Document:

Monsanto Company Exhibit 4.3 to Form S-3

Exhibit 4.3

MONSANTO COMPANY 

to 

The Bank of New York 

as Trustee 

INDENTURE 

Dated as of
[__________], 2004 

Providing for Issuance
of Subordinated 

Debt Securities in
Series 

TABLE OF CONTENTS 

	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1	 
	   Section 101. Definitions	 	1	 
	   Section 102. Compliance Certificates and Opinions	 	6	 
	   Section 103. Form of Documents Delivered to Trustee	 	6	 
	   Section 104. Acts of Holders; Record Dates	 	7	 
	   Section 105. Notices, Etc., to Trustee and Company	 	8	 
	   Section 106. Notice to Holders; Waiver	 	8	 
	   Section 107. Conflict with Trust Indenture Act	 	8	 
	   Section 108. Effect of Headings and Table of Contents	 	8	 
	   Section 109. Successors and Assigns	 	8	 
	   Section 110. Separability Clause	 	8	 
	   Section 111. Benefits of Indenture	 	9	 
	   Section 112. Governing Law	 	9	 
	   Section 113. Legal Holidays	 	9	 
	   Section 114. Act of Holders when Securities are Denominated in Different Currencies	 	9	 
	   Section 115. Monies of Different Currencies to be Segregated	 	9	 
	   Section 116. Payment to be in Proper Currency	 	9	 
	ARTICLE TWO SECURITY FORMS	 	10	 
	   Section 201. Forms Generally	 	10	 
	   Section 202. Form of Face of Security	 	10	 
	   Section 203. Form of Reverse of Security	 	11	 
	   Section 204. Form of Trustee's Certificate of Authentication	 	15	 
	ARTICLE THREE THE SECURITIES	 	15	 
	   Section 301. Amount Unlimited; Issuable in Series	 	15	 
	   Section 302. Denominations	 	17	 
	   Section 303. Execution, Authentication, Delivery and Dating	 	17	 
	   Section 304. Book-Entry Securities	 	18	 
	   Section 305. Temporary Securities	 	20	 
	   Section 306. Registration, Registration of Transfer and Exchange	 	20	 
	   Section 307. Mutilated, Destroyed, Lost and Stolen Securities	 	21	 
	   Section 308. Payment of Interest; Interest Rights Preserved	 	22	 
	   Section 309. Persons Deemed Owners	 	23	 
	   Section 310. Cancellation	 	23	 
	   Section 311. Computation of Interest	 	23	 
	   Section 312. CUSIP Numbers	 	24	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE	 	24	 
	   Section 401. Satisfaction and Discharge of Indenture	 	24	 
	   Section 402. Application of Trust Money	 	25	 
	ARTICLE FIVE REMEDIES	 	25	 
	   Section 501. Events of Default	 	25	 
	   Section 502. Acceleration of Maturity; Rescission and Annulment	 	26	 
	   Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee	 	26	 
	   Section 504. Trustee May File Proofs of Claim	 	27	 
	   Section 505. Trustee May Enforce Claims Without Possession of Securities	 	27	 
	   Section 506. Application of Money Collected	 	28	 
	   Section 507. Limitation on Suits	 	28	 
	   Section 508. Unconditional Right of Holders to Receive Principal, Premium and Interest	 	28	 
	   Section 509. Restoration of Rights and Remedies	 	28	 
	   Section 510. Rights and Remedies Cumulative	 	29	 
	   Section 511. Delay or Omission Not Waiver	 	29	 
	   Section 512. Control by Holders	 	29	 
	   Section 513. Waiver of Past Defaults	 	29	 
	   Section 514. Undertaking for Costs	 	29	 
	   Section 515.  Waiver of Stay or Extension Laws	 	30	 
	ARTICLE SIX THE TRUSTEE	 	30	 
	   Section 601. Certain Duties and Responsibilities	 	30	 
	   Section 602. Notice of Defaults	 	30	 
	   Section 603. Certain Rights of Trustee	 	30	 
	   Section 604. Not Responsible for Recitals or Issuance of Securities	 	31	 
	   Section 605. May Hold Securities and Serve as Trustee Under Other Indentures	 	32	 

i

	   Section 606. Money Held in Trust	 	32	 
	   Section 607. Compensation and Reimbursement	 	32	 
	   Section 608. Disqualification; Conflicting Interests	 	32	 
	   Section 609. Corporate Trustee Required; Eligibility	 	33	 
	   Section 610. Resignation and Removal; Appointment of Successor	 	33	 
	   Section 611. Acceptance of Appointment by Successor	 	34	 
	   Section 612. Merger, Conversion, Consolidation or Succession to Business	 	35	 
	   Section 613. Preferential Collection of Claims Against Company	 	35	 
	   Section 614. Investment of Certain Payments Held by the Trustee	 	35	 
	   Section 615. Appointment of Authenticating Agent	 	35	 
	ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	37	 
	   Section 701. Company to Furnish Trustee Names and Addresses of Holders	 	37	 
	   Section 702. Preservation of Information; Communications to Holders	 	37	 
	   Section 703. Reports by Trustee	 	37	 
	   Section 704. Reports by Company	 	38	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	38	 
	   Section 801. Company May Consolidate, Etc., Only on Certain Terms	 	38	 
	   Section 802. Successor Substituted	 	38	 
	   Section 803. Officers' Certificate and Opinion of Counsel	 	39	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES	 	39	 
	   Section 901. Supplemental Indentures Without Consent of Holders	 	39	 
	   Section 902. Supplemental Indentures with Consent of Holders	 	40	 
	   Section 903. Execution of Supplemental Indentures	 	40	 
	   Section 904. Effect of Supplemental Indentures	 	41	 
	   Section 905. Conformity with Trust Indenture Act	 	41	 
	   Section 906. Reference in Securities to Supplemental Indentures	 	41	 
	ARTICLE TEN COVENANTS	 	41	 
	   Section 1001. Payment of Principal, Premium and Interest	 	41	 
	   Section 1002. Maintenance of Office or Agency	 	41	 
	   Section 1003. Money for Securities Payments to Be Held in Trust	 	42	 
	   Section 1004. Corporate Existence	 	43	 
	   Section 1005. Waiver of Certain Covenants	 	43	 
	   Section 1006. Compliance Certificate	 	43	 
	   Section 1007. Calculation of Original Issue Discount	 	43	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	 	43	 
	   Section 1101. Applicability of Article	 	43	 
	   Section 1102. Election to Redeem: Notice to Trustee	 	44	 
	   Section 1103. Selection by Trustee of Securities to Be Redeemed	 	44	 
	   Section 1104. Notice of Redemption	 	44	 
	   Section 1105. Deposit of Redemption Price	 	45	 
	   Section 1106. Securities Payable on Redemption Date	 	45	 
	   Section 1107. Securities Redeemed in Part	 	45	 
	ARTICLE TWELVE SINKING FUNDS	 	46	 
	   Section 1201. Applicability of Article	 	46	 
	   Section 1202. Satisfaction of Sinking Fund Payments with Securities	 	46	 
	   Section 1203. Redemption of Securities for Sinking Fund	 	46	 
	ARTICLE THIRTEEN SUBORDINATION OF SECURITIES	 	46	 
	   Section 1301.  Securities Subordinate to Senior Debt	 	46	 
	   Section 1302.  Payment Over of Proceeds Upon Dissolution, Etc	 	47	 
	   Section 1303.  No Payment When Senior Debt in Default	 	47	 
	   Section 1304.  Payment Permitted If No Default	 	48	 
	   Section 1305.  Subrogation to Rights of Holders of Senior Debt	 	48	 
	   Section 1306.  Provisions Solely to Define Relative Rights	 	48	 
	   Section 1307.  Trustee to Effectuate Subordination	 	49	 
	   Section 1308.  No Waiver of Subordination Provisions	 	49	 
	   Section 1309.  Notice to Trustee	 	49	 
	   Section 1310.  Reliance on Judicial Order or Certificate of Liquidating Agent	 	50	 
	   Section 1311.  Trustee Not Fiduciary for Holders of Senior Debt	 	50	 
	   Section 1312.  Rights of Trustee as Holder of Senior Debt; Preservation of Trustee's Rights	 	50	 
	   Section 1313.  Article Applicable to Paying Agents	 	50	 
	ARTICLE FOURTEEN CONVERSION OF SECURITIES	 	51	 

ii

	   Section 1401.  Applicability of Article	 	51	 
	   Section 1402.  Conversion Privilege and Conversion Price	 	51	 
	   Section 1403.  Exercise of Conversion Privilege	 	51	 
	   Section 1404.  Fractions of Shares	 	52	 
	   Section 1405.  Adjustment of Conversion Price	 	52	 
	   Section 1406.  Notice of Adjustments of Conversion Price	 	55	 
	   Section 1407.  Notice of Certain Corporate Action	 	55	 
	   Section 1408.  Company to Reserve Common Stock	 	56	 
	   Section 1409.  Taxes on Conversions	 	56	 
	   Section 1410.  Covenant as to Common Stock	 	56	 
	   Section 1411.  Cancellation of Converted Securities	 	56	 
	   Section 1412.  Provisions in Case of Consolidation, Merger or Sale of Assets	 	56	 
	ARTICLE FIFTEEN DEFEASANCE AND COVENANT DEFEASANCE	 	57	 
	   Section 1501. Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	 	57	 
	   Section  1502. Defeasance and Discharge	 	57	 
	   Section 1503. Covenant Defeasance	 	58	 
	   Section  1504. Conditions to Defeasance or Covenant Defeasance	 	58	 
	   Section  1505. Deposited Money and U.S. Government Obligations to be Held in Trust;	 
	      Other Miscellaneous Provisions	 	59	 
	   Section 1506. Reinstatement	 	60	 
	   Section 1507. Qualifying Trustee	 	60	 
	ARTICLE SIXTEEN IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES	 	60	 
	   Section 1601. Exemption from Individual Liability	 	60	 

iii

MONSANTO COMPANY

Certain Sections of this Indenture relating to

                                              Sections 310 through 318, inclusive, of the

                                                     Trust Indenture Act of 1939:

	Trust Indenture
   Act Section	 	Indenture Section
	 	 	 
	(S) 310(a) (1)	 	609	 
	(a) (2)	 	609	 
	(a) (3)	 	Not Applicable	 
	(a) (4)	 	Not Applicable	 
	(b)	 	608, 610	 
	(S) 311(a)	 	613	 
	(b)	 	613	 
	(S) 312(a)	 	701, 702(a)	 
	(b)	 	702(b)	 
	(c)	 	702(c)	 
	(S) 313(a)	 	703(a)	 
	(b)	 	703(a)	 
	(c)	 	703(a)	 
	(d)	 	703(b)	 
	(S) 314(a)	 	704	 
	(a)(4)	 	101, 704	 
	(b)	 	Not Applicable	 
	(c)(1)	 	102	 
	(c)(2)	 	102	 
	(c)(3)	 	Not Applicable	 
	(d)	 	Not Applicable	 
	(e)	 	102	 
	(S) 315(a)	 	601	 
	(b)	 	602	 
	(c)	 	601	 
	(d)	 	601	 
	(e)	 	514	 
	(S) 316(a)	 	101	 
	(a)(1)(A)	 	502, 512	
	(a)(1)(B)	 	513	 
	(a)(2)	 	Not Applicable	 
	(b)	 	508	 
	(c)	 	104(c)	 
	(S) 317(a)(1)	 	503	 
	(a)(2)	 	504	 
	(b)	 	003	 
	(S) 318(a)	 	107	 

NOTE:   
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture. 

iv

INDENTURE 

        INDENTURE,
dated as of __________, 2004, between MONSANTO COMPANY, a corporation duly organized and
existing under the laws of the State of Delaware (herein called the “Company”),
having its principal office at 800 North Lindbergh Boulevard, St. Louis, Missouri 63167,
and The Bank of New York, a New York banking corporation, as Trustee (herein called the
“Trustee”). 

Recitals of the Company 

        The
Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its senior unsubordinated unsecured debentures, notes or
other evidences of indebtedness (herein called the “Securities”), to be issued
in one or more series as provided in this Indenture. 

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

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

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

ARTICLE ONE

DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 

Section 101.
Definitions. 

        For
all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 

             (1)   
          the terms defined in this Article have the meanings assigned to them in this
          Article and include the plural as well as the singular; 

             (2)   
          all other terms used herein which are defined in the Trust Indenture Act, either
          directly or by reference therein, have the meanings assigned to them therein; 

             (3)   
          all accounting terms not otherwise defined herein have the meanings assigned to
          them in accordance with generally accepted accounting principles, and, except as
          otherwise herein expressly provided, the term “generally accepted
          accounting principles” with respect to any computation required or
          permitted hereunder shall mean such accounting principles as are generally
          accepted at the date of such computation in the United States of America; and 

             (4)   
          unless the context otherwise requires, any reference to an “Article”
          or a “Section” refers to an Article or a Section, as the case may be,
          of this Indenture; and 

             (5)   
          the words “herein”, “hereof” and “hereunder” and
          other words of similar import refer to this Indenture as a whole and not to any
          particular Article, Section or other subdivision. 

        “Act”,
when used with respect to any Holder, has the meaning specified in Section 104. 

        “Affiliate”
of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For
the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 

        “Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 615 to act
on behalf of the Trustee to authenticate Securities of one or more series. 

        “Board
of Directors” means either the board of directors of the Company or any duly
authorized committee of that board. 

        “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 or pursuant
to authority granted by the Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the Trustee. 

        “Book-Entry
Security” means a Security in the form prescribed in Section 303 evidencing all
or part of a series of Securities, issued to the Depositary for such series or its
nominee, and registered in the name of such Depositary or such nominee. 

        “Business
Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law or executive order to close. 

        “Commission”
means the Securities and Exchange Commission, as from time to time constituted, created
under the Securities Exchange Act of 1934, as amended, or, if at any time after the
execution of this instrument such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 

        “Common
Stock” means any stock of any class of the Company which has no preference in respect
of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company and which is not subject to
redemption by the Company. However, subject to the provisions of Section 1411, shares
issuable on conversion of Securities shall include only shares of the class designated as
Common Stock of the Company at the date of this instrument or shares of any class or
classes resulting from any reclassification or reclassifications thereof and which have no
preference in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company and which are not
subject to redemption by the Company; provided that if at any time there shall be more
than one such resulting class, the shares of each such class then so issuable shall be
substantially in the proportion which the total number of shares of such class resulting
from all such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications. 

        “Company”
means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor
Person. 

        “Company
Request” or “Company Order” means a written request or order signed in the
name of the Company by its Chairman of the Board, its Chief Executive Officer, its
President, its Chief Financial Officer, a Vice Chairman of the Board, a Vice Chairman or a
Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant
Controller, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

2

        “Corporate
Trust Office” means the principal office of the Trustee at which at any particular
time its corporate trust business shall be principally administered, which office at the
date of original execution of this Indenture is located at 101 Barclay Street, New York,
New York 10286, Attention: Corporate Trust Administration, except that, with respect to
presentation of the Securities for payment or registration of transfers or exchanges and
the location of the register, such term means the office or agency of the Trustee at which
at any particular time its corporate agency business shall be conducted. 

        “Debt”
means a note, bond, debenture or other similar evidence of indebtedness for money
borrowed. 

        “Defaulted
Interest” has the meaning specified in Section 308. 

        “Depositary”
means, with respect to the Securities of any series issuable or issued in whole or in part
in the form of one or more Book-Entry Securities, the Person designated as Depositary for
such series by the Company pursuant to Section 301, which Person shall be a clearing
agency registered under the Securities Exchange Act of 1934; and if at any time there is
more than one such Person, “Depositary” as used with respect to the Securities
of any series shall mean the Depositary with respect to the Securities of such series. 

        “Event
of Default” has the meaning specified in Section 501. 

        “Holder”
means a Person in whose name a Security is registered in the Security Register. 

        “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
pursuant to the applicable provisions hereof, including, for all purposes of this
instrument, and any such supplemental indenture, the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the forms and
terms of particular series of Securities established as contemplated by Section 301. 

        “Indexed
Security” means any Security which provides that the principal amount thereof payable
at Stated Maturity may be more or less than the principal face amount thereof at original
issuance. 

        “Interest”,
when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 

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

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

        “Officers’
Certificate” means a certificate signed by the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, a Vice Chairman of the
Board, a Vice Chairman or a Vice President, and by the Treasurer, an Assistant Treasurer,
the Controller, an Assistant Controller, the Secretary or an Assistant Secretary, of the
Company, and delivered to the Trustee. 

        “Opinion
of Counsel” means a written opinion of counsel, who may be counsel for the Company,
and who shall be acceptable to the Trustee. 

3

        “Original
Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 502 or if the Security is redeemed prior to
the Maturity thereof. 

        “Outstanding”,
when used with respect to Securities, means, as of the date of determination, all
Securities theretofore authenticated and delivered under this Indenture, except: 

          		    (i)       
               Securities theretofore canceled by the Trustee or delivered to the Trustee for
               cancellation; 

               

          		    (ii)       
               Securities for whose payment or redemption money in the necessary amount has
               been theretofore deposited with the Trustee or any Paying Agent (other than the
               Company) in trust or set aside and segregated in trust by the Company (if the
               Company shall act as its own Paying Agent) for the Holders of such Securities;
               provided, that if such Securities are to be redeemed, notice of such redemption
               has been duly given pursuant to Section 1104 of this Indenture or provision
               therefor satisfactory to the Trustee has been made; 

               

          		    (iii)       
               Securities, except to the extent provided in Sections 1302 and 1303, with
               respect to which the Company has effected defeasance or covenant defeasance as
               provided in Article Fifteen; and 

               

          		    (iv)       
               Securities which have been paid pursuant to Section 307 or in exchange for
               or in lieu of which other Securities have been authenticated and delivered
               pursuant to this Indenture, other than any such Securities in respect of which
               there shall have been presented to the Trustee proof satisfactory to it that
               such Securities are held by a bona fide purchaser in whose hands such Securities
               are valid obligations of the Company; 

               

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder, or whether sufficient funds are
available for redemption or for any other purpose, and for the purpose of making the
calculations required by Section 313 of the Trust Indenture Act, (i) the principal
amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the date of
such determination upon acceleration of the Maturity thereof pursuant to Section 502,
(ii) the principal amount of a Security denominated in one or more foreign currencies or
currency units shall be the U.S. dollar equivalent, determined in the manner provided as
contemplated by Section 301 on the date of original issuance of such Security, of the
principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent on the date of original issuance of such Security of the amount determined as
provided in (i) above) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be
deemed to be Outstanding for such purpose shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided with respect to such
Security pursuant to Section 301, and (iv) except for the purpose of making the
calculations required by Section 313 of the Trust Indenture Act, Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not
the Company or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor.

        “Paying
Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company. 

4

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

        “Place
of Payment”, when used with respect to the Securities of any series, means the place
or places where the principal of and any premium and interest on the Securities of that
series are payable as specified as contemplated by Sections 301 and 1002. 

        “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 307 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security. 

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

        “Redemption
Price”, when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture. 

        “Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by
Section 301. 

        “Responsible
Officer”, when used with respect to the Trustee, means any vice president, any
assistant secretary, any assistant treasurer, any senior trust officer, any trust officer
or assistant trust officer, or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of the Indenture. 

        “Securities”
has the meaning stated in the first recital of this Indenture and more particularly means
any Securities authenticated and delivered under this Indenture. 

        “Securities
Payment” has the meaning specified in Section 1302. 

        “Security
Register” and “Security Registrar” have the respective meanings specified
in Section 306. 

        “Senior
Debt” means, without duplication, the principal, premium (if any) and unpaid interest
on all present and future (i) indebtedness of the Company for borrowed money, (ii)
obligations of the Company evidenced by bonds, debentures, notes or similar instruments,
(iii) indebtedness incurred, assumed or guaranteed by the Company in connection with the
acquisition by it or a Subsidiary of any business, properties or assets (except
purchase-money indebtedness classified as accounts payable under generally accepted
accounting principles), (iv) obligations of the Company as lessee under leases required to
be capitalized on the balance sheet of the lessee under generally accepted accounting
principles, (v) reimbursement obligations of the Company in respect of letters of credit and (vi)
obligations of the Company under direct or indirect guarantees in respect of, and
obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to
assure a creditor against loss in respect of, indebtedness or obligations of others of the
kinds referred to in clauses (i) through (v) above, in each case unless in the instrument
creating or evidencing the indebtedness or obligation or pursuant to which the same is
outstanding it is provided that such indebtedness or obligation is not superior in right
of payment to the Securities. 

        “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 308. 

5

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

        “Subsidiary”
means any corporation of which at least a majority of the outstanding stock having by the
terms thereof ordinary voting power for the election of directors of such corporation
(irrespective of whether or not at the time stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned by the Company, or by one or more
other Subsidiaries, or by the Company and one or more other Subsidiaries. 

        “Trustee”
means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one
such Person, “Trustee” as used with respect to the Securities of any series
shall mean the Trustee with respect to Securities of that series. 

        “Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended. 

             “U.S.
          Government Obligations” has the meaning specified in Section 1304. 

        “Vice
President”, when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after
the title “vice president”. 

Section 102.
Compliance Certificates and Opinions. 

        Upon
any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates
and opinions as may be required under the Trust Indenture Act. Each such certificate or
opinion shall be given in the form of an Officers’ Certificate, if to be given by an
officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall
comply with the requirements of the Trust Indenture Act and any other requirements set
forth in this Indenture. 

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

          		    (1)       
               a statement that each individual signing such certificate or opinion has read
               such covenant or condition and the definitions herein relating thereto; 

               

          		    (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 each such individual, 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, in the opinion of each such individual, such
               condition or covenant has been complied with. 

               

Section 103. Form of
Documents Delivered to Trustee. 

        In
any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to 

6

 other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents. 

        Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or representations by counsel or an opinion of counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the
certificate, representations or opinion with respect to the matters upon which such
officer’s certificate or opinion is based are erroneous. Any such certificate or
representations of counsel or opinion of counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters
is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous. 

        Where
any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument. 

Section 104. Acts of
Holders; Record Dates. 

         (a)       
          Any request, demand, authorization, direction, notice, consent, waiver or other
          action provided or permitted by this Indenture to be given, made or taken by
          Holders may be embodied in and evidenced by one or more instruments of
          substantially similar tenor signed by such Holders in person or by agent duly
          appointed in writing; and, except as herein otherwise expressly provided, such
          action shall become effective when such instrument or instruments are delivered
          to the Trustee and, where it is hereby expressly required, to the Company. Such
          instrument or instruments (and the action embodied therein and evidenced
          thereby) are herein sometimes referred to as the “Act” of the Holders
          signing such instrument or instruments. Proof of execution of any such
          instrument or of a writing appointing any such agent shall be sufficient for any
          purpose of this Indenture and (subject to Section 601) conclusive in favor
          of the Trustee and the Company, if made in the manner provided in this Section. 

         (b)       
          The fact and date of the execution by any Person of any such instrument or
          writing may be proved in any reasonable manner which the Trustee deems
          sufficient and in accordance with such reasonable rules as the Trustee may
          determine. 

         (c)       
          The Company may, but shall not be obligated to, fix any day as the record date
          for the purpose of determining the Holders of Securities of any series entitled
          to give or take any request, demand, authorization, direction, notice, consent,
          waiver or other action, or to vote on any action, authorized or permitted to be
          given or taken by Holders of Securities of such series. If not set by the
          Company prior to the first solicitation of a Holder of Securities of such series
          made by any Person in respect of any such action, or, in the case of any such
          vote, prior to such vote, the record date for any such action or vote shall be
          the 30th day (or, if later, the date of the most recent list of Holders required
          to be provided pursuant to Section 701) prior to such first solicitation or
          vote, as the case may be. With regard to any record date for action to be taken
          by the Holders of one or more series of Securities, only the Holders of
          Securities of such series on such date (or their duly designated proxies) shall
          be entitled to give or take, or vote on, the relevant action. 

         (d)       
          The ownership of Securities shall be proved by the Security Register. 

         (e)       
          Any request, demand, authorization, direction, notice, consent, waiver or other
          Act of the Holder of any Security shall bind every future Holder of the same
          Security and the Holder of every Security issued upon the registration of
          transfer thereof or in exchange therefor or in lieu thereof in respect of
          anything done, omitted or suffered to be done by the Trustee or the Company in
          reliance thereon, whether or not notation of such action is made upon such
          Security. 

7

Section 105.
Notices, Etc., to Trustee and Company. 

        Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, 

          		    (1)       
               the Trustee by any Holder or by the Company shall be sufficient for every
               purpose hereunder if made, given, furnished or filed in writing to or with the
               Trustee at its Corporate Trust Office, Attention: Corporate Trust
               Administration, or 

               

          		    (2)       
               the Company by the Trustee or by any Holder shall be sufficient for every
               purpose hereunder (unless otherwise herein expressly provided) if in writing and
               mailed, first-class postage prepaid, to the Company addressed to it at the
               address of its principal office specified in the first paragraph of this
               instrument or at any other address previously furnished in writing to the
               Trustee by the Company, Attention: Treasurer. 

               

Section 106. Notice
to Holders; Waiver. 

        Where
this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In any case
where notice to Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the sufficiency of
such notice with respect to other Holders. Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such Holder,
whether or not such Holder actually receives such notice. Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 

        In
case by reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 

Section 107.
Conflict with Trust Indenture Act. 

        If
any provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under such Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be. 

Section 108. Effect
of Headings and Table of Contents. 

        The Article
and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof. 

Section 109.
Successors and Assigns. 

        All
covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. 

Section 110.
Separability Clause. 

        In
case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. 

8

Section 111.
Benefits of Indenture. 

        Nothing
in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit
or any legal or equitable right, remedy or claim under this Indenture. 

Section 112.
Governing Law. 

        This
Indenture and the Securities shall be governed by and construed in accordance with the
laws of the State of New York without regard to conflicts of laws principles thereof. 

Section 113. Legal
Holidays. 

        In any
case where any Interest Payment Date, Redemption Date, Stated Maturity or Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities (other than a provision of the
Securities of any series which specifically states that such provision shall apply in lieu
of this Section)) payment of interest or principal (and premium, if any) need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day
at such Place of Payment with the same force and effect as if made on the Interest Payment
Date, the Redemption Date, or at the Stated Maturity or Maturity; provided, that no
interest shall accrue for the intervening period. 

Section 114. Act of
Holders when Securities are Denominated in Different Currencies. 

        Whenever
any action or Act is to be taken hereunder by the Holders of two or more Series or Issues
of Securities denominated in different currencies, then, for the purposes of determining
the principal amount of Securities held by such Holders, the aggregate principal amount of
the Securities denominated in a currency other than United States dollars shall be deemed
to be that amount of United States dollars that could be obtained for such principal
amount on the basis of the spot rate of exchange for such currency as determined by the
Company or by an authorized exchange rate agent and evidenced to the Trustee by an
Officers’ Certificate as of the date the taking of such action or Act by the Holders
of the requisite percentage in principal amount of the Securities is evidenced to the
Trustee. An exchange rate agent may be authorized in advance or from time to time by the
Company, and may be the Trustee or its Affiliate. Any such determination by the Company or
by any such exchange rate agent shall be conclusive and binding on all Holders and the
Trustee, and neither the Company nor such exchange rate agent shall be liable therefor in
the absence of bad faith. 

Section 115. Monies
of Different Currencies to be Segregated. 

        The Trustee
shall segregate monies, funds, and accounts held by the Trustee hereunder in one currency
from any monies, funds or accounts in any other currencies, notwithstanding any provision
herein which would otherwise permit the Trustee to commingle such amounts. 

Section 116. Payment
to be in Proper Currency. 

        Each reference
in any Security, or in the Authorizing Resolution relating thereto, to any currency shall
be of the essence. In the case of any Security denominated in any currency (the
“Required Currency”) other than United States dollars, except as otherwise
provided therein or in the related Authorizing Resolution, the obligation of the Company
to make any payment of principal, premium or interest thereon shall not be discharged or
satisfied by any tender by the Company, or recovery by the Trustee, in any currency other
than the Required Currency, except to the extent that such tender or recovery shall result
in the Trustee timely holding the full amount of the Required Currency then due and
payable. If any such tender or recovery is in a currency other than the Required Currency,
the Trustee may take such actions as it considers appropriate to exchange such currency
for the Required Currency. The costs and risks of any such exchange, including without
limitation the risks of delay and exchange rate fluctuation, shall be borne by the
Company, the Company shall remain fully liable for any shortfall or 

9

delinquency in the
full amount of Required Currency then due and payable, and in no circumstances shall the
Trustee be liable therefor. The Company hereby waives any defense of payment based upon
any such tender or recovery which is not in the Required Currency, or which, when
exchanged for the Required Currency by the Trustee, is less than the full amount of
Required Currency then due and payable. 

ARTICLE TWO

SECURITY FORMS 

Section 201. Forms
Generally. 

        The
Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one
or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by, or 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 Company Order contemplated by Section 303
for the authentication and delivery of such Securities. 

        The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner permitted by the rules of any securities exchange
on which the Securities may be listed, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities. 

Section 202. Form of
Face of Security. 

        [insert
any legend required by the Internal Revenue Code and the regulations thereunder or a
Depositary.] 

MONSANTO COMPANY 

[title of Security] 

	$__________________ 	  	No._________
CUSIP_______ 

        MONSANTO
COMPANY, a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to _______,
or registered assigns, the principal sum of ___________ Dollars on _________, and to pay
interest thereon from _____________ or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on _______ and ______ in each
year, commencing __________________________, at the rate of [__]% per annum, until the
principal hereof is paid or made available for payment. 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 _______ or _______ (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either 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 for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in 

10

any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. 

        The
indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior
Debt, and this Security is issued subject to the provisions of the Indenture with respect
thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effect the subordination so provided and
(c) appoints the Trustee his attorney-in-fact for any and all such purposes. 

        Payment
of the principal of (and premium, if any) and any such interest on this Security will be
made at the office or agency of the Company maintained for that purpose in , in such coin
or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company
payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or by wire transfer to an
account maintained by the Person entitled thereto as specified in the Security Register,
provided that such Person shall have given the Trustee written wire instructions at least
five Business Days prior to the applicable Interest Payment Date. Interest shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. 

        [If
the Security is payable in other than US dollars, insert the appropriate provision.] 

        Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at
this place. 

        Unless
the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 

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

	  	MONSANTO COMPANY 

	  	By: 	  
 

	  	Title:	  
 

	  	Attest:	  
 

	  	Title:	  
 

Section 203. Form of
Reverse of Security. 

        This Security
is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture,
as of _____________, 2004 (herein called the “Indenture”), between the Company
and The Bank of New York, as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities 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, limited in aggregate principal amount to $[_________]. 

        [If
the Securities are redeemable at the option of the Company, include redemption
provisions.] 

        [If
the Securities are redeemable through a mandatory sinking fund, include the following:] 

11

        [The
sinking fund for the Securities of this series provides for the redemption on
_____________ in each year beginning with the year ____ and ending with the year _____of
[not less than $________ (“mandatory sinking fund”) and not more than] $________
aggregate principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Company otherwise than through [mandatory] sinking fund
payments may be credited against subsequent [mandatory] sinking fund payments otherwise
required to be made [in the inverse order in which they become due].] 

      [If
the Securities do not have a sinking fund, include the following:] 

        The
Securities of this series do not have the benefit of any sinking fund obligations. 

      [If
the Securities are subject to redemption, include the following:] 

        In
the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof. 

      [If
the Securities are not subject to redemption, include the following:] 

        The
Securities of this series are not redeemable prior to maturity. 

        The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security
and/or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture. 

      [If
the Security is convertible, include the following:] 

        Subject
to and upon compliance with the provisions of the Indenture, the Holder of this Security
is entitled, at its option, at any time on or after the opening of business on __________,
20__ and on or before the close of business on __________, or in case this Security or a
portion hereof is called for redemption, then in respect of this Security or such portion
hereof until and including, but (unless the Company defaults in making the payment due
upon redemption) not after, the close of business on the Redemption Date, to convert this
Security (or any portion of the principal amount hereof which is
$                    
or an integral multiple thereof), at the principal amount hereof, or of such portion, into
fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100
of a share) of [Common Stock] [Preferred Stock] of the Company at a conversion price equal
to $               
aggregate principal amount of Securities for each share of [Common Stock] [Preferred
Stock] (or at the current adjusted conversion price if an adjustment has been made as
provided in the Indenture) by surrender of this Security, duly endorsed or assigned to the
Company or in blank, to the Company at its office or agency in ______________________,
accompanied by written notice to the Company that the Holder hereof elects to convert this
Security, of if less than the entire principal amount hereof is to be converted, the
portion hereof to be converted, and, in case such surrender shall be made during the
period from the close of business on any Regular Record Date next preceding any Interest
Payment Date to the opening of business on such Interest Payment Date (unless this
Security of the portion hereof being converted has been called for redemption on a
Redemption Date within such period), also accompanied by payment in immediately available
funds or other funds acceptable to the Company of an amount equal to the interest payable
on such Interest Payment Date on the principal amount of this Security then being
converted. Subject to the aforesaid requirement for payment and, in the case of a
conversion after the Regular Record Date next preceding any Interest Payment Date and on
or before such Interest Payment Date, to the right of the Holder of this Security (or any
Predecessor Security) of record at such Regular Record Date to receive an installment of
interest (with certain exceptions provided in the Indenture), no payment or adjustment is
to be made on conversion for interest accrued hereon or for dividends on the Common Stock
issued on conversion. No fractions of shares or scrip representing fractions of shares
will be issued on conversion, but instead of any fractional interest the Company shall pay
a cash adjustment as provided in the Indenture. The conversion price is subject to
adjustment as provided in the Indenture. In addition,

12

 the Indenture provides that in case
of certain consolidations or mergers to which the Company is a party or the transfer of
substantially all of the assets of the Company, the Indenture shall be amended, without
the consent of any Holders of Securities, so that this Security, if then outstanding, will
be convertible thereafter, during the period this Security shall be convertible as
specified above, only into the kind and amount of securities, cash and other property
receivable upon the consolidation, merger or transfer by a holder of the number of shares
of [Common Stock] [Preferred Stock] into which this Security might have been converted
immediately prior to such consolidation, merger or transfer (assuming such holder of
[Common Stock] [Preferred Stock] failed to exercise any rights of election and received
per share the kind and amount received per share by a plurality of non-electing shares),
assuming, if such consolidation, merger or transfer is prior to [insert date upon which
the Securities first become convertible], that this Security was convertible at the time
of such consolidation, merger or transfer at the initial conversion price specified above
as adjusted from [date of issuance], to such time pursuant to the Indenture.] 

        [If
the Security is not an Original Issue Discount Security, include the following:] 

        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 may be declared due and payable
in the manner and with the effect provided in the Indenture. 

        [If
the Security is an Original Issue Discount Security, include the following:] 

        If
an Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. Such amount shall
be equal to [formula for determining the amount]. Upon payment (i) of the amount of
principal so declared due and payable and (ii) of interest on any overdue principal,
premium and 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 premium and interest, if any, on the Securities of this series
shall terminate. 

        [If
the Security is an Indexed Security, include the appropriate provision.] 

        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 adversely affected under the Indenture at
any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be adversely
affected. The Indenture also contains provisions permitting the Holders of specified
percentages in 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 of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 

        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 any premium and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are payable, 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 hereof or his

13

attorney
duly authorized in writing, and thereupon one or 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. 

      [If
the Security is a Book-Entry Security, include the following:] 

        If
at any time the Depositary for this Security notifies the Company that it is unwilling or
unable to continue as Depositary for this Security or if at any time the Depositary shall
no longer be eligible under the Indenture with respect to this Security, and if a
successor Depositary eligible under the Indenture for this Security is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election that the Securities of this Issue be
represented by a Book-Entry Security shall no longer be effective with respect to this
Security, and the Company shall execute, and the Trustee upon receipt of a Company Order
for the authentication and delivery of definitive Securities shall authenticate and
deliver, Securities in definitive form in an aggregate principal amount equal to the
principal amount of this Security in exchange for this Security. The Company may at any
time and in its sole discretion determine that the Securities of this Series shall no
longer be represented by Book-Entry Securities. In such event the Company shall execute,
and the Trustee, upon receipt of a Company Order, shall authenticate and deliver,
Securities of this Series in definitive form and in an aggregate principal amount equal to
the principal amount of the Book-Entry Security or Securities representing this Series in
exchange for such Book-Entry Security or Securities. 

        No
Holder of any Securities shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture or for the appointment of a receiver or trustee,
or for any other remedy under the Indenture, unless (1) the Trustee shall have received
written notice from such Holder of a continuing Event of Default in respect of such
Securities; (2) the Trustee shall have received a written request from the Holders of not
less than 25% in principal amount of the Outstanding Securities of the series in respect
of which the Event of Default has occurred to institute proceedings in respect of such
Event of Default in its own name as trustee under the Indenture; (3) such Holder or
Holders have offered to the Trustee indemnity satisfactory to the Trustee against the
costs, expenses and liabilities to be incurred in compliance with such request; (4) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding; and (5) no direction inconsistent with such
written request has been given to the Trustee during such 60 day period by the Holders of
a majority in principal amount of the Outstanding Securities of such series. 

        The
Securities of this series are issuable only in registered form without coupons in
denominations of $__________ and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, 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. 

        No
service charge shall be made for any such 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. 

        No
recourse shall be had for the payment of the principal of (or premium, if any) or the
interest on this Security, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against
any incorporator, stockholder, officer, director or employee, as such, past, present or
future, of the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released. 

        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 

14

the owner hereof for all purposes (subject to Section 308
of the Indenture), 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. 

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

        The
Indenture and this Security shall be governed by and construed in accordance with the laws
of the State of New York without regard to the conflicts of laws principles thereof. 

Section 204. Form of
Trustee’s Certificate of Authentication. 

The Trustee’s certificate of
authentication shall be in substantially the following form: 

        This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 

         Dated:
_____________________

         The Bank of New York,

          As Trustee

         By:_____________________

                  Authorized Signatory

ARTICLE THREE 

THE SECURITIES 

Section 301. Amount
Unlimited; Issuable in Series. 

        The aggregate
principal amount of Securities which may be authenticated and delivered under this
Indenture is unlimited. 

        The
Securities may be issued from time to time in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303, set
forth, or determined in the manner provided, in an Officers’ Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series: 

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

               

          		    (2)       
               any limit upon the aggregate principal amount of the Securities of the series
               which may be authenticated and delivered under this Indenture (except for
               Securities authenticated and delivered upon registration of transfer of, or in
               exchange for, or in lieu of, other Securities of the series pursuant to
               Section 305, 306, 307, 906 or 1107 and except for any Securities which,
               pursuant to Section 303, are deemed never to have been authenticated and
               delivered hereunder); 

               

          		    (3)       
               if other than denominations of $1,000 and any integral multiple thereof, the
               denominations in which Securities of the series shall be issuable; 

               

          		    (4)       
               the Person to whom any interest on a Security of the series shall be payable, if
               other than the Person in whose name that Security (or one or more Predecessor
               Securities) is registered at the close of business on the Regular Record Date
               for such interest; 

               

          		    (5)       
               the date or dates on which the principal of and premium, if any, on the
               Securities of the series is payable or the method of determination thereof; 

               

          		    (6)       
               the rate or rates at which the Securities of the series shall bear interest, if
               any, or the method of calculating such rate or rates of interest, the date or
               dates from which such interest shall accrue or the method by which such date or
               dates shall be determined, the Interest Payment Dates on which any

               

15

          		such interest
               shall be payable and the Regular Record Date for any interest payable on any
               Interest Payment Date; 

               

          		    (7)       
               the rights, if any, to defer payments of interest on any Securities of the
               series by extending the interest payment period, and the duration of such
               extensions; 

               

          		    (8)       
               if other than the Corporate Trust Office of the Trustee, the place or places
               where the principal of and any premium and interest on Securities of the series
               shall be payable; 

               

          		    (9)       
               the currency, currencies or currency units in which payment of the principal of
               and any premium and interest on any Securities of the series shall be payable if
               other than the currency of the United States of America and the manner of
               determining the equivalent thereof in the currency of the United States of
               America for purposes of the definition of “Outstanding” in
               Section 101; 

               

          		    (10)       
               the period or periods within which, the price or prices at which, the currency
               or currencies (including currency units) in which and the other terms and
               conditions upon which Securities of the series may be redeemed, in whole or in
               part, at the option of the Company; 

               

          		    (11)       
               if the principal of or any premium or interest on any Securities of the series
               is to be payable, at the election of the Company or a Holder thereof, in one or
               more currencies or currency units other than that or those in which the
               Securities are stated to be payable, the currency, currencies or currency units
               in which payment of the principal of and any premium and interest on Securities
               of such series as to which such election is made shall be payable, and the
               periods within which and the other terms and conditions upon which such election
               is to be made; 

               

          		    (12)       
               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 502 or the method
               by which such portion shall be determined; 

               

          		    (13)       
               the obligation, if any, of the Company to redeem or purchase Securities of the
               series pursuant to any sinking fund or analogous provisions or at the option of
               a Holder thereof and the period or periods (or the methods of determination of
               such a period or periods) within which, the price or prices at which and the
               other terms and conditions upon which Securities of the series shall be redeemed
               or purchased, in whole or in part, pursuant to such obligation; 

               

          		    (14)       
               if the amount of payments of principal of or any premium or interest on any
               Securities of the series may be determined with reference to an index, formula
               or other method, the index, formula or other method by which such amounts shall
               be determined; 

               

          		    (15)       
               if the amount Outstanding of an Indexed Security for purposes of the definition
               of “Outstanding” is to be other than the principal face amount at
               original issuance, the method of determination of such amount; 

               

          		    (16)       
               if applicable, that either or both of Section 1302 or 1303 will not apply
               to the Securities of such series; 

               

          		    (17)       
               whether the Securities of the series shall be issued in whole or in part in the
               form of one or more Book-Entry Securities and, in such case, the Depositary with
               respect to such Book-Entry Security or Securities and the circumstances under
               which any Book-Entry Security may be registered for transfer or exchange, or
               authenticated and delivered, in the name of a Person other than such Depositary
               or its nominee, if other than as set forth in Section 306; 

               

          		    (18)       
               any additional, modified or different covenants or Events of Default applicable
               to one or more particular series of Securities; and 

               

          		    (19)       
               any other terms of the series (which terms shall not be inconsistent with the
               provisions of this Indenture, except as permitted by Section 901(5)). 

               

16

        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 the Board Resolution referred to
above and (subject to Section 303) set forth, or determined in the manner provided,
in the Officers’ Certificate referred to above or in any such indenture supplemental
hereto. All Securities of any one series need not be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the Holders, for
issuances of additional Securities of such series. 

        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, or providing the
manner for determining, the terms of the series. 

Section 302.
Denominations. 

        The
Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 301. In the absence of
any such provisions with respect to the Securities of any series, the Securities of such
series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 303.
Execution, Authentication, Delivery and Dating. 

        The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its Secretary or one
of its Assistant Secretaries. The corporate seal and the signature of any of these
officers on the Securities may be manual or facsimile. 

        Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities. 

        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 Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and
deliver or make available for delivery such Securities; provided, however, that in the
case of Securities of a series that are not to be originally issued at one time, the
Trustee shall authenticate and deliver or make available for delivery such Securities from
time to time in accordance with such other procedures (including, without limitation, the
receipt by the Trustee of oral or electronic instructions from the Company or its duly
authorized agents, promptly confirmed in writing) acceptable to the Trustee as may be
specified by or pursuant to a Company Order delivered to the Trustee. If the form or forms
or terms of the Securities of the series have been established in or pursuant to one or
more Board Resolutions as permitted by Sections 201 and 301, 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 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 

          		    (a)       
               if the form or forms of such Securities have been established by or pursuant to
               Board Resolution as permitted by Section 201, that such form or forms have
               been established in conformity with the provisions of this Indenture; 

               

          		    (b)       
               if the terms of such Securities have been, or in the case of Securities of a
               series that are not to be originally issued at one time, will be established by
               or pursuant to Board Resolution as permitted by Section 301, that such
               terms have been, or in the case of Securities of a series that are not to be
               originally issued at one time, will be established in conformity with the
               provisions of this Indenture, 

               

17

          		subject, in the case of Securities of a series
               that are not to be originally issued at one time, to any conditions specified in
               such Opinion of Counsel; 

               

          		    (c)       
               that such Securities, when authenticated and delivered by the Trustee and issued
               by the Company in the manner and subject to any conditions specified in such
               Opinion of Counsel, will constitute valid and legally binding obligations of the
               Company enforceable in accordance with their terms, subject to bankruptcy,
               insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
               general applicability relating to or affecting creditors’ rights and to
               general equity principles, and subject to such other exceptions as shall be
               acceptable to the Trustee; provided, that such Opinion of Counsel need express
               no opinion as to whether a court in the United States would render a money
               judgment in currency other than that of the United States; and 

               

          		    (d)       
               that all laws and requirements in respect of the execution and delivery by the
               Company of such Securities have been complied with. 

               

        If
such form or forms or terms have been so established, 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 which the Trustee determines would expose it to
personal liability. 

        Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary to deliver
the Officers’ Certificate otherwise required pursuant to Section 301 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the time of authentication of each Security of such series if
such documents, with appropriate modifications to cover such future issuances, are
delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued. 

        Each
Security shall be dated the date of its authentication unless otherwise specified in or
pursuant to the Board Resolution relating thereto. 

Section 304.
Book-Entry Securities 

        If
the Company shall establish pursuant to Section 301 that the Securities of a series
are to be issued in whole or in part in the form of one or more Book-Entry Securities,
then the Company shall execute and the Trustee shall, in accordance with this
Section and the Company Order with respect to such series, authenticate and deliver
one or more Book-Entry Securities in temporary or permanent form that (i) shall represent
and shall be denominated in an aggregate amount equal to the aggregate principal amount of
the Outstanding Securities of such series to be represented by one or more Book-Entry
Securities, (ii) shall be registered in the name of the Depositary for such Book-Entry
Security of Securities or the nominee of such Depositary, (iii) shall be delivered by the
Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv)
shall bear a legend substantially to the following effect (or such other legend as may be
prescribed by the Depositary): “Unless and until it is exchanged in whole or in part
for Securities in definitive registered form, this Security may not be transferred except
as a whole by the Depositary to the 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.” 

        Each
Depositary designated pursuant to Section 301 for a Book-Entry Security in registered
form must, at the time of its designation and at all times while it serves as Depositary,
be a clearing agency registered under the Exchange Act and any other applicable statute or
regulation. 

        Beneficial
owners of part or all of a Book-Entry Security shall be subject to the rules of the
Depositary as in effect from time to time. The Company, the Trustee and the Paying Agent
shall not be 

18

responsible for any acts or omissions of the Depositary, for any Depositary
records of beneficial interests or for any transactions between the Depositary and
beneficial owners. 

        Notwithstanding
any other provision of this Section, unless and until it is exchanged in whole or in part
for Securities in definitive form, a Book-Entry Security representing all or a portion of
the Securities of a series may not be transferred except as a whole by the Depositary for
such series or to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor Depositary. 

        If
at any time the Depositary for any Securities of a series notifies the Company that it is
unwilling or unable to continue as Depositary for the Securities of such series or if at
any time the Depositary for the Securities of such series shall no longer be eligible
under Section 306, the Company shall appoint a successor Depositary eligible under
Section 306, with respect to the Securities of such series. If a successor Depositary
eligible under Section 306 for the Securities of such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election that the Securities of such series be
represented by one or more Book-Entry Securities shall no longer be effective with respect
to the Securities of such series and the Company shall execute and the Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive Securities of
such series, shall authenticate and deliver, Securities of such series in definitive form
in an aggregate principal amount equal to the principal amount of the Book-Entry Security
or Securities representing such series in exchange for such Book-Entry Security or
Securities. 

        The
Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Book-Entry Securities shall no longer be
represented by such Book-Entry Security or Securities. In such event the Company shall
execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, shall authenticate and deliver,
Securities of such series in definitive form and in an aggregate principal amount equal to
the principal amount of the Book-Entry Security or Securities representing such series in
exchange for such Book-Entry Security or Securities. 

        If
specified by the Company pursuant to Section 301 with respect to a series of
Securities represented by a Book-Entry Security, the Depositary for such Book-Entry
Securities may surrender a Book-Entry Security for such series of Securities in exchange
in whole or in part for Securities of such series in definitive form on such terms as are
acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and
the Trustee shall authenticate and deliver, without service charge: 

          		    (i)       
               to each Person specified by such Depositary a new Security or Securities of the
               same series, of any authorized denomination as requested by such Person in
               aggregate principal amount equal to and in exchange for such Person’s
               beneficial interest in the Book-Entry Security; and 

               

          		    (ii)       
               to such Depositary a new Book-Entry Security in a denomination equal to the
               difference, if any, between the principal amount of the surrendered Book-Entry
               Security and the aggregate principal amount of Securities delivered pursuant to
               clause (i) above. 

               

        In
any exchange provided for in this Section, the Company will execute and the Trustee will
authenticate and deliver Securities in definitive registered form in authorized
denominations. 

        Upon
the exchange of a Book-Entry Security for Securities in definitive registered form, such
Book-Entry Security shall be cancelled by the Trustee or an agent of the Company or the
Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the
Persons in whose names such Securities are so registered. 

        No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication
substantially in the form

19

 provided for herein executed by the Trustee by manual signature
of an authorized signatory thereof, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in
Section 310, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 

Section 305.
Temporary Securities. 

        Pending
the preparation of definitive Securities of any series, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver or make available for delivery,
temporary Securities which are printed, lithographed, typewritten, photocopied or
otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such
Securities may determine, as evidenced by their execution of such Securities. 

        If
temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series the Company shall execute and the Trustee shall
authenticate and deliver or make available for delivery in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor. Until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series and tenor. 

Section 306.
Registration, Registration of Transfer and Exchange. 

        The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company
in a Place of Payment being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed “Security Registrar” for the
purpose of registering Securities and transfers of Securities as herein provided. 

        Upon
surrender for registration of transfer of any Security of any series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver or make available for delivery, in the name
of the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of a like aggregate principal amount and
tenor. 

        At
the option of the Holder, Securities of any series may be exchanged for other Securities
of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor, upon surrender of the Securities to be exchanged at such office or
agency. Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver or make available for delivery,
the Securities which the Holder making the exchange is entitled to receive. 

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

        Every
Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company, the Security Registrar or the Trustee) be duly endorsed, or be
accompanied by

20

 a written instrument of transfer in form satisfactory to the Company, the
Security 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 of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 305, 906 or 1107 not
involving any transfer. 

        The
Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series
selected for redemption under Section 1103 and ending at the close of business on the
day of such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part. 

        Notwithstanding
the foregoing, any Book-Entry Security shall be exchangeable pursuant to this
Section 306 for Securities registered in the names of Persons other than the
Depositary for such Security or its nominee only if (i) such Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for such Book-Entry
Security or if at any time such Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended and the Company does not appoint a
successor Depositary within 90 days after receipt by it of such notice or after it becomes
aware of such cessation, (ii) the Company executes and delivers to the Trustee a Company
Order that such Book-Entry Security shall be so exchangeable or (iii) there shall have
occurred and be continuing an Event of Default with respect to the Securities. Any
Book-Entry Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as such Depositary shall direct. 

        None
of the Company, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests in a Book-Entry Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. 

Section 307.
Mutilated, Destroyed, Lost and Stolen Securities. 

        If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver or make available for delivery in exchange therefor
a new Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding. 

        If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding. 

        In
case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security. 

        Upon
the issuance of any new Security under this Section, 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. 

        Every
new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of
the Company, whether or

21

 not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that series duly issued
hereunder. 

        The
provisions of this Section are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities. 

Section 308. Payment
of Interest; Interest Rights Preserved. 

        Except
as otherwise provided as contemplated by Section 301 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest at the office or agency maintained for such
purpose pursuant to Section 1002; provided, however, that at the option of the
Company, interest on Securities of any series that bear interest may be paid (i) by check
mailed to the address of the Person entitled thereto as it shall appear on the Security
Register or (ii) by wire transfer to an account maintained by the Person entitled thereto
as specified in the Security Register, provided that such Person shall have given the
Trustee written wire instructions at least five Business Days prior to the applicable
Interest Payment Date. 

        Any
interest on any Security of any series 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 may be paid
by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

          		    (1)       
               The Company may elect to make payment of any Defaulted Interest to the Persons
               in whose names the Securities of such series (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 Security of such series 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 be not more than 15 days and not 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 Holder of Securities of such series at his
               address as it appears in the Security Register, 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 so mailed, such
               Defaulted Interest shall be paid to the Persons in whose names the Securities of
               such series (or their respective Predecessor Securities) are registered at the
               close of business on such Special Record Date and shall no longer be payable
               pursuant to the following Clause (2). 

               

          		    (2)       
               The Company may make payment of any Defaulted Interest on the Securities of any
               series 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. 

               

22

        In
the case of any Security which is converted after any Regular Record Date and on or prior
to the next succeeding Interest Payment Date (other than any Security whose Maturity is
prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest
Payment Date shall be payable on such Interest Payment Date notwithstanding such
conversion, and such interest (whether or not punctually paid or duly provided for) shall
be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence, in the case of any Security
which is converted, interest whose Stated Maturity is after the date of conversion of such
Security shall not be payable. 

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

Section 309. Persons
Deemed Owners. 

        Prior
to due presentment of a 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 such
Security is registered as the owner of such Security for the purpose of receiving payment
of principal of and any premium and (subject to Section 308) any interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. 

Section 310.
Cancellation. 

        All
Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee. All Securities so delivered and any Securities
surrendered directly to the Trustee for any such purpose shall be promptly canceled by the
Trustee and such cancellation shall be noted conspicuously on each such Security. The
Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange
for any Securities canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Securities held by the Trustee shall be disposed of in
accordance with the Trustee’s customary procedures. 

Section 311.
Computation of Interest. 

        Except
as otherwise specified as contemplated by Section 301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year
of twelve 30-day months. 

23

Section 312. CUSIP
Numbers. 

        The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption
as a convenience to Holders; provided, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such CUSIP numbers. The
Company will promptly notify the Trustee of any change in the CUSIP numbers. 

ARTICLE FOUR

SATISFACTION AND
DISCHARGE 

Section 401.
Satisfaction and Discharge of Indenture. 

        This
Indenture shall upon Company Request cease to be of further effect with respect to
Securities of any series (except as to any surviving rights of registration of transfer,
exchange or replacement of such Securities herein expressly provided for), and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to such Securities, when 

         (1)
either 

          		    (A)       
               all such Securities theretofore authenticated and delivered (other than (i) such
               Securities which have been destroyed, lost or stolen and which have been
               replaced or paid as provided in Section 307 and (ii) such Securities for
               whose payment money has theretofore been deposited in trust or segregated and
               held in trust by the Company and thereafter repaid to the Company or discharged
               from such trust, as provided in Section 1003) have been delivered to the
               Trustee for cancellation; or 

               

          		    (B)       
               all such Securities not theretofore delivered to the Trustee for cancellation
               (i) have become due and payable, or (ii) will become due and payable at their
               Stated Maturity within one year, or (iii) are to be called for redemption within
               one year under arrangements satisfactory to the Trustee for the giving of notice
               of redemption by the Trustee in the name, and at the expense, of the Company,
               and the Company, in the case of (B)(i), (ii) or (iii) above, has deposited or
               caused to be deposited with the Trustee as trust funds in trust for the purpose
               an amount in the currency or currencies or currency unit or units in which such
               Securities are payable sufficient to pay and discharge the entire indebtedness
               on such Securities not theretofore delivered to the Trustee for cancellation,
               for principal and any premium and interest to the date of such deposit (in the
               case of Securities which have become due and payable) or to the Stated Maturity
               or Redemption Date, as the case may be; 

               

         (2)       
          the Company has paid or caused to be paid all other sums payable hereunder by
          the Company; and 

          		    (3)       
               the Company has delivered to the Trustee an Officers’ Certificate and an
               Opinion of Counsel, each stating that all conditions precedent herein provided
               for relating to the satisfaction and discharge of this Indenture with respect to
               such Securities have been complied with. 

               

        Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee under Section 607 and to any Authenticating Agent under Section 615 and,
if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause
(1) of this Section, the obligations of the Trustee under Section 402, Article Six
and the last paragraph of Section 1003 shall survive. 

24

Section 402.
Application of Trust Money. 

        All
money and U.S. Governmental Obligations deposited with the Trustee pursuant to
Section 401 (or into which such money and U.S. Governmental Obligations are
reinvested) shall be held in trust and applied by it, in accordance with the provisions of
the Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal (and premium, if any) and interest for
payment of which such money has been deposited with the Trustee; but such money and U.S.
Governmental Obligations need not be segregated from other funds except to the extent
required by law. 

ARTICLE FIVE

REMEDIES 

Section 501. Events
of Default. 

        “Event
of Default”, wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body, unless it is inapplicable to a particular series or
is specifically deleted or modified in the Board Resolution (or action taken pursuant
thereto), Officers’ Certificate or supplemental indenture under which such series of
Securities is issued or has been modified in an indenture supplemental hereto): 

          		    (1)       
               default in the payment of any interest upon any Security of that series when it
               becomes due and payable, and continuance of such default for a period of 30
               days; or 

               

          		    (2)       
               default in the payment of the principal of (or premium, if any, on) any Security
               of such series at its Maturity; or 

               

          		    (3)       
               default in the deposit of any sinking fund installment in respect of such
               series, when and as payable by the terms of Section 1201 hereof or by the
               terms of a Security of that series, and continuance of such default for a period
               of 30 days; or 

               

          		    (4)       
               default in the performance, or breach, of any covenant or warranty of the
               Company in this Indenture with respect to Securities of that series (other than
               a covenant or warranty a default in whose performance or whose breach is
               elsewhere in this Section specifically dealt with), and continuance of such
               default or breach for a period of 90 days after there has been given, by
               registered or certified mail, to the Company by the Trustee or to the Company
               and the Trustee by the Holders of at least 25% in principal amount of the
               Outstanding Securities of all series affected thereby a written notice
               specifying such default or breach and requiring it to be remedied and stating
               that such notice is a “Notice of Default” hereunder; or 

               

          		    (5)       
               the entry by a court having jurisdiction in the premises of (A) a decree or
               order for relief in respect of the Company in an involuntary case or proceeding
               under any applicable federal or state bankruptcy, insolvency, reorganization or
               other similar law or (B) a decree or order adjudging the Company a bankrupt or
               insolvent, or approving as properly filed a petition seeking reorganization,
               arrangement, adjustment or composition of or in respect of the Company under any
               applicable federal or state law, or appointing a custodian, receiver,
               liquidator, assignee, trustee, sequestrator or other similar official of the
               Company or of any substantial part of its property, or ordering the winding up
               or liquidation of its affairs, and the continuance of any such decree or order
               for relief or any such other decree or order unstayed and in effect for a period
               of 60 consecutive days; or 

               

          		    (6)       
               the commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable

               

25

          		federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due,
or the taking of corporate action by the Company in furtherance of any such action; or 

               

          		    (7)       
               any other Event of Default provided with respect to Securities of that series. 

               

Section 502.
Acceleration of Maturity; Rescission and Annulment. 

        If
an Event of Default (other than an Event of Default described in clause 5 or 6 of
Section 501) with respect to Securities of one or more series at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of the affected series may
declare the principal amount (or, if any of the Securities of that series are Original
Issue Discount Securities or Indexed Securities, such portion of the principal amount of
such Securities as may be specified in the terms thereof) of all of the Securities of such
series to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), and upon any such declaration such principal amount (or,
in the case of Original Issue Discount Securities or Indexed Securities, such specified
amount) shall become immediately due and payable. 

        At
any time after such a declaration of acceleration with respect to Securities of one or
more series has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter in this Article provided, the Holders of a
majority in principal amount of the Outstanding Securities of such series, 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 (A)
               all overdue interest on all Securities of those series, (B) the principal of
               (and premium, if any, on) any Securities of those series which have become due
               otherwise than by such declaration of acceleration and any interest thereon at
               the rate or rates prescribed therefor in such Securities, (C) to the extent that
               payment of such interest is lawful, interest upon overdue interest at the rate
               or rates prescribed therefor in such Securities, and (D) all sums paid or
               advanced by the Trustee hereunder and the reasonable compensation, expenses,
               disbursements and advances of the Trustee, its agents and counsel; and 

               

          		    (2)       
               all Events of Default with respect to Securities of those series, other than the
               non-payment of the principal of Securities of such series which have become due
               solely by such declaration of acceleration, have been cured or waived as
               provided in Section 513. 

               

        No
such rescission shall affect any subsequent default or impair any right consequent
thereon. 

        If
an Event of Default described in clause 5 or 6 of Section 501 occurs, the Outstanding
Securities shall ipso facto become immediately due and payable without need of any
declaration or other act on the part of the Trustee or any Holder. 

Section 503.
Collection of Indebtedness and Suits for Enforcement by Trustee. 

      The
Company covenants that if 

          		    (1)       
               default is made in the payment of any interest on any Security when such
               interest becomes due and payable and such default continues for a period of 30
               days, or 

               

26

          		    (2)       
               default is made in the payment of the principal of (or premium, if any, on) any
               Security at the Maturity thereof and such default continues for the period of
               grace, if any, provided for with respect to such payment, 

               

the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount
then due and payable on such Securities for principal and any premium and interest and, to
the extent that payment of such interest shall be legally enforceable, interest on any
overdue principal and premium and on any overdue interest, at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

        If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or
final decree, and may enforce the same against the Company or any other obligor upon such
Securities 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 such Securities,
wherever situated. 

        If
an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such series by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 

Section 504. Trustee
May File Proofs of Claim. 

        In
case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized
under the Trust Indenture Act in order to have claims of the Holders and the Trustee
allowed in any such proceeding. In particular, the Trustee shall be authorized to collect
and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments directly to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 607. 

        No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any
Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and may be a member
of a creditors’ or other similar committee. 

Section 505. Trustee
May Enforce Claims Without Possession of Securities. 

        All
rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such 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 the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such judgment has
been recovered. 

27

Section 506.
Application of Money Collected. 

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

        FIRST:
To the payment of all amounts due the Trustee under Section 607; 

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

        THIRD:
The balance, if any, to the Company. 

Section 507.
Limitation on Suits. 

        No
Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless 

          		    (1)       
               such Holder has previously given written notice to the Trustee of a continuing
               Event of Default with respect to the Securities of that series; 

               

          		    (2)       
               the Holders of not less than 25% in principal amount of the Outstanding
               Securities of that series shall have made written request to the Trustee to
               institute proceedings in respect of such Event of Default in its own name as
               Trustee hereunder; 

               

          		    (3)       
               such Holder or Holders have offered to the Trustee indemnity satisfactory to it
               against the costs, expenses and liabilities to be incurred in compliance with
               such request; 

               

          		    (4)       
               the Trustee for 60 days after its receipt of such notice, request and offer of
               indemnity has failed to institute any such proceeding; and 

               

          		    (5)       
               no direction inconsistent with such written request has been given to the
               Trustee before or during such 60-day period by the Holders of a majority in
               principal amount of the Outstanding Securities of that series; 

               

it being understood and intended that
no one or more of such Holders shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other Holders, or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all Holders. 

Section 508.
Unconditional Right of Holders to Receive Principal, Premium and Interest. 

        Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 308) any interest on such Security on the Stated
Maturity or Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 

Section 509.
Restoration of Rights and Remedies. 

        If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any 

28

determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted. 

Section 510. Rights
and Remedies Cumulative. 

        Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 307 and as otherwise
provided in Section 507, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy. 

Section 511. Delay
or Omission Not Waiver. 

        No delay
or omission of the Trustee or of any Holder of any Securities to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be. 

Section 512. Control
by Holders. 

        The
Holders of a majority in principal amount of the Outstanding Securities of any series
affected thereby, voting as a class, 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 the Securities of such
series, provided that 

          		    (1)       
               such direction shall not be in conflict with any rule of law or with this
               Indenture, 

               

          		    (2)       
               the Trustee may take any other action deemed proper by the Trustee which is not
               inconsistent with such direction, and 

               

          		    (3)       
               subject to the provisions of Section 601, 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. 

               

Section 513. Waiver
of Past Defaults. 

        The Holders
of not less than a majority in principal amount of the Outstanding Securities of any
series affected thereby, voting as a class, may on behalf of the Holders of all the
Securities of all such series waive any past default hereunder with respect to such series
and its consequences, except a default 

          		    (1)       
               in the payment of the principal of or any premium or interest on any Security of
               such series, or 

               

          		    (2)       
               in respect of a covenant or provision hereof which under Article Nine cannot be
               modified or amended without the consent of the Holder of each Outstanding
               Security of such series affected. 

               

        Upon
any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. 

Section 514.
Undertaking for Costs. 

        In
any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court
may require any party litigant in such suit to file an undertaking to pay the costs of
such suit, and may assess costs, including counsel fees

29

 and expenses, against any such
party litigant, in the manner and to the extent provided in the Trust Indenture Act;
provided, that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Company, the Trustee or the Holders of 10% in aggregate principal
amount of the Outstanding Securities of any series. 

Section 515. Waiver
of Stay or Extension Laws. 

        The Company
covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 

ARTICLE SIX

THE TRUSTEE 

Section 601. Certain
Duties and Responsibilities. 

        The
duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 

        Whether
or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section. 

Section 602. Notice
of Defaults. 

        If
a default occurs hereunder with respect to Securities of any series, the Trustee shall,
within 90 days, give the Holders of Securities of such series notice of such default as
and to the extent provided by the Trust Indenture Act; provided, however, that, except in
the case of a default in the payment of the principal of (or premium, if any) or interest
on any Security or in the payment of any sinking fund installment, the Trustee shall be
protected in withholding such 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 interest of
the Holders; and provided, further, that in the case of any default of the character
specified in Section 501(4) no such notice to Holders shall be given until at least
30 days after the occurrence thereof. 

Section 603. Certain
Rights of Trustee. 

        Subject
to the provisions of Section 601: 

          		    (a)       
               the Trustee may conclusively rely and shall be protected in acting or refraining
               from acting upon any resolution, certificate, statement, instrument, opinion,
               report, notice, request, direction, consent, order, bond, debenture, note, other
               evidence of indebtedness or other paper or document (whether in its original or
               facsimile form) believed by it to be genuine and to have been signed or
               presented by the proper party or parties; 

               

          		    (b)       
               any request or direction of the Company mentioned herein shall be sufficiently
               evidenced by a Company Request or Company Order and any resolution of the Board
               of Directors may be sufficiently evidenced by a Board Resolution; 

               

30

          		    (c)       
               whenever in the administration of this Indenture the Trustee shall deem it
               desirable that a matter be proved or established prior to taking, suffering or
               omitting any action hereunder, the Trustee (unless other evidence be herein
               specifically prescribed) may, in the absence of bad faith on its part, rely upon
               an Officers’ Certificate; 

               

          		    (d)       
               the Trustee may consult with counsel of its selection and the advice of such
               counsel or any Opinion of Counsel shall be full and complete authorization and
               protection in respect of any action taken, suffered or omitted by it hereunder
               in good faith and in reliance thereon; 

               

          		    (e)       
               the Trustee shall be under no obligation to exercise any of the rights or powers
               vested in it by this Indenture at the request or direction of any of the Holders
               pursuant to this Indenture, unless such Holders shall have offered to the
               Trustee security or indemnity satisfactory to it against the costs, expenses and
               liabilities which might be incurred by it in compliance with such request or
               direction; 

               

          		    (f)       
               the Trustee shall not be bound to make any investigation into the facts or
               matters stated in any resolution, certificate, statement, instrument, opinion,
               report, notice, request, direction, consent, order, bond, debenture, note, other
               evidence of indebtedness or other paper or document, but the Trustee, in its
               discretion, may make such further inquiry or investigation into such facts or
               matters as it may see fit, and, if the Trustee shall determine to make such
               further inquiry or investigation, it shall be entitled to examine the books,
               records and premises of the Company, personally or by agent or attorney; 

               

          		    (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; 

               

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

               

          		    (i)       
               the Trustee shall not be deemed to have notice of any default or Event of
               Default unless a Responsible Officer of the Trustee has actual knowledge thereof
               or unless written notice of any event which is in fact such a default is
               received by the Trustee at the Corporate Trust Office of the Trustee, and such
               notice references the Securities and this Indenture; 

               

          		    (j)       
               the rights privileges, protections, immunities and benefits given to the
               Trustee, including, without limitation, its right to be indemnified, are
               extended to, and shall be enforceable by, the Trustee in each of its capacities
               hereunder, and each agent, custodian and other Person employed to act hereunder;
               and 

               

          		    (k)       
               the Trustee may request that the Company deliver an Officers’ Certificate
               setting forth the names of individuals and/or titles of officers authorized at
               such time to take specified actions pursuant to this Indenture, which
               Officers’ Certificate may be signed by any person authorized to sign an
               Officers’ Certificate, including any person specified as so authorized in
               any such certificate previously delivered and not superseded. 

               

Section 604. Not
Responsible for Recitals or Issuance of Securities. 

        The
recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee
nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the
Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Securities or the proceeds thereof. 

31

Section 605. May
Hold Securities and Serve as Trustee Under Other Indentures. 

        The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other agent. 

        Subject
to the provisions of Section 608, the Trustee may become and act as trustee under
other indentures under which other securities, or certificates of interest or
participation in other securities, of the Company are outstanding in the same manner as if
it were not Trustee. 

Section 606. Money
Held in Trust. 

        Money
held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 607.
Compensation and Reimbursement. 

        The
Company agrees: 

          		    (1)       
               to pay to the Trustee from time to time such compensation as shall be agreed in
               writing between the Company and the Trustee for all services rendered by it
               hereunder (which compensation shall not be limited by any provision of law in
               regard to the compensation of a trustee of an express trust); 

               

          		    (2)       
               except as otherwise expressly provided herein, to reimburse the Trustee upon its
               request for all reasonable expenses, disbursements and advances incurred or made
               by the Trustee in accordance with any provision of this Indenture (including the
               reasonable compensation and the expenses and disbursements of its agents and
               counsel), except any such expense, disbursement or advance as may be
               attributable to its negligence, willful misconduct or bad faith; and 

               

          		    (3)       
               to indemnify each of the Trustee, or any predecessor Trustee, for, and to hold
               it harmless against, any and all loss, liability, damage, claim or expense
               incurred without negligence or willful misconduct on its part, arising out of or
               in connection with the acceptance or administration of the trust or trusts
               hereunder, including the costs and expenses of defending itself against any
               claim or liability in connection with the exercise or performance of any of its
               powers or duties hereunder. 

               

        The
Trustee shall have a lien prior to the Securities upon all property and funds held by it
hereunder for any amount owing it or any predecessor Trustee pursuant to this
Section 607, except with respect to funds held in trust for the benefit of the
Holders of particular Securities. 

        Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs
expenses or renders services in connection with an Event of Default specified in
Section 501(5) or Section 501(6), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law. 

        The
provisions of this Section shall survive the satisfaction and discharge of this
Indenture and the resignation or removal of the Trustee. 

Section 608.
Disqualification; Conflicting Interests. 

        The
Trustee shall comply with the terms of Section 310 (b) of the TIA. 

32

Section 609.
Corporate Trustee Required; Eligibility. 

        There
shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000. If such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of any federal or state supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article. 

Section 610.
Resignation and Removal; Appointment of Successor. 

         (a)       
          No resignation or removal of the Trustee and no appointment of a successor
          Trustee pursuant to this Article shall become effective until the acceptance of
          appointment by the successor Trustee in accordance with the applicable
          requirements of Section 611. 

         (b)       
          The Trustee may resign at any time with respect to the Securities of one or more
          series by giving written notice thereof to the Company. If the instrument of
          acceptance by a successor Trustee required by Section 611 shall not have
          been delivered to the Trustee within 30 days after the giving of such notice of
          resignation, the resigning Trustee may petition, at the expense of the Company,
          any court of competent jurisdiction for the appointment of a successor Trustee
          with respect to the Securities of such series. 

         (c)       
          The Trustee may be removed at any time with respect to the Securities of any
          Series (i) by Act of the Holders of a majority in principal amount of the
          Outstanding Securities of such Series, delivered to the Trustee and to the
          Company or (ii) if there shall not have occurred and be continuing an Event of
          Default, by written notice from the Company to the Trustee. If the instrument of
          acceptance by a successor Trustee required by Section 611 shall not have
          been delivered to the Trustee within 30 days after the giving of such notice of
          removal, the Trustee being removed may petition, at the expense of the Company,
          any court of competent jurisdiction for the appointment of a successor Trustee
          with respect to the Securities of such series. 

         (d)       
          If at any time: 

          		    (1)       
               the Trustee shall fail to comply with Section 608 after written request
               therefor by the Company or by any Holder who has been a bona fide Holder of a
               Security for at least six months, or 

               

          		    (2)       
               the Trustee shall cease to be eligible under Section 609 and shall fail to
               resign after written request therefor by the Company or by any such Holder, or 

               

          		    (3)       
               the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
               insolvent or a receiver of the Trustee or of its property shall be appointed 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, (i) the
Company by or pursuant to a Board Resolution may remove the Trustee and appoint a
successor Trustee with respect to all Securities, or (ii) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the
appointment of a successor Trustee or Trustees. 

         (e)       
          If the Trustee shall resign, be removed or become incapable of acting, or if a
          vacancy shall occur in the office of Trustee for any cause, with respect to the
          Securities of one or more series, the Company, by or pursuant to a Board
          Resolution, shall promptly appoint a successor Trustee or Trustees with respect
          to the Securities of that or those series (it being understood that any such
          successor Trustee may be appointed with respect to the Securities of one or more
          or all of such series and that at any time there shall be only one Trustee with
          respect to the Securities of any particular series) and shall comply with the

33

applicable requirements of Section 611. If, within one year after such
          resignation, removal or incapability, or the occurrence of such vacancy, a
          successor Trustee with respect to the Securities of any series shall be
          appointed by Act of the Holders of a majority in principal amount of the
          Outstanding Securities of such series delivered to the Company and the retiring
          Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
          of such appointment in accordance with the applicable requirements of
          Section 611, become the successor Trustee with respect to the Securities of
          such series and to that extent supersede the successor Trustee appointed by the
          Company. If no successor Trustee with respect to the Securities of any series
          shall have been so appointed by the Company or the Holders and accepted
          appointment in the manner required by Section 611, any Holder who has been
          a bona fide Holder of a Security of such series for at least six months may, on
          behalf of himself and all others similarly situated, petition any court of
          competent jurisdiction for the appointment of a successor Trustee with respect
          to the Securities of such series. 

         (f)       
          The Company shall give notice of each resignation and each removal of the
          Trustee with respect to the Securities of any series and each appointment of a
          successor Trustee with respect to the Securities of any series to all Holders of
          Securities of such series in the manner provided in Section 106. Each
          notice shall include the name of the successor Trustee with respect to the
          Securities of such series and the address of its Corporate Trust Office. 

Section 611.
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) if the retiring Trustee
          is not retiring with respect to all Securities, 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 and 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 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 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 all 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 

34

     Trustee relates; provided,
          however, that to the extent that such property and money is not held by the
          Trustee in trust for the benefit of the Holders of particular Securities, such
          retiring Trustee shall transfer and deliver to such successor Trustee such
          property and money upon payment of its charges hereunder. 

         (c)       
          Upon request of any such successor Trustee, the Company 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) and (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. 

Section 612. 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 all or substantially
all the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. 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 613.
Preferential Collection of Claims Against Company. 

        If
and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other
obligor). 

Section 614.
Investment of Certain Payments Held by the Trustee. 

        Any
amounts held by the Trustee hereunder, other than pursuant to Article Fifteen hereof,
shall be invested by the Trustee from time to time at the direction of the Company in such
investments as may be specified by the Company in writing and reasonably agreed to by the
Trustee from time to time; provided, that in investing trust funds pursuant to the terms
of this Section and liquidating any investments held in trust hereunder, the Trustee
may, to the extent permitted by law, purchase securities (including for the purposes of
this paragraph securities as to which the Trustee or a Trustee Affiliate (as defined
below) is the issuer or guarantor) from, and sell securities to, itself or any Trustee
Affiliate and purchase securities underwritten by, or in which a market is made by, the
Trustee or a Trustee Affiliate. For the purposes hereof, a “Trustee Affiliate”
shall mean an entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Trustee. Any income or
gain realized as a result of any such investment shall be promptly distributed (in no
event later than the next Business Day) to the Company after any intended amounts have
been paid to the Holders entitled thereto, except after the occurrence and during the
continuance of an Event of Default. The Trustee shall have no liability to the Company for
any loss, fee, tax or other charge resulting from any investment, reinvestment or
liquidation of an investment made in accordance with this Section, and shall bear no
expense in connection with any investment pursuant to this Section. Any such investment
may be sold (without regard to maturity date) by the Trustee whenever necessary to make
any distribution required by this Indenture. Nothing herein shall require the Trustee to
invest funds held by it pursuant to the last paragraph of Section 1003. 

Section 615.
Appointment of Authenticating Agent. 

        The
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of
transfer or partial redemption thereof 

35

or pursuant to Section 307, 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. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by
the Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee
by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus of not
less than $50,000,000 and subject to supervision or examination by federal or state
authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section. 

        Any
corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation
succeeding to all or substantially all the corporate agency or corporate trust business of
an Authenticating Agent, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section, without the execution or
filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent. 

        An
Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to
the Company. Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, the Trustee may appoint a successor Authenticating Agent
which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve, as their names and addresses appear
in the Security Register. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this section. 

        The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section. If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to or in lieu of the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form: 

36

        This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 

Dated:________________________

THE BANK OF NEW YORK, AS TRUSTEE

By:___________________________

          As Authenticating Agent

By:___________________________

          Authorized Signatory

ARTICLE SEVEN

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 

Section 701. Company
to Furnish Trustee Names and Addresses of Holders. 

        The
Company will furnish or cause to be furnished to the Trustee (a) semi-annually, 15 days
after the Regular Record Date for interest for each series of Securities, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of
Securities of such series as of such Regular Record Date, or if there is no Regular Record
Date for interest for such series of Securities, semi-annually, upon such dates as are set
forth in the Board Resolution or indenture supplemental hereto authorizing such series, as
the case may be, 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 in similar form and
content as of a date not more than 15 days prior to the time such list is furnished;
excluding from any such list names and addresses received by the Trustee in its capacity
as Security Registrar. 

Section 702.
Preservation of Information; Communications to Holders. 

         (a)       
          The Trustee shall preserve, in as current a form as is reasonably practicable,
          the names and addresses of Holders contained in the most recent list furnished
          to the Trustee as provided in Section 701 and the names and addresses of
          Holders received by the Trustee in its capacity as Security Registrar. The
          Trustee may destroy any list furnished to it as provided in Section 701
          upon receipt of a new list so furnished. 

         (b)       
          The rights of the Holders to communicate with other Holders with respect to
          their rights under this Indenture or under the Securities, and the corresponding
          rights and privileges of the Trustee, shall be as provided by the Trust
          Indenture Act. 

         (c)       
          Every Holder of Securities, by receiving and holding the same, agrees with the
          Company and the Trustee that neither the Company nor the Trustee nor any agent
          of either of them shall be held accountable by reason of any disclosure of
          information as to names and addresses of Holders made pursuant to the Trust
          Indenture Act. 

Section 703. Reports
by Trustee. 

         (a)       
          The Trustee shall transmit to Holders such reports concerning the Trustee and
          its actions under this Indenture as may be required pursuant to the Trust
          Indenture Act at the times and in the manner provided pursuant thereto. If
          required by Section 313(a) of the Trust Indenture Act, the Trustee shall,
          within sixty days after each May 15 following the date of the first issuance of
          Securities hereunder deliver to Holders a brief report, dated as of such May 15,
          which complies with the provisions of such Section 313(a). 

         (b)       
          A copy of each such report shall, at the time of such transmission to Holders,
          be filed by the Trustee with each stock exchange upon which any Securities are
          listed, with the 

37

Commission and with the Company. The Company promptly will
          notify the Trustee when any Securities are listed on any stock exchange or
          delisted therefrom. 

Section 704. Reports
by Company. 

        The
Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to
such Act; provided, that any such information, documents or reports required to be filed
with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 shall be filed with the Trustee within 15 days after the same is so required to be
filed with the Commission. 

        Delivery
of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates). 

ARTICLE EIGHT 

CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE 

Section 801. Company
May Consolidate, Etc., Only on Certain Terms. 

        The
Company shall not consolidate with or merge into any other corporation or convey, transfer
or lease its properties and assets substantially as an entirety to any Person, unless: 

          		    (1)       
               the Person formed by such consolidation or into which the Company is merged or
               the Person which acquires by conveyance, transfer or lease the properties and
               assets of the Company substantially as an entirety shall be a corporation,
               partnership or trust organized and validly existing under the laws of the United
               States of America, any State thereof or the District of Columbia and shall
               expressly assume, by an indenture supplemental hereto, executed and delivered to
               the Trustee, in form satisfactory to the Trustee, the due and punctual payment
               of the principal of (and premium, if any) and interest on all the Securities and
               the performance of every covenant of this Indenture on the part of the Company
               to be performed or observed; 

               

          		    (2)       
               immediately after giving effect to such transaction, no Event of Default, and no
               event which, after notice or lapse of time or both, would become an Event of
               Default, shall have occurred and be continuing; and 

               

          		    (3)       
               the Company has delivered to the Trustee an Officers’ Certificate and an
               Opinion of Counsel, each stating that such consolidation, merger, conveyance,
               transfer or lease and such supplemental indenture comply with this Article and
               that all conditions precedent herein provided for relating to such transaction
               have been complied with. 

               

        This
Section shall not apply to any merger or consolidation in which the Company is the
surviving corporation. 

Section 802.
Successor Substituted. 

        Upon
any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 801, the successor Person
formed by such consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein, and thereafter, except
in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities. 

38

Section 803.
Officers’ Certificate and Opinion of Counsel. 

        The
Trustee, subject to the provisions of Sections 601 and 603, shall receive an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, conveyance, transfer or lease, and any such assumption, complies
with the provisions of this Article before the Trustee shall execute any supplemental
indenture required pursuant to this Article. 

ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

Section 901.
Supplemental Indentures Without Consent of Holders. 

        Without
the consent of any Holders, the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes: 

          		    (1)       
               to evidence the succession of another Person to the Company and the assumption
               by any such successor of the covenants of the Company herein and in the
               Securities; or 

               

          		    (2)       
               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; or 

               

          		    (3)       
               to add any additional Events of Default with respect to all or any series of
               Securities; or 

               

          		    (4)       
               to add to or change any of the provisions of this Indenture to such extent as
               shall be necessary to permit or facilitate the issuance of Securities in bearer
               form, registrable or not registrable as to principal, and with or without
               interest coupons, or to permit or facilitate the issuance of Securities in
               uncertificated form or in the form of Book-Entry Securities; or 

               

          		    (5)       
               to add to, change or eliminate any of the provisions of this Indenture in
               respect of one or more series of Securities, provided that any such addition,
               change or elimination (i) shall neither (A) apply to any Security of any series
               created prior to the execution of such supplemental indenture and entitled to
               the benefit of such provision nor (B) modify the rights of the Holder of any
               such Security with respect to such provision or (ii) shall become effective only
               when there is no such Security Outstanding; or 

               

          		    (6)       
               to secure the Securities; or 

               

          		    (7)       
               to establish the form or terms of Securities of any series as permitted by
               Sections 201 and 301; or 

               

          		    (8)       
               to evidence and provide for the acceptance of appointment hereunder by a
               successor Trustee with respect to the Securities of one or more series and to
               add to or change any of the provisions of this Indenture as shall be necessary
               to provide for or facilitate the administration of the trusts hereunder by more
               than one Trustee, pursuant to the requirements of Section 611(b); or 

               

          		    (9)       
               if allowed, without penalty under applicable laws and regulations, to permit
               payment in the United States (including any of the States thereof and the
               District of Columbia), its territories, its possessions and other areas subject
               to its jurisdiction of principal, premium, if any, or interest, if any, on
               Securities in bearer form or coupons, if any; or 

               

          		    (10)       
               to cure any ambiguity or to correct or supplement any provision herein which may
               be defective or inconsistent with any other provision herein; and 

               

39

          		    (11)       
               to make any other change with respect to matters or questions arising under this
               Indenture which, in the opinion of counsel to the Company, does not materially
               adversely affect the interests of the Holders of the Series of Securities
               affected thereby. 

               

Section 902.
Supplemental Indentures with Consent of Holders. 

        With
the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series adversely affected by such supplemental indenture,
by Act of said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Securities of such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby, 

          		    (1)       
               change the Stated Maturity of the principal of, or any installment of principal
               of or interest on, any Security, or reduce the principal amount thereof or the
               rate of interest thereon or any premium payable upon the redemption thereof, or
               reduce the amount of the principal of an Original Issue Discount Security that
               would be due and payable upon a declaration of acceleration of the Maturity
               thereof pursuant to Section 502, or change any Place of Payment where, or
               the coin or currency in which, any Security or any premium or interest thereon
               is payable, or impair the right to institute suit for the enforcement of any
               such payment on or after the Stated Maturity thereof (or, in the case of
               redemption, on or after the Redemption Date), or adversely affect the right of
               the Holder of any Security to require the Company to repurchase such Securities,
               or adversely affect the right to convert any Security as contemplated by Article
               Fourteen or modify the provisions of Article Fifteen or the definition of
               “Senior Debt” in a manner adverse to the Holder of any Security in any
               material respect, or 

               

          		    (2)       
               reduce the percentage in principal amount of the Outstanding Securities of any
               series, the consent of whose Holders is required for any such supplemental
               indenture, or the consent of whose Holders is required for any waiver (of
               compliance with certain provisions of this Indenture or certain defaults
               hereunder and their consequences) provided for in this Indenture, or 

               

          		    (3)       
               modify any of the provisions of this Section, Section 513 or
               Section 1005, except to increase any percentage set forth in such Sections
               or to provide that certain other provisions of this Indenture cannot be modified
               or waived without the consent of the Holder of each Outstanding Security
               affected thereby; provided, however, that this clause shall not be deemed to
               require the consent of any Holder with respect to changes in the references to
               “the Trustee” and concomitant changes in this Section and
               Section 1005, or the deletion of this proviso, in accordance with the
               requirements of Sections 611(b) and 901(8). 

               

        A
supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any other series. 

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

Section 903.
Execution of Supplemental Indentures. 

        In
executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall receive,

40

 and (subject to Section 601) shall be fully
protected in relying upon, an Opinion of Counsel and an Officers’ Certificate, each
stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. 

Section 904. Effect
of Supplemental Indentures. 

        Upon
the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. 

Section 905.
Conformity with Trust Indenture Act. 

        Unless
the Company shall determine, based on an Opinion of Counsel delivered to the Trustee, that
the same shall not be required, every supplemental indenture executed pursuant to this
Article shall conform to the requirements of TIA as then in effect. 

Section 906.
Reference in Securities to Supplemental Indentures. 

        Securities
of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series. 

ARTICLE TEN 

COVENANTS 

Section 1001.
Payment of Principal, Premium and Interest. 

        The
Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the
Securities of the series in accordance with the terms of the Securities and this
Indenture. The principal of (and premium, if any) and interest on Securities shall be
considered paid on the date due if the Paying Agents hold in accordance with this
Indenture on that date money, sufficient to pay all principal (and premium, if any) and
interest then due and the Paying Agents are not prohibited from paying such money to the
Holders on such date pursuant to the terms of this Indenture. 

Section 1002.
Maintenance of Office or Agency. 

        The
Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Trustee is hereby initially appointed Paying
Agent, and the Corporate Trust Office of the Trustee is initially designated as the office
or agency for the foregoing purposes. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. 

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

41

from time to time rescind such designations; provided, however, that no
such designation or rescission shall in any manner relieve the Company of its obligation
to maintain an office or agency in each Place of Payment for Securities of any series for
such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or
agency. 

Section 1003. Money
for Securities Payments to Be Held in Trust. 

        If
the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any)
or interest on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act. 

        Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, on
or before each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a 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
its action or failure so to act. 

        The
Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

          		    (1)       
               hold all sums held by it for the payment of the principal of (and premium, if
               any) or interest on Securities of that series in trust for the benefit of the
               Persons entitled thereto until such sums shall be paid to such Persons or
               otherwise disposed of as herein provided; 

               

          		    (2)       
               give the Trustee notice of any default by the Company (or any other obligor upon
               the Securities of that series) in the making of any payment of principal (and
               premium, if any) or interest on the Securities of that series; and 

               

          		    (3)       
               at any time during the continuance of any such default, upon the written request
               of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
               Paying Agent. 

               

        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 by Company Order 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 trusts 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. 

        Any
money deposited with the Trustee or any Paying Agent, or received by the Trustee in
respect of obligations deposited with the Trustee pursuant to Article Fifteen, or then
held by the Company, in trust for the payment of the principal of (and premium, if any) or
interest on any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be paid to
the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof (unless the Company has remitted
required moneys or property to the appropriate governmental authority under any applicable
escheat or abandoned or unclaimed property laws, or has otherwise been discharged under
such laws or laws of similar applicability, in which case such Holder shall look solely to
its remedies (if any) under such laws and not 

42

     to the Company), and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof shall thereupon cease. 

Section 1004.
Corporate Existence. 

        Subject
to Article Eight, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence, rights (charter and statutory)
and franchises; provided, however, that the Company shall not be required to preserve any
such right or franchise if the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company. 

Section 1005. Waiver
of Certain Covenants. 

        The
Company may omit in any particular instance to comply with any covenant or condition set
forth in Section 1004, inclusive, with respect to the Securities of any series if
before or after the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of such
Holders, either waive such compliance in such instance or generally waive compliance with
such covenant or condition, but no such waiver shall extend to or affect such covenant or
condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in respect of any
such covenant or condition shall remain in full force and effect. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to waive compliance with any covenant or condition
hereunder. If a record date is fixed, the Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to waive any such compliance,
whether or not such Holders remain Holders after such record date. 

Section 1006.
Compliance Certificate. 

        The
Company will furnish to the Trustee on or before May 1 in each year (beginning the first
May 1 after the date of original issuance of Securities hereunder) a brief certificate
(which need not comply with Section 102) from the principal executive, financial or
accounting officer of the Company stating that in the course of the performance by the
signer of his or her duties as an officer of the Company he or she would normally have
knowledge of any default or non-compliance by the Company in the performance of any
covenants or conditions contained in this Indenture, stating whether or not he or she has
knowledge of any such default or non-compliance and, if so, specifying each such default
or non-compliance of which the signer has knowledge and the nature thereof. For purposes
of this Section 1006, non-compliance or default shall be determined without regard to
any grace period or requirement of notice provided pursuant to the terms of this
Indenture. 

Section 1007.
Calculation of Original Issue Discount. 

        The
Company shall file with the Trustee promptly at the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of each year and
(ii) such other specific information relating to such original issue discount as may
be then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

ARTICLE ELEVEN 

REDEMPTION OF
SECURITIES 

Section 1101.
Applicability of Article. 

        Securities
of any series which are redeemable in whole or in part before their Stated Maturity shall
be redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for Securities of any series) in accordance with this
Article. 

43

Section 1102.
Election to Redeem: Notice to Trustee. 

        The
election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution or Officers’ Certificate. In case of any redemption at the election
of the Company of the Securities of any series, the Company shall, at least 60 days prior
to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities to be redeemed. In the case of any redemption of Securities (a) prior to the
expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture or (b) pursuant to an election of the Company which is
subject to a condition specified in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition. 

Section 1103.
Selection by Trustee of Securities to Be Redeemed. 

        If
less than all the Securities of any series are to be redeemed (unless all of the
Securities of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of a portion of the principal amount of any Security of such series, provided
that the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security. If less than all of the Securities of such series and of a specified
tenor are to be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series and
specified tenor not previously called for redemption in accordance with the preceding
sentence. The Trustee shall promptly notify the Company in writing of the Securities
selected for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed. 

        The
provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in
part. In the case of any such redemption in part, the unredeemed portion of the principal
amount of the Security shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. 

        For
all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such
Securities which has been or is to be redeemed. 

Section 1104. Notice
of Redemption. 

        Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed, at his address appearing in the Security Register. 

        All
notices of redemption shall identify the Securities to be redeemed (including CUSIP
numbers) and shall state: 

          		    (1)       
               the Redemption Date, 

               

          		    (2)       
               the Redemption Price, 

               

          		    (3)       
               in the case of partial redemption of any Securities, the principal amounts of
               the particular Securities to be redeemed, 

               

44

          		    (4)       
               that on the Redemption Date the Redemption Price will become due and payable
               upon each such Security, or portion thereof, to be redeemed and, if applicable,
               that interest thereon will cease to accrue on and after said date, 

               

          		    (5)       
               the place or places where such Securities are to be surrendered for payment of
               the Redemption Price, 

               

          		    (6)       
               that the redemption is for a sinking fund, if such is the case, and 

               

          		    (7)       
               that there exists a conversion privilege, if such is the case. 

               

        Notice
of redemption of Securities to be redeemed at the election of the Company shall be given
by the Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company and shall be irrevocable. 

Section 1105.
Deposit of Redemption Price. 

        On
or prior to 11:00 a.m., New York City time, on the Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of
money in the currency or currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such
series) sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on, all the Securities or portions
thereof which are to be redeemed on that date. 

Section 1106.
Securities Payable on Redemption Date. 

        Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and
from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section 308. 

        If
any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security. 

Section 1107.
Securities Redeemed in Part. 

        Any
Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing), and the
Company shall execute, and the Trustee shall authenticate and deliver or make available
for delivery to the Holder of such Security without service charge, a new Security or
Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered. If a Book- Entry
Security is so surrendered, such new Security so issued shall be a new Book-Entry
Security. 

45

ARTICLE TWELVE 

SINKING FUNDS 

Section 1201.
Applicability of Article. 

        The
provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 301
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 1202. 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 1202.
Satisfaction of Sinking Fund Payments with Securities. 

        The
Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series which 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 as provided for by the terms of such series;
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 1203.
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
that series, the portion thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 1202 and stating the basis for such
credit and that such Securities have not been previously so credited and will also deliver
to the Trustee any Securities to be so delivered. Not less than 30 days before each such
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 1103 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 1104. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 1106
and 1107. 

ARTICLE THIRTEEN

SUBORDINATION OF
SECURITIES 

Section 1301. Securities
Subordinate to Senior Debt. 

        The Company
covenants and agrees, and each Holder of a Security, by his acceptance thereof, likewise
covenants and agrees, that, to the extent and in the manner hereinafter set forth in this
Article (subject to the provisions of Article Four and Article Fifteen), the payment of
the principal of (and premium, if any) and interest on each and all of the Securities
(including any amounts payable upon a purchase of the Securities) are hereby expressly
made subordinate and subject in right of payment to the prior payment in full of all
Senior Debt. 

46

Section 1302. Payment
Over of Proceeds Upon Dissolution, Etc. 

        In
the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization or other similar case or proceeding in connection therewith,
or (b) any liquidation, dissolution or other winding up of the Company, whether voluntary
or involuntary and whether or not involving insolvency or bankruptcy, or (c) any
assignment for the benefit of creditors or any other marshaling of assets and liabilities
of the Company, then and in any such event specified in (a), (b) or (c) above (each such
event, if any, herein sometimes referred to as a “Proceeding”) the holders of
Senior Debt shall be entitled to receive payment in full of all amounts due or to become
due on or in respect of all Senior Debt, or provision shall be made for such payment in
cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior
Debt, before the Holders of the Securities are entitled to receive any payment or
distribution of any kind or character, whether in cash, property or securities, on account
of principal of (or premium, if any) or interest on or other obligations in respect of the
Securities or on account of any purchase or other acquisition of Securities by the Company
or any Subsidiary of the Company (all such payments, distributions, purchases and
acquisitions herein referred to, individually and collectively, as a “Securities
Payment”), and to that end the holders of Senior Debt shall be entitled to receive,
for application to the payment thereof, any Securities Payment which may be payable or
deliverable in respect of the Securities in any such Proceeding. 

        In
the event that, notwithstanding the foregoing provisions of this Section, the Trustee or
the Holder of any Security shall have received any Securities Payment before all Senior
Debt is paid in full or payment thereof provided for in cash or cash equivalents or
otherwise in a manner satisfactory to the holders of Senior Debt, and if such fact shall,
at or prior to the time of such Securities Payment, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such Securities Payment shall
be paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent or other Person making payment or distribution of
assets of the Company for application to the payment of all Senior Debt remaining unpaid,
to the extent necessary to pay all Senior Debt in full, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Debt. 

        For
purposes of this Article only, the words “any payment or distribution of any kind or
character, whether in cash, property or securities” shall not be deemed to include a
payment or distribution of stock or securities of the Company provided for by a plan of
reorganization or readjustment authorized by an order or decree of a court of competent
jurisdiction in a reorganization proceeding under any applicable bankruptcy law or of any
other corporation provided for by such plan of reorganization or readjustment which stock
or securities are subordinated in right of payment to all then outstanding Senior Debt to
substantially the same extent as the Securities are so subordinated as provided in this
Article. The consolidation of the Company with, or the merger of the Company into, another
Person or the liquidation or dissolution of the Company following the conveyance or
transfer of all or substantially all of its properties and assets as an entirety to
another Person upon the terms and conditions set forth in Article Eight shall not be
deemed a Proceeding for the purposes of this Section if the Person formed by such
consolidation or into which the Company is merged or the Person which acquires by
conveyance or transfer such properties and assets as an entirety, as the case may be,
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions set forth in Article Eight. 

Section 1303. No Payment
When Senior Debt in Default. 

        In
the event that any Securities are declared due and payable before their Stated Maturity,
then in such event the holders of the Senior Debt outstanding at the time of such
Securities so become due and payable shall be entitled to receive payment in full of all
amounts due or to become due on or in respect of all Senior Debt, or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to
the holders of such Senior Debt, before the Holders of the Securities are entitled to
receive any Securities Payment. 

47

        In
the event and during the continuation of any default in the payment of principal of (or
premium, if any) or interest on any Senior Debt beyond any applicable grace period with
respect thereto, or in the event that any event of default with respect to any Senior Debt
shall have occurred and be continuing permitting the holders of such Senior Debt (or a
trustee on behalf of the holders thereof) to declare such Senior Debt due and payable
prior to the date on which it would otherwise have become due and payable, unless and
until such event of default shall have been cured or waived or shall have ceased to exist
and such acceleration shall have been rescinded or annulled, or in the event any judicial
proceeding shall be pending with respect to any such default in payment or event of
default, then no Securities Payment shall be made; provided, however, that nothing in this
paragraph shall prevent the satisfaction of any sinking fund payment in accordance with
Article Twelve by delivering and crediting, pursuant to Section 1202, Securities which
have been acquired (upon redemption or otherwise). 

        In
the event that, notwithstanding the foregoing, the Company shall make any Securities
Payment to the Trustee or any Holder prohibited by the foregoing provisions of this
Section, and if such fact shall, at or prior to the time of such Securities Payment, have
been made known to the Trustee or, as the case may be, such Holder, then and in such event
such Securities Payment shall be paid over and delivered forthwith to the Company. 

        The
provisions of this Section shall not apply to any Securities Payment with respect to which
Section 1302 would be applicable. 

Section 1304. Payment
Permitted If No Default. 

        Nothing
contained in this Article or elsewhere in this Indenture or in any of the Securities shall
prevent (a) the Company, at any time except during the pendency of any Proceeding referred
to in Section 1302 or under the conditions described in Section 1303, from making
Securities Payments, or (b) the application by the Trustee of any money deposited with it
hereunder to Securities Payments or the retention of such Securities Payment by the
Holders, if, at the time of such application by the Trustee, it did not have knowledge
that such Securities Payment would have been prohibited by the provisions of this Article. 

Section 1305. Subrogation
to Rights of Holders of Senior Debt. 

        Subject
to the payment in full of all amounts due or to become due on or in respect of Senior
Debt, or the provision for such payment in cash or cash equivalents or otherwise in a
manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be
subrogated to the rights of the holders of such Senior Debt to receive payments and
distributions of cash, property and securities applicable to the Senior Debt until the
principal of (and premium, if any) and interest on the Securities shall be paid in full.
For purposes of such subrogation, no payments or distributions to the holders of the
Senior Debt of any cash, property or securities to which the Holders of the Securities or
the Trustee would be entitled except for the provisions of this Article, and no payments
over pursuant to the provisions of this Article to the holders of Senior Debt by Holders
of the Securities or the Trustee, shall, as among the Company, its creditors other than
holders of Senior Debt and the Holders of the Securities, be deemed to be a payment or
distribution by the Company to or on account of the Senior Debt. 

Section 1306. Provisions
Solely to Define Relative Rights. 

        The provisions
of this Article are and are intended solely for the purpose of defining the relative
rights of the Holders on the one hand and the holders of Senior Debt on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is
intended to or shall (a) impair, as among the Company, its creditors other than holders of
Senior Debt and the Holders of the Securities, the obligation of the Company, which is
absolute and unconditional (and which, subject to the rights under this Article of the
holders of Senior Debt, is intended to rank equally with all other general obligations of
the Company), to pay to the Holders of the Securities the principal of (and premium, if
any) and interest on the Securities as and when the same shall become due and payable in
accordance with 

48

their terms; or (b) affect the relative rights against the Company of the
Holders of the Securities and creditors of the Company other than the holders of Senior
Debt; or (c) prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article of the holders of Senior Debt to receive cash,
property and securities otherwise payable or deliverable to the Trustee or such Holder. 

Section 1307. Trustee to
Effectuate Subordination. 

        Each
Holder of a Security by his acceptance thereof authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article and appoints the Trustee his attorney-in-fact for
any and all such purposes. 

Section 1308. No Waiver
of Subordination Provisions. 

        No right
of any present or future holder of any Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company with the terms, provisions and covenants of
this Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with. 

        Without
in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt
may, at any time and from time to time, without the consent of or notice to the Trustee or
the Holders of the Securities, without incurring responsibility to the Holders of the
Securities and without impairing or releasing the subordination provided in this Article
or the obligations hereunder of the Holders of the Securities to the holders of Senior
Debt, do any one or more of the following: (i) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise
amend or supplement in any manner Senior Debt or any instrument evidencing the same or any
agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt;
(iii) release any Person liable in any manner for the collection of Senior Debt; and (iv)
exercise or refrain from exercising any rights against the Company and any other Person. 

Section 1309. Notice to
Trustee. 

        The
Company shall give prompt written notice to the Trustee of any fact known to the Company
which would prohibit the making of any payment to or by the Trustee in respect of the
Securities. Notwithstanding the provisions of this Article or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee in respect of the
Securities, unless and until the Trustee shall have received written notice thereof from
the Company or a holder of Senior Debt or from any trustee therefor; and, prior to the
receipt of any such written notice, the Trustee, subject to the provisions of Section 601,
shall be entitled in all respects to assume that no such facts exist; provided, however,
that if the Trustee shall not have received the notice provided for in this Section at
least two Business Days prior to the date upon which by the terms hereof any money may
become payable for any purpose (including, without limitation, the payment of the
principal of (and premium, if any) or interest on any Security), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such money and to apply the same to the purpose for which such money was
received and shall not be affected by any notice to the contrary which may be received by
it within two Business Days prior to such date. 

        Subject
to the provisions of Section 601, the Trustee shall be entitled to rely on the delivery to
it of a written notice by a Person representing himself to be a holder of Senior Debt (or
a trustee therefor) to establish that such notice has been given by a holder of Senior
Debt (or a trustee therefor). In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior
Debt to participate in any payment or distribution pursuant to this Article, the 

49

Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Debt held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent to
the rights of such Person under this Article, and if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment. 

Section 1310. Reliance on
Judicial Order or Certificate of Liquidating Agent. 

        Upon any
payment or distribution of assets of the Company referred to in this Article, the Trustee,
subject to the provisions of Section 601, and the Holders of the Securities shall be
entitled to rely upon any order or decree entered by any court of competent jurisdiction
in which such Proceeding is pending, or a certificate of the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other Person making such payment or distribution, delivered to the Trustee or to the
Holders of Securities, for the purpose of ascertaining the Persons entitled to participate
in such payment or distribution, the holders of the Senior Debt and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article. 

Section 1311. Trustee Not
Fiduciary for Holders of Senior Debt. 

        The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and
shall not be liable to any such holders if it shall in good faith mistakenly pay over or
distribute to Holders of Securities or to the Company or to any other Person cash,
property or securities to which any holders of Senior Debt shall be entitled by virtue of
this Article or otherwise. 

Section 1312. Rights of
Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights. 

        The
Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article with respect to any Senior Debt which may at any time be held by it, to the same
extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive the
Trustee of any of its rights as such holder. 

        Nothing
in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 607. 

Section 1313. Article
Applicable to Paying Agents. 

        In
case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article
shall in such case (unless the context otherwise requires) be construed as extending to
and including such Paying Agent within its meaning as fully for all intents and purposes
as if such Paying Agent were named in this Article in addition to or in place of the
Trustee; provided, however, that Section 1312 shall not apply to the Company or any
Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

      Section
1314. Defeasance of this Article Thirteen. 

        The
subordination of the Securities provided by this Article Thirteen is expressly made
subject to the provisions for defeasance or covenant defeasance in Article Fifteen hereof
and, anything herein to the contrary notwithstanding, upon the effectiveness of any such
defeasance or covenant defeasance, the Securities then outstanding shall thereupon cease
to be subordinated pursuant to this Article Thirteen. 

50

ARTICLE FOURTEEN

CONVERSION OF
SECURITIES 

Section 1401.
Applicability of Article. 

        If
pursuant to Section 301 provision is made for the conversion of Securities pursuant to
this Article Fourteen, then the provisions of this Article Fourteen, with such
modifications thereto as may be specified pursuant to Section 301 with respect to any
Securities, shall be applicable to the Securities of such series. 

Section 1402. Conversion
Privilege and Conversion Price. 

        Subject
to and upon compliance with the provisions of this Article, at the option of the Holder
thereof, any Security or any portion of the principal amount thereof which is $1,000 or an
integral multiple of $1,000 may be converted at the principal amount thereof, or of such
portion thereof, into fully paid and nonassessable shares (calculated as to each
conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the
conversion price, determined as hereinafter provided, in effect at the time of conversion.
Such conversion right shall commence at the opening of business on the date provided for
with respect to such Securities and expire at the close of business on the date provided
for with respect to such Securities. In case a Security or portion thereof is called for
redemption, such conversion right in respect of the Security or portion so called shall
expire at the close of business on the Redemption Date, unless the Company defaults in
making the payment due upon redemption. 

        The
price at which shares of Common Stock shall be delivered upon conversion is herein
referred to as the “conversion price”. The conversion price shall be adjusted in
certain instances as provided in Section 1405. 

Section 1403. Exercise of
Conversion Privilege. 

        In
order to exercise the conversion privilege, the Holder of any Security to be converted
shall surrender such Security, duly endorsed or assigned to the Company or in blank, at
any office or agency of the Company maintained for that purpose pursuant to Section 1002,
accompanied by written notice to the Company at such office or agency that the Holder
elects to convert such Security or, if less than the entire principal amount thereof is to
be converted, the portion thereof to be converted. Securities surrendered for conversion
during the period from the close of business on any Regular Record Date next preceding any
Interest Payment Date to the opening of business on such Interest Payment Date shall
(except in the case of Securities or portions thereof which have been called for
redemption on a Redemption Date within such period) be accompanied by payment in
immediately available funds or other funds acceptable to the Company of an amount equal to
the interest payable on such Interest Payment Date on the principal amount of Securities
being surrendered for conversion. Except as provided in the preceding sentence and subject
to the third paragraph of Section 308, no payment or adjustment shall be made upon any
conversion on account of any interest accrued on the Securities surrendered for conversion
or on account of any dividends on the Common Stock issued upon conversion. 

        Securities
shall be deemed to have been converted immediately prior to the close of business on the
day of surrender of such Securities for conversion in accordance with the foregoing
provisions, and at such time the rights of the Holders of such Securities as Holders shall
cease, and the Person or Persons entitled to receive the Common Stock issuable upon
conversion shall be treated for all purposes as the record holder or holders of such
Common Stock at such time. As promptly as practicable on or after the conversion date, the
Company shall issue and shall deliver at such office or agency a certificate or
certificates for the number of full shares of Common Stock issuable upon conversion,
together with payment in lieu of any fraction of a share, as provided in Section 1404. 

        In
the case of any Security which is converted in part only, upon such conversion the Company
shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the
expense of the 

51

Company, a new Security or Securities of authorized denominations in
aggregate principal amount equal to the unconverted portion of the principal amount of
such Security. 

Section 1404. Fractions
of Shares. 

        No fractional
shares of Common Stock shall be issued upon conversion of Securities. If more than one
Security shall be surrendered for conversion at one time by the same Holder, the number of
full shares which shall be issuable upon conversion thereof shall be computed on the basis
of the aggregate principal amount of the Securities (or specified portions thereof) so
surrendered. Instead of any fractional share of Common Stock which would otherwise be
issuable upon conversion of any Security or Securities (or specified portions thereof),
the Company shall pay a cash adjustment in respect of such fraction in an amount equal to
the same fraction of the market price per share of Common Stock (as determined by the
Board of Directors or in any manner prescribed by the Board of Directors) at the close of
business on the day of conversion. 

Section 1405. Adjustment
of Conversion Price. 

         (1)       
          In case at any time after the date of the issuance of the applicable Securities,
          the Company shall pay or make a dividend or other distribution on any class of
          capital stock of the Company in Common Stock, the conversion price in effect at
          the opening of business on the day following the date fixed for the
          determination of stockholders entitled to receive such dividend or other
          distribution shall be reduced by multiplying such conversion price by a fraction
          of which the numerator shall be the number of shares of Common Stock outstanding
          at the close of business on the date fixed for such determination and the
          denominator shall be the sum of such number of shares and the total number of
          shares constituting such dividend or other distribution, such reduction to
          become effective immediately after the opening of business on the day following
          the date fixed for such determination. For the purposes of this paragraph (1),
          the number of shares of Common Stock at any time outstanding shall not include
          shares held in the treasury of the Company but shall include shares issuable in
          respect of scrip certificates issued in lieu of fractions of shares of Common
          Stock. The Company will not pay any dividend or make any distribution on shares
          of Common Stock held in the treasury of the Company. 

         (2)       
          In case at any time after the date of the issuance of the applicable Securities,
          the Company shall issue rights or warrants to all holders of its Common Stock
          (not being available on an equivalent basis to Holders of the Securities upon
          conversion) entitling them to subscribe for or purchase shares of Common Stock
          at a price per share less than the current market price per share (determined as
          provided in paragraph (8) of this Section) of the Common Stock on the date fixed
          for the determination of stockholders entitled to receive such rights, options
          or warrants (other than pursuant to a dividend reinvestment plan), the
          conversion price in effect at the opening of business on the day following the
          date fixed for such determination shall be reduced by multiplying such
          conversion price by a fraction of which the numerator shall be the number of
          shares of Common Stock outstanding at the close of business on the date fixed
          for such determination plus the number of shares of Common Stock which the
          aggregate of the offering price of the total number of shares of Common Stock so
          offered for subscription or purchase would purchase at such current market price
          and the denominator shall be the number of shares of Common Stock outstanding at
          the close of business on the date fixed for such determination plus the number
          of shares of Common Stock so offered for subscription or purchase, such
          reduction to become effective immediately after the opening of business on the
          day following the date fixed for such determination. For the purposes of this
          paragraph (2), the number of shares of Common Stock at any time outstanding
          shall not include shares held in the treasury of the Company but shall include
          shares issuable in respect of scrip certificates issued in lieu of fractions of
          shares of Common Stock. The Company will not issue any rights or warrants in
          respect of shares of Common Stock held in the treasury of the Company. 

         (3)       
          In case at any time after the date of the issuance of the applicable Securities,
          outstanding shares of Common Stock shall be subdivided into a greater number of
          shares of Common Stock, the conversion 

52

price in effect at the opening of
          business on the day following the day upon which such subdivision becomes
          effective shall be proportionately reduced, and, conversely, in case outstanding
          shares of Common Stock shall each be combined into a smaller number of shares of
          Common Stock, the conversion price in effect at the opening of business on the
          day following the day upon which such combination becomes effective shall be
          proportionately increased, such reduction or increase, as the case may be, to
          become effective immediately after the opening of business on the day following
          the day upon which such subdivision or combination becomes effective. 

         (4)       
          In case at any time after the date of the issuance of the applicable Securities,
          the Company shall, by dividend or otherwise, distribute to all holders of its
          Common Stock evidences of its indebtedness or assets (including securities, but
          excluding any rights or warrants referred to in paragraph (2) of this Section,
          any dividend or distribution paid in cash out of the retained earnings of the
          Company and any dividend or distribution referred to in paragraph (1) of this
          Section), the conversion price shall be adjusted so that the same shall equal
          the price determined by multiplying the conversion price in effect immediately
          prior to the close of business on the date fixed for the determination of
          stockholders entitled to receive such distribution by a fraction of which the
          numerator shall be the current market price per share (determined as provided in
          paragraph (8) of this Section) of the Common Stock on the date fixed for such
          determination less the then fair market value (as determined by the Board of
          Directors, whose determination shall be conclusive and described in a Board
          Resolution filed with the Trustee) of the portion of the assets or evidences of
          indebtedness so distributed applicable to one share of Common Stock and the
          denominator shall be such current market price per share of the Common Stock,
          such adjustment to become effective immediately prior to the opening of business
          on the day following the date fixed for the determination of stockholders
          entitled to receive such distribution. 

         (5)       
          In case at any time after the date of the issuance of the applicable Securities,
          the Company shall, by dividend or otherwise, distribute to all holders of its
          Common Stock cash (excluding any cash that is distributed upon a merger or
          consolidation to which Section 1411 applies or as part of a distribution
          referred to in paragraph (4) of this Section) in an aggregate amount that,
          combined together with (I) the aggregate amount of any other distributions to
          all holders of its Common Stock made exclusively in cash within the 12 months
          preceding the date of payment of such distribution and in respect of which no
          adjustment pursuant to this paragraph (5) has been made and (II) the aggregate
          of any cash plus the fair market value (as determined by the Board of Directors,
          whose determination shall be conclusive and described in a Board Resolution) of
          any non-cash consideration payable in respect of any tender offer by the Company
          or any of its subsidiaries for all or any portion of the Common Stock concluded
          within the 12 months preceding the date of payment of such distribution and in
          respect of which no adjustment pursuant to paragraph (6) of this Section has
          been made, exceeds [15%] of the product of the current market price per share of
          the Common Stock on the date for the determination of holders of shares of
          Common Stock entitled to receive such distribution times the number of shares of
          Common Stock outstanding on such date, then, and in each such case, immediately
          after the close of business on such date for determination, the conversion price
          shall be decreased so that the same shall equal the price determined by
          multiplying the conversion price in effect immediately prior to the close of
          business on the date fixed for determination of the stockholders entitled to
          receive such distribution by a fraction (i) the numerator of which shall be
          equal to the current market price per share (determined as provided in paragraph
          (8) of this Section) of the Common Stock on the date fixed for such
          determination less an amount equal to the quotient of (x) the excess of such
          combined amount over such [15%] and (y) the number of shares of Common Stock
          outstanding on such date for determination and (ii) the denominator of which
          shall be equal to the current market price per share (determined as provided in
          paragraph (8) of this Section) of the Common Stock on such date for
          determination. 

         (6)       
          In case at any time after the date of the issuance of the applicable Securities,
          a tender offer made by the Company or any Subsidiary for all or any portion of
          the Common Stock shall expire and such tender offer (as amended upon the
          expiration thereof) shall require the payment to stockholders of an 

53

aggregate
          consideration having a fair market value (as determined by the Board of
          Directors, whose determination shall be conclusive and described in a Board
          Resolution) that combined together with (I) the aggregate of the cash plus the
          fair market value (as determined by the Board of Directors, whose determination
          shall be conclusive and described in a Board Resolution), as of the expiration
          of such tender offer, of any non-cash consideration payable in respect of any
          other tender offer, by the Company or any Subsidiary for all or any portion of
          the Common Stock expiring within the 12 months preceding the expiration of such
          tender offer and in respect of which no adjustment pursuant to this paragraph
          (6) has been made and (II) the aggregate amount of any distributions to all
          holders of the Company’s Common Stock made exclusively in cash within 12
          months preceding the expiration of such tender offer and in respect of which no
          adjustment pursuant to paragraph (5) of this Section has been made, exceeds
          [15%] of the product of the current market price per share of the Common Stock
          (determined as provided in paragraph (8) of this Section) as of the last time
          (the “Expiration Time”) tenders could have been made pursuant to such
          tender offer (as it may be amended) times the number of shares of Common Stock
          outstanding (including any tendered shares) on the Expiration Time, then, and in
          each such case, immediately prior to the opening of business on the day after
          the date of the Expiration Time, the conversion price shall be adjusted so that
          the same shall equal the price determined by multiplying the conversion price
          immediately prior to close of business on the date of the Expiration Time by a
          fraction (i) the numerator of which shall be equal to (A) the product of (I) the
          current market price per share of the Common Stock (determined as provided in
          paragraph (8) of this Section) on the date of the Expiration Time and (II) the
          number of shares of Common Stock outstanding (including any tendered shares) on
          the Expiration Time less (B) the amount of cash plus the fair market value
          (determined as aforesaid) of the aggregate non-cash consideration payable to
          stockholders based on the acceptance (up to any maximum specified in the terms
          of the tender offer) of Purchased Shares, and (ii) the denominator of which
          shall be equal to the product of (A) the current market price per share of the
          Common Stock (determined as provided in paragraph (8) of this Section) as of the
          Expiration Time and (B) the number of shares of Common Stock outstanding
          (including any tendered shares) as of the Expiration Time less the number of all
          shares accepted for payment pursuant to such tender offer (the shares deemed so
          accepted up to any such maximum, being referred to as the “Purchased
          Shares”). 

         (7)       
          The reclassification of Common Stock into securities including securities other
          than Common Stock (other than any reclassification upon a consolidation or
          merger to which Section 1412 applies) shall be deemed to involve (a) a
          distribution of such securities other than Common Stock to all holders of Common
          Stock (and the effective date of such reclassification shall be deemed to be
          “the date fixed for the determination of stockholders entitled to receive
          such distribution” and “the date fixed for such determination”
          within the meaning of paragraph (4) of this Section), and (b) a subdivision or
          combination, as the case may be, of the number of shares of Common Stock
          outstanding immediately prior to such reclassification into the number of shares
          of Common Stock outstanding immediately thereafter (and the effective date of
          such reclassification shall be deemed to be “the day upon which such
          subdivision becomes effective” or “the day upon which such combination
          becomes effective”, as the case may be, and “the day upon which such
          subdivision or combination becomes effective” within the meaning of
          paragraph (3) of this Section). 

         (8)       
          For the purpose of any computation under paragraphs (2), (4), (5) and (6) of
          this Section, the current market price per share of Common Stock on any date
          shall be deemed to be the average of the daily closing prices for the five
          consecutive Trading Days selected by the Company commencing not more than 20
          Trading Days before, and ending not later than the earlier of the day in
          question and the day before the “ex” date with request to the issuance
          or distribution requiring such computation. The closing price for each day shall
          be the last reported sales price regular way or, in case no such reported sale
          takes place on such day, the average of the reported closing bid and asked
          prices regular way, in either case on the New York Stock Exchange or, if the
          Common Stock is not listed or admitted to trading on such Exchange, on the
          principal national securities exchange on which the Common Stock is listed or
          admitted to trading or, if not listed or admitted to trading on any national
          securities exchange, on the NASDAQ 

54

National Market or, if the Common Stock is
          not listed or admitted to trading on any national securities exchange, the
          average of the closing bid and asked prices in the over-the-counter market as
          furnished by any New York Stock Exchange member firm selected from time to time
          by the Company for that purpose. For purposes of this paragraph, the term
          “‘ex’ date”, when used with respect to any issuance or
          distribution, means the first date on which the Common Stock trades regular way
          on such exchange or in such market without the right to receive such issuance or
          distribution. 

         (9)       
          No adjustment in the conversion price shall be required unless such adjustment
          (plus any adjustments not previously made by reason of this paragraph (9)) would
          require an increase or decrease of at least 1% in such price; provided, however,
          that any adjustments which by reason of this paragraph (9) are not required to
          be made shall be carried forward and taken into account in any subsequent
          adjustment. All calculations under this paragraph (9) shall be made to the
          nearest cent. 

         (10)       
          The Company may make such reductions in the conversion price, in addition to
          those required by this Section, as it considers to be advisable in order to
          avoid or diminish any income tax to any holders of shares of Common Stock
          resulting from any dividend or distribution of stock or issuance of rights or
          warrants to purchase or subscribe for stock or from any event treated as such
          for income tax purposes or for any other reasons. The Company shall have the
          power to resolve any ambiguity or correct any error in this paragraph (10) and
          its actions in so doing shall be final and conclusive. 

Section 1406. Notice of
Adjustments of Conversion Price. 

        Whenever
the conversion price is adjusted as herein provided: 

         (a)       
          the Company shall compute the adjusted conversion price in accordance with
          Section 1405 and shall prepare a certificate signed by the Treasurer of the
          Company setting forth the adjusted conversion price and showing in reasonable
          detail the facts upon which such adjustment is based, and such certificate shall
          forthwith be filed at each office or agency maintained for the purpose of
          conversion of Securities pursuant to Section 1002; and 

         (b)       
          a notice stating that the conversion price has been adjusted and setting forth
          the adjusted conversion price shall forthwith be required, and as soon as
          practicable after it is required, such notice shall be mailed by the Company to
          all Holders at their last addresses as they shall appear in the Security
          Register. 

Section 1407. Notice of
Certain Corporate Action. 

        In case
at any time after the date 20 days prior to the date on which the Securities first become
convertible: 

         (a)       
          the Company shall declare a dividend (or any other distribution) on its Common
          Stock payable otherwise than in cash out of its retained earnings; or 

         (b)       
          the Company shall authorize the granting to the holders of its Common Stock of
          rights or warrants to subscribe for or purchase any shares of capital stock of
          any class or of any other rights; or 

         (c)       
          of any reclassification of the Common Stock of the Company (other than a
          subdivision or combination of its outstanding shares of Common Stock), or of any
          consolidation or merger to which the Company is a party and for which approval
          of any stockholders of the Company is required, or of the sale or transfer of
          all or substantially all of the assets of the Company; or 

         (d)       
          of the voluntary or involuntary dissolution, liquidation or winding up of the
          Company; 

then the Company shall cause to be
filed at each office or agency maintained for the purpose of conversion of Securities
pursuant to Section 1002, and shall cause to be mailed to all Holders at their last
addresses as they shall appear in the Security Register, at least 20 days (or 10 days in
any case specified in clause (a) or (b) above) prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, rights 

55

or warrants, or, if a record is not
to be taken, the date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution, rights or warrants are to be determined, or (y) the date on
which such reclassification, consolidation, merger, share exchange, sale, transfer,
dissolution, liquidation or winding up is expected to become effective, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange
their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, share exchange, sale, transfer, dissolution,
liquidation or winding up. Neither the failure to give such notice nor any defect therein
shall affect the legality or validity of the proceedings described in clauses (a) through
(d) of this Section 1407. If at the time the Trustee shall not be the conversion agent, a
copy of such notice shall also forthwith be filed by the Company with the Trustee. 

Section 1408. Company to
Reserve Common Stock. 

        The Company
shall at all times reserve and keep available, free from pre-emptive rights, out of its
authorized but unissued Common Stock, for the purpose of effecting the conversion of
Securities, the full number of shares of Common Stock then issuable upon the conversion of
all outstanding Securities. 

Section 1409. Taxes on
Conversions. 

        The
Company will pay any and all taxes that may be payable in respect of the issue or delivery
of shares of Common Stock on conversion of Securities pursuant hereto. The Company shall
not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares of Common Stock in a name other than that of
the Holder of the Security or Securities to be converted, and no such issue or delivery
shall be made unless and until the Person requesting such issue has paid to the Company
the amount of any such tax, or has established to the satisfaction of the Company that
such tax has been paid. 

Section 1410. Covenant as
to Common Stock. 

        The
Company covenants that all shares of Common Stock which may be issued upon conversion of
Securities will upon issue be fully paid and nonassessable and, except as provided in
Section 1409, the Company will pay all taxes, liens and charges with respect to the issue
thereof. 

Section 1411.
Cancellation of Converted Securities. 

        All
Securities delivered for conversion shall be delivered to the Trustee to be canceled by or
at the direction of the Trustee, which shall dispose of the same as provided in Section
310. 

Section 1412. Provisions
in Case of Consolidation, Merger or Sale of Assets. 

        In
case of any consolidation of the Company with, or merger of the Company into, any other
Person, any merger of another Person into the Company (other than a merger which does not
result in any reclassification, conversion, exchange or cancellation of outstanding shares
of Common Stock of the Company) or any sale or transfer of all or substantially all of the
assets of the Company, the Person formed by such consolidation or resulting from such
merger or which acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security then
outstanding shall have the right thereafter, during the period such Security shall be
convertible as specified in Section 1402, to convert such Security only into the kind and
amount of securities, cash and other property receivable upon such consolidation, merger,
sale or transfer by a holder of the number of shares of Common Stock of the Company into
which such Security might have been converted immediately prior to such consolidation,
merger, sale or transfer, assuming such holder of Common Stock of the Company (i) is not a
Person with which the Company consolidated or into which the Company merged or which
merged into the Company or to which such sale or transfer was made, as the case may be
(“constituent Person”), or an Affiliate of a constituent Person and (ii) failed
to exercise his rights of election, if any, as to the kind or amount of securities, cash
and other property receivable upon such consolidation, merger, sale or transfer (provided
that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer is not the same for each share of Common Stock of
the Company held immediately prior to such consolidation, merger, sale or transfer by
other than a constituent Person or an Affiliate thereof and in respect of which such
rights of election shall not have been exercised (“non-electing share”), then
for the purpose of this Section the kind and amount of securities, cash 

56

and other property
receivable upon such consolidation, merger, sale or transfer by each non-electing share
shall be deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares), and assuming, if such consolidation, merger, sale or transfer is
prior to the date upon which the Securities first become convertible, that the Securities
were convertible at the time of such consolidation, merger, sale or transfer at the
initial conversion price specified in Section 1402 as adjusted from the date of the
issuance of the applicable Securities to such time pursuant to Section 1405. Such
supplemental indenture shall provide for adjustments which, for events subsequent to the
effective date of such supplemental indenture, shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article. The above provisions of this
Section shall similarly apply to successive consolidations, mergers, sales or transfers. 

ARTICLE FIFTEEN 

DEFEASANCE AND
COVENANT DEFEASANCE 

Section 1501.
Applicability of Article; Company’s Option to Effect Defeasance or Covenant
Defeasance. 

        Unless,
pursuant to Section 301, provision is made that either or both of (a) defeasance of
the Securities of a series under Section  1502 or (b) covenant defeasance of the
Securities of a series under Section  1503 shall not apply to the Securities of a
series, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article Fifteen, with such modifications thereto as may
be specified pursuant to Section 301 with respect to any Securities, shall be
applicable to the Securities of such series, and the Company may at its option by Board
Resolution, at any time, with respect to the Securities of such series, elect to have
either Section 1502 (if applicable) or Section 1503 (if applicable) applied to
the Outstanding Securities of such series upon compliance with the conditions set forth
below in this Article Fifteen. 

Section  1502.
Defeasance and Discharge. 

        Upon
the Company’s exercise of its option to have this Section applied to any series
of Securities, the Company shall be deemed to have been discharged from its obligations
with respect to the Outstanding Securities of such series on and after the date the
conditions precedent set forth below are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by the Outstanding Securities of such
series which shall thereafter be deemed to be “Outstanding” only for the
purposes of the Sections of this Indenture referred to in clauses (A) and (B) of this
Section, and to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of Outstanding Securities of such series to receive, solely from the
trust fund described in Section  1504 as more fully set forth in such Section,
payments of the principal of (and premium, if any) and interest on such Securities when
such payments are due, (B) the Company’s obligations with respect to such Securities
under Sections 306, 307, 1002 and 1003 and such obligations as shall be ancillary thereto,
(C) the rights, powers, trusts, duties, immunities and other provisions in respect of the
Trustee hereunder and (D) this Article Fifteen. Subject to compliance with this Article
Fifteen, the Company may exercise its option under this Section 1502 notwithstanding
the prior exercise of its option under Section 1503 with respect to the Securities of
such series. Following a defeasance, payment of such Securities may not be accelerated
because of an Event of Default. 

57

Section 1503. Covenant
Defeasance. 

        Upon
the Company’s exercise of its option (if any) to have this Section applied to
any series of Securities, the Company shall be released from its obligations under
Section 801 (and any covenant made applicable to such Securities pursuant
to Section 301) and the occurrence of an event specified in Section 501(4) (with
respect to Section 801 or any such covenant) (and any other
Event of Default applicable to such Securities that are determined pursuant to
Section 301 to be subject to this provision) shall not be deemed to be an Event of
Default with respect to the Outstanding Securities of such series on and after the date
the conditions set forth below are satisfied (hereinafter, “covenant
defeasance”), and such Securities shall thereafter be deemed not to be
“Outstanding” for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with Section 801
 (and any other covenant made applicable to such Security pursuant to
Section 301) and any such Events of Default, but shall continue to be deemed
“Outstanding” for all other purposes hereunder. For this purpose, such covenant
defeasance means that, with respect to the Outstanding Securities of such series, the
Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section or such other covenant whether
directly or indirectly by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of any reference in any such
Section or such other covenant to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be unaffected
thereby. Notwithstanding the defeasance by the Company of its obligations under
Section 801, any successor shall be required to assume the Company’s obligations
under Section 607 as a condition to such succession. 

Section  1504.
Conditions to Defeasance or Covenant Defeasance. 

        The
following shall be the conditions precedent to application of either Section 1502 or
Section 1503 to the Outstanding Securities of or within such series: 

          		    (1)       
               The Company shall irrevocably have deposited or caused to be deposited with the
               Trustee (or another trustee satisfying the requirements of Section 609 who
               shall agree to comply with the provisions of this Article Fifteen applicable to
               it) as trust funds in trust for the purpose of making the following payments,
               specifically pledged as security for, and dedicated solely to, the benefit of
               the Holders of such Securities, (A) money in an amount (in such currency,
               currencies or currency units in which such Securities are then specified as
               payable at Maturity), or (B) U.S. Government Obligations which through the
               scheduled payment of principal and interest in respect thereof in accordance
               with their terms will provide, not later than one day before the due date of any
               payment, money in an amount, or (C) a combination thereof in an amount,
               sufficient, without reinvestment, in the opinion of a nationally recognized firm
               of independent public accountants expressed in a written certification thereof
               delivered to the Trustee, to pay and discharge, and which shall be applied by
               the Trustee (or other qualifying trustee) to pay and discharge, (i) the
               principal of (and premium, if any) and interest on the Outstanding Securities of
               such series on the Maturity of such principal, premium, if any, or interest and
               (ii) any mandatory sinking fund payments applicable to such Securities on the
               day on which such payments are due and payable in accordance with the terms of
               this Indenture and such Securities. Before such a deposit the Company may make
               arrangements satisfactory to the Trustee for the redemption of Securities at a
               future date or dates in accordance with Article Eleven, which shall be given
               effect in applying the foregoing. For this purpose, “U.S. Government
               Obligations” means securities that are (x) direct obligations of the United
               States of America for the payment of which its full faith and credit is pledged
               or (y) 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, which, 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 of
               1933, as amended) as custodian with respect to any such U.S. Government
               Obligation or a specific payment of principal of or interest on any such U.S.
               Government Obligation held by such custodian

               

58

          		 for the account of the holder of
               such depositary receipt, provided 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 U.S. Government Obligation or the specific payment of principal
               of or interest on the U.S. Government Obligation evidenced by such depositary
               receipt. 

               

          		    (2)       
               No Event of Default or event which with notice or lapse of time or both would
               become an Event of Default with respect to the Securities of such series shall
               have occurred and be continuing (A) on the date of such deposit or (B) insofar
               as subsections 501(5) and (6) are concerned, at any time during the period
               ending on the 91st day after the date of such deposit or, if longer, ending on
               the day following the expiration of the longest preference period applicable to
               the Company in respect of such deposit (it being understood that this condition
               shall not be deemed satisfied until the expiration of such period). 

               

          		    (3)       
               Such defeasance or covenant defeasance shall not (A) cause the Trustee for the
               Securities of such series to have a conflicting interest as defined in
               Section 608 or for purposes of the Trust Indenture Act with respect to any
               Securities of the Company or (B) result in the trust arising from such deposit
               to constitute, unless it is qualified as, a regulated investment company under
               the Investment Company Act of 1940, as amended. 

               

          		    (4)       
               Such defeasance or covenant defeasance shall not result in a breach or violation
               of, or constitute a default under, this Indenture or any other material
               agreement or instrument to which the Company is a party or by which it is bound. 

               

          		    (5)       
               In the case of an election under Section 1502, the Company shall have
               delivered to the Trustee an Opinion of Counsel stating that (x) the Company has
               received from, or there has been published by, the Internal Revenue Service a
               ruling, or (y) since the date of this Indenture there has been a change in the
               applicable federal income tax law, in either case to the effect that, and based
               thereon such opinion shall confirm that, the Holders of the Outstanding
               Securities of such series will not recognize income, gain or loss for federal
               income tax purposes as a result of such defeasance and will be subject to
               federal income tax on the same amounts, in the same manner and at the same times
               as would have been the case if such defeasance had not occurred. 

               

          		    (6)       
               In the case of an election under Section 1503, the Company shall have
               delivered to the Trustee an Opinion of Counsel to the effect that the Holders of
               the Outstanding Securities of such series will not recognize income, gain or
               loss for federal income tax purposes as a result of such covenant defeasance and
               will be subject to federal income tax on the same amounts, in the same manner
               and at the same times as would have been the case if such covenant defeasance
               had not occurred. 

               

          		    (7)       
               Such defeasance or covenant defeasance shall be effected in compliance with any
               additional terms, conditions or limitations which may be imposed on the Company
               in connection therewith pursuant to Section 301. 

               

          		    (8)       
               The Company shall have delivered to the Trustee an Officers’ Certificate
               and an Opinion of Counsel, each stating that all conditions precedent provided
               for relating to either the defeasance under Section  1502 or the covenant
               defeasance under Section  1503 (as the case may be) have been complied
               with. 

               

Section  1505. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
                  Provisions.

        Subject
to the provisions of the last paragraph of Section 1003, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee or
other qualifying trustee (collectively, for purposes of this Section 1505, the
“Trustee”) pursuant to Section 1504 in respect of the Outstanding
Securities of such series shall be held in trust and applied by the Trustee, in accordance
with 

59

the provisions of such Securities and this Indenture, to the payment, either directly
or through any Paying Agent (but not including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest, but such
money need not be segregated from other funds except to the extent required by law. 

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the money or U.S. Government Obligations deposited pursuant to
Section 1504 or the principal and interest received in respect thereof. 

        Anything
herein to the contrary notwithstanding, the Trustee shall deliver or pay to the Company
from time to time upon Company Request any money or U.S. Government Obligations held by it
as provided in Section 1504 which in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to
the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent defeasance or covenant defeasance. 

Section 1506.
Reinstatement. 

        If
the Trustee or the Paying Agent is unable to apply any money in accordance with
Section 1505 by reason of any order or judgment or any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s obligations under the Securities of such series shall be revived and
reinstated as though no deposit had occurred pursuant to this Article Fifteen until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 1505; provided, however, that if the Company makes any payment of
principal of (and premium, if any) or interest on any such Security following the
reinstatement of its obligations, the Company shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the money held by the Trustee or
the Paying Agent. 

Section 1507. Qualifying
Trustee. 

        Any trustee
appointed pursuant to Section 1504 for the purpose of holding trust funds deposited
pursuant to that Section shall be appointed under an agreement in form acceptable to
the Trustee and shall provide to the Trustee a certificate of such trustee, upon which
certificate the Trustee shall be entitled to conclusively rely, that all conditions
precedent provided for herein to the related defeasance or covenant defeasance have been
complied with. In no event shall the Trustee be liable for any acts or omissions of said
trustee. 

ARTICLE SIXTEEN

IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES 

Section 1601.
Exemption from Individual Liability. 

        No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any
Security, or for any claim based thereon or otherwise in respect thereof, shall be had
against any incorporator, stockholder, officer, director, or employee, as such, past,
present or future, of the Company or of any successor corporation, either directly or
through the Company, whether by virtue of any constitution, statute or rule of law, or by
the enforcement of any assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely corporate obligations
of the Company, and that no such personal liability whatever shall attach to, or is or
shall be incurred by, the incorporators, stockholders, officers, directors, or employees,
as such, of the Company or of any successor corporation, or any of them, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied
therefrom; and that any and all such personal liability, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims against, 

60

every
such incorporator, stockholder, officer, director, or employee, as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of such Securities. 

     *****

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

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

	  	MONSANTO COMPANY 

	  	By: 	  
 
	  	Name:	  Robert A. Paley
	  	Title:	  Assistant Treasurer

	  	THE BANK OF NEW YORK 

	  	By: 	  
 
	  	Name:	 
 
	  	Title:	  
 

61<PAGE>

                                                                    EXHIBIT 10.6

                                    AGREEMENT

                                     BETWEEN

                              SANDERSON FARMS, INC.
                          (MCCOMB PRODUCTION DIVISION)

                                       AND

                       UNITED FOOD AND COMMERCIAL WORKERS,
                              LOCAL 1529, AFL-CIO

                                 AFFILIATED WITH

                       UNITED FOOD AND COMMERCIAL WORKERS
                          INTERNATIONAL UNION, AFL-CIO

                     FEBRUARY 27, 2005 - DECEMBER 31, 2007

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE                                                             PAGE
-------                                                             ----
<S>                                                                 <C>
   1.     AGREEMENT                                                   1
   2.     RECOGNITION                                                 1
   3.     MANAGEMENT RIGHTS                                           1
   4.     SHOP STEWARDS                                               2
   5.     UNION BULLETIN BOARD                                        2
   6.     NO STRIKE - NO LOCK OUT                                     2
   7.     GRIEVANCE PROCEDURE                                         3
   8.     ARBITRATION                                                 4
   9.     SENIORITY                                                   5
   10.    SENIORITY LIST                                              6
   11.    HOURS OF WORK                                               6
   12.    LEAVES OF ABSENCE                                           7
   13.    VACATIONS                                                   8
   14.    HOLIDAYS                                                    9
   15.    INSURANCE                                                  10
   16.    PROFIT SHARING - RETIREMENT                                10
   17.    WAGES                                                      11
   18.    MISCELLANEOUS                                              11
   19.    NO DISCRIMINATION                                          12
   20.    COMPLETE AGREEMENT AND SEPARABILITY                        12
   21.    CHECK-OFF                                                  13
   22.    SUCCESSORSHIP                                              13
   23.    DURATION OF AGREEMENT                                      13
          SIGNATURES                                                 14
          APPENDIX "A" WAGE SCHEDULE                                 15
</TABLE>

<PAGE>

                                   ARTICLE 1.

                                   AGREEMENT

Section 1.1. This Agreement made and entered into this 27th day of February,
2005, by and between SANDERSON FARMS, INC. (McCOMB PRODUCTION DIVISION) at its
Fernwood, Mississippi feed mill (hereinafter referred to as "Company"), and
United Food and Commercial Workers, Local Union 1529, affiliated with United
Food and Commercial Workers International Union, AFL-CIO (hereinafter referred
to as the "Union"), representing the bargaining unit employees of the Company at
its Feed Mill at Fernwood, Mississippi as certified in NLRB Case No. 15-RC-8351.

Section 1.2. It is the intent and purpose of the Company and the Union to
promote and improve labor management relations between them and to set forth
herein the terms of agreement covering wages, hours, and conditions of
employment to be observed.

Section 1.3. In consideration of mutual agreements between the parties hereto,
and in consideration of their mutual desire in promoting efficient conduct in
business and providing for the orderly settlement of disputes between them, the
parties to this Agreement agree as follows:

Section 1.4. The Company agrees not to enter into any agreement or contract with
its employees covered by this Agreement, individually or collectively, which in
any way conflicts with the terms and provisions of this Agreement. Any such
agreement shall be null and void.

                                   ARTICLE 2.

                                  RECOGNITION

Section 2.1. The Company recognizes the Union as the certified bargaining
representative (NLRB Case No. 15-RC-8351) for all feed mill employees and truck
drivers at its Fernwood, Mississippi facility, excluding all guards, office
clericals, confidential employees and supervisors as defined in the Act.

                                   ARTICLE 3.

                               MANAGEMENT RIGHTS

Section 3.1. Nothing in this Agreement shall be deemed to limit the Employer in
any way in the exercise of the customary functions of management which are
recognized as the Employer's exclusive responsibility, including, but not
limited to, the right to plan, direct, and control operations, to utilize the
services of contractors, to determine the number, size and location of its
establishments, to close an establishment or departments thereof, to hire, to
promote, to demote, and for proper cause to discipline, suspend or discharge, to
assign and schedule work and transfer employees from one job or department to
another, and to make and enforce reasonable rules and regulations relative to
any and all of these matters or to the management of its operation, provided
that the reasonableness of rules may be tested in the grievance procedure. The
Employer shall be the exclusive judge of all matters pertaining to its
operations and their scheduling and the methods, processes, equipment, means of
operation and size of workforce.

Section 3.2. The Employer retains all prerogatives and rights of management and
all privileges and responsibilities not specifically limited by this Agreement.

                                        1
<PAGE>

Section 3.3. If the sub-contracting of work usually performed by bargaining unit
employees or partial or complete plant relocation will have the foreseeable
effect of causing the layoff of any unit employee, the Company will give notice
to the Union and the parties will negotiate on the effects of the layoff. It is
further understood that none of the provisions of this Article shall have the
effect to reduce or waive any rights of unit employees under the Worker
Adjustment and Retraining Notification Act (WARN).

                                   ARTICLE 4.

                                 SHOP STEWARDS

Section 4.1. The Company recognizes the Union's right to designate shop
stewards, not to exceed four (4) in number, two to a department and two per
shift. One steward shall be designated chief steward. Alternates may be
designated, but there shall be only one active steward in a department during
each shift at any one time. The Union shall notify the Company in writing as to
the names of the stewards. Newly hired employees will be introduced to the
steward in their department and shift on the first day of employment.

Section 4.2. A representative of the Union shall be permitted to enter the
Company's premises at reasonable times, provided such representative complies
with all safety requirements and does not interfere with the operations of
Company's business and shall make arrangements with the mill manager.

                                   ARTICLE 5.

                              UNION BULLETIN BOARD

Section 5.1. The Company will provide a bulletin board in the break room for
posting union notices. All matters to be posted shall be of union matters such
as meeting notices, information pertaining to union business and must be on
union letterhead signed by a union representative.

                                   ARTICLE 6.

                            NO STRIKE - NO LOCK OUT

Section 6.1. For the duration of this Agreement, there shall be no strikes,
stoppages, slowdowns, sympathy strikes, picketing, or other interruption of or
interference with Company's operations.

Section 6.2. The Company shall not lock out employees for the duration of this
Agreement.

Section 6.3. Neither the violation of any provisions of the Agreement, nor the
commission of any act constituting an unfair labor practice, or otherwise made
unlawful, shall excuse the employees, the Union, or the Company from their
obligations under the provisions of this Article.

Section 6.4. An employee discharged or otherwise disciplined for violation of
this Article, may seek review of such discipline through the grievance and
arbitration procedures provided herein. In this event, the only question to be
reviewed shall be whether or not the employee participated in the prohibited
conduct.

                                        2
<PAGE>

                                   ARTICLE 7.

                              GRIEVANCE PROCEDURE

Section 7.1. Grievances arising under this contract are herein defined as a
claim by a party to this Agreement or an employee covered by this Agreement that
the Company or the Union has violated a provision of this Agreement.

STEP 1

      The employee shall discuss the grievance or complaint with the immediate
supervisor within five (5) working days after the event giving rise thereto
occurs, or within five (5) working days following the date on which the grievant
had or reasonably would have had knowledge thereof. In the event the employee so
requests, the appropriate steward shall be present at this step. The supervisor
shall give an answer within five (5) working days after the grievance is
received.

STEP 2

      If there is no settlement in Step 1, the grievance may be presented by the
employee and/or shop steward within five (5) working days from the date on which
the supervisor's answer was given in Step 1. The grievance must be presented in
writing to the feed mill manager and must state the following information:

      (a)   name or names of employee or employees on whose behalf the grievance
            is filed;

      (b)   the department or departments involved;

      (c)   the date and time of the occurrence or discovery of the grievance;

      (d)   the facts of the incident on which the claim is based;

      (e)   the specific provision of this Agreement alleged to have been
            violated;

      (f)   the remedy requested.

The feed mill manager shall give the Company's answer in writing within five (5)
working days after the grievance is received by the feed mill manager. The
absence of one or more of the above issues shall not prevent consideration of
the grievance.

STEP 3

      In the event the grievance is not settled in Step 2, then the grievance
may be appealed in writing to the division manager or a designated
representative by the Union to Step 3 within five (5) working days from the
Company's answer in Step 2. The division manager or a designated representative
shall give an answer in writing within five (5) working days from the date of
the appeal. In the event the grievance is not settled then the aggrieved party
or parties shall have the right to request arbitration.

      In the event a grievance arises on behalf of the Company, the matter shall
be presented to the Union Business Agent in writing, who shall have seven (7)
days from the date of submission within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 7.2. Discharge grievances shall be processed initially under Step 3 of
the grievance procedure. The written grievance shall be filed with the division
manager within five (5) working days following the date of discharge.

                                        3
<PAGE>

Section 7.3. A failure to observe the time limit specified herein for original
presentation of a grievance or presentation in any subsequent step of the
grievance procedure on the part of either the grievant or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

      Failure on the part of the Company to comply with the time limits for
delivering its answer in any step of the grievance procedure shall automatically
advance the grievance to the next step of the grievance procedure.

      The time limits of the grievance procedure may be extended by mutual
consent of the Union and the Company.

Section 7.4. The term "working days," under this Article, shall not include
Saturdays, Sundays, or holidays.

Section 7.5. The Executive Board of the Union shall have the right to determine
whether or not an employee's grievance is qualified to be submitted to
arbitration by the Union.

                                   ARTICLE 8.

                                  ARBITRATION

Section 8.1. If a party to this Agreement desires to take a grievance to
arbitration, it shall within fifteen (15) calendar days after the denial of the
grievance, give written notice of his intention to the other party, together
with a written statement of the specific provision or provisions of this
Agreement at issue. If the matter is not scheduled with an arbitrator within 120
days after the Union's expression of its intent to arbitrate, the grievance
shall be deemed waived and settled on the basis of the Company's last answer
unless the reason for the delay is beyond the control of the Union, including,
but not limited to, delay caused by the Federal Mediation and Conciliation
Service or a timely employee appeal of a refusal to arbitrate by the Union which
cannot be acted upon by the Executive Board within the deadline.

Section 8.2. The parties shall attempt to select an impartial arbitrator. If
they are unable to agree upon a choice within seven (7) calendar days after the
receipt of Notice of Intent to Arbitrate, either party may request the Federal
Mediation and Conciliation Service to submit a list of seven (7) arbitrators,
from which the arbitrator will be selected. Selection shall be made by the
parties alternately striking any name from the list (the first to strike shall
alternate from grievance to grievance) until only one (1) name remains. The
final name remaining shall be the arbitrator of the grievance.

Section 8.3. The jurisdiction and the decision of the arbitrator of the
grievance shall be confined to a determination of the facts and the
interpretation or application of the specific provision or provisions of this
Agreement at issue. The Arbitrator shall be bound by terms and provisions of the
Agreement and shall have the authority to consider only grievances representing
solely an arbitration issue under this Agreement. The arbitrator shall have no
authority to add to, alter, amend, or modify any provision of this Agreement.
The decision of the arbitrator in writing on any issue properly before the
arbitrator in accordance with the provisions of this Agreement shall be final
and binding on the aggrieved employee or employees, the Union, and the Company.

Section 8.4. Multiple grievances shall not be heard before one arbitrator at the
same hearing except by mutual agreement of the parties.

                                        4
<PAGE>

Section 8.5. The Union and the Company shall each bear its own costs in these
arbitration proceedings, except that they shall share equally the fee and other
expenses of the arbitrator in connection with the grievance.

                                   ARTICLE 9.

                                   SENIORITY

Section 9.1. Seniority is defined as the length of an employee's continuous
employment in the bargaining unit at the Company's Fernwood, Mississippi feed
mill since the last permanent date of employment. For those employed on the date
of this Agreement, this shall include all continuous service with the Company.

Section 9.2. All newly hired or rehired employees shall be considered as
probationary employees for a period of ninety (90) days during which period they
shall not acquire seniority, and during which they may be discharged without
recourse to the grievance and arbitration procedures provided herein. If
retained as a regular employee upon satisfactory completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section 9.3. In matters of promotion, consideration will be given to an
employee's skill, ability, attendance, and seniority; and when the factors other
than seniority are relatively equal, seniority will be the deciding factor. In
layoffs and recalls, seniority will prevail, provided the employees involved are
relatively equal in ability and fitness to immediately perform the available
work. Probationary employees will be the first employees to be laid off,
provided only that employees retained are qualified to do the work.

Section 9.4. An employee's seniority shall be lost and employment considered
terminated by:

      (a)   discharge for just cause;

      (b)   failure to return from layoff within five (5) working days after
            written notice by certified mail is sent by the Company to the
            employee's last known address on the Company's books. Actual notice
            to the employee of recall by any other means shall satisfy the terms
            of this provision;

      (c)   voluntary termination of employment;

      (d)   failure to report after termination of a leave of absence approved
            by the Company in writing on the first scheduled day following the
            expiration of such leave of absence;

      (e)   engaging in a gainful occupation while on leave of absence;

      (f)   absence from work for three (3) consecutive working days without
            notice to the Company, which shall be considered as a voluntary
            quit, unless notice was prevented by a cause beyond the control of
            the employee;

      (g)   separation from the Company's active payroll for any reason,
            exclusive of leaves of absence approved by the Company, for a period
            exceeding an employee's length of service in the Fernwood feed mill,
            or three (3) months, whichever is less.

                                        5
<PAGE>

Section 9.5. For the purposes of this Agreement, layoffs shall be classified as
(a) "short term" and (b) "long term". A short-term layoff is a layoff, which
will not exceed ten (10) workdays in length. Short-term layoffs may be made
without regard to seniority. A long-term layoff is a layoff, which will exceed
ten (10) workdays in length. Long-term layoffs shall be made subject to Section
3 of this Article.

Section 9.6. All permanent job vacancies in premium rated classifications in the
feed mill shall be posted for three (3) consecutive working days on the feed
mill bulletin board. Employees in lower rated classifications desiring promotion
to such jobs shall sign a bid sheet posted on the bulletin board. An employee
who does not sign such bid sheet shall have no right to consideration for the
vacancy. However, the fact that an employee did not sign the bid sheet will not
preclude that employee's selection for the job by the Company if none of the
signers is determined to be qualified. If no qualified employee bids on the
posted position, the Company may fill the position in its discretion. If, after
a reasonable period not to exceed thirty (30) days, the employee selected for
the posted position achieves an acceptable level of performance, the employee
shall receive the rate of the new position. If the employee fails to perform in
an acceptable manner, such employee shall return to a job in their former
classification, and the premium job shall be posted again. An employee who
self-disqualifies shall not be eligible for bidding on a premium job for a
period of six (6) months.

                                   ARTICLE 10.

                                 SENIORITY LIST

Section 10.1. Upon request at any reasonable time, the Company shall furnish to
the Union a current seniority list. The list shall be seniority by department
and shall include social security number, date of hire, rate of pay, current
address, telephone number, and first and last names.

                                   ARTICLE 11.

                                 HOURS OF WORK

Section 11.1. The regular work week shall consist of five (5) days or forty (40)
hours. This shall not be construed as a guarantee of any amount of hours or
work. The basic work week shall be the seven (7) day period from 12:01 a.m.
Sunday until midnight the following Saturday. Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section 11.2. An employee who works more than forty (40) hours in any one week
shall be paid at time and one-half the computed regular rate of pay for all
hours in excess of forty (40).

Section 11.3. When employees are called to work a shift outside their regularly
scheduled shift and report for work, or when they report to work at their
regularly scheduled time, they shall be given the opportunity to work a minimum
of three (3) hours or receive pay for same at the applicable hourly rate, except
that no such pay shall be made when the plant cannot operate for reasons beyond
the control of the Company, such as, but not limited to, strikes, utility
failure, fire, flood, storms or other acts of God interfering with work, or a
breakdown of machinery or equipment when the Company notifies the employees not
to report to work at least four (4) hours prior to the scheduled time to work.

                                        6
<PAGE>

Section 11.4. When Saturday work will be required, employees shall be notified
by the beginning of first shift on the Friday immediately preceding the Saturday
work, or as soon as the Company knows such work will be required.

Section 11.5. Call in schedules for the weekend will be posted and rotated among
all drivers on a weekly basis. Each week there will be 2 (two) drivers on the
posted list. The first driver listed must call the Feed Mill by approximately
9:00 a.m. At this time, he will be advised of whether there are any loads to be
delivered. The second driver on the list must call the Feed Mill by
approximately 9:05 a.m. At this time, he will be advised of whether there are
any loads to be delivered. If there are no loads to be delivered when the
drivers call in, there will be no further requirement to call in by these
drivers for the day.

                                   ARTICLE 12.

                               LEAVES OF ABSENCE

Section 12.1. An employee who has completed the probationary period may be
granted, at the Company's discretion, a leave of absence without pay for a
reasonable period of time, not to exceed one (1) month, for the following
reasons:

      (a)   emergency personal business; and

      (b)   Union business, upon written request by the Union's Representative,
            provided that no more than three (3) employees shall be on such
            leave simultaneously.

Section 12.2. Employees who have completed their probationary period are
eligible for up to thirteen (13) weeks per year of unpaid family and medical
treatment leave for the following reasons:

      (a)   Employee's serious health condition -- a medical certification will
            be required which states that the employee is unable to perform the
            functions of the employee's position.

      (b)   Family serious health condition -- spouse, parent, or child. A
            medical certification will be required stating the employee is
            "needed to care for the individual."

      (c)   New child leave -- the birth, adoption or foster care placement by a
            state agency of a child, and, the need to care for the child; such
            leave may be prior to the actual birth or placement.

      The provisions of this Section shall be administered in accordance with
the Family and Medical Leave Act of 1993 (FMLA).

Section 12.3. Employees who have completed their probationary period who lose
actual work time in order to attend the funeral of a family member shall receive
a paid funeral leave for time necessarily lost during the employee's regularly
scheduled shift, provided the employee would have been scheduled and at work
during that day. Said leave shall be up to three (3) days with pay for a
deceased parent, spouse, child, brother, or sister and one (1) day for a
deceased father-in-law, mother-in-law, grandparent, brother-in-law,
sister-in-law, or grandchild. In order to receive pay under this Section, an
employee must be actively working, must make application for such paid leave,
and must attend the funeral. The Company may require satisfactory evidence of
attendance at the funeral and the relationship of the deceased. Each day of paid
funeral leave shall be computed in the same manner as holiday pay.

                                        7
<PAGE>

Section 12.4. If the Company has knowledge that an employee will be on family
and medical leave, military leave, or an industrial injury leave for more than
thirty (30) calendar days, the job will be posted and filled on a temporary
basis within the department. When employees on leave under this Section return,
they shall be immediately assigned to their old job; employees temporarily
filling the job shall return to their regular jobs.

Section 12.1 The Company shall pay each active employee who reports for jury
duty the difference between pay up to eight times the hourly rate, as computed
for holiday pay, for time actually lost and the juror's daily fee for each day
the employee is required to serve on a jury. The employee must report to work
during those days of his regularly scheduled shift during which the employee is
not required to report for jury duty or be available at court for jury service.
The employee must present proof of jury service and the amount of compensation
received from the court.

Section 12.6. An employee who voluntarily enlists or is called into military
service of the United States shall be reinstated upon the termination of his
service in accordance with the laws of the United States and applicable state
law in force at the time of such reinstatement.

                                  ARTICLE 13.

                                   VACATIONS

Section 13.1. Regular full-time employees shall be eligible for one (1) week's
vacation after the first anniversary date of continuous employment, and after
the anniversary date of each succeeding year.

      Employees shall be eligible for a second week of vacation after the second
anniversary date of continuous employment, and after the anniversary date of
each succeeding year of continuous employment.

      Employees shall be eligible for a third week of vacation after the tenth
anniversary date of continuous employment, and after the anniversary date of
each succeeding year of continuous employment.

      Employees shall be eligible for a fourth week of vacation after the
twentieth anniversary date of continuous employment and after the anniversary
date of each succeeding year of continuous employment.

Section 13.2. To be eligible for a vacation, an employee must have worked
sixteen hundred (1,600) hours during the preceding twelve (12) months or eighty
(80) percent of available hours for that period, whichever is less. Vacations
and holidays not worked shall be considered time worked for purposes of this
Section.

Section 13.3. Vacation pay shall be computed at forty (40) times feed mill
employee's regular straight time hourly rate and forty (40) times the rate for
drivers provided in Appendix A.

Section 13.4. Due consideration will be given employees' choice of vacation
time, but all vacations scheduled are subject to the final approval of the
Company in keeping with the Company's scheduling needs. In the event that two or
more employees cannot be released at the same time, the employee with the
longest service with the Company will be given preference. An employee who

                                        8

<PAGE>

notifies the Company of a vacation choice thirty (30) days in advance shall not
lose that vacation choice to another employee. Vacations may not be scheduled
for periods of less than a week, and all vacations must be taken within an
anniversary year, except as provided hereinafter.

Employees who have earned three weeks of vacation shall be entitled to use up to
one week of said vacation one day at a time, provided the employee's request is
given at least one week in advance and the supervisor approves such request.
This right may not be used on the day before or the next scheduled work day
following a scheduled holiday. Requests will be granted in order of seniority.
It is understood that any waiver of the notice requirement is in the sole
discretion of the Company.

Section 13.5. The Employer shall post a vacation schedule for the entire
calendar year no later than January 1 of each year. The Employer will not block
out any weeks of vacation eligibility, but may limit the number of employees in
any classification to be off on a given week based on feed delivery. Vacation
selections will be granted to eligible employees on the basis of seniority.
Vacation selection shall be completed by February 15 of each year. The final
vacation schedule shall be approved and posted no later than March 1.

All vacation requests must be submitted in writing to the mill manager. An
employee who fails to submit a vacation request during the posting period may
select from the remaining available dates as their seniority allows. An employee
who requests vacation during the posting period (January 1 - February 15) shall
select from available dates as their seniority allows. This provision shall also
apply to employees who are awarded additional vacation during the year under the
terms of this Agreement. An employee who has been assigned a vacation period
shall not have the dates changed without his/her consent.

Section 13.6. The Company reserves the right to schedule a shutdown for one (1)
week in any year, which shall be treated as a vacation week for those employees
entitled to vacation.

                                   ARTICLE 14.

                                    HOLIDAYS

Section 14.1. The following shall be considered holidays:

            New Year's Day                     Labor Day
            Martin Luther King's Birthday      Thanksgiving Day
            Memorial Day                       Christmas Day
            July Fourth                        Birthday Holiday

      The birthday holiday shall be taken on the employee's birthday. If the
birthday falls on a Saturday or Sunday, the holiday shall be taken on a day
agreed upon by the Company and the employee within one week of the birthday.

      In the event any other holiday falls on a Saturday or Sunday, the Company
will announce whether it will be observed on the Friday preceding or the Monday
following the holiday. Such notice shall be given at least four (4) days in
advance.

Section 14.2. All regular full-time employees who have completed their
probationary period shall be paid holiday pay for each holiday enumerated above,
provided they report for work and work all scheduled hours on the workday
preceding and the workday next following the holiday, unless the employee was
necessarily absent due to personal illness, supported by a doctor's certificate,
or

                                        9

<PAGE>

because of an emergency occurring to the employee or the employee's immediate
family (meaning only spouse, children, or parents). No employee shall lose
holiday pay because of missing no more than thirty (30) minutes on the workday
before or the workday following the holiday.

      In any event, an employee must work at least one (1) day during the
calendar week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation.

Section 14.3. Holiday pay shall be computed for feed mill employees at eight (8)
hours at their regular straight time rate and for drivers eight (8) hours at
$10.85 per hour.

Section 14.4. Employees required to work on a holiday shall be paid the amount
provided above, in addition to their regular earnings for that day. Hours not
worked on a holiday shall not be considered as work time in computing any
additional compensation due under the overtime provisions of this contract.

Section 14.5. If an employee is required to work and fails to report or fails to
work scheduled hours on a holiday, the employee shall forfeit holiday pay for
that day, unless excused as provided in Section 14.2.

Section 14.6. Employees on vacation during the week in which a holiday falls
shall receive holiday pay.

                                  ARTICLE 15.

                                   INSURANCE

Section 15.1. The Company will provide a group insurance program for employees
covered by this Agreement. The Company will continue to make contributions
toward group health insurance premiums in the proportions described hereinafter.
Employees shall pay the remaining costs of the insurance. Premium changes shall
be shared in the proportion in effect at the time of change.

Section 15.2. The Company shall pay seventy-five percent (75%) percent of the
cost of employee coverage only under the group insurance plan elected by an
employee. On the effective date of this Agreement, the contribution by the
Company to family coverage shall increase from fifty percent (50%) of the
premium to sixty percent (60%) of the premium for family coverage. On January 1,
2006, the contribution on family coverage will increase to seventy percent
(70%), and on January 1, 2007, it shall increase to seventy-five percent (75%)
of the premium for family coverage.

                                   ARTICLE 16.

                           PROFIT SHARING - RETIREMENT

Section 16.1. ESOP - Employees covered by this Agreement will continue to be
covered by the Employee Stock Ownership Plan of Sanderson Farms, Inc. and
Affiliates. Participation and benefits in the Plan shall be in accordance with
the provisions of that Plan.

Section 16.2. 401(k) Plan - Employees covered by this Agreement shall continue
to be eligible for participation in the Sanderson Farms, Inc. and Affiliates
401(k) Plan, as provided in the Plan, and shall be subject to the conditions
provided by said Plan.

                                       10

<PAGE>

                                   ARTICLE 17.

                                     WAGES

Section 17.1. Wages shall be paid as provided in Appendix A attached hereto and
made a part of this Agreement.

Section 17.2. Whenever a new job classification is created by the Company, or
there is a change or merger of job classifications or the job content of job
classifications, the Company will discuss the appropriate wage rate with the
Union. If a mutually satisfactory rate cannot be agreed upon, the Company will
set the rate. The Union may file a grievance on the rate, and the dispute shall
be settled in accordance with the grievance and arbitration procedures of this
contract.

Section 17.3. In addition to the wage rates as provided in Appendix A, feed mill
employees who have been continuously employed for five (5) or more years shall
receive seniority pay of twenty (20) cents per hour, effective on their
respective anniversary dates. Maintenance employees and drivers continuously
employed for five (5) or more years will receive seniority pay of fifty (50)
cents per hour. In computing incentive pay for drivers, seniority pay shall be
an additional two (2) cents per mile on the appropriate mileage rate.

Section 17.4. Employees who have completed their probationary period and are
temporarily assigned for one or more consecutive hours to perform the duties of
an absent employee in a higher paid classification shall receive the rate of
that classification while performing the duties of the classification. Employees
who work at more than one pay rate during a week in which they earn overtime,
shall receive overtime pay based upon an average of the rates earned during that
week.

                                   ARTICLE 18.

                                 MISCELLANEOUS

Section 18.1. The Company shall maintain safe, sanitary, and healthy working
conditions at all times, and employees will be required to cooperate in
maintaining such conditions. Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section 18.2. Employees shall follow all safety standards, rules and
regulations, wear and use all prescribed protective equipment while at work, and
report unsafe or hazardous conditions to supervisors.

Section 18.3. Any physical or mental examination request shall be promptly
complied with by all employees covered by this Agreement; provided, however, the
Company shall pay for all such examinations it requests of employees.

Section 18.4. The Feed Mill Safety Committee shall consist of members selected
by the Company from both within and outside the bargaining unit. Length of
service may be staggered to insure continued experienced participation. The
Chief Steward of the Union shall be a permanent member. The Safety Committee
shall perform whatever functions are assigned to help maintain effective
communication of safety policies to employees and create and maintain active
employee interests in safety. Duties shall include periodic meetings; on the job
injuries, and safety related suggestions from any source; assistance in planning
activities to stimulate employee interest in safety; and

                                       11

<PAGE>

recommending corrective actions to facilitate safety related changes in work
environment and work practices.

Section 18.5. It shall be the responsibility of all employees to keep the
Company apprised of their current address, telephone number, marital status and
number of dependents.

Section 18.6. It is the intent of the parties hereto that no provisions of this
Agreement shall require either party to perform any act which shall be unlawful
under any state or Federal statute.

                                   ARTICLE 19.

                               NO DISCRIMINATION

Section 19.1. The Company and the Union agree they will not discriminate against
any person with regard to employment or Union membership or because of race,
creed, color, sex, religion, age (within the meaning of the Age Discrimination
in Employment Act), national origin, or disability (as defined in the Americans
With Disabilities Act).

Section 19.2. Whenever masculine gender is used in this Agreement, it shall
apply to the feminine gender.

                                   ARTICLE 20.

                      COMPLETE AGREEMENT AND SEPARABILITY

Section 20.1. Complete Agreement: The parties expressly declare that they have
bargained between themselves on all phases of hours, wages, rate of pay,
conditions of employment and working conditions, and that this contract
represents their full and complete agreement without reservations or unexpressed
understanding. Any aspect of hours, rates of pay, wages, conditions of
employment and working conditions not covered by a particular provision of this
Agreement is declared to have been expressly eliminated as a subject for
bargaining and during the life of this Agreement may not be raised for further
bargaining in negotiations without written consent of all parties hereto.

      It is further understood and agreed that neither party hereto has been
induced to enter into this Agreement by any representations or promises made by
the other which are not expressly set forth herein, and that this document
correctly sets forth the effect of all preliminary negotiations, understandings,
and agreements, and supersedes any previous agreements, whether written or
verbal. This contract constitutes the entire Agreement and understanding between
the parties and shall not be modified, altered, changed, or amended in any
respect except on mutual agreement set forth in writing and signed by both
parties.

Section 20.2. Separability: In the event any of the provisions of this Agreement
are held to be in conflict with or in violation of any state or federal statute
or other applicable law, administrative rule or regulation, such decision shall
not affect the validity of the remaining provisions of the Agreement. The
parties further agree that they will meet within thirty (30) days to
re-negotiate the provisions of the Agreement held to be invalid, provided that
Article 6 shall remain in full force and effect during all such negotiations.

                                       12

<PAGE>

                                   ARTICLE 21.

                                   CHECK-OFF

Section 21.1. Payroll Deductions. The Company agrees to deduct regular weekly
dues and/or initiation fees from the wages of the employees who individually and
voluntarily authorize the Company in writing. The Company shall remit on a
monthly basis the said dues to the Secretary-Treasurer of LOCAL UNION 1529,
UNITED FOOD AND COMMERCIAL WORKERS UNION, AFL-CIO. A list showing the names of
all employees (alphabetically) and their social security numbers from whom
deductions were due, the amount deducted from each, and the date on which
deductions were made will accompany the remittance of money collected. Such
deductions shall be made from each weekly paycheck and shall be remitted to the
Local Union within fifteen (15) calendar days after the last weekly deduction in
the current month. If an employee has no wages due him on any weekly payday in
any month, the deductions shall be made based upon the instructions received by
the Company from the Union.

Section 21.2. The Company will make deductions from employees according to the
signed Active Ballot Club check-off card, and the monies collected will be
forwarded to the Secretary-Treasurer of U.F.C.W., Local 1529 by a separate
check.

Section 21.3. The Union shall save the Company harmless against and from all
claims, demands, suits or other forms of liability that arise out of or by
reason of action taken or not taken by the Company in reliance upon or
compliance with any provisions of this Article.

                                   ARTICLE 22.

                                 SUCCESSORSHIP

Section 22.1. In the event of a transfer, sale or assignment of the Company's
facility, the Union will be notified no less than 90 days after completion of a
transfer, sale or assignment or in accordance with federal laws.

Section 22.2. If a prospective buyer inquires, the Company will advise the
prospective buyer of the existence of the collective bargaining agreement, and,
upon request, furnish it a copy of the Agreement.

                                   ARTICLE 23.

                             DURATION OF AGREEMENT

Section 23.1. This Agreement shall remain in full force and effect from the 27th
day of February, 2005 until the 31st day of December, 2007, and shall continue
thereafter from year to year until either party to this Agreement desires to
terminate this Agreement by giving written notice at least ninety (90) days
prior to December 31, 2007, or at least ninety (90) days' written notice prior
to any anniversary date thereafter. The parties to this Agreement shall endeavor
to satisfactorily negotiate any contemplated change or execute a new Agreement
during the ninety (90) day period, after proper notice in writing has been given
as provided hereinabove. Notice, as specified in this Article, shall be mailed
via United States Certified Mail.

                                       13

<PAGE>

      IN WITNESS WHEREOF, the parties have hereunto signed their names this 18th
day of MAY, 2005.

SANDERSON FARMS, INC.                         UNITED FOOD AND COMMERCIAL
(McCOMB PRODUCTION DIVISION)                  WORKERS, LOCAL 1529, AFL-CIO

/s/ Anthony DeLee                             /s/ Rick Slayton
-----------------------------                 -------------------------------

/s/ Gary Cutrer
-----------------------------                 _______________________________

_____________________________                 _______________________________

_____________________________                 _______________________________

                                       14
<PAGE>

                             APPENDIX "A" (CONT'D.)

                                 WAGE SCHEDULE

                           EFFECTIVE FEBRUARY 27, 2005

                                   FEED MILL

<TABLE>
<CAPTION>
                              Feb. 27, 2005       Jan. 5, 2006       Jan. 7, 2007
                              -------------       ------------       ------------
<S>                           <C>                 <C>                <C>
Master Maintenance            $       13.10       $      13.35       $      13.70
Unloader - Mill                       10.40              10.65              11.00
Control Room Technician               10.40              10.65              11.00
Utility - Mill                         9.50               9.75              10.10
</TABLE>

                         RATES FOR NEWLY HIRED EMPLOYEES

<TABLE>
<CAPTION>
                              Feb. 27, 2005       Jan. 5, 2006       Jan. 7, 2007
                              -------------       ------------       ------------
<S>                           <C>                 <C>                <C>
Training rate                 $        6.65       $       6.85       $       7.10
Sixty-day rate                         7.85               8.05               8.30
Six-month rate                         8.50               8.70               8.95
One-year rate                          9.50               9.75              10.10
</TABLE>

Newly hired employees in premium classifications above shall receive the rate of
that classification when the employee demonstrates the ability to perform
satisfactorily all the duties of the job.

                                       16

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