

 

ARTICLE II

THE 2013 NOTES

 

Section 2.01                                Title of
Securities.  There shall
be a series of Securities of the Company designated the “1.85% Notes due
December 9, 2013” (the “2013 Notes”).

 

Section 2.02                                Limitation of
Aggregate Principal Amount.  The aggregate principal amount of the 2013
Notes shall initially be limited to US$1,100,000,000.  The Company may from time to time, without the
consent of the Holders of the 2013 Notes, create and issue additional notes
having the same terms and conditions as the 2013 Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon (“Additional
2013 Notes”).  Additional 2013 Notes
issued in this manner will be consolidated with, and will form a single series
with, the 2013 Notes, unless such Additional 2013 Notes will not be treated as
fungible with the 2013 Notes for U.S. federal income tax purposes. The 2013
Notes and any such Additional 2013 Notes would rank equally and ratably.

 

Section 2.03                                Principal
Payment Date.  The
principal amount of the 2013 Notes Outstanding (together with any accrued and
unpaid interest) shall be payable in a single installment on December 9,
2013, which date shall be the Stated Maturity of the 2013 Notes.

 

Section 2.04                                Interest and
Interest Rates.  The 2013
Notes will bear interest on 

 

 

the unpaid principal amount
thereof at a rate of 1.85% per year from December 9, 2010, or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, until the principal amount of the 2013 Notes shall have been paid
or duly provided for, and interest on the 2013 Notes shall be payable
semi-annually in arrears on June 9 and December 9 of each year,
beginning on June 9, 2011, to the Holders of record on the preceding
May 25 or November 24 (whether or not a Business Day), as the case
may be.  Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months.  The amount of interest payable for any period
less than a full interest period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months and the actual days elapsed in a
partial month in such period.  Any
payment of principal or interest required to be made on an Interest Payment
Date that is not a Business Day shall be made on the next succeeding Business
Day, and no interest will accrue on that payment for the period from and after
such Interest Payment Date to the date of payment on the next succeeding
Business Day.  For purposes of the 2013
Notes, “Business Day” shall mean any calendar day that is not a
Saturday, Sunday or legal holiday in New York, London or Sydney and on which
commercial banks are open for business in New York, London and Sydney.

 

Section 2.05                                Place of
Payment.  The Place of Payment where the
2013 Notes may be presented or surrendered for payment, where the 2013 Notes
may be surrendered for registration of transfer or exchange and where notices
and demand to or upon the Company in respect of the 2013 Notes and the
Indenture may be served initially shall be the Corporate Trust Office of the
Trustee maintained for that purpose in the Borough of Manhattan, City of New
York.

 

Section 2.06                                Redemption.  The Company shall not have the right to
redeem the 2013 Notes other than pursuant to Section 10.8 of the Amended Base
Indenture.

 

Section 2.07                                No Sinking Fund. The 2013 Notes
are not entitled to the benefit of any sinking fund.

 

Section 2.08                                Form.  The 2013 Notes shall be issued initially as
Registered Securities (as defined in the Amended Base Indenture) in the form of
one or more permanent notes in global form, without coupons, substantially in
the form attached hereto as Exhibit A, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as herein provided.

 

Section 2.09                                Denomination.  The 2013 Notes shall be issuable only in
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.
The 2013 Notes shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

 

Section 2.10                                Depositary.  The Depository Trust Company shall be the
initial Depositary for the 2013 Notes, until a successor shall have been
appointed and become such pursuant to the applicable provisions of the Amended
Base Indenture, and thereafter, “Depositary” shall mean or include such
successor.

 

Section 2.11                                Defeasance;
Discharge.  The
provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Amended Base Indenture will
apply to the 2013 Notes .

 

ARTICLE III

THE 2015 NOTES

 

Section 3.01                                Title of
Securities.  There shall
be a series of Securities of the Company designated the “3.0% Notes due
December 9, 2015” (the “2015 Notes”).

 

Section 3.02                                Limitation of
Aggregate Principal Amount.  The aggregate principal amount of the 2015
Notes shall initially be limited to US$1,000,000,000.  The Company may from time to time, without
the consent of the Holders of the 2015 Notes, create and issue additional notes
having the same terms and conditions as the 2015 Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon (“Additional
2015 Notes”).  Additional 2015 Notes
issued in this manner will be consolidated with, and will form a single series
with, the 2015 Notes, unless such Additional 2015 Notes will not be treated as
fungible with the 2015 Notes for U.S. federal income tax purposes. The 2015
Notes and any such Additional 2015 Notes would rank equally and ratably.

 

Section 3.03                                Principal
Payment Date.  The
principal amount of the 2015 Notes Outstanding (together with any accrued and
unpaid interest) shall be payable in a single installment on December 9,
2015, which date shall be the Stated Maturity of the 2015 Notes.

 

Section 3.04                                Interest and
Interest Rates.  The 2015
Notes will bear interest on the unpaid principal amount thereof at a rate of
3.0% per year from December 9, 2010, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, until the
principal amount of the 2015 Notes shall have been paid or duly provided for,
and interest on the 2015 Notes shall be payable semi-annually in arrears on
June 9 and December 9 of each year, beginning on June 9, 2011,
to the Holders of record on the preceding May 25 or November 24
(whether or not a Business Day), as the case may be.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  The amount of interest payable for any period
less than a full interest period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months and the actual days elapsed in a
partial month in such period.  Any
payment of principal or interest required to be made on an Interest Payment
Date that is not a Business Day shall be made on the next succeeding Business
Day, and no interest will accrue on that payment for the period from and after
such Interest Payment Date to the date of payment 

 

 

on the next succeeding
Business Day.  For purposes of the 2015
Notes, “Business Day” shall mean any calendar day that is not a
Saturday, Sunday or legal holiday in New York, London or Sydney and on which
commercial banks are open for business in New York, London and Sydney.

 

Section 3.05                                Place of
Payment.  The Place of Payment where the
2015 Notes may be presented or surrendered for payment, where the 2015 Notes
may be surrendered for registration of transfer or exchange and where notices
and demand to or upon the Company in respect of the 2015 Notes and the
Indenture may be served initially shall be the Corporate Trust Office of the
Trustee maintained for that purpose in the Borough of Manhattan, City of New
York.

 

Section 3.06                                Redemption.  The Company shall not have the right to
redeem the 2015 Notes other than pursuant to Section 10.8 of the Amended Base
Indenture.

 

Section 3.07                                No Sinking Fund. The 2015
Notes are not entitled to the benefit of any sinking fund.

 

Section 3.08                                Form.  The 2015 Notes shall be issued initially as
Registered Securities (as defined in the Amended Base Indenture) in the form of
one or more permanent notes in global form, without coupons, substantially in
the form attached hereto as Exhibit B, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as herein provided.

 

Section 3.09                                Denomination.  The 2015 Notes shall be issuable only in
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.
The 2015 Notes shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

Section 3.10                                Depositary.  The Depository Trust Company shall be the
initial Depositary for the 2015 Notes, until a successor shall have been
appointed and become such pursuant to the applicable provisions of the Amended
Base Indenture, and thereafter, “Depositary” shall mean or include such
successor.

 

Section 3.11                                Defeasance;
Discharge.  The
provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Amended Base Indenture will
apply to the 2015 Notes.

 

 

ARTICLE IV

THE FLOATING RATE NOTES

 

Section 4.01                                Title of
Securities.  There shall
be a series of Securities of the Company designated the “Floating Rate Notes
due 2013” (the “Floating Rate Notes”).

 

Section 4.02                                Limitation of
Aggregate Principal Amount.  The aggregate principal amount of the
Floating Rate Notes shall initially be limited to US$400,000,000.  The Company may from time to time, without
the consent of the Holders of the Floating Rate Notes, create and issue
additional notes having the same terms and conditions as the Floating Rate
Notes in all respects or in all respects except for issue date, issue price
and, if applicable, the first date on which interest accrues and the first
payment of interest thereon (“Additional Floating Rate Notes”).  Additional Floating Rate Notes issued in this
manner will be consolidated with, and will form a single series with, the
Floating Rate Notes, unless such Additional Floating Rate Notes will not be
treated as fungible with the Floating Rate Notes for U.S. federal income tax
purposes. The Floating Rate Notes and any such Additional Floating Rate Notes
would rank equally and ratably.

 

Section 4.03                                Principal
Payment Date.  The
principal amount of the Floating Rate Notes Outstanding (together with any
accrued and unpaid interest) shall be payable in a single installment on
December 9, 2013, which date shall be the Stated Maturity of the Floating
Rate Notes.

 

Section 4.04                                Interest and
Interest Rates.  The
Floating Rate Notes will bear interest on the unpaid principal amount thereof
from December 9, 2010, or from the most recent Floating Rate Interest Payment
Date (as defined below) to which interest has been paid or duly provided for,
until the principal amount of the Floating Rate Notes shall have been paid or
duly provided for.  The interest rate per
annum for the Floating Rate Notes will be reset quarterly on the first day of
each Floating Rate Interest Period (as defined below) and will be equal to
LIBOR (as defined below) plus 0.73%, as determined by a calculation agent (the
“Calculation Agent”).  The Bank of
New York Mellon will initially act as Calculation Agent.  The amount of interest for each day the
Floating Rate Notes are Outstanding (the “Daily Interest Amount”) will
be calculated by dividing the interest rate in effect for that day by 360 and
multiplying the result by the principal amount of the Floating Rate Notes.  The amount of interest to be paid on the
Floating Rate Notes for each Floating Rate Interest Period will be calculated
by adding the Daily Interest Amounts for each day in the Floating Rate Interest
Period.

 

Section 4.05                                Interest on the
Floating Rate Notes shall be payable quarterly in arrears on each March 9,
June 9, September 9 and December 9 (each such date, a “Floating
Rate Interest Payment Date”), beginning on March 9, 2011.  If any Floating Rate Interest Payment Date
would fall on a day that is not a Business Day, other than the 

 

 

Floating Rate Interest
Payment Date that is also the Stated Maturity of the Floating Rate Notes, that
Floating Rate Interest Payment Date will be postponed to the following day that
is a Business Day, except that if such next Business Day is in a different
month, then that Floating Rate Interest Payment Date will be the immediately
preceding day that is a Business Day.  If
the Stated Maturity of the Floating Rate Notes is not a Business Day, payment
of principal and interest on the Floating Rate Notes will be made on the
following day that is a Business Day and no interest will accrue for the period
from and after such Stated Maturity of the Floating Rate Notes.  Interest on a Floating Rate Note will be paid
to the Person in whose name that Floating Rate Note was registered at the close
of business on the February 22, May 25, August 25 and
November 24, as the case may be, whether or not a Business Day, prior to
the applicable Floating Rate Interest Payment Date, except in the case of the
Floating Rate Interest Payment Date that is also the Stated Maturity of the
Floating Rate Notes, the interest due on such date to be paid to the Person to
whom principal is payable upon surrender of such Floating Rate Note at a Place
of Payment.

 

Section 4.06                                On each
Floating Rate Interest Payment Date, the Company will pay interest for the
Floating Rate Interest Period ended on the day immediately preceding such
Floating Rate Interest Payment Date.  “Floating Rate Interest Period”
shall mean the period commencing on and including December 9, 2010 to but
excluding the first Floating Rate Interest Payment Date and each successive
period from and including a Floating Rate Interest Payment Date to but
excluding the next Floating Rate Interest Payment Date.

 

Section 4.07                                “LIBOR,”
with respect to a Floating Rate Interest Period, shall be the rate (expressed
as a percentage per annum) for deposits in United States dollars for a
three-month period beginning on the second London Banking Day after the
Determination Date (each as defined below) that appears on the Designated LIBOR
Page (as defined below) as of 11:00 a.m., London time, on the
Determination Date.  If the Designated LIBOR
Page does not include this rate or is unavailable on the Determination
Date, the Calculation Agent will request the principal London office of each of
four major banks in the London interbank market, as selected by the Calculation
Agent (after consultation with the Company), to provide that bank’s offered
quotation (expressed as a percentage per annum) as of approximately
11:00 a.m., London time, on the Determination Date to prime banks in the
London interbank market for deposits in a Representative Amount (as defined
below) in United States dollars for a three-month period beginning on the
second London Banking Day after the Determination Date.  If at least two offered quotations are so
provided, LIBOR for the Floating Rate Interest Period will be the arithmetic
mean of those quotations.  If fewer than
two quotations are so provided, the Calculation Agent will request each of
three major banks in New York City, as selected by the Calculation Agent (after
consultation with the Company), to provide that bank’s rate (expressed as a
percentage per annum), as of approximately 

 

 

11:00 a.m., New York
City time, on the Determination Date for loans in a Representative Amount in
United States dollars to leading European banks for a three-month period
beginning on the second London Banking Day after the Determination Date.  If at least two rates are so provided, LIBOR
for the Floating Rate Interest Period will be the arithmetic mean of those
rates.  If fewer than two rates are so
provided, then LIBOR for the Floating Rate Interest Period will be LIBOR in
effect with respect to the immediately preceding Floating Rate Interest Period.

 

Section 4.08                                “Designated
LIBOR Page” means the display on the Reuters 3000 Xtra Service (or any
successor service) on the “LIBOR01” page (or any other page as may
replace such page on such service) for the purpose of displaying the
London interbank rates of major banks for United States dollars.

 

Section 4.09                                “Determination
Date” with respect to a Floating Rate Interest Period will be the second
London Banking Day preceding the first day of the Floating Rate Interest
Period.

 

Section 4.10                                “London
Banking Day” is any day in which dealings in United States dollars are
transacted or, with respect to any future date, are expected to be transacted
in the London interbank market.

 

Section 4.11                                “Representative
Amount” means a principal amount that is representative for a single
transaction in the relevant market at the relevant time.

 

Section 4.12                                For purposes of
the Floating Rate Notes, “Business Day” means each Monday, Tuesday,
Wednesday, Thursday or Friday that is not a day on which banking institutions
in Sydney, Australia, New York, New York, or London, United Kingdom are
authorized or obliged by law or executive order to close.

 

Section 4.13                                All
calculations of the Calculation Agent, in the absence of manifest error, will
be conclusive for all purposes and binding on the Company and on the Holders of
the Floating Rate Notes. In no event shall the interest rate on the Floating
Rate Notes be higher than the maximum rate permitted by New York law, as the
same may be modified by United States law of general application. The
Calculation Agent will, upon the request of any Holder of the Floating Rate
Notes, provide the rate of interest then in effect.

 

Section 4.14                                All percentages
resulting from any of the calculations in this 

 

 

Article IV will be
rounded, if necessary, to the nearest one hundred thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all
dollar amounts used in or resulting from such calculations will be rounded to
the nearest cent (with one-half cent being rounded upwards).

 

Section 4.15                                Place of
Payment.  The Place of Payment where the
Floating Rate Notes may be presented or surrendered for payment, where the
Floating Rate Notes may be surrendered for registration of transfer or exchange
and where notices and demand to or upon the Company in respect of the Floating
Rate Notes and the Indenture may be served initially shall be the Corporate
Trust Office of the Trustee maintained for that purpose in the Borough of
Manhattan, City of New York.

 

Section 4.16                                Redemption.  The Company shall not have the right to
redeem the Floating Rate Notes other than pursuant to Section 10.8 of the
Amended Base Indenture.

 

Section 4.17                                No Sinking Fund. The Floating
Rate Notes are not entitled to the benefit of any sinking fund.

 

Section 4.18                                Form.  The Floating Rate Notes shall be issued
initially as Registered Securities (as defined in the Amended Base Indenture)
in the form of one or more permanent notes in global form, without coupons,
substantially in the form attached hereto as Exhibit C, deposited with The
Bank of New York Mellon, as custodian for the Depositary, duly executed by the
Company and authenticated by the Trustee as herein provided.

 

Section 4.19                                Denomination.  The Floating Rate Notes shall be issuable
only in denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof. The Floating Rate Notes shall be numbered, lettered, or otherwise
distinguished in such manner or in accordance with such plans as the Officers
of the Company executing the same may determine with the approval of the
Trustee.

 

Section 4.20                                Depositary.  The Depository Trust Company shall be the
initial Depositary for the Floating Rate Notes, until a successor shall have
been appointed and become such pursuant to the applicable provisions of the
Amended Base Indenture, and thereafter, “Depositary” shall mean or include such
successor.

 

Section 4.21                                Defeasance;
Discharge.  The
provisions of Sections 4.3, 4.4, 4.5 

 

 

and 4.6 of the Amended Base
Indenture will apply to the Floating Rate Notes.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.01                                Integral Part;
Effect of Supplement on Indenture.  This Fourth Supplemental Indenture
constitutes an integral part of the Indenture. 
The Amended Base Indenture shall remain in full force and effect as
executed.

 

Section 5.02                                Adoption,
Ratification and Confirmation.  The Indenture, as supplemented by this Fourth
Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed.

 

Section 5.03                                Trustee Not
Responsible for Recitals.  The
recitals in this Fourth Supplemental Indenture shall be taken as statements of
the Company, and the Trustee assumes no responsibility for their
correctness.  The Trustee makes no
representations as to the validity or adequacy of this Fourth Supplemental
Indenture.

 

Section 5.04                                Counterparts.  This Fourth Supplemental Indenture may be
executed in any number of counterparts, each of which shall be an original but
such counterparts shall together constitute but one instrument.

 

Section 5.05                                Separability.  In case any provision of this Fourth
Supplemental Indenture 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.

 

Section 5.06                                Governing Law.  This Fourth Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
including all matters of construction, validity and performance.

 

[signature
page follows]

 

 

IN WITNESS WHEREOF, the Company and the Trustee
have executed this Fourth Supplemental Indenture as of the date first above
written.

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean Crellin

  
	
   

  	
   

  	
  Name: Sean Crellin

  
	
   

  	
   

  	
  Title: Director, Legal

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK MELLON, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joellen McNamara

  
	
   

  	
   

  	
  Name: Joellen McNamara

  
	
   

  	
   

  	
  Title: Senior Associate

  

 

 

 

EXHIBIT A

 

(FORM OF FACE OF NOTE)

 

[THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR 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
SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON
REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN
GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](1)

 

	
  No. [·]

  	
   

  	
  CUSIP No. 961214 BR3

  
	
   

  	
   

  	
  ISIN No. US961214BR37

  

 

WESTPAC
BANKING CORPORATION

 

1.85%
NOTE DUE DECEMBER 9, 2013

 

WESTPAC BANKING CORPORATION, a company
incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”, which
term includes any successor corporation 

 

(1) 
Insert in Global Notes only

 

 

under the Indenture hereinafter referred to),
for value received, hereby promises to pay to [·] or registered assigns, the principal sum of [·] (US$[·]) on December 9, 2013 (the “Stated Maturity”).  This Note will bear interest on the unpaid
principal amount hereof at a rate of 1.85% per year from December 9, 2010,
or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, until the principal amount hereof shall have been paid or
duly provided for, and interest on the Notes shall be payable semi-annually in
arrears on June 9 and December 9 of each year (each such date, an “Interest
Payment Date”), beginning on June 9, 2011.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  The amount of interest payable for any period
less than a full interest period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months and the actual days elapsed in a
partial month in such period.  Any
payment of principal or interest required to be made on an Interest Payment
Date that is not a Business Day shall be made on the next succeeding Business
Day, and no interest will accrue on that payment for the period from and after
such Interest Payment Date to the date of payment on the next succeeding
Business Day.  For purposes hereof, “Business
Day” shall mean any calendar day that is not a Saturday, Sunday or legal
holiday in New York, London or Sydney and on which commercial banks are open
for business in New York, London and Sydney.

 

Interest
on this Note 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 this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which in the case of the Notes
shall be the close of business on the May 25 or November 24 (whether
or not a Business Day), as the case may be, next preceding such Interest
Payment Date, at the office or agency maintained for such purpose pursuant to
the Indenture; provided, however, that at the option of the Company, interest
on this Note may be paid (i) by check mailed to the address of the Person
entitled thereto as it shall appear on the Register or (ii) to a Holder of
US$1,000,000 or more in aggregate principal amount of the Notes by wire
transfer to an account maintained by the Person entitled thereto as specified
in the Register.  Any interest on this
Note which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Defaulted Interest shall instead
be payable to the Person in whose name this Note is registered on the Special
Record Date or other specified date in accordance with the Indenture.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been
signed by or on behalf of the Trustee.

 

 

The provisions of this Note are continued on
the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this        day of
                      ,
          .

 

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE OF
AUTHENTICATION

 

This is one of the Securities of the series
designated herein and issued under the within-mentioned Indenture.

 

 

	
   

  	
   

  	
  The Bank of New York Mellon, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  
					

 

 

(FORM OF REVERSE OF
NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under
and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base
Indenture”), duly executed and delivered between the Company and The Bank
of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), as supplemented
and amended by the First Supplemental Indenture, dated as of August 27,
2009, between the Company and the Trustee (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Amended Base Indenture”),
and as further supplemented by the Fourth Supplemental Indenture, dated as of
December 9, 2010, between the Company and the Trustee (the “Fourth
Supplemental Indenture”; the Amended Base Indenture, as further
supplemented by the Fourth Supplemental Indenture, the “Indenture”), to
which Indenture and all Indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Notes.  This Note is one of a series
of securities designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the
Indenture and are limited in aggregate principal amount to US$1,100,000,000; provided, however, that the Company may from time to time,
without the consent of the Holders of the Notes, create and issue additional
notes having the same terms and conditions as the Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will
be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S.
federal income tax purposes. The Notes and any such additional notes would rank
equally and ratably.

 

In accordance with Section 10.8 of the
Amended Base Indenture, pursuant to the procedure set forth in Article X
of the Amended Base Indenture, the Notes may be redeemed at the option of the
Company, in whole but not in part, at any time within 90 days following the
occurrence of a Tax Event (as defined herein) at a Redemption Price equal to
100% of the principal amount thereof, plus accrued interest to but excluding
the Redemption Date; provided, however,
that, if at the time there is available to the Company the opportunity to
eliminate, within the 90-day period, the Tax Event by taking some ministerial
action, such as filing a form or making an election, or pursuing some other
similar reasonable measure that in the Company’s sole judgment has or will
cause no adverse effect on the Company or any of its Subsidiaries or Affiliates
and will involve no material cost, the Company will pursue that measure in lieu
of redemption.  “Tax Event” means that
the Company has requested and received an opinion of competent tax counsel to
the effect that there has been (1) an amendment to, change in or announced
proposed change in the laws or regulations under those laws of the Commonwealth
of Australia or any political subdivision or authority thereof or therein;
(2) a judicial decision interpreting, applying or clarifying those laws or
regulations; (3) an 

 

 

administrative pronouncement or action that
represents an official position, including a clarification of an official
position, of the governmental authority or regulatory body making the
administrative pronouncement or taking any action; or (4) a threatened
challenge asserted in connection with an audit of the Company, or any of its
Subsidiaries, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Notes, which amendment or change is adopted or
which proposed change, decision or pronouncement is announced or which action,
clarification or challenge occurs on or after December 2, 2010, following
which there is more than an insubstantial risk that any payment on the Notes
is, or will be, subject to withholding or deduction in respect of any taxes,
assessments or other governmental charges.

 

Notice of any such redemption of the Notes will
be given to Holders of the Notes at their addresses, as shown in the Register,
not more than 60 nor less than 30 days prior to the date fixed for redemption,
and otherwise in accordance with Article X of the Amended Base Indenture.

 

The Indenture contains provisions for
defeasance and covenant defeasance at any time of the indebtedness evidenced by
this Note upon compliance by the Company with certain conditions set forth
therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration
become, due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture. 
The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on
behalf of all of the Holders of the Notes, to waive any Event of Default under
the Indenture and its consequences, subject to Section 5.7 of the Amended
Base Indenture.

 

In accordance with Section 9.8 of the
Amended Base Indenture, all payments in respect of this Note shall be made
without withholding or deduction for, or on account of, any taxes, assessments
or other governmental charges (“relevant tax”) imposed or levied by or on
behalf of the Commonwealth of Australia or any political subdivision or
authority in or of the Commonwealth of Australia, unless the withholding or
deduction is required by law. In that event, the Company will pay such
additional amounts (“Additional Amounts”) as may be necessary so that the net
amount received by the Holder of this Note, after such withholding or
deduction, will equal the amount that the Holder would have received in respect
of this Note without such withholding or deduction.  However, the Company will pay no Additional
Amounts for or on account of:

 

(1)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
was a resident, domiciliary or national of, or engaged in business or
maintained a permanent establishment or was physically present in, the
Commonwealth of Australia or any political 

 

 

subdivision or taxing authority thereof or
therein or otherwise had some connection with the Commonwealth of Australia or
any political subdivision or taxing authority thereof or therein other than
merely holding this Note, or receiving payments under this Note;

 

(2)   any relevant tax that would not have been imposed
but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment in the Commonwealth of Australia, unless the
Holder, or the beneficial owner, was required to present this Note for payment
and it could not have been presented for payment anywhere else;

 

(3)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment more than 30 days after the date such payment
became due and was provided for, whichever is later, except to the extent that
the Holder or beneficial owner would have been entitled to the additional
amounts on presenting this Note for payment on any day during that 30 day
period;

 

(4)   any
relevant tax that is an estate, inheritance, gift, sale, transfer, personal
property or similar tax;

 

(5)   any relevant tax which is payable otherwise
than by withholding or deduction;

 

(6)   any relevant tax that would not have been
imposed if the Holder, or the beneficial owner, of this Note complied with the
Company’s request to provide information concerning his, her or its
nationality, residence or identity or to make a declaration, claim or filing or
satisfy any requirement for information or reporting that is required to
establish the eligibility of the Holder, or the beneficial owner, of this Note
to receive the relevant payment without (or at a reduced rate of) withholding
or deduction for or on account of any such relevant tax;

 

(7)   any relevant tax that would not have been
imposed but for the Holder, or the beneficial owner, of this Note being an
associate of the Company for purposes of section 128F(6) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia (the “Australian Tax
Act”);

 

(8)   any relevant
tax that is imposed or withheld as a consequence of a determination having been
made under Part IVA of the Australian Tax Act (or any modification thereof
or provision substituted therefor) by the Australian Commissioner of Taxation
that such relevant tax is payable in circumstances where the Holder, or the
beneficial owner, of this Note is a party to or participated in a scheme to
avoid such relevant tax which the Company was not a party to;

 

 

(9)   any relevant tax that is imposed pursuant to European
Council Directive 2003/48/EC (the “Directive”) or any law implementing or
complying with, or introduced in order to conform to, such Directive, or any
agreement entered into by a Member State of the European Union with
(A) any other state or (B) any relevant, dependent or associated
territory of any Member State of the European Union providing for measures
equivalent to, or the same as those provided for by such Directive; or

 

(10)  any
combination of the foregoing.

 

In addition, the Company will pay no Additional
Amounts to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of the payment in respect of this Note to the extent such
payment would, under the laws of the Commonwealth of Australia or any political
subdivision or authority of or in the Commonwealth of Australia, be treated as
being derived or received for tax purposes by a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to Additional Amounts had it been the Holder
of this Note.

 

Any reference in this Note to principal or
interest shall be deemed to also refer to any Additional Amount that may be
payable as provided above.

 

The Indenture contains provisions permitting
the Company and the Trustee, with the written consent of the Holders of not
less than a majority in aggregate principal amount (calculated as provided in
the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of
the Indenture or any supplemental indenture or to modify the rights of the
Holders of the Securities of such series, provided that,
without the consent of the Holder of each such Security so affected, no such
modification shall (a) change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount of any Security or the rate of interest thereon, or change the
coin or currency in which any Security or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity of any Security (or, in the case of redemption, on
or after the Redemption Date), or (b) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose
Holders is required for any such amendment or modification, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions
of the Indenture or certain defaults thereunder and their consequences)
provided for in the Indenture, or (c) change any obligation of the Company
to maintain an office or agency in the places and for the purposes specified in
Section 9.2 of the Amended Base Indenture, or (d) except to the extent
provided in Section 8.1(9) of the Amended Base Indenture, make any
change in Section 5.2, 5.7, 5.10 or 8.2 of the Amended Base Indenture
except to increase any percentage or to provide that certain other provisions
of the Indenture cannot be modified or waived except with the consent 

 

 

of the Holders of each Outstanding Security
affected thereby.  Any such consent given
by the Holder of this Note shall be conclusive and binding upon such Holder and
all future Holders of this Note and of any Notes issued on registration hereof,
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Note.

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Note at the place, at the respective time, at the rate and
in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, a new Note or
Notes of like tenor and authorized denominations for an equal aggregate
principal amount in exchange herefor, subject to the limitations provided in
the Indenture.  Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required
by the Company, the Registrar or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company, the Registrar and the Trustee duly executed by the Holder thereof or
his attorney duly authorized in writing. 
No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the person in whose name this Note is registered as
the owner hereof for all purposes (subject to the provisions hereof with
respect to determination of the Person to whom interest is payable).

 

Reference is made to the Indenture for a
statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer,
employee, agent, member, manager, trustee or stockholder, as such, of the
Company or any successor Person shall have any liability for any obligations of
the Company or any successor Person, either directly or through the Company or
any successor Person, under the Notes or this Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by
the enforcement of any assessment or by any legal or equitable proceeding or
otherwise.  By accepting a Note, each
Holder agrees to the provisions of Section 1.13 of the Amended Base
Indenture and waives and releases all such liability.  Such waiver and release shall be part of the
consideration for the issue of the Notes.

 

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof.  [This Global Note is
exchangeable for Notes in definitive form only under certain limited
circumstances set forth in the Indenture.](2)  At the option of the
Holder, the Notes (except a Note in global form) may be exchanged for other
Notes, of any authorized denominations and of a like aggregate principal amount
containing identical terms and provisions, upon surrender of the Notes to be
exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAWS.

 

(2) 
Insert in Global Notes only

 

 

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

	
  Insert Taxpayer Identification No.

  
	
   

  
	
   

  
	
  Please print or typewrite name and address
  including zip code of assignee

  
	
   

  
	
   

  
	
  the within Note and all rights thereunder,
  hereby irrevocably constituting and appointing attorney to transfer such Note
  on the books of the Company with full power of substitution in the premises.

  

 

	
  Your Signature:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Participant in a Recognized Signature

  	
   

  
	
   

  	
  Guaranty Medallion Program)

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

 

EXHIBIT B

 

(FORM OF FACE OF NOTE)

 

[THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR 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 SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON
REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN
GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](3)

 

	
  No. [·]

  	
   

  	
  CUSIP
  No. 961214BP7

  
	
   

  	
   

  	
  ISIN
  No. US961214BP70

  

 

WESTPAC
BANKING CORPORATION

 

3.0%
NOTE DUE DECEMBER 9, 2015

 

WESTPAC BANKING CORPORATION, a company
incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”, which
term includes any successor corporation 

 

(3) 
Insert in Global Notes only

 

 

under the Indenture hereinafter referred to),
for value received, hereby promises to pay to [·] or registered assigns, the principal sum of [·] (US$[·]) on December 9, 2015 (the “Stated Maturity”).  This Note will bear interest on the unpaid
principal amount hereof at a rate of 3.0% per year from December 9, 2010,
or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, until the principal amount hereof shall have been paid or
duly provided for and interest on the Notes shall be payable semi-annually in
arrears on June 9 and December 9 of each year (each such date, an “Interest
Payment Date”), beginning on June 9, 2011.  Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.  The amount of interest payable for any period
less than a full interest period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months and the actual days elapsed in a
partial month in such period.  Any
payment of principal or interest required to be made on an Interest Payment
Date that is not a Business Day shall be made on the next succeeding Business
Day, and no interest will accrue on that payment for the period from and after
such Interest Payment Date to the date of payment on the next succeeding
Business Day.  For purposes hereof, “Business
Day” shall mean any calendar day that is not a Saturday, Sunday or legal
holiday in New York, London or Sydney and on which commercial banks are open
for business in New York, London and Sydney.

 

Interest
on this Note 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 this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which in the case of the Notes
shall be the close of business on the May 25 or November 24 (whether
or not a Business Day), as the case may be, next preceding such Interest
Payment Date, at the office or agency maintained for such purpose pursuant to
the Indenture; provided, however, that at the option of the Company, interest
on this Note may be paid (i) by check mailed to the address of the Person
entitled thereto as it shall appear on the Register or (ii) to a Holder of
US$1,000,000 or more in aggregate principal amount of the Notes by wire
transfer to an account maintained by the Person entitled thereto as specified
in the Register.  Any interest on this
Note which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Defaulted Interest shall instead
be payable to the Person in whose name this Note is registered on the Special
Record Date or other specified date in accordance with the Indenture.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been
signed by or on behalf of the Trustee.

 

 

The provisions of this Note are continued on
the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this        day of
                       ,
          .

 

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE OF
AUTHENTICATION

 

This is one of the Securities of the series
designated herein and issued under the within-mentioned Indenture.

 

 

	
   

  	
   

  	
  The Bank of New York Mellon, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  
					

 

 

(FORM OF REVERSE OF
NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under
and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base
Indenture”), duly executed and delivered between the Company and The Bank
of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), as supplemented
and amended by the First Supplemental Indenture, dated as of August 27, 2009,
between the Company and the Trustee (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Amended Base Indenture”),
and as further supplemented by the Fourth Supplemental Indenture, dated as of
December 9, 2010, between the Company and the Trustee (the “Fourth
Supplemental Indenture”; the Amended Base Indenture, as further
supplemented by the Fourth Supplemental Indenture, the “Indenture”), to
which Indenture and all Indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Notes.  This Note is one of a series
of securities designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the
Indenture and are limited in aggregate principal amount to US$1,000,000,000; provided, however, that the Company may from time to time,
without the consent of the Holders of the Notes, create and issue additional
notes having the same terms and conditions as the Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will
be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S.
federal income tax purposes. The Notes and any such additional notes would rank
equally and ratably.

 

In accordance with Section 10.8 of the
Amended Base Indenture, pursuant to the procedure set forth in Article X
of the Amended Base Indenture, the Notes may be redeemed at the option of the
Company, in whole but not in part, at any time within 90 days following the
occurrence of a Tax Event (as defined herein) at a Redemption Price equal to
100% of the principal amount thereof, plus accrued interest to but excluding
the Redemption Date; provided, however,
that, if at the time there is available to the Company the opportunity to
eliminate, within the 90-day period, the Tax Event by taking some ministerial
action, such as filing a form or making an election, or pursuing some other
similar reasonable measure that in the Company’s sole judgment has or will
cause no adverse effect on the Company or any of its Subsidiaries or Affiliates
and will involve no material cost, the Company will pursue that measure in lieu
of redemption.  “Tax Event” means that
the Company has requested and received an opinion of competent tax counsel to
the effect that there has been (1) an amendment to, change in or announced
proposed change in the laws or regulations under those laws of the Commonwealth
of Australia or any political subdivision or authority thereof or therein;
(2) a judicial decision interpreting, applying or clarifying those laws or
regulations; (3) an 

 

 

administrative pronouncement or action that
represents an official position, including a clarification of an official
position, of the governmental authority or regulatory body making the
administrative pronouncement or taking any action; or (4) a threatened
challenge asserted in connection with an audit of the Company, or any of its
Subsidiaries, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Notes, which amendment or change is adopted or
which proposed change, decision or pronouncement is announced or which action,
clarification or challenge occurs on or after December 2, 2010, following
which there is more than an insubstantial risk that any payment on the Notes
is, or will be, subject to withholding or deduction in respect of any taxes,
assessments or other governmental charges.

 

Notice of any such redemption of the Notes will
be given to Holders of the Notes at their addresses, as shown in the Register, not
more than 60 nor less than 30 days prior to the date fixed for redemption, and
otherwise in accordance with Article X of the Amended Base Indenture.

 

The Indenture contains provisions for
defeasance and covenant defeasance at any time of the indebtedness evidenced by
this Note upon compliance by the Company with certain conditions set forth
therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration
become, due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture. 
The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on
behalf of all of the Holders of the Notes, to waive any Event of Default under
the Indenture and its consequences, subject to Section 5.7 of the Amended
Base Indenture.

 

In accordance with Section 9.8 of the
Amended Base Indenture, all payments in respect of this Note shall be made
without withholding or deduction for, or on account of, any taxes, assessments
or other governmental charges (“relevant tax”) imposed or levied by or on
behalf of the Commonwealth of Australia or any political subdivision or
authority in or of the Commonwealth of Australia, unless the withholding or
deduction is required by law. In that event, the Company will pay such
additional amounts (“Additional Amounts”) as may be necessary so that the net
amount received by the Holder of this Note, after such withholding or
deduction, will equal the amount that the Holder would have received in respect
of this Note without such withholding or deduction.  However, the Company will pay no Additional
Amounts for or on account of:

 

(1)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
was a resident, domiciliary or national of, or engaged in business or
maintained a permanent establishment or was physically present in, the
Commonwealth of Australia or any political 

 

 

subdivision or taxing authority thereof or
therein or otherwise had some connection with the Commonwealth of Australia or
any political subdivision or taxing authority thereof or therein other than
merely holding this Note, or receiving payments under this Note;

 

(2)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment in the Commonwealth of Australia, unless the
Holder, or the beneficial owner, was required to present this Note for payment
and it could not have been presented for payment anywhere else;

 

(3)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment more than 30 days after the date such payment
became due and was provided for, whichever is later, except to the extent that
the Holder or beneficial owner would have been entitled to the additional
amounts on presenting this Note for payment on any day during that 30 day
period;

 

(4)   any relevant tax that is an estate,
inheritance, gift, sale, transfer, personal property or similar tax;

 

(5)   any relevant tax which is payable otherwise
than by withholding or deduction;

 

(6)   any relevant tax that would not have been
imposed if the Holder, or the beneficial owner, of this Note complied with the
Company’s request to provide information concerning his, her or its
nationality, residence or identity or to make a declaration, claim or filing or
satisfy any requirement for information or reporting that is required to
establish the eligibility of the Holder, or the beneficial owner, of this Note
to receive the relevant payment without (or at a reduced rate of) withholding or
deduction for or on account of any such relevant tax;

 

(7)   any
relevant tax that would not have been imposed but for the Holder, or the
beneficial owner, of this Note being an associate of the Company for purposes
of section 128F(6) of the Income Tax Assessment Act 1936 of the
Commonwealth of Australia (the “Australian Tax Act”);

 

(8)   any
relevant tax that is imposed or withheld as a consequence of a determination
having been made under Part IVA of the Australian Tax Act (or any
modification thereof or provision substituted therefor) by the Australian
Commissioner of Taxation that such relevant tax is payable in circumstances
where the Holder, or the beneficial owner, of this Note is a party to or
participated in a scheme to avoid such relevant tax which the Company was not a
party to;

 

 

 

(9)  any
relevant tax that is imposed pursuant to European Council Directive 2003/48/EC
(the “Directive”) or any law implementing or complying with, or introduced in
order to conform to, such Directive, or any agreement entered into by a Member
State of the European Union with (A) any other state or (B) any
relevant, dependent or associated territory of any Member State of the European
Union providing for measures equivalent to, or the same as those provided for
by such Directive; or

 

(10)  any
combination of the foregoing.

 

In addition, the Company will pay no Additional
Amounts to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of the payment in respect of this Note to the extent such
payment would, under the laws of the Commonwealth of Australia or any political
subdivision or authority of or in the Commonwealth of Australia, be treated as
being derived or received for tax purposes by a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to Additional Amounts had it been the Holder
of this Note.

 

Any reference in this Note to principal or
interest shall be deemed to also refer to any Additional Amount that may be
payable as provided above.

 

The Indenture contains provisions permitting
the Company and the Trustee, with the written consent of the Holders of not
less than a majority in aggregate principal amount (calculated as provided in
the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of
the Indenture or any supplemental indenture or to modify the rights of the
Holders of the Securities of such series, provided that,
without the consent of the Holder of each such Security so affected, no such
modification shall (a) change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount of any Security or the rate of interest thereon, or change the
coin or currency in which any Security or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity of any Security (or, in the case of redemption, on
or after the Redemption Date), or (b) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose
Holders is required for any such amendment or modification, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions
of the Indenture or certain defaults thereunder and their consequences)
provided for in the Indenture, or (c) change any obligation of the Company
to maintain an office or agency in the places and for the purposes specified in
Section 9.2 of the Amended Base Indenture, or (d) except to the
extent provided in Section 8.1(9) of the Amended Base Indenture, make
any change in Section 5.2, 5.7, 5.10 or 8.2 of the Amended Base Indenture
except to increase any percentage or to provide that certain other provisions
of the Indenture cannot be modified or waived except with the consent 

 

 

of the Holders of each Outstanding Security
affected thereby.  Any such consent given
by the Holder of this Note shall be conclusive and binding upon such Holder and
all future Holders of this Note and of any Notes issued on registration hereof,
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Note.

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Note at the place, at the respective time, at the rate and
in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, a new Note or
Notes of like tenor and authorized denominations for an equal aggregate
principal amount in exchange herefor, subject to the limitations provided in
the Indenture.  Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required
by the Company, the Registrar or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company, the Registrar and the Trustee duly executed by the Holder thereof or
his attorney duly authorized in writing. 
No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the person in whose name this Note is registered as
the owner hereof for all purposes (subject to the provisions hereof with
respect to determination of the Person to whom interest is payable).

 

Reference is made to the Indenture for a
statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer,
employee, agent, member, manager, trustee or stockholder, as such, of the
Company or any successor Person shall have any liability for any obligations of
the Company or any successor Person, either directly or through the Company or
any successor Person, under the Notes or this Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by
the enforcement of any assessment or by any legal or equitable proceeding or
otherwise.  By accepting a Note, each
Holder agrees to the provisions of Section 1.13 of the Amended Base
Indenture and waives and releases all such liability.  Such waiver and release shall be part of the
consideration for the issue of the Notes.

 

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof.  [This Global Note is
exchangeable for Notes in definitive form only under certain limited
circumstances set forth in the Indenture.](4)  At the option of the
Holder, the Notes (except a Note in global form) may be exchanged for other
Notes, of any authorized denominations and of a like aggregate principal amount
containing identical terms and provisions, upon surrender of the Notes to be
exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAWS.

 

(4) 
Insert in Global Notes only

 

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite name and address
including zip code of assignee

 

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing attorney to transfer such Note
on the books of the Company with full power of substitution in the premises.

 

	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Participant in a Recognized Signature

  	
   

  
	
   

  	
  Guaranty Medallion Program)

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

 

EXHIBIT C

 

(FORM OF FACE OF NOTE)

 

[THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR 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 SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON
REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN
GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](5)

 

	
  No. [·]

  	
   

  	
  CUSIP No. 961214 BQ5

  
	
   

  	
   

  	
  ISIN No. US961214BQ53

  

 

WESTPAC
BANKING CORPORATION

 

FLOATING
RATE NOTE DUE 2013

 

WESTPAC BANKING CORPORATION, a company
incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”, which
term includes any successor corporation 

 

(5) 
Insert in Global Notes only

 

 

under the Indenture hereinafter referred to),
for value received, hereby promises to pay to [·] or registered assigns, the principal sum of [·] (US$[·]) on December 9, 2013 (the “Stated Maturity”).  This Note will bear interest on the unpaid
principal amount hereof from December 9, 2010, or from the most recent
Interest Payment Date (as defined below) to which interest has been paid or
duly provided for, until the principal amount hereof shall have been paid or
duly provided for.  The interest rate per
annum for this Note will be reset quarterly on the first day of each Interest
Period (as defined below) and will be equal to LIBOR (as defined below) plus
0.73%, as determined by a calculation agent (the “Calculation Agent”).  The Bank of New York Mellon will initially
act as Calculation Agent.  The amount of
interest for each day this Note is Outstanding (the “Daily Interest Amount”)
will be calculated by dividing the interest rate in effect for that day by 360
and multiplying the result by the principal amount of this Note.  The amount of interest to be paid on this
Note for each Interest Period will be calculated by adding the Daily Interest
Amounts for each day in the Interest Period.

 

Interest on this Note shall be payable
quarterly in arrears on each March 9, June 9, September 9 and December 9
(each such date, an “Interest Payment Date”), beginning on March 9,
2011.  If any Interest Payment Date would
fall on a day that is not a Business Day, other than the Interest Payment Date
that is also the Stated Maturity for this Note, that Interest Payment Date will
be postponed to the following day that is a Business Day, except that if such
next Business Day is in a different month, then that Interest Payment Date will
be the immediately preceding day that is a Business Day.  If the Stated Maturity for this Note is not a
Business Day, payment of principal and interest on this Note will be made on
the following day that is a Business Day and no interest will accrue for the
period from and after such Stated Maturity.

 

On each Interest Payment Date, the Company will
pay interest for the Interest Period ended on the day immediately preceding such
Interest Payment Date.  “Interest Period” shall mean the period commencing on
and including December 9, 2010 to but excluding the first Interest Payment
Date and each successive period from and including an Interest Payment Date to
but excluding the next Interest Payment Date.

 

“LIBOR,” with respect to an Interest
Period, shall be the rate (expressed as a percentage per annum) for deposits in
United States dollars for a three-month period beginning on the second London
Banking Day after the Determination Date (each as defined below) that appears
on the Designated LIBOR Page (as defined below) as of 11:00 a.m.,
London time, on the Determination Date. 
If the Designated LIBOR Page does not include this rate or is
unavailable on the Determination Date, the Calculation Agent will request the
principal London office of each of four major banks in the London interbank
market, as selected by the Calculation Agent (after consultation with the
Company), to provide that bank’s offered quotation (expressed as a percentage
per annum) as of approximately 11:00 a.m., London time, on the
Determination Date to prime banks in the London interbank market for deposits
in a Representative Amount (as 

 

 

defined below) in United States dollars for a
three-month period beginning on the second London Banking Day after the
Determination Date.  If at least two
offered quotations are so provided, LIBOR for the Interest Period will be the
arithmetic mean of those quotations.  If
fewer than two quotations are so provided, the Calculation Agent will request
each of three major banks in New York City, as selected by the Calculation
Agent (after consultation with the Company), to provide that bank’s rate
(expressed as a percentage per annum), as of approximately 11:00 a.m., New
York City time, on the Determination Date for loans in a Representative Amount
in United States dollars to leading European banks for a three-month period
beginning on the second London Banking Day after the Determination Date.  If at least two rates are so provided, LIBOR
for the Interest Period will be the arithmetic mean of those rates.  If fewer than two rates are so provided, then
LIBOR for the Interest Period will be LIBOR in effect with respect to the
immediately preceding Interest Period.

 

“Designated LIBOR Page” means the
display on the Reuters 3000 Xtra Service (or any successor service) on the “LIBOR01”
page (or any other page as may replace such page on such
service) for the purpose of displaying the London interbank rates of major
banks for United States dollars.

 

“Determination Date” with respect to an
Interest Period will be the second London Banking Day preceding the first day
of the Interest Period.

 

“London Banking Day” is any day in which
dealings in United States dollars are transacted or, with respect to any future
date, are expected to be transacted in the London interbank market.

 

“Representative Amount” means a
principal amount that is representative for a single transaction in the
relevant market at the relevant time.

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in Sydney, Australia, New York, New York, or London, United
Kingdom are authorized or obliged by law or executive order to close.

 

All calculations of the Calculation Agent, in
the absence of manifest error, will be conclusive for all purposes and binding
on the Company and on the Holder of this Note. In no event shall the interest
rate on this Note be higher than the maximum rate permitted by New York law, as
the same may be modified by United States law of general application. The
Calculation Agent will, upon the request of any Holder of this Note, provide
the rate of interest then in effect.

 

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred
thousandth of a percentage point, with five one-

 

 

millionths of a percentage point rounded
upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or
..0987655)) and all dollar amounts used in or resulting from such calculations
will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

Interest
on this Note 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 this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which in the case of the Notes
shall be the close of business on the February 22, May 25, August 25
or November 24 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date, at the office or agency maintained for
such purpose pursuant to the Indenture; provided, however, that at the option
of the Company, interest on this Note may be paid (i) by check mailed to
the address of the Person entitled thereto as it shall appear on the Register
or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount
of the Notes by wire transfer to an account maintained by the Person entitled
thereto as specified in the Register. 
Any interest on this Note which is payable, but is not punctually paid
or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest shall instead be payable to the Person in whose name this
Note is registered on the Special Record Date or other specified date in
accordance with the Indenture. 
Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office
or agency to the Person to whom the principal hereof is payable, upon surrender
of this Note at such office or agency.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been
signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on
the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this        day of
                      ,
       .

 

 

	
   

  	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE OF
AUTHENTICATION

 

This is one of the Securities of the series
designated herein and issued under the within-mentioned Indenture.

 

 

	
   

  	
   

  	
   

  	
  The Bank of New York Mellon, as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

 

(FORM OF REVERSE OF
NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under
and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base
Indenture”), duly executed and delivered between the Company and The Bank
of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), as supplemented
and amended by the First Supplemental Indenture, dated as of August 27,
2009, between the Company and the Trustee (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Amended Base Indenture”),
and as further supplemented by the Fourth Supplemental Indenture, dated as of December 9,
2010, between the Company and the Trustee (the “Fourth Supplemental
Indenture”; the Amended Base Indenture, as further supplemented by the
Fourth Supplemental Indenture, the “Indenture”), to which Indenture and
all Indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes.  This Note is one of a series of securities
designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the
Indenture and are limited in aggregate principal amount to US$400,000,000; provided, however, that the Company may from time to time,
without the consent of the Holders of the Notes, create and issue additional
notes having the same terms and conditions as the Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will
be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S.
federal income tax purposes. The Notes and any such additional notes would rank
equally and ratably.

 

In accordance with Section 10.8 of the
Amended Base Indenture, pursuant to the procedure set forth in Article X
of the Amended Base Indenture, the Notes may be redeemed at the option of the
Company, in whole but not in part, at any time within 90 days following the
occurrence of a Tax Event (as defined herein) at a Redemption Price equal to
100% of the principal amount thereof, plus accrued interest to but excluding
the Redemption Date; provided, however,
that, if at the time there is available to the Company the opportunity to
eliminate, within the 90-day period, the Tax Event by taking some ministerial
action, such as filing a form or making an election, or pursuing some other
similar reasonable measure that in the Company’s sole judgment has or will
cause no adverse effect on the Company or any of its Subsidiaries or Affiliates
and will involve no material cost, the Company will pursue that measure in lieu
of redemption.  “Tax Event” means that
the Company has requested and received an opinion of competent tax counsel to
the effect that there has been (1) an amendment to, change in or announced
proposed change in the laws or regulations under those laws of the Commonwealth
of Australia or any political subdivision or authority thereof or therein; (2) a
judicial decision interpreting, applying or clarifying those laws or
regulations; (3) an 

 

 

administrative pronouncement or action that
represents an official position, including a clarification of an official
position, of the governmental authority or regulatory body making the
administrative pronouncement or taking any action; or (4) a threatened
challenge asserted in connection with an audit of the Company, or any of its
Subsidiaries, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Notes, which amendment or change is adopted or
which proposed change, decision or pronouncement is announced or which action,
clarification or challenge occurs on or after December 2, 2010, following
which there is more than an insubstantial risk that any payment on the Notes
is, or will be, subject to withholding or deduction in respect of any taxes,
assessments or other governmental charges.

 

Notice of any such redemption of the Notes will
be given to Holders of the Notes at their addresses, as shown in the Register,
not more than 60 nor less than 30 days prior to the date fixed for redemption,
and otherwise in accordance with Article X of the Amended Base Indenture.

 

The Indenture contains provisions for
defeasance and covenant defeasance at any time of the indebtedness evidenced by
this Note upon compliance by the Company with certain conditions set forth
therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration
become, due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture. 
The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on
behalf of all of the Holders of the Notes, to waive any Event of Default under
the Indenture and its consequences, subject to Section 5.7 of the Amended
Base Indenture.

 

In accordance with Section 9.8 of the
Amended Base Indenture, all payments in respect of this Note shall be made
without withholding or deduction for, or on account of, any taxes, assessments
or other governmental charges (“relevant tax”) imposed or levied by or on
behalf of the Commonwealth of Australia or any political subdivision or
authority in or of the Commonwealth of Australia, unless the withholding or
deduction is required by law. In that event, the Company will pay such
additional amounts (“Additional Amounts”) as may be necessary so that the net
amount received by the Holder of this Note, after such withholding or
deduction, will equal the amount that the Holder would have received in respect
of this Note without such withholding or deduction.  However, the Company will pay no Additional
Amounts for or on account of:

 

(1)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
was a resident, domiciliary or national of, or engaged in business or
maintained a permanent establishment or was physically present in, the
Commonwealth of Australia or any political 

 

 

subdivision or taxing authority thereof or
therein or otherwise had some connection with the Commonwealth of Australia or
any political subdivision or taxing authority thereof or therein other than
merely holding this Note, or receiving payments under this Note;

 

(2)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment in the Commonwealth of Australia, unless the
Holder, or the beneficial owner, was required to present this Note for payment
and it could not have been presented for payment anywhere else;

 

(3)   any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment more than 30 days after the date such payment
became due and was provided for, whichever is later, except to the extent that
the Holder or beneficial owner would have been entitled to the additional
amounts on presenting this Note for payment on any day during that 30 day
period;

 

(4)   any relevant tax that is an estate, inheritance,
gift, sale, transfer, personal property or similar tax;

 

(5)   any relevant tax which is payable otherwise
than by withholding or deduction;

 

(6)   any relevant tax that would not have been
imposed if the Holder, or the beneficial owner, of this Note complied with the
Company’s request to provide information concerning his, her or its
nationality, residence or identity or to make a declaration, claim or filing or
satisfy any requirement for information or reporting that is required to
establish the eligibility of the Holder, or the beneficial owner, of this Note
to receive the relevant payment without (or at a reduced rate of) withholding
or deduction for or on account of any such relevant tax;

 

(7)   any relevant tax that would not have been
imposed but for the Holder, or the beneficial owner, of this Note being an
associate of the Company for purposes of section 128F(6) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia (the “Australian Tax Act”);

 

(8)   any relevant tax that is imposed or withheld
as a consequence of a determination having been made under Part IVA of the
Australian Tax Act (or any modification thereof or provision substituted
therefor) by the Australian Commissioner of Taxation that such relevant tax is
payable in circumstances where the Holder, or the beneficial owner, of this
Note is a party to or participated in a scheme to avoid such relevant tax which
the Company was not a party to;

 

 

(9)   any
relevant tax that is imposed pursuant to European Council Directive 2003/48/EC
(the “Directive”) or any law implementing or complying with, or introduced in
order to conform to, such Directive, or any agreement entered into by a Member
State of the European Union with (A) any other state or (B) any
relevant, dependent or associated territory of any Member State of the European
Union providing for measures equivalent to, or the same as those provided for
by such Directive; or

 

(10)  any
combination of the foregoing.

 

In addition, the Company will pay no Additional
Amounts to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of the payment in respect of this Note to the extent such
payment would, under the laws of the Commonwealth of Australia or any political
subdivision or authority of or in the Commonwealth of Australia, be treated as
being derived or received for tax purposes by a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to Additional Amounts had it been the Holder
of this Note.

 

Any reference in this Note to principal or
interest shall be deemed to also refer to any Additional Amount that may be
payable as provided above.

 

The Indenture contains provisions permitting
the Company and the Trustee, with the written consent of the Holders of not
less than a majority in aggregate principal amount (calculated as provided in
the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of
the Indenture or any supplemental indenture or to modify the rights of the
Holders of the Securities of such series, provided that,
without the consent of the Holder of each such Security so affected, no such
modification shall (a) change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount of any Security or the rate of interest thereon, or change the
coin or currency in which any Security or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity of any Security (or, in the case of redemption, on
or after the Redemption Date), or (b) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose
Holders is required for any such amendment or modification, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions
of the Indenture or certain defaults thereunder and their consequences)
provided for in the Indenture, or (c) change any obligation of the Company
to maintain an office or agency in the places and for the purposes specified in
Section 9.2 of the Amended Base Indenture, or (d) except to the
extent provided in Section 8.1(9) of the Amended Base Indenture, make
any change in Section 5.2, 5.7, 5.10 or 8.2 of the Amended Base Indenture
except to increase any percentage or to provide that certain other provisions
of the Indenture cannot be modified or waived except with the consent 

 

 

of the Holders of each Outstanding Security
affected thereby.  Any such consent given
by the Holder of this Note shall be conclusive and binding upon such Holder and
all future Holders of this Note and of any Notes issued on registration hereof,
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Note.

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Note at the place, at the respective time, at the rates
and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, a new Note or
Notes of like tenor and authorized denominations for an equal aggregate
principal amount in exchange herefor, subject to the limitations provided in
the Indenture.  Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required
by the Company, the Registrar or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company, the Registrar and the Trustee duly executed by the Holder thereof or
his attorney duly authorized in writing. 
No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the person in whose name this Note is registered as
the owner hereof for all purposes (subject to the provisions hereof with
respect to determination of the Person to whom interest is payable).

 

Reference is made to the Indenture for a
statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer,
employee, agent, member, manager, trustee or stockholder, as such, of the
Company or any successor Person shall have any liability for any obligations of
the Company or any successor Person, either directly or through the Company or
any successor Person, under the Notes or this Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by
the enforcement of any assessment or by any legal or equitable proceeding or
otherwise.  By accepting a Note, each
Holder agrees to the provisions of Section 1.13 of the Amended Base
Indenture and waives and releases all such liability.  Such waiver and release shall be part of the
consideration for the issue of the Notes.

 

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof.  [This Global Note is
exchangeable for Notes in definitive form only under certain limited
circumstances set forth in the Indenture.](6)  At the option of the
Holder, the Notes (except a Note in global form) may be exchanged for other
Notes, of any authorized denominations and of a like aggregate principal amount
containing identical terms and provisions, upon surrender of the Notes to be
exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAWS.

 

(6) 
Insert in Global Notes only

 

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered
Holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite name and address
including zip code of assignee

 

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing attorney to transfer such Note
on the books of the Company with full power of substitution in the premises.

 

	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Participant in a Recognized Signature 

  	
   

  
	
   

  	
  Guaranty Medallion Program)

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:EXHIBIT 4.1

 

 

FORM OF SENIOR INDENTURE

 

 

 

 

TITAN MACHINERY INC.,

 

ISSUER

 

AND

 

[      ],

 

 

TRUSTEE

 

INDENTURE

 

DATED AS OF [                    ],
20[     ]

 

 

 

SENIOR DEBT SECURITIES

 

 

 

i

 

CROSS-REFERENCE TABLE(1)

 

	
  Section of

  	
   

  	
   

  
	
  Trust Indenture Act

  	
   

  	
  Section of

  
	
  of 1939, as amended

  	
   

  	
  Indenture

  
	
  310(a)(1)

  	
   

  	
  7.09

  
	
  310(a)(2)

  	
   

  	
  7.09

  
	
  310(a)(3)

  	
   

  	
  Inapplicable

  
	
  310(a)(4)

  	
   

  	
  Inapplicable

  
	
  310(b)

  	
   

  	
  7.08

  
	
   

  	
   

  	
  7.10

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  7.12

  
	
  311(b)

  	
   

  	
  7.12

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  5.01

  
	
   

  	
   

  	
  5.02(a)

  
	
  312(b)

  	
   

  	
  5.02(c)

  
	
  312(c)

  	
   

  	
  5.02(c)

  
	
  312(a)

  	
   

  	
  5.04(a)

  
	
  312(b)

  	
   

  	
  5.04(b)

  
	
  312(c)

  	
   

  	
  5.04(a)

  
	
   

  	
   

  	
  5.04(b)

  
	
   

  	
   

  	
  5.04(c)

  
	
  312(d)

  	
   

  	
  5.04(b)

  
	
   

  	
   

  	
  5.04(c)

  
	
  314(a)

  	
   

  	
  5.03

  
	
   

  	
   

  	
  12.05(c)

  
	
  314(b)

  	
   

  	
  Inapplicable

  
	
  314(c)

  	
   

  	
  12.05

  
	
  314(d)

  	
   

  	
  Inapplicable

  
	
  314(e)

  	
   

  	
  12.05

  
	
  314(f)

  	
   

  	
  Inapplicable

  
	
  315(a)(1)

  	
   

  	
  7.01(b)

  
	
  315(a)(2)

  	
   

  	
  7.02

  
	
  315(b)

  	
   

  	
  5.04(d)

  
	
  315(c)

  	
   

  	
  7.01

  
	
  315(d)

  	
   

  	
  7.01

  
	
   

  	
   

  	
  7.02

  
	
  315(e)

  	
   

  	
  6.07

  
	
  316(a)

  	
   

  	
  6.06

  
	
   

  	
   

  	
  8.04

  
	
  316(b)

  	
   

  	
  6.04

  
	
  316(c)

  	
   

  	
  8.01

  
	
  317(a)

  	
   

  	
  6.02

  
	
  317(b)

  	
   

  	
  4.03

  
	
  318(a)

  	
   

  	
  12.07

  

 

	
  (1)

  	
  This
  Cross-Reference Table does not constitute part of the Indenture and shall not
  have any bearing on the interpretation of any of its terms or provisions.

  

 

ii

 

TABLE OF CONTENTS(2)

 

	
  ARTICLE I DEFINITIONS

  	
  1

  
	
  SECTION 1.01

  	
  Definitions of Terms

  	
  1

  
	
   

  	
   

  	
   

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

  	
  4

  
	
  SECTION 2.01

  	
  Designation and Terms of Securities

  	
  4

  
	
  SECTION 2.02

  	
  Form of Securities and Trustee’s Certificate

  	
  5

  
	
  SECTION 2.03

  	
  Denominations; Provisions for Payment

  	
  5

  
	
  SECTION 2.04

  	
  Execution and Authentications

  	
  6

  
	
  SECTION 2.05

  	
  Registration of Transfer and Exchange

  	
  7

  
	
  SECTION 2.06

  	
  Temporary Securities

  	
  7

  
	
  SECTION 2.07

  	
  Mutilated, Destroyed, Lost or Stolen Securities

  	
  8

  
	
  SECTION 2.08

  	
  Cancellation

  	
  8

  
	
  SECTION 2.09

  	
  Benefits of Indenture

  	
  9

  
	
  SECTION 2.10

  	
  Authenticating Agent

  	
  9

  
	
  SECTION 2.11

  	
  Global Securities

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND
  PROVISIONS

  	
  10

  
	
  SECTION 3.01

  	
  Redemption

  	
  10

  
	
  SECTION 3.02

  	
  Notice of Redemption

  	
  10

  
	
  SECTION 3.03

  	
  Payment Upon Redemption

  	
  11

  
	
  SECTION 3.04

  	
  Sinking Fund

  	
  11

  
	
  SECTION 3.05

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
  11

  
	
  SECTION 3.06

  	
  Redemption of Securities for Sinking Fund

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
  12

  
	
  SECTION 4.01

  	
  Payment of Principal, Premium and Interest

  	
  12

  
	
  SECTION 4.02

  	
  Maintenance of Office or Agency

  	
  12

  
	
  SECTION 4.03

  	
  Paying Agents

  	
  12

  
	
  SECTION 4.04

  	
  Appointment to Fill Vacancy in Office of Trustee

  	
  13

  
	
   

  	
   

  	
   

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

  	
  13

  
	
  SECTION 5.01

  	
  Company to Furnish Trustee Names and Addresses of
  Securityholders

  	
  13

  
	
  SECTION 5.02

  	
  Preservation Of Information; Communications With Securityholders

  	
  13

  
	
  SECTION 5.03

  	
  Reports by the Company

  	
  13

  
	
  SECTION 5.04

  	
  Reports by the Trustee

  	
  14

  
	
   

  	
   

  	
   

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

  	
  14

  
	
  SECTION 6.01

  	
  Events of Default

  	
  14

  
	
  SECTION 6.02

  	
  Suits for Enforcement by Trustee

  	
  15

  
	
  SECTION 6.03

  	
  Application of Moneys Collected

  	
  16

  
	
  SECTION 6.04

  	
  Limitation on Suits

  	
  16

  
	
  SECTION 6.05

  	
  Rights and Remedies Cumulative; Delay or Omission Not
  Waiver

  	
  17

  
	
  SECTION 6.06

  	
  Control by Securityholders

  	
  17

  
	
  SECTION 6.07

  	
  Undertaking to Pay Costs

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII CONCERNING THE TRUSTEE

  	
  18

  
	
  SECTION 7.01

  	
  Certain Duties and Responsibilities of Trustee

  	
  18

  
	
  SECTION 7.02

  	
  Certain Rights of Trustee

  	
  19

  
	
  SECTION 7.03

  	
  Trustee Not Responsible for Recitals or Issuance or
  Securities

  	
  20

  
	
  SECTION 7.04

  	
  May Hold Securities

  	
  20

  
	
  SECTION 7.05

  	
  Moneys Held in Trust

  	
  20

  
	
  SECTION 7.06

  	
  Compensation and Reimbursement

  	
  20

  
	
  SECTION 7.07

  	
  Reliance on Officers’ Certificate

  	
  20

  

 

iii

 

	
  SECTION 7.08

  	
  Disqualification; Conflicting Interests

  	
  21

  
	
  SECTION 7.09

  	
  Corporate Trustee Required; Eligibility

  	
  21

  
	
  SECTION 7.10

  	
  Resignation and Removal; Appointment of Successor

  	
  21

  
	
  SECTION 7.11

  	
  Acceptance of Appointment By Successor

  	
  22

  
	
  SECTION 7.12

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
  23

  
	
  SECTION 7.13

  	
  Preferential Collection of Claims Against the Company

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII CONCERNING THE SECURITYHOLDERS

  	
  23

  
	
  SECTION 8.01

  	
  Evidence of Action by Securityholders

  	
  23

  
	
  SECTION 8.02

  	
  Proof of Execution by Securityholders

  	
  23

  
	
  SECTION 8.03

  	
  Who May be Deemed Owners

  	
  24

  
	
  SECTION 8.04

  	
  Certain Securities Owned by Company Disregarded

  	
  24

  
	
  SECTION 8.05

  	
  Actions Binding on Future Securityholders

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX SUPPLEMENTAL INDENTURES

  	
  24

  
	
  SECTION 9.01

  	
  Supplemental Indentures Without the Consent of
  Securityholders

  	
  24

  
	
  SECTION 9.02

  	
  Supplemental Indentures With Consent of Securityholders

  	
  25

  
	
  SECTION 9.03

  	
  Effect of Supplemental Indentures

  	
  25

  
	
  SECTION 9.04

  	
  Securities Affected by Supplemental Indentures

  	
  26

  
	
  SECTION 9.05

  	
  Execution of Supplemental Indentures

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE X SUCCESSOR ENTITY

  	
  26

  
	
  SECTION 10.01

  	
  Company May Consolidate, Etc.

  	
  26

  
	
  SECTION 10.02

  	
  Successor Entity Substituted

  	
  27

  
	
  SECTION 10.03

  	
  Evidence of Consolidation, Etc. to Trustee

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI SATISFACTION AND DISCHARGE

  	
  27

  
	
  SECTION 11.01

  	
  Satisfaction and Discharge of Indenture

  	
  27

  
	
  SECTION 11.02

  	
  Discharge of Obligations

  	
  27

  
	
  SECTION 11.03

  	
  Deposited Moneys to be Held in Trust

  	
  28

  
	
  SECTION 11.04

  	
  Payment of Moneys Held by Paying Agents

  	
  28

  
	
  SECTION 11.05

  	
  Repayment to Company

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII MISCELLANEOUS PROVISIONS

  	
  28

  
	
  SECTION 12.01

  	
  Effect on Successors and Assigns

  	
  28

  
	
  SECTION 12.02

  	
  Actions by Successor

  	
  28

  
	
  SECTION 12.03

  	
  Notices

  	
  28

  
	
  SECTION 12.04

  	
  Governing Law

  	
  29

  
	
  SECTION 12.05

  	
  Compliance Certificates and Opinions

  	
  29

  
	
  SECTION 12.06

  	
  Payments on Business Days

  	
  29

  
	
  SECTION 12.07

  	
  Conflict with Trust Indenture Act

  	
  29

  
	
  SECTION 12.08

  	
  Counterparts

  	
  29

  
	
  SECTION 12.09

  	
  Separability

  	
  29

  
	
  SECTION 12.10

  	
  Assignment

  	
  30

  

 

	
  (2)

  	
  This
  Table of Contents does not constitute part of the Indenture and shall not
  have any bearing on the interpretation of any of its terms or provisions.

  

 

iv

 

INDENTURE,
dated as of [ ], 20[      ], between Titan
Machinery Inc., a Delaware corporation (the “Company”), and [ ], as trustee
(the “Trustee”):

 

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

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01                    Definitions of Terms.

 

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

 

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

 

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

 

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

 

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

 

“Business
Day” means, with respect to any series of Securities, any day other than a day
on which Federal or State banking institutions in the United States (or in any
city in which the paying agent appointed pursuant to Section 4.03 has an
office), are authorized or obligated by law, executive order or regulation to
close.

 

“Certificate”
means a certificate signed by the principal executive officer, the principal
financial officer or the principal accounting officer of the Company.  The Certificate need not comply with the
provisions of Section 12.05.

 

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

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time,
its corporate trust business shall be principally administered, which office at
the date hereof is located at [ ], except that whenever a 

 

1

 

provision
herein refers to an office or agency of the Trustee in the United States, such
office is located, at the date hereof, at [ ].

 

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

 

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

 

“Depositary”
means, with respect to Securities of any series, for which the Company shall
determine that such Securities will be issued as a Global Security, The
Depository Trust Company, New York, New York, another clearing agency, or any
successor registered as a clearing agency under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to
either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series any event
specified in Section 6.01, continued for the period of time, if any,
therein designated.

 

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

 

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

 

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

 

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

 

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

 

“Officers’
Certificate” means in the case of the Company, a certificate signed by the
Chairman, Vice Chairman, Chief Executive Officer, President, Chief Financial
Officer, Chief Operating Officer, an Executive Vice President or a Senior Vice
President and by the Treasurer or an Assistant Treasurer or the Controller or
an Assistant Controller or the Secretary or an Assistant Secretary of the
Company that is delivered to the Trustee in accordance with the terms
hereof.  Each such certificate shall
include the statements provided for in Section 12.05, if and to the extent
required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing of legal counsel, who may be an
employee of or counsel for the Company that is delivered to the Trustee in
accordance with the terms hereof.  Each
such opinion shall include the statements provided for in Section 12.05,
if and to the extent required by the provisions thereof.

 

2

 

“Outstanding,”
when used with reference to Securities of any series, means, subject to the
provisions of Section 8.04, as of any particular time, all Securities of
that series theretofore authenticated and delivered by the Trustee under this
Indenture, except (a) Securities theretofore canceled by the Trustee or
any paying agent, or delivered to the Trustee or any paying agent for
cancellation or that have previously been canceled; (b) Securities or
portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been
set aside and segregated in trust by the Company (if the Company shall act as
its own paying agent); provided, however, that if such Securities or portions
of such Securities are to be redeemed prior to the maturity thereof, notice of
such redemption shall have been given as in Article Three provided, or
provision satisfactory to the Trustee shall have been made for giving such
notice; and (c) Securities in lieu of or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing
all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 2.07 in lieu of a lost, destroyed or stolen
Security shall be deemed to evidence the same debt as the lost, destroyed or
stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means the President, any Senior
Vice President, the Secretary, the Treasurer, any trust officer, any corporate
trust officer or any other officer or assistant officer of the Trustee
customarily performing functions similar to those performed by the Persons who
at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity
with the particular subject.

 

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

 

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

 

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

 

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

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, subject to
the provisions of Sections 9.01, 9.02 and 10.01, as in effect at the date
of execution of this instrument.

 

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

 

3

 

ARTICLE II

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

SECTION 2.01                  Designation and Terms of Securities.

 

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

 

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

 

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

 

(3)                                  the date or dates on which the principal of the Securities of the series
is payable and the place(s) of payment;

 

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

 

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

 

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

 

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

 

(8)                                  the obligation, if any, of the Company to redeem or purchase Securities
of the series pursuant to any sinking fund or analogous provisions (including
payments made in cash in satisfaction of future sinking fund obligations) or at
the option of a holder thereof and the period or periods within which, the
price or prices at which, and the terms and conditions upon which, Securities
of the series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation;

 

(9)                                  the form of the Securities of the series including the form of the
certificate of authentication for such series;

 

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

 

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

 

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

 

4

 

(13)                            whether the Securities will be convertible into shares of common stock or
other securities of the Company and, if so, the terms and conditions upon which
such Securities will be so convertible, including the conversion price and the
conversion period;

 

(14)                            if other than the principal amount thereof, the portion of the principal
amount of Securities of the series which shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.01;

 

(15)                            any additional or different Events of Default or restrictive covenants
provided for with respect to the Securities of the series.

 

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

 

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

 

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

 

SECTION 2.02                    Form of Securities and Trustee’s
Certificate.

 

The
Securities of any series and the Trustee’s certificate of authentication to be
borne by such Securities shall be substantially of the tenor and purport as set
forth in one or more indentures supplemental hereto or as provided in a Board
Resolution and as set forth in an Officers’ Certificate and may have such
letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of
this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
stock exchange on which Securities of that series may be listed, or to conform
to usage.

 

SECTION 2.03                    Denominations; Provisions for Payment.

 

The
Securities shall be issuable as registered Securities and in the denominations
of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject
to Section 2.01(10).  The Securities
of a particular series shall bear interest payable on the dates and at the rate
specified with respect to that series. 
The principal of and the interest on the Securities of any series, as
well as any premium thereon in case of redemption thereof prior to maturity,
shall be payable in the coin or currency of the United States of America that
at the time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose in the United States.  Each Security shall be dated the date of its
authentication.  Interest on the
Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

The
interest installment on any Security that is payable, and is punctually paid or
duly provided for, on any Interest Payment Date for Securities of that series
shall be paid to the Person in whose name said Security (or one or more
Predecessor Securities) is registered at the close of business on the regular
record date for such interest installment. 
In the event that any Security of a particular series or portion thereof
is called for redemption and the redemption date is subsequent to a regular
record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Security will be paid upon presentation
and surrender of such Security as provided in Section 3.03.

 

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

 

5

 

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

 

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

 

Unless
otherwise set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.01 hereof, the term “regular record date” as used in this Section with
respect to a series of Securities with respect to any Interest Payment Date for
such series shall mean either the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such
series pursuant to Section 2.01 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the last day of the month
immediately preceding the month in which an Interest Payment Date established
for such series pursuant to Section 2.01 hereof shall occur, if such
Interest Payment Date is the fifteenth day of a month, whether or not such date
is a Business Day.

 

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

 

SECTION 2.04                    Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by its Chairman, Vice
Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief
Operating Officer, or one of its Executive Vice Presidents or Senior Vice
Presidents, or its Treasurer, or one of its Assistant Treasurers, or its Secretary,
or one of its Assistant Secretaries, under its corporate seal attested by its
Secretary or one of its Assistant Secretaries. 
Signatures may be in the form of a manual or facsimile signature.  The Company may use the facsimile signature
of any Person who were at any time proper officers of the Company
notwithstanding the fact that at the time the Securities shall be authenticated
and delivered or disposed of such Person shall have ceased to hold such
office.  The seal of the Company may be
in the form of a facsimile of such seal and may be impressed, affixed,
imprinted or otherwise reproduced on the Securities.  The Securities may contain such notations,
legends or endorsements required by law, stock exchange rule or
usage.  Each Security shall be dated the
date of its authentication by the Trustee.

 

No
Security shall be valid until authenticated manually by an authorized signatory
of the Trustee, or by an Authenticating Agent. 
Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture.  At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of
any series executed by the Company to the Trustee for authentication, together
with a written order of the Company for

 

6

 

the
authentication and delivery of such Securities, signed by an authorized officer
and its Secretary or any Assistant Secretary, and the Trustee in accordance
with such written order shall authenticate and deliver such Securities.

 

In
authenticating such Securities and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 7.01) shall be fully
protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture.

 

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

 

SECTION
2.05                  Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

(c)                                  No service charge shall be made for any exchange or registration of
transfer of Securities, or issue of new Securities in case of partial
redemption of any series, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge in relation thereto,
other than exchanges pursuant to Section 2.06, Section 3.03(b) and
Section 9.04 not involving any transfer.

 

(d)                                 The Company shall not be required (1) to issue, exchange or register
the transfer of any Securities during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption
of less than all the Outstanding Securities of the same series and ending at
the close of business on the day of such mailing, nor (2) to register the
transfer of or exchange any Securities of any series or portions thereof called
for redemption.  The provisions of this
Section 2.05 are, with respect to any Global Security, subject to
Section 2.11 hereof.

 

SECTION
2.06                    Temporary Securities.

 

Pending
the preparation of definitive Securities of any series, the Company may
execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination.  Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of which they
are issued, but with such omissions, insertions and variations as may be
appropriate for temporary 

 

7

 

Securities,
all as may be determined by the Company. 
Every temporary Security of any series shall be executed by the Company
and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive
Securities of such series.  Without
unnecessary delay the Company will execute and will furnish definitive
Securities of such series and thereupon any or all temporary Securities of such
series may be surrendered in exchange therefor (without charge to the holders),
at the office or agency of the Company designated for the purpose in the United
States, and the Trustee shall authenticate and such office or agency shall
deliver in exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company advises the
Trustee to the effect that definitive Securities need not be executed and
furnished until further notice from the Company.  Until so exchanged, the temporary Securities
of such series shall be entitled to the same benefits under this Indenture as
definitive Securities of such series authenticated and delivered hereunder.

 

SECTION
2.07                    Mutilated, Destroyed, Lost or Stolen
Securities.

 

In
case any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute, and upon the Company’s request, the Trustee (subject
as aforesaid) shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for
the Security so destroyed, lost or stolen. 
In every case the applicant for a substituted Security shall furnish to
the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant’s
Security and of the ownership thereof. 
The Trustee may authenticate any such substituted Security and deliver
the same upon the written request or authorization of any officer of the
Company.  Upon the issuance of any
substituted Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith.  In case any
Security that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute
Security, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Security) if the applicant for such payment
shall furnish to the Company, and the Trustee such security or indemnity as
they may require to save each of them harmless, and, in case of destruction,
loss or theft, evidence to the satisfaction of the Company and the Trustee of
the destruction, loss or theft of such Security and of the ownership thereof.

 

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

 

SECTION
2.08                    Cancellation.

 

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

 

8

 

SECTION
2.09                    Benefits of Indenture.

 

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

 

SECTION
2.10                    Authenticating Agent.

 

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

 

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

 

SECTION
2.11                  Global Securities.

 

(a)                                  If the Company shall establish pursuant to Section 2.01 that the
Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with
Section 2.04, authenticate and deliver, a Global Security that
(1) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of such
series, (2) shall be registered in the name of the Depositary or its
nominee, (3) shall be delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instruction and (4) shall bear a legend
substantially to the following effect:  “Except
as otherwise provided in Section 2.11 of the Indenture, this Security may
be transferred, in whole but not in part, only to another nominee of the
Depositary or to a successor Depositary or to a nominee of such successor
Depositary.”

 

(b)                                 Notwithstanding the provisions of Section 2.05, the Global Security
of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for
such series, or to a successor Depositary for such series selected or approved
by the Company or to a nominee of such successor Depositary.

 

(c)                                  If at any time the Depositary for a series of the Securities notifies the
Company that it is unwilling or unable to continue as Depositary for such
series or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other applicable
statute or regulation, and a successor Depositary for such series is not
appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such condition, as the case may be, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company
will execute and, subject to Section 2.05, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security of such series in exchange
for such Global Security.  In addition,
the Company may at any time determine that the Securities of any series shall
no longer be represented by a Global Security and that the provisions of this
Section 2.11 shall no longer apply to 

 

9

 

the Securities of such series.  In such event the Company will execute and,
subject to Section 2.05, the Trustee, upon receipt of an Officers’
Certificate evidencing such determination by the Company, will authenticate and
deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security of such series in exchange
for such Global Security.  Upon the
exchange of the Global Security for such Securities in definitive registered form
without coupons, in authorized denominations, the Global Security shall be
canceled by the Trustee.  Such Securities
in definitive registered form issued in exchange for the Global Security
pursuant to this Section 2.11(c) shall be registered in such names and in
such authorized denominations as the Depositary, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the
Trustee.  The Trustee shall deliver such
Securities to the Depositary for delivery to the Persons in whose names such
Securities are so registered.

 

ARTICLE III

 

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

SECTION
3.01                  Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on and after
the dates and in accordance with the terms established for such series pursuant
to Section 2.01 hereof.

 

SECTION
3.02                  Notice of Redemption.

 

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

 

Each
such notice of redemption shall specify the date fixed for redemption and the
redemption price at which Securities of that series are to be redeemed, and
shall state that payment of the redemption price of such Securities to be
redeemed will be made at the office or agency of the Company in the United
States, upon presentation and surrender of such Securities, that interest
accrued to the date fixed for redemption will be paid as specified in said
notice, that from and after said date interest will cease to accrue and that
the redemption is for a sinking fund, if such is the case.  If less than all the Securities of a series
are to be redeemed, the notice to the holders of Securities of that series to
be redeemed in whole or in part shall specify the particular Securities to be
so redeemed.  In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state
the portion of the principal amount thereof to be redeemed, and shall state
that on and after the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to the
unredeemed portion thereof will be issued.

 

(b)                                 If less than all the Securities of a series are to be redeemed, the
Company shall give the Trustee at least 45 days’ notice in advance of the
date fixed for redemption as to the aggregate principal amount of Securities of
the series to be redeemed, and thereupon the Trustee shall select, by lot or in
such other manner as it shall deem appropriate and fair in its discretion and
that may provide for the selection of a portion or portions (equal to one
thousand U.S. dollars ($1,000) or any integral multiple thereof) of the
principal amount of such Securities of a denomination larger than $1,000, the
Securities to be redeemed and shall thereafter promptly notify the Company in
writing of the numbers of the Securities to be redeemed, in whole or in
part.  The Company may, if and whenever
it shall so elect, by delivery of instructions signed on its behalf by its
Chairman, Vice Chairman, Chief Executive Officer, President, Chief Financial
Officer, Chief Operating Officer, or any Executive Vice President or Senior
Vice 

 

10

 

President, instruct the Trustee or any paying agent
to call all or any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this Section, such
notice to be in the name of the Company or its own name as the Trustee or such
paying agent may deem advisable.  In any
case in which notice of redemption is to be given by the Trustee or any such
paying agent, the Company shall deliver or cause to be delivered to, or permit
to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such paying agent to
give any notice by mail that may be required under the provisions of this
Section.

 

SECTION
3.03                  Payment Upon Redemption.

 

(a)                                  If the giving of notice of redemption shall have been completed as above
provided, the Securities or portions of Securities of the series to be redeemed
specified in such notice shall become due and payable on the date and at the
place stated in such notice at the applicable redemption price, together with
interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the
date fixed for redemption, unless the Company shall default in the payment of
such redemption price and accrued interest with respect to any such Security or
portion thereof.  On presentation and
surrender of such Securities on or after the date fixed for redemption at the
place of payment specified in the notice, said Securities shall be paid and
redeemed at the applicable redemption price for such series, together with
interest accrued thereon to the date fixed for redemption (but if the date
fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business
on the applicable record date pursuant to Section 2.03).

 

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

 

SECTION
3.04                    Sinking Fund.

 

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any
sinking fund for the retirement of Securities of a series, except as otherwise
specified as contemplated by Section 2.01 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “mandatory sinking fund
payment,” and any payment in excess of such minimum amount provided for by the
terms of Securities of any series is herein referred to as an “optional sinking
fund payment”.  If provided for by the
terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 3.05.  Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of
Securities of such series.

 

SECTION
3.05                    Satisfaction of Sinking Fund Payments with
Securities.

 

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

 

SECTION
3.06                    Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series
of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to
Section 3.05 and the basis for such credit and will, together with such
Officers’ Certificate, deliver to the Trustee any Securities to be so
delivered.  Not less than 30 days
before each such 

 

11

 

sinking
fund payment date the Trustee shall select the Securities to be redeemed upon
such sinking fund payment date in the manner specified in Section 3.02 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.02.  Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Section 3.03.

 

ARTICLE IV

 

COVENANTS

 

SECTION
4.01                    Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the principal of (and
premium, if any) and interest on the Securities of that series at the time and
place and in the manner provided herein and established with respect to such
Securities.

 

SECTION
4.02                    Maintenance of Office or Agency.

 

So
long as any series of the Securities remain Outstanding, the Company agrees to
maintain an office or agency in the United States, with respect to each such
series and at such other location or locations as may be designated as provided
in this Section 4.02, where (a) Securities of that series may be
presented for payment, (b) Securities of that series may be presented as
herein above authorized for registration of transfer and exchange, and
(c) notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or served, such
designation to continue with respect to such office or agency until the Company
shall, by written notice signed by its Chairman, Vice Chairman, Chief Executive
Officer, President, Chief Financial Officer, Chief Operating Officer, or an
Executive Vice President or Senior Vice President and delivered to the Trustee,
designate some other office or agency for such purposes or any of them.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
notices and demands.

 

SECTION
4.03                  Paying Agents.

 

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

 

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

 

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

 

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

 

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

 

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

 

12

 

any) or interest on any Securities of that series,
deposit with the paying agent a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal, premium or interest, and
(unless such paying agent is the Trustee) the Company will promptly notify the
Trustee of this action or failure so to act.

 

(c)                                  Notwithstanding anything in this Section to the contrary, (1) the
agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (2) the Company, may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, pay, or direct any paying agent to pay, to the
Trustee all sums held in trust by the Company or such paying agent, such sums
to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such paying agent; and, upon such
payment by any paying agent to the Trustee, such paying agent shall be released
from all further liability with respect to such money.

 

SECTION
4.04                    Appointment to Fill Vacancy in Office of
Trustee.

 

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

 

ARTICLE V

 

SECURITYHOLDERS’
LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

SECTION
5.01                    Company to Furnish Trustee Names and Addresses
of Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a) on each
regular record date (as defined in Section 2.03), but in each case will be
no more than six months apart, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the holders of each series of Securities
as of such regular record date, provided that the Company shall not be
obligated to furnish or cause to be furnished such list at any time that the
list shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may
request in writing within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than
15 days prior to the time such list is furnished; provided, however, that,
in either case, no such list need be furnished for any series for which the
Trustee shall be the Security Registrar.

 

SECTION
5.02                    Preservation Of Information; Communications
With Securityholders.

 

(a)                                  The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as provided in
Section 5.01 and as to the names and addresses of holders of Securities
received by the Trustee in its capacity as Security Registrar (if acting in
such capacity).

 

(b)                                 The Trustee may destroy any list furnished to it as provided in
Section 5.01 upon receipt of a new list so furnished.

 

(c)                                  Securityholders may communicate as provided in Section 312(b) of the
Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities. 
The Company, the Trustee, the Security Registrar and any other Person
shall have the protection of the Trust Indenture Act Section 312(c).

 

SECTION
5.03                    Reports by the Company.

 

(a)                                  The Company covenants and agrees to file with the Trustee, within
15 days after the Company files the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Company may be required to
file with the Commission pursuant to Section 12 or Section 15(d) of the
Exchange Act; or, if the Company is not required to file information, documents
or reports 

 

13

 

pursuant to either of such sections, then to file
with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports that may be required
pursuant to Section 12 of the Exchange Act, in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations.

 

(b)                                 The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from to
time by the Commission, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants provided
for in this Indenture as may be required from time to time by such rules and
regulations.

 

(c)                                  The Company covenants and agrees to transmit by mail, first class postage
prepaid, or reputable overnight delivery service that provides for evidence of
receipt, to the Securityholders, as their names and addresses appear upon the
Security Register, within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to subsections (a) and (b) of this
Section as may be required by rules and regulations prescribed from time to
time by the Commission.

 

SECTION
5.04                    Reports by the Trustee.

 

(a)                                  On or before [      ] in each year in which
any of the Securities are Outstanding, the Trustee shall transmit by mail,
first class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated as of the
preceding [      ], if and to the extent required
under Section 312(a) of the Trust Indenture Act.

 

(b)                                 The Trustee shall comply with Sections 312(b), 312(c) and 312(d) of
the Trust Indenture Act.

 

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

 

(d)                                 If an Event of Default occurs and is continuing and the Trustee receives
actual notice of such Event of Default, the Trustee shall mail to each
Securityholder notice of the uncured Event of Default within 90 days after
the occurrence thereof.  Except in the case
of an Event of Default in payment of principal of, or interest on, any
Securities, or in the payment of any sinking or purchase fund installment, the
Trustee may withhold the notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Securityholders.

 

ARTICLE VI

 

REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

SECTION
6.01                    Events of Default.

 

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

 

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

 

(2)                                  the Company defaults in the payment of the principal of (or premium, if
any, on) any of the Securities of that series as and when the same shall become
due and payable whether at maturity, upon redemption, by declaration or
otherwise, or in any payment required by any sinking or analogous fund
established 

 

14

 

with respect to that series; provided, however, that
a valid extension of the maturity of such Securities in accordance with the
terms of any indenture supplemental hereto shall not constitute a default in
the payment of principal or premium, if any;

 

(3)                                  the Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture or otherwise
established with respect to that series of Securities pursuant to
Section 2.01 hereof (other than a covenant or agreement that has been
expressly included in this Indenture solely for the benefit of one or more
series of Securities other than such series) for a period of 90 days after
the date on which written notice of such failure, requiring the same to be
remedied and stating that such notice is a “Notice of Default” hereunder, shall
have been given to the Company by the Trustee, by registered or certified mail,
or to the Company and the Trustee by the holders of at least 25% in principal
amount of the Securities of that series at the time Outstanding;

 

(4)                                  the Company pursuant to or within the meaning of any Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an
order for relief against it in an involuntary case, (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its
property or (iv) makes a general assignment for the benefit of its
creditors; or

 

(5)                                  a court of competent jurisdiction enters an order under any Bankruptcy
Law that (i) is for relief against the Company in an involuntary case,
(ii) appoints a Custodian of the Company for all or substantially all of
its property or (iii) orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 90 days.

 

(b)                                 In each and every such case, unless the principal of all the Securities
of that series shall have already become due and payable, either the Trustee or
the holders of not less than 25% in aggregate principal amount of the
Securities of that series then Outstanding hereunder, by notice in writing to
the Company (and to the Trustee if given by such Securityholders), may declare
the principal of all the Securities of that series to be due and payable
immediately, and upon any such declaration the same shall become and shall be
immediately due and payable.

 

(c)                                  At any time after the principal of the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for
the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate principal amount
of the Securities of that series then Outstanding hereunder, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its
consequences if:  (1) the Company has
paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the
principal of (and premium, if any, on) all Securities of that series that shall
have become due otherwise than by acceleration (with interest upon such
principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate per annum expressed in the Securities of that series to the date of such
payment or deposit) and any amount payable to the Trustee under
Section 7.06, and (2) any and all other Events of Default under the
Indenture with respect to such series, other than the nonpayment of principal
on Securities of that series that shall not have become due by their terms,
shall have been remedied or waived as provided in Section 6.06.

 

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

 

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

 

SECTION
6.02                    Suits for Enforcement by Trustee.

 

(a)                                  If an Event of Default specified in Section 6.01(a)(1) or
(2) hereof occurs and is continuing, the Trustee, in its own name and as
trustee of an express trust, shall be entitled and empowered to institute any
action or 

 

15

 

proceedings at law or in equity for the collection
of the sums so due and unpaid, and may prosecute any such action or proceeding
to judgment or final decree, and may enforce any such judgment or final decree
against the Company, or any other obligor upon the Securities of that series
and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company, or any other obligor upon the
Securities of that series, wherever situated.

 

(b)                                 In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have
power to intervene in such proceedings and take any action therein that may be
permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may
be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of a series allowed for the entire amount due and payable
by the Company under this Indenture at the date of institution of such
proceedings and for any additional amount that may become due and payable by
the Company after such date, and to collect and receive any moneys or other
property payable or deliverable on any such claim, and to distribute the same
after the deduction of the amount payable to the Trustee under
Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of
such series to make such payments to the Trustee, and, in the event that the
Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under
Section 7.06.

 

(c)                                  All rights of action and of asserting claims under this Indenture, or
under any of the terms established with respect to Securities of a series, may
be enforced by the Trustee without the possession of any of such Securities, or
the production thereof at any trial or other proceeding relative thereto, and
any such suit or proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall,
after provision for payment to the Trustee of any amounts due under
Section 7.06, be for the ratable benefit of the holders of the Securities
of such series.

 

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

 

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

 

SECTION
6.03                    Application of Moneys Collected.

 

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

 

FIRST:  To the payment of costs and expenses of
collection and of all amounts payable to the Trustee under Section 7.06;
and

 

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

 

SECTION
6.04                    Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue or by
availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this

 

16

 

Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (a) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (b) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then Outstanding
shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as trustee hereunder; (c) such holder or
holders shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or thereby;
(d) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity, shall have failed to institute any such action, suit or
proceeding; and (e) during such 60-day period, the holders of a majority
in principal amount of the Securities of that series shall not have given the
Trustee a direction inconsistent with the request.

 

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

 

SECTION 6.05                       Rights and Remedies
Cumulative; Delay or Omission Not Waiver.

 

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

 

(b)           No delay or omission of the Trustee or of any holder of
any of the Securities to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or
power, or shall be construed to be a waiver of any such default or on
acquiescence therein; and, subject to the provisions of Section 6.04,
every power and remedy given by this Article or by law to the Trustee or
the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

 

SECTION 6.06                       Control by
Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any
series at the time Outstanding, determined in accordance with Section 8.01,
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee with respect to such series; provided, however,
that such direction shall not be in conflict with any rule of law or with
this Indenture or be unduly prejudicial to the rights of holders of Securities
of any other series at the time Outstanding determined in accordance with
Section 8.01.  Subject to the
provisions of Section 7.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or Officers of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability.  The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.01, may on
behalf of the holders of all of the Securities of such series waive any past
default in the performance of any of the covenants contained herein or
established pursuant to Section 2.01 with respect to such series and its
consequences, except an uncured default in the payment of the principal of (or
premium, if any) or interest on, any of the Securities of that series as and
when the same shall become due by the terms of such Securities otherwise than
by acceleration (unless such default has been cured and a sum sufficient to pay
all matured installments of interest and principal and any premium has been 

 

17

 

deposited
with the Trustee (in accordance with Section 6.01(c)).  Upon any such waiver, the default covered
thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Securities of such series shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

 

SECTION 6.07                       Undertaking to Pay
Costs.

 

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

 

ARTICLE VII

 

CONCERNING
THE TRUSTEE

 

SECTION 7.01                       Certain Duties and
Responsibilities of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

(3)           the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the
Securities of any series at the time Outstanding relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee under this
Indenture with respect to the Securities of that series; and

 

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

 

SECTION 7.02                       Certain Rights of
Trustee.

 

Except
as otherwise provided in Section 7.01:

 

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

 

(b)           Any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company, by the Chairman, Vice Chairman,
Chief Executive Officer, President, Executive Vice President or any Senior Vice
President and by the Secretary or an Assistant Secretary or the Treasurer or an
Assistant Treasurer thereof (unless other evidence in respect thereof is
specifically prescribed herein);

 

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

 

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

 

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

 

(f)            The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond,
security or other papers or documents, unless requested in writing so to do by
the holders of not less than a majority in principal amount of the Outstanding
Securities of the particular series affected thereby (determined as provided in
Section 8.04); provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the
terms of this Indenture, the Trustee may require reasonable indemnity against
such costs, expenses or liabilities as a condition to so proceeding.  The reasonable expense of every such
examination shall be paid by the Company or, if paid by the Trustee, shall be
repaid by the Company upon demand; and

 

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

 

19

 

SECTION 7.03                       Trustee Not
Responsible for Recitals or Issuance or Securities.

 

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

 

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

 

(c)           The Trustee shall not be accountable for the use or
application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the
Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received
by any paying agent other than the Trustee.

 

SECTION 7.04                       May Hold
Securities.

 

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

 

SECTION 7.05                       Moneys Held in Trust.

 

Subject
to the provisions of Section 11.05, all moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other
funds except to the extent required by law. 
The Trustee shall be under no liability for interest on any moneys
received by it hereunder except such as it may agree with the Company to pay
thereon.

 

SECTION 7.06                       Compensation and
Reimbursement.

 

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

 

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

 

SECTION 7.07                       Reliance on Officers’
Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the administration of
the provisions of this Indenture the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to taking or suffering
or omitting to take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers’ Certificate delivered to
the Trustee and such certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof.

 

20

 

SECTION 7.08                       Disqualification;
Conflicting Interests.

 

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

 

SECTION 7.09                       Corporate Trustee
Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder
which shall at all times be a corporation organized and doing business under
the laws of the United States of America or any State or Territory thereof or
of the District of Columbia, or a corporation or other Person permitted to act
as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least 50 million U.S.
dollars ($50,000,000), and subject to supervision or examination by Federal,
State, Territorial or District of Columbia authority.  If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published.  The Company
may not, nor may any Person directly or indirectly controlling, controlled by
or under common control with the Company, serve as Trustee.  In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, the Trustee
shall resign immediately in the manner and with the effect specified in
Section 7.10.

 

SECTION 7.10                       Resignation and
Removal; Appointment of Successor.

 

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

 

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

 

(1)           the Trustee shall fail to comply with the provisions of
Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for
at least six months; or

 

(2)           the Trustee shall cease to be eligible in accordance with
the provisions of Section 7.09 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or

 

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

 

then,
in any such case, the Company may remove the Trustee with respect to all
Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, unless the Trustee’s duty to resign is stayed as provided herein, any
Securityholder who has been a bona fide holder of a Security or Securities for
at least six months may, on behalf of that holder and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor trustee.  Such 

 

21

 

court
may thereupon after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

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

 

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

 

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

 

SECTION 7.11                       Acceptance of
Appointment By Successor.

 

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

 

(b)           In case of the appointment hereunder of a successor
trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor trustee relates, (2) shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and (3) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee,
it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the part of any
other Trustee hereunder; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, such retiring Trustee shall
with respect to the Securities of that or those series to which the appointment
of such successor trustee relates have no further responsibility for the
exercise of rights and powers or for the performance of the duties and
obligations vested in the Trustee under this Indenture, and each such successor
trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor
trustee such retiring Trustee shall duly assign, transfer and deliver to such
successor trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to
the Securities of that or those series to which the appointment of such
successor trustee relates.

 

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

 

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

 

22

 

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

 

SECTION 7.12                       Merger, Conversion,
Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.08 and eligible under the
provisions of Section 7.09, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding.  In case
any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

SECTION 7.13                       Preferential
Collection of Claims Against the Company.

 

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

 

ARTICLE VIII

 

CONCERNING
THE SECURITYHOLDERS

 

SECTION 8.01                       Evidence of Action by
Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a majority or specified
percentage in aggregate principal amount of the Securities of a particular
series may take any action (including the making of any demand or request, the
giving of any notice, consent or waiver or the taking of any other action), the
fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any
instrument or any number of instruments of similar tenor executed by such
holders of Securities of that series in Person or by agent or proxy appointed
in writing.

 

If
the Company shall solicit from the Securityholders of any series any request,
demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its option, as evidenced by an Officers’ Certificate, fix in
advance a record date for such series for the determination of Securityholders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other action, but the Company shall have no obligation to do
so.  If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other
action may be given before or after the record date, but only the
Securityholders of record at the close of business on the record date shall be
deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Securities of that
series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Securities of that series shall be computed as of the
record date; provided, however, that no such authorization, agreement or
consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture
not later than six months after the record date.

 

SECTION 8.02                       Proof of Execution by
Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the execution of any
instrument by a Securityholder (such proof will not require notarization) or
his agent or proxy and proof of the holding by any Person of any of the
Securities shall be sufficient if made in the following manner:

 

23

 

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

 

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

 

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

 

SECTION 8.03                       Who May be Deemed
Owners.

 

Prior
to the due presentment for registration of transfer of any Security, the
Company, the Trustee, any paying agent and any Security Registrar may deem and
treat the Person in whose name such Security shall be registered upon the books
of the Company as the absolute owner of such Security (whether or not such
Security shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Security Registrar) for the
purpose of receiving payment of or on account of the principal of (and premium,
if any) and (subject to Section 2.03) interest on such Security and for
all other purposes; and neither the Company nor the Trustee nor any paying
agent nor any Security Registrar shall be affected by any notice to the
contrary.

 

SECTION 8.04                       Certain Securities
Owned by Company Disregarded.

 

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

 

SECTION 8.05                       Actions Binding on
Future Securityholders.

 

At
any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action, any holder
of a Security of that series that is shown by the evidence to be included in
the Securities the holders of which have consented to such action may, by filing
written notice with the Trustee, and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Security.  Except as aforesaid any such action taken by
the holder of any Security shall be conclusive and binding upon such holder and
upon all future holders and owners of such Security, and of any Security issued
in exchange therefor, on registration of transfer thereof or in place thereof,
irrespective of whether or not any notation in regard thereto is made upon such
Security.  Any action taken by the
holders of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in connection
with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series.

 

ARTICLE IX

 

SUPPLEMENTAL
INDENTURES

 

SECTION 9.01                       Supplemental
Indentures Without the Consent of Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture,
the Company and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which 

 

24

 

shall
conform to the provisions of the Trust Indenture Act as then in effect),
without the consent of the Securityholders, for one or more of the following
purposes:

 

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

 

(b)           to comply with Article Ten;

 

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

 

(d)           to add to the covenants of the Company for the benefit of
the holders of all or any series of Securities (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of such series)
or to surrender any right or power herein conferred upon the Company;

 

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

 

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

 

(g)           to provide for the issuance of and establish the form and
terms and conditions of the Securities of any series as provided in
Section 2.01, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities.

 

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

 

Any
supplemental indenture authorized by the provisions of this Section may be
executed by the Company and the Trustee without the consent of the holders of
any of the Securities at the time Outstanding, notwithstanding any of the
provisions of Section 9.02.

 

SECTION 9.02                       Supplemental
Indentures With Consent of Securityholders.

 

With
the consent (evidenced as provided in Section 8.01) of the holders of not
less than a majority in aggregate principal amount of the Securities of each
series affected by such supplemental indenture or indentures at the time Outstanding,
the Company when authorized by Board Resolutions, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner not covered by
Section 9.01 the rights of the holders of the Securities of such series
under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then Outstanding and
affected thereby, (i) extend the fixed maturity of any Securities of any
series, or reduce the principal amount thereof, or reduce the rate of interest
thereon, or reduce any premium payable upon the redemption thereof,
(ii) reduce the aforesaid percentage of Securities, the holders of which
are required to consent to any such supplemental indenture.

 

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

 

SECTION 9.03                       Effect of Supplemental
Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or
of Section 10.01, this Indenture shall, with respect to such series, be
and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company, and the holders of Securities
of the series affected thereby shall thereafter be 

 

25

 

determined,
exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

 

SECTION 9.04                       Securities Affected by
Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered
after the execution of such supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, may bear a notation in form
approved by the Company, provided such form meets the requirements of any
exchange upon which such series may be listed, as to any matter provided for in
such supplemental indenture.  If the
Company shall so determine, new Securities of that series so modified as to
conform, in the opinion of the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for the
Securities of that series then Outstanding.

 

SECTION 9.05                       Execution of
Supplemental Indentures.

 

Upon
the request of the Company, accompanied by Board Resolutions authorizing the
execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Securityholders required to consent
thereto as aforesaid, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion but shall not be obligated to
enter into such supplemental indenture. 
The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and
conforms to, the terms of this Article and that it is proper for the
Trustee under the provisions of this Article to join in the execution
thereof; provided, however, that such Opinion of Counsel need not be provided
in connection with the execution of a supplemental indenture that establishes
the terms of a series of Securities pursuant to Section 2.01 hereof.

 

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

 

ARTICLE X

 

SUCCESSOR
ENTITY

 

SECTION 10.01                     Company May Consolidate, Etc.

 

Nothing
contained in this Indenture or in any of the Securities shall prevent any
consolidation or merger of the Company with or into any other Person (whether
or not affiliated with the Company) or successive consolidations or mergers in
which the Company; or their successor or successors shall be a party or
parties, or shall prevent any sale, conveyance, transfer or other disposition
of the property of the Company; provided, however, the Company hereby covenants
and agrees that, upon any such consolidation or merger (in each case, if the
Company is not the survivor of such transaction), sale, conveyance, transfer or
other disposition, the due and punctual payment of the principal of (premium,
if any) and interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this
Indenture with respect to each series or established with respect to such
series pursuant to Section 2.01 to be kept or performed by the Company
shall be expressly assumed by supplemental indenture (which shall conform to
the provisions of the Trust Indenture Act as then in effect) satisfactory in
form to the Trustee executed and delivered to the Trustee by the entity formed
by such consolidation, or into which the Company as the case may be, shall have
been merged, or by the entity which shall have acquired such property.

 

26

 

 

SECTION 10.02                     Successor Entity
Substituted.

 

(a)           In case of any such consolidation, merger, sale,
conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual
payment of the principal of (and premium, if any) and interest on all of the
Securities of all series Outstanding and the due and punctual performance of
all of the covenants and conditions of this Indenture or established with
respect to each series of the Securities pursuant to Section 2.01 to be
performed by the Company with respect to each series, such successor entity
shall succeed to and be substituted for the Company with the same effect as if
it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities.

 

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

 

(c)           Nothing contained in this Article shall apply to
limit or impose any requirements upon the consolidation or merger of any Person
into the Company where the Company, as the case may be, is the survivor of such
transaction, or the acquisition by the Company, by purchase or otherwise, of
all or any part of the property of any other Person (whether or not affiliated
with the Company).

 

SECTION 10.03                     Evidence of
Consolidation, Etc. to Trustee.

 

The
Trustee, subject to the provisions of Section 7.01, may receive an Opinion
of Counsel as conclusive evidence that any such consolidation, merger, sale,
conveyance, transfer or other disposition, and any such assumption, comply with
the provisions of this Article.

 

ARTICLE XI

 

SATISFACTION
AND DISCHARGE

 

SECTION 11.01                     Satisfaction and
Discharge of Indenture.

 

If
at any time:  (a) the Company shall
have delivered to the Trustee for cancellation all Securities of a series
theretofore authenticated (other than any Securities that have been destroyed,
lost or stolen and that have been replaced or paid as provided in
Section 2.07) and Securities for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in
trust by the Company (and thereupon repaid to the Company or discharged from
such trust, as provided in Section 11.05); or (b) all such Securities
of a particular series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental Obligations
or a combination thereof, sufficient in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all
Securities of that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption, as the case
may be, and if the Company shall also pay or cause to be paid all other sums
payable hereunder with respect to such series by the Company then this
Indenture shall thereupon cease to be of further effect with respect to such
series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02,
4.03 and 7.10, that shall survive until the date of maturity or redemption
date, as the case may be, and Sections 7.06 and 11.05, that shall survive
to such date and thereafter, and the Trustee, on demand of the Company and at
the cost and expense of the Company, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture with respect to
such series.

 

SECTION 11.02                     Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered
to the Trustee for cancellation or that have not become due and payable as
described in Section 11.01 shall have been paid by the Company by
depositing irrevocably with the Trustee as trust funds moneys or an amount of
Governmental 

 

27

 

Obligations
sufficient to pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due to such date
of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company with respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Trustee,
the obligations of the Company under this Indenture with respect to such series
shall cease to be of further effect except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof
that shall survive until such Securities shall mature and be paid.  Thereafter, Sections 7.06 and 11.05
shall survive.

 

SECTION 11.03                     Deposited Moneys to be
Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee pursuant to
Sections 11.01 or 11.02 shall be held in trust and shall be available for
payment as due, either directly or through any paying agent (including the
Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee.

 

SECTION 11.04                     Payment of Moneys Held
by Paying Agents.

 

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

 

SECTION 11.05                     Repayment to Company.

 

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

 

ARTICLE XII

MISCELLANEOUS PROVISIONS

 

SECTION 12.01                     Effect on Successors and
Assigns.

 

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

 

SECTION 12.02                     Actions by Successor.

 

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

 

SECTION 12.03                     Notices.

 

Except
as otherwise expressly provided herein any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by the
Trustee or by the holders of Securities to or on the Company may be given or
served by being deposited first class postage prepaid in a post-office
letterbox addressed (until another address is filed in writing by the Company
with the Trustee), as follows:  [  ].  Any
notice, election, request or demand by the Company or any Securityholder to or
upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

 

28

 

SECTION 12.04                     Governing Law.

 

This
Indenture and each Security shall be deemed to be a contract made under the
internal laws of the State of New York, and for purposes shall be construed in
accordance with the laws of said State.

 

SECTION 12.05                     Compliance Certificates
and Opinions.

 

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

 

(b)           Each certificate or opinion provided for in this Indenture
and delivered to the Trustee with respect to compliance with a condition or
covenant in this Indenture shall include (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, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (4) a statement as to whether or
not, in the opinion of such Person, such condition or covenant has been
complied with.

 

(c)           The Company shall furnish to the Trustee, on
[      ] of each year, a brief certificate from
the principal executive officer, principal financial officer or principal
accounting officer as to his or her knowledge of such obligor’s compliance with
all conditions and covenants under this Indenture.  For purposes of this subsection, such
compliance shall be determined without regard to any period of grace or
requirement of notice provided hereunder.

 

SECTION 12.06                     Payments on Business
Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and
as set forth in an Officers’ Certificate, or established in one or more
indentures supplemental to this Indenture, in any case where the date of
maturity of interest or principal of any Security or the date of redemption of
any Security shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business Day with the
same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

 

SECTION 12.07                     Conflict with Trust
Indenture Act.

 

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

 

SECTION 12.08                     Counterparts.

 

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

 

SECTION 12.09                     Separability.

 

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

 

29

 

SECTION 12.10                     Assignment.

 

The
Company will have the right at all times to assign any of its rights or
obligations under this Indenture to a direct or indirect wholly owned
Subsidiary of the Company, provided that, in the event of any such assignment,
the Company will remain liable for all such obligations.  Subject to the foregoing, the Indenture is
binding upon and inures to the benefit of the parties thereto and their
respective successors and assigns.  This
Indenture may not otherwise be assigned by the parties thereto.

 

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

 

	
   

  	
  TITAN
  MACHINERY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
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  [                                                                                            ],

  
	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
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30

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