Document:

Exhibit 4.1

	
  

 
	
 XL GROUP PUBLIC
 LIMITED COMPANY

 
	
  

 
	
 to

 
	
  

 
	
 [____________],

 
	
  

 
	
 as Trustee

 
	
  

 
	

 

 
	
  

 
	
 INDENTURE

 
	
  

 
	
 Dated as of
 [______]

 
	
  

 
	

 

 
	
  

 
	
 Senior Debt
 Securities

 

          Reconciliation and tie between Trust
Indenture Act of 1939 and Indenture, dated as of [_____].

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 TRUST INDENTURE ACT SECTION

 	
  

 	
  

 	
 INDENTURE SECTION 

 	
  

 
	

 

 	
  

 	
  

 	

 

 	
  

 
	
 ss.310(a)

 	
  

 	
 6.09

 
	
  

 	
 (b)

 	
  

 	
 6.08, 6.10

 
	
  

 	
 (c)

 	
  

 	
 Not Applicable 

 
	
 ss.311(a)

 	
  

 	
 6.13

 
	
  

 	
 (b)

 	
  

 	
 6.13

 
	
  

 	
 (c)

 	
  

 	
 Not Applicable 

 
	
 ss.312(a)

 	
  

 	
 7.01, 7.02(a)

 
	
  

 	
 (b)

 	
  

 	
 7.02(b)

 
	
  

 	
 (c)

 	
  

 	
 7.02(c) 

 
	
 ss.313(a)

 	
  

 	
 7.03(a)

 
	
  

 	
 (b)

 	
  

 	
 7.03(b)

 
	
  

 	
 (c)

 	
  

 	
 7.03(b)

 
	
  

 	
 (d)

 	
  

 	
 7.03(c) 

 
	
 ss.314(a)

 	
  

 	
 7.04

 
	
  

 	
 (b)

 	
  

 	
 Not Applicable

 
	
  

 	
 (c)

 	
  

 	
 1.02

 
	
  

 	
 (d)

 	
  

 	
 Not Applicable

 
	
  

 	
 (e)

 	
  

 	
 1.02

 
	
  

 	
 (f)

 	
  

 	
 Not Applicable 

 
	
 ss.315(a)

 	
  

 	
 6.01

 
	
  

 	
 (b)

 	
  

 	
 6.02,
 7.03(b)

 
	
  

 	
 (c)

 	
  

 	
 6.01(b)

 
	
  

 	
 (d)

 	
  

 	
 6.01(c)

 
	
  

 	
 (e)

 	
  

 	
 5.14 

 
	
 ss.316(a)(1)

 	
  

 	
 5.12, 5.13

 
	
  

 	
 (b)

 	
  

 	
 5.08

 
	
  

 	
 (c)

 	
  

 	
 1.04(d) 

 
	
 ss.317(a)(1)

 	
  

 	
 5.03

 
	
  

 	
 (a)(2)

 	
  

 	
 5.04

 
	
  

 	
 (b)

 	
  

 	
 10.03 

 
	
 ss.318(a)

 	
  

 	
 1.07 

 

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

i

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	
  

 	
  

 	
  

 	
  

 
	
 Section 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.02.

 	
 Compliance
 Certificates and Opinions

 	
  

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.03.

 	
 Form of
 Documents Delivered to Trustee

 	
  

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.04.

 	
 Acts of
 Holders

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.05.

 	
 Notices,
 Etc., to Trustee and Company

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.06.

 	
 Notice to
 Holders; Waiver

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.07.

 	
 Conflict
 with Trust Indenture Act

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.08.

 	
 Effect of
 Headings and Table of Contents

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.09.

 	
 Successors
 and Assigns

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.10.

 	
 Separability
 Clause

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.11.

 	
 Benefits of
 Indenture

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.12.

 	
 Governing
 Law; Waiver of Jury Trial

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.13.

 	
 Legal
 Holidays

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.14.

 	
 References
 to Currency

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.15.

 	
 Force Majeure

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II

 
	
 SECURITY FORMS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.01.

 	
 Forms
 Generally

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.02.

 	
 Form of
 Trustee’s Certificate of Authentication

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.03.

 	
 Securities
 Issuable in the Form of a Global Security

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 
	
 THE SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.01.

 	
 Amount
 Unlimited; Issuable in Series

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.02.

 	
 Denominations

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.03.

 	
 Execution,
 Authentication, Delivery and Dating

 	
  

 	
 15

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.04.

 	
 Temporary
 Securities

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.05.

 	
 Registration,
 Registration of Transfer and Exchange

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.06.

 	
 Mutilated,
 Destroyed, Lost and Stolen Securities

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.07.

 	
 Payment of
 Interest; Interest Rights Preserved

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.08.

 	
 Persons
 Deemed Owners

 	
  

 	
 20

 

ii

	
  

 	
  

 	
  

 	
  

 
	
 Section 3.09.

 	
 Cancellation

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.10.

 	
 Computation
 of Interest

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.11.

 	
 CUSIP
 Numbers

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 
	
 SATISFACTION AND DISCHARGE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.01.

 	
 Satisfaction
 and Discharge of Indenture

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.02.

 	
 Application
 of Trust Funds; Indemnification

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.03.

 	
 Defeasance
 and Discharge of Indenture

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.04.

 	
 Defeasance
 of Certain Obligations

 	
  

 	
 24

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 
	
 REMEDIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.01.

 	
 Events of
 Default

 	
  

 	
 25

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.02.

 	
 Acceleration
 of Maturity; Rescission and Annulment

 	
  

 	
 26

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.03.

 	
 Collection
 of Indebtedness and Suits For Enforcement By Trustee

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.04.

 	
 Trustee May
 File Proofs of Claim

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.05.

 	
 Trustee May
 Enforce Claims Without Possession of Securities

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.06.

 	
 Application
 of Money Collected

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.07.

 	
 Limitation on Suits

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.08.

 	
 Unconditional
 Right of Holders to Receive Principal, Premium and Interest

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.09.

 	
 Restoration
 of Rights and Remedies

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.10.

 	
 Rights and
 Remedies Cumulative

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.11.

 	
 Delay or
 Omission Not Waiver

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.12.

 	
 Control by
 Holders

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.13.

 	
 Waiver of
 Past Defaults

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.14.

 	
 Undertaking
 for Costs

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.15.

 	
 Waiver of
 Stay or Extension Laws

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 
	
 THE TRUSTEE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.01.

 	
 Certain
 Duties and Responsibilities

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.02.

 	
 Notice of
 Defaults

 	
  

 	
 33

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.03.

 	
 Certain
 Rights of Trustee

 	
  

 	
 33

 

iii

	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.04.

 	
 Not
 Responsible for Recitals or Issuance of Securities

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.05.

 	
 May Hold
 Securities

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.06.

 	
 Money Held
 in Trust

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.07.

 	
 Compensation
 and Reimbursement

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.08.

 	
 Disqualification;
 Conflicting Interests

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.09.

 	
 Corporate
 Trustee Required; Eligibility

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.10.

 	
 Resignation
 and Removal; Appointment of Successor

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.11.

 	
 Acceptance
 of Appointment by Successor

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.12.

 	
 Merger,
 Conversion, Consolidation or Succession to Business

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.13.

 	
 Preferential
 Collection of Claims Against Company

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 
	
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.01.

 	
 Company to
 Furnish Trustee Names and Addresses of Holders

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.02.

 	
 Preservation
 of Information; Communications to Holders

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.03.

 	
 Reports by
 Trustee

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.04.

 	
 Reports by
 Company

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII

 
	
 SUCCESSOR CORPORATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.01.

 	
 When Company
 May Merge or Transfer Assets

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX

 
	
 AMENDMENTS & SUPPLEMENTAL
 INDENTURES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.01.

 	
 Amendments
 or Supplemental Indentures Without Consent of Holders

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.02.

 	
 Amendments
 or Supplemental Indentures with Consent of Holders

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 9.03.

 	
 Execution of
 Supplemental Indentures

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.04.

 	
 Effect of
 Supplemental Indentures

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.05.

 	
 Conformity
 with Trust Indenture Act

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.06.

 	
 Reference in
 Securities to Supplemental Indentures

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X

 
	
 COVENANTS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 10.01.

 	
 Payment of
 Principal, Premium and Interest

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.02.

 	
 Maintenance
 of Office or Agency

 	
  

 	
 46

 

iv

	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.03.

 	
 Money for
 Securities; Payments to Be Held in Trust

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 10.04.

 	
 Corporate Existence

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 10.05.

 	
 Maintenance
 of Properties

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.06.

 	
 Statement by
 Officers as to Default

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.07.

 	
 Waiver of
 Certain Covenants

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.08.

 	
 Calculation
 of Original Issue Discount

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI

 
	
 REDEMPTION OF SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.01.

 	
 Applicability
 of Article

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.02.

 	
 Election to
 Redeem; Notice to Trustee

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.03.

 	
 Selection by
 Trustee of Securities to Be Redeemed

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.04.

 	
 Notice of
 Redemption

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.05.

 	
 Deposit of
 Redemption Price

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.06.

 	
 Securities
 Payable on Redemption Date

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.07.

 	
 Securities
 Redeemed in Part

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.08.

 	
 Purchase of
 Securities at Option of the Holder Upon a Change in Control

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.09.

 	
 Effect of
 Purchase Notice or Change in Control Purchase Notice

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.10.

 	
 Deposit of
 Change in Control Purchase Price

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XII

 
	
 SINKING FUNDS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.01.

 	
 Applicability
 of Article

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.02.

 	
 Satisfaction
 of Sinking Fund Payments with Securities

 	
  

 	
 56

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.03.

 	
 Redemption
 of Securities for Sinking Fund

 	
  

 	
 56

 

v

          INDENTURE,
dated as of [_____], between XL Group Public Limited Company, an
Irish public limited company
(herein called the “Company” or the “Issuer”), having its
principal office at No. 1 Hatch Street Upper, 4th Floor,
Dublin 2, Ireland, and
[TRUSTEE], a [__________], as trustee hereunder (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 unsecured debentures, notes
or other evidences of indebtedness (herein called the “Securities”), to
be issued in one or more series as in this Indenture provided.

          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 covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as
follows:

ARTICLE I

DEFINITIONS AND
OTHER PROVISIONS OF

GENERAL APPLICATION

          Section
1.01. 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 in the
 United States, 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;

 
	
  

 	
  

 	
  

 
	
  

 	
           (4)
 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; and

 
	
  

 	
  

 	
  

 
	
  

 	
           (5)
 all references used herein to the male gender shall include the female
 gender.

 

          “ACT,”
when used with respect to any Holder, has the meaning specified in Section
1.04.

          “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.

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

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

          “Business
Day” means, with respect to any Securities, a day that in the City of New
York or in any Place of Payment is not a day on which banking institutions are
authorized by law or regulation to close.

          “Capital
Stock” for any entity means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or
interests in (however designated) shares issued by that entity.

          “Certificated
Securities” means Securities that are in registered definitive form.

          “Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, 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.

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

          “Company
Request” or “Company Order” means a written request or order signed
in the name of the Company by its chairman of the board, a vice chairman, its
president or a vice president, and by its treasurer, an assistant treasurer,
its secretary or an assistant secretary, and delivered to the Trustee.

          “Corporate
Trust Office” means the office of the Trustee at which at any particular
time the trust created by this Indenture shall be administered, which office,
at the time of the execution of this Indenture, is located at [_________].

          “Defaulted
Interest” has the meaning specified in Section 3.07.

          “Depositary”
means, unless otherwise specified by the Company pursuant to either Section
2.03 or 3.01, with respect to Securities of any series issuable or issued as a
Global

2

Security, The Depository Trust Company, New
York, New York, or any successor thereto registered under the Securities
Exchange Act of 1934, as amended, or other applicable statute or regulation.

          “Event
of Default” has the meaning specified in Section 5.01.

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

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

          “Holder
Action” has the meaning specified in Section 7.02(d).

          “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of particular series of Securities established as
contemplated by Section 3.01.

          “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.

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

          “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
president or a vice president, and by the treasurer, an assistant treasurer,
the secretary or an assistant secretary, of the Company, and delivered to the
Trustee.

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

          “Ordinary
Shares” means the Class A and Class B ordinary shares (including preference
ordinary shares), $0.01 par value per share, of the Company existing on the
date of this Indenture or any other shares of Capital Stock of the Company into
which such Class A or Class B ordinary shares shall be reclassified or changed.

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 5.02. 

          “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 cancelled by the Trustee or delivered to the Trustee
 for cancellation; 

 
	
  

 	
  

 
	
  

 	
           (ii)
 Securities for whose payment or redemption money or evidences of indebtedness
 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 this Indenture or provision therefor satisfactory to the
 Trustee has been made; and 

 
	
  

 	
  

 
	
  

 	
           (iii)
 Securities which have been paid pursuant to Section 3.06 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 any request, demand, authorization, direction, notice,
consent or waiver hereunder, 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 or waiver, 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. In case of
a dispute as to such right, any decision by the Trustee shall be full
protection to the Trustee. Upon request of the Trustee, the Company shall
furnish to the Trustee promptly an Officers’ Certificate listing and identifying
all Securities, if any, known by the Company to be owned or held by or for the
account of any of the above-described persons; and, subject to Section 6.01,
the Trustee shall be entitled to accept such Officers’ Certificate as
conclusive evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purposes of any such
determination. 

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

4

          “Person”
means any individual, corporation, exempted limited company, partnership, joint
venture, association, joint-stock company, 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 premium, if any) and interest
on the Securities of that series are payable as specified as contemplated by
Section 3.01. 

          “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 3.06 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 3.01. 

          “Responsible
Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
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. 

          “Security
Register” and “Security Registrar” have the respective meanings
specified in Section 3.05. 

          “Special
Record Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 3.07. 

          “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, with respect to any Person: 

5

	
  

 	
  

 
	
  

 	
           (1)
 any corporation or company a majority of whose Capital Stock with voting
 power, under ordinary circumstances, to elect directors is, at the date of
 determination, directly or indirectly, owned by such Person (a “subsidiary”),
 by one or more subsidiaries of such Person or by such Person and one or more
 subsidiaries of such Person; 

 
	
  

 	
  

 
	
  

 	
           (2)
 a partnership in which such Person or a subsidiary of such Person is, at the
 date of determination, a general partner of such partnership; or 

 
	
  

 	
  

 
	
  

 	
           (3)
 any partnership, limited liability company or other Person in which such
 Person, a subsidiary of such Person or such Person and one or more
 subsidiaries of such Person, directly or indirectly, at the date of
 determination, has (x) at least a majority ownership interest or (y) the
 power to elect or appoint or direct the election or appointment of the
 managing partner or member of such Person or, if applicable, a majority of
 the directors or other governing body of such Person. 

 

          “Trust
Indenture Act” means the Trust Indenture Act of 1939 as amended and in
force at the date as of which this instrument was executed, except as provided
in Section 9.05. 

          “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.

          “U.S.
Government Obligations” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person con- trolled or supervised by
and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as to the timely payment of
principal and interest 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 depository receipt
issued by a bank or trust company which is a member of the Federal Reserve
System and having a combined capital and surplus of at least $50,000,000 as
custodian with respect to any such obligation evidenced by such depository
receipt or a specific payment of interest on or principal of any such
obligation held by such custodian for the account of the holder of a depository
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
depository receipt from any amount received by the custodian in respect of the
obligation set forth in (i) or (ii) above or the specific payment of interest
on or principal of such obligation evidenced by such depository receipt. 

6

          Section
1.02. 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 an Officers’
Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and, where
appropriate as to matters of law, an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished. 

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

	
  

 	
  

 
	
  

 	
           (1)
 a statement that the Person 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 Person, such Person has made
 such examination or investigation as is necessary to enable him to express an
 informed opinion as to whether or not such condition or covenant has been
 complied with; and 

 
	
  

 	
  

 
	
  

 	
           (4)
 a statement as to whether, in the opinion of each such Person, such condition
 or covenant has been complied with. 

 

          Section
1.03. 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
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 opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters is erroneous. Any certificate 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. 

7

          Section
1.04. Acts of Holders. 

          (a)
Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given 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 an 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 6.01) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section 1.04. 

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

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

          (d)
If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to a Board Resolution, fix in advance a
record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. Notwithstanding Trust Indenture Act
Section 316(c), such record date shall be the record date specified in or
pursuant to such Board Resolution, which shall be a date not earlier than the
date 30 days prior to the first solicitation of Holders generally in connection
therewith and not later than the date such solicitation is completed. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act maybe given before or after such record date, but
only the Holders of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities shall be computed as of such
record date; provided, however, that no such authorization,
agreement or consent by such Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date. 

          (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.

8

          Section
1.05. 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 (including a
 facsimile transmission) 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
 (including a facsimile transmission) 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, to the
 attention of the general counsel of the Company. 

 

          Section
1.06. 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, and not
earlier than the earliest date, 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. 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 case 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
1.07. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision which is required or deemed to be
included in this Indenture by any of the provisions of the Trust Indenture Act,
such required or deemed provision shall control. 

          Section
1.08. 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
1.09. 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
1.10. 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. 

9

          Section
1.11. 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
1.12. Governing Law; Waiver of Jury Trial. This Indenture and the
Securities shall be governed by and construed in accordance with the laws of
the State of New York, and for all purposes will be construed in accordance
with the laws of said State without giving effect to principles of conflicts of
laws of such State. 

          EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY. 

          Section
1.13. Legal Holidays. In any case where any Interest Payment Date,
Redemption Date or Stated 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) 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 or Redemption Date, or at
the Stated Maturity, provided that no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be. 

          Section
1.14. References to Currency. All references in this Indenture to
“dollars” or “$” are to the currency of the United States of America. 

          Section
1.15. Force Majeure. In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances. 

ARTICLE II

SECURITY FORMS

          Section
2.01. Forms Generally. The Securities of each series shall be in
substantially the forms established in one or more indentures supplemental
hereto or approved from time to time by or pursuant to a Board Resolution in
accordance with Section 3.01, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and any indenture supplemental hereto, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as 

10

may be
required to comply with the rules of any securities exchange or securities
regulatory authority 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 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 3.03 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, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities. 

          Section
2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication required by this article shall be in
substantially the form set forth below: 

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

	
  

 	
  

 
	
  

 	
 [TRUSTEE],

 
	
  

 	
 as Trustee
 By

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Authorized
 Signatory”

 

          Section
2.03. Securities Issuable in the Form of a Global Security. 

          (a)
If the Issuer shall establish pursuant to Sections 2.01 and 3.01 that the
Securities of a particular series are to be issued in whole or in part in the
form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with Section 3.03 and the Company Order delivered
to the Trustee thereunder, authenticate and deliver, such Global Security or
Securities, which (i) shall represent, and shall be denominated in an amount
equal to the aggregate principal amount of, the Outstanding Securities of such
series to be represented by such Global Security or Securities, (ii) shall be
registered in the name of the Depositary for such Global Security or Securities
or its nominee, (iii) shall be delivered by the Trustee to the Depositary or
its custodian or pursuant to the Depositary’s instruction and (iv) shall bear a
legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE
DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS 

11

REGISTERED IN
THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.” 

          (b)
Notwithstanding any other provision of this Section 2.03 or of Section 3.05,
unless the terms of a Global Security expressly permit such Global Security to
be exchanged in whole or in part for individual Securities, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 3.05, only to another nominee of the Depositary for such Global
Security, or to a successor Depositary for such Global Security selected or
approved by the Issuer or to a nominee of such successor Depositary. 

          (c)
(i) If at any time the Depositary for a Global Security notifies the Issuer
that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time the Depositary for the Securities for such series
shall no longer be eligible or in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Issuer
shall appoint a successor Depositary with respect to such Global Security. If a
successor Depositary for such Global Security is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such
ineligibility, the Issuer will execute a Company Order for the authentication
and delivery of individual Securities of such series in exchange for such
Global Security, and the Trustee, upon receipt of such Company Order, will
authenticate and deliver individual Securities of such series of like tenor and
terms in definitive form in an aggregate principal amount equal to the
principal amount of the Global Security in exchange for such Global Security. 

          (ii)
If an Event of Default shall have occurred and be continuing or an event shall
have occurred which with the giving of notice or lapse of time or both, would
constitute an Event of Default with respect to the Securities represented by
such Global Security, the Trustee, upon receipt of a Company Order for the authentication
and delivery of individual Securities of such series in exchange for such
Global Security, will authenticate and deliver individual Securities of such
series of like tenor and terms in definitive form in an aggregate principal
amount equal to the principal amount of the Global Security in exchange for
such Global Security. 

          (iii)
If specified by the Issuer pursuant to Section 3.01 with respect to Securities
issued or issuable in the form of a Global Security, the Depositary for such Global
Security may surrender such Global Security in exchange in whole or in part for
individual Securities of such series of like tenor and terms in definitive form
on such terms as are acceptable to the Issuer and such Depositary. Thereupon
the Issuer shall execute, and the Trustee shall authenticate and deliver,
without service charge, (1) to each Person specified by such Depositary a new
Security or Securities of the same series of like tenor and terms and of any
authorized denomination of $1,000 and any integral multiple thereof as
requested by such Person in aggregate principal amount equal to and in exchange
for such Person’s beneficial interest in the Global Security; and (2) to such
Depositary a new Global Security of like tenor and terms and in a denomination
equal to the difference, if any, between the principal amount of the
surrendered Global Security and the aggregate principal amount of Securities
delivered to Holders thereof. 

12

          (iv)
In any exchange provided for in any of the preceding three paragraphs, the
Issuer will execute and the Trustee will authenticate and deliver individual
Securities in definitive registered form in authorized denominations of $1,000
and any integral multiple thereof. Upon the exchange of a Global Security for
individual Securities, such Global Security shall be cancelled by the Trustee.
Securities issued in exchange for a Global Security pursuant to this Section
2.03 shall be registered in such names and in such authorized denominations as
the Depositary for such Global Security, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the persons in whose names such
Securities are so registered. 

ARTICLE III

THE SECURITIES

          Section
3.01. 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 in one or more series. There shall be established in
or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or
established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, 

	
  

 	
  

 
	
  

 	
           (1)
 any limit upon the aggregate principal amount of the Securities of the series
 which may be authenticated and delivered under this Indenture (except for
 Securities authenticated and delivered upon registration of transfer of, or
 in exchange for, or in lieu of, other Securities of the series pursuant to
 Section 2.03, 3.04, 3.05, 3.06, 9.06 or 11.07); 

 
	
  

 	
  

 
	
  

 	
           (2)
 the issue price, expressed as a percentage of the aggregate principal amount;
 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4)
 the rate or rates at which the Securities of the series shall bear interest,
 if any, the date or dates from which such interest shall accrue, the Interest
 Payment Dates on which such interest shall be payable and the Regular Record
 Date for the interest payable on the Interest Payment Date; 

 
	
  

 	
  

 
	
  

 	
           (5)
 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 within which, the price
 or prices at which and the terms and conditions upon which Securities of the
 series shall be redeemed or purchased, in whole or in part, pursuant to such
 obligation; 

 
	
  

 	
  

 
	
  

 	
           (6)
 the period of periods within which, the price or prices or ratios at which
 and the terms and conditions upon which Securities of the series may be
 redeemed, converted or exchanged, in whole or in part; 

 

13

	
  

 	
  

 
	
  

 	
           (7)
 if other than denominations of $1,000 and any integral multiple thereof, the
 denominations in which Securities of the series shall be issuable; 

 
	
  

 	
  

 
	
  

 	
           (8)
 if other than the full principal amount, the portion of the principal amount
 of Debt Securities of the series which will be payable upon declaration of
 acceleration or provable in bankruptcy; 

 
	
  

 	
  

 
	
  

 	
           (9)
 any events of default not set forth in this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (10)
 the currency or currencies, including composite currencies, in which payment
 of the principal of (and premium, if any) and interest, if any, on such
 Securities shall be payable (if other than the currency of the United States
 of America), which unless otherwise specified shall be the currency of the
 United States of America as at the time of payment is legal tender for
 payment of public or private debts; 

 
	
  

 	
  

 
	
  

 	
           (11)
 if the principal of (and premium, if any), or interest, if any, on such
 Securities are to be payable, at the election of the Company or any Holder
 thereof, in a coin or currency other than that in which such Securities are
 stated to be payable, then the period or periods within which, and the terms
 and conditions upon which, such election may be made; 

 
	
  

 	
  

 
	
  

 	
           (12)
 whether interest will be payable in cash or additional Securities at the
 Company’s or the Holders’ option and the terms and conditions upon which the
 election may be made; 

 
	
  

 	
  

 
	
  

 	
           (13)
 if such Securities are to be denominated in a currency or currencies,
 including composite currencies, other than the currency of the United States
 of America, the equivalent price in the currency of the United States of
 America for purposes of determining the voting rights of Holders of such
 Securities as Outstanding Securities under this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (14)
 if the amount of payments of principal of (and premium, if any), or portions
 thereof, or interest, if any, on such Securities may be determined with
 reference to an index, formula or other method based on a coin or currency
 other than that in which such Securities are stated to be payable, the manner
 in which such amounts shall be determined; 

 
	
  

 	
  

 
	
  

 	
           (15)
 any restrictive covenants or other material terms relating to the offered
 debt securities, which covenants and terms shall not be inconsistent with the
 provisions of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (16)
 whether the Securities of the series shall be issued in whole or in part in
 the form of a Global Security or Securities; the terms and conditions, if
 any, upon which such Global Security or Securities may be exchanged in whole
 or in part for other individual Securities; and the Depositary for such
 Global Security or Securities; 

 
	
  

 	
  

 
	
  

 	
           (17)
 any listing of such Securities on any securities exchange; 

 

14

	
  

 	
  

 
	
  

 	
           (18)
 additional or alternative provisions, if any, related to defeasance and
 discharge of the offered debt securities; 

 
	
  

 	
  

 
	
  

 	
           (19)
 the applicability of any guarantees; 

 
	
  

 	
  

 
	
  

 	
           (20)
 if convertible into Ordinary Shares, the terms on which such Securities are
 convertible, including the initial conversion price, the conversion period,
 any events requiring an adjustment of the applicable conversion price and any
 requirements relating to the reservation of such Ordinary Shares for purposes
 of conversion; 

 
	
  

 	
  

 
	
  

 	
           (21)
 provisions, if any, granting special rights to the Holders of Securities of
 the series upon the occurrence of such events as may be specified; 

 
	
  

 	
  

 
	
  

 	
           (22)
 each initial Place of Payment; and 

 
	
  

 	
  

 
	
  

 	
           (23)
 any other terms of the series, which terms shall not be inconsistent with the
 provisions of this Indenture. 

 

          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 such
Board Resolution and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto. 

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

          Section
3.02. 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 3.01. 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
3.03. Execution, Authentication, Delivery and Dating. The Securities
shall be executed as a deed on behalf of the Company by any two of the
following individuals: its chairman of the Board of Directors, a vice chairman,
its president, Treasurer, Secretary or any of its vice presidents. The
signature of any of these individuals 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 

15

such
Securities. If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Sections 2.01 and 3.01, or by one or more indentures supplemental hereto as
provided by Section 9.01, 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
6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

          (a)
that such form has been established in conformity with the provisions of this
Indenture; 

          (b)
that such terms have been established in conformity with the provisions of this
Indenture; 

          (c)
that this Indenture and 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 conveyance,
reorganization and other laws of general applicability relating to or affecting
the enforcement of creditors’ rights and to general equity principles; 

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

          (e)
such other matters as the Trustee may reasonably request. 

If such form
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 is not reasonably
acceptable to the Trustee. 

          Each
Security shall be dated the date of its authentication unless otherwise
provided by the terms established and contemplated by Section 3.01. 

          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 provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture. 

          Section
3.04. 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, temporary Securities which are printed,
lithographed, typewritten, mimeographed 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. 

16

          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 in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations. 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. 

          Section
3.05. Registration, Registration of Transfer and Exchange. The Company
shall cause to be kept at one of its offices or agencies maintained pursuant to
Section 10.02 or 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 Section 2.03 and to
such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee
initially is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided. The
Company may act as Security Registrar and may change or appoint a Security
Registrar without prior notice to Holders or to the Trustee. 

          Subject
to Section 2.03, upon surrender for registration of transfer of any Security of
any series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, 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. 

          Subject
to Section 2.03, 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, the Securities which the Holder
making the exchange is entitled to receive. 

          Subject
to Section 2.03, all Securities issued upon any registration or transfer or
exchange of Securities shall be 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 or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed, by the Holder thereof or his
attorney duly authorized in writing. 

          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 

17

governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 2.03, 3.04,
9.06 or 11.07 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 11.03) 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. 

          Each
Holder of a Security agrees to indemnify the Company and the Trustee against
any liability that may result from the transfer, exchange or assignment of such
Holder’s Security in violation of any provision of this Indenture and/or
applicable United States federal or state securities law. 

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

          Neither
the Trustee nor any agent shall have any responsibility for any actions taken
or not taken by the Depositary. 

          Section
3.06. Mutilated, Destroyed, Lost and Stolen Securities. If there shall
be delivered to the Company and the Trustee (i)(A) any mutilated Security or
(B) 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 hold
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 upon its written request the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security or in exchange for such mutilated 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 3.06, 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. 

18

          Every
new Security of any series issued pursuant to this Section 3.06 in lieu of any
destroyed, lost or stolen Security or in exchange for such mutilated Security,
shall constitute an original additional contractual obligation of the Company,
whether or not the mutilated, 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 3.06 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
3.07. Payment of Interest; Interest Rights Preserved. 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.

          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).

 

19

	
  

 	
  

 
	
  

 	
           (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.

 

          Subject
to the foregoing provisions of this Section 3.07, each Security lawfully
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
3.08. Persons Deemed Owners. Subject to Section 2.03, 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 premium, if any) and (subject
to Section 3.07) interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by
notice to the contrary.

          Section
3.09. 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 and shall be promptly cancelled by it. 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 all Securities so delivered shall be promptly
cancelled by the Trustee. No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section 3.09, except
as expressly permitted by this Indenture. The Trustee shall dispose of
cancelled Securities in accordance with its customary procedures.

          Section
3.10. Computation of Interest. Except as otherwise specified as
contemplated by Section 3.01 for the Securities of any series, interest on the
Securities of each series shall be computed on the basis of a year of twelve
30-day months.

          Section
3.11. 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 numbers. The Company will
promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

20

ARTICLE IV

SATISFACTION AND DISCHARGE

          Section
4.01. Satisfaction and Discharge of Indenture. This Indenture shall upon
Company Request cease to be of further effect with respect to any series of
Securities (except as to (i) any surviving rights of registration of transfer
or exchange of Securities herein expressly provided for, (ii) rights hereunder
of Holders to receive payments of principal of, and premium, if any, and
interest on, Securities, and other rights, duties and obligations of the
Holders as beneficiaries hereof with respect to the amounts, if any, so
deposited with the Trustee, (iii) remaining obligations of the Company to make
mandatory sinking fund payments and (iv) the rights, obligations and immunities
of the Trustee hereunder), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to any series of Securities, when

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (1)

 	
 either

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A)
 all Securities of such series theretofore authenticated and delivered (other
 than (i) Securities of such series which have been mutilated, destroyed, lost
 or stolen and which have been replaced or paid as provided in Section 3.06
 and (ii) Securities of such series 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 10.03) 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 (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose (i) money in
dollars in an amount (or if the Securities are denominated in any currency
other than dollars, an amount of the applicable currency), or (ii) U.S.
Government Obligations which through the payment of interest and principal in
respect thereof in accordance with their terms will provide not later than one
day before the due date of any payment referred to in clause (A) of this
subparagraph money in an amount, or (iii) a combination thereof, sufficient, in
the opinion of a nationally recognized investment banking firm or firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, (A) to pay and discharge the entire
indebtedness on such 

21

Securities not
theretofore delivered to the Trustee for cancellation, for principal (and
premium, if any) 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)
 if all series of Securities are being discharged, 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
 have been complied with.

 

          Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.07, and, if money shall have been
deposited with the Trustee pursuant to Subclause (B) of clause of this Section
4.01, the obligations of the Trustee under Section 4.02 and the next to last
paragraph of Section 10.03, shall survive.

          Section
4.02. Application of Trust Funds; Indemnification. (a) Subject to the
provisions of the next to last paragraph of Section 10.03, all money deposited
with the Trustee pursuant to Section 4.01, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section 4.03 or 4.04 and all
money received by the Trustee in respect of U.S. Government Obligations
deposited with the Trustee pursuant to Section 4.03 or 4.04 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 whose payment such money has been deposited with or
received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Section 4.03 or 4.04, but such money need not be
segregated from other funds except to the extent required by law.

          (b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations
deposited pursuant to Section 4.03 or 4.04, or the interest and principal
received in respect of such obligations other than any payable by or on behalf
of Holders.

          (c)
The Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or money held by it as provided in
Section 4.03 or 4.04 which, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such obligations or money were deposited or
received.

          Section
4.03. Defeasance and Discharge of Indenture. The Company shall be deemed
to have paid and discharged the entire indebtedness on all the Outstanding
Securities on the 91st day after the date of the deposit referred to in
subparagraph (d) of this Section 4.03, and the provisions of this Indenture, as
it relates to such Outstanding Securities, shall no longer be in 

22

effect (and the Trustee, at the expense of
the Company, shall at Company Request, execute proper instruments acknowledging
the same), except as to:

          (a)
the rights of Holders of Securities to receive, from the trust funds described
in subparagraph (d) hereof, (i) payment of the principal of (and premium, if
any) and each installment of principal of (and premium, if any) or interest on
the Outstanding Securities on the Stated Maturity of such principal or installment
of principal or interest and (ii) the benefit of any mandatory sinking fund
payments applicable to the Securities on the day on which such payments are due
and payable in accordance with the terms of this Indenture and the Securities;

          (b)
the Company’s obligations with respect to such Securities under Sections 3.05,
3.06, 10.02 and 10.03; and

          (c)
the obligations of the Company to the Trustee under Section 6.07, provided
that the following conditions shall have been satisfied:

          (d)
the Company has or caused to be irrevocably deposited (except as provided in
Section 4.02) with the Trustee as trust funds in trust, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of the
Securities, (i) money in dollars in an amount (or if the Securities are
denominated in any currency other than dollars, an amount of the applicable
currency), or (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will
provide not later than one day before the due date of any payment referred to
in clause (A) or (B) of this subparagraph money in an amount, or (iii) a
combination thereof, sufficient, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of (and premium, if any) and each installment
of principal of (and premium, if any) and interest on the Outstanding
Securities on the Stated Maturity of such principal or installment of principal
or interest or on the applicable Redemption Date and (B) any mandatory sinking
fund payments applicable to the Securities on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of the
Securities;

          (e)
such deposit shall not cause the Trustee with respect to the Securities to have
a conflicting interest for purposes of the Trust Indenture Act with respect to
the Securities;

          (f)
such deposit will not result in a breach or violation of, or constitute a
default under, any applicable laws, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound;

          (g)
no Event of Default or event which with notice or lapse of time would become an
Event of Default with respect to the Securities shall have occurred and be
continuing on the date of such deposit or during the period ending on the 91st
day after such date;

          (h)
the Company has delivered to the Trustee an Officers’

          Certificate
as to solvency and the absence of any intent of preferring the Holders over any
other creditors of the Company; and

23

          (i)
if the deposit referred to in subparagraph (d) of this Section 4.03 is to be
made on or prior to one year from the Stated Maturity for payment of principal
of the Outstanding Securities, the Company has delivered to the Trustee an
Opinion of Counsel with no material qualifications or a favorable ruling of the
Internal Revenue Service, in either case to the effect that Holders of the
Securities will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit, defeasance and discharge and will be
subject to federal income tax on the same amount and in the same manner and at
the same times, as would have been the case if such deposit, defeasance and
discharge had not occurred.

          Section
4.04. Defeasance of Certain Obligations. If this Section 4.04 is
specified to be applicable to Securities of any series, the Company may omit to
comply with any term, provision or condition set forth in the sections of this
Indenture or such Security with respect to the Securities of that series (“Covenant
Defeasance”) if:

	
  

 	
  

 
	
  

 	
           (1)
 with reference to this Section 4.04, the Company has deposited or caused to
 be irrevocably deposited with the Trustee as trust funds in trust,
 specifically pledged as security for, and dedicated solely to, the benefit of
 the Holders of the Securities of that series, (i) money in dollars in an
 amount (or if the Securities are denominated in any currency other than
 dollars, an amount of the applicable currency), or (ii) U.S. Government
 Obligations which through the payment of interest and principal in respect
 thereof in accordance with their terms will provide not later than one day
 before the due date of any payment referred to in clause (A) or (B) of this
 subparagraph money in an amount, or (iii) a combination thereof, sufficient,
 in the opinion of a nationally recognized investment banking firm or firm of
 independent certified public accountants expressed in a written certification
 thereof delivered to the Trustee, to pay and discharge (A) the principal of (and
 premium, if any) and each installment of principal (and premium, if any) and
 interest on the Outstanding Securities of that series on the Stated Maturity
 of such principal or installment of principal or interest and (B) any
 mandatory sinking fund payments or analogous payments applicable to
 Securities of such series on the day on which such payments are due and
 payable in accordance with the terms of this Indenture and of such
 Securities;

 
	
  

 	
  

 
	
  

 	
           (2)
 such deposit shall not cause the Trustee with respect to the Securities of
 that series to have a conflicting interest for purposes of the Trust
 Indenture Act with respect to the Securities of any series;

 
	
  

 	
  

 
	
  

 	
           (3)
 such deposit will not result in a breach or violation of, or constitute a
 default under, this Indenture or any other agreement or instrument to which
 the Company is a party or by which it is bound;

 
	
  

 	
  

 
	
  

 	
           (4)
 the Company has delivered to the Trustee an Officers’ Certificate as to
 solvency and the absence of any intent of preferring the Holders over any
 other creditors of the Company;

 
	
  

 	
  

 
	
  

 	
           (5)
 if the deposit referred to in subparagraph (1) of this Section 4.04 is to be
 made on or prior to one year from the Stated Maturity for payment of
 principal of the Outstanding Securities, the Company has delivered to the
 Trustee an Opinion of Counsel 

 

24

	
  

 	
  

 
	
  

 	
 with no material qualifications or a
 favorable ruling of the Internal Revenue Service, in either case to the
 effect that Holders of the Securities will not recognize income, gain or loss
 for federal income tax purposes as a result of such deposit and defeasance of
 certain obligations and will be subject to federal income tax on the same
 amount and in the same manner and at the same times, as would have been the
 case if such deposit and defeasance had not occurred; and

 
	
  

 	
  

 
	
  

 	
           (6)
 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 defeasance contemplated by this Section 4.04
 have been complied with.

 
	
  

 	
  

 

          In
the event the Company effects Covenant Defeasance with respect to any
Securities and such Securities are declared due and payable because of the
occurrence of any Event of Default, other than an Event of Default with respect
to any covenant as to which there has been Covenant Defeasance, the U.S.
Government Obligations on deposit with the Trustee will be sufficient to pay
amounts due on such Securities at the time of the Stated Maturity but may not
be sufficient to pay amounts due on such Securities at the time of the
acceleration resulting from such Event of Default.

ARTICLE V

REMEDIES

          Section
5.01. Events of Default. 

          “Event
of Default” (except as otherwise specified or contemplated by Section 3.01
for Securities of any series) wherever used herein with respect to Securities
of any series, means any one of the following events:

	
  

 	
  

 
	
  

 	
           (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
 60 days; or

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 default in the deposit of any sinking fund payment, when and as due by the
 terms of a Security of that series; or

 
	
  

 	
  

 
	
  

 	
           (4)
 default in the performance, or breach, of any material covenant or warranty
 of the Company in this Indenture (other than a covenant or warranty a default
 in whose performance or whose breach is elsewhere in this Section 5.01
 specifically dealt with or which has expressly been included in this
 Indenture solely for the benefit of series of Securities other than that
 series) for a period of 60 days after there has been given, and continuance
 of such 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 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

 

25

	
  

 	
  

 
	
  

 	
           (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 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 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 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
 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 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 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 and
 its willingness to have a case commenced against it or to seek an order for
 relief under any applicable bankruptcy, insolvency or other similar law or
 the taking of corporate action by the Company in furtherance of any such action;
 or

 
	
  

 	
  

 
	
  

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

 

          Section
5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of
Default (other than an Event of Default resulting from bankruptcy, insolvency
or reorganization) with respect to Securities of any 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 that series may declare the principal amount (or, if the Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the
Securities of that 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 specified amount) shall become
immediately due and payable.

          In
the case of an Event of Default resulting from bankruptcy, insolvency or
reorganization, which occurs and is continuing with respect to Securities of
any series at the time Outstanding, then all unpaid principal of and accrued
interest on all such Outstanding Securities of that series shall become
immediately due and payable without any notice or other action on the part of
the Trustee or the Holders of any Securities of such series.

26

          At
any time after such a declaration of acceleration with respect to Securities of
any 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 that 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 that series,

 
	
  

 
	
  

 	
  

 	
           (B)
 the principal of (and premium, if any, on) any Securities of that series
 which have become due otherwise than by such declaration of acceleration and
 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 and any predecessor Trustee
 hereunder and all sums due the Trustee and any predecessor Trustee under
 Section 6.07; 

 

	
  

 	
  

 
	
  

 	
           (2)
 all Events of Default with respect to Securities of that series, other than
 the non-payment of the principal of Securities of that series which have
 become due solely by such declaration of acceleration, have been cured or
 waived as provided in Section 5.13.

 

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

          Section
5.03. 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

 
	
  

 
	
  

 	
           (2)
 default is made in the payment of the principal of (or premium, if any, on)
 any Security at the Maturity thereof, 

 

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 premium, if any) and
interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal (and premium, if any) 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 all amounts due the Trustee and
any predecessor Trustee under Section 6.07.

27

          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, 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
any 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
5.04. Trustee May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered by intervention in such proceeding or
otherwise:

	
  

 	
  

 
	
  

 	
           (i)
 to file and prove a claim for the whole amount of principal (and premium, if
 any) and interest owing and unpaid in respect of the Securities and to file
 such other papers or documents as may be necessary or advisable in order to
 have the claims of the Trustee (including any claim for the reasonable
 compensation, expenses, disbursements and advances of the Trustee, its agents
 and counsel) and of the Holders allowed in such judicial proceeding, and

 
	
  

 	
  

 
	
  

 	
           (ii)
 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
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 6.07.

          Nothing
herein contained 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.

28

          Section
5.05. 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. 

          Section
5.06. 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 premium, if any) 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 and each predecessor Trustee
 under Section 6.07; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           THIRD:
 To the Company.

 

          Section
5.07. 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 during such 60-day period by the Holders of a majority in principal
 amount of the Outstanding Securities of that series; 

 

29

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 of such
Holders (it being further understood that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders), or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders. 

          Section
5.08. 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 premium, if any) and (subject to
Section 3.07) 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
5.09. 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 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
5.10. 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 3.06, 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
5.11. 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 any 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
5.12. Control by Holders. The Holders of a majority in principal amount
of the Outstanding Securities of any series (or if more than one series is
affected thereby, of all series so affected, voting as a single 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 

30

	
  

 	
  

 
	
  

 	
           (1)
 such direction shall not be in conflict with any rule of law or with this
 Indenture, expose the Trustee to personal liability or be unduly prejudicial
 to holders not joining therein, and 

 
	
  

 	
  

 
	
  

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

 

          Nothing
in this Indenture shall impair the right of the Trustee to take any other
action deemed proper by the Trustee which is not inconsistent with such
direction. 

          Section
5.13. Waiver of Past Defaults. The Holders of not less than a majority
in principal amount of the Outstanding Securities of any series may on behalf
of the Holders of all the Securities of 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 premium, if any) or interest on any
 Security of such series, or 

 
	
  

 	
  

 
	
  

 	
           (2)
 in respect of a covenant or provision hereof which under this article 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
5.14. Undertaking for Costs. All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 5.14
shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium, if any) or interest
on any Securities on or after the Stated Maturity or Maturities expressed in
such Security (or, in the case of redemption, on or after the Redemption Date).
This Section 5.14 shall be in lieu of Section 315(e) of the TIA and such
Section 315(e) is hereby expressly excluded from this Indenture, as permitted
by the TIA. 

31

          Section 5.15. 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 VI

THE TRUSTEE

          Section
6.01. Certain Duties and Responsibilities. 

          (a)
Except during the continuance of an Event of Default with respect to the
Securities of any series, 

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee undertakes to perform such duties and only such duties as are
 specifically set forth in this Indenture with respect to such series, and no
 implied covenants or obligations shall be read into this Indenture against
 the Trustee; and 

 
	
  

 	
  

 
	
  

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

 

          (b)
In case an Event of Default has occurred with respect to Securities of any
series and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to such series of
Securities, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs. 

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

	
  

 	
  

 
	
  

 	
           (1)
 this subsection shall not be construed to limit the effect of Subsection (a)
 of this Section 6.01; 

 
	
  

 	
  

 
	
  

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

 

32

	
  

 	
  

 
	
  

 	
           (3)
 the Trustee shall not be liable with respect to any action taken or omitted
 to be taken by it in good faith in accordance with the direction of the
 Holders of a majority in principal amount of the Outstanding Securities of
 any series, determined as provided in Section 5.12, relating to the time,
 method and place of conducting any proceeding for any remedy available to the
 Trustee, or exercising any trust or power conferred upon the Trustee, under
 this Indenture with respect to the Securities of such series; and 

 
	
  

 	
  

 
	
  

 	
           (4)
 no provision of this Indenture shall require the Trustee to expend or risk
 its own funds or otherwise incur any 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. 

 

          (d)
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 6.01.

          Section
6.02. Notice of Defaults. Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee
shall transmit by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; 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 of such series or in the payment of any sinking fund installment with
respect to Securities of such series, 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 or Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders of Securities of such series; and provided, further,
that in the case of any default of the character specified in Section 5.01(4)
with respect to Securities of such series, no such notice to Holders shall be
given until at least 30 days after the occurrence thereof. For the purpose of
this Section 6.02, the term “default” means any event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to
Securities of such series. 

          Section
6.03. Certain Rights of Trustee. Subject to the provisions of Section
6.01: 

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

          (b)
any request 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; 

33

          (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 and shall incur
no liability or additional liability of any kind by reason of such inquiry or
investigation; 

          (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)
in no event shall the Trustee be responsible or liable for special, indirect,
or consequential loss or damage of any kind whatsoever (including, but not
limited to, loss of profit) irrespective of whether the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of
action; 

          (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 

34

 authorized to sign an Officers’ Certificate,
including any person specified as so authorized in any such certificate
previously delivered and not superseded. 

          Section
6.04. 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 the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof. 

          Section
6.05. May Hold Securities. The Trustee, 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 6.08 and 6.12, may otherwise deal with, and collect obligations owed
to it by, the Company with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar or such other agent. 

          Section
6.06. 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 with the Company. 

          Section
6.07. Compensation and Reimbursement. The Company agrees 

	
  

 	
  

 
	
  

 	
           (1)
 to pay to the Trustee from time to time such compensation as the Company and
 the Trustee shall from time to time agree in writing 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 each of the
 Trustee and any predecessor Trustee upon its request for all reasonable
 expenses, disbursements and advances incurred or made by it 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 own
 negligence or bad faith; and 

 
	
  

 	
  

 
	
  

 	
           (3)
 to indemnify each of the Trustee and any predecessor Trustee for, and to hold
 it harmless against, any loss, liability or expense, arising out of or in
 connection with the acceptance or administration of the trust or trusts
 hereunder and the performance of its duties hereunder, including the costs
 and expenses of defending itself against any claim (whether asserted by the
 Company, a Holder or any other Person) or liability in connection with the
 exercise or performance of any of its powers or duties hereunder, except to
 the extent any such loss, liability or expense is due to its own negligence
 or bad faith. 

 

          To
ensure the performance of the obligations of the Company under this Section
6.07, the Trustee shall have a senior claim to which the Securities are hereby
made subordinate upon all property and funds held or collected by the Trustee
as such, except property and funds held in trust for the payment of principal
of, premium, if any, or interest on particular Securities. 

35

          When
the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 5.01, 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 6.07 shall survive the termination of this
Indenture. 

          Section
6.08. Disqualification; Conflicting Interests. The Trustee shall comply
with the terms of Section 3.10(b) of the Trust Indenture Act. 

          Section
6.09. Corporate Trustee Required; Eligibility. There shall at all times
be a Trustee hereunder which shall 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 exercise corporate
trust powers having (or, in the case of the subsidiary of a bank holding
company that guarantees the obligations of the Trustee under this Indenture,
such holding company’s parent shall have) a combined capital and surplus of at
least $50,000,000 subject to supervision or examination by federal or state
authority. If such corporation or holding company parent publishes reports of
condition at least annually, pursuant to law or the requirements of said
supervising or examining authority, then for the purposes of this Section 6.09,
the combined capital and surplus of such corporation or holding company parent
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 6.09, it shall
resign immediately in the manner and with the effect hereinafter specified in
this article. 

          Section
6.10. 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 6.11. 

          (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 6.11 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. If the acceptance of appointment is substantially
contemporaneous with the resignation, then the notice called for by the first
sentence of this subsection may be combined with the instrument called for by
Section 6.11. 

          (c)
The Trustee may be removed at any time with respect to the Securities of any
series 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. 

          (d)
If an instrument of acceptance by a successor Trustee 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 any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 

36

          (e)
If at any time: 

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee shall fail to comply with Section 6.08 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 6.09 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 a Board Resolution may remove the Trustee with
respect to all Securities, or (ii) subject to Section 5.14, 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. 

          (f)
The Company also may remove the Trustee with or without cause if the Company so
notifies the Trustee thirty days in advance and if no Default occurs or is
continuing during the thirty-day period. 

          (g)
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 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 applicable
requirements of Section 6.11. 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 6.11, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor 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 6.11, 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. 

          (h)
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 by mailing
written notice of such event by first-class 

37

 mail, postage prepaid, to all Holders of
Securities of such series as their names and addresses appear in the Security
Register. 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
6.11. Acceptance of Appointment by Successor. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all
the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. 

          (b)
In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates, (2) 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 Trustee relates. 

          (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) or (b) of this Section 6.11, as the case may be. 

38

          (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
6.12. Merger, Conversion, Consolidation or Succession to Business. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation succeeding
to all or substantially all the corporate trust business of the Trustee
(including the administration of this Indenture), 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
6.13. 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). A trustee who has resigned or been removed shall be
subject to the Trust Indenture Act Section 311(a) to the extent provided
therein. 

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY

          Section
7.01. Company to Furnish Trustee Names and Addresses of Holders. The
Company will furnish or cause to be furnished to the Trustee with respect to
the Securities of each series 

          (a)
semi-annually, not more than fifteen days after each Regular Record Date, or,
in the case of any series of Securities on which semi-annual interest is not
payable, not more than fifteen days after such semi-annual dates as may be
specified by the Trustee, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record
Date or such semi-annual date, 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 of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished; 

provided, however, that so long as the
Trustee is the Security Registrar, no such list need be furnished. 

          Section 7.02. 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 7.01 and the names and addresses of Holders
received by the Trustee in its 

39

capacity as
Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.01 upon receipt of a new list so furnished. 

          (b)
If three or more Holders (herein referred to as “Applicants”) apply in writing
to the Trustee, and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding
the date of such application, and such application states that the applicants’
desire to communicate with other Holders with respect to their rights under
this Indenture or under the Securities and is accompanied by a copy of the form
of proxy or other communication which such applicants propose to transmit, then
the Trustee shall, within five Business Days after the receipt of such
application, at its election, either 

	
  

 	
  

 
	
  

 	
           (i)
 afford such applicants access to the information preserved at the time by the
 Trustee in accordance with Section 7.02(a), or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 inform such applicants as to the approximate number of Holders whose names
 and addresses appear in the information preserved at the time by the Trustee
 in accordance with Section 7.02(a), and as to the approximate cost of mailing
 to such Holders the form of proxy or other communication, if any, specified
 in such application. 

 

          If
the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appear in the information preserved
at the time by the Trustee in accordance with Section 7.02(a) a copy of the
form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion
of the Trustee, such mailing would be contrary to the best interest of the
Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity
for a hearing upon the objections specified in the written statement so filed,
shall enter an order refusing to sustain any of such objections or if, after
the entry of an order sustaining one or more of such objections, the Commission
shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee
shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application. 

          (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 the disclosure of any
such information as to the names and addresses of the Holders in accordance
with Section 7.02(b), regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 7.02(b). 

          (d)
Subject to Sections 7.02(a), 7.02(b), 7.02(c) and 6.01, if the Company or any
other person (other than the Trustee) shall desire to communicate with Holders
of Securities to 

40

 solicit or obtain from them any proxy,
consent, authorization, waiver, approval of a plan of reorganization,
arrangement or readjustment or other action (“Holder Action”), the Trustee
shall have no duty to participate in such communication or solicitation or the
processing of responses in any manner except (i) to furnish the rules and
regulations and to perform the functions referred to in Section 1.04 and (ii)
to receive (A) the instruments evidencing the Holder Action together with (B)
the Officers’ Certificate and Opinion of Counsel referred to below. The Company
hereby covenants that any and all communications and solicitations distributed
by it in connection with any Holder Action will comply in all material respects
with applicable law, including, without limitation, applicable law concerning
adequacy of disclosure. The Trustee shall have no responsibility for the
accuracy or completeness of any materials circulated to solicit any Holder
Action or for any related communications or for the compliance thereof with
applicable law. No Holder Action shall become effective until the Trustee shall
have received from the Company or other person who solicited the Holder Action
the instruments evidencing such Holder Action (2) (x) (in the case of Holder
Action solicited by the Company or the representative of the Company’s estate
if the Company is the debtor in any bankruptcy or other insolvency proceeding)
an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
specifying the Holder Action taken and stating that such Holder Action has been
duly and validly taken in compliance with this Indenture in all material
respects. Such Officers’ Certificate, if any, shall also certify that (after
giving effect to such Holder Action) no Event of Default or event or condition
which, with notice or lapse of time or both, would become an Event of Default
has occurred and is continuing or has not been waived. 

          (e)
The Depositary may grant proxies and otherwise authorize its participants which
own the Global Securities to give or take any Act which a Holder is entitled to
take under this Indenture; provided, however, that the Depositary has delivered
a list of such participants to the Trustee. 

          Section
7.03. Reports by Trustee. 

          (a)
Within 60 days after September 30 of each year commencing with the first
September 30 following the date of this Indenture, the Trustee shall transmit
by mail to all Holders, as their names and addresses appear in the Security
Register, a brief report dated as of such September 30, to the extent required by
Section 3.13(a) of the Trust Indenture Act. 

          (b)
The Trustee shall comply with Sections 3.13(b) and 3.13(c) of the Trust
Indenture Act. 

          (c)
A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with the Commission and with the Company. The Company
will promptly notify the Trustee in writing when any Securities are listed on
any stock exchange, or of any delisting thereof. 

          Section
7.04. Reports by Company. 

                    The
Company shall: 

	
  

 	
  

 
	
  

 	
           (1)
 file with the Trustee, within 15 days after the Company is required to file
 the same with the Commission, copies of the annual reports and of the
 information, 

 

41

	
  

 	
  

 
	
  

 	
 documents
 and other reports (or copies of such portions of any of the foregoing as the
 Commission may from time to time by rules and regulations prescribe) which
 the Company may be required to file with the Commission pursuant to Section
 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the
 Company is not required to file information, documents or reports pursuant to
 either of said sections, then it shall file with the Trustee and the
 Commission, in accordance with rules and regulations prescribed from time to
 time by the Commission, such of the supplementary and periodic information,
 documents and reports which may be required pursuant to Section 13 of the
 Securities Exchange Act of 1934 in respect of a security listed and
 registered on a national securities exchange as may be prescribed from time
 to time in such rules and regulations; and

 
	
  

 	
  

 
	
  

 	
           (2)
 file with the Trustee and the Commission, in accordance with the rules and
 regulations prescribed from time to time by the Commission, such additional
 information, documents and reports with respect to compliance by the Company
 with the conditions and covenants of this Indenture as may be required from
 time to time by such rules and regulations.

 

          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 VIII

SUCCESSOR CORPORATION

          Section
8.01. When Company May Merge or Transfer Assets. The Company shall not
consolidate with or merge with or into any other person (other than a
Subsidiary) or convey, transfer, sell or lease its properties and assets
substantially as an entirety to any person (other than a Subsidiary), permit
any person (other than a Subsidiary) to consolidate with or merge into the Company,
or permit any person (other than a Subsidiary) to convey, transfer, sell or
lease that person’s properties and assets substantially as an entirety to the
Company, unless: 

	
  

 	
  

 
	
  

 	
           (1)
 either (a) the Company shall be the surviving person or (b) the person (if
 other than the Company) 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
 is an entity organized and existing under the laws of the United States of
 America (including any State thereof or the District of Columbia), Ireland,
 the United Kingdom, the Cayman Islands, Bermuda or any country which is, on
 the date of this Indenture, a member of the Organisation for Economic
 Co-operation and Development or the European Union and shall expressly
 assume, by an indenture supplemental hereto, executed and delivered to the
 Trustee, in form reasonably satisfactory to the Trustee, all of the
 obligations of the Company under the Securities and this Indenture; 

 

42

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 the Company shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such supplemental indenture, comply with this Section 8.01 and
 that all conditions precedent herein provided for relating to such
 transaction have been satisfied. 

 

          The
successor person formed by such consolidation or into which the Company is
merged or the successor person to which such conveyance, transfer, sale 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 had been named as the Company herein; and thereafter, the
Company shall be discharged from all obligations and covenants under this
Indenture and the Securities. Subject to Section 9.03, the Company, the Trustee
and the successor person shall enter into a supplemental indenture to evidence
the succession and substitution of such successor person and such discharge and
release of the Company. 

ARTICLE IX

AMENDMENTS & SUPPLEMENTAL INDENTURES

          Section
9.01. Amendments or Supplemental Indentures Without Consent of Holders.
The Company, when authorized by a Board Resolution, and the Trustee, at any
time and from time to time, may amend or supplement this Indenture or the
Securities without the consent of any Holder, so long as such changes, other
than those in clause (2), do not materially and adversely affect the interests
of the Holder: 

	
  

 	
  

 
	
  

 	
           (1)
 to cure any ambiguity, omission, defect or inconsistency; 

 
	
  

 	
  

 
	
  

 	
           (2)
 to make any modifications or amendments that do not, in the good faith
 opinion of the Company’s Board of Directors and the Trustee, adversely affect
 the interests of the Holders in any material respect; 

 
	
  

 	
  

 
	
  

 	
           (3)
 to provide for the assumption of the Company’s obligations under this
 Indenture by a successor upon any merger, consolidation or asset transfer as
 permitted by and in compliance with Article Eight of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (4)
 to provide any security for or guarantees of the Securities; 

 
	
  

 	
  

 
	
  

 	
           (5)
 to add Events of Default with respect to the Securities; or 

 
	
  

 	
  

 
	
  

 	
           (6)
 to add to the Company’s covenants for the benefit of the Holders or to
 surrender any right or power conferred upon the Company by this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (7)
 to make any change necessary for the registration of the Securities under the
 Securities Act or to comply with the TIA, or any amendment thereto, or to
 comply 

 
	
  

 	
  

 

43

 with any requirement of the Commission in
connection with the qualification of this Indenture under the TIA, provided
that such modification or amendment does not, in the good faith opinion of the
Company’s Board of Directors and the Trustee, adversely affect the interests of
the Holders of the Securities in any material respect; or 

	
  

 	
  

 
	
  

 	
           (8)
 to provide for uncertificated Securities in addition to or in place of
 certificated Securities or to provide for bearer Securities; or 

 
	
  

 	
  

 
	
  

 	
           (9)
 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 

 
	
  

 	
  

 
	
  

 	
           (10)
 to change or eliminate any of the provisions of this Indenture, provided that
 any such change or elimination shall become effective only when there is no
 Security Outstanding of any series created prior to the execution of such
 supplemental indenture which is entitled to the benefit of such provision; or
 

 
	
  

 	
  

 
	
  

 	
           (11)
 to establish the form or terms of Securities of any series as permitted by
 Sections 2.01 and 3.01; or 

 
	
  

 	
  

 
	
  

 	
           (12)
 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
 6.11(b). 

 

          Section
9.02. Amendments or Supplemental Indentures with Consent of Holders.
With the written consent of the Holders of not less than a majority in
aggregate principal amount of the Securities at the time Outstanding of all
series affected by such amendment or supplement (taken together as one class),
the Company, when authorized by a Board Resolution, and the Trustee, at any
time and from time to time, may amend or supplement this Indenture or the
Securities. However, without the consent of each Holder affected, an amendment
to this Indenture or the Securities may not: 

	
  

 	
  

 
	
  

 	
           (1)
 change the Stated Maturity of the principal of, or premium, if any, or any
 installment of interest with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the principal amount of, or the rate of interest on, or any premium
 payable upon the redemption of, the Securities; 

 
	
  

 	
  

 
	
  

 	
           (3)
 change the currency of payment of principal of or interest on the Securities;
 

 
	
  

 	
  

 
	
  

 	
           (4)
 change the redemption provisions, if any, of any Securities in any manner
 adverse to the holders of such Securities; 

 
	
  

 	
  

 
	
  

 	
           (5)
 impair the right to institute suit for the enforcement of any payment on or
 with respect to the Securities; 

 
	
  

 	
  

 

44

	
  

 	
  

 
	
  

 	
           (6)
 reduce the above-stated percentage of Holders of the Securities of any series
 necessary to modify or amend this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (7)
 if the Securities are convertible, adversely affect the right to convert the
 Securities into Ordinary Shares in accordance with the provisions of this
 Indenture; 

 
	
  

 	
  

 
	
  

 	
           (8)
 modify or change any provision of this Indenture or the related definitions
 affecting the ranking of the Securities in any manner which adversely affects
 the Holders; and 

 
	
  

 	
  

 
	
  

 	
           (9)
 modify the foregoing requirements or reduce the percentage of Outstanding
 Securities necessary to waive any covenant or past default. 

 

          It
shall not be necessary for any Act of the Holders under this Section 9.02 to
approve the particular form of any proposed amendment or supplemental
indenture, but it shall be sufficient if such Act approves the substance
thereof. 

          After
an amendment or supplemental indenture under this Section 9.02 becomes
effective, the Company shall mail to each Holder a notice briefly describing
the amendment or supplemental indenture. 

          An
amendment or 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. 

          Section
9.03. Execution of Supplemental Indentures. The Trustee shall sign any
supplemental indenture authorized pursuant to this article if the amendment
contained therein does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may, but need not, sign such
supplemental indenture. 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, and (subject to Section 6.01) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture. 

          Section
9.04. 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
9.05. Conformity with Trust Indenture Act. Every supplemental indenture
executed pursuant to this article shall conform to the requirements of the
Trust Indenture Act as then in effect. 

45

          Section
9.06. 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 X

COVENANTS

          Section
10.01. 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 that series in accordance with the terms of the Securities and
this Indenture. At the option of the Company, payment of principal (and
premium, if any) and interest may be made by wire transfer or (subject to
collection) by check mailed to the address of the Person entitled thereto at
such address as shall appear in the Security Register. 

          Section
10.02. 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 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
Company hereby initially appoints the Trustee its office or agency for each of
said 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 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
10.03. 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 

46

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 prior to 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
10.03, that such Paying Agent will: 

	
  

 	
  

 
	
  

 	
           (1) hold all
 sums held by it for the payment on 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 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, 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; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, shall at
the expense of the Company cause to be mailed or published once, in a 

47

newspaper
published in the English language, customarily published on each Business Day
and of general circulation in the City, County and State of New York, notice
that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such mailing or publication,
any unclaimed balance of such money then remaining will be repaid to the
Company. 

          The
Company shall have no obligation to make payment of principal of (or premium, if
any) or interest on any Security in immediately available funds, except that if
the Company shall have received original payment for Securities in immediately
available funds it shall make available immediately available funds for payment
of the principal of such Securities. 

          Section
10.04. 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 Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and that the loss thereof is not disadvantageous in any
material respect to the Holders. 

          Section
10.05. Maintenance of Properties. The Company will use its reasonable
efforts to cause all material properties used or useful in the conduct of its
business to be maintained and kept in good condition, repair and working order
(subject to wear and tear) and supplied with all necessary material equipment
and will use its reasonable efforts to cause to be made all necessary material
repairs, renewals, replacements, betterments and improvements thereof, all as
in the judgment of the Company may be necessary so that the business carried on
in connection therewith may be properly and advantageously conducted at all
times; provided, however, that nothing in this Section 10.05 shall prevent the
Company from discontinuing the operation or maintenance of any of such
properties if such discontinuance is, in the judgment of the Company, desirable
in the conduct of its business and not disadvantageous in any material respect
to the Holders. 

          Section
10.06. Statement by Officers as to Default. The Company will deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company
ending after the date hereof, a certificate of the principal executive officer,
principal financial officer or principal accounting officer of the Company
stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they
may have knowledge. 

          Section
10.07. Waiver of Certain Covenants. The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Section
10.06 if before or after the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Securities (taken together as
one class) shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such term, provision 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 term, provision or condition shall remain in full force and
effect. 

48

          Section
10.08. 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 such year
and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time. 

ARTICLE XI

REDEMPTION OF SECURITIES

          Section
11.01. Applicability of Article. Securities of any series which are
redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this article. 

          Section
11.02. Election to Redeem; Notice to Trustee. The election of the
Company to redeem any Securities shall be evidenced by a Board Resolution. In
case of any redemption at the election of the Company of less than all the
Securities of any series, the Company shall, at least 45 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 and of
the principal amount of Securities of such series to be redeemed, such notice
to be accompanied by a written statement signed by an authorized officer of the
Company stating that no defaults in the payment of interest or Events of
Default with respect to the Securities of that series have occurred (which have
not been waived or cured). In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee an Officers’ Certificate evidencing compliance with such restriction. 

          Section
11.03. Selection by Trustee of Securities to Be Redeemed. If less than
all the Securities of any series are to be redeemed, 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 in its sole
discretion shall deem fair and appropriate and which may provide for the
selection or redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of
the principal amount of Securities of such series of a denomination larger than
the minimum authorized denomination for Securities of that series. 

          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. 

          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. 

49

          Section
11.04. Notice of Redemption. Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not less than 45 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. Any notice which is mailed
in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not such Holder receives the notice. Failure to give notice
by mail, or any defect in the notice to any such Holder in respect of any
Security, shall not affect the validity of the proceedings for the redemption
of any other Security. 

	
  

 	
  

 
	
  

 	
           All
 notices of redemption shall state: 

 
	
  

 	
  

 
	
  

 	
           (1)
 the Redemption Date, 

 
	
  

 	
  

 
	
  

 	
           (2)
 the Redemption Price and any accrued interest, 

 
	
  

 	
  

 
	
  

 	
           (3)
 if less than all the Outstanding Securities of any series are to be redeemed,
 the identification (and, in the case of partial redemption, the principal
 amounts) of the particular Securities to be redeemed, 

 
	
  

 	
  

 
	
  

 	
           (4)
 that on the Redemption Date the Redemption Price and any accrued interest
 will become due and payable upon each such Security to be redeemed together
 with accrued interest thereon 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 and any accrued interest, 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (7)
 the CUSIP number and, if applicable, the ISIN number, of the Securities being
 redeemed. 

 

          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 written request, by the Trustee in
the name and at the expense of the Company. 

          Section
11.05. Deposit of Redemption Price. On or prior to 10:00 a.m., New York
City time, on any 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 10.03) an amount of money,
in funds immediately available on the due date, 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 which are to be redeemed
on that date. 

          Section
11.06. 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 together with accrued interest thereon, 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 

50

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 installments of
interest whose Stated Maturity is on 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 3.07. 

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

          The
Trustee shall not redeem any Securities of any series pursuant to this article
(unless all Outstanding Securities of such series are to be redeemed) or mail
or give any notice of redemption of Securities during the continuance of an
Event of Default hereunder known to the Trustee with respect to such series,
except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities, provided that it shall have received from the Company a sum
sufficient for such redemption. Except as aforesaid, any moneys theretofore or
thereafter received by the Trustee shall, during the continuance of such Event
of Default, be deemed to have been collected under Article Five and held for
the payment of all such Securities of such series. In case such Event of
Default shall have been waived as provided in Section 5.13 or the default cured
on or before the sixtieth day preceding the Redemption Date, such moneys shall
thereafter be applied in accordance with the provisions of this article. 

          Section
11.07. 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 to the
Holder of such Security without service charge, a new Security or Securities of
the same series, 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. 

          Section
11.08. Purchase of Securities at Option of the Holder Upon a Change in
Control. 

          (a)
If a Change in Control occurs, the Securities shall be purchased by the
Company, at the option of the Holder thereof, at the purchase price specified
in the subject Securities on the Change in Control Purchase Date (the “Change
in Control Purchase Price”), as of the date that is 45 days after the date of
the Change in Control Purchase Notice (as defined below in Section 11.08(c))
delivered by the Company (the “Change in Control Purchase Date”), subject to
satisfaction by or on behalf of the Holder of the requirements set forth in
Section 11.08(c). 

          Subject
to conditions specified in the subject Securities, a “Change in Control” shall
be deemed to have occurred at such time after the Securities are originally
issued as either of the following events shall occur: 

51

	
  

 	
  

 
	
  

 	
           (i)
 any person, including any syndicate or group deemed to be a “person” under
 Section 13(d)(3) of the Exchange Act, acquires beneficial ownership, directly
 or indirectly, through a purchase, merger or other acquisition transaction or
 series of transactions, of shares of the Company’s Capital Stock entitling
 the person to exercise 50% or more of the total voting power of all shares of
 the Company’s Capital Stock that are entitled to vote generally in elections
 of directors, other than an acquisition by the Company, any of its
 Subsidiaries or any of its employee benefit plans and other than any
 transaction contemplated by clause (a)(ii)(B) of this Section 11.08; or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 the Company merges or consolidates with or into any other person (other than
 a Subsidiary), any merger of another person (other than a Subsidiary) into
 the Company, or the Company conveys, sells, transfers or leases all or
 substantially all of its assets to another person (other than a Subsidiary),
 other than any transaction: (A) that does not result in any reclassification,
 conversion, exchange or cancellation of the Company’s outstanding Ordinary
 Shares (other than the cancellation of any of the Company’s outstanding
 Ordinary Shares held by the person with whom the Company merges or
 consolidates), or (B) pursuant to which the holders of the Company’s Ordinary
 Shares immediately prior to the transaction have the entitlement to exercise,
 directly or indirectly, 50% or more of the total voting power of all shares
 of Capital Stock entitled to vote generally in the election of directors of
 the continuing or surviving corporation immediately after the transaction, or
 (C) which is effected solely to change the Company’s jurisdiction of
 incorporation and results in a reclassification, conversion or exchange of
 outstanding Ordinary Shares solely into shares of common stock of the
 surviving entity. 

 

          However,
a Change in Control will not be deemed to have occurred if either (A) in the
case of debt securities that are convertible into Ordinary Shares of the
Company, the closing price for the Company’s outstanding Ordinary Shares for
any five trading days within the period of 10 consecutive trading days ending
immediately after the later of the Change in Control or the public announcement
of the Change in Control, in the case of a Change in Control relating to an
acquisition of Capital Stock, or the period of 10 consecutive trading days
ending immediately before the Change in Control, in the case of a Change in
Control relating to a merger, consolidation or asset sale, equals or exceeds
105% of the average of the closing prices for such convertible debt securities
on each of such trading days or (B) all of the consideration (excluding cash
payments for fractional shares and cash payments made pursuant to dissenters’
appraisal rights) in a merger or consolidation otherwise constituting a Change
in Control under clause (i) and/or clause (ii) above consists of shares of
common stock traded on a national securities exchange (or will be so traded or
quoted immediately following the merger or consolidation). 

          At
least three Business Days before the Change in Control Notice Date (as defined
below), the Company shall deliver an Officers’ Certificate to the Trustee
specifying: 

	
  

 	
  

 
	
  

 	
 (i) the
 manner of payment selected by the Company; 

 
	
  

 	
  

 
	
  

 	
 (ii) the
 information required by Section 11.08(b); 

 

52

	
  

 	
  

 
	
  

 	
           (iii)
 the form of consideration to be used to pay the Change in Control Purchase
 Price and, if such consideration is not cash, that the conditions to such
 manner of payment set forth in this Indenture and the supplemental indenture
 hereto governing such Securities have been or will be complied with; and 

 
	
  

 	
  

 
	
  

 	
           (iv)
 whether the Company desires the Trustee to give the Change in Control Notice
 required by Section 11.08(b). 

 

          (b)
No later than 30 days after the occurrence of a Change in Control, the Company
shall mail a written notice of the Change in Control (the “Change in Control
Notice,” the date of such mailing, the “Change in Control Notice Date”) by
first-class mail to the Trustee and to each Holder (and to beneficial owners as
required by applicable law). The notice shall include a form of Change in
Control Purchase Notice to be completed by the Holder and shall state: 

	
  

 	
  

 
	
  

 	
           (1)
 briefly, the nature of the Change in Control and the date of such Change in
 Control; 

 
	
  

 	
  

 
	
  

 	
           (2)
 the date by which the Change in Control Purchase Notice pursuant to this
 Section 11.08 must be given; 

 
	
  

 	
  

 
	
  

 	
           (3)
 the Change in Control Purchase Date; 

 
	
  

 	
  

 
	
  

 	
           (4)
 the Change in Control Purchase Price; 

 
	
  

 	
  

 
	
  

 	
           (5)
 the name and address of the Paying Agent and, if applicable, the conversion
 agent; 

 
	
  

 	
  

 
	
  

 	
           (6)
 if applicable, the then existing conversion rate and any adjustments thereto;
 

 
	
  

 	
  

 
	
  

 	
           (7)
 that the Securities must be surrendered to the Paying Agent to collect
 payment; 

 
	
  

 	
  

 
	
  

 	
           (8)
 that the Change in Control Purchase Price for any Security as to which a
 Change in Control Purchase Notice has been duly given and not withdrawn will
 be paid promptly following the later of the Change in Control Purchase Date
 and the time of surrender of such Security as described in (7); 

 
	
  

 	
  

 
	
  

 	
           (9)
 briefly, the procedures the Holder must follow to exercise rights under this
 Section 11.08; 

 
	
  

 	
  

 
	
  

 	
           (10)
 briefly, the conversion rights, if any, of the Securities; 

 
	
  

 	
  

 
	
  

 	
           (11)
 the procedures for withdrawing a Change in Control Purchase Notice; 

 
	
  

 	
  

 
	
  

 	
           (12)
 that, unless the Company defaults in making payment of such Change in Control
 Purchase Price, interest, if any, on Securities surrendered for purchase by
 the Company will cease to accrue on and after the Change in Control Purchase
 Date; and 

 

53

                    (13)
the CUSIP number(s) and, if applicable, the ISIN number(s), of the Securities. 

          Notice of
redemption of Securities to be redeemed shall be given by the Trustee in the
name and at the expense of the Company. 

          (c)
A Holder may exercise its rights specified in Section 11.08(a) upon delivery of
a written notice of purchase (a “Change in Control Purchase Notice”) to the
Paying Agent at any time on or prior to the 30th day after the date the Company
delivers its written Change in Control Purchase Notice, stating: 

	
  

 	
  

 
	
  

 	
           (1)
 the certificate number of the Security which the Holder will deliver to be
 purchased; 

 
	
  

 	
  

 
	
  

 	
           (2)
 the portion of the principal amount of the Security which the Holder will
 deliver to be purchased, which portion must be $1,000 or an integral multiple
 thereof; and 

 
	
  

 	
  

 
	
  

 	
           (3)
 that such Security shall be purchased pursuant to the terms and conditions
 specified in the Securities. 

 

          The
delivery of such Security to the Paying Agent with the Change in Control
Purchase Notice (together with all necessary endorsements) at the offices of
the Paying Agent shall be a condition to the receipt by the Holder of the
Change in Control Purchase Price therefor; provided, however, that such Change
in Control Purchase Price shall be so paid pursuant to this Section 11.08 only
if the Security so delivered to the Paying Agent shall conform in all material
respects to the description thereof set forth in the related Change in Control
Purchase Notice. 

          The
Company shall purchase from the Holder thereof, pursuant to this Section 11.08,
a portion of a Security if the principal amount at maturity of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that
apply to the purchase of all of a Security also apply to the purchase of such
portion of such Security. 

          Any
purchase by the Company contemplated pursuant to the provisions of this Section
11.08 shall be consummated by the delivery of the consideration to be received
by the Holder on the Change of Control Purchase Date. 

          (d)
Procedure Upon Purchase. The Company shall deposit the consideration to
be received by the Holder specified in Section 11.08 at the time and in the
manner as provided in Section 11.10, sufficient to pay the aggregate Change in
Control Purchase Price of all Securities to be purchased pursuant to this
Section 11.08. 

          (e)
Taxes. If a Holder of a purchased Security is paid in Ordinary Shares
pursuant to this Section 11.08, the Company shall pay all, stamp and other
duties, if any, which may be imposed by the United States or any political
subdivision thereof or taxing authority thereof or therein with respect to the
issuance of Ordinary Shares. However, the Holder shall pay any such tax which
is due because the Holder requests the Ordinary Shares to be issued in a name
other than the Holder’s name. The Paying Agent may refuse to deliver the
certificates representing the Ordinary Shares being issued in a name other than
the Holder’s name until the Paying Agent 

54

receives a sum
sufficient to pay any tax which will be due because the Ordinary Shares are to
be issued in a name other than the Holder’s name. Nothing herein shall preclude
any income tax withholding required by law or regulations. 

          Section
11.09. Effect of Purchase Notice or Change in Control Purchase Notice.
Upon receipt by the Paying Agent of the Change in Control Purchase Notice
specified in Section 11.08(c) the Holder of the Security in respect of which
such Change in Control Purchase Notice was given shall (unless such Change in
Control Purchase Notice is withdrawn as specified in the following two
paragraphs) thereafter be entitled to receive solely the Change in Control
Purchase Price with respect to such Security. Such Change in Control Purchase
Price shall be paid to such Holder, subject to receipts of funds and/or
securities by the Paying Agent, promptly following the later of (x) the Change
in Control Purchase Date with respect to such Security (provided the conditions
in Section 11.08(c) have been satisfied) and (y) the time of delivery of such
Security to the Paying Agent by the Holder thereof in the manner required by
Section 11.08(c). 

          A
Change in Control Purchase Notice may be withdrawn by means of a written notice
of withdrawal delivered to the office of the Paying Agent in accordance with
the Change in Control Purchase Notice at any time prior to the close of
business on the last day prior to the Change in Control Purchase Date
specifying: 

	
  

 	
  

 
	
  

 	
           (1)
 the certificate number of the Security in respect of which such notice of
 withdrawal is being submitted or the appropriate Depositary procedures if
 Certificated Securities have been issued, 

 
	
  

 	
  

 
	
  

 	
           (2)
 the principal amount of the Security with respect to which such notice of
 withdrawal is being submitted, and 

 
	
  

 	
  

 
	
  

 	
           (3)
 the principal amount, if any, of such Security which remains subject to the
 original Change in Control Purchase Notice and which has been or will be
 delivered for purchase by the Company. 

 

          Section
11.10. Deposit of Change in Control Purchase Price. Prior to 10:00 a.m.
New York City time on the Business Day following the Change in Control Purchase
Date, the Company shall deposit with the Trustee or with the Paying Agent (or,
if the Company or a Subsidiary or an Affiliate of either of them is acting as
the Paying Agent, shall segregate and hold in trust as provided in Section
10.03) an amount of cash (in immediately available funds if deposited on such
Business Day) and/or other consideration, if permitted hereunder, under a
supplemental indenture or the Securities, sufficient to pay the aggregate
Change in Control Purchase Price of all the Securities or portions thereof
which are to be purchased as of the Change in Control Purchase Date. 

ARTICLE XII

SINKING FUNDS

          Section
12.01. 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 3.01 for Securities of
such series. 

55

          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 12.02. 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
12.02. 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 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
12.03. Redemption of Securities for Sinking Fund. Not less than 60 days prior
to each sinking fund payment date for any series of Securities, the Company (1)
will deliver to the Trustee an Officers’ Certificate (A) stating that no
defaults in the payment of interest or Events of Default with respect to
Securities of that series have occurred (which have not been waived or cured),
(B) specifying the amount of the next ensuing sinking fund payment for that
series pursuant to the terms of Securities of that series, (C) stating whether
or not the Company intends to exercise its right, if any, to make an optional
sinking fund payment with respect to such series on the next ensuing sinking
fund payment date and, if so, specifying the amount of such optional sinking
fund payment and (D) specifying the portion of such sinking fund payment, 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 12.02 and (2) 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 of such series to be
redeemed upon such sinking fund payment date in the manner specified in Section
11.03 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 11.04. Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.05, 11.06 and 11.07.
Failure of the Company, on or before any such 60th day, to deliver such Officers’
Certificate and Securities specified in this Section 12.03, if any, shall not
constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Company (a) that the mandatory sinking fund payment
for such series due on the next succeeding sinking fund payment date shall be
paid entirely in cash without the option to deliver or credit Securities of
such series in respect thereof and (b) that the Company will make no optional
sinking fund payment with respect to Securities of such series as provided in
this article. 

          The
Trustee shall not redeem or cause to be redeemed any Security of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation 

56

of the sinking
fund during the continuance of a default in payment of interest on such
Securities or of any Event of Default with respect to such series except that,
where the mailing of notice of redemption of any Securities shall therefore
have been made, the Trustee shall redeem or cause to be redeemed such
Securities, provided that it shall have received from the Company a sum
sufficient for such redemption. Except as aforesaid, any moneys in the sinking
fund for such series at the time when any such default or Event of Default
shall occur, and any moneys thereafter paid into the sinking fund, shall,
during the continuance of such default or Event of Default, be deemed to have
been collected under Article Five and held for the payment of all such
Securities of such series. In case such Event of Default shall have been waived
as provided in Section 5.13 or the default cured on or before the 60th day
preceding the sinking fund payment date, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with
this Section 12.03 to the redemption 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. 

 [Remainder of page intentionally blank]

57

          IN
WITNESS WHEREOF, XL GROUP PUBLIC LIMITED COMPANY has caused this Indenture to
be duly executed as a deed the day and year first before written. 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title: 

 

58

          IN
WITNESS WHEREOF, the undersigned, being duly authorized, has executed this
Indenture as of the date first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 [TRUSTEE]

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

59Exhibit 4.3

	
  

 
	
 XL GROUP PUBLIC LIMITED COMPANY

 
	
  

 
	
 to

 
	
  

 
	
 [_______________],

 
	
  

 
	
 as Trustee

 
	
  

 
	
 

 
	
  

 
	
 INDENTURE

 
	
  

 
	
 Dated as of [______]

 
	
  

 
	
 

 
	
  

 
	
 Subordinated Debt Securities

 

          Reconciliation
and tie between Trust Indenture Act of 1939 and Indenture, dated as of [________].

	
  

 	
  

 	
  

 
	
 Trust Indenture

 Act Section

 	
  

 	
 Indenture

 Section

 
	

 

 	
  

 	

 

 
	
 ss.310(a)

 	
  

 	
 6.09

 
	
 (b)

 	
  

 	
 6.08, 6.10

 
	
 (c)

 	
  

 	
 N.A.

 
	
 ss.311(a)

 	
  

 	
 6.13

 
	
 (b)

 	
  

 	
 6.13

 
	
 (c)

 	
  

 	
 N.A.

 
	
 ss.312(a)

 	
  

 	
 7.01,
 7.02(a)

 
	
 (b)

 	
  

 	
 7.02(b)

 
	
 (c)

 	
  

 	
 7.02(c)

 
	
 ss.313(a)

 	
  

 	
 7.03(a)

 
	
 (b)

 	
  

 	
 7.03(b)

 
	
 (c)

 	
  

 	
 7.03(b)

 
	
 (d)

 	
  

 	
 7.03(c)

 
	
 ss.314(a)

 	
  

 	
 7.04

 
	
 (b)

 	
  

 	
 N.A.

 
	
 (c)

 	
  

 	
 1.02

 
	
 (d)

 	
  

 	
 N.A.

 
	
 (e)

 	
  

 	
 1.02

 
	
 (f)

 	
  

 	
 N.A.

 
	
 ss.315(a)

 	
  

 	
 6.01

 
	
 (b)

 	
  

 	
 6.02, 7.03(b)

 
	
 (c)

 	
  

 	
 6.01(b)

 
	
 (d)

 	
  

 	
 6.01(c)

 
	
 (e)

 	
  

 	
 5.14

 
	
 ss.316(a)(1)

 	
  

 	
 5.12, 5.13

 
	
 (b)

 	
  

 	
 5.08

 
	
 (c)

 	
  

 	
 1.04(d)

 
	
 ss.317(a)(1)

 	
  

 	
 5.03

 
	
 (a)(2)

 	
  

 	
 5.04

 
	
 (b)

 	
  

 	
 10.03

 
	
 ss.318(a)

 	
  

 	
 1.07

 

	
  

 
	

 

 
	
 N.A. means
 not applicable.

 

	
  

 	
  

 
	
 NOTE:

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

 

i

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I.

 	
 DEFINITIONS
 AND OTHER PROVISIONS OF GENERAL APPLICATION

 	
  

 	
 1

 
	
  

 	
 Section 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
 Section 1.02.

 	
 Compliance
 Certificates and Opinions

 	
  

 	
 7

 
	
  

 	
 Section
 1.03.

 	
 Form of
 Documents Delivered to Trustee

 	
  

 	
 8

 
	
  

 	
 Section
 1.04.

 	
 Acts of Holders

 	
  

 	
 8

 
	
  

 	
 Section
 1.05.

 	
 Notices,
 Etc., to Trustee and Company

 	
  

 	
 9

 
	
  

 	
 Section
 1.06.

 	
 Notice to
 Holders; Waiver

 	
  

 	
 10

 
	
  

 	
 Section
 1.07.

 	
 Conflict
 With Trust Indenture Act

 	
  

 	
 10

 
	
  

 	
 Section
 1.08.

 	
 Effect Of
 Headings and Table of Contents

 	
  

 	
 10

 
	
  

 	
 Section
 1.09.

 	
 Successors
 and Assigns

 	
  

 	
 10

 
	
  

 	
 Section
 1.10.

 	
 Separability
 Clause

 	
  

 	
 10

 
	
  

 	
 Section
 1.11.

 	
 Benefits of
 Indenture

 	
  

 	
 11

 
	
  

 	
 Section
 1.12.

 	
 Governing
 Law; Waiver of Jury Trial

 	
  

 	
 11

 
	
  

 	
 Section
 1.13.

 	
 Legal
 Holidays

 	
  

 	
 11

 
	
  

 	
 Section
 1.14.

 	
 References
 to Currency

 	
  

 	
 11

 
	
  

 	
 Section 1.15.

 	
 Force Majeure

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II.

 	
 SECURITY
 FORMS

 	
  

 	
 12

 
	
  

 	
 Section
 2.01.

 	
 Forms
 Generally

 	
  

 	
 12

 
	
  

 	
 Section
 2.02.

 	
 Form of
 Trustee’s Certificate of Authentication

 	
  

 	
 12

 
	
  

 	
 Section
 2.03.

 	
 Securities
 Issuable in the Form of a Global Security

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III.

 	
 THE
 SECURITIES

 	
  

 	
 14

 
	
  

 	
 Section
 3.01.

 	
 Amount
 Unlimited; Issuable in Series

 	
  

 	
 14

 
	
  

 	
 Section 3.02.

 	
 Denominations

 	
  

 	
 17

 
	
  

 	
 Section 3.03.

 	
 Execution,
 Authentication, Delivery and Dating

 	
  

 	
 17

 
	
  

 	
 Section
 3.04.

 	
 Temporary
 Securities

 	
  

 	
 18

 
	
  

 	
 Section
 3.05.

 	
 Registration,
 Registration of Transfer and Exchange

 	
  

 	
 18

 
	
  

 	
 Section
 3.06.

 	
 Mutilated,
 Destroyed, Lost and Stolen Securities

 	
  

 	
 20

 
	
  

 	
 Section
 3.07.

 	
 Payment of
 Interest; Interest Rights Preserved

 	
  

 	
 20

 
	
  

 	
 Section
 3.08.

 	
 Persons
 Deemed Owners

 	
  

 	
 21

 
	
  

 	
 Section 3.09.

 	
 Cancellation

 	
  

 	
 22

 
	
  

 	
 Section 3.10.

 	
 Computation
 of Interest

 	
  

 	
 22

 
	
  

 	
 Section
 3.11.

 	
 CUSIP
 Numbers

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV.

 	
 SATISFACTION
 AND DISCHARGE

 	
  

 	
 22

 
	
  

 	
 Section
 4.01.

 	
 Satisfaction
 and Discharge of Indenture

 	
  

 	
 22

 
	
  

 	
 Section
 4.02.

 	
 Application
 of Trust Funds; Indemnification

 	
  

 	
 24

 
	
  

 	
 Section
 4.03.

 	
 Defeasance and
 Discharge of Indenture

 	
  

 	
 24

 
	
  

 	
 Section
 4.04.

 	
 Defeasance
 of Certain Obligations

 	
  

 	
 26

 

ii

TABLE
OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V.

 	
 REMEDIES

 	
  

 	
 27

 
	
  

 	
 Section
 5.01.

 	
 Events of
 Default

 	
  

 	
 27

 
	
  

 	
 Section
 5.02.

 	
 Acceleration
 of Maturity: Rescission and Annulment

 	
  

 	
 28

 
	
  

 	
 Section
 5.03.

 	
 Collection
 of Indebtedness and Suits for Enforcement by Trustee

 	
  

 	
 29

 
	
  

 	
 Section
 5.04.

 	
 Trustee May
 File Proofs of Claim

 	
  

 	
 30

 
	
  

 	
 Section
 5.05.

 	
 Trustee May
 Enforce Claims Without Possession of Securities

 	
  

 	
 30

 
	
  

 	
 Section
 5.06.

 	
 Application
 of Money Collected

 	
  

 	
 31

 
	
  

 	
 Section 5.07.

 	
 Limitation on Suits

 	
  

 	
 31

 
	
  

 	
 Section
 5.08.

 	
 Unconditional
 Right of Holders to Receive Principal, Premium and Interest

 	
  

 	
 32

 
	
  

 	
 Section
 5.09.

 	
 Restoration
 of Rights and Remedies

 	
  

 	
 32

 
	
  

 	
 Section
 5.10.

 	
 Rights and
 Remedies Cumulative

 	
  

 	
 32

 
	
  

 	
 Section
 5.11.

 	
 Delay or
 Omission Not Waiver

 	
  

 	
 32

 
	
  

 	
 Section
 5.12.

 	
 Control by
 Holders

 	
  

 	
 33

 
	
  

 	
 Section
 5.13.

 	
 Waiver of
 Past Defaults

 	
  

 	
 33

 
	
  

 	
 Section
 5.14.

 	
 Undertaking
 for Costs

 	
  

 	
 33

 
	
  

 	
 Section
 5.15.

 	
 Waiver of
 Stay or Extension Laws

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI.

 	
 THE TRUSTEE

 	
  

 	
 34

 
	
  

 	
 Section
 6.01.

 	
 Certain
 Duties and Responsibilities

 	
  

 	
 34

 
	
  

 	
 Section
 6.02.

 	
 Notice of
 Defaults

 	
  

 	
 35

 
	
  

 	
 Section
 6.03.

 	
 Certain
 Rights of Trustee

 	
  

 	
 36

 
	
  

 	
 Section
 6.04.

 	
 Not
 Responsible for Recitals or Issuance of Securities

 	
  

 	
 37

 
	
  

 	
 Section 6.05.

 	
 May Hold
 Securities

 	
  

 	
 37

 
	
  

 	
 Section
 6.06.

 	
 Money Held
 in Trust

 	
  

 	
 37

 
	
  

 	
 Section
 6.07.

 	
 Compensation
 and Reimbursement

 	
  

 	
 37

 
	
  

 	
 Section
 6.08.

 	
 Disqualification;
 Conflicting Interests

 	
  

 	
 38

 
	
  

 	
 Section
 6.09.

 	
 Corporate
 Trustee Required; Eligibility

 	
  

 	
 38

 
	
  

 	
 Section
 6.10.

 	
 Resignation
 and Removal; Appointment of Successor

 	
  

 	
 39

 
	
  

 	
 Section
 6.11.

 	
 Acceptance
 of Appointment by Successor

 	
  

 	
 40

 
	
  

 	
 Section
 6.12.

 	
 Merger,
 Conversion, Consolidation or Succession to Business

 	
  

 	
 41

 
	
  

 	
 Section
 6.13.

 	
 Preferential
 Collection of Claims Against Company

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII.

 	
 HOLDERS’
 LISTS AND REPORTS BY TRUSTEE AND COMPANY

 	
  

 	
 42

 
	
  

 	
 Section
 7.01.

 	
 Company to
 Furnish Trustee Names and Addresses of Holders

 	
  

 	
 42

 
	
  

 	
 Section
 7.02.

 	
 Preservation
 of Information; Communications to Holders

 	
  

 	
 42

 
	
  

 	
 Section
 7.03.

 	
 Reports by
 Trustee

 	
  

 	
 44

 
	
  

 	
 Section
 7.04.

 	
 Reports by
 Company

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE
 VIII.

 	
 SUCCESSOR
 CORPORATION

 	
  

 	
 45

 
	
  

 	
 Section
 8.01.

 	
 When Company
 May Merge or Transfer Assets

 	
  

 	
 45

 

iii

TABLE
OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX.

 	
 AMENDMENTS & SUPPLEMENTAL INDENTURES

 	
  

 	
 46

 
	
  

 	
 Section
 9.01.

 	
 Amendments
 or Supplemental Indentures Without Consent of Holders

 	
  

 	
 46

 
	
  

 	
 Section
 9.02.

 	
 Amendments
 or Supplemental Indentures With Consent of Holders

 	
  

 	
 47

 
	
  

 	
 Section
 9.03.

 	
 Execution of
 Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
 Section
 9.04.

 	
 Effect of
 Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
 Section
 9.05.

 	
 Conformity
 with Trust Indenture Act

 	
  

 	
 48

 
	
  

 	
 Section
 9.06.

 	
 Reference in
 Securities to Supplemental Indentures

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X.

 	
 COVENANTS

 	
  

 	
 49

 
	
  

 	
 Section
 10.01.

 	
 Payment of
 Principal, Premium and Interest

 	
  

 	
 49

 
	
  

 	
 Section
 10.02.

 	
 Maintenance
 of Office or Agency

 	
  

 	
 49

 
	
  

 	
 Section
 10.03.

 	
 Money for
 Securities; Payments to be Held in Trust

 	
  

 	
 50

 
	
  

 	
 Section
 10.04.

 	
 Corporate
 Existence

 	
  

 	
 51

 
	
  

 	
 Section
 10.05.

 	
 Maintenance
 of Properties

 	
  

 	
 51

 
	
  

 	
 Section
 10.06.

 	
 Statement by
 Officers as to Default

 	
  

 	
 51

 
	
  

 	
 Section
 10.07.

 	
 Waiver of
 Certain Covenants

 	
  

 	
 52

 
	
  

 	
 Section
 10.08.

 	
 Calculation
 of Original Issue Discount

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI.

 	
 REDEMPTION
 OF SECURITIES

 	
  

 	
 52

 
	
  

 	
 Section
 11.01.

 	
 Applicability
 of Article

 	
  

 	
 52

 
	
  

 	
 Section
 11.02.

 	
 Election to
 Redeem; Notice to Trustee

 	
  

 	
 52

 
	
  

 	
 Section
 11.03.

 	
 Selection by
 Trustee of Securities to be Redeemed

 	
  

 	
 52

 
	
  

 	
 Section
 11.04.

 	
 Notice of
 Redemption

 	
  

 	
 53

 
	
  

 	
 Section
 11.05.

 	
 Deposit of
 Redemption Price

 	
  

 	
 54

 
	
  

 	
 Section
 11.06.

 	
 Securities
 Payable on Redemption Date

 	
  

 	
 54

 
	
  

 	
 Section
 11.07.

 	
 Securities
 Redeemed in Part

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XII.

 	
 SINKING
 FUNDS

 	
  

 	
 55

 
	
  

 	
 Section
 12.01.

 	
 Applicability
 of Article

 	
  

 	
 55

 
	
  

 	
 Section
 12.02.

 	
 Satisfaction
 of Sinking Fund Payments With Securities

 	
  

 	
 55

 
	
  

 	
 Section
 12.03.

 	
 Redemption
 of Securities for Sinking Fund

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XIII.

 	
 SUBORDINATION

 	
  

 	
 56

 
	
  

 	
 Section
 13.01.

 	
 Agreement to
 Subordinate

 	
  

 	
 56

 
	
  

 	
 Section
 13.02.

 	
 Default on
 Senior Indebtedness

 	
  

 	
 57

 
	
  

 	
 Section 13.03.

 	
 Liquidation; Dissolution; Bankruptcy

 	
  

 	
 58

 
	
  

 	
 Section 13.04.

 	
 Subrogation

 	
  

 	
 59

 
	
  

 	
 Section 13.05.

 	
 Trustee to
 Effectuate Subordination

 	
  

 	
 60

 
	
  

 	
 Section
 13.06.

 	
 Notice by
 the Company

 	
  

 	
 60

 
	
  

 	
 Section
 13.07.

 	
 Rights of
 The Trustee; Holders of Senior Indebtedness

 	
  

 	
 61

 
	
  

 	
 Section
 13.08.

 	
 Subordination
 May Not be Impaired

 	
  

 	
 61

 
	
  

 	
 Section
 13.09.

 	
 Article
 Applicable to Paying Agents

 	
  

 	
 62

 

iv

TABLE
OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Section
 13.10.

 	
 Defeasance
 of This Article

 	
  

 	
 62

 
	
  

 	
 Section
 13.11.

 	
 Subordination
 Language to be Included in Securities

 	
  

 	
 62

 
	
  

 	
 Section
 13.12.

 	
 Trustee Not
 Fiduciary for Holders of Senior Indebtedness

 	
  

 	
 62

 

v

                    INDENTURE,
dated as of [______], between XL Group Public Limited Company, an Irish public
limited company (herein called the “Company” or the “Issuer”),
having its principal office at No. 1 Hatch Street Upper, 4th Floor,
Dublin 2, Ireland, and [TRUSTEE], a [____________], as trustee hereunder
(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 unsecured debentures, notes
or other evidences of indebtedness (herein called the “Securities”), to
be issued in one or more series as in this Indenture provided.

                    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 covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as
follows:

ARTICLE I.

DEFINITIONS AND
OTHER PROVISIONS

OF GENERAL APPLICATION

          Section
1.01. 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 in the
 United States, 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;

 
	
  

 	
  

 
	
  

 	
           (4)
 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; and

 

	
  

 	
  

 
	
  

 	
           (5)
 all references used herein to the male gender shall include the female
 gender.

 

                    “Act,”
when used with respect to any Holder, has the meaning specified in Section
1.04.

                    “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.

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

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

                    “Business
Day” means, with respect to any Securities, a day that in the City of New
York or in any Place of Payment is not a day on which banking institutions are
authorized by law or regulation to close.

                    “Capital
Stock” for any entity means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or
interests in (however designated) shares issued by that entity.

                    “Certificated
Securities” means Securities that are in registered definitive form.

                    “Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, 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.

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

                    “Company
Request” or “Company Order” means a written request or order signed
in the name of the Company by its chairman of the board, a vice chairman, its
president or a vice president, and by its treasurer, an assistant treasurer,
its secretary or an assistant secretary, and delivered to the Trustee.

                    “Corporate
Trust Office” means the office of the Trustee at which at any particular
time the trust created by this Indenture shall be administered, which office,
at the time of the execution of this Indenture, is located at [____________].

2

                    “Default
Notice” has the meaning specified in Section 13.02(b).

                    “Defaulted
Interest” has the meaning specified in Section 3.07.

                    “Depositary”
means, unless otherwise specified by the Company pursuant to either Section
2.03 or 3.01, with respect to Securities of any series issuable or issued as a
Global Security, The Depository Trust Company, New York, New York, or any
successor thereto registered under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation.

                    “Event
Of Default” has the meaning specified in Section 5.01.

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

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

                    “Holder
Action” has the meaning specified in Section 7.02(d).

                    “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include
the terms of particular series of Securities established as contemplated by
Section 3.01.

                    “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.

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

                    “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
president or a vice president, and by the treasurer, an assistant treasurer,
the secretary or an assistant secretary, of the Company, and delivered to the
Trustee.

3

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

                    “Ordinary
Shares” means the Class A and Class B ordinary shares (including preference
ordinary shares), $0.01 par value per share, of the Company existing on the
date of this Indenture or any other shares of Capital Stock of the Company into
which such Class A or Class B ordinary shares shall be reclassified or changed.

                    “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 5.02.

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

	
  

 	
  

 
	
  

 	
           (1)
 Securities theretofore canceled by the Trustee or delivered to the Trustee
 for cancellation;

 
	
  

 	
  

 
	
  

 	
           (2)
 Securities for whose payment or redemption money or evidences of indebtedness
 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 this Indenture or provision therefor satisfactory to the
 Trustee has been made; and

 
	
  

 	
  

 
	
  

 	
           (3)
 Securities which have been paid pursuant to Section 3.06 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 any request, demand,
authorization, direction, notice, consent or waiver hereunder, 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 or waiver, 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. In case of a dispute as to such right, any decision by the
Trustee shall be full protection to the Trustee. Upon request of the Trustee,
the Company shall furnish to the Trustee promptly an Officers’ Certificate
listing and identifying all Securities, if any, known by the Company to be
owned or held by or for the account of any of the above-described persons; and,
subject to Section 6.01, the Trustee 

4

shall be entitled to accept such Officers’ Certificate
as conclusive evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purposes of any such
determination.

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

                    “Person”
means any individual, corporation, exempted limited company, partnership, joint
venture, association, joint-stock company, 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 premium, if any) and interest
on the Securities of that series are payable as specified as contemplated by
Section 3.01.

                    “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 3.06 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 3.01.

                    “Responsible
Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
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.

                    “Security
Register” and “Security Registrar” have the respective meanings specified
in Section 3.05.

                    “Senior
Indebtedness,” unless otherwise specified in one or more indentures
supplemental hereto or approved pursuant to a Board Resolution in accordance
with Section 3.01, means, with respect to the Company, (i) the principal
(including redemption payments),

5

premium, if any, interest and other payment
obligations in respect of (A) indebtedness of the Company for money borrowed
and (B) indebtedness evidenced by securities, debentures, bonds, notes or other
similar instruments issued by the Company, including any such securities issued
under any deed, indenture or other instrument to which the Company is a party
(including, for the avoidance of doubt, indentures pursuant to which
subordinated debentures have been or may be issued); (ii) all capital lease
obligations of the Company; (iii) all obligations of the Company issued or
assumed as the deferred purchase price of property, all conditional sale
obligations of the Company, all hedging agreements and agreements of a similar
nature thereto and all agreements relating to any such agreements, and all
obligations of the Company under any title retention agreement (but excluding
trade accounts payable arising in the ordinary course of business); (iv) all
obligations of the Company for reimbursement on any letter of credit, banker’s
acceptance, security purchase facility or similar credit transaction; (v) all
obligations of the type referred to in clauses (i) through (iv) above of other
Persons for the payment of which the Company is responsible or liable as
obligor, guarantor or otherwise; (vi) all obligations of the type referred to
in clauses (i) through (v) above of other Persons secured by any lien on any
property or asset of the Company (whether or not such obligation is assumed by
the Company) and (vii) any deferrals, amendments, renewals, extensions,
modifications and refundings of all obligations of the type referred to in
clauses (i) through (vi) above, in each case whether or not contingent and
whether outstanding at the date hereof or thereafter incurred, except, in each
case, for the Securities and any such other indebtedness or deferral,
amendment, renewal, extension, modification or refunding that contains express
terms, or is issued under a deed, indenture or other instrument, which contains
express terms, providing that it is subordinate to or ranks pari passu with the Securities. Such
Senior Indebtedness shall continue to be Senior Indebtedness and be entitled to
the benefits of the subordination provisions of this Indenture irrespective of
any amendment, modification or waiver of any term of such Senior Indebtedness
and notwithstanding that no express written subordination agreement may have
been entered into between the holders of such Senior Indebtedness and the
Trustee or any of the Holders.

                    “Special
Record Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 3.07.

                    “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, with respect to any Person:

	
  

 	
  

 
	
  

 	
           (1)
 any corporation or company a majority of whose Capital Stock with voting
 power, under ordinary circumstances, to elect directors is, at the date of
 determination, directly or indirectly, owned by such Person (a “subsidiary”),
 by one or more subsidiaries of such Person or by such Person and one or more
 subsidiaries of such Person;

 
	
  

 	
  

 
	
  

 	
           (2)
 a partnership in which such Person or a subsidiary of such Person is, at the
 date of determination, a general partner of such partnership; or

 

6

	
  

 	
  

 
	
  

 	
           (3)
 any partnership, limited liability company or other Person in which such
 Person, a subsidiary of such Person or such Person and one or more
 subsidiaries of such Person, directly or indirectly, at the date of
 determination, has (x) at least a majority ownership interest or (y) the
 power to elect or appoint or direct the election or appointment of the
 managing partner or member of such Person or, if applicable, a majority of
 the directors or other governing body of such Person.

 

                    “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 amended and in
force at the date as of which this instrument was executed, except as provided
in Section 9.05.

                    “U.S.
Government Obligations” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as to the timely payment of
principal and interest 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 depository receipt
issued by a bank or trust company which is a member of the Federal Reserve
System and having a combined capital and surplus of at least $50,000,000 as
custodian with respect to any such obligation evidenced by such depository
receipt or a specific payment of interest on or principal of any such
obligation held by such custodian for the account of the holder of a depository
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
depository receipt from any amount received by the custodian in respect of the
obligation set forth in (i) or (ii) above or the specific payment of interest
on or principal of such obligation evidenced by such depository receipt.

          Section
1.02. 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
an Officers’ Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with and, where appropriate as to matters of law, an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

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

7

	
  

 	
  

 
	
  

 	
           (1)
 a statement that the Person 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 Person, such Person has made
 such examination or investigation as is necessary to enable him to express an
 informed opinion as to whether or not such condition or covenant has been
 complied with; and

 
	
  

 	
  

 
	
  

 	
           (4)
 a statement as to whether, in the opinion of each such Person, such condition
 or covenant has been complied with.

 

          Section
1.03. 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 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 opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters is erroneous. Any certificate 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
1.04. Acts of Holders.

                    (a)
Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given 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 an 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 

8

	
  

 	
  

 
	
 any purpose of this Indenture and (subject to
 Section 6.01) conclusive in favor of the Trustee and the Company, if made in
 the manner provided in this Section 1.04.

 
	
  

 	
  

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

 
	
  

 	
  

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

 
	
  

 	
  

 
	
                     (d)
 If the Company shall solicit from the Holders any request, demand,
 authorization, direction, notice, consent, waiver or other Act, the Company
 may, at its option, by or pursuant to a Board Resolution, fix in advance a
 record date for the determination of Holders entitled to give such request,
 demand, authorization, direction, notice, consent, waiver or other Act, but
 the Company shall have no obligation to do so. Notwithstanding Trust
 Indenture Act Section 3.16(c), such record date shall be the record date
 specified in or pursuant to such Board Resolution, which shall be a date not
 earlier than the date 30 days prior to the first solicitation of Holders
 generally in connection therewith and not later than the date such
 solicitation is completed. If such a record date is fixed, such request,
 demand, authorization, direction, notice, consent, waiver or other Act maybe
 given before or after such record date, but only the Holders of record at the
 close of business on such record date shall be deemed to be Holders for the
 purposes of determining whether Holders of the requisite proportion of
 Outstanding Securities shall be computed as of such record date; provided,
 however, that no such authorization, agreement or consent by such
 Holders on such record date shall be deemed effective unless it shall become
 effective pursuant to the provisions of this Indenture not later than eleven
 months after the record date.

 
	
  

 	
  

 
	
                     (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.

 

          Section
1.05. 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 (including a
 facsimile transmission) 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
 (including a facsimile transmission) and mailed, first-class postage prepaid,
 to the Company addressed 

 

9

	
  

 	
  

 
	
  

 	
 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, to the
 attention of the general counsel of the Company.

 

          Section
1.06. 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, and not earlier than the earliest date, 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. 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 case 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
1.07. Conflict With Trust Indenture Act.

                    If
any provision hereof limits, qualifies or conflicts with another provision
which is required or deemed to be included in this Indenture by any of the
provisions of the Trust Indenture Act, such required or deemed provision shall
control.

          Section
1.08. 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
1.09. 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
1.10. 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.

10

          Section
1.11. 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
1.12. Governing Law; Waiver of Jury Trial.

                    This
Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, and for all purposes will be construed
in accordance with the laws of said State without giving effect to principles
of conflicts of laws of such State.

                    EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

          Section
1.13. Legal Holidays.

                    In
any case where any Interest Payment Date, Redemption Date or Stated 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) 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 or Redemption Date, or at the Stated Maturity, provided
that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be.

          Section
1.14. References to Currency.

                    All
references in this Indenture to “dollars” or “$” are to the currency of the
United States of America.

          Section
1.15. Force Majeure.

                    In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the
circumstances.

11

ARTICLE II.

SECURITY FORMS

          Section
2.01. Forms Generally. 

                    The
Securities of each series shall be in substantially the forms established in
one or more indentures supplemental hereto or approved from time to time by or
pursuant to a Board Resolution in accordance with Section 3.01, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and any indenture supplemental
hereto, 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 securities regulatory authority 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 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 3.03 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, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities. 

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

                    The
Trustee’s certificate of authentication required by this article shall be in
substantially the form set forth below. 

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

	
  

 	
  

 	
  

 
	
  

 	
 [TRUSTEE],

 
	
  

 	
 as Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Authorized Signatory”

 

          Section
2.03. Securities Issuable in the Form of a Global Security. 

                    (a)
If the Issuer shall establish pursuant to Sections 2.01 and 3.01 that the
Securities of a particular series are to be issued in whole or in part in the
form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with Section 3.03 and the Company Order delivered
to the Trustee thereunder, authenticate and deliver, such Global Security or
Securities, which (i) shall represent, and shall be denominated in an amount
equal to the aggregate principal amount of, the Outstanding Securities of such
series to be 

12

represented by
such Global Security or Securities, (ii) shall be registered in the name of the
Depositary for such Global Security or Securities or its nominee, (iii) shall
be delivered by the Trustee to the Depositary or its custodian or pursuant to
the Depositary’s instruction and (iv) shall bear a legend substantially to the
following effect: “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.” 

                    (b)
Notwithstanding any other provision of this Section 2.03 or of Section 3.05,
unless the terms of a Global Security expressly permit such Global Security to
be exchanged in whole or in part for individual Securities, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 3.05, only to another nominee of the Depositary for such Global
Security, or to a successor Depositary for such Global Security selected or
approved by the Issuer or to a nominee of such successor Depositary. 

                    (c)
(i) If at any time the Depositary for a Global Security notifies the Issuer
that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time the Depositary for the Securities for such series
shall no longer be eligible or in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Issuer
shall appoint a successor Depositary with respect to such Global Security. If a
successor Depositary for such Global Security is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such
ineligibility, the Issuer will execute a Company Order for the authentication
and delivery of individual Securities of such series in exchange for such
Global Security, and the Trustee, upon receipt of such Company Order, will
authenticate and deliver individual Securities of such series of like tenor and
terms in definitive form in an aggregate principal amount equal to the
principal amount of the Global Security in exchange for such Global Security. 

	
  

 	
  

 
	
  

 	
           (ii)
 If an Event of Default shall have occurred and be continuing or an event
 shall have occurred which with the giving of notice or lapse of time or both,
 would constitute an Event of Default with respect to the Securities
 represented by such Global Security, the Trustee, upon receipt of a Company
 Order for the authentication and delivery of individual Securities of such
 series in exchange for such Global Security, will authenticate and deliver
 individual Securities of such series of like tenor and terms in definitive
 form in an aggregate principal amount equal to the principal amount of the Global
 Security in exchange for such Global Security. 

 

13

	
  

 	
  

 
	
  

 	
           (iii)
 If specified by the Issuer pursuant to Section 3.01 with respect to
 Securities issued or issuable in the form of a Global Security, the
 Depositary for such Global Security may surrender such Global Security in
 exchange in whole or in part for individual Securities of such series of like
 tenor and terms in definitive form on such terms as are acceptable to the
 Issuer and such Depositary. Thereupon the Issuer shall execute, and the Trustee
 shall authenticate and deliver, without service charge, (1) to each Person
 specified by such Depositary a new Security or Securities of the same series
 of like tenor and terms and of any authorized denomination of $1,000 and any
 integral multiple thereof as requested by such Person in aggregate principal
 amount equal to and in exchange for such Person’s beneficial interest in the
 Global Security; and (2) to such Depositary a new Global Security of like
 tenor and terms and in a denomination equal to the difference, if any,
 between the principal amount of the surrendered Global Security and the
 aggregate principal amount of Securities delivered to Holders thereof. 

 
	
  

 	
  

 
	
  

 	
           (iv)
 In any exchange provided for in any of the preceding three paragraphs, the
 Issuer will execute and the Trustee will authenticate and deliver individual
 Securities in definitive registered form in authorized denominations of
 $1,000 and any integral multiple thereof. Upon the exchange of a Global
 Security for individual Securities, such Global Security shall be cancelled
 by the Trustee. Securities issued in exchange for a Global Security pursuant
 to this Section 2.03 shall be registered in such names and in such authorized
 denominations as the Depositary for such Global Security, pursuant to
 instructions from its direct or indirect participants or otherwise, shall
 instruct the Trustee. The Trustee shall deliver such Securities to the
 persons in whose names such Securities are so registered. 

 

ARTICLE III.

THE SECURITIES

          Section
3.01. 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 in one or more series. There shall be established in
or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or
established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, 

	
  

 	
  

 
	
  

 	
           (1)
 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
 Sections 2.03, 3.04, 3.05, 3.06, 9.06 or 11.07); 

 
	
  

 	
  

 
	
  

 	
           (2)
 the issue price, expressed as a percentage of the aggregate principal amount;
 

 

14

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4)
 the rate or rates at which the Securities of the series shall bear interest,
 if any, the date or dates from which such interest shall accrue, the Interest
 Payment Dates on which such interest shall be payable and the Regular Record
 Date for the interest payable on the Interest Payment Date; 

 
	
  

 	
  

 
	
  

 	
           (5)
 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 within which, the price
 or prices at which and the terms and conditions upon which Securities of the
 series shall be redeemed or purchased, in whole or in part, pursuant to such
 obligation; 

 
	
  

 	
  

 
	
  

 	
           (6)
 the period of periods within which, the price or prices or ratios at which
 and the terms and conditions upon which Securities of the series may be
 redeemed, converted or exchanged, in whole or in part; 

 
	
  

 	
  

 
	
  

 	
           (7)
 if other than denominations of $1,000 and any integral multiple thereof, the
 denominations in which Securities of the series shall be issuable; 

 
	
  

 	
  

 
	
  

 	
           (8)
 if other than the full principal amount, the portion of the principal amount
 of Debt Securities of the series which will be payable upon declaration of
 acceleration or provable in bankruptcy; 

 
	
  

 	
  

 
	
  

 	
           (9)
 any events of default not set forth in this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (10)
 the currency or currencies, including composite currencies, in which payment
 of the principal of (and premium, if any) and interest, if any, on such
 Securities shall be payable (if other than the currency of the United States
 of America), which unless otherwise specified shall be the currency of the
 United States of America as at the time of payment is legal tender for
 payment of public or private debts; 

 
	
  

 	
  

 
	
  

 	
           (11)
 if the principal of (and premium, if any), or interest, if any, on such
 Securities are to be payable, at the election of the Company or any Holder
 thereof, in a coin or currency other than that in which such Securities are
 stated to be payable, then the period or periods within which, and the terms
 and conditions upon which, such election may be made; 

 
	
  

 	
  

 
	
  

 	
           (12)
 whether interest will be payable in cash or additional Securities at the
 Company’s or the Holders’ option and the terms and conditions upon which the
 election may be made; 

 
	
  

 	
  

 
	
  

 	
           (13)
 if such Securities are to be denominated in a currency or currencies,
 including composite currencies, other than the currency of the United States
 of America, the equivalent price in the currency of the United States of
 America for purposes of determining the voting rights of Holders of such
 Securities as Outstanding Securities under this Indenture; 

 

15

	
  

 	
  

 
	
  

 	
           (14)
 if the amount of payments of principal of (and premium, if any), or portions
 thereof, or interest, if any, on such Securities may be determined with
 reference to an index, formula or other method based on a coin or currency
 other than that in which such Securities are stated to be payable, the manner
 in which such amounts shall be determined; 

 
	
  

 	
  

 
	
  

 	
           (15)
 any restrictive covenants or other material terms relating to the offered
 debt securities, which covenants and terms shall not be inconsistent with the
 provisions of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (16)
 whether the Securities of the series shall be issued in whole or in part in
 the form of a Global Security or Securities; the terms and conditions, if
 any, upon which such Global Security or Securities may be exchanged in whole
 or in part for other individual Securities; and the Depositary for such
 Global Security or Securities; 

 
	
  

 	
  

 
	
  

 	
           (17)
 if other than as set forth in this Indenture, any terms with respect to
 subordination of such Securities, including, without limitation, the
 definition of “Senior Indebtedness”; 

 
	
  

 	
  

 
	
  

 	
           (18)
 any listing of such Securities on any securities exchange; 

 
	
  

 	
  

 
	
  

 	
           (19)
 additional or alternative provisions, if any, related to defeasance and
 discharge of the offered debt securities; 

 
	
  

 	
  

 
	
  

 	
           (20)
 the applicability of any guarantees; 

 
	
  

 	
  

 
	
  

 	
           (21)
 if convertible into Ordinary Shares, the terms on which such Securities are
 convertible, including the initial conversion price, the conversion period,
 any events requiring an adjustment of the applicable conversion price and any
 requirements relating to the reservation of such Ordinary Shares for purposes
 of conversion; 

 
	
  

 	
  

 
	
  

 	
           (22)
 provisions, if any, granting special rights to the Holders of Securities of
 the series upon the occurrence of such events as may be specified; 

 
	
  

 	
  

 
	
  

 	
           (23)
 each initial Place of Payment; and 

 
	
  

 	
  

 
	
  

 	
           (24)
 any other terms of the series, which terms shall not be inconsistent with the
 provisions of this Indenture. 

 

                    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 such
Board Resolution and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto. 

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

16

          Section
3.02. 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 3.01. 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
3.03. Execution, Authentication, Delivery and Dating. 

                    The
Securities shall be executed as a deed on behalf of the Company by any two of
the following individuals: its chairman of the Board of Directors, a vice
chairman, its president, Treasurer, Secretary or any of its vice presidents.
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 such
Securities. If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Sections 2.01 and 3.01, or by one or more indentures supplemental hereto as
provided by Section 9.01, 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
6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

                    (a)
that such form has been established in conformity with the provisions of this
Indenture; 

                    (b)
that such terms have been established in conformity with the provisions of this
Indenture; 

                    (c)
that this Indenture and 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 conveyance,
reorganization and other laws of general applicability relating to or affecting
the enforcement of creditors’ rights and to general equity principles; 

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

                    (e)
such other matters as the Trustee may reasonably request. 

17

If such form
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 is not reasonably
acceptable to the Trustee. 

                    Each
Security shall be dated the date of its authentication unless otherwise
provided by the terms established and contemplated by Section 3.01. 

                    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 provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture. 

          Section
3.04. 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,
temporary Securities which are printed, lithographed, typewritten, mimeographed
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 in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations. 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. 

          Section
3.05. Registration, Registration of Transfer and Exchange. 

                    The
Company shall cause to be kept at one of its offices or agencies maintained
pursuant to Section 10.02 or 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 Section
2.03 and to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities and of transfers of Securities. The
Trustee initially is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided. The
Company may act as Security Registrar and may change or appoint a Security
Registrar without prior notice to Holders or to the Trustee. 

18

                    Subject
to Section 2.03, upon surrender for registration of transfer of any Security of
any series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, 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. 

                    Subject
to Section 2.03, 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, the Securities which the Holder
making the exchange is entitled to receive. 

                    Subject
to Section 2.03, all Securities issued upon any registration or transfer or
exchange of Securities shall be 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 or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed, by the Holder thereof or his
attorney duly authorized in writing. 

                    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 2.03, 3.04, 9.06 or 11.07 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 11.03) 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. 

                    Each
Holder of a Security agrees to indemnify the Company and the Trustee against
any liability that may result from the transfer, exchange or assignment of such
Holder’s Security in violation of any provision of this Indenture and/or
applicable United States federal or state securities law. 

                    The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among depositary participants or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly 

19

required by,
and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof. 

                    Neither
the Trustee nor any Agent shall have any responsibility for any actions taken
or not taken by the Depositary. 

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

                    If
there shall be delivered to the Company and the Trustee (i)(A) any mutilated
Security or (B) 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 hold 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 upon its
written request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security or in exchange for such mutilated 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 3.06, 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 3.06 in lieu of any
destroyed, lost or stolen Security or in exchange for such mutilated Security,
shall constitute an original additional contractual obligation of the Company,
whether or not the mutilated, 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 3.06 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
3.07. Payment of Interest; Interest Rights Preserved. 

                    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. 

                    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 

20

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. 

 

                    Subject
to the foregoing provisions of this Section 3.07, each Security lawfully
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
3.08. Persons Deemed Owners. 

                    Subject
to Section 2.03, 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 premium, if any) and (subject to Section 3.07) interest on such Security
and for all other purposes whatsoever, whether 

21

or not such
Security be overdue, and none of the Company, the Trustee or any agent of the
Company or the Trustee shall be affected by notice to the contrary. 

          Section
3.09. 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 and shall be
promptly cancelled by it. 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 all
Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 3.09, except as expressly permitted by
this Indenture. The Trustee shall dispose of cancelled Securities in accordance
with its customary procedures. 

          Section
3.10. Computation of Interest. 

                    Except
as otherwise specified as contemplated by Section 3.01 for the Securities of
any series, interest on the Securities of each series shall be computed on the
basis of a year of twelve 30-day months. 

          Section
3.11. 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 numbers. The Company will promptly notify the Trustee in
writing of any change in the “CUSIP” numbers. 

ARTICLE IV.

SATISFACTION AND DISCHARGE

          Section
4.01. Satisfaction and Discharge of Indenture. 

This Indenture
shall upon Company Request cease to be of further effect with respect to any
series of Securities (except as to (i) any surviving rights of registration of
transfer or exchange of Securities herein expressly provided for, (ii) rights
hereunder of Holders to receive payments of principal of, and premium, if any,
and interest on, Securities, and other rights, duties and obligations of the
Holders as beneficiaries hereof with respect to the amounts, if any, so
deposited with the Trustee, (iii) remaining obligations of the Company to make
mandatory sinking fund payments and (iv) the rights, obligations and immunities
of the Trustee hereunder), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to any series of Securities, when 

22

	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (1)
 either

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A)
 all Securities of such series theretofore authenticated and delivered (other
 than (i) Securities of such series which have been mutilated, destroyed, lost
 or stolen and which have been replaced or paid as provided in Section 3.06
 and (ii) Securities of such series 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 10.03) 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 (i), (ii) or (iii) above, has deposited or caused to
 be deposited with the Trustee as trust funds in trust for the purpose (i)
 money in dollars in an amount (or if the Securities are denominated in any
 currency other than dollars, an amount of the applicable currency), or (ii)
 U.S. Government Obligations which through the payment of interest and
 principal in respect thereof in accordance with their terms will provide not
 later than one day before the due date of any payment referred to in clause
 (A) of this subparagraph money in an amount, or (iii) a combination thereof,
 sufficient, in the opinion of a nationally recognized investment banking firm
 or firm of independent certified public accountants expressed in a written
 certification thereof delivered to the Trustee, (A) to pay and discharge the
 entire indebtedness on such Securities not theretofore delivered to the
 Trustee for cancellation, for principal (and premium, if any) 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)
 if all series of Securities are being discharged, 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
 have been complied with. 

 

23

                    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.07, and, if money shall have been
deposited with the Trustee pursuant to Subclause (B) of clause (1) of this
Section 4.01, the obligations of the Trustee under Section 4.02 and the next to
last paragraph of Section 10.03, shall survive. 

          Section
4.02. Application of Trust Funds; Indemnification. 

                    (a)
 Subject to the provisions of the last paragraph of Section 10.03, all money
deposited with the Trustee pursuant to Section 4.01, all money and U.S.
Government Obligations deposited with the Trustee pursuant to Section 4.03 or
4.04 and all money received by the Trustee in respect of U.S. Government
Obligations deposited with the Trustee pursuant to Section 4.03 or 4.04 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 whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or
analogous payments as contemplated by Section 4.03 or 4.04, but such money need
not be segregated from other funds except to the extent required by law. 

                    (b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations
deposited pursuant to Section 4.03 or 4.04, or the interest and principal
received in respect of such obligations other than any payable by or on behalf
of Holders. 

                    (c)
The Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or money held by it as provided in
Section 4.03 or 4.04 which, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such obligations or money were deposited or
received. 

          Section
4.03. Defeasance and Discharge of Indenture. 

                    The
Company shall be deemed to have paid and discharged the entire indebtedness on
all the Outstanding Securities on the 91st day after the date of the deposit
referred to in subparagraph (d) of this Section 4.03, and the provisions of
this Indenture, as it relates to such Outstanding Securities, shall no longer
be in effect (and the Trustee, at the expense of the Company, shall at Company
Request, execute proper instruments acknowledging the same), except as to: 

                    (a)
the rights of Holders of Securities to receive, from the trust funds described
in subparagraph (d) hereof, (i) payment of the principal of (and premium, if
any) and each installment of principal of (and premium, if any) or interest on
the Outstanding Securities on the Stated Maturity of such principal or
installment of principal or interest and (ii) the benefit of any mandatory
sinking fund payments applicable to the Securities on the day on which such
payments are due and payable in accordance with the terms of this Indenture and
the Securities; 

24

                    (b)
the Company’s obligations with respect to such Securities under Sections 3.05,
3.06, 10.02 and 10.03; and 

                    (c)
the obligations of the Company to the Trustee under Section 6.07, 

provided that, the following conditions shall
have been satisfied: 

                    (d)
the Company has or caused to be irrevocably deposited (except as provided in
Section 4.02) with the Trustee as trust funds in trust, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of the
Securities, (i) money in dollars in an amount (or if the Securities are
denominated in any currency other than dollars, an amount of the applicable
currency), or (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will
provide not later than one day before the due date of any payment referred to
in clause (A) or (B) of this subparagraph money in an amount, or (iii) a
combination thereof, sufficient, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of (and premium, if any) and each installment
of principal of (and premium, if any) and interest on the Outstanding
Securities on the Stated Maturity of such principal or installment of principal
or interest or on the applicable Redemption Date and (B) any mandatory sinking
fund payments applicable to the Securities on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of the
Securities; 

                    (e)
such deposit shall not cause the Trustee with respect to the Securities to have
a conflicting interest for purposes of the Trust Indenture Act with respect to
the Securities; 

                    (f)
such deposit will not result in a breach or violation of, or constitute a
default under, any applicable laws, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; 

                    (g)
no Event of Default or event which with notice or lapse of time would become an
Event of Default with respect to the Securities shall have occurred and be
continuing on the date of such deposit or during the period ending on the 91st
day after such date; 

                    (h)
the Company has delivered to the Trustee an Officers’ Certificate as to
solvency and the absence of any intent of preferring the Holders over any other
creditors of the Company; and 

                    (i)
if the deposit referred to in subparagraph (d) of this Section 4.03 is to be
made on or prior to one year from the Stated Maturity for payment of principal
of the Outstanding Securities, the Company has delivered to the Trustee an
Opinion of Counsel with no material qualifications or a favorable ruling of the
Internal Revenue Service, in either case to the effect that Holders of the
Securities will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit, defeasance and discharge and will be
subject to federal income tax on the same amount and in the same manner and at
the same times, as would have been the case if such deposit, defeasance and
discharge had not occurred. 

25

          Section
4.04. Defeasance of Certain Obligations. 

                    If
this Section 4.04 is specified to be applicable to Securities of any series,
the Company may omit to comply with any term, provision or condition set forth
in the sections of this Indenture or such Security with respect to the
Securities of that series (“Covenant Defeasance”) if: 

	
  

 	
  

 
	
  

 	
           (1)
 with reference to this Section 4.04, the Company has deposited or caused to
 be irrevocably deposited with the Trustee as trust funds in trust,
 specifically pledged as security for, and dedicated solely to, the benefit of
 the Holders of the Securities of that series, (i) money in dollars in an
 amount (or if the Securities are denominated in any currency other than
 dollars, an amount of the applicable currency), or (ii) U.S. Government
 Obligations which through the payment of interest and principal in respect
 thereof in accordance with their terms will provide not later than one day
 before the due date of any payment referred to in clause (A) or (B) of this
 subparagraph money in an amount, or (iii) a combination thereof, sufficient,
 in the opinion of a nationally recognized investment banking firm or firm of
 independent certified public accountants expressed in a written certification
 thereof delivered to the Trustee, to pay and discharge (A) the principal of
 (and premium, if any) and each installment of principal (and premium, if any)
 and interest on the Outstanding Securities of that series on the Stated
 Maturity of such principal or installment of principal or interest and (B)
 any mandatory sinking fund payments or analogous payments applicable to
 Securities of such series on the day on which such payments are due and
 payable in accordance with the terms of this Indenture and of such
 Securities; 

 
	
  

 	
  

 
	
  

 	
           (2)
 such deposit shall not cause the Trustee with respect to the Securities of
 that series to have a conflicting interest for purposes of the Trust
 Indenture Act with respect to the Securities of any series; 

 
	
  

 	
  

 
	
  

 	
           (3)
 such deposit will not result in a breach or violation of, or constitute a
 default under, this Indenture or any other agreement or instrument to which
 the Company is a party or by which it is bound; 

 
	
  

 	
  

 
	
  

 	
           (4)
 if the deposit referred to in subparagraph (1) of this Section 4.04 is to be
 made on or prior to one year from the Stated Maturity for payment of
 principal of the Outstanding Securities, the Company has delivered to the
 Trustee an Opinion of Counsel with no material qualifications or a favorable
 ruling of the Internal Revenue Service, in either case to the effect that
 Holders of the Securities will not recognize income, gain or loss for federal
 income tax purposes as a result of such deposit and defeasance of certain
 obligations and will be subject to federal income tax on the same amount and
 in the same manner and at the same times, as would have been the case if such
 deposit and defeasance had not occurred; 

 
	
  

 	
  

 
	
  

 	
           (5)
 the Company has delivered to the Trustee an Officers’ Certificate as to
 solvency and the absence of any intent of preferring the Holders over any
 other creditors of the Company; and 

 

26

	
  

 	
  

 
	
  

 	
           (6)
 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 defeasance contemplated by this Section 4.04
 have been complied with. 

 

                    In
the event the Company effects Covenant Defeasance with respect to any
Securities and such Securities are declared due and payable because of the
occurrence of any Event of Default, other than an Event of Default with respect
to any covenant as to which there has been Covenant Defeasance, the U.S.
Government Obligations on deposit with the Trustee will be sufficient to pay
amounts due on such Securities at the time of the Stated Maturity but may not
be sufficient to pay amounts due on such Securities at the time of the
acceleration resulting from such Event of Default. 

ARTICLE V.

REMEDIES

          Section
5.01. Events of Default.

                    “Event
of Default” (except as otherwise specified or contemplated by Section 3.01
for Securities of any series) wherever used herein with respect to Securities
of any series, means any one of the following events: 

	
  

 	
  

 
	
  

 	
           (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
 60 days; or 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 default in the deposit of any sinking fund payment, when and as due by the
 terms of a Security of that series; or 

 
	
  

 	
  

 
	
  

 	
           (4)
 default in the performance, or breach, of any material covenant or warranty
 of the Company in this Indenture (other than a covenant or warranty a default
 in whose performance or whose breach is elsewhere in this Section 5.01
 specifically dealt with or which has expressly been included in this
 Indenture solely for the benefit of series of Securities other than that
 series) for a period of 60 days after there has been given, and continuance
 of such 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 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 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 law, or appointing a custodian, receiver,
 liquidator, 

 

27

	
  

 	
  

 
	
  

 	
 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 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
 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 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 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 and
 its willingness to have a case commenced against it or to seek an order for
 relief under any applicable bankruptcy, insolvency or other similar law or
 the taking of corporate action by the Company in furtherance of any such
 action; or 

 
	
  

 	
  

 
	
  

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

 

          Section
5.02. Acceleration of Maturity: Rescission and Annulment. 

                    If
an Event of Default (other than an Event of Default resulting from bankruptcy,
insolvency or reorganization) with respect to Securities of any 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 that series may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount as may be specified in the terms of that series) of all
of the Securities of that 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 specified amount) shall become
immediately due and payable. 

                    In
the case of an Event of Default resulting from bankruptcy, insolvency or
reorganization, which occurs and is continuing with respect to Securities of
any series at the time Outstanding, then all unpaid principal of and accrued
interest on all such Outstanding Securities of that series shall become
immediately due and payable without any notice or other action on the part of
the Trustee or the Holders of any Securities of such series. 

                    At
any time after such a declaration of acceleration with respect to Securities of
any 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 that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if 

28

	
  

 	
  

 	
  

 
	
  

 	
           (1)
 the Company has paid or deposited with the Trustee a sum sufficient to pay 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (A)
 all overdue interest on all Securities of that series, 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (B)
 the principal of (and premium, if any, on) any Securities of that series
 which have become due otherwise than by such declaration of acceleration and
 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 and any predecessor Trustee
 hereunder and all sums due the Trustee and any predecessor Trustee under Section
 6.07; 

 
	
  

 	
  

 	
  

 
	
  

 	
 and 

 
	
  

 	
  

 	
  

 
	
  

 	
           (2)
 all Events of Default with respect to Securities of that series, other than
 the non-payment of the principal of Securities of that series which have
 become due solely by such declaration of acceleration, have been cured or
 waived as provided in Section 5.13. 

 

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

          Section
5.03. 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 

 
	
  

 	
  

 
	
  

 	
           (2)
 default is made in the payment of the principal of (or premium, if any, on)
 any Security at the Maturity thereof, 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
 premium, if any) and interest and, to the extent that payment of such
 interest shall be legally enforceable, interest on any overdue principal (and
 premium, if any) 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
 all amounts due the Trustee and any predecessor Trustee under Section 6.07. 

 

                    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, 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 

29

law out of the
property of the Company or any other obligor upon such Securities, wherever
situated. 

                    If
any 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
5.04. Trustee May File Proofs of Claim. 

                    In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise, 

	
  

 	
  

 
	
  

 	
           (i)
 to file and prove a claim for the whole amount of principal (and premium, if
 any) and interest owing and unpaid in respect of the Securities and to file
 such other papers or documents as may be necessary or advisable in order to
 have the claims of the Trustee (including any claim for the reasonable
 compensation, expenses, disbursements and advances of the Trustee, its agents
 and counsel) and of the Holders allowed in such judicial proceeding, and 

 
	
  

 	
  

 
	
  

 	
           (ii)
 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 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 6.07. 

                    Nothing
herein contained 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. 

          Section
5.05. 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 

30

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. 

          Section
5.06. 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 premium, if any) 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 and each predecessor Trustee
 under Section 6.07; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           Third:
 To the Company. 

 

          Section
5.07. 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 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 

 

31

	
  

 	
  

 
	
  

 	
 availing of,
 any provision of this Indenture to affect, disturb or prejudice the rights of
 any other of such Holders (it being further understood that the Trustee does
 not have an affirmative duty to ascertain whether or not such actions or
 forbearances are unduly prejudicial to such Holders), or to obtain or to seek
 to obtain priority or preference over any other of such Holders or to enforce
 any right under this Indenture, except in the manner herein provided and for
 the equal and ratable benefit of all such Holders. 

 

          Section
5.08. 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 premium, if any) and (subject to Section 3.07) 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
5.09. 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 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
5.10. 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 3.06, 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
5.11. 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 any 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. 

32

          Section
5.12. Control by Holders. 

                    The
Holders of a majority in principal amount of the Outstanding Securities of any
series (or if more than one series is affected thereby, of all series so
affected, voting as a single 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, expose the Trustee to personal liability or be unduly prejudicial
 to holders not joining therein, and 

 
	
  

 	
  

 
	
  

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

 

                    Nothing
in this Indenture shall impair the right of the Trustee to take any other
action deemed proper by the Trustee which is not inconsistent with such
direction. 

          Section
5.13. Waiver of Past Defaults. 

                    The
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
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 premium, if any) or interest on any
 Security of such series, or 

 
	
  

 	
  

 
	
  

 	
           (2)
 in respect of a covenant or provision hereof which under this article 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
5.14. Undertaking for Costs. 

                    All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.14 shall not apply to any suit instituted
by the Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of 

33

the
Outstanding Securities of any series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Securities on or after the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on or after the
Redemption Date). This Section 5.14 shall be in lieu of Section 3.15(e) of the
TIA and such Section 3.15(e) is hereby expressly excluded from this Indenture,
as permitted by the TIA. 

          Section
5.15. 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 VI.

THE TRUSTEE

          Section
6.01. Certain Duties and Responsibilities. 

                    (a)
Except during the continuance of an Event of Default with respect to the
Securities of any series, 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (1)
 the Trustee undertakes to perform such duties and only such duties as are
 specifically set forth in this Indenture with respect to such series, and no
 implied covenants or obligations shall be read into this Indenture against
 the Trustee; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

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

 

                    (b)
In case an Event of Default has occurred with respect to Securities of any
series and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to such series of
Securities, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs. 

34

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

	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (1)
 this subsection shall not be construed to limit the effect of Subsection (a)
 of this Section 6.01; 

 
	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (3)
 the Trustee shall not be liable with respect to any action taken or omitted
 to be taken by it in good faith in accordance with the direction of the
 Holders of a majority in principal amount of the Outstanding Securities of
 any series, determined as provided in Section 5.12, relating to the time,
 method and place of conducting any proceeding for any remedy available to the
 Trustee, or exercising any trust or power conferred upon the Trustee, under
 this Indenture with respect to the Securities of such series; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (4)
 no provision of this Indenture shall require the Trustee to expend or risk
 its own funds or otherwise incur any 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. 

 

                    (d)
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 6.01. 

          Section
6.02. Notice of Defaults. 

                    Within
90 days after the occurrence of any default hereunder with respect to the
Securities of any series, the Trustee shall transmit by mail to all Holders of
Securities of such series, as their names and addresses appear in the Security
Register, notice of such default hereunder known to the Trustee, unless such
default shall have been cured or waived; 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 of such series or in the payment of any sinking fund
installment with respect to Securities of such series, 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 or Responsible
Officers of the Trustee in good faith determines that the withholding of such
notice is in the interest of the Holders of Securities of such series; and
provided, further, that in the case of any default of the character specified
in Section 5.01(4) with respect to Securities of such series, no such notice to
Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section 6.02, the term “default” means any event which is,
or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series. 

35

          Section
6.03. Certain Rights of Trustee. 

                    Subject
to the provisions of Section 6.01: 

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

                    (b)
any request 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; 

                    (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 and
shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation; 

                    (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)
in no event shall the Trustee be responsible or liable for special, indirect,
or consequential loss or damage of any kind whatsoever (including, but not
limited to, loss of profit) irrespective of whether the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of
action; 

36

                    (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
6.04. 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 the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof. 

          Section
6.05. May Hold Securities. 

                    The
Trustee, 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 6.08 and 6.12, may otherwise
deal with, and collect obligations owed to it by, the Company with the same
rights it would have if it were not Trustee, Paying Agent, Security Registrar
or such other agent. 

          Section
6.06. 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
with the Company. 

          Section
6.07. Compensation and Reimbursement. 

                    The
Company agrees: 

	
  

 	
  

 
	
  

 	
           (1)
 to pay to the Trustee from time to time such compensation as the Company and
 the Trustee shall from time to time agree in writing 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); 

 

37

	
  

 	
  

 
	
  

 	
           (2)
 except as otherwise expressly provided herein, to reimburse each of the
 Trustee and any predecessor Trustee upon its request for all reasonable
 expenses, disbursements and advances incurred or made by it 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 own
 negligence or bad faith; and 

 
	
  

 	
  

 
	
  

 	
           (3)
 to indemnify each of the Trustee and any predecessor Trustee for, and to hold
 it harmless against, any loss, liability or expense, arising out of or in
 connection with the acceptance or administration of the trust or trusts
 hereunder and the performance of its duties hereunder, including the costs
 and expenses of defending itself against any claim (whether asserted by the
 Company, a Holder or any other person) or liability in connection with the
 exercise or performance of any of its powers or duties hereunder, except to
 the extent any such loss, liability or expense is due to its own negligence
 or bad faith. 

 

                    To
ensure the performance of the obligations of the Company under this Section
6.07, the Trustee shall have a senior claim to which the Securities are hereby
made subordinate upon all property and funds held or collected by the Trustee
as such, except property and funds held in trust for the payment of principal
of, premium, if any, or interest on particular Securities. 

                    When
the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 5.01, 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 6.07 shall survive the termination of this
Indenture. 

          Section
6.08. Disqualification; Conflicting Interests. 

                    The
Trustee shall comply with the terms of Section 3.10(b) of the Trust Indenture
Act. 

          Section
6.09. Corporate Trustee Required; Eligibility. 

                    There
shall at all times be a Trustee hereunder which shall 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
exercise corporate trust powers having (or, in the case of the subsidiary of a
bank holding company that guarantees the obligations of the Trustee under this
Indenture, such holding company’s parent shall have) a combined capital and
surplus of at least $50,000,000 subject to supervision or examination by
federal or state authority. If such corporation or holding company parent
publishes reports of condition at least annually, pursuant to law or the
requirements of said supervising or examining authority, then for the purposes
of this Section 6.09, the combined capital and surplus of such corporation or
holding company parent 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 

38

in accordance
with the provisions of this Section 6.09, it shall resign immediately in the
manner and with the effect hereinafter specified in this article. 

          Section
6.10. 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 6.11. 

                    (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 6.11 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. If the acceptance of appointment is substantially
contemporaneous with the resignation, then the notice called for by the first
sentence of this subsection may be combined with the instrument called for by
Section 6.11. 

                    (c)
The Trustee may be removed at any time with respect to the Securities of any
series 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. 

                    (d)
If an instrument of acceptance by a successor Trustee 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 any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 

                    (e)
If at any time: 

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee shall fail to comply with Section 6.08 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 6.09 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 a Board Resolution
 may remove the Trustee with respect to all Securities, or (ii) subject to
 Section 5.14, 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. 

 

39

                    (f)
The Company also may remove the Trustee with or without cause if the Company so
notifies the Trustee thirty days in advance and if no Default occurs or is
continuing during the thirty-day period. 

                    (g)
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 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 applicable
requirements of Section 6.11. 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 6.11, become the successor
Trustee with respect to the Securities of such series and to that extent
supersede the successor 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 6.11, 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. 

                    (h)
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 by mailing
written notice of such event by first-class mail, postage prepaid, to all
Holders of Securities of such series as their names and addresses appear in the
Security Register. 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
6.11. Acceptance of Appointment by Successor. 

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

                    (b)
In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an 

40

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 Trustee relates. 

                    (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) or (b) of this Section 6.11, 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
6.12. Merger, Conversion, Consolidation or Succession to Business. 

                    Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee (including the administration of this Indenture), 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. 

41

          Section
6.13. 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). A trustee who has resigned or been removed shall
be subject to the Trust Indenture Act Section 3.11(a) to the extent provided
therein. 

ARTICLE VII.

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY

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

                    The
Company will furnish or cause to be furnished to the Trustee with respect to
the Securities of each series 

                    (a)
semi-annually, not more than fifteen days after each Regular Record Date, or,
in the case of any series of Securities on which semi-annual interest is not
payable, not more than fifteen days after such semi-annual dates as may be
specified by the Trustee, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record
Date or such semi-annual date, 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 of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished; 

provided, however, that so long as the
Trustee is the Security Registrar, no such list need be furnished. 

          Section
7.02. 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 7.01 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 7.01 upon
receipt of a new list so furnished. 

                    (b)
If three or more Holders (herein referred to as “Applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each
such applicant has owned a Security for a period of at least six months
preceding the date of such application, and such application states that the
applicants’ desire to communicate with other Holders with respect to their
rights under this Indenture or under the Securities and is accompanied by a
copy of the form of proxy or other communication which such applicants propose
to transmit, then the Trustee shall, within five Business Days after the
receipt of such application, at its election, either 

42

	
  

 	
  

 
	
  

 	
           (i) afford
 such applicants access to the information preserved at the time by the
 Trustee in accordance with Section 7.02(a), or 

 
	
  

 	
  

 
	
  

 	
           (ii)
 inform such applicants as to the approximate number of Holders whose names
 and addresses appear in the information preserved at the time by the Trustee
 in accordance with Section 7.02(a), and as to the approximate cost of mailing
 to such Holders the form of proxy or other communication, if any, specified
 in such application.

 

                    If
the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appear in the information preserved
at the time by the Trustee in accordance with Section 7.02(a) a copy of the
form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion
of the Trustee, such mailing would be contrary to the best interest of the
Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity
for a hearing upon the objections specified in the written statement so filed,
shall enter an order refusing to sustain any of such objections or if, after
the entry of an order sustaining one or more of such objections, the Commission
shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee
shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application. 

                    (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 the disclosure of any
such information as to the names and addresses of the Holders in accordance
with Section 7.02(b), regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 7.02(b). 

                    (d)
Subject to Sections 7.02(a), 7.02(b), 7.02(c) and 6.01, if the Company or any
other person (other than the Trustee) shall desire to communicate with Holders
of Securities to solicit or obtain from them any proxy, consent, authorization,
waiver, approval of a plan of reorganization, arrangement or readjustment or
other action (“Holder Action”), the Trustee shall have no duty to
participate in such communication or solicitation or the processing of
responses in any manner except (i) to furnish the rules and regulations and to
perform the functions referred to in Section 1.04 and (ii) to receive (A) the
instruments evidencing the Holder Action together with (B) the Officers’
Certificate and Opinion of Counsel referred to below. The Company hereby
covenants that any and all communications and solicitations distributed by it
in connection with any Holder Action will comply in all material respects with
applicable law, including, without limitation, applicable law concerning
adequacy of disclosure. The Trustee shall have no responsibility for the
accuracy or completeness of any materials circulated to solicit 

43

any Holder
Action or for any related communications or for the compliance thereof with
applicable law. No Holder Action shall become effective until the Trustee shall
have received from the Company or other person who solicited the Holder Action
(1) the instruments evidencing such Holder Action (2) (x) (in the case of
Holder Action solicited by the Company or the representative of the Company’s
estate if the Company is the debtor in any bankruptcy or other insolvency proceeding)
an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
specifying the Holder Action taken and stating that such Holder Action has been
duly and validly taken in compliance with this Indenture in all material
respects. Such Officers’ Certificate, if any, shall also certify that (after
giving effect to such Holder Action) no Event of Default or event or condition
which, with notice or lapse of time or both, would become an Event of Default
has occurred and is continuing or has not been waived. 

                    (e)
The Depositary may grant proxies and otherwise authorize its participants which
own the Global Securities to give or take any Act which a Holder is entitled to
take under this Indenture; PROVIDED,
however, that the Depositary has delivered a list of such participants to the
Trustee. 

          Section
7.03. Reports by Trustee. 

                    (a)
Within 60 days after September 30 of each year commencing with the first
September 30 following the date of this Indenture, the Trustee shall transmit
by mail to all Holders, as their names and addresses appear in the Security
Register, a brief report dated as of such September 30, to the extent required
by Section 3.13(a) of the Trust Indenture Act. 

                    (b)
The Trustee shall comply with Sections 3.13(b) and 3.13(c) of the Trust
Indenture Act. 

                    (c)
A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with the Commission and with the Company. The Company
will promptly notify the Trustee in writing when any Securities are listed on
any stock exchange or of any delisting thereof. 

          Section
7.04. Reports by Company. 

                    The
Company shall: 

	
  

 	
  

 
	
  

 	
           (1)
 file with the Trustee, within 15 days after the Company is required to file
 the same with the Commission, copies of the annual reports and of the
 information, documents and other reports (or copies of such portions of any
 of the foregoing as the Commission may from time to time by rules and
 regulations prescribe) which the Company may be required to file with the
 Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
 Act of 1934; or, if the Company is not required to file information, documents
 or reports pursuant to either of said sections, then it shall file with the
 Trustee and the Commission, in accordance with rules and regulations
 prescribed from time to time by the Commission, such of the supplementary and
 periodic information, documents and reports which may be required pursuant to
 Section 13 of the Securities Exchange Act of 1934 in respect of a security
 listed and registered on a 

 

44

	
  

 	
  

 
	
  

 	
 national
 securities exchange as may be prescribed from time to time in such rules and
 regulations; and

 
	
  

 	
  

 
	
  

 	
           (2)
 file with the Trustee and the Commission, in accordance with the rules and
 regulations prescribed from time to time by the Commission, such additional
 information, documents and reports with respect to compliance by the Company
 with the conditions and covenants of this Indenture as may be required from
 time to time by such rules and regulations. 

 

                    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 VIII.

SUCCESSOR CORPORATION

          Section
8.01. When Company May Merge or Transfer Assets. 

                    The
Company shall not consolidate with or merge with or into any other person (other
than a Subsidiary) or convey, transfer, sell or lease its properties and assets
substantially as an entirety to any person (other than a Subsidiary), permit
any person (other than a Subsidiary) to consolidate with or merge into the
Company, or permit any person (other than a Subsidiary) to convey, transfer,
sell or lease that person’s properties and assets substantially as an entirety
to the Company, unless: 

	
  

 	
  

 
	
  

 	
           (1)
 either (a) the Company shall be the surviving person or (b) the person (if
 other than the Company) 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
 is an entity organized and existing under the laws of the United States of
 America (including any State thereof or the District of Columbia), Ireland,
 the United Kingdom, the Cayman Islands, Bermuda or any country which is, on
 the date of this Indenture, a member of the Organisation for Economic
 Co-operation and Development or the European Union and shall expressly
 assume, by an indenture supplemental hereto, executed and delivered to the
 Trustee, in form reasonably satisfactory to the Trustee, all of the
 obligations of the Company under the Securities and this Indenture; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 the Company shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such 

 

45

	
  

 	
  

 
	
  

 	
 supplemental
 indenture, comply with this Section 8.01 and that all conditions precedent
 herein provided for relating to such transaction have been satisfied.

 

                    The
successor person formed by such consolidation or into which the Company is
merged or the successor person to which such conveyance, transfer, sale 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 had been named as the Company herein; and thereafter, the
Company shall be discharged from all obligations and covenants under this
Indenture and the Securities. Subject to Section 9.03, the Company, the Trustee
and the successor person shall enter into a supplemental indenture to evidence
the succession and substitution of such successor person and such discharge and
release of the Company. 

ARTICLE IX.

AMENDMENTS & SUPPLEMENTAL INDENTURES

          Section
9.01. Amendments or Supplemental Indentures Without Consent of Holders. 

                    The
Company, when authorized by a Board Resolution, and the Trustee, at any time
and from time to time, may amend or supplement this Indenture or the Securities
without the consent of any Holder, so long as such changes, other than those in
clause (2), do not materially and adversely affect the interests of the Holder:

	
  

 	
  

 
	
  

 	
           (1)
 to cure any ambiguity, omission, defect or inconsistency; 

 
	
  

 	
  

 
	
  

 	
           (2)
 to make any modifications or amendments that do not, in the good faith
 opinion of the Company’s Board of Directors and the Trustee, adversely affect
 the interests of the Holders in any material respect; 

 
	
  

 	
  

 
	
  

 	
           (3)
 to provide for the assumption of the Company’s obligations under this Indenture
 by a successor upon any merger, consolidation or asset transfer as permitted
 by and in compliance with Article Eight of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (4)
 to provide any security for or additional guarantees of the Securities; 

 
	
  

 	
  

 
	
  

 	
           (5)
 to add Events of Default with respect to the Securities; or 

 
	
  

 	
  

 
	
  

 	
           (6)
 to add to the Company’s covenants for the benefit of the Holders or to
 surrender any right or power conferred upon the Company by this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (7)
 to make any change necessary for the registration of the Securities under the
 Securities Act or to comply with the TIA, or any amendment thereto, or to
 comply with any requirement of the Commission in connection with the
 qualification of this Indenture under the TIA, provided that such
 modification or amendment does not, in the good faith opinion of the
 Company’s Board of Directors and the Trustee, adversely affect the interests
 of the Holders of the Securities in any material respect; or 

 

46

	
  

 	
  

 
	
  

 	
           (8)
 to provide for uncertificated Securities in addition to or in place of
 certificated Securities or to provide for bearer Securities; or 

 
	
  

 	
  

 
	
  

 	
           (9)
 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 

 
	
  

 	
  

 
	
  

 	
           (10)
 to change or eliminate any of the provisions of this Indenture, provided
 that any such change or elimination shall become effective only when there is
 no Security Outstanding of any series created prior to the execution of such
 supplemental indenture which is entitled to the benefit of such provision; or
 

 
	
  

 	
  

 
	
  

 	
           (11)
 to establish the form or terms of Securities of any series as permitted by
 Sections 2.01 and 3.01; or 

 
	
  

 	
  

 
	
  

 	
           (12)
 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
 6.11(b). 

 

          Section
9.02. Amendments or Supplemental Indentures With Consent of Holders. 

                    With
the written consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series
affected by such amendment or supplement (taken together as one class), the
Company, when authorized by a Board Resolution, and the Trustee, at any time
and from time to time, may amend or supplement this Indenture or the
Securities. However, without the consent of each Holder affected, an amendment
to this Indenture or the Securities may not: 

	
  

 	
  

 
	
  

 	
           (1)
 change the Stated Maturity of the principal of, or any premium on, or any
 installment of interest with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the principal amount of, or the rate of interest on, or any premium
 payable upon the redemption of, the Securities; 

 
	
  

 	
  

 
	
  

 	
           (3)
 change the currency of payment of principal of or interest on the Securities;
 

 
	
  

 	
  

 
	
  

 	
           (4)
 change the redemption provisions, if any, of any Securities in any manner
 adverse to the holders of such Securities; 

 
	
  

 	
  

 
	
  

 	
           (5)
 impair the right to institute suit for the enforcement of any payment on or
 with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (6)
 modify the subordination provisions hereof in any manner which adversely
 affects the Holders;

 

47

	
  

 	
  

 
	
  

 	
           (7)
 reduce the above-stated percentage of Holders of the Securities of any series
 necessary to modify or amend this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (8)
 modify the foregoing requirements or reduce the percentage of Outstanding
 Securities necessary to waive any covenant or past default; and

 
	
  

 	
  

 
	
  

 	
           (9)
 if the Securities are convertible, adversely affect the right to convert the
 Securities into Ordinary Shares in accordance with the provisions of this
 Indenture.

 

                    It
shall not be necessary for any Act of the Holders under this Section 9.02 to
approve the particular form of any proposed amendment or supplemental
indenture, but it shall be sufficient if such Act approves the substance
thereof. 

                    After
an amendment or supplemental indenture under this Section 9.02 becomes
effective, the Company shall mail to each Holder a notice briefly describing
the amendment or supplemental indenture. 

                    An
amendment or 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. 

          Section
9.03. Execution of Supplemental Indentures. 

                    The
Trustee shall sign any supplemental indenture authorized pursuant to this
article if the amendment contained therein does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may, but need not, sign such supplemental indenture. 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, and (subject to Section 6.01) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. 

          Section
9.04. 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
9.05. Conformity with Trust Indenture Act. 

                    Every
supplemental indenture executed pursuant to this article shall conform to the
requirements of the Trust Indenture Act as then in effect. 

48

          Section
9.06. 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 X.

COVENANTS

          Section
10.01. 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 that series in accordance with the terms of the
Securities and this Indenture. At the option of the Company, payment of
principal (and premium, if any) and interest may be made by wire transfer or
(subject to collection) by check mailed to the address of the Person entitled
thereto at such address as shall appear in the Security Register. 

          Section
10.02. 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 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 Company hereby initially appoints the Trustee its
office or agency for each of said 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 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. 

49

          Section
10.03. 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 prior to 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 10.03, that such Paying Agent will: 

	
  

 	
  

 
	
  

 	
           (1)
 hold all sums held by it for the payment on 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 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 

50

such Security
shall thereafter, as an unsecured general creditor, look, only to the Company
for payment thereof, 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; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
shall at the expense of the Company cause to be mailed or published once, in a
newspaper published in the English language, customarily published on each
Business Day and of general circulation in the City, County and State of New
York, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
mailing or publication, any unclaimed balance of such money then remaining will
be repaid to the Company. 

                    The
Company shall have no obligation to make payment of principal of (or premium,
if any) or interest on any Security in immediately available funds, except that
if the Company shall have received original payment for Securities in
immediately available funds it shall make available immediately available funds
for payment of the principal of such Securities. 

          Section
10.04. 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 Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and that the
loss thereof is not disadvantageous in any material respect to the Holders. 

          Section
10.05. Maintenance of Properties. 

                    The
Company will use its reasonable efforts to cause all material properties used
or useful in the conduct of its business to be maintained and kept in good
condition, repair and working order (subject to wear and tear) and supplied
with all necessary material equipment and will use its reasonable efforts to
cause to be made all necessary material repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may
be necessary so that the business carried on in connection therewith may be
properly and advantageously conducted at all times; provided, however,
that nothing in this Section 10.05 shall prevent the Company from discontinuing
the operation or maintenance of any of such properties if such discontinuance
is, in the judgment of the Company, desirable in the conduct of its business
and not disadvantageous in any material respect to the Holders. 

          Section
10.06. Statement by Officers as to Default. 

                    The
Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, a certificate of the
principal executive officer, principal financial officer or principal
accounting officer of the Company stating whether or not to the best knowledge
of the signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture,
and if the Company shall be in default, specifying all such defaults and the
nature and status thereof of which they may have knowledge. 

51

          Section
10.07. Waiver of Certain Covenants. 

                    The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in Section 10.06 if before or after the time for such
compliance the Holders of at least a majority in principal amount of the Outstanding
Securities (taken together as one class) shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision 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 term, provision or condition
shall remain in full force and effect. 

          Section
10.08. 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 such year and (ii) such other specific information relating to
such original issue discount as may then be relevant under the Internal Revenue
Code of 1986, as amended from time to time. 

ARTICLE XI.

REDEMPTION OF SECURITIES

          Section
11.01. Applicability of Article. 

                    Securities
of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 3.01 for Securities of any series) in accordance with
this article. 

          Section
11.02. Election to Redeem; Notice to Trustee. 

                    The
election of the Company to redeem any Securities shall be evidenced by a Board
Resolution. In case of any redemption at the election of the Company of less
than all the Securities of any series, the Company shall, at least 45 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 and of the principal amount of Securities of such series to be redeemed,
such notice to be accompanied by a written statement signed by an authorized
officer of the Company stating that no defaults in the payment of interest or
Events of Default with respect to the Securities of that series have occurred
(which have not been waived or cured). In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee an Officers’ Certificate evidencing
compliance with such restriction. 

          Section
11.03. Selection by Trustee of Securities to be Redeemed. 

                    If
less than all the Securities of any series are to be redeemed, 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 

52

redemption, by
such method as the Trustee in its sole discretion shall deem fair and
appropriate and which may provide for the selection or redemption of portions
(equal to the minimum authorized denomination for Securities of that series or
any integral multiple thereof) of the principal amount of Securities of such
series of a denomination larger than the minimum authorized denomination for
Securities of that series. 

                    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. 

                    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
11.04. Notice of Redemption. 

                    Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not
less than 45 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.
Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not such Holder receives the
notice. Failure to give notice by mail, or any defect in the notice to any such
Holder in respect of any Security, shall not affect the validity of the
proceedings for the redemption of any other Security. 

                    All
notices of redemption shall state: 

	
  

 	
  

 
	
  

 	
           (1)
 the Redemption Date, 

 
	
  

 	
  

 
	
  

 	
           (2)
 the Redemption Price and any accrued interest, 

 
	
  

 	
  

 
	
  

 	
           (3)
 if less than all the Outstanding Securities of any series are to be redeemed,
 the identification (and, in the case of partial redemption, the principal
 amounts) of the particular Securities to be redeemed, 

 
	
  

 	
  

 
	
  

 	
           (4)
 that on the Redemption Date the Redemption Price and any accrued interest
 will become due and payable upon each such Security to be redeemed together
 with accrued interest thereon 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 and any accrued interest, 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (7)
 the CUSIP number and, if applicable, the ISIN number, of the Securities being
 redeemed. 

 

53

                    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 written request, by the Trustee in
the name and at the expense of the Company. 

          Section
11.05. Deposit of Redemption Price. 

                    On
or prior to 10:00 a.m., New York City time, on any 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 10.03) an amount of money, in funds immediately available on the due
date, 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
which are to be redeemed on that date. 

          Section
11.06. 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 together with accrued interest thereon, 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 installments of interest whose Stated Maturity is on 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 3.07. 

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

                    The
Trustee shall not redeem any Securities of any series pursuant to this article
(unless all Outstanding Securities of such series are to be redeemed) or mail
or give any notice of redemption of Securities during the continuance of an
Event of Default hereunder known to the Trustee with respect to such series,
except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities, provided that it shall have received from the Company a
sum sufficient for such redemption. Except as aforesaid, any moneys theretofore
or thereafter received by the Trustee shall, during the continuance of such
Event of Default, be deemed to have been collected under Article Five and held
for the payment of all such Securities of such series. In case such Event of
Default shall have been waived as provided in Section 5.13 or the default cured
on or before the sixtieth day preceding the Redemption Date, such moneys shall
thereafter be applied in accordance with the provisions of this article. 

          Section
11.07. 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 

54

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 to the
Holder of such Security without service charge, a new Security or Securities of
the same series, 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. 

ARTICLE XII.

SINKING FUNDS

          Section
12.01. 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 3.01 for Securities of such series. 

                    The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “Mandatory Sinking Fund
Payment,” and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an “Optional
Sinking Fund Payment.” If provided for by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 12.02. 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
12.02. 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 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
12.03. Redemption of Securities for Sinking Fund. 

                    Not
less than 60 days prior to each sinking fund payment date for any series of
Securities, the Company (1) will deliver to the Trustee an Officers’
Certificate (A) stating that no defaults in the payment of interest or Events
of Default with respect to Securities of that series have occurred (which have
not been waived or cured), (B) specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of Securities of that
series, (C) stating whether or not the Company intends to exercise its right,
if any, to make an optional sinking fund payment with respect to such series on
the next ensuing sinking fund payment date 

55

and, if so,
specifying the amount of such optional sinking fund payment and (D) specifying
the portion of such sinking fund payment, 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 12.02
and (2) 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 of such series to be redeemed upon such sinking fund payment
date in the manner specified in Section 11.03 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 11.04. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.05, 11.06 and 11.07. Failure of the Company, on or
before any such 60th day, to deliver such Officers’ Certificate and Securities
specified in this Section 12.03, if any, shall not constitute a default but
shall constitute, on and as of such date, the irrevocable election of the
Company (a) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect
thereof and (b) that the Company will make no optional sinking fund payment
with respect to Securities of such series as provided in this Article XII. 

                    The
Trustee shall not redeem or cause to be redeemed any Security of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a default in
payment of interest on such Securities or of any Event of Default with respect
to such series except that, where the mailing of notice of redemption of any
Securities shall therefore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, provided that it shall have received from
the Company a sum sufficient for such redemption. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such default or
Event of Default shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be
deemed to have been collected under Article Five and held for the payment of
all such Securities of such series. In case such Event of Default shall have
been waived as provided in Section 5.13 or the default cured on or before the
60th day preceding the sinking fund payment date, such moneys shall thereafter
be applied on the next succeeding sinking fund payment date in accordance with
this Section 12.03 to the redemption 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. 

ARTICLE XIII.

SUBORDINATION

          Section
13.01. Agreement to Subordinate. 

                    (a)
The Company covenants and agrees, and each Holder of Securities issued
hereunder by such Holder’s acceptance thereof likewise covenants and agrees,
that (except as otherwise specified as contemplated by Section 3.01 for
Securities of any series) all Securities shall be issued subject to the
provisions of this article; and each Holder of a Security, whether 

56

upon original
issue or upon transfer or assignment thereof, accepts and agrees to be bound by
such provisions. 

                    (b)
The payment by the Company of the principal of, and interest on, the Securities
issued hereunder shall, to the extent and in the manner hereinafter set forth,
be subordinated and junior in right of payment to the prior payment in full of
all Senior Indebtedness of the Company, whether outstanding at the date of this
Indenture or thereafter incurred. 

                    (c)
No provision of this article shall prevent the occurrence of any default or
Event of Default hereunder. 

          Section
13.02. Default on Senior Indebtedness. 

                    (a)
No direct or indirect payment by or on behalf of the Company of principal of,
premium, if any, or interest on the Securities, whether pursuant to the terms
of the Securities or upon acceleration, by way of repurchase, redemption,
defeasance or otherwise, will be made if, at the time of such payment, there
exists a default in the payment when due of all or any portion of the obligations
under or in respect of any Senior Indebtedness, whether at maturity, on account
of mandatory redemption or prepayment, acceleration or otherwise, and such
default shall not have been cured or waived or the benefits of this sentence
waived by or on of the holders of Senior Indebtedness. 

                    (b)
In addition, during the continuance of any non-payment default or non-payment
event of default with respect to any Senior Indebtedness pursuant to which the
maturity thereof may be accelerated, and upon receipt by the Trustee of written
notice (a “Payment Blockage Notice”) from a holder or holders of such
Senior Indebtedness or the trustee or agent acting on behalf of such Senior
Indebtedness, then, unless and until such default or event of default has been
cured or waived or has ceased to exist or such Senior Indebtedness has been
discharged or repaid in full in cash, or the requisite holders of such Senior
Indebtedness have otherwise agreed in writing, no payment of any kind or
character with respect to any principal of or interest on or distribution will
be made by or on behalf of the Company on account of or with respect to the
Securities, during a period (a “Payment Blockage Period”) commencing on
the date of receipt of such Payment Blockage Notice by the Trustee and ending
179 days thereafter. 

                    (c)
Notwithstanding anything herein to the contrary, (x) in no event will a Payment
Blockage Period extend beyond 179 days from the date the Payment Blockage
Notice in respect thereof was given and (y) there must be 180 days in any
360-day period during which no Payment Blockage Period is in effect. Not more
than one Payment Blockage Period may be commenced with respect to the
Securities during any period of 360 consecutive days. No default or event of
default that existed or was continuing on the date of commencement of any
Payment Blockage Period with respect to the Senior Indebtedness initiating such
Payment Blockage Period may be, or be made, the basis for the commencement of
any other Payment Blockage Period by the holder or holders of such Senior
Indebtedness or the trustee or agent acting on behalf of such Senior
Indebtedness, whether or not within a period of 360 consecutive days, unless
such default or event of default has been cured or waived for a period of not
less than 90 consecutive days. 

57

                    (d)
In the event that, notwithstanding the foregoing, any payment shall be received
by the Trustee when such payment is prohibited by the preceding paragraph of
this Section 13.02, such payment shall be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have
been issued, as their respective interests may appear, as calculated by the
Company, to the extent necessary to pay such Senior Indebtedness in full, in
cash, after giving effect to any concurrent payment or distribution to or for
the benefit of the holders of such Senior Indebtedness, before any payment or
distribution is made to the Holders or to the Trustee. 

          Section
13.03. Liquidation; Dissolution; Bankruptcy. 

                    (a)
Upon any distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any total or partial
dissolution, winding-up, liquidation or reorganization of the Company, whether voluntary
or involuntary, assignment for the benefit of creditors or marshalling of the
Company’s assets, or in bankruptcy, insolvency, receivership or other similar
proceedings, whether voluntary or involuntary, all principal, premium, if any,
and interest due or to become due to all Senior Indebtedness of the Company
shall first be paid in full in cash, or such payment duly provided for to the
satisfaction of the holders of the Senior Indebtedness, before the Holders are
entitled to receive or retain any payment; and upon any such dissolution or
winding-up or liquidation or reorganization, any payment by the Company, or
distribution of assets of the Company of any kind or character whether in cash,
property or securities, which the Holders or the Trustee would be entitled to
receive from the Company, except for the provisions of this article, shall be
paid by the Company or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, or by the
Holders or by the Trustee under this Indenture if received by them or it,
directly to the holders of Senior Indebtedness of the Company or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have
been issued, as their respective interests may appear, as calculated by the
Company, to the extent necessary to pay such Senior Indebtedness in full in
cash, or such payment duly provided for to the satisfaction of the holders of the
Senior Indebtedness, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior Indebtedness,
before any payment or distribution is made to the Holders or to the Trustee. 

                    (b)
In the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing, shall be received by the Trustee
before all Senior Indebtedness of the Company is paid in full, or provision is
made for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of such Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, as calculated by the Company, to the
extent necessary to pay such Senior Indebtedness in full, in cash, after giving
effect to any concurrent payment or distribution to or for the benefit of the
holders of such Senior Indebtedness, before any payment or distribution is made
to the Holders or to the Trustee. 

58

                    (c)
For purposes of this article, the words “cash, property or securities” shall
not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this article with respect to
the Securities to the payment of all Senior Indebtedness of the Company that may
at the time be outstanding; provided, however, that (i) such
Senior Indebtedness is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of
such Senior Indebtedness are not, without the consent of such holders, altered
by such reorganization or readjustment. The amalgamation or consolidation of
the Company with, or the merger of the Company into, another corporation or the
liquidation or dissolution of the Company following the conveyance or transfer
of its properties or assets substantially as an entirety, to another
corporation upon the terms and conditions provided for in Article Eight of this
Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 13.03 if such other corporation
shall, as part of such amalgamation, consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article Eight of this Indenture.
Nothing in Section 13.02 or in this Section 13.03 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 6.07 of this Indenture. 

                    (d)
If the Trustee or any Holder of Securities does not file a proper claim or
proof of debt in the form required in any proceeding referred to above prior to
30 days before the expiration of the time to file such claim in such
proceeding, then the holder of any Senior Indebtedness is hereby authorized,
and has the right, to file an appropriate claim or claims for or on behalf of
such Holder of Securities. 

          Section
13.04. Subrogation. 

                    (a)
Subject to the payment in full of all Senior Indebtedness of the Company then
outstanding, the rights of the Holders shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company applicable to such Senior
Indebtedness until the principal of and interest on the Securities shall be
paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property
or securities to which the Holders or the Trustee would be entitled except for
the provisions of this article, and no payment over pursuant to the provisions
of this article to or for the benefit of the holders of such Senior
Indebtedness by Holders or the Trustee, shall, as between the Company, its
creditors other than holders of Senior Indebtedness of the Company, and the
Holders, be deemed to be a payment by the Company to or on account of such
Senior Indebtedness. It is understood that the provisions of this article are
and are intended solely for the purposes of defining the relative rights of the
Holders, on the one hand, and the holders of such Senior Indebtedness, on the
other hand. 

                    (b)
Nothing contained in this Article XIII or elsewhere in this Indenture or in the
Securities is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Indebtedness of the Company, and the
Holders, the obligation of the Company, which is absolute and unconditional, to
pay to the Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with their terms, or 

59

is intended to
or shall affect the relative rights of the Holders and creditors of the Company
other than the holders of Senior Indebtedness of the Company nor shall anything
herein or therein prevent the Trustee or any Holder of Securities 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 such Senior Indebtedness in respect of cash, property or securities
of the Company received upon the exercise of any such remedy. 

                    (c)
Upon any payment or distribution of assets of the Company referred to in this
article, the Trustee, subject to the provisions of Section 6.01 of this
Indenture, and the Holders shall be entitled to rely conclusively upon any
order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or the Holders, for the purposes of ascertaining the Persons entitled
to participate in such distribution, the holders of Senior Indebtedness and
other indebtedness of the Company the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this article. 

          Section
13.05. Trustee to Effectuate Subordination. 

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

          Section
13.06. Notice by the Company. 

                    (a)
The Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this article. 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 that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this article, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a Holder
or holders of Senior Indebtedness or from any representative or trustee
therefor; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Section 6.01 of this Indenture, 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 13.06 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 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 purposes for which such money was received, and shall not be affected by
any notice to the contrary that may be received by it within two Business Days
prior to such date. 

60

                    (b)
The Trustee, subject to the provisions of Section 6.01 of this Indenture, shall
be entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness of the
Company (or a trustee or representative on behalf of such holder), to establish
that such notice has been given by a holder of such Senior Indebtedness or a
trustee or representative on behalf of any such holder or holders. 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 such Senior Indebtedness
to participate in any payment or distribution pursuant to this article, the
Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of
such Person under this article 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
13.07. Rights of The Trustee; Holders of Senior Indebtedness.

                    
(a) The Trustee in its individual capacity shall be entitled to all the rights
set forth in this article in respect of any Senior Indebtedness at any time
held by it, to the same extent as any other holder of Senior Indebtedness, and
nothing in this Indenture shall deprive the Trustee of any of its rights as
such holder.

                    (b)
With respect to the holders of Senior Indebtedness of the Company, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this article and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed
to owe any fiduciary duty to the holders of such Senior Indebtedness and,
subject to the provisions of Section 6.01 of this Indenture, the Trustee shall
not be liable to any holder of such Senior Indebtedness if it shall pay over or
deliver to Holders, the Company or any other Person money or assets to which
any holder of such Senior Indebtedness shall be entitled by virtue of this
article or otherwise.

          Section
13.08. Subordination May Not be Impaired.

                    (a)
No right of any present or future holder of any Senior Indebtedness of the
Company 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 that any such holder may
have or otherwise be charged with.

                    (b)
Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior Indebtedness of the Company may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders, without
incurring responsibility to the Holders and without impairing or releasing the
subordination provided in this article or the obligations hereunder of the
Holders to the holders of such Senior Indebtedness, 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, such Senior Indebtedness, or otherwise amend
or supplement in 

61

any manner
such Senior Indebtedness or any instrument evidencing the same or any agreement
under which such Senior Indebtedness is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Indebtedness; (iii) release any Person liable in any
manner for the collection of such Senior Indebtedness; and (iv) exercise or
refrain from exercising or waive any rights against the Company and any other
Person.

                    (c)
Each present and future holder of Senior Indebtedness shall be entitled to the
benefit of the provisions of this article notwithstanding that such holder is
not a party to this Indenture.

          Section
13.09. 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 this Section 13.09 shall not apply to the Company or any
Affiliate of the Company if it or such Affiliate acts as Paying Agent.

          Section
13.10. Defeasance of This Article.

                    Notwithstanding
anything contained herein to the contrary, payments from cash or the proceeds
of United States Government Obligations held in trust under Article Four hereof
by the Trustee (or other qualifying trustee) and which were deposited in
accordance with the terms of Article Four hereof and not in violation of
Section 13.02 hereof for the payment of principal of and interest on the
Securities shall not be subordinated to the prior payment of any Senior
Indebtedness or subject to the restrictions set forth in this article, and none
of the Holders shall be obligated to pay over any such amount to the Company or
any holder of Senior Indebtedness or any other creditor of the Company.

          Section
13.11. Subordination Language to be Included in Securities.

                    Each
Security shall contain a subordination provision which will be substantially in
the following form:

                    “The
Securities are subordinated in right of payment, in the manner and to the
extent set forth in the Indenture, to the prior payment in full of all Senior
Indebtedness (as defined in the Indenture, or as set forth in one or more
indentures supplemental hereto, a Board Resolution in accordance with Section
3.01 of the Indenture or in this Security). Each Holder by accepting a Security
agrees to such subordination and authorizes the Trustee to give it affect.”

          Section
13.12. Trustee Not Fiduciary for Holders of Senior Indebtedness.

                    The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall
in good faith mistakenly pay over or distribute to Holders of Securities or to
the Company or to any other 

62

person cash,
property or securities to which any holders of Senior Indebtedness shall be
entitled by virtue of this Article or otherwise. With respect to the holders of
Senior Indebtedness, the Trustee undertakes to perform or to observe only such
of its covenants or obligations as are specifically set forth in this Article
and no implied covenants or obligations with respect to holders of Senior
Indebtedness shall be read into this Indenture against the Trustee.

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of page intentionally blank]

63

                    IN
WITNESS WHEREOF, XL GROUP PUBLIC LIMITED COMPANY has caused this Indenture to
be duly executed as a deed the day and year first before written.

	
  

 	
  

 	
  

 
	
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64

                    IN
WITNESS WHEREOF, the undersigned, being duly authorized, has executed this
Indenture as of the date first above written.

	
  

 	
  

 	
  

 
	
  

 	
 [TRUSTEE]

 
	
  

 	
  

 	
  

 
	
  

 	
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65

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