Document:

ex4-1.htm

     

    Exhibit
      4.1

    
       

       

      CSX
        CORPORATION

       

      Action
        of Authorized Pricing Officers

       

      September
        4, 2007

       

      1.           Pursuant
        to (i) Section 301 of the Indenture, dated as of August 1, 1990, between
        CSX Corporation (the “Corporation”) and The Bank of New York Trust Company,
        N.A., successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan
        Bank,
        as trustee (the “Trustee”), as heretofore supplemented and amended (the
“Indenture”), and (ii) resolutions duly adopted by the Board of Directors
        of the Corporation at meetings duly called and held on December 13, 2006
        and
        February 14, 2007, the undersigned officers hereby establish two series (as
        that
        term is used in Section 301 of the Indenture) of Securities to be issued
        under
        the Indenture, which series of Securities shall have the terms set forth
        in the
        Prospectus and the Prospectus Supplement attached as Exhibit A
        (collectively, the “Prospectus”) and such other or different terms as may be set
        forth herein.  The titles of the Securities shall be, respectively,
        the 5.750% Notes due 2013 (the “Notes due 2013”) and the 6.250% Notes due 2018
        (the “Notes due 2018” and, together with the Notes due 2013, the “Notes”), and
        the Notes will be issued in fully registered form only, in denominations
        of
        $2,000 and integral multiples of $1,000. Terms used herein and not defined
        shall
        have the meaning assigned to them in the Indenture or the
        Prospectus.

       

      2.           The
        forms and terms of the Notes substantially in the forms of Exhibits B-1 and
        B-2 attached hereto are hereby approved under the Indenture; and the
        Chairman, President and Chief Executive Officer, any Executive Vice President,
        any Senior Vice President, any Vice President, the Assistant Vice
        President-Capital Markets, the Treasurer, the Corporate Secretary, any Assistant
        Corporate Secretary or the Controller of the Corporation are, and each of
        them
        with full power to act without the others hereby is, authorized, in the name
        and
        on behalf of the Corporation, to execute, manually or by facsimile signature,
        and in the manner provided in the Indenture, the Notes (and, in addition,
        to
        replace lost, stolen, mutilated or destroyed Notes, all as provided in the
        Indenture) substantially in the form approved hereby, in both temporary and
        definitive form, with such changes, modifications and insertions therein
        as the
        officer executing the Notes shall determine, such determination to be
        conclusively evidenced by the execution thereof by such officer, all in the
        manner and form required in, or contemplated by, the Indenture.

       

      3.           The
        signatures of the officers of the Corporation so authorized to execute the
        Notes
        may, but need not be, the facsimile signatures of the current or any future
        such
        authorized officers imprinted or otherwise reproduced thereon, the Corporation
        for such purpose hereby adopting such facsimile signatures as binding upon
        it,
        notwithstanding that at the time any Notes shall be authenticated and delivered
        or disposed of any officer so signing shall have ceased to be such authorized
        officer.

       

      4.           The
        form, terms and provisions of the Indenture are hereby ratified and
        approved.

       

      5.           The
        form, terms and provisions of the Underwriting Agreement, dated September
        4,
        2007 (the “Underwriting Agreement”), between the Corporation and the
        Underwriters named on Schedule II thereto, providing for the issuance and
        sale
        of the Notes are hereby approved; and the Chairman, President and Chief
        Executive Officer, any Executive Vice President, any Senior Vice President,
        any
        Vice President, the Treasurer, any General Counsel or Assistant General Counsel,
        the Corporate Secretary, any Assistant Corporate Secretary or the Assistant
        Vice
        President-Capital Markets of the Corporation (each an “Authorized Officer” and
        collectively, the “Authorized Officers”) are, and each of them with full power
        to act without the others hereby is, authorized and directed to execute and
        deliver, in the name and on behalf of the Corporation, the Underwriting
        Agreement with such changes therein as the officer of the Corporation executing
        the Underwriting Agreement shall approve, the execution thereof by such officer
        to be conclusive evidence of such approval.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.           The
        form and terms of the Prospectus are hereby approved.

       

      7.           The
        Authorized Officers are, and each of them with full power to act without
        the
        others hereby is, authorized and empowered to take all actions, and to execute
        and deliver any and all documents, in the name and on behalf of this Corporation
        as such officer or officers shall deem necessary or appropriate to effect
        or
        otherwise carry out the foregoing.

       

      8.           Any
        and all actions heretofore or hereafter taken by any officer or officers
        of the
        Corporation within the terms of the foregoing, including without limitation,
        the
        filing of a registration statement and amendments, supplements and addenda
        thereto with the Securities and Exchange Commission with respect to the Notes
        and other securities which may be issued pursuant to the Indenture, are hereby
        ratified and confirmed as the act of the Corporation.

       

      9.           The
        Notes may be authenticated by the Trustee and issued in accordance with the
        Indenture.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Dated
        as
        of the date first set forth above.

       

       

      
        
          	 	 
	
                  By:

                	 /s/
                  Oscar
                  Munoz	 
	 	
                  Name:

                	
                  Oscar
                    Munoz

                	 
	 	
                  Title:

                	
                  Executive
                    Vice President and Chief
                    Financial Officer

                	 

        

      

      
        

          
            	 	 
	
                    By:

                  	 /s/
                    David
                    A. Boor	 
	 	
                    Name:

                  	
                    David
                      A. Boor

                  	 
	 	
                    Title:

                  	
                    Vice
                      President-Tax and Treasurer

                  	 

          

        

         

      

       

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      Exhibit
        A

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      Exhibit
        B-1

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        B-2ex4-2.htm

     

    Exhibit
      4.2

     

     

     

    
      UNLESS
        THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
        OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
        THE
        DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
        SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
        CEDE & CO., HAS AN INTEREST HEREIN.

       

      TRANSFERS
        OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
        TO
        NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
        NOMINEE.

       

      CSX
        CORPORATION

      

      

      $400,000,000

      5.750%
        NOTES DUE 2013

       

      
        
          	No.
                  1-A 	
                  CUSIP
                    No. 126408GL1 

                

        

      

       

       

      This
        security (the “Security”) is one
        of a duly authorized issue of securities (herein called the “Securities”) of CSX
        Corporation, a Virginia corporation (hereinafter called the “Company,” which
        term includes any successor corporation under the Indenture hereinafter referred
        to), issued and to be issued in one or more series under an indenture, unlimited
        as to aggregate principal amount, dated as of August 1, 1990 between the
        Company and The Bank of New York Trust Company, N.A., successor to JPMorgan
        Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as Trustee
        (herein
        called the “Trustee,” which term includes any successor trustee under the
        Indenture (as hereinafter defined)), as supplemented by a First Supplemental
        Indenture dated as of June 15, 1991, a Second Supplemental Indenture dated
        as of
        May 6, 1997, a Third Supplemental Indenture dated as of April 22, 1998, a
        Fourth
        Supplemental Indenture dated as of October 30, 2001, a Fifth Supplemental
        Indenture dated as of October 27, 2003, a Sixth Supplemental Indenture dated
        as
        of September 23, 2004, and a Seventh Supplemental Indenture dated as of April
        25, 2007, to which indenture and all indentures supplemental thereto (the
        indenture, as supplemented being herein called the “Indenture”) reference is
        hereby made for a statement of the respective rights thereunder of the Company,
        the Trustee and the Holders of the Securities and of the terms upon which
        the
        Securities are, and are to be, authenticated and delivered.  This
        Security is one of the series designated on the face hereof, which series
        has
        been issued in an initial aggregate principal amount of $400,000,000 (FOUR
        HUNDRED MILLION DOLLARS). All Securities of this series need not be issued
        at
        the same time and such series may be reopened at any time, without the consent
        of any Holder, for issuances of additional Securities of this
        series.  Any such additional Securities of this series will have the
        same interest rate, maturity and other terms as those initially
        issued.  Further Securities of this series may also be authenticated
        and delivered as provided by Sections 304, 305, 306 or 906 of the Indenture.
        This Security represents an aggregate initial principal amount of $400,000,000
        (FOUR HUNDRED MILLION DOLLARS) (as adjusted from time to time in accordance
        with
        the terms and provisions hereof and as set forth on Exhibit A hereto, the
        “Principal Amount”) of the Securities of such series, with the Interest Payment
        Dates, date of original issuance, and date of Maturity specified herein and
        bearing interest on said Principal Amount at the interest rate specified
        herein.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        Company, for value received, hereby
        promises to pay CEDE & CO., or its registered assigns, the principal sum of
        $400,000,000 (FOUR HUNDRED MILLION DOLLARS) on March 15, 2013 and to pay
        interest (computed on the basis of a 360-day year of twelve 30-day months)
        thereon from September 7, 2007 or from the most recent Interest Payment Date
        to
        which interest has been paid or duly provided for, or, if the date of this
        Security is an Interest Payment Date to which interest has been paid or duly
        provided for, then from the date hereof, semiannually in arrears on March
        15 and
        September 15 of each year, commencing March 15, 2008, and at Maturity at
        the
        rate of 5.750% per annum, until the principal hereof is paid or duly made
        available for payment.  The Company shall pay interest on overdue
        principal and premium, if any, and (to the extent lawful) interest on overdue
        installments of interest at the rate per annum borne by the
        Security.  The interest so payable, and punctually paid or duly
        provided for, on any Interest Payment Date will, as provided in such Indenture,
        be paid to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered at the close of business on the Regular Record
        Date
        for such interest, which shall be the February 15 or August 15 (whether or
        not a
        Business Day), as the case may be, next preceding such Interest Payment
        Date.  Except as otherwise provided in the Indenture, any such
        interest not so punctually paid or duly provided for shall forthwith cease
        to be
        payable to the Holder on such Regular Record Date and may be paid to the
        Person
        in whose name this Security (or one or more Predecessor Securities) is
        registered at the close of business on a Special Record Date to be fixed
        by the
        Trustee for the payment of such Defaulted Interest, notice whereof shall
        be
        given to the Holder of this Security not less than 10 days prior to such
        Special
        Record Date, or may be paid at any time in any other lawful manner not
        inconsistent with the requirements of any securities exchange or automated
        quotation system on which the Securities of this series may be listed or
        quoted,
        and upon such notice as may be required by such exchange or system, all as
        more
        fully provided in such Indenture.  Notwithstanding the foregoing,
        interest payable on this Security at Maturity will be payable to the person
        to
        whom principal is payable.

       

      This
        Security is exchangeable in whole
        or from time to time in part for definitive Registered Securities of this
        series
        only as provided in this paragraph.  If (x) the Depository with
        respect to the Securities of this series (the “Depository”) notifies the Company
        that it is unwilling, unable or ineligible to continue as Depository for
        this
        Security or if at any time the Depository ceases to be a clearing agency
        registered under the Securities Exchange Act of 1934, as amended, and a
        successor Depository is not appointed by the Company within 90 days, (y)
        the
        Company in its sole discretion determines that this Security shall be
        exchangeable for definitive Registered Securities and executes and delivers
        to
        the Trustee a Company Order providing that this Security shall be so
        exchangeable or (z) there shall have happened and be continuing an Event
        of
        Default or any event which, after notice or lapse of time, or both, would
        become
        an Event of Default with respect to the Securities of the series of which
        this
        Security is a part, this Security or any portion hereof shall, in the case
        of
        clause (x) above, be exchanged for definitive Registered Securities of this
        series, and in the case of clauses (y) and (z) above, be exchangeable for
        definitive Registered Securities of this series, provided that the definitive
        Security so issued in exchange for this Security shall be in authorized
        denominations and be of like tenor and of an equal aggregate principal amount
        as
        the portion of the Security to be exchanged, and provided further that, in
        the
        case of clauses (y) and (z) above, definitive Registered Securities of this
        series will be issued in exchange for this Security, or any portion hereof,
        only
        if such definitive Registered Securities were requested by written notice
        to the
        Security Registrar by or on behalf of a Person who is a beneficial owner
        of an
        interest herein given through the Holder hereof.  Any definitive
        Registered Security of this series issued in exchange for this Security,
        or any
        portion hereof, shall be registered in the name or names of such Person or
        Persons as the Holder hereof shall instruct the Security
        Registrar.  Except as provided above, owners of beneficial interests
        in this Security will not be entitled to receive physical delivery of Securities
        in definitive form and will not be considered the Holders thereof for any
        purpose under the Indenture.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      Any
        exchange of this Security or
        portion hereof for one or more definitive Registered Securities of this series
        will be made at the New York office of the Security Registrar or at the office
        of any transfer agent designated by the Company for that
        purpose.  Upon exchange of any portion of this Security for one or
        more definitive Registered Securities of this series, the Trustee shall endorse
        Exhibit A of this Security to reflect the reduction of its Principal Amount
        by
        an amount equal to the aggregate principal amount of the definitive Registered
        Securities of this series so issued in exchange, whereupon the Principal
        Amount
        hereof shall be reduced for all purposes by the amount so exchanged and
        noted.  Except as otherwise provided herein or in the Indenture, until
        exchanged in full for one or more definitive Registered Securities of this
        series, this Security shall in all respects be subject to and entitled to
        the
        same benefits and conditions under the Indenture as a duly authenticated
        and
        delivered definitive Registered Security of this series.

       

      The
        principal and any interest in
        respect of any portion of this Security payable in respect of an Interest
        Payment Date or at the Stated Maturity thereof, in each case occurring prior
        to
        the exchange of such portion for a definitive Registered Security or Securities
        of this series, will be paid, as provided herein, to the Holder hereof which
        will undertake in such circumstances to credit any such principal and interest
        received by it in respect of this Security to the respective accounts of
        the
        Persons who are the beneficial owners of such interests on such Interest
        Payment
        Date or at Stated Maturity.  If a definitive Registered Security or
        Registered Securities of this series are issued in exchange for any portion
        of
        this Security after the close of business at the office or agency where such
        exchange occurs on (i) any Regular Record Date and before the opening of
        business at such office or agency on the relevant Interest Payment Date,
        or (ii)
        any Special Record Date and before the opening of business at such office
        or
        agency on the related proposed date for payment of Defaulted Interest, then
        interest or Defaulted Interest, as the case may be, will not be payable on
        such
        Interest Payment Date or proposed date for payment, as the case may be, in
        respect of such Registered Security, but will be payable on such Interest
        Payment Date or proposed date for payment, as the case may be, only to the
        Holder hereof, and the Holder hereof will undertake in such circumstances
        to
        credit such interest to the account or accounts of the Persons who were the
        beneficial owners of such portion of this Security on such Regular Record
        Date
        or Special Record Date, as the case may be.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      Payment
        of the principal of and any
        such interest on this Security will be made at the offices of the Trustee
        as
        Paying Agent, in the Borough of Manhattan, The City of New York, or at such
        other office or agency of the Company as may be designated by it for such
        purpose in the Borough of Manhattan, The City of New York, in such coin or
        currency of the United States of America as at the time of payment shall
        be
        legal tender for the payment of public and private debts by check mailed
        to the
        registered Holders thereof; provided, however, that at the option
        of the Holder, payment of interest may be made by wire transfer of immediately
        available funds to an account of the Person entitled hereto as such account
        shall be provided to the Security Registrar and shall appear in the Security
        Register.

       

      The
        Securities shall be redeemable, in
        whole or in part, at the Company’s option at any time.  The Redemption
        Price for the Securities to be redeemed shall equal the greater of the following
        amounts, plus, in each case, accrued interest thereon to the Redemption
        Date:

      

      
        	
                 

              	
                ·

              	
                100%
                  of the principal amount of such Securities;
                  or

              

      

       

      
        	
                 

              	
                ·

              	
                As
                  determined by the Independent Investment Banker (as defined below),
                  the
                  sum of the present values of the remaining scheduled payments of
                  principal
                  and interest on the Securities (not including any portion of any
                  payments
                  of interest accrued from the most recent Interest Payment Date
                  to which
                  interest has been paid to the Redemption Date) discounted to the
                  Redemption Date on a semiannual basis at the Adjusted Treasury
                  Rate (as
                  defined below) plus 25 basis
                  points.

              

      

       

      The
        Redemption Price shall be calculated by the Independent Investment Banker
        assuming a 360-day year consisting of twelve 30-day months.

      

      “Adjusted
        Treasury Rate” means, with
        respect to any Redemption Date:

      

      
        	
                 

              	
                ·

              	
                the
                  yield, under the heading which represents the average for the immediately
                  preceding week, appearing in the most recently published statistical
                  release designated “H.15(519)” or any successor publication which is
                  published weekly by the Board of Governors of the Federal Reserve
                  System
                  and which establishes yields on actively traded U.S. Treasury securities
                  adjusted to constant maturity under the caption “Treasury Constant
                  Maturities,” for the maturity corresponding to the Comparable Treasury
                  Issue (if no maturity is within three months before or after the
                  remaining
                  term of the Securities, yields for the two published maturities
                  most
                  closely corresponding to the Comparable Treasury Issue will be
                  determined
                  and the Adjusted Treasury Rate will be interpolated or extrapolated
                  from
                  such yields on a straight line basis, rounding to the nearest month);
                  or

              

      

       

      
        	
                 

              	
                ·

              	
                If
                  such release (or any successor release) is not published during
                  the week
                  preceding the calculation date or does not contain such yields,
                  the rate
                  per annum equal to the semiannual equivalent yield to maturity
                  of the
                  Comparable Treasury Issue, assuming a price for the Comparable
                  Treasury
                  Issue (expressed as a percentage of its principal amount) equal
                  to the
                  Comparable Treasury Price for such Redemption
                  Date.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      The
        Adjusted Treasury Rate shall be
        calculated on the third Business Day preceding the Redemption
        Date.  The Company shall notify the Trustee, in an Officers’
Certificate, of the Redemption Price no later than the second Business Day
        preceding the Redemption Date. The Officers’ Certificate shall set forth the
        Redemption Price both as an aggregate amount for all the Securities to be
        redeemed and as an amount per $1,000.00 in principal amount of the Securities
        to
        be redeemed, subject to a minimum $2,000.00 denomination as set forth
        below.

      

      “Comparable
        Treasury Issue” means the
        U.S. Treasury security selected by the Independent Investment Banker as having
        a
        maturity comparable to the remaining term of the Securities to be redeemed
        that
        would be utilized, at the time of selection and in accordance with customary
        financial practice, in pricing new issues of corporate debt securities of
        comparable maturity to the remaining term of such Securities.

      

      “Comparable
        Treasury Price” means, with
        respect to any Redemption Date, (A) the average of five Reference Treasury
        Dealer Quotations for such Redemption Date, after excluding the highest and
        lowest such Reference Treasury Dealer Quotations, or (B) if the Independent
        Investment Banker obtains fewer than five such Reference Treasury Dealer
        Quotations, the average of all such quotations.

      

      “Independent
        Investment Banker” means
        Credit Suisse and its successors, or if that firm is unwilling or unable
        to
        serve in that capacity, an independent investment and banking institution
        of
        national standing appointed by the Company.

      

      “Reference
        Treasury Dealer”
means:

      

      
        	
                 

              	
                ·

              	
                Barclays
                  Capital, Credit Suisse and UBS Investment Bank and their successors;
                  provided that, if any ceases to be a primary U.S. Government securities
                  dealer in the United States (“Primary Treasury Dealer”), the Company will
                  substitute another Primary Treasury Dealer;
                  and

              

      

      
        	
                 

              	
                ·

              	
                Up
                  to four other Primary Treasury Dealers selected by the
                  Company.

              

      

      

      “Reference
        Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption
        Date,
        the average, as determined by the Independent Investment Banker, of the bid
        and
        asked prices for the Comparable Treasury Issue (expressed in each case as
        a
        percentage of its principal amount) quoted in writing to the Independent
        Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York
        City
        time) on the third business day preceding such Redemption Date.

      

      Notice
        of redemption shall be given as
        provided in Section 1104 of the Indenture; provided, that such notice shall
        not
        be required to include the Redemption Price but shall instead include the
        manner
        of calculation of the Redemption Price.  If the Company elects to
        partially redeem the Securities, the Trustee will select in a fair and
        appropriate manner the Securities to be redeemed.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      

      Unless
        the Company defaults in payment
        of the Redemption Price, on and after the Redemption Date interest will cease
        to
        accrue on the Securities or portions thereof called for redemption.

      

      If
        an Event of Default with respect to
        Securities of this series shall occur and be continuing, the principal of
        the
        Securities of this series (including this Security and the interests represented
        hereby) may be declared due and payable in the manner and with the effect
        provided in the Indenture. Upon payment (i) of the amount of principal so
        declared due and payable and (ii) of interest on any overdue principal and
        overdue interest (in each case to the extent that the payment of such interest
        shall be legally enforceable), all of the Company’s obligations in respect of
        the payment of the principal of and any interest on the Securities of this
        series (including this Security and the interests represented hereby) shall
        terminate.

       

      If
        a Change of Control Repurchase Event
        occurs, unless the Company have exercised the Company’s right to redeem the
“Securities” as described above, the Company will be required to make an offer
        to each holder of the “Securities” to repurchase all or any part (equal to
        $2,000 or an integral multiple of $1,000 in excess thereof) of that holder’s
“Securities” at a repurchase price in cash equal to 101% of the aggregate
        principal amount of the “Securities” repurchased plus any accrued and unpaid
        interest on the “Securities” repurchased to, but not including, the date of
        repurchase.  Within 30 days following any Change of Control Repurchase
        Event or, at the Company’s option, prior to any Change of Control, but after the
        public announcement of the Change of Control, the Control will mail a notice
        to
        each holder, with a copy to the Trustee, describing the transaction or
        transactions that constitute or may constitute the Change of Control Repurchase
        Event and offering to repurchase the “Securities” on the payment date specified
        in the notice, which date will be no earlier than 30 days and no later than
        60
        days from the date such notice is mailed.  The notice shall, if mailed
        prior to the date of consummation of the Change of Control, state that the
        offer
        to purchase is conditioned on a Change of Control Repurchase Event occurring
        on
        or prior to the payment date specified in the notice.  The Company
        will comply with the requirements of Rule 14e-1 under the Exchange Act, and
        any
        other securities laws and regulations thereunder to the extent those laws
        and
        regulations are applicable in connection with the repurchase of the “Securities”
as a result of a Change of Control Repurchase Event.  To the extent
        that the provisions of any securities laws or regulations conflict with the
        Change of Control Repurchase Event provisions of the “Securities”, the Company
        will comply with the applicable securities laws and regulations and will
        not be
        deemed to have breached the Company’s obligations under the Change of Control
        Repurchase Event provisions of the “Securities” by virtue of such
        conflict.

       

      On
        the repurchase date following a
        Change of Control Repurchase Event, the Company will, to the extent
        lawful:

       

      
        	
                 

              	
                (1)

              	
                accept
                  for payment all the “Securities” or portions of the “Securities” properly
                  tendered pursuant to the Company’s
                  offer;

              

      

       

      
        	
                 

              	
                (2)

              	
                deposit
                  with the paying agent an amount equal to the aggregate purchase
                  price in
                  respect of all the “Securities” or portions of the “Securities” properly
                  tendered; and

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 

              	
                (3)

              	
                deliver
                  or cause to be delivered to the Trustee the “Securities” properly
                  accepted, together with an officers’ certificate stating the aggregate
                  principal amount of the “Securities” being purchased by the
                  Company.

              

      

       

      The
        paying agent will promptly mail to
        each holder of the “Securities” properly tendered the purchase price for the
“Securities”, and the Trustee will promptly authenticate and mail (or cause to
        be transferred by book-entry) to each holder a new note equal in principal
        amount to any unpurchased portion of any “Securities” surrendered; provided that
        each new note will be in a principal amount of $2,000 or an integral multiple
        of
        $1,000 in excess thereof.

       

      The
        Company will not be required to
        make an offer to repurchase the “Securities” upon a Change of Control Repurchase
        Event if a third party makes such an offer in the manner, at the times and
        otherwise in compliance with the requirements for an offer made by the Company
        and such third party purchases all the “Securities” properly tendered and not
        withdrawn under its offer.

       

      For
        purposes of the foregoing
        description of a repurchase at the option of holders, the following definitions
        are applicable:

       

      “Below
        Investment Grade Ratings Event”
means that on any day within the 60-day period (which period shall be extended
        so long as the rating of the “Securities” is under publicly announced
        consideration for a possible downgrade by any of the Rating Agencies) after
        the
        earlier of (1) the occurrence of a Change of Control; or (2) public notice
        of
        the occurrence of a Change of Control or the intention by CSX to effect a
        Change
        of Control, the “Securities” are rated below Investment Grade by each of the
        Rating Agencies. Notwithstanding the foregoing, a Below Investment Grade
        Ratings
        Event otherwise arising by virtue of a particular reduction in rating shall
        not
        be deemed to have occurred in respect of a particular Change of Control (and
        thus shall not be deemed a Below Investment Grade Ratings Event for purposes
        of
        the definition of Change of Control Repurchase Event hereunder) if the Rating
        Agencies making the reduction in rating to which this definition would otherwise
        apply do not announce or publicly confirm or inform the Trustee in writing
        at
        its request that the reduction was the result, in whole or in part, of any
        event
        or circumstance comprised of or arising as a result of, or in respect of,
        the
        applicable Change of Control (whether or not the applicable Change of Control
        shall have occurred at the time of the ratings event).

       

      “Change
        of Control” means the
        consummation of any transaction (including, without limitation, any merger
        or
        consolidation) the result of which is that any “person” (as that term is used in
        Section 13(d)(3) of the Exchange Act), other than CSX or the Company’s
        subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and
        13d-5
        under the Exchange Act), directly or indirectly, of more than 50% of the
        combined voting power of the Company’s Voting Stock or other Voting Stock into
        which the Company’s Voting Stock is reclassified, consolidated, exchanged or
        changed measured by voting power rather than number of shares.

       

      “Change
        of Control Repurchase Event”
means the occurrence of both a Change of Control and a Below Investment Grade
        Ratings Event.

       

      “Fitch”
means
        Fitch Ratings
        Ltd.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      “Investment
        Grade” means a rating of
        Baa3 or better by Moody’s (or its equivalent under any successor rating
        categories of Moody’s); a rating of BBB- or better by S&P or Fitch (or its
        equivalent under any successor rating categories of S&P and Fitch); or the
        equivalent Investment Grade credit rating from any additional Rating Agency
        or
        Rating Agencies selected by the Company.

       

      “Moody’s”
means
        Moody’s Investors
        Service Inc.

       

      “Rating
        Agency” means (1) each of
        Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch ceases
        to rate the “Securities” or fails to make a rating of the “Securities” publicly
        available for reasons outside of the Company’s control, a “nationally recognized
        statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
        under the Exchange Act, selected by the Company (as certified by a resolution
        of
        the Chief Executive Officer or Chief Financial Officer) as a replacement
        agency
        for Moody’s, S&P or Fitch, or all of them, as the case may be.

       

      “S&P”
means
        Standard & Poor’s
        Ratings Services, a division of McGraw-Hill, Inc.

       

      “Voting
        Stock” of any specified
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of
        any date means the capital stock of such person that is at the time entitled
        to
        vote generally in the election of the board of directors of such
        person.

       

      The
        Indenture contains provisions for
        defeasance at any time of (a) the entire indebtedness of the Company on this
        Security and (b) certain restrictive covenants and the related defaults and
        Events of Default, upon compliance with certain conditions set forth therein,
        which provisions shall apply to this Security.

       

      The
        provisions of Article Fourteen of
        the Indenture apply to Securities of this series.

       

      The
        Indenture permits, with certain
        exceptions as therein provided, the amendment thereof and the modification
        of
        the rights and obligations of the Company and the rights of the Holders of
        the
        Securities of each series to be affected under the Indenture at any time
        by the
        Company and the Trustee with the consent of the Holders of a majority in
        aggregate principal amount of the Securities at the time Outstanding of each
        series affected thereby.  The Indenture also contains provisions
        permitting the Holders of specified percentages in aggregate principal amount
        of
        the Securities of each series at the time Outstanding on behalf of the Holders
        of all Securities of such series to waive compliance by the Company with
        certain
        provisions of the Indenture and certain past defaults under the Indenture
        and
        their consequences.  Any such consent or waiver by the Holder of this
        Security shall be conclusive and binding upon such Holder and upon all future
        Holders of this Security and the Persons who are beneficial owners of
        interests represented hereby, and of any Security issued in exchange herefor
        or
        in lieu hereof whether or not notation of such consent or waiver is made
        upon
        this Security.

       

      As
        set forth in, and subject to, the
        provisions of the Indenture, no Holder of any Security of this series will
        have
        any right to institute any proceeding with respect to the Indenture or for
        any
        remedy thereunder, unless such Holder shall have previously given to the
        Trustee
        written notice of a continuing Event of Default with respect to the Securities
        of this series, the Holders of not less than 25% in aggregate principal amount
        of the Outstanding Securities of this series shall have made written request,
        and offered reasonable indemnity, to the Trustee to institute such proceeding
        as
        trustee, and the Trustee shall not have received from the Holders of a majority
        in aggregate principal amount of the Outstanding Securities of this series
        a
        direction inconsistent with such request and shall have failed to institute
        such
        proceeding within 60 days; provided, however, that such limitations do not
        apply
        to a suit instituted by the Holder hereof for the enforcement of payment
        of the
        principal of (and premium, if any) or interest on this Security on or after
        the
        respective due dates expressed herein.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

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

       

      As
        provided in the Indenture and
        subject to certain limitations therein and herein set forth, the transfer
        of
        Registered Securities of the series of which this Security is a part may
        be
        registered on the Security Register of the Company, upon surrender of such
        Securities for registration of transfer at the office of the Security Registrar,
        duly endorsed by, or accompanied by a written instrument of transfer in form
        satisfactory to the Company and the Security Registrar duly executed by the
        Holder thereof or his attorney duly authorized in writing, and thereupon
        one or
        two more new Securities of this Series and of like tenor, of authorized
        denominations and for the same aggregate principal amount, will be issued
        to the
        designated transferee or transferees.

       

      No
        service charge shall be made for any
        such registration of transfer or exchange of Securities as provided above,
        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
        Security 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 Security
        is
        registered as the owner hereof for all purposes, whether or not this Security
        be
        overdue, and neither the Company, the Trustee nor any such agent shall be
        affected by notice to the contrary.

       

      The
        Securities of this series of which
        this Security is a part are issuable only in registered form without coupons,
        in
        denominations of $2,000.00 and integral multiples of $1,000.00.  As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        the Securities of this series are exchangeable for a like aggregate principal
        amount of Securities of this series and of like tenor of a different authorized
        denomination, as requested by the Holder surrendering the same.

       

      The
        Securities of this series shall be
        dated the date of their authentication.

       

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

       

      Unless
        the certificate of
        authentication hereon has been executed by or on behalf of the Trustee under
        the
        Indenture, or its successor thereunder, by the manual signature of one of
        its
        authorized officers, this Security shall not be entitled to any benefit under
        the Indenture or be valid or obligatory for any purpose.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company has
        caused this instrument to be duly executed under its corporate
        seal.

       

      

      Dated:  September
        7,
        2007                                                                                                                 
CSX
        CORPORATION

       

       

      
         

        
          
            	 	 
	
                    By:

                  	 /s/
                    David
                    H. Baggs	 
	 	
                    Name:

                  	
                    
                      David
                        H. Baggs

                    

                  	 
	 	
                    Title:

                  	
                    
                      Assistant
                        Vice President - Capital Markets

                    

                  	 

          

        

        
          

        

      

       

       

      Attest:

       

           /s/
        Nathan D. Goldman                

                              
        Assistant Corporate Secretary

      

       

      
 

       

       

      
        	STATE
                OF  New York 	 
	 	)
                ss.: 
	COUNTY/CITY
                OF  New York 	 

      

       

       

      Before
        me, a Notary Public in and for
        said State and County/City, personally appeared Mr. David H. Baggs, personally
        known to me or proved to me on the basis of satisfactory evidence to be the
        person whose name is subscribed to the within instrument and acknowledged
        to me
        that he executed the same in his authorized capacity, and that by his signature
        on the instrument, the company on behalf of which he acted executed the
        instrument.

      

      WITNESS
        my hand and official seal this
        7th day of September, 2007, in the State and County/City aforesaid.

       

       ___________________________________________________

      Notary
        Public in and for the State and County/City aforesaid

      

       

      My
        commission
        expires:                                           
/s/ Brian M. Budnick        

       

      Printed
        Name of Notary
        Public:                          
Brian M. Budnick

                                                                                       
        Notary
        Public, State of New York

      No.
        01BU6158389

      Qualified
        in New York County

      Commission
        Expires January 2, 2011

      

      

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

      This
        is one of the Securities of a
        series issued under the Indenture described herein.

       

       

       

      
         

        
          
            	
                     THE
                      BANK OF NEW YORK TRUST COMPANY, N.A.

                     as Trustee

                     

                     

                  	 
	
                    By:

                  	 	 
	 	
                    Authorized
                      Officer

                  	 

          

        

        
          

          
            
              
              

            

            
              11

              
                

              

            

            
              
              

            

          

        

      

       

      FORM
        OF
        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 Security and all rights thereunder, hereby irrevocably constituting
        and
        appointing

       

      ____________________________________________
        attorney to transfer said Security on the books of the Security Registrar
        with
        full power of substitution in the premises.

       

       

       

      
        
          	Date: 
                  ___________________________ 	 
	 	 NOTICE:  The
                  signature to this assignment must correspond with the name as written
                  upon
                  the face of the within-mentioned instrument in every particular,
                  without
                  alteration or any change
                  whatsoever.

        

      

       

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

       

       

       

      Schedule
        of Exchanges

       

       

       

       

       

       

       

       

      13

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