Document:

Exhibit
4.5.1

INDENTURE

BETWEEN

PHARMACOPEIA,
INC.

AND

                           ,

AS TRUSTEE

DATED AS OF
                 ,
200

SENIOR DEBT
SECURITIES

(Issuable in Series)

TABLE
OF CONTENTS

	
  ARTICLE 1

  	 

	
   

  	 

	
  DEFINITIONS AND
  OTHER PROVISIONS OF GENERAL APPLICATION

  	 

	
   

  	
   

  	 

	
  Section 1.1

  	
  Definitions

  	
  1

  	 

	
  Section 1.2

  	
  Incorporation by Reference of Trust Indenture Act

  	
  7

  	 

	
  Section 1.3

  	
  Compliance Certificates and Opinions

  	
  7

  	 

	
  Section 1.4

  	
  Form of Documents Delivered to Trustee

  	
  7

  	 

	
  Section 1.5

  	
  Acts of Holders; Record Dates

  	
  8

  	 

	
  Section 1.6

  	
  Notices, etc., to Trustee and Company

  	
  9

  	 

	
  Section 1.7

  	
  Notice to Holders; Waiver

  	
  9

  	 

	
  Section 1.8

  	
  Conflict with Trust Indenture Act

  	
  10

  	 

	
  Section 1.9

  	
  Effect of Headings and Table of Contents

  	
  10

  	 

	
  Section 1.10

  	
  Successors and Assigns

  	
  10

  	 

	
  Section 1.11

  	
  Separability Clause

  	
  10

  	 

	
  Section 1.12

  	
  Benefits of Indenture

  	
  10

  	 

	
  Section 1.13

  	
  Governing Law

  	
  10

  	 

	
  Section 1.14

  	
  Legal Holidays

  	
  10

  	 

	
  Section 1.15

  	
  Indenture and Securities Solely Corporate
  Obligations

  	
  11

  	 

	
  Section 1.16

  	
  Indenture May be Executed in Counterparts

  	
  11

  	 

	
   

  	
   

  	
   

  	 

	
  ARTICLE 2

  	 

	
   

  	 

	
  SECURITY FORMS

  	 

	
   

  	 

	
  Section 2.1

  	
  Forms Generally

  	
  11

  	 

	
  Section 2.2

  	
  Form of Trustee’s Certificate of Authentication

  	
  11

  	 

	
  Section 2.3

  	
  Global Securities

  	
  12

  	 

	
  Section 2.4

  	
  Form of Legend for Global Securities

  	
  13

  	 

	
   

  	
   

  	
   

  	 

	
  ARTICLE 3

  
	
   

  
	
  THE SECURITIES

  
	
   

  	
   

  
	
  Section 3.1

  	
  Amount Unlimited; Issuable in Series

  	
  13

  
	
  Section 3.2

  	
  Denominations

  	
  16

  
	
  Section 3.3

  	
  Execution, Authentication, Delivery and Dating

  	
  16

  
	
  Section 3.4

  	
  Temporary Securities

  	
  17

  
	
  Section 3.5

  	
  Registration; Registration of Transfer and Exchange

  	
  18

  
	
  Section 3.6

  	
  Mutilated, Destroyed, Lost and Stolen Securities

  	
  19

  
	
  Section 3.7

  	
  Payment of Interest; Interest Rights Preserved

  	
  19

  
	
  Section 3.8

  	
  Persons Deemed Owners

  	
  20

  
	
  Section 3.9

  	
  Cancellation

  	
  20

  
	
  Section 3.10

  	
  Computation of Interest

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  
	
   

  
	
  SATISFACTION AND
  DISCHARGE

  
	
   

  	
   

  
	
  Section 4.1

  	
  Satisfaction and Discharge of Indenture

  	
  20

  
	
  Section 4.2

  	
  Application of Trust Money

  	
  21

  
	
  Section 4.3

  	
  Reinstatement

  	
  22

  

 

 i
 

 

	
  ARTICLE 5

  
	
   

  
	
  REMEDIES

  
	
   

  	
   

  
	
  Section 5.1

  	
  Events of Default

  	
  22

  
	
  Section 5.2

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  23

  
	
  Section 5.3

  	
  Collection of Indebtedness and Suits for Enforcement
  by Trustee

  	
  24

  
	
  Section 5.4

  	
  Trustee May File Proofs of Claim

  	
  24

  
	
  Section 5.5

  	
  Trustee May Enforce Claims Without Possession of
  Securities

  	
  25

  
	
  Section 5.6

  	
  Application of Money Collected

  	
  25

  
	
  Section 5.7

  	
  Limitation on Suits

  	
  25

  
	
  Section 5.8

  	
  Right of Holders to Receive Principal, Premium and
  Interest

  	
  26

  
	
  Section 5.9

  	
  Restoration of Rights and Remedies

  	
  26

  
	
  Section 5.10

  	
  Rights and Remedies Cumulative

  	
  26

  
	
  Section 5.11

  	
  Delay or Omission Not Waiver

  	
  26

  
	
  Section 5.12

  	
  Control by Holders

  	
  26

  
	
  Section 5.13

  	
  Waiver of Past Defaults

  	
  27

  
	
  Section 5.14

  	
  Undertaking for Costs

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
   

  
	
  THE TRUSTEE

  
	
   

  	
   

  
	
  Section 6.1

  	
  Certain Duties and Responsibilities

  	
  27

  
	
  Section 6.2

  	
  Notice of Defaults

  	
  28

  
	
  Section 6.3

  	
  Certain Rights of Trustee

  	
  28

  
	
  Section 6.4

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
  29

  
	
  Section 6.5

  	
  May Hold Securities and Act as Trustee under Other
  Indentures

  	
  29

  
	
  Section 6.6

  	
  Money Held in Trust

  	
  29

  
	
  Section 6.7

  	
  Compensation and Reimbursement

  	
  30

  
	
  Section 6.8

  	
  Conflicting Interests

  	
  30

  
	
  Section 6.9

  	
  Eligibility; Disqualification

  	
  30

  
	
  Section 6.10

  	
  Resignation and Removal; Appointment of Successor

  	
  31

  
	
  Section 6.11

  	
  Acceptance of Appointment by Successor

  	
  32

  
	
  Section 6.12

  	
  Merger, Conversion, Consolidation or Succession to
  Business

  	
  32

  
	
  Section 6.13

  	
  Preferential Collection of Claims Against Company

  	
  32

  
	
  Section 6.14

  	
  Appointment of Authenticating Agent

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  
	
   

  
	
  HOLDERS’ LISTS
  AND REPORTS BY TRUSTEE AND COMPANY

  
	
   

  	
   

  
	
  Section 7.1

  	
  Company to Furnish Trustee Names and Addresses of
  Holders

  	
  34

  
	
  Section 7.2

  	
  Preservation of Information; Communications to
  Holders

  	
  34

  
	
  Section 7.3

  	
  Reports by Trustee

  	
  34

  
	
  Section 7.4

  	
  Reports by Company

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  
	
   

  
	
  CONSOLIDATION,
  MERGER, CONVEYANCE, TRANSFER OR LEASE

  
	
   

  	
   

  
	
  Section 8.1

  	
  Company May Consolidate, etc., Only on Certain Terms

  	
  35

  
	
  Section 8.2

  	
  Successor Substituted

  	
  35

  

 

 ii
 

 

	
  ARTICLE 9

  
	
   

  
	
  SUPPLEMENTAL
  INDENTURES

  
	
   

  	
   

  
	
  Section 9.1

  	
  Supplemental Indentures Without Consent of Holders

  	
  35

  
	
  Section 9.2

  	
  Supplemental Indentures with Consent of Holders

  	
  36

  
	
  Section 9.3

  	
  Execution of Supplemental Indentures

  	
  37

  
	
  Section 9.4

  	
  Effect of Supplemental Indentures

  	
  37

  
	
  Section 9.5

  	
  Conformity with Trust Indenture Act

  	
  37

  
	
  Section 9.6

  	
  Reference in Securities to Supplemental Indentures

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
   

  
	
  COVENANTS

  
	
   

  	
   

  
	
  Section 10.1

  	
  Payment of Principal, Premium and Interest

  	
  37

  
	
  Section 10.2

  	
  Maintenance of Office or Agency

  	
  37

  
	
  Section 10.3

  	
  Money for Securities Payments to be Held in Trust

  	
  38

  
	
  Section 10.4

  	
  Statement by Officers as to Default

  	
  38

  
	
  Section 10.5

  	
  Existence

  	
  39

  
	
  Section 10.6

  	
  All Securities to be Equally and Ratably Secured

  	
  39

  
	
  Section 10.7

  	
  Maintenance of Properties

  	
  39

  
	
  Section 10.8

  	
  Payment of Taxes and Other Claims

  	
  39

  
	
  Section 10.9

  	
  Waiver of Certain Covenants

  	
  39

  
	
  Section 10.10

  	
  Additional Amounts

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  
	
   

  
	
  REDEMPTION OF
  SECURITIES

  
	
   

  
	
  Section 11.1

  	
  Applicability of Article

  	
  40

  
	
  Section 11.2

  	
  Election to Redeem; Notice to Trustee

  	
  40

  
	
  Section 11.3

  	
  Selection by Trustee of Securities to Be Redeemed

  	
  40

  
	
  Section 11.4

  	
  Notice of Redemption

  	
  41

  
	
  Section 11.5

  	
  Deposit of Redemption Price

  	
  41

  
	
  Section 11.6

  	
  Securities Payable on Redemption Date

  	
  42

  
	
  Section 11.7

  	
  Securities Redeemed in Part

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12

  
	
   

  
	
  SINKING FUNDS

  
	
   

  	
   

  
	
  Section 12.1

  	
  Applicability of Article

  	
  42

  
	
  Section 12.2

  	
  Satisfaction of Sinking Fund Payments with
  Securities

  	
  42

  
	
  Section 12.3

  	
  Redemption of Securities for Sinking Fund

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13

  
	
   

  
	
  DEFEASANCE AND
  COVENANT DEFEASANCE

  
	
   

  	
   

  
	
  Section 13.1

  	
  Company’s Option to Effect Defeasance or Covenant
  Defeasance

  	
  43

  
	
  Section 13.2

  	
  Defeasance and Discharge

  	
  43

  
	
  Section 13.3

  	
  Covenant Defeasance

  	
  43

  
	
  Section 13.4

  	
  Conditions to Defeasance or Covenant Defeasance

  	
  44

  
	
  Section 13.5

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

  	
  45

  
	
  Section 13.6

  	
  Reinstatement

  	
  46

  

 

 iii
 

PHARMACOPEIA, INC.

This Cross Reference
Sheet shows the location in the Indenture of the provisions inserted pursuant
to Sections 3.10 through 3.18, inclusive, of the Trust Indenture Act of 1939:

	
  Section 310

  	
  (a) (1)

  	
  6.9

  
	
   

  	
  (a) (2)

  	
  6.9

  
	
   

  	
  (a) (3)

  	
  6.9

  
	
   

  	
  (a) (4)

  	
  Not Applicable

  
	
   

  	
  (a) (5)

  	
  6.9

  
	
   

  	
  (b)

  	
  6.8, 6.10

  
	
   

  	
  (c)

  	
  Not Applicable

  
	
  Section 311

  	
  (a)

  	
  6.13

  
	
   

  	
  (b)

  	
  6.13

  
	
   

  	
  (c)

  	
  Not Applicable

  
	
  Section 312

  	
  (a)

  	
  7.1, 7.2

  
	
   

  	
  (b)

  	
  7.2

  
	
   

  	
  (c)

  	
  7.2

  
	
  Section 313

  	
  (a)

  	
  7.3

  
	
   

  	
  (b)

  	
  7.3

  
	
   

  	
  (c)

  	
  7.3

  
	
   

  	
  (d)

  	
  7.3

  
	
  Section 314

  	
  (a) (1)

  	
  7.4

  
	
   

  	
  (a) (2)

  	
  7.4

  
	
   

  	
  (a) (3)

  	
  7.4

  
	
   

  	
  (a) (4)

  	
  1.1, 10.4

  
	
   

  	
  (b)

  	
  Not Applicable

  
	
   

  	
  (c) (1)

  	
  1.3

  
	
   

  	
  (c) (2)

  	
  1.3

  
	
   

  	
  (c) (3)

  	
  Not Applicable

  
	
   

  	
  (d)

  	
  Not Applicable

  
	
   

  	
  (e)

  	
  1.3

  
	
  Section 315

  	
  (a)

  	
  6.1

  
	
   

  	
  (b)

  	
  6.2

  
	
   

  	
  (c)

  	
  6.1

  
	
   

  	
  (d)

  	
  6.1

  
	
   

  	
  (e)

  	
  5.14

  
	
  Section 316

  	
  (a)

  	
  1.1

  
	
   

  	
  (a) (1) (A)

  	
  5.2, 5.12

  
	
   

  	
  (a) (1) (B)

  	
  5.13

  
	
   

  	
  (a) (2)

  	
  Not Applicable

  
	
   

  	
  (b)

  	
  5.8

  
	
   

  	
  (c)

  	
  1.5

  
	
  Section 317

  	
  (a) (1)

  	
  5.3

  
	
   

  	
  (a) (2)

  	
  5.4

  
	
   

  	
  (b)

  	
  10.3

  
	
  Section 318

  	
  (a)

  	
  1.8

  

 

NOTE:  This Cross Reference Sheet is not part of the
Indenture.

 iv

INDENTURE

INDENTURE, dated
as of
                               ,
between PHARMACOPEIA, INC., a Delaware corporation (the “Company”),
having its principal office at
                       ,
and                                  
, as trustee, (the “Trustee”), the office of the Trustee at which at the
date hereof its corporate trust business is principally administered being
                               .

RECITALS

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

This Indenture is
subject to the provisions of the Trust Indenture Act and the rules and regulations
of the Commission promulgated thereunder that are required to be part of this
Indenture and, to the extent applicable, shall be governed by such provisions.

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

NOW, THEREFORE,
for and in consideration of the premises and the purchase of the Securities by
the Holders thereof, each party agrees for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Securities, or of
series thereof, issued under this Indenture, as follows:

ARTICLE
1

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1             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
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with generally accepted accounting principles in the United
States of America, 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 in the United States of America as are generally accepted as of the
time when and for the period as to which such accounting principles are to be
applied;

(3)           “or”
is not exclusive;

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

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

(6)           certain
terms, used principally in Article 6, are defined in Section 1.2.

“Act,” when
used with respect to any Holder, has the meaning specified in Section 1.5.

“Additional
Amounts” means any additional amounts that are required by the express
terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company
with respect to certain taxes, assessments or other governmental charges
imposed on certain Holders and that are owing to such Holders.

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

“Authenticating
Agent” means any Person, which may include the Company, authorized by the
Trustee pursuant to Section 6.14 to act on behalf of the Trustee to
authenticate Securities of one or more series.

“Authorized
Newspaper” means a newspaper of general circulation in the New York, New
York area, printed in the English language and customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays.  Whenever successive weekly publications in an
Authorized Newspaper are required hereunder they may be made (unless otherwise
expressly provided herein) on the same or different days of the week and in the
same or in different Authorized Newspapers.

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

“Board” or “Board
of Trustees” means either the board of trustees of the Company or any duly
authorized committee thereof.

“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
Trustees and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

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

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

“Common Shares”
includes any shares of beneficial interest of any class of the Company which
has no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding-up of the
Company and which is not subject to redemption by the Company.

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

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

“Corporate
Trust Office” means the corporate trust office of the Trustee at [ ],
Attention: Corporate Trust Department, or such other office, designated by the
Trustee by written notice to the Company, at which at any particular time its
corporate trust business shall be administered.

“Covenant
Defeasance” has the meaning specified in Section 13.3.

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

“default”
means, with respect to the Securities of any series, any event, act or
condition that is, or after notice or the passage of time or both would be, an
Event of Default with respect to Securities of such series.

“Defaulted
Interest” has the meaning specified in Section 3.7.

“Defeasance”
has the meaning specified in Section 13.2.

 2
 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, The Depository Trust Company, New
York, New York, another clearing agency, or any successor, registered under the
Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 3.1.

“Dollar” or
“$” means a dollar or other equivalent unit in such coin or currency of
the United States as at the time shall be legal tender for the payment of
public and private debts.

“euro” or “euros”
means the currency adopted by those nations participating in the third stage of
the economic and monetary union provisions of the Treaty on European Union,
signed at Maastricht on February 7, 1992.

“European
Economic Area” means the member nations of the European Economic Area
pursuant to the Oporto Agreement on the European Economic Area dated May 2,
1992, as amended.

“European Union”
means the member nations of the European Union established by the Treaty of
European Union, signed at Maastricht on February 2, 1992, which amended the
Treaty of Rome establishing the European Community.

“Event of
Default” has the meaning specified in Section 5.1.

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

“Exchange Rate”
has the meaning specified in Section 3.2.

“Expiration
Date” has the meaning specified in Section 1.5.

“Foreign
Government Obligation” means with respect to Securities of any series which
are not denominated in the currency of the United States of America (x) any
security which is (i) a direct obligation of the government which issued or
caused to be issued the currency in which such security is denominated and for
the payment of which obligations its full faith and credit is pledged or, with
respect to Securities of any series which are denominated in euros, a direct
obligation of any member nation of the European Union for the payment of which
obligation the full faith and credit of the respective nation is pledged so
long as such nation has a credit rating at least equal to that of the highest
rated member nation of the European Economic Area, or (ii) an obligation of a
Person controlled or supervised by and acting as an agency or instrumentality
of a government specified in clause (i) above the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the such
government, which, in either case (i) or (ii), is not callable or redeemable at
the option of the issuer thereof, and (y) any depositary receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with
respect to any Foreign Government Obligation which is specified in clause (x)
above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on
any Foreign Government Obligation which is so specified and held, provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Foreign Government
Obligation or the specific payment of principal or interest evidenced by such
depositary receipt.

“Global
Security” means a Security that evidences all or part of the Securities of
any series and bears the legend set forth in Section 2.4 (or such legend
as may be specified as contemplated by Section 3.1 for such Securities).

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

“Indenture”
means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and
any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of particular series of Securities established as
contemplated by Section 3.1; provided, however, that if at any time more
than one Person is acting as Trustee under this Indenture due to the
appointment of one or more separate Trustees for any one or more separate
series of Securities, “Indenture” shall mean, with respect to such series
of Securities for which any such Person is Trustee, this instrument as
originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series
of Securities for which such Person is Trustee established as contemplated by Section
3.1, exclusive, however, of any provisions or terms which relate solely to
other series of Securities for which such Person is not Trustee, regardless of
when such terms or provisions were adopted, and exclusive of any 

 3
 

provisions
or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become such Trustee, but to which
such person, as such Trustee, was not a party; provided, further that in the
event that this Indenture is supplemented or amended by one or more indentures
supplemental hereto which are only applicable to certain series of Securities,
the term “Indenture” for a particular series of Securities shall exclude
provisions or terms which relate solely to other series of Securities.

“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.

“Investment
Company Act” means the Investment Company Act of 1940 and any statute
successor thereto, in each case as amended from time to time.

“Judgment
Currency” has the meaning specified in Section 5.6.

“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, repurchase at the option of the Holder, call for redemption or
otherwise.

“Mortgage”
means and includes any mortgage, pledge, lien, security interest, conditional
sale or other title retention agreement or other similar encumbrance.

“Notice of
Default” means a written notice of the kind specified in Section 5.1(4).

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the
Chief Executive Officer, the President or a Vice President, and by the
principal financial officer, the Treasurer, the Controller, an Assistant
Treasurer, an Assistant Controller, the Secretary or an Assistant Secretary, of
the Company, and delivered to the Trustee. One of the officers signing an
Officers’ Certificate given pursuant to Section 10.4 shall be the
principal executive, financial or accounting officer of the Company.

“Opinion of
Counsel” means a written opinion of legal counsel, who may be, without
limitation, (a) an employee of the Company, or (b) outside counsel designated
by the Company, rendered, if applicable, in accordance with Section 314(c) of
the Trust Indenture Act.

“Original Issue
Discount Security” means any Security that 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 5.2.

“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 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;

(3)           Securities
which have been paid pursuant to Section 3.6 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 unless otherwise provided with
respect to any Securities of any series pursuant to Section 3.1, in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, (A) the principal amount of an Original Issue Discount Security
which shall be deemed to be Outstanding shall be the amount 

 4
 

of the principal thereof which would be due and
payable as of such date upon acceleration of the Maturity thereof to such date
pursuant to Section 5.2, (B) if, as of such date, the principal amount
payable at the Stated Maturity of a Security is not determinable, the principal
amount of such Security which shall be deemed to be Outstanding shall be the
amount as specified or determined as contemplated by Section 3.1, (C) the
principal amount of a Security denominated in one or more non-U.S. dollar
currencies or currency units which shall be deemed to be Outstanding shall be
the U.S. dollar equivalent, determined as of such date in the manner provided
as contemplated by Section 3.1, of the principal amount of such Security
(or, in the case of a Security described in clause (A) or (B)
above, of the amount determined as provided in such clause), and (D) Securities
owned by the Company or any other obligor upon the Securities or any Subsidiary
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities which a Responsible
Officer of the Trustee 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 Subsidiary of the
Company or of such other obligor.

“Paying Agent”
means any Person, which may include the Company, authorized by the Company to
pay the principal of or any premium or interest on, or any Additional Amounts
with respect to, any one or more series of Securities on behalf of the Company.

“Periodic
Offering” means an offering of Securities of a series from time to time the
specific terms of which Securities, including, without limitation, the rate or
rates of interest or formula for determining the rate or rates of interest
thereon, if any, the Maturity thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Company upon the issuance of
such Securities.

“Person”
means any individual, corporation, limited liability company, partnership,
joint venture, incorporated or unincorporated association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof or other entity of any kind.

“Place of
Payment,” when used with respect to the Securities of any series, means the
place or places where the principal of and any premium and interest on, or any
Additional Amounts with respect to, the Securities of that series are payable
as specified as contemplated by Section 3.1 and 10.2.

“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 3.6 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.

“Preferred
Shares” as applied to the shares of beneficial interest of the Company
means shares of beneficial interest of any class or classes (however
designated) which is preferred as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary liquidation or
dissolution of the Company, over Common Shares of the Company.

“Record Date”
means any Regular Record Date or Special Record Date.

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

“Regular Record
Date” for the interest payable on any Interest Payment Date on the
Securities of any series means any date specified for that purpose as
contemplated by Section 3.1, or, if not so specified, the first day of
the calendar month of the month of such Interest Payment Date if such Interest
Payment Date is the fifteenth day of the calendar month, or the fifteenth day
of the calendar month preceding such Interest Payment Date if such Interest
Payment Date is the first day of a calendar month, whether or not such day
shall be a Business Day.

“Required
Currency” has the meaning specified in Section 5.6.

“Responsible
Officer” means, when used with respect to the Trustee, an officer of the
Trustee in the Corporate Trust Office assigned and duly authorized by the
Trustee to administer its corporate trust matters.

 5
 

“Securities”
has the meaning stated in the first recital of this Indenture and more
particularly means any debentures, notes or other evidences of indebtedness of
the Company authenticated and delivered under this Indenture.

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

“Security
Custodian” means, with respect to Securities of a series issued in global
form, the Trustee for Securities of such series, acting in its capacity as
custodian with respect to the Securities of such series, or any successor
entity thereto.

“Security
Register” and “Security Registrar” have the respective meanings
specified in Section 3.5.

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

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

“Subsidiary”
means any Person of which the Company at the time owns or controls, directly or
indirectly, more than 50% of the shares of outstanding stock or other equity
interests having general voting power under ordinary circumstances to elect a
majority of the board of directors, managers or trustees, as the case may be,
of such Person (irrespective of whether or not at the time stock of any other
class or classes or other equity interests of such corporation shall have or
might have voting power by reason of the happening of any contingency).

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

“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.

“United States”
means the United States of America (including the states thereof and the
District of Columbia) and its “possessions”, which include Puerto Rico, the
U.S. Virgin Islands, Guam, American Somoa, Wake Island and the Northern Mariana
Islands.

“United States
Alien” means any Person who, for United States federal income tax purposes,
is a foreign corporation, a nonresident alien individual, a nonresident alien
or foreign fiduciary of an estate or trust, or a foreign partnership.

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

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

“Yield to
Maturity” means, when used with respect to any Original Issue Discount
Security, the yield to maturity, if any, set forth on the face thereof.

 6
 

Section 1.2             Incorporation
by Reference of Trust Indenture Act.

Whenever this
Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture.  The following Trust Indenture Act terms used
in this Indenture have the following meanings:

“indenture
securities” means the Securities.

“indenture
security holder” means a Holder.

“indenture to
be qualified” means this Indenture.

“indenture
trustee” or “institutional trustee” means the Trustee.

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

All terms used in
this Indenture that are defined by the Trust Indenture Act, defined by a Trust
Indenture Act reference to another statue or defined by Commission rule under
the Trust Indenture Act and not otherwise defined herein have the meanings
assigned to them therein.

Section 1.3             Compliance
Certificates and Opinions.

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

Every certificate
or opinion with respect to compliance with a condition or covenant provided for
in this Indenture (other than pursuant to Section 10.4) shall include,

(1)           a
statement that each 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 such Person to express
an informed opinion as to whether or not such covenant or condition has been
complied with; and

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

Section 1.4             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
the matters upon which his or her certificate or opinion is based are
erroneous. Any such certificate 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 

 7
 

exercise
of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

Any certificate or
opinion of an officer of the Company or of counsel may be based, insofar as it
relates to accounting matters, upon a certificate or opinion of or
representations by an accountant or firm of accountants employed or retained by
the Company unless such officer or counsel, as the case may be, knows, or in
the exercise of reasonable care should know, that the certificate or opinions
or representations as to such accounting 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 1.5             Acts
of Holders; Record Dates.

Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders
of the Outstanding Securities of all series or one or more series, as the case
may be, may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the Company. The
Trustee shall promptly deliver to the Company copies of all such instrument or
instruments delivered to the Trustee. 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
6.1) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.

The fact and date
of the execution by any Person of any such instrument or writing may be proved
by the affidavit of a witness of such execution or by a certificate of a notary
public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged
to him or her the execution thereof. Where such execution is by a signer acting
in a capacity other than his or her individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his or her authority. The
fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other
manner that the Trustee deems sufficient.

The ownership,
date of holding, principal amount and serial numbers of Securities shall be
proved by the Security Register.

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.  Any consent or waiver of the Holder of any
Security shall be irrevocable for a period of six months after the date of
execution thereof, but otherwise any such Holder or subsequent Holder may revoke
the request, demand, authorization, direction, notice, consent or other Act as
to his Security or portion of his Security; provided, however, that such
revocation shall be effective only if the Trustee receives the notice of
revocation before the date the Act becomes effective.

The Company may
set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any
request, demand, authorization, direction, vote, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders of Securities of such series, provided that the Company may not set
a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant
to this paragraph, the Holders of Outstanding Securities of the relevant series
on such record date, and no other Holders, shall be entitled to take the relevant
action, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite principal
amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Company from setting a new
record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its
own expense, shall cause 

 8
 

notice
of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.7.

The Trustee may
set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to
in Section 5.2, (iii) any request to institute proceedings referred to
in Section 5.7(2) or (iv) any direction referred to in Section
5.12, in each case with respect to Securities of such series. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities
of such series on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such
Holders remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.7.

With respect to
any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed
new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section
1.7, on or prior to the existing Expiration Date. If an Expiration Date is
not designated with respect to any record date set pursuant to this Section
1.5, the party hereto which set such record date shall be deemed to have
initially designated the 180th day after such record date as the Expiration
Date with respect thereto, subject to its right to change the Expiration Date
as provided in this paragraph. Notwithstanding the foregoing, no Expiration
Date shall be later than the 180th day after the applicable record date.

Without limiting
the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of
the principal amount of such Security or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any
part of such principal amount.

Section 1.6             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 (or by facsimile
transmissions, provided that oral confirmation of receipt shall have been received)
to or with the Trustee at its Corporate Trust Office, Attention: Corporate
Trust Department, or

(2)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and
furnished by certified mail, return receipt requested, personally delivered or
furnished via overnight courier to the Company addressed to it at the address
of its principal office specified in the first paragraph of this instrument or
at any other address previously furnished in writing to the Trustee by the
Company, Attention: Chief Financial Officer.

Section 1.7             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, or delivered by hand or overnight
courier to each Holder affected by such event, at its address as it appears in
the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice.
Neither the failure to mail or deliver by hand or overnight courier any notice,
nor any defect in any notice so mailed or delivered by hand or overnight
courier, 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 

 9
 

with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

In case by reason
of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give notice to Holders of Securities by mail, then
such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.  In any case in which notice to Holders of
Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder of a Security, shall
affect the sufficiency of such notice with respect to other Holders of
Securities.

Section 1.8             Conflict
with Trust Indenture Act.

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

Section 1.9             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 1.10           Successors
and Assigns.

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

Section 1.11           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.

Section 1.12           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, any
Authenticating Agent, Paying Agent or Security Registrar, and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 1.13           Governing
Law.

THIS INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

Section 1.14           Legal
Holidays.

Unless otherwise
provided with respect to any Security or Securities pursuant to Section 3.1,
in any case where any Interest Payment Date, Redemption Date, sinking fund
payment date, or Stated Maturity or Maturity or other payment date of any
Security or the last date on which a Holder has the right to convert a Security
at a particular conversion price shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which specifically states
that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) or, if applicable to a particular series of
Securities, conversion 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, at the Stated Maturity or on such last day for conversion, as the
case may be.

 10
 

Section 1.15           Indenture
and Securities Solely Corporate Obligations.

No recourse for
the payment of the principal of or premium, if any, or interest on any
Security, or for any claim based thereon or otherwise in respect thereof, and
no recourse under or upon any obligation, covenant or agreement of the Company
in this Indenture or in any supplemental indenture or in any Security, or
because of the creation of any indebtedness represented thereby, shall be had,
directly or indirectly, against any incorporator, subscriber to the shares of
beneficial interest (or capital stock or membership interests (as applicable)),
shareholder, stockholder, member, employee, agent, manager, officer, trustee or
director, as such, past, present or future, of the Company or the Trustee or of
any predecessor or successor corporation, either directly or through the
Company or the Trustee or any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations
and that no such personal liability whatever shall attach to, or is or shall be
incurred by, any incorporator, subscriber to the shares of beneficial interest
(or capital stock or membership interests (as applicable)), shareholder,
stockholder, member, employee, agent, manager, officer, trustee or director, as
such, of the Company or the Trustee or of any predecessor or successor
corporation, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom; and that any
and all such personal liability of every name and nature, either at common law
or in equity or by constitution or statute, of, and any and all such rights and
claims against, every such incorporator, subscriber to the shares of beneficial
interest (or capital stock or membership interests (as applicable)),
shareholder, stockholder, member, employee, agent, manager, officer, trustee or
director, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture, any supplemental indenture hereto, any certificate
or other writing delivered in connection herewith, or in any of the Securities
or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the
issuance of such Securities. By accepting a Security, each Holder agrees to the
provisions of this Section 1.15 and waives and releases all such
liability.  Such waiver and release shall
be part of the consideration for the issuance of the Securities.

Section 1.16           Indenture
May be Executed in Counterparts.

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

ARTICLE
2

SECURITY
FORMS

Section 2.1             Forms
Generally.

The Securities of
each series shall be in such form or forms as shall be established by or
pursuant to one or more Board Resolutions and set forth in such Board
Resolutions, or, to the extent established pursuant to, rather than set forth
in, such Board Resolutions, an Officers’ Certificate detailing such
establishment, or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with any applicable law or with any
rules or regulations pursuant thereto, or any rules of any securities exchange
or Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution thereof. If
the form of Securities of any series is established by action taken pursuant to
a Board Resolution, or, to the extent established pursuant to, rather than set
forth in, such Board Resolutions, an Officers’ Certificate detailing such
establishment, 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 3.3 for the authentication and delivery of such
Securities. Any such Board Resolution, Officers’ Certificate or record of such
action shall have attached thereto a true and correct copy of the form of
Security referred to therein approved by or pursuant to such Board Resolution
or Officers’ Certificate.

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 2.2             Form
of Trustee’s Certificate of Authentication.

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

 11
 

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

	
  

  	
   

  	
  [Trustee], as Trustee

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

Section 2.3             Global
Securities.

If the Company
shall establish pursuant to Section 3.1 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 Company shall execute and the Trustee shall,
in accordance with Section 3.3 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) may provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect
exchanges, (iii) shall be registered in the name of the Depositary for
such Global Security or Securities or its nominee, (iv) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction
and (v) shall bear a legend in accordance with the requirements of the
Depositary.

Notwithstanding
any other provision of this Section or of Section 3.5, except as
contemplated by the provisions of this Section 2.3 below, 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 3.5,
only to a nominee of the Depositary for such Global Security, or to the
Depositary, or to a successor Depositary for such Global Security selected or
approved by the Company, or to a nominee of such successor Depositary.

If at any time the
Depositary for a Global Security notifies the Company that it is unwilling or
unable to continue as the 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 Exchange Act, or other applicable statute or
regulation, the Company shall appoint a successor Depositary with respect to
such Global Security. If a successor Depositary for such Global Security is not
appointed by the Company within 90 days after the Company receives such
notice or becomes aware of such ineligibility, the Company will execute, and
the Trustee, upon receipt of a Company Order for the authentication and
delivery of Securities of such series in the form of definitive certificates in
exchange for such Global Security, will authenticate and deliver Securities of
such series in the form of definitive certificates of like tenor and terms in
an aggregate principal amount equal to the principal amount of the Global Security
in exchange for such Global Security. Such Securities will be issued to and
registered in the name of such Person or Persons as are specified by the
Depositary.

The Company may at
any time and in its sole discretion determine that the Securities of any series
issued or issuable in the form of one or more Global Securities shall no longer
be represented by such Global Security or Securities. In any such event the
Company will execute, and the Trustee, upon receipt of a Company Request for
the authentication and delivery of Securities in the form of definitive
certificates in exchange in whole or in part for such Global Security, will
authenticate and deliver without service charge to each Person specified by the
Depositary Securities in the form of definitive certificates of like tenor and
terms in an aggregate principal amount equal to the principal amount of such
Global Security representing such series, or the aggregate principal amount of
such Global Securities representing such series, in exchange for such Global
Security or Securities.

If specified by
the Company pursuant to Section 3.1 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 Securities in the form of definitive certificates of like tenor and
terms on such terms as are acceptable to the Company and such Depositary.
Thereupon the Company shall execute, and the Trustee shall authenticate and
deliver, without service charge, (A) to each Person specified by such
Depositary a new Security or Securities of the same series of like tenor and
terms and any authorized denomination as requested by such Person in aggregate
principal amount equal to and in exchange for such Person’s beneficial interest
in the Global Security and (B) to such Depositary a new Global Security of
like tenor and terms and in an authorized 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.

In any exchange
provided for in any of the preceding three paragraphs, the Company shall
execute and the Trustee shall authenticate and deliver Securities in the form
of definitive certificates in authorized denominations. Upon the exchange of
the entire principal amount of a Global Security for Securities in the form of
definitive certificates, such Global Security shall be canceled by the Trustee.
Except as provided in the immediately preceding subparagraph, Securities issued
in exchange for a Global Security pursuant to this Section 2.3 shall be
registered in such names and in such authorized 

 12
 

denominations
as the Depositary for such Global Security, acting pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the
Trustee. Provided that the Company and the Trustee have so agreed, the Trustee
shall deliver such Securities to the Persons in whose names the Securities are
so to be registered.

Any endorsement of
a Global Security to reflect the principal amount thereof, or any increase or
decrease in such principal amount, or changes in the rights of Holders of
Outstanding Securities represented thereby shall be made in such manner and by
such Person or Persons as shall be specified in or pursuant to any applicable
letter of representations or other arrangement entered into with, or procedures
of, the Depositary with respect to such Global Security or in the Company Order
delivered or to be delivered pursuant to Section 3.3 or Section
3.4 with respect thereto. Subject to the provisions of Section 3.3
and, if applicable, Section 3.4, the Trustee shall deliver and redeliver
any such Global Security in the manner and upon instructions given by the
Person or Persons specified in or pursuant to any applicable letter of
representations or other arrangement entered into with, or procedures of, the
Depositary with respect to such Global Security or in any applicable Company
Order. If a Company Order pursuant to Section 3.3 or Section 3.4
is so delivered, any instructions by the Company with respect to such Global
Security contained therein shall be in writing but need not be accompanied by
or contained in an Officers’ Certificate and need not be accompanied by an
Opinion of Counsel.

The Depositary or,
if there be one, its nominee, shall be the Holder of a Global Security for all
purposes under this Indenture; and beneficial owners with respect to such
Global Security shall hold their interests pursuant to applicable procedures of
such Depositary. The Company, the Trustee, the Paying Agent and the Security
Registrar shall be entitled to deal with such Depositary for all purposes of
this Indenture relating to such Global Security (including the payment of
principal, premium, if any, and interest and any Additional Amounts with
respect to such Global Security and the giving of instructions or directions by
or to the beneficial owners of such Global Security as the sole Holder of such
Global Security and shall have no obligations to the beneficial owners thereof
(including any direct or indirect participants in such Depositary). None of the
Company, the Trustee, any Paying Agent or the Security Registrar shall have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Global Security
in or pursuant to any applicable letter of representations or other arrangement
entered into with, or procedures of, the Depositary with respect to such Global
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

Section 2.4             Form
of Legend for Global Securities.

Unless otherwise
specified as contemplated by Section 3.1 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

ARTICLE
3

THE
SECURITIES

Section 3.1             Amount
Unlimited; Issuable in Series.

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

The Securities may
be issued in one or more series. There shall be established in or pursuant to a
Board Resolution and, subject to Section 3.3, set forth, or determined
in the manner provided, in an Officers’ Certificate, or established in one or
more indentures supplemental hereto, prior to the issuance of Securities of any
series,

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

(2)           any
limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of 

 13
 

transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 2.3, 3.4, 3.5,
3.6, 9.6 or 11.7 and except for any Securities which,
pursuant to Section 3.3, are deemed never to have been authenticated and
delivered hereunder);

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

(4)           the
date or dates on which the principal of and premium, if any, on any Securities
of the series is payable or the method of determination and/or extension of
such date or dates; and the amount or amounts of such payments of principal and
premium, if any, or the method of determination thereof;

(5)           the
rate or rates (which may be fixed or variable), at which any Securities of the
series shall bear interest, if any, whether and under what circumstances
Additional Amounts with respect to such Securities shall be payable, the date
or dates from which any such interest shall accrue, the Interest Payment Dates
on which any such interest shall be payable and, if other that as set forth in Section
1.1, the Regular Record Date for any such interest payable on any Interest
Payment Date (or the method for determining the dates and rates);

(6)           whether
any of such Securities will be subject to certain optional interest rate reset
provisions;

(7)           the
place or places where the principal of and any premium and interest on, or any
Additional Amounts with respect to, the Securities of the series shall be
payable, where the Securities of such series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of such series and this Indenture may
be served, and the method of such payment, if by wire transfer, mail or other
means;

(8)           (a) the
period or periods within which, the price or prices at which, the currency or
currencies (including currency units) and the terms and conditions upon which
any Securities of the series may be redeemed, in whole or in part, at the
option of the Company, (b) if other than as provided in Section 11.3,
the manner in which the particular Securities of such series (if less than all
Securities of such series are to be redeemed) are to be selected for redemption
and (c) if other than by a Board Resolution, the manner in which any
election by the Company to redeem the Securities shall be evidenced;

(9)           the
obligation, if any, of the Company to redeem, purchase or repay any Securities
of the series pursuant to any sinking fund, amortization or analogous
provisions or upon the happening of a specified event or at the option of the
Holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which any Securities of the series
shall be redeemed, purchased or repaid, in whole or in part, pursuant to such
obligation and any provisions for the remarketing of such Securities;

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

(11)         if
other than the Trustee, the identity of the Securities Registrar and/or the
Paying Agent;

(12)         if
the amount of principal of or any premium or interest on or other payments, if
any, on any Securities of the series may be determined with reference to an
index, formula or other method (which index, formula or method may be based,
without limitation, on the price of one or more commodities, derivatives or
securities; one or more securities, derivatives or commodities exchange indices
or other indices; a currency or currencies (including currency unit or units)
other than that in which the Securities of the series are denominated or designated
to be payable; or any other variable or the relationship between any variables
or combination of variables), the index, formula or other method by which such
amounts shall be determined;

(13)         if
other than the currency of the United States of America, the currency,
currencies or currency units (including composite currencies) in which the
principal of or any premium or interest on, or any Additional Amounts with
respect to, any Securities of the series shall be payable and the manner of
determining the equivalent thereof in the currency of the United States of
America for any purpose, including for purposes of the definition of “Outstanding”
in Section 1.1;

(14)         if
the principal of or any premium or interest on, or any Additional Amounts with
respect to, any Securities of the series is to be payable, at the election of
the Company or the Holder thereof, in one or more currencies or 

 14
 

currency units other than that or those in
which such Securities are stated to be payable, the currency, currencies or
currency units in which the principal of or any premium or interest on such
Securities as to which such election is made shall be payable, the periods
within which and the terms and conditions upon which such election is to be
made and the amount so payable (or the manner in which such amount shall be
determined);

(15)         if
other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.2;

(16)         if
the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated
Maturity, the amount which shall be deemed to be the principal amount of such
Securities as of any such date for any purpose thereunder or hereunder,
including the principal amount thereof which shall be due and payable upon any
Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be
determined);

(17)         if
applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 13.2 or Section 13.3 or
both such Sections, or any other defeasance provisions applicable to any
Securities of the series, and, if other than by a Board Resolution, the manner
in which any election by the Company to defease such Securities shall be
evidenced;

(18)         the
terms, if any, upon which Securities of the series may be convertible into or
exchanged for other Securities, Common Shares, Preferred Shares, other debt
securities, warrants to purchase any of the foregoing, or other securities of
any kind of the Company or any other obligor or any other property, and the
terms and conditions upon which the conversion or exchange shall be effected,
including the initial conversion or exchange price or rate, the conversion or
exchange period, and any other additional provisions;

(19)         if
applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the
respective Depositaries for such Global Securities, the form of any legend or
legends which shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 2.4;

(20)         any
deletions, modifications of or additions to the definitions set forth in Section
1.1, the Events of Default which apply to any Securities of the series and
any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section
5.2;

(21)         any
addition to, deletion of or change in the covenants set forth in Article 10
which applies to Securities of the series;

(22)         any
Authenticating Agents, Paying Agents, Security Registrars or such other agents
necessary in connection with the issuance of the Securities of such series, including,
without limitation, exchange rate agents and calculation agents;

(23)         if
applicable, the terms of any Mortgage that will be provided for a series of
Securities, including any provisions regarding the circumstances under which
collateral may be released or substituted;

(24)         if
applicable, the terms of any guaranties for the Securities and any
circumstances under which there may be additional obligors on the Securities;

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

(26)         whether
Securities of the series shall be issuable in registered form or bearer form
(registrable or not registrable as to principal, and with or without interest
coupons), or both, and any restrictions applicable to the offering, sale or
delivery of bearer securities and the terms upon which bearer Securities of a
series may be exchanged for registered Securities of the same series and vice
versa;

(27)         the
forms of the Securities of the series;

 15
 

(28)         any
terms which may be related to warrants, options or other rights to purchase and
sell securities issued by the Company in connection with, or for the purchase
of, Securities of such series, including whether and under what circumstances the
Securities of any series may be used toward the exercise price of any such
warrants, options or other rights;

(29)         the
subordination, if any, of the Securities of the series;

(30)         if
the Securities of the series will be governed by, and the extent to which such
Securities will be governed by, any law other than the laws of the state of New
York;

(31)         any
other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.1(5)).

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

Section 3.2             Denominations.

Except as
specified as contemplated by Section 3.1, the Securities of each series
shall be issuable only in registered form without coupons. The Securities of
such series shall be issuable only in such denominations as shall be specified
as contemplated by Section 3.1. In the absence of any such specified
denomination 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.  Unless otherwise
provided as contemplated by Section 3.1 with respect to any series
of Securities, any Securities of a series denominated in a currency other than
Dollars shall be issuable in denominations that are the equivalent, as
determined by the Company by reference to the noon buying rate in The City of
New York for cable transfers for such currency (“Exchange Rate”), as
such rate is reported or otherwise made available by the Federal Reserve Bank
of New York, on the applicable issue date for such Securities, of $1,000 and
any integral multiple thereof.

Section 3.3             Execution,
Authentication, Delivery and Dating.

The
Securities shall be executed on behalf of the Company by its Chairman of the
Board, its Chief Executive Officer, its principal financial officer, its
President or one of its Vice Presidents, and attested by its Treasurer, its
Secretary or one of its Assistant Treasurers or Assistant Secretaries. 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; provided, however, that in the case of Securities offered in a
Periodic Offering, the Trustee shall authenticate and deliver such Securities
from time to time in accordance with such other procedures (including, without
limitation, the receipt by the Trustee of oral or electronic instructions from
the Company or its duly authorized agents, promptly confirmed in writing)
acceptable to the Trustee as may be specified by or pursuant to a Company Order
delivered to the Trustee prior to the time of the first authentication of
Securities of such series. Each Security shall be dated the date of its
authentication unless otherwise provided by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate. If the form or terms of the
Securities of the series have been established by or pursuant to one or more
Board Resolutions or any other method permitted by Sections 2.1 and 3.1,
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 6.1) shall be fully protected in
relying upon, a copy of such Board Resolution, the Officers’ Certificate
setting forth the terms of the series and an Opinion of Counsel, with such
Opinion of Counsel stating,

(1)           if
the form or terms of such Securities have been established by or pursuant to
Board Resolution or any other method permitted by Sections 2.1 and 3.1,
that such form or terms have been, or in the case of Securities of a series 

 16
 

offered in a Periodic Offering will be,
established in conformity with the provisions of this Indenture, subject in the
case of Securities offered in a Periodic Offering, to any conditions specified
in such Opinion of Counsel; and

(2)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions, exceptions and
qualifications specified in such Opinion of Counsel, will constitute legal,
valid and binding obligations of the Company, enforceable in accordance with
their terms, except as such enforcement is subject to the effect of (i)
bankruptcy, insolvency, fraudulent conveyance, reorganization or other laws
relating to or affecting creditors’ rights and (ii) general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

Such Opinion of Counsel need express no opinion as to
the enforceability of Section 6.7 or as to whether a court in the United
States would render a money judgment in a currency other than that of the
United States. Notwithstanding the provisions of Section 3.1 and of the
preceding paragraph, if all Securities of a series are not to be originally
issued at one time, it shall not be necessary to deliver the Officers’
Certificate otherwise required pursuant to Section 3.1 or the Company
Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the authentication of each Security of such series if
such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

Notwithstanding that such form or terms have been so
established, the Trustee shall have the right to decline to authenticate such
Securities if, in the written opinion of counsel to the Trustee (which counsel
may be an employee of the Trustee), such action may not lawfully be taken or if
the Trustee in good faith by its board of trustees or trustees, executive
committee or a trust committee of directors, trustees or vice presidents shall
determine that such action would expose the Trustee to personal liability to
Holders of any Securities then outstanding.

With respect to Securities of a series offered in a
Periodic Offering, the Trustee may rely, as to the authorization by the Company
of any of such Securities, the form and terms thereof and the legality,
validity, binding effect and enforceability thereof, upon the Opinion of
Counsel and the other documents delivered pursuant to Sections 2.1 and 3.1
and this Section, as applicable, in connection with the first authentication of
Securities of such series.

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 or an Authenticating Agent 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. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by
the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

The Company in issuing Securities may use “CUSIP” numbers
(if then generally in use), and if so, the Trustee may use the CUSIP numbers in
notices of redemption or exchange as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to
the correctness or accuracy of the CUSIP number printed in the notice or on the
Securities, that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption or exchange shall
not be affected by any defect or omission of such CUSIP numbers.  The Company will promptly notify the Trustee
of any change in CUSIP numbers known to an Officer of the Company. Neither the
Company nor the Trustee shall have any responsibility for any defect in the
CUSIP number that appears on any Security, check, advice of payment or
redemption notice, and any such document may contain a statement to the effect
that CUSIP numbers have been assigned by an independent service for convenience
of reference and that neither the Company nor the Trustee shall be liable for
any inaccuracy in such numbers.

Section 3.4             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. All or any portion of the
temporary Securities of a series may be Global Securities.

 17
 

If temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay. Except in the case of temporary Securities that are Global
Securities, each of which shall be exchanged in accordance with the provisions
thereof, 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 one or more
definitive Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor, except
as otherwise specified as contemplated by Section 3.1.

Section 3.5             Registration;
Registration of Transfer and Exchange.

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee or in any office or agency to be maintained by the
Company in accordance with Section 9.2 in a Place of Payment or in such
other place or medium as may be specified pursuant to Section 3.1 a
register for each series of Securities (each register maintained in such office
and in any other office or agency of the Company in a Place of Payment being
herein sometimes referred to as the "Security Register") in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Securities of such series and of
transfers of Securities of such series. Unless otherwise contemplated by Section
3.1, the Trustee is hereby appointed "Security Registrar"
for the purpose of registering Securities and transfers of Securities, and for
the purpose of maintaining the Security Register in respect thereof, as herein
provided. 

Except as set forth in Section 2.3 or as may be
provided pursuant to Section 3.1, upon surrender for registration of
transfer of any Security of a series at the office or agency of the Company in
a Place of Payment for that series, the Company shall execute and deliver a
Company Order requesting the Trustee to authenticate and deliver, 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 like tenor and aggregate principal amount. 

Unless otherwise provided as contemplated by Section
3.1, at the option of the Holder, Securities of any series (other than
Global Securities) may be exchanged for other Securities of the same series, of
any authorized denominations and of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency, and
upon payment, if the Company shall so require, of the charges hereinafter
provided. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
that the Holder making the exchange is entitled to receive. 

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

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

Unless otherwise provided as contemplated by Section
3.1, 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 3.4, 9.6 or 11.7 not
involving any transfer.

Unless otherwise provided as contemplated by Section
3.1, if the Securities of any series (or of any series and specified tenor)
are to be redeemed in whole or in part, the Company shall not be required (A)
to issue, register the transfer of or exchange any Securities of that series
(or of that series and specified tenor, as the case may be) during a period
beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption under Section
11.3 and ending at the close of business on the day of such mailing, or (B)
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.

Unless otherwise provided as contemplated by Section
3.1, the Company shall not be required to register the transfer or exchange
of Securities between a Record Date and the next succeeding Interest Payment
Date.

 18

Section 3.6             Mutilated, Destroyed, Lost and Stolen
Securities.

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

Notwithstanding
the preceding paragraph, 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 3.6, 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 3.6 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

The provisions of
this Section 3.6 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 3.7             Payment of Interest; Interest Rights
Preserved.

Except as
otherwise provided as contemplated by Section 3.1 with respect to any
series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency maintained for such purpose pursuant
to Section 9.2; provided, however, that at the option of the Company,
interest on any series of Registered Securities that bear interest may be paid
(i) by check mailed to the address of the Person entitled thereto as it shall
appear on the Security Register of such series (unless, with respect to a
Global Security, the rules of the Depositary require payment of such amount by
wire transfer) or (ii) by wire transfer to an account maintained by the Person
entitled thereto as specified in the Security Register of such series.

Unless otherwise
provided as contemplated by Section 3.1, 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 given to each Holder of Securities of such
series in the manner set forth in Section 1.7, not less than 10 days
prior to such Special Record Date.  The
Trustee may, in its discretion, in the name and at the expense of the Company,
cause a similar notice to be published at least once in an Authorized Newspaper,
but such publication shall not be a condition 

 19
 

precedent to the establishment of 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 3.7, each Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu
of any other Security shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Security.

Section 3.8             Persons Deemed Owners.

Prior to due
presentment of a Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and any premium and (subject to Section
3.7) any interest and any Additional Amounts or other payments on such
Security and for all other purposes whatsoever, whether or not such Security
shall 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.

Except as
otherwise specified as contemplated by Section 3.1, none of the Company,
the Trustee or any agent of the Company or the Trustee shall have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Global
Security, or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. 
Notwithstanding the foregoing, with respect to any Global Security,
nothing herein shall prevent the Company or the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by any Depositary (or its nominee), as a
Holder, with respect to such Global Security or impair, as between such
Depositary and owners of beneficial interests in such Global Security, the
operation of customary practices governing the exercise of the rights of such
Depositary (or its nominee) as Holder of such Global Security.

Section 3.9             Cancellation.

The Company may at
any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person
for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly canceled by the Trustee. The Security Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture or as
otherwise specified as contemplated by Section 3.1. On request of the
Company at the time of surrender, the Trustee shall deliver to the Company
canceled Securities held by the Trustee. In the absence of such request, all
canceled Securities held by the Trustee shall be disposed of in accordance with
the Trustee’s customary procedures.

Section 3.10           Computation of
Interest.

Except as
otherwise specified as contemplated by Section 3.1 for Securities of any
series, interest on the Securities of each series shall be computed on the
basis of a 360-day year of twelve 30-day months.

ARTICLE
4

SATISFACTION
AND DISCHARGE

Section 4.1             Satisfaction and Discharge of Indenture.

This Indenture
shall upon Company Request cease to be of further effect with respect to
Securities of or within any series (except as to any surviving rights of
registration of transfer or exchange of such Securities and replacement of such

 20
 

Securities
which may have been lost, stolen or mutilated as herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to such Securities, when

(1)           either

(A)          all such Securities
theretofore authenticated and delivered (other than (i) Securities which have
been destroyed, lost or stolen and which have been replaced or paid as provided
in Section 3.6 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Trustee or the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) 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 clause (i), (ii)
or (iii) above, has deposited or caused to be deposited with the Trustee
as trust funds in trust for the purpose money in an amount sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and
interest and any Additional Amounts to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

(2)           the Company has paid or caused to be paid
all other sums payable hereunder by the Company with respect to the Outstanding
Securities of such series;

(3)           the Company has complied with any other
conditions specified pursuant to Section 3.1 to be applicable to the
Outstanding Securities of such series; and

(4)           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 as to such Securities have been complied with.

If any Outstanding
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption provisions or in accordance with
any mandatory sinking fund requirement, the trust agreement evidencing the
trust referred to in subclause (B) of clause (1) of this Section
4.1 shall provide therefore and the Company shall make such arrangements as
are satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations of the Trustee
to any Authenticating Agent under Section 6.14 and, if money shall have
been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section 4.1, the obligations of the Trustee under Section
4.2 and the last paragraph of Section 10.3 shall survive.

Section 4.2             Application of Trust Money.

Subject to the
provisions of the last paragraph of Section 10.3, all money deposited
with the Trustee pursuant to Section 4.1 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 any premium
and interest or Additional Amounts for whose payment such money has been
deposited with the Trustee.

 21
 

Section 4.3             Reinstatement.

If the Trustee or
Paying Agent is unable to apply any money or U.S. Government Obligations
deposited with respect to Securities of any series in accordance with Section 4.1
by reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture with respect
to the Securities of such series and the Securities of such series shall be
revived and reinstated as though no deposit had occurred pursuant to Section 4.1
until such time as the Trustee or Paying Agent is permitted to apply all such
money or U.S. Government Obligations in accordance with Section 4.1;
provided, however, that if the Company has made any payment of principal of,
premium (if any) or interest on, or any Additional Amounts with respect to, any
Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the Trustee or
Paying Agent.

ARTICLE
5

REMEDIES

Section 5.1             Events of Default.

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

(1)           default in the payment of any interest on,
or any Additional Amounts with respect to, any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30
days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of such period of 30
days); or

(2)           default in the payment of the principal of
or any premium 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, and
continuance of such default for a period of 30 days; or

(4)           default in the performance, or breach, of
any covenant or warranty of the Company in this Indenture (other than a
covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section 5.1 specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of
Securities other than that series), and continuance of such default or breach
for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

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

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

 22
 

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

(7)           any other Event of Default provided with
respect to Securities of that series in the Board Resolution, supplemental
indenture or Officers’ Certificate establishing that series.

Notwithstanding
the foregoing provisions of this Section 5.1, if the principal of,
premium (if any) or any interest on, or any Additional Amounts with respect to,
any Security is payable in a currency or currencies (including a composite
currency) other than Dollars and such currency or currencies are not available
to the Company for making payment thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company (a “Conversion
Event”), the Company will be entitled to satisfy its obligations to Holders
of the Securities by making such payment in Dollars in an amount equal to the
Dollar equivalent of the amount payable in such other currency, as determined
by the Company by reference to the Exchange Rate, as such Exchange Rate is
certified for customs purposes by the Federal Reserve Bank of New York on the
date of such payment, or, if such rate is not then available, on the basis of
the most recently available Exchange Rate. Notwithstanding the foregoing
provisions of this Section 5.1, any payment made under such
circumstances in Dollars where the required payment is in a currency other than
Dollars will not constitute an Event of Default under this Indenture.

Promptly after the
occurrence of a Conversion Event with respect to the Securities of any series,
the Company shall give written notice thereof to the Trustee; and the Trustee,
promptly after receipt of such notice, shall give notice thereof in the manner
provided in Section 1.7 to the Holders of such series. Promptly
after the making of any payment in Dollars as a result of a Conversion Event
with respect to the Securities of any series, the Company shall give notice in
the manner provided in Section 1.7 to the Holders of such series,
setting forth the applicable Exchange Rate and describing the calculation of
such payments.

Section 5.2             Acceleration of Maturity; Rescission
and Annulment.

Unless the Board
Resolution, supplemental indenture or Officers’ Certificate establishing such
series provides otherwise, if an Event of Default (other than an Event of
Default specified in Section 5.1(5) or 5.1(6)) 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 of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified by the terms thereof) and
premium, if any, together with accrued and unpaid interest, if any, thereon,
and Additional Amounts, if any, with respect thereto, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal amount (or
specified amount) and premium, if any, together with accrued and unpaid
interest, if any, thereon, and Additional Amounts, if any, with respect
thereto, shall become immediately due and payable. Unless the Board Resolution,
supplemental indenture or Officers’ Certificate establishing such series
provides otherwise, if an Event of Default specified in Section 5.1(5)
or 5.1(6) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series
(or, if any Securities of that series are Original Issue Discount Securities,
such portion of the principal amount of such Securities as may be specified by
the terms thereof) and premium, if any, together with accrued and unpaid
interest, if any, thereon, and Additional Amounts, if any, with respect
thereto, shall automatically, and without any declaration or other action on
the part of the Trustee or any Holder, become immediately due and payable.

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 5 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,
and any Additional Amounts with respect to, all Securities of that series (or
of all series, as the case may be),

(B)           the
principal of or premium (if any) on any Securities of that series (or of all
series, as the case may be) which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or 

 23
 

rates prescribed therefor in such Securities
(in the case of Original Issue Discount Securities, the Securities’ Yield to
Maturity),

(C)           to the extent that
payment of such interest is lawful, interest upon overdue interest and any
Additional Amounts at the rate or rates prescribed therefor in such Securities
(in the case of Original Issue Discount Securities, the Securities’ Yield to
Maturity), and

(D)          all sums paid or
advanced by the Trustee hereunder, the compensation, expenses, disbursements
and advances due to Trustee under Section 6.7, and all other
amounts due under Section 6.7;

(2)           all Events of Default with respect to
Securities of that series (or of all series, as the case may be), other than
the nonpayment of the principal of Securities of that series (or of all series,
as the case may be) which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 5.13;
and

(3)           the rescission would not conflict with any
final judgment or decree of a court of competent jurisdiction.

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

Section 5.3             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, or any Additional Amounts with respect to, any Security of any
series when such interest or Additional Amounts shall become 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 any premium and interest
on, and Additional Amounts with respect to, and, to the extent that payment of
such interest shall be legally enforceable, interest on any overdue principal
and premium and on any overdue interest or Additional Amounts, at the rate or
rates prescribed therefor in such Securities (or in the case of Original Issue
Discount Securities, the Securities’ Yield to Maturity), and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and all other amounts due
the Trustee under Section 6.7.

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 deemed 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.

In addition, if
any other Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed, in its own name and
as trustee of an express trust, 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 5.4             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
(or lesser amount in the case of Original Issue Discount Securities) 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 

 24
 

Company
for the payment of overdue principal of, premium (if any), interest on, or any
Additional Amounts with respect to, such Securities) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

(1)           to file and prove a claim for the whole
amount of principal (or lesser amount in the case of Original Issue Discount
Securities) (and premium, if any) and interest and any Additional Amounts owing
and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable 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

(2)           to collect and receive any monies 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 6.7.

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

Section 5.5             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
may be instituted by the Trustee in its own name as trustee of an express
trust.

Section 5.6             Application of Money Collected.

Any money
collected by the Trustee pursuant to this Article 5 shall be applied and
paid in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium
or interest on, or any Additional Amounts with respect to, the Securities, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

FIRST: To the payment of
all amounts due the Trustee under Section 6.7 in connection with such
series of Securities in respect of which money or other property is collected;

SECOND: Subject to the
terms of any subordination entered into as contemplated by Section 3.1,
to the payment of the amounts then due and unpaid for principal of and any
premium, if any, and interest on, and any Additional Amounts with respect to,
the Securities in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal and any
premium, if any, interest on and Additional Amounts, respectively; and

THIRD: The balance, if
any, to the Company or any other Person or Persons entitled thereto.

To the fullest
extent allowed under applicable law, if for the purpose of obtaining judgment
against the Company in any court it is necessary to convert the sum due in
respect of the principal of, premium (if any) or interest on, or any Additional
Amounts with respect to, the Securities of any series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City
of New York the Required Currency with the Judgment Currency on the Business
Day in The City of New York next preceding that on which final judgment is
given. Neither the Company nor the Trustee shall be liable for any shortfall
nor shall any of them benefit from any windfall in payments to Holders of
Securities under this Section 5.6 caused by a change in exchange
rates between the time the amount of a judgment against it is calculated as
above and the time the Trustee converts the Judgment Currency into the Required
Currency to make payments under this Section 5.6 to Holders of
Securities, but payment of such judgment shall discharge all amounts owed by
the Company on the claim or claims underlying such judgment.

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Section 5.7             Limitation on Suits.

Subject to Section
5.8, 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)           an Event of Default with respect to such
series of Securities shall have occurred and be continuing and such Holder has
previously given written notice to the Trustee of such continuing Event of
Default;

(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 and, if
requested, provided to the Trustee reasonable indemnity 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
(or of all series, as the case may be).

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, 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 of such
Holders.

Section 5.8             Right of Holders to Receive Principal, Premium
and Interest.

Notwithstanding
any other provision in this Indenture, the right of any Holder of any Security
to receive payment of the principal of and any premium and (subject to Section
3.7) interest on, or any Additional Amounts with respect to, such Security
on the Stated Maturity or Stated 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 after the respective due dates, shall not be
impaired without the consent of such Holder.

Section 5.9             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 in Section 5.7 or with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.6, 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 an
acquiescence therein.  Every right and
remedy given by this Article 5 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.

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Section 5.12           Control by Holders.

With respect to
Securities of any series, the Holders of a majority in principal amount of the
Outstanding Securities of such series 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, relating to
or arising under an Event of Default described in clause (1), (2),
(3), (4) or (7) of Section 5.1, and
with respect to all Securities the Holders of a majority in principal amount of
all Outstanding Securities shall have the right to direct the time, method and
place of conducting any remedy available to the Trustee, or exercising any
trust or power conferred on the Trustee, relating to or arising under an Event
of Default described in clause (5) or (6) of Section 5.1,
provided that in each such case.

(1)           the Trustee shall have the right to decline
to follow any such direction if the Trustee, being advised by counsel,
determines that the action so directed may not lawfully be taken or would
conflict with this Indenture or if the Trustee in good faith shall, by a
Responsible Officer, determine that the proceedings so directed would involve
it in personal liability or be unjustly prejudicial to the Holders not taking
part in such direction, and

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

Section 5.13           Waiver of Past
Defaults.

Subject to Section
5.8 and Section 9.2, the Holders of not less than a majority in
aggregate 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 or Event of Default described in clause (1), (2), (3), (4) or
(7) of Section 5.1 hereunder with respect to such series and
its consequences, and the Holders of a majority in principal amount of all
Outstanding Securities may on behalf of the Holders of all Securities waive any
Event of Default described in clause (5) or (6) of Section 5.1 hereunder
and its consequences, except a default

(1)           in the payment of the principal of or any
premium or interest on, or any Additional Amounts with respect to, any Security
as and when the same shall become due and payable by the terms thereof,
otherwise than by acceleration (unless such default has been cured as provided
herein), or

(2)           in respect of a covenant or provision hereof
which under Article 9 cannot be modified or amended without the consent
of the Holder of each Outstanding Security 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 in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, a court may require any
party litigant in such suit to file an undertaking to pay the costs of such
suit, and may assess costs against any such party litigant, in the manner and
to the extent provided in the Trust Indenture Act; provided that 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
interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption
date).

ARTICLE
6

THE
TRUSTEE

Section 6.1             Certain Duties and Responsibilities.

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

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

 27
 

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

(B)           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 Officers’
Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers’
Certificates or Opinions of Counsel which by any provisions hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine
such Officers’ Certificates and Opinions of Counsel to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of any mathematical calculations or other facts stated
therein).

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

(A)          This paragraph does not
limit the effect of clause (2) of this Section 6.1.

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

(C)           The Trustee shall not
be liable with respect to any action taken, suffered or omitted to be taken by
it with respect to Securities of any series in good faith in accordance with
the direction of the Holders of a majority in principal amount of the
Outstanding Securities of such series 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.

(4)           Every provision of this Indenture that in
any way relates to the Trustee is subject to clauses (1), (2) and
(3) of this Section 6.1.

(5)           The Trustee may refuse to perform any duty
or to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of Holder or Holders pursuant to this
Indenture, unless such Holder or Holders shall have offered and, if requested,
provided to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction.

(6)           No provision of this Indenture shall require
the Trustee to risk its own funds or otherwise incur any financial liability in
the performance of any of its duties, 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 is not reasonably assured to
it.

(7)           The Paying Agent, the Security Registrar and
any Authenticating Agent shall be entitled to the protections, immunities and
standard of care as are set forth in clauses (1), (2) and (3)
of this Section 6.1 with respect to the Trustee.

Section 6.2             Notice of Defaults.

If a default
occurs hereunder and is continuing with respect to Securities of any series and
it is known to a Responsible Officer of the Trustee, the Trustee shall give the
Holders of Securities of such series notice of such default as and to the
extent provided by the Trust Indenture Act; provided, however, that except in
the case of a default in the payment of principal of (or premium, if any) or
interest on, or any Additional Amounts with respect to, any Securities of such
series or in the payment of any sinking fund installment, the Trustee shall be
protected in withholding such notice if and so long as the board of trustees,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the holders of Securities of such series.

Section 6.3             Certain Rights of Trustee.

Subject to the
provisions of Section 6.1:

(1)           in
the absence of bad faith on the part of the Trustee, the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, 

 28
 

direction, consent, order, bond, debenture,
note, coupon, 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;

(2)           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;

(3)           any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or
Company Order (unless other evidence is specifically required herein), and any
resolution of the Board of Trustees shall be sufficiently evidenced by a Board
Resolution;

(4)           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), in the
absence of bad faith on its part, is entitled to and may rely upon an Officers’
Certificate;

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

(6)            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.

(7)           the Trustee shall not be charged with
knowledge of any default or Event of Default with respect to the Securities of
any series for which it is acting as Trustee unless either (1) a Responsible
Officer shall have actual knowledge of such default or Event of Default or (2)
written notice of such default or Event of Default shall have been given to the
Trustee by the Company or any other obligor on such Securities or by any Holder
of such Securities; and

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

Section 6.4             Not Responsible for Recitals or
Issuance of Securities.

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

Section 6.5             May Hold Securities and Act as Trustee
under Other Indentures.

The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13,
may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent.

Subject to the
limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from becoming and acting as trustee under other indentures
under which other securities, or certificates of interest of participation in other
securities, of the Company are outstanding in the same manner as if it were not
Trustee hereunder.

Section 6.6             Money Held in Trust.

Subject to the provisions of Sections 10.3 and 13.5,
all moneys received by the Trustee shall, until used or applied, as provided
herein, be held in trust for the purposes for which they were received. Money
held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed
in writing with the Company. So long 

 29
 

as no
Event of Default shall have occurred and be continuing, all interest allowed on
any such moneys shall be paid by the Company from time to time upon a Company
Order.

Section 6.7             Compensation and Reimbursement.

The Company shall
pay to the Trustee from time to time such reasonable compensation for its
services as the Company and the Trustee may agree in writing from time to
time.  The Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express
trust.  The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses, disbursements
and advances incurred by it in connection with the performance of its duties
under this Indenture, except any such expense, disbursement or advance as may
be attributable to its negligence, willful misconduct or bad faith.  Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel.

The Company shall
indemnify the Trustee for, and hold it harmless against, any and all loss,
liability, damage, claim or expense (including attorneys’ fees and expenses,
and including taxes other than taxes based upon, measured by or determined by
the income of the Trustee), including without limitation the costs and expenses
of defending itself against any third-party claim (whether asserted by any
Holder or any other Person (other than the Company to the extent of any claim
brought by it against the Trustee that establishes a breach by the Trustee in
the observance or performance of its duties under this Indenture)), incurred by
it without negligence, willful misconduct or bad faith arising out of or in
connection with its acceptance or administration of the trust or trusts
hereunder, including the performance of its duties or the exercise of its
powers hereunder. With respect to any such claim other than a claim brought by
the Company, (i) the Trustee shall notify the Company promptly of any claim for
which it may seek indemnity, (ii) the Company may at its option defend the
claim, in which event the Trustee shall cooperate in the defense and the
Trustee may have one separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel and (iii) the Company need not pay for any
settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

To secure the
Company’s payment obligations in this Section 6.7, the Trustee shall
have a lien prior to the Securities of any series on all money or property held
or collected by the Trustee, except that held in trust to pay principal of and
interest on, or any Additional Amounts with respect to, particular Securities
of that series.

When the Trustee
incurs expenses or renders services after an Event of Default specified in Section
5.1(5) or (6) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

The provisions of
this Section 6.7 and any lien arising hereunder shall survive the
resignation or removal of the Trustee or the discharge of the Company’s
obligations under this Indenture and the termination of this Indenture.

Section 6.8             Conflicting Interests.

If the Trustee has
or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such conflicting interest or
resign, to the extent and in the manner and with the effect provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture. To
the extent permitted by the Trust Indenture Act, the Trustee shall not be
deemed to have a conflicting interest by virtue of being a trustee under this
Indenture with respect to Securities of more than one series or any other
indenture.

Section 6.9             Eligibility; Disqualification.

There shall at all
times be one (and only one) Trustee hereunder with respect to the Securities of
each series (which need not be the same Trustee for all series). A Trustee may
be Trustee hereunder for Securities of one or more series. Each Trustee shall
be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has (or if the Trustee is a member of a bank holding company system, its
bank holding company has) a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state (or
the District of Columbia) authority. If any such Person or bank holding company
publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes
of this Section 6.9 and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person or bank holding company
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 with respect
to the Securities of any series shall cease to be eligible in accordance with
the provisions of this Section 6.9, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article 6.

 30
 

The Indenture
shall always have a Trustee who satisfies the requirements of Sections
310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act.

Section 6.10           Resignation and
Removal; Appointment of Successor.

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.

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 at the expense of the Company
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

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.  If the instrument of acceptance by a
successor Trustee required by Section 6.11 shall not have been delivered
to the removed Trustee within 30 days after the receipt of such notice of
removal, the removed Trustee may petition at the expense of the Company any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

If at any time:

(1)           the Trustee shall fail to comply with Section
6.8 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 6.9 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, (A) the
Company by a Board Resolution may remove the Trustee with respect to all
Securities, or (B) 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.

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 such successor Trustee or Trustees 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 Trustee
appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the
Holders and accepted appointment in the manner required by Section 6.11,
the retiring Trustee may petition, or any Holder who has been a bona fide
Holder of a Security of such series for at least six months may petition, on
behalf of himself and all others similarly situated, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

The Company shall
give notice of each resignation and each removal of the Trustee with respect to
the Securities of any series and each appointment of a successor Trustee with
respect to the Securities of any series to all Holders of Securities of such
series in the manner provided in Section 1.7. 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.

 31
 

Section 6.11           Acceptance of
Appointment by Successor.

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.

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.

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 the first or second
preceding paragraph, as the case may be.

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 6.

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 or acquiring all or substantially all the corporate trust
business of the Trustee (including the administration of the trust created by
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, or by succession to or acquisition
of all or substantially all of the corporate trust business of, such successor
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) as provided in the Trust Indenture Act, 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).

 32
 

Section 6.14           Appointment of
Authenticating Agent.

The Trustee may
appoint an Authenticating Agent or Agents with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon original issue and upon
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 3.6, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and, except as other specified as contemplated by Section
3.1, shall at all times be a bank or trust company or corporation organized
and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having (or if the Authenticating Agent is a member of a
bank holding company system, its bank holding company has) a combined capital
and surplus of not less than $50,000,000 and subject to supervision or
examination by Federal or State (or the District of Columbia) authority. If
such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section 6.14, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section 6.14, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 6.14.

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

An Authenticating
Agent for any series of Securities may resign at any time by giving written
notice thereof to the Trustee for such series and to the Company. The Trustee
for any series of Securities may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, the
Trustee for such series may appoint a successor Authenticating Agent which
shall be acceptable to the Company and shall give notice of such appointment in
the manner provided in Section 1.7 to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section 6.14.

The Trustee agrees
to pay to each Authenticating Agent from time to time reasonable compensation
for its services under this Section 6.14, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of Section
6.7.

If an appointment
with respect to one or more series is made pursuant to this Section 6.14,
the Securities of such series may have endorsed thereon, in lieu of the Trustee’s
certificate of authentication, an alternative certificate of authentication in
the following form:

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

	
  

  	
   

  
	
   

  	
  [TRUSTEE], as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

Notwithstanding any provision of this Section 6.14
to the contrary, if at any time any Authenticating Agent appointed hereunder
with respect to any series of Securities shall not also be acting as the
Security Registrar hereunder with respect to any series of Securities, then, in
addition to all other duties of an Authenticating Agent hereunder, such 

 33
 

Authenticating
Agent shall also be obligated: (i) to furnish to the Security Registrar
promptly all information necessary to enable the Security Registrar to maintain
at all times an accurate and current Security Register; and (ii) prior to
authenticating any Security denominated in a foreign currency, to ascertain
from the Company the units of such foreign currency that are required to be
determined by the Company pursuant to Section 3.2.

ARTICLE
7

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1             Company to Furnish Trustee Names and
Addresses of Holders.

The Company will
furnish or cause to be furnished to the Trustee

(1)           not later than 15 days after the Regular Record
Date for each respective series of Securities, or if there is no Regular Record
Date for such series of Securities, semi-annually on January 1 and July 1, a
list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Securities of each series as of such date, as the
case may be, and

(2)           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 that no such list need be furnished by the
Company to the Trustee so long as the Trustee is acting as Security Registrar.

Section 7.2             Preservation of Information;
Communications to Holders.

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 7.1 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 7.1 upon receipt
of a new list so furnished.

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

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

Section 7.3             Reports by Trustee.

The Trustee shall
transmit to Holders and any other required Persons such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.

As promptly as
practicable after each January 1 beginning with the January 1 following the
date of this Indenture, and in any event prior to March 1 in each year, the
Trustee shall mail to each Holder a brief report dated as of December 31 of the
prior year if and to the extent required by Section 313(a) of the Trust
Indenture Act. The Trustee shall also comply with Section 313(b) of the Trust
Indenture Act.

A copy of each
such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the
Commission and with the Company. The Company will notify the Trustee when any
Securities are listed on any stock exchange.

Section 7.4             Reports by Company.

The Company shall file with the Trustee and the
Commission, and transmit to Holders and any other required Persons within 30
days after the filing with the Trustee, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant to the Trust 

 34
 

Indenture
Act; provided that any such information, documents or reports required to be
filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
shall be filed with the Trustee within 30 days after the same is so required to
be filed with the Commission.

ARTICLE
8

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.1             Company May Consolidate, etc., Only on
Certain Terms.

The Company may
not merge or consolidate with or into any other Person, in a transaction in
which it is not the surviving Person, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its assets to any Person,
unless (i) the surviving or transferee Person is organized and existing under
the laws of the United States or a State thereof or the District of Columbia
and such Person expressly assumes by supplemental indenture all the obligations
of the Company under the Securities and under this Indenture, (ii) immediately
thereafter, giving effect to such merger or consolidation, or such sale,
conveyance, transfer or other disposition, no default or Event of Default shall
have occurred and be continuing and (iii) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
that such merger, consolidation, sale, conveyance, transfer, lease or other
disposition complies with this Article 8 and that all conditions
precedent herein provided for relating to such transaction have been complied
with.

Section 8.2             Successor Substituted.

Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any conveyance, transfer or lease of all or substantially all of the
properties and assets of the Company in accordance with Section 8.1, the
successor Person formed by such consolidation or into which the Company is
merged or to which such sale, conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

ARTICLE
9

SUPPLEMENTAL
INDENTURES

Section 9.1             Supplemental Indentures Without Consent
of Holders.

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

(1)           to evidence the succession of another Person
to the Company, or successive successions, and the assumption by any such
successor of the covenants and obligations of the Company herein and in the
Securities in compliance with Article 8; or

(2)           to add to the covenants of the Company for
the benefit of the Holders of any one or more series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included solely for the benefit
of such series), to convey, transfer, assign, mortgage or pledge any property
to or with the Trustee or otherwise secure any series of the Securities,
including provisions regarding the circumstances under which collateral may be
released or substituted, to surrender any right or power herein conferred upon
the Company or to comply with any requirement of the Commission or otherwise in
connection with the qualification of this Indenture or any supplemental
indenture under the Trust Indenture Act; or

(3)           to add any additional Events of Default for
the benefit of the Holders of any one or more series of Securities (and if such
additional Events of Default are to be for the benefit of less than all series
of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or

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

 35

(5)           to add to, change or eliminate any of the
provisions of this Indenture in respect of one or more series of Securities,
provided that any such addition, change or elimination (A) shall neither (i)
apply to any Outstanding Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision,
or (ii) modify the rights of any Holder of any Outstanding Security with
respect to such provision, or (B) shall become effective when there is no
Security then Outstanding; or

(6)           to add or provide for a guaranty or
guarantees of the Securities or additional obligors on the Securities; or

(7)           to establish the form or terms of Securities
of any series as permitted by Sections 2.1 and 3.1; or

(8)           to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11; or

(9)           to correct or supplement any provision
herein which may be defective or inconsistent with any other provision herein,
to cure any ambiguity or omission, to correct any mistake, or to conform to any
prospectus pursuant to which Securities of any series were offered; or

(10)         to make any other provisions with respect to
matters or questions arising under this Indenture, provided such action shall
not adversely affect the rights of any Holder of Securities of any series; or

(11)         to make any change that does not adversely
affect the rights of any Holder.

Section 9.2             Supplemental Indentures with Consent of
Holders.

With the consent
of the Holders of a majority in principal amount of the Outstanding Securities
of each series affected by such supplemental indenture (acting as one class),
by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or any indenture supplemental hereto or of modifying in any
manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected
thereby,

(1)           change the Stated Maturity of the principal
of or any installment of principal of, or the date fixed for payment of
interest on or any sinking fund payment with respect to, any Security, or
reduce the principal amount thereof or the rate of interest thereon, any
Additional Amounts with respect thereto or any premium payable upon the
redemption thereof, or change any obligation of the Company to pay Additional
Amounts (except as contemplated by Section 8.1 and permitted by clause
(1) of Section 9.1), or reduce the amount of the principal of an
Original Issue Discount Security or any other Security which would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section
5.2, or change any Place of Payment where, or the coin or currency or currencies
(including composite currencies) in which any Security or any premium or
interest thereon or Additional Amounts with respect thereto is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or
after the Redemption Date), or

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

(3)           modify any of the provisions of this Section
9.2, Section 5.13 or Section 10.8, except to increase any
such percentage or to provide with respect to any particular series the right
to condition the effectiveness of any supplemental indenture as to that series
on the consent of the Holders of a specified percentage of the aggregate
principal amount of Outstanding Securities of such series (which provision may
be made pursuant to Section 3.1 without the consent of any Holder)
or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the
references to the “Trustee” and concomitant changes in this Section
9.2 and Section 10.8, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and 9.1(8).

 36
 

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

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

Section 9.3             Execution of Supplemental Indentures.

In executing, or
accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive, and (subject to Sections
6.1 and 6.3) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee’s own
rights, duties, immunities or liabilities under this Indenture or otherwise.

Section 9.4             Effect of Supplemental Indentures.

Upon the execution
of any supplemental indenture under this Article 9, 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; provided that if such supplemental indenture makes any of the changes
described in clauses (1) through (3) of the first proviso to Section
9.2, such supplemental indenture shall bind each Holder of a Security who
has consented to it and every subsequent Holder of such Security or any part
thereof.

Section 9.5             Conformity with Trust Indenture Act.

Every supplemental
indenture executed pursuant to this Article 9 shall conform to the requirements
of the Trust Indenture Act.

Section 9.6             Reference in Securities to Supplemental
Indentures.

Securities of any
series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article 9 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
10

COVENANTS

Section 10.1           Payment of
Principal, Premium and Interest.

The Company
covenants and agrees for the benefit of the Holders of each series of
Securities that it will duly and punctually pay the principal of and any
premium and interest on, and any Additional Amounts with respect to, the
Securities of that series in accordance with the terms of the Securities and
this Indenture.

Section 10.2           Maintenance of
Office or Agency.

The Company will
maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of any 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 

 37
 

as its
agent to receive all such presentations, surrenders, notices and demands.
Unless otherwise provided in a supplemental indenture or pursuant to Section
3.1 hereof, the Place of Payment for any series of Securities shall be the
Corporate Trust Office of the Trustee.

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 10.3           Money for Securities
Payments to be Held in Trust.

If the Company,
any Subsidiary or any of their respective Affiliates shall at any time act as
Paying Agent with respect to any series of Securities, such Paying Agent will,
on or before each due date of the principal of or any premium or interest on,
or any Additional Amounts with respect to, 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 any premium and interest, or
any Additional Amounts, 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 or any premium or
interest on, or Additional Amounts with respect to, any Securities of that
series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held as provided by the Trust Indenture Act, 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 10.3,
that such Paying Agent will (1) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture, or with respect to one or more series of Securities, 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 or any premium or interest on, or any
Additional Amounts with respect to, any Security of any series and remaining
unclaimed for a period ending on the earlier of the date that is ten Business
Days prior to the date such money would escheat to the State or two years after
such principal, premium or interest or Additional Amount 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, may at the
expense of the Company cause to be published once, in an Authorized Newspaper
in The Borough of Manhattan, The City of New York and in such other Authorized
Newspapers as the Trustee shall deem appropriate, notice that such money
remains unclaimed and that, after a date specified herein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will, unless otherwise required by mandatory
provisions of applicable escheat, or abandoned or unclaimed property law, be
repaid to the Company.

Section 10.4           Statement by
Officers as to Default.

At any time at
which there are Outstanding Securities of any series issued under this
Indenture, 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, an
Officers’ Certificate complying with Section 314(a)(4) of the Trust Indenture
Act and stating that a review of the activities of 

 38
 

the
Company during such year and of performance under this Indenture has been made
under the supervision of the signers thereof and stating whether or not to the
best knowledge of the signers thereof, based upon such review, the Company is
in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in
default, specifying all such defaults and the nature and status thereof of
which they may have knowledge. One of the officers signing the Officers’
Certificate delivered pursuant to this Section 10.05 shall be the
principal executive, financial or accounting officer of the Company.

Section 10.5           Existence.

Subject to Article
8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its existence.

Section 10.6           All Securities to be
Equally and Ratably Secured.

Unless specified
otherwise by the Company pursuant to Section 3.1 with respect to any
series, the Company will not itself secure Securities of any one or more series
with any Mortgage, without effectively providing that the Securities of every
other series shall be secured equally and ratably by such Mortgage.

Section 10.7           Maintenance of
Properties.

The Company will
cause all properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as, and to
the extent, in the judgment of the Company may be necessary or appropriate in connection
with its business; provided, however, that nothing in this Section 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 10.8           Payment of Taxes and
Other Claims.

The Company will
pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (1) all taxes, assessments and governmental charges levied
or imposed upon the Company or upon the income, profits or property of the
Company, and (2) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a lien upon the property of the Company; provided,
however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim (i) whose
amount, applicability or validity is being contested in good faith by appropriate
proceedings or (ii) if the failure to pay or discharge would not have a
material adverse effect on the assets, business, operations, properties or
financial condition of the Company and its Subsidiaries, taken as a whole.

Section 10.9           Waiver of Certain Covenants.

Except as
otherwise specified as contemplated by Section 3.1 for Securities of
such series, the Company may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision or condition
set forth in any covenant provided pursuant to Sections 3.1(21), 9.1(2),
8.1, 10.4, 10.5, 10.6, 10.7 or 10.8
for the benefit of the Holders of such series if before or after the time for
such compliance the Holders of at least a majority in principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect 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 10.10         Additional Amounts.

If the Securities
of a series expressly provide for the payment of Additional Amounts, the
Company will pay to the Holder of any Security of such series Additional
Amounts as expressly provided therein. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of, or premium (if any)
or interest on any Security of any series or the net proceeds received from the
sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for in this Section 10.10
to the extent that, in such context, 

 39
 

Additional
Amounts are, were or would be payable in respect thereof pursuant to the
provisions of this Section 10.10 and express mention of the payment
of Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

If the Securities
of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that
series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment of principal and any
premium is made), and at least 10 days prior to each date of payment of
principal and any premium or interest if there has been any change with respect
to the matters set forth in the below-mentioned Officers’ Certificate, the
Company shall furnish the Trustee and the Company’s principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers’ Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal of and any premium or interest on the Securities of that
series shall be made to Holders of Securities of that series who are United
States Aliens without withholding for or on account of any tax, assessment or
other governmental charge described in the Securities of that series. If any
such withholding shall be required, then such Officers’ Certificate shall
specify by country the amount, if any, required to be withheld on such payments
to such Holders of Securities and the Company will pay to such Paying Agent the
Additional Amounts required by this Section 10.10. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against any loss, liability or expense reasonably incurred without
negligence, willful misconduct or bad faith on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any
Officers’ Certificate furnished pursuant to this Section 10.10.

ARTICLE
11

REDEMPTION
OF SECURITIES

Section 11.1           Applicability of
Article.

Securities of any
series that are redeemable in whole or in part before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 3.1 for such Securities) in
accordance with this Article 11.

Section 11.2           Election to Redeem;
Notice to Trustee.

The election of
the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 3.1 for such
Securities. In case of any redemption at the election of the Company of less
than all the Securities of any series (including any such redemption affecting
only a single Security), 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, of
the principal amount of Securities of such series to be redeemed and, if
applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities (i) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture or (ii) pursuant to an election of the Company which is subject
to a condition specified in the terms of such Securities, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with
such restriction or condition.

Section 11.3           Selection by Trustee
of Securities to Be Redeemed.

If less than all
the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series not previously
called for redemption, on a pro-rata basis, or in the Trustee’s discretion, by
lot, or by such other method as the Trustee shall deem fair and appropriate,
provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the
minimum authorized denomination) for such Security.

If any Security
selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Security so selected, the
converted portion of such Security shall be deemed (so far as may be) to be the
portion selected for redemption.

 40
 

The Trustee shall
promptly notify the Company and the Security Registrar in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities
selected for partial redemption as aforesaid, 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 11.4           Notice of Redemption.

Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not
fewer than 30 nor more than 90 days prior to the Redemption Date, unless a
shorter period is specified in the Securities to be redeemed, to each Holder of
Securities to be redeemed, at its address appearing in the Security Register.

All notices of
redemption shall state:

(1)           the Redemption Date,

(2)           the Redemption Price (including accrued
interest, if any, to be paid),

(3)           if less than all the Outstanding Securities
of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities,
the principal amounts) of the particular Securities to be redeemed and, if less
than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to
be redeemed,

(4)           in case any Security is to be redeemed in
part only, that on and after the Redemption Date, upon surrender of such
Security, the Holder of such Security will receive, without charge, a new
Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed;

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

(6)           the place or places where each such Security
is to be surrendered for payment of the Redemption Price,

(7)           if applicable, the conversion price, the
date on which the right to convert the principal of the Securities or the
portions thereof to be redeemed will terminate, and the place or places where
such Securities may be surrendered for conversion,

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

(9)           the CUSIP number or numbers and/or common
codes of the Security 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 request, by the Trustee in the name
and at the expense of the Company, provided that the Company shall have
prepared and provided to the Trustee the form of such notice, or, if acceptable
to the Trustee, provided sufficient information to enable the Trustee to
prepare such notice, in each case on a timely basis.

Section 11.5           Deposit of
Redemption Price.

On or prior to 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 10.3) an amount of money 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.

If any Security
called for redemption is converted, any money deposited with the Trustee or
with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall (subject to any right of any Holder of such Security to
receive interest thereon) be paid to the Company on Company Request, or if then
held by the Company, shall be discharged from such trust.

 41
 

Section 11.6           Securities Payable
on Redemption Date.

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in
the payment of the Redemption Price and accrued interest) such Securities shall
cease to bear interest. Upon surrender of any such Security for redemption in
accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest (and any Additional Amounts)
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 3.1, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will 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 3.7.

If any Security
called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security or, in the
case of Original Issue Discount Securities, the Securities’ Yield to Maturity.

Section 11.7           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 its 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 and Stated Maturity and of like tenor, of any
authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

Unless otherwise
specified as contemplated by Section 3.1, the Company and any
Affiliate of the Company may at any time purchase or otherwise acquire
Securities in the open market or by private agreement. Such acquisition shall
not operate as or be deemed for any purpose to be a redemption of the
indebtedness represented by such Securities. Any Securities purchased or
acquired by the Company may be delivered to the Trustee and, upon such
delivery, the indebtedness represented thereby shall be deemed to be satisfied.
Section 3. 9 shall apply to all Securities so delivered.

ARTICLE
12

SINKING
FUNDS

Section 12.1           Applicability of
Article.

The provisions of
this Article 12 shall be applicable to any sinking fund for the
retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.1 for such Securities.

The minimum amount
of any sinking fund payment provided for by the terms of any Securities 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 such
Securities is herein referred to as an “optional sinking fund payment.”
Unless otherwise provided for by the terms of any Securities, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section
12.2. Each sinking fund payment shall be applied to the redemption of
Securities as provided for by the terms of such Securities.

Section 12.2           Satisfaction of
Sinking Fund Payments with Securities.

The Company (1)
may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series
which have been redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to any
Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities;
provided that the Securities to be so credited have not been previously so
credited. The Securities to be so credited shall be received and credited for
such purpose by the Trustee at the Redemption Price, as specified in the
Securities so to be redeemed, for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.

 42
 

Section 12.3           Redemption of
Securities for Sinking Fund.

Not fewer than 45
days prior (unless a shorter period shall be satisfactory to the Trustee) to
each sinking fund payment date for any Securities, the Company will deliver to
the Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of
cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities pursuant to Section 12.2 and will also deliver
to the Trustee any Securities to be so delivered. Not fewer than 30 days prior
to each such sinking fund payment date, the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section
11.3 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 11.4.
Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 11.6 and 11.7.

ARTICLE
13

DEFEASANCE
AND COVENANT DEFEASANCE

Section 13.1           Company’s Option to
Effect Defeasance or Covenant Defeasance.

The Company may
elect, at its option at any time, to have Section 13.2 or Section
13.3 applied to any Securities or any series of Securities, as the case may
be, designated pursuant to Section 3.1 as being defeasible pursuant to
such Section 13.2 or 13.3, in accordance with any applicable
requirements provided pursuant to Section 3.1 and upon compliance with
the conditions set forth below in this Article 13. Any such election
shall be evidenced by a Board Resolution or in another manner specified as
contemplated by Section 3.1 for such Securities.

Section 13.2           Defeasance and
Discharge.

Upon
the Company’s exercise of its option (if any) to have this Section applied to
any Securities or any series of Securities, as the case may be, the Company
shall be deemed to have been discharged from its obligations with respect to
such Securities as provided in this Section on and after
the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Securities and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), subject to the following which
shall survive until otherwise terminated or discharged hereunder:

(1)           the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 13.4 and as
more fully set forth in such Section, payments in respect of the principal of
and any premium and interest on, or any Additional Amounts with respect to,
such Securities when payments are due,

(2)           the Company’s obligations with respect to
such Securities under Sections 3.4, 3.5, 3.6, 10.2
and 10.3,

(3)           the rights, powers, trusts, duties and
immunities of the Trustee hereunder, and

(4)           this Article 13.

Subject to compliance with this Article 13, the
Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have Section
13.3 applied to such Securities.

Section 13.3           Covenant Defeasance.

Upon the Company’s
exercise of its option (if any) to have this Section 13.3 applied to any
Securities or any series of Securities, as the case may be,

 43
 

(1)           the Company shall be released from their
obligations under Sections 8.1, 10.4, 10.5. 10.6, 10.7
or 10.8 and any covenants provided pursuant to Sections 3.1(21)
or 9.1(2) for the benefit of the Holders of such Securities and

(2)           the occurrence of any event specified in Section
5.1(4) (with respect to any of Sections 8.1, 10.4, 10.5.
10.6, 10.7 or 10.8 and any such covenants provided pursuant
to Sections 3.1(21) or 9.1(2)) and the occurrence of any other
Event of Default specified pursuant to Section 3.1 or Section 9.1(3)
shall be deemed not to be or result in an Event of Default, in each case with
respect to such Securities or any series of Securities as provided in this Section
13.3 on and after the date the conditions set forth in Section 13.4
are satisfied (hereinafter called “Covenant Defeasance”). For this
purpose, such Covenant Defeasance means that, with respect to such Securities,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such specified Section or
such other covenant (to the extent so specified in the case of Section
5.1(4) and the occurrence of any Event of Default specified pursuant to Section
3.1 or Section 9.1(3)), whether directly or indirectly by reason of
any reference elsewhere herein to any such Section or such other covenant or by
reason of any reference in any such Section or such other covenant to any other
provision herein or in any other document, but the remainder of this Indenture
and such Securities shall be unaffected thereby.

Section 13.4           Conditions to
Defeasance or Covenant Defeasance.

The following
shall be the conditions to the application of Section 13.2 or Section
13.3 to any Securities or any series of Securities, as the case may be:

(1)           The Company shall have deposited or caused
to be deposited irrevocably with the Trustee (or another trustee which
satisfies the requirements contemplated by Section 6.9 and agrees to
comply with the provisions of this Article applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as
security for, and dedicated solely to, the benefits of the Holders of such
Securities,

(A)          in the case of
Securities of a series denominated in currency of the United States of America,

(i)            cash in currency of
the United States of America in an amount, or

(ii)           U.S. Government
Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, an amount in cash, or

(iii)          a combination thereof,
or

(B)           in the case of
Securities of a series denominated in currency other than that of the United
States of America,

(i)            cash in the currency
in which such series of Securities is denominated in an amount, or

(ii)           Foreign Government
Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, an amount in cash, or

(iii)          a combination thereof,

in each case sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or any such other qualifying
trustee) to pay and discharge, the principal of and any premium and interest on
such Securities on the respective Stated Maturities, in accordance with the
terms of this Indenture and such Securities.

(2)           For Securities denominated in United States
dollars, in the event of an election to have Section 13.2 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that

(A)          the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or

 44
 

(B)           since the date of this
instrument, there has been a change in the applicable Federal income tax law,
in either case clause (A) or (B) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will
not recognize gain or loss for Federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the
same manner and at the same times as would be the case if such deposit,
Defeasance and discharge were not to occur.

(3)           For Securities denominated in United States
dollars, in the event of an election to have Section 13.3 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities will not recognize gain or loss for Federal income
tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on
the same amount, in the same manner and at the same times as would be the case
if such deposit and Covenant Defeasance were not to occur.

(4)           The Company shall have delivered to the Trustee
an Officers’ Certificate to the effect that neither such Securities nor any
other Securities of the same series, if then listed on any securities exchange,
will be delisted as a result of such deposit.

(5)           No event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to such Securities
or any other Securities shall have occurred and be continuing at the time of
such deposit or, with regard to any such event specified in Sections 5.1(5)
and (6), at any time on or prior to the 90th day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied
until after such 90th day).

(6)           Such Defeasance or Covenant Defeasance shall
not cause the Trustee to have a conflicting interest within the meaning of the
Trust Indenture Act (assuming all Securities are in default within the meaning
of such Act).

(7)           Such Defeasance or Covenant Defeasance shall
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.

(8)           Such Defeasance or Covenant Defeasance shall
not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act unless such trust
shall be registered under such Act or exempt from registration thereunder.

(9)           The Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent with respect to such Defeasance or Covenant Defeasance
have been complied with.

Section 13.5           Deposited Money, U.
S. Government Obligations and Foreign Government Obligations to be Held in
Trust; Miscellaneous Provisions.

Subject to the
provisions of the last paragraph of Section 10.3, all money, U.S.
Government Obligations and Foreign Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section 13.5 and Section 13.6, the
Trustee and any such other trustee are referred to collectively as the “Trustee”)
pursuant to Section 13.4 in respect of any Securities shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and
to become due thereon in respect of principal and any premium and interest, but
money so held in trust need not be segregated from other funds except to the
extent required by law. The Company shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Section
13.4 or the principal and interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the
Holders of Outstanding Securities. Anything in this Article 13 to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from
time to time upon Company Request any money, U.S. Government Obligations or
Foreign Government Obligations held by it as provided in Section 13.4
with respect to any Securities which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 45
 

Section 13.6           Reinstatement.

If the Trustee or
the Paying Agent is unable to apply any money in accordance with this Article
13 with respect to any Securities by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the obligations under this Indenture and such Securities
from which the Company has been discharged or released pursuant to Section
13.2 or 13.3 shall be revived and reinstated as though no deposit
had occurred pursuant to this Article 13 with respect to such
Securities, until such time as the Trustee or Paying Agent is permitted to
apply all money held in trust pursuant to Section 13.5 with respect to
such Securities in accordance with this Article 13; provided, however,
that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations,
the Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

[signature page follows]

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

	
  

  	
  PHARMACOPEIA,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [TRUSTEE]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 46Exhibit
4.5.2

INDENTURE

BETWEEN

PHARMACOPEIA, INC.

AND

                       ,

AS TRUSTEE

DATED AS OF
                  
, 200

SUBORDINATED DEBT
SECURITIES

(Issuable in
Series)

TABLE OF CONTENTS

ARTICLE 1

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

	
  Section 1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2

  	
   

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  7

  
	
  Section 1.3

  	
   

  	
  Compliance Certificates and Opinions

  	
   

  	
  7

  
	
  Section 1.4

  	
   

  	
  Form of Documents Delivered to Trustee

  	
   

  	
  7

  
	
  Section 1.5

  	
   

  	
  Acts of Holders; Record Dates

  	
   

  	
  8

  
	
  Section 1.6

  	
   

  	
  Notices, etc., to Trustee and Company

  	
   

  	
  9

  
	
  Section 1.7

  	
   

  	
  Notice to Holders; Waiver

  	
   

  	
  9

  
	
  Section 1.8

  	
   

  	
  Conflict with Trust Indenture Act

  	
   

  	
  10

  
	
  Section 1.9

  	
   

  	
  Effect of Headings and Table of Contents

  	
   

  	
  10

  
	
  Section 1.10

  	
   

  	
  Successors and Assigns

  	
   

  	
  10

  
	
  Section 1.11

  	
   

  	
  Separability Clause

  	
   

  	
  10

  
	
  Section 1.12

  	
   

  	
  Benefits of Indenture

  	
   

  	
  10

  
	
  Section 1.13

  	
   

  	
  Governing Law

  	
   

  	
  10

  
	
  Section 1.14

  	
   

  	
  Legal Holidays

  	
   

  	
  10

  
	
  Section 1.15

  	
   

  	
  Indenture and Securities Solely Corporate
  Obligations

  	
   

  	
  11

  
	
  Section 1.16

  	
   

  	
  Indenture May be Executed in Counterparts

  	
   

  	
  11

  

 

ARTICLE 2

SECURITY
FORMS

	
  Section 2.1

  	
   

  	
  Forms Generally

  	
   

  	
  11

  
	
  Section 2.2

  	
   

  	
  Form of Trustee’s Certificate of Authentication

  	
   

  	
  12

  
	
  Section 2.3

  	
   

  	
  Global Securities

  	
   

  	
  12

  
	
  Section 2.4

  	
   

  	
  Form of Legend for Global Securities

  	
   

  	
  13

  

 

ARTICLE 3

THE
SECURITIES

	
  Section 3.1

  	
   

  	
  Amount Unlimited; Issuable in Series

  	
   

  	
  13

  
	
  Section 3.2

  	
   

  	
  Denominations

  	
   

  	
  16

  
	
  Section 3.3

  	
   

  	
  Execution, Authentication, Delivery and Dating

  	
   

  	
  16

  
	
  Section 3.4

  	
   

  	
  Temporary Securities

  	
   

  	
  17

  
	
  Section 3.5

  	
   

  	
  Registration; Registration of Transfer and Exchange

  	
   

  	
  18

  
	
  Section 3.6

  	
   

  	
  Mutilated, Destroyed, Lost and Stolen Securities

  	
   

  	
  19

  
	
  Section 3.7

  	
   

  	
  Payment of Interest; Interest Rights Preserved

  	
   

  	
  19

  
	
  Section 3.8

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  20

  
	
  Section 3.9

  	
   

  	
  Cancellation

  	
   

  	
  20

  
	
  Section 3.10

  	
   

  	
  Computation of Interest

  	
   

  	
  20

  

 

ARTICLE 4

SATISFACTION
AND DISCHARGE

	
  Section 4.1

  	
   

  	
  Satisfaction and Discharge of Indenture

  	
   

  	
  21

  
	
  Section 4.2

  	
   

  	
  Application of Trust Money

  	
   

  	
  22

  
	
  Section 4.3

  	
   

  	
  Reinstatement

  	
   

  	
  22

  

 

 i
 

ARTICLE 5

REMEDIES

	
  Section 5.1

  	
   

  	
  Events of Default

  	
   

  	
  22

  
	
  Section 5.2

  	
   

  	
  Acceleration of Maturity; Rescission and Annulment

  	
   

  	
  23

  
	
  Section 5.3

  	
   

  	
  Collection of Indebtedness and Suits for Enforcement
  by Trustee

  	
   

  	
  24

  
	
  Section 5.4

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  25

  
	
  Section 5.5

  	
   

  	
  Trustee May Enforce Claims Without Possession of
  Securities

  	
   

  	
  25

  
	
  Section 5.6

  	
   

  	
  Application of Money Collected

  	
   

  	
  25

  
	
  Section 5.7

  	
   

  	
  Limitation on Suits

  	
   

  	
  26

  
	
  Section 5.8

  	
   

  	
  Right of Holders to Receive Principal, Premium and
  Interest

  	
   

  	
  26

  
	
  Section 5.9

  	
   

  	
  Restoration of Rights and Remedies

  	
   

  	
  26

  
	
  Section 5.10

  	
   

  	
  Rights and Remedies Cumulative

  	
   

  	
  26

  
	
  Section 5.11

  	
   

  	
  Delay or Omission Not Waiver

  	
   

  	
  27

  
	
  Section 5.12

  	
   

  	
  Control by Holders

  	
   

  	
  27

  
	
  Section 5.13

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  27

  
	
  Section 5.14

  	
   

  	
  Undertaking for Costs

  	
   

  	
  27

  

 

ARTICLE 6

THE
TRUSTEE

	
  Section 6.1

  	
   

  	
  Certain Duties and Responsibilities

  	
   

  	
  28

  
	
  Section 6.2

  	
   

  	
  Notice of Defaults

  	
   

  	
  28

  
	
  Section 6.3

  	
   

  	
  Certain Rights of Trustee

  	
   

  	
  29

  
	
  Section 6.4

  	
   

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
   

  	
  29

  
	
  Section 6.5

  	
   

  	
  May Hold Securities and Act as Trustee under Other
  Indentures

  	
   

  	
  29

  
	
  Section 6.6

  	
   

  	
  Money Held in Trust

  	
   

  	
  30

  
	
  Section 6.7

  	
   

  	
  Compensation and Reimbursement

  	
   

  	
  30

  
	
  Section 6.8

  	
   

  	
  Conflicting Interests

  	
   

  	
  30

  
	
  Section 6.9

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  31

  
	
  Section 6.10

  	
   

  	
  Resignation and Removal; Appointment of Successor

  	
   

  	
  31

  
	
  Section 6.11

  	
   

  	
  Acceptance of Appointment by Successor

  	
   

  	
  32

  
	
  Section 6.12

  	
   

  	
  Merger, Conversion, Consolidation or Succession to
  Business

  	
   

  	
  32

  
	
  Section 6.13

  	
   

  	
  Preferential Collection of Claims Against Company

  	
   

  	
  33

  
	
  Section 6.14

  	
   

  	
  Appointment of Authenticating Agent

  	
   

  	
  33

  

 

ARTICLE 7

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

	
  Section 7.1

  	
   

  	
  Company to Furnish Trustee Names and Addresses of
  Holders

  	
   

  	
  34

  
	
  Section 7.2

  	
   

  	
  Preservation of Information; Communications to
  Holders

  	
   

  	
  34

  
	
  Section 7.3

  	
   

  	
  Reports by Trustee

  	
   

  	
  34

  
	
  Section 7.4

  	
   

  	
  Reports by Company

  	
   

  	
  35

  

 

ARTICLE 8

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

	
  Section 8.1

  	
   

  	
  Company May Consolidate, etc., Only on Certain Terms

  	
   

  	
  35

  
	
  Section 8.2

  	
   

  	
  Successor Substituted

  	
   

  	
  35

  

 

 ii
 

ARTICLE 9

SUPPLEMENTAL INDENTURES

	
  Section
  9.1

  	
   

  	
  Supplemental Indentures Without Consent of Holders

  	
   

  	
  35

  
	
  Section 9.2

  	
   

  	
  Supplemental Indentures with Consent of Holders

  	
   

  	
  36

  
	
  Section 9.3

  	
   

  	
  Execution of Supplemental Indentures

  	
   

  	
  37

  
	
  Section 9.4

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
  37

  
	
  Section 9.5

  	
   

  	
  Conformity with Trust Indenture Act

  	
   

  	
  37

  
	
  Section 9.6

  	
   

  	
  Reference in Securities to Supplemental Indentures

  	
   

  	
  37

  

 

ARTICLE
10

COVENANTS

	
  Section 10.1

  	
   

  	
  Payment of Principal, Premium and Interest

  	
   

  	
  38

  
	
  Section 10.2

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  38

  
	
  Section 10.3

  	
   

  	
  Money for Securities Payments to be Held in Trust

  	
   

  	
  38

  
	
  Section 10.4

  	
   

  	
  Statement by Officers as to Default

  	
   

  	
  39

  
	
  Section 10.5

  	
   

  	
  Existence

  	
   

  	
  39

  
	
  Section 10.6

  	
   

  	
  All Securities to be Equally and Ratably Secured

  	
   

  	
  39

  
	
  Section 10.7

  	
   

  	
  Maintenance of Properties

  	
   

  	
  39

  
	
  Section 10.8

  	
   

  	
  Payment of Taxes and Other Claims

  	
   

  	
  39

  
	
  Section 10.9

  	
   

  	
  Waiver of Certain Covenants

  	
   

  	
  40

  
	
  Section 10.10

  	
   

  	
  Additional Amounts

  	
   

  	
  40

  

 

ARTICLE
11

REDEMPTION
OF SECURITIES

	
  Section 11.1

  	
   

  	
  Applicability of Article

  	
   

  	
  40

  
	
  Section 11.2

  	
   

  	
  Election to Redeem; Notice to Trustee

  	
   

  	
  40

  
	
  Section 11.3

  	
   

  	
  Selection by Trustee of Securities to Be Redeemed

  	
   

  	
  41

  
	
  Section 11.4

  	
   

  	
  Notice of Redemption

  	
   

  	
  41

  
	
  Section 11.5

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  42

  
	
  Section 11.6

  	
   

  	
  Securities Payable on Redemption Date

  	
   

  	
  42

  
	
  Section 11.7

  	
   

  	
  Securities Redeemed in Part

  	
   

  	
  42

  

 

ARTICLE
12

SINKING
FUNDS

	
  Section 12.1

  	
   

  	
  Applicability of Article

  	
   

  	
  42

  
	
  Section 12.2

  	
   

  	
  Satisfaction of Sinking Fund Payments with
  Securities

  	
   

  	
  43

  
	
  Section 12.3

  	
   

  	
  Redemption of Securities for Sinking Fund

  	
   

  	
  43

  

 

ARTICLE
13

DEFEASANCE
AND COVENANT DEFEASANCE

	
  Section 13.1

  	
   

  	
  Company’s Option to Effect Defeasance or Covenant
  Defeasance

  	
   

  	
  43

  
	
  Section 13.2

  	
   

  	
  Defeasance and Discharge

  	
   

  	
  43

  
	
  Section 13.3

  	
   

  	
  Covenant Defeasance

  	
   

  	
  44

  
	
  Section 13.4

  	
   

  	
  Conditions to Defeasance or Covenant Defeasance

  	
   

  	
  44

  
	
  Section 13.5

  	
   

  	
  Deposited Money, U. S. Government Obligations and
  Foreign Government Obligations to 

  be Held in Trust; Miscellaneous Provisions

  	
   

  	
  

  45

  
	
  Section 13.6

  	
   

  	
  Reinstatement

  	
   

  	
  46

  

 

 iii
 

ARTICLE
14

SUBORDINATION

	
  Section 14.1

  	
   

  	
  Securities Subordinated to Senior Indebtedness

  	
   

  	
  46

  
	
  Section 14.2

  	
   

  	
  Right of Trustee to Hold Senior Indebtedness

  	
   

  	
  46

  
	
  Section 14.3

  	
   

  	
  Subordination Not to Prevent Events of Default

  	
   

  	
  46

  
	
  Section 14.4

  	
   

  	
  No Fiduciary Duty of Trustee to Holders of Senior
  Indebtedness

  	
   

  	
  47

  
	
  Section 14.5

  	
   

  	
  Article Applicable to Paying Agent

  	
   

  	
  47

  

 

 iv
 

PHARMACOPEIA,
INC.

This Cross Reference
Sheet shows the location in the Indenture of the provisions inserted pursuant
to Sections 3.10 through 3.18, inclusive, of the Trust Indenture Act of 1939:

	
  Section 310

  	
  (a) (1)

  	
  6.9

  	
   

  
	
   

  	
  (a) (2)

  	
  6.9

  	
   

  
	
   

  	
  (a) (3)

  	
  6.9

  	
   

  
	
   

  	
  (a) (4)

  	
  Not Applicable

  	
   

  
	
   

  	
  (a) (5)

  	
  6.9

  	
   

  
	
   

  	
  (b)

  	
  6.8, 6.10

  	
   

  
	
   

  	
  (c)

  	
  Not Applicable

  	
   

  
	
  Section 311

  	
  (a)

  	
  6.13

  	
   

  
	
   

  	
  (b)

  	
  6.13

  	
   

  
	
   

  	
  (c)

  	
  Not Applicable

  	
   

  
	
  Section 312

  	
  (a)

  	
  7.1, 7.2

  	
   

  
	
   

  	
  (b)

  	
  7.2

  	
   

  
	
   

  	
  (c)

  	
  7.2

  	
   

  
	
  Section 313

  	
  (a)

  	
  7.3

  	
   

  
	
   

  	
  (b)

  	
  7.3

  	
   

  
	
   

  	
  (c)

  	
  7.3

  	
   

  
	
   

  	
  (d)

  	
  7.3

  	
   

  
	
  Section 314

  	
  (a) (1)

  	
  7.4

  	
   

  
	
   

  	
  (a) (2)

  	
  7.4

  	
   

  
	
   

  	
  (a) (3)

  	
  7.4

  	
   

  
	
   

  	
  (a) (4)

  	
  1.1, 10.4

  	
   

  
	
   

  	
  (b)

  	
  Not Applicable

  	
   

  
	
   

  	
  (c) (1)

  	
  1.3

  	
   

  
	
   

  	
  (c) (2)

  	
  1.3

  	
   

  
	
   

  	
  (c) (3)

  	
  Not Applicable

  	
   

  
	
   

  	
  (d)

  	
  Not Applicable

  	
   

  
	
   

  	
  (e)

  	
  1.3

  	
   

  
	
  Section 315

  	
  (a)

  	
  6.1

  	
   

  
	
   

  	
  (b)

  	
  6.2

  	
   

  
	
   

  	
  (c)

  	
  6.1

  	
   

  
	
   

  	
  (d)

  	
  6.1

  	
   

  
	
   

  	
  (e)

  	
  5.14

  	
   

  
	
  Section 316

  	
  (a)

  	
  1.1

  	
   

  
	
   

  	
  (a) (1) (A)

  	
  5.2, 5.12

  	
   

  
	
   

  	
  (a) (1) (B)

  	
  5.13

  	
   

  
	
   

  	
  (a) (2)

  	
  Not Applicable

  	
   

  
	
   

  	
  (b)

  	
  5.8

  	
   

  
	
   

  	
  (c)

  	
  1.5

  	
   

  
	
  Section 317

  	
  (a) (1)

  	
  5.3

  	
   

  
	
   

  	
  (a) (2)

  	
  5.4

  	
   

  
	
   

  	
  (b)

  	
  10.3

  	
   

  
	
  Section 318

  	
  (a)

  	
  1.8

  	
   

  

 

NOTE:  This Cross Reference Sheet is not part of the
Indenture.

 v

INDENTURE

INDENTURE, dated as of
                           ,
between PHARMACOPEIA,
INC., a Delaware corporation (the “Company”),
having its principal office at
                ,
and
                           ,
as trustee, (the “Trustee”), the office of
the Trustee at which at the date hereof its corporate trust business is
principally administered being
                           .

RECITALS

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

This Indenture is subject to the provisions of the
Trust Indenture Act and the rules and regulations of the Commission promulgated
thereunder that are required to be part of this Indenture and, to the extent
applicable, shall be governed by such provisions.

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

NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Securities by the Holders thereof, each party
agrees for the benefit of the other party and for the equal and ratable benefit
of the Holders of the Securities, or of series thereof, issued under this
Indenture, as follows:

ARTICLE
1

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1             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 accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted
accounting principles in the United States of America, 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 in the United States of America as are generally accepted
as of the time when and for the period as to which such accounting principles
are to be applied;

(3)           “or” is
not exclusive;

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

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

(6)           certain terms, used principally in Article
6, are defined in Section 1.2.

“Act,” when used
with respect to any Holder, has the meaning specified in Section
1.5.

“Additional Amounts”
means any additional amounts that are required by the express terms of a
Security or by or pursuant to a Board Resolution, under circumstances specified
therein or pursuant thereto, to be paid by the Company with respect to certain
taxes, assessments or other governmental charges imposed on certain Holders and
that are owing to such Holders.

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

“Authenticating Agent”
means any Person, which may include the Company, authorized by the Trustee
pursuant to Section 6.14 to act on behalf
of the Trustee to authenticate Securities of one or more series.

“Authorized Newspaper”
means a newspaper of general circulation in the New York, New York area,
printed in the English language and customarily published on each Business Day,
whether or not published on Saturdays, Sundays or holidays.  Whenever successive weekly publications in an
Authorized Newspaper are required hereunder they may be made (unless otherwise
expressly provided herein) on the same or different days of the week and in the
same or in different Authorized Newspapers.

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

“Board” or “Board of Trustees” means either the board of
trustees of the Company or any duly authorized committee thereof.

“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 Trustees and
to be in full force and effect on the date of such certification, and delivered
to the Trustee.

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

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

“Common Shares”
includes any shares of beneficial interest of any class of the Company which
has no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding-up of the
Company and which is not subject to redemption by the Company.

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

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

“Corporate Trust Office”
means the corporate trust office of the Trustee at [ ], Attention: Corporate
Trust Department, or such other office, designated by the Trustee by written
notice to the Company, at which at any particular time its corporate trust
business shall be administered.

“Covenant Defeasance”
has the meaning specified in Section 13.3.

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

 “default” means, with respect to the Securities of
any series, any event, act or condition that is, or after notice or the passage
of time or both would be, an Event of Default with respect to Securities of
such series.

“Defaulted Interest”
has the meaning specified in Section 3.7.

“Defeasance” has
the meaning specified in Section 13.2.

 2
 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, The Depository Trust Company, New
York, New York, another clearing agency, or any successor, registered under the
Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 3.1.

“Dollar” or “$” means a dollar or other equivalent unit in such
coin or currency of the United States as at the time shall be legal tender for
the payment of public and private debts.

“euro” or “euros” means the currency adopted by those
nations participating in the third stage of the economic and monetary union
provisions of the Treaty on European Union, signed at Maastricht on February 7,
1992.

“European Economic Area”
means the member nations of the European Economic Area pursuant to the Oporto
Agreement on the European Economic Area dated May 2, 1992, as amended.

“European Union”
means the member nations of the European Union established by the Treaty of
European Union, signed at Maastricht on February 2, 1992, which amended the
Treaty of Rome establishing the European Community.

“Event of Default”
has the meaning specified in Section 5.1.

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

“Exchange Rate”
has the meaning specified in Section 3.2.

“Expiration Date”
has the meaning specified in Section 1.5.

“Foreign Government
Obligation” means with respect to Securities of any series which are
not denominated in the currency of the United States of America (x) any
security which is (i) a direct obligation of the government which issued or
caused to be issued the currency in which such security is denominated and for
the payment of which obligations its full faith and credit is pledged or, with
respect to Securities of any series which are denominated in euros, a direct
obligation of any member nation of the European Union for the payment of which
obligation the full faith and credit of the respective nation is pledged so
long as such nation has a credit rating at least equal to that of the highest
rated member nation of the European Economic Area, or (ii) an obligation of a
Person controlled or supervised by and acting as an agency or instrumentality
of a government specified in clause (i) above the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the such
government, which, in either case (i) or (ii), is not callable or redeemable at
the option of the issuer thereof, and (y) any depositary receipt issued by a
bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any Foreign Government Obligation
which is specified in clause (x) above and held by such bank for the account of
the holder of such depositary receipt, or with respect to any specific payment
of principal of or interest on any Foreign Government Obligation which is so
specified and held, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of
the Foreign Government Obligation or the specific payment of principal or
interest evidenced by such depositary receipt.

“Global Security”
means a Security that evidences all or part of the Securities of any series and
bears the legend set forth in Section 2.4
(or such legend as may be specified as contemplated by Section
3.1 for such Securities).

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

“Indenture” means
this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of particular series of Securities established as
contemplated by Section 3.1; provided,
however, that if at any time more than one Person is acting as Trustee under
this Indenture due to the appointment of one or more separate Trustees for any
one or more separate series of Securities, “Indenture”
shall mean, with respect to such series of Securities for which any such Person
is Trustee, this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and shall include the
terms of particular series of Securities for which such Person is Trustee
established as contemplated by Section 3.1,
exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless of when
such terms or provisions were adopted, and exclusive of any 

 3
 

provisions or terms
adopted by means of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee, but to which such person,
as such Trustee, was not a party; provided, further that in the event that this
Indenture is supplemented or amended by one or more indentures supplemental
hereto which are only applicable to certain series of Securities, the term “Indenture” for a particular series of Securities
shall exclude provisions or terms which relate solely to other series of
Securities.

“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.

“Investment Company Act”
means the Investment Company Act of 1940 and any statute successor thereto, in
each case as amended from time to time.

“Judgment Currency”
has the meaning specified in Section 5.6.

“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, repurchase at the option of the Holder, call for redemption or
otherwise.

“Mortgage” means
and includes any mortgage, pledge, lien, security interest, conditional sale or
other title retention agreement or other similar encumbrance.

“Notice of Default”
means a written notice of the kind specified in Section
5.1(4).

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, the Chief Executive
Officer, the President or a Vice President, and by the principal financial
officer, the Treasurer, the Controller, an Assistant Treasurer, an Assistant
Controller, the Secretary or an Assistant Secretary, of the Company, and
delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 10.4 shall be the
principal executive, financial or accounting officer of the Company.

“Opinion of Counsel”
means a written opinion of legal counsel, who may be, without limitation, (a)
an employee of the Company, or (b) outside counsel designated by the Company,
rendered, if applicable, in accordance with Section
314(c) of the Trust Indenture Act.

“Original Issue Discount
Security” means any Security that 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
5.2.

“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 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;

(3)           Securities which have been paid pursuant to Section 3.6 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 unless otherwise provided with
respect to any Securities of any series pursuant to Section
3.1, in determining whether the Holders of the requisite principal
amount of the Outstanding Securities have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action
hereunder as of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the 

 4
 

principal thereof which would be due and payable as of
such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date, the
principal amount payable at the Stated Maturity of a Security is not
determinable, the principal amount of such Security which shall be deemed to be
Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the principal amount of a
Security denominated in one or more non-U.S. dollar currencies or currency
units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated
by Section 3.1, of the principal amount of
such Security (or, in the case of a Security described in clause (A) or (B)
above, of the amount determined as provided in such clause), and (D) Securities
owned by the Company or any other obligor upon the Securities or any Subsidiary
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities which a Responsible
Officer of the Trustee 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 Subsidiary of the
Company or of such other obligor.

“Paying Agent”
means any Person, which may include the Company, authorized by the Company to
pay the principal of or any premium or interest on, or any Additional Amounts
with respect to, any one or more series of Securities on behalf of the Company.

“Periodic Offering”
means an offering of Securities of a series from time to time the specific
terms of which Securities, including, without limitation, the rate or rates of
interest or formula for determining the rate or rates of interest thereon, if
any, the Maturity thereof and the redemption provisions, if any, with respect
thereto, are to be determined by the Company upon the issuance of such
Securities.

“Person” means any
individual, corporation, limited liability company, partnership, joint venture,
incorporated or unincorporated association, joint-stock company, trust,
unincorporated organization or government or any agency or political
subdivision thereof or other entity of any kind.

“Place of Payment,”
when used with respect to the Securities of any series, means the place or
places where the principal of and any premium and interest on, or any
Additional Amounts with respect to, the Securities of that series are payable
as specified as contemplated by Section 3.1
and 10.2.

“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 3.6 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.

“Preferred Shares”
as applied to the shares of beneficial interest of the Company means shares of
beneficial interest of any class or classes (however designated) which is
preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of the Company,
over Common Shares of the Company.

“Record Date”
means any Regular Record Date or Special Record Date.

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

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Securities of any
series means any date specified for that purpose as contemplated by Section 3.1, or, if not so specified, the
first day of the calendar month of the month of such Interest Payment Date if
such Interest Payment Date is the fifteenth day of the calendar month, or the
fifteenth day of the calendar month preceding such Interest Payment Date if
such Interest Payment Date is the first day of a calendar month, whether or not
such day shall be a Business Day.

“Required Currency”
has the meaning specified in Section 5.6.

“Responsible Officer”
means, when used with respect to the Trustee, an officer of the Trustee in the
Corporate Trust Office assigned and duly authorized by the Trustee to
administer its corporate trust matters.

 5
 

“Securities” has
the meaning stated in the first recital of this Indenture and more particularly
means any debentures, notes or other evidences of indebtedness of the Company
authenticated and delivered under this Indenture.

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

“Security Custodian”
means, with respect to Securities of a series issued in global form, the
Trustee for Securities of such series, acting in its capacity as custodian with
respect to the Securities of such series, or any successor entity thereto.

“Security Register”
and “Security Registrar” have the
respective meanings specified in Section 3.5.

“Senior Indebtedness”
of the Company, means with respect to the Securities of a series as
contemplated by Section 3.1, the
indebtedness specified in such Securities or in the supplemental indenture
pursuant to which such Securities are issued. Different series of Securities
may be subordinated to different Senior Indebtedness, and one series of
Securities may be subordinated to another series of Securities, all as and to
the extent provided in the relevant documentation for each issue of Securities.

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section 3.7.

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

“Subsidiary” means
any Person of which the Company at the time owns or controls, directly or
indirectly, more than 50% of the shares of outstanding stock or other equity
interests having general voting power under ordinary circumstances to elect a
majority of the board of directors, managers or trustees, as the case may be,
of such Person (irrespective of whether or not at the time stock of any other
class or classes or other equity interests of such corporation shall have or
might have voting power by reason of the happening of any contingency).

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

“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.

“United States”
means the United States of America (including the states thereof and the
District of Columbia) and its “possessions”, which include Puerto Rico, the
U.S. Virgin Islands, Guam, American Somoa, Wake Island and the Northern Mariana
Islands.

“United States Alien”
means any Person who, for United States federal income tax purposes, is a
foreign corporation, a nonresident alien individual, a nonresident alien or
foreign fiduciary of an estate or trust, or a foreign partnership.

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

 6
 

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

“Yield to Maturity”
means, when used with respect to any Original Issue Discount Security, the
yield to maturity, if any, set forth on the face thereof.

Section 1.2             Incorporation by
Reference of Trust Indenture Act.

Whenever this Indenture refers to a provision of the
Trust Indenture Act, the provision is incorporated by reference in and made a
part of this Indenture.  The following
Trust Indenture Act terms used in this Indenture have the following meanings:

“indenture securities”
means the Securities.

“indenture security holder”
means a Holder.

“indenture to be qualified”
means this Indenture.

“indenture trustee”
or “institutional trustee” means the Trustee.

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

All terms used in this Indenture that are defined by
the Trust Indenture Act, defined by a Trust Indenture Act reference to another
statue or defined by Commission rule under the Trust Indenture Act and not
otherwise defined herein have the meanings assigned to them therein.

Section 1.3             Compliance Certificates and Opinions.

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

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than pursuant to Section 10.4) shall
include,

(1)           a statement that each 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 such Person to express an informed opinion as to whether or
not such covenant or condition has been complied with; and

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

Section 1.4             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.

 7
 

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 the matters upon which his or her
certificate or opinion is based are erroneous. Any such certificate 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.

Any certificate or opinion of an officer of the
Company or of counsel may be based, insofar as it relates to accounting
matters, upon a certificate or opinion of or representations by an accountant
or firm of accountants employed or retained by the Company unless such officer
or counsel, as the case may be, knows, or in the exercise of reasonable care
should know, that the certificate or opinions or representations as to such
accounting 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 1.5             Acts of Holders;
Record Dates.

Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of the Outstanding Securities of all series or
one or more series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. The Trustee shall promptly deliver to the Company
copies of all such instrument or instruments delivered to the Trustee. 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 6.1)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

The fact and date of the execution by any Person of
any such instrument or writing may be proved by the affidavit of a witness of
such execution or by a certificate of a notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him or her the
execution thereof. Where such execution is by a signer acting in a capacity
other than his or her individual capacity, such certificate or affidavit shall
also constitute sufficient proof of his or her authority. The fact and date of
the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner that the Trustee
deems sufficient.

The ownership, date of holding, principal amount and
serial numbers of Securities shall be proved by the Security Register.

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, the
Company in reliance thereon, whether or not notation of such action is made
upon such Security.  Any consent or
waiver of the Holder of any Security shall be irrevocable for a period of six
months after the date of execution thereof, but otherwise any such Holder or
subsequent Holder may revoke the request, demand, authorization, direction,
notice, consent or other Act as to his Security or portion of his Security;
provided, however, that such revocation shall be effective only if the Trustee
receives the notice of revocation before the date the Act becomes effective.

The Company may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to give, make or take any request, demand, authorization, direction,
vote, notice, consent, waiver or other action provided or permitted by this Indenture
to be given, made or taken by Holders of Securities of such series, provided
that the Company may not set a record date for, and the provisions of this
paragraph shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date
by 

 8
 

Holders of the requisite
principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Company from
setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be canceled and of no
effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its
own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustee in
writing and to each Holder of Securities of the relevant series in the manner
set forth in Section 1.7.

The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 5.2,
(iii) any request to institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to
in Section 5.12, in each case with respect
to Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Outstanding Securities of such series on
such record date. Nothing in this paragraph shall be construed to prevent the
Trustee from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be canceled
and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Trustee,
at the Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 1.7.

With respect to
any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed
new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 1.7, on or prior to the existing
Expiration Date.  If an Expiration Date
is not designated with respect to any record date set pursuant to this Section
1.5, the party hereto which set such record date shall be deemed to have
initially designated the 180th day after such record date as the Expiration
Date with respect thereto, subject to its right to change the Expiration Date
as provided in this paragraph. Notwithstanding the foregoing, no Expiration
Date shall be later than the 180th day after the applicable record date.

Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount.

Section 1.6             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 (or by facsimile transmissions, provided that oral
confirmation of receipt shall have been received) to or with the Trustee at its
Corporate Trust Office, Attention: Corporate Trust Department, or

(2)           the Company by the Trustee or by any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and furnished by certified mail, return
receipt requested, personally delivered or furnished via overnight courier to
the Company addressed to it at the address of its principal office specified in
the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, Attention: Chief Financial
Officer.

Section 1.7             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, or
delivered by hand or overnight 

 9
 

courier to each Holder
affected by such event, at its address as it appears in the Security Register,
not later than the latest date (if any), and not earlier than the earliest date
(if any), prescribed for the giving of such notice. Neither the failure to mail
or deliver by hand or overnight courier any notice, nor any defect in any
notice so mailed or delivered by hand or overnight courier, 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 cause it shall be impracticable to give
notice to Holders of Securities by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. 
In any case in which notice to Holders of Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Security, shall affect the sufficiency of
such notice with respect to other Holders of Securities.

Section 1.8             Conflict with
Trust Indenture Act.

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

Section 1.9             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 1.10           Successors
and Assigns.

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

Section 1.11           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.

Section 1.12           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, any Authenticating Agent, Paying Agent or Security
Registrar, and the Holders and any holders of Senior Indebtedness, any benefit
or any legal or equitable right, remedy or claim under this Indenture.

Section 1.13           Governing Law.

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 1.14           Legal Holidays.

Unless otherwise provided with respect to any Security
or Securities pursuant to Section 3.1,
in any case where any Interest Payment Date, Redemption Date, sinking fund
payment date, or Stated Maturity or Maturity or other payment date of any
Security or the last date on which a Holder has the right to convert a Security
at a particular conversion price shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which specifically states
that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) or, if applicable to a particular series of
Securities, conversion need not 

 10
 

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, at the Stated Maturity or on such last day for
conversion, as the case may be.

Section 1.15           Indenture and
Securities Solely Corporate Obligations.

No recourse for the payment of the principal of or
premium, if any, or interest on any Security, or for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had, directly or indirectly, against any
incorporator, subscriber to the shares of beneficial interest (or capital stock
or membership interests (as applicable)), shareholder, stockholder, member,
employee, agent, manager, officer, trustee or director, as such, past, present
or future, of the Company or the Trustee or of any predecessor or successor
corporation, either directly or through the Company or the Trustee or any
predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the
obligations issued hereunder are solely corporate obligations and that no such
personal liability whatever shall attach to, or is or shall be incurred by, any
incorporator, subscriber to the shares of beneficial interest (or capital stock
or membership interests (as applicable)), shareholder, stockholder, member,
employee, agent, manager, officer, trustee or director, as such, of the Company
or the Trustee or of any predecessor or successor corporation, because of the
creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Securities or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against,
every such incorporator, subscriber to the shares of beneficial interest (or
capital stock or membership interests (as applicable)), shareholder,
stockholder, member, employee, agent, manager, officer, trustee or director, as
such, because of the creation of the indebtedness hereby authorized, or under
or by reason of the obligations, covenants or agreements contained in this
Indenture, any supplemental indenture hereto, any certificate or other writing
delivered in connection herewith, or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issuance of such
Securities. By accepting a Security, each Holder agrees to the provisions of
this Section 1.15 and waives and releases all such liability.  Such waiver and release shall be part of the
consideration for the issuance of the Securities.

Section 1.16           Indenture May be
Executed in Counterparts.

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

ARTICLE
2

SECURITY
FORMS

Section 2.1             Forms Generally.

The Securities of each series shall be in such form or
forms as shall be established by or pursuant to one or more Board Resolutions
and set forth in such Board Resolutions, or, to the extent established pursuant
to, rather than set forth in, such Board Resolutions, an Officers’ Certificate
detailing such establishment, or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with any applicable
law or with any rules or regulations pursuant thereto, or any rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, or, to the extent established
pursuant to, rather than set forth in, such Board Resolutions, an Officers’ Certificate
detailing such establishment, 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 3.3 for the
authentication and delivery of such Securities. Any such Board Resolution,
Officers’ Certificate or record of such action shall have attached thereto a
true and correct copy of the form of Security referred to therein approved by
or pursuant to such Board Resolution or Officers’ Certificate.

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.

 11
 

Section 2.2             Form of Trustee’s
Certificate of Authentication.

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

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

	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Trustee], as
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  	
   

  	
   

  
								

 

Section 2.3             Global Securities.

If the Company shall establish pursuant to Section 3.1
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 Company shall execute
and the Trustee shall, in accordance with Section 3.3 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) may provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to
reflect exchanges, (iii) shall be registered in the name of the Depositary
for such Global Security or Securities or its nominee, (iv) shall be
delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction and (v) shall bear a legend in accordance with the
requirements of the Depositary.

Notwithstanding any other provision of this Section or
of Section 3.5, except as contemplated by the provisions of this Section 2.3
below, 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 3.5, only to a nominee of the Depositary for
such Global Security, or to the Depositary, or to a successor Depositary for
such Global Security selected or approved by the Company, or to a nominee of
such successor Depositary.

If at any time the Depositary for a Global Security
notifies the Company that it is unwilling or unable to continue as the
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 Exchange Act, or other applicable statute or regulation, the Company
shall appoint a successor Depositary with respect to such Global Security. If a
successor Depositary for such Global Security is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of
such ineligibility, the Company will execute, and the Trustee, upon receipt of
a Company Order for the authentication and delivery of Securities of such
series in the form of definitive certificates in exchange for such Global
Security, will authenticate and deliver Securities of such series in the form
of definitive certificates of like tenor and terms in an aggregate principal
amount equal to the principal amount of the Global Security in exchange for
such Global Security. Such Securities will be issued to and registered in the
name of such Person or Persons as are specified by the Depositary.

The Company may at any time and in its sole discretion
determine that the Securities of any series issued or issuable in the form of
one or more Global Securities shall no longer be represented by such Global
Security or Securities. In any such event the Company will execute, and the
Trustee, upon receipt of a Company Request for the  authentication and delivery of Securities in
the form of definitive certificates in exchange in whole or in part for such
Global Security, will authenticate and deliver without service charge to each
Person specified by the Depositary Securities in the form of definitive
certificates of like tenor and terms in an aggregate principal amount equal to
the principal amount of such Global Security representing such series, or the
aggregate principal amount of such Global Securities representing such series,
in exchange for such Global Security or Securities.

If specified by the Company pursuant to Section 3.1
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 Securities in the form of definitive
certificates of like tenor and terms on such terms as are acceptable to the
Company and such Depositary. Thereupon the Company shall execute, and the Trustee
shall authenticate and deliver, without service charge, (A) to each Person
specified by such Depositary a new Security or Securities of the same series of
like tenor and terms and any authorized denomination as requested by such
Person in aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Global Security and (B) to such Depositary a
new Global Security of like tenor and terms and in an authorized 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
 

In any exchange provided for in any of the preceding
three paragraphs, the Company shall execute and the Trustee shall authenticate
and deliver Securities in the form of definitive certificates in authorized
denominations. Upon the exchange of the entire principal amount of a Global
Security for Securities in the form of definitive certificates, such Global
Security shall be canceled by the Trustee. Except as provided in the
immediately preceding subparagraph, Securities issued in exchange for a Global
Security pursuant to this Section 2.3 shall be registered in such names
and in such authorized denominations as the Depositary for such Global
Security, acting pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. Provided that the
Company and the Trustee have so agreed, the Trustee shall deliver such
Securities to the Persons in whose names the Securities are so to be
registered.

Any endorsement of a Global Security to reflect the
principal amount thereof, or any increase or decrease in such principal amount,
or changes in the rights of Holders of Outstanding Securities represented
thereby shall be made in such manner and by such Person or Persons as shall be
specified in or pursuant to any applicable letter of representations or other
arrangement entered into with, or procedures of, the Depositary with respect to
such Global Security or in the Company Order delivered or to be delivered
pursuant to Section 3.3 or Section 3.4 with respect thereto.
Subject to the provisions of Section 3.3 and, if applicable, Section
3.4, the Trustee shall deliver and redeliver any such Global Security in
the manner and upon instructions given by the Person or Persons specified in or
pursuant to any applicable letter of representations or other arrangement
entered into with, or procedures of, the Depositary with respect to such Global
Security or in any applicable Company Order. If a Company Order pursuant to Section 3.3
or Section 3.4 is so delivered, any instructions by the Company with
respect to such Global Security contained therein shall be in writing but need
not be accompanied by or contained in an Officers’ Certificate and need not be
accompanied by an Opinion of Counsel.

The Depositary or, if there be one, its nominee, shall
be the Holder of a Global Security for all purposes under this Indenture; and
beneficial owners with respect to such Global Security shall hold their
interests pursuant to applicable procedures of such Depositary. The Company,
the Trustee, the Paying Agent and the Security Registrar shall be entitled to
deal with such Depositary for all purposes of this Indenture relating to such
Global Security (including the payment of principal, premium, if any, and
interest and any Additional Amounts with respect to such Global Security and
the giving of instructions or directions by or to the beneficial owners of such
Global Security as the sole Holder of such Global Security and shall have no
obligations to the beneficial owners thereof (including any direct or indirect
participants in such Depositary).  None
of the Company, the Trustee, any Paying Agent or the Security Registrar shall
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Global
Security in or pursuant to any applicable letter of representations or other
arrangement entered into with, or procedures of, the Depositary with respect to
such Global Security or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.

Section 2.4             Form of Legend for Global Securities.

Unless otherwise
specified as contemplated by Section 3.1 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY
NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

ARTICLE
3

THE
SECURITIES

Section 3.1             Amount Unlimited; Issuable in Series.

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

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

 13
 

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

(2)           any limit upon the aggregate principal
amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 2.3, 3.4, 3.5,
3.6, 9.6 or 11.7 and except for any Securities which,
pursuant to Section 3.3, are deemed never to have been authenticated and
delivered hereunder);

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

(4)           the date or dates on which the principal of
and premium, if any, on any Securities of the series is payable or the method
of determination and/or extension of such date or dates; and the amount or
amounts of such payments of principal and premium, if any, or the method of
determination thereof;

(5)           the rate or rates (which may be fixed or
variable), at which any Securities of the series shall bear interest, if any,
whether and under what circumstances Additional Amounts with respect to such
Securities shall be payable, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be
payable and, if other that as set forth in Section 1.1,  the Regular Record Date for any such interest
payable on any Interest Payment Date (or the method for determining the dates
and rates);

(6)           whether any of such Securities will be
subject to certain optional interest rate reset provisions;

(7)           the place or places where the principal of
and any premium and interest on, or any Additional Amounts with respect to, the
Securities of the series shall be payable, where the Securities of such series
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities of such series
and this Indenture may be served, and the method of such payment, if by wire
transfer, mail or other means;

(8)           (a) the period or periods within which,
the price or prices at which, the currency or currencies (including currency
units) and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company, (b) if
other than as provided in Section 11.3, the manner in which the
particular Securities of such series (if less than all Securities of such
series are to be redeemed) are to be selected for redemption and (c) if
other than by a Board Resolution, the manner in which any election by the
Company to redeem the Securities shall be evidenced;

(9)           the Senior Indebtedness to which the
Securities of such series are subordinated, and the terms of such
subordination;

(10)         the obligation, if any, of the Company to
redeem, purchase or repay any Securities of the series pursuant to any sinking
fund, amortization or analogous provisions or upon the happening of a specified
event or at the option of the Holder thereof and the period or periods within
which, the price or prices at which and the terms and conditions upon which any
Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation and any provisions for the remarketing of
such Securities;

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

(12)         if other than the Trustee, the identity of the
Securities Registrar and/or the Paying Agent;

(13)         if the amount of principal of or any premium
or interest on or other payments, if any, on any Securities of the series may be
determined with reference to an index, formula or other method (which index,
formula or method may be based, without limitation, on the price of one or more
commodities, derivatives or securities; one or more securities, derivatives or
commodities exchange indices or other indices; a currency or currencies
(including currency unit or units) other than that in which the Securities of
the series are denominated or designated to be payable; or any other variable
or the relationship between any variables or combination of variables), the
index, formula or other method by which such amounts shall be determined;

 14
 

(14)         if other than the currency of the United
States of America, the currency, currencies or currency units (including
composite currencies) in which the principal of or any premium or interest on,
or any Additional Amounts with respect to, any Securities of the series shall
be payable and the manner of determining the equivalent thereof in the currency
of the United States of America for any purpose, including for purposes of the
definition of “Outstanding” in Section 1.1;

(15)         if the principal of or any premium or interest
on, or any Additional Amounts with respect to, any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or
more currencies or currency units other than that or those in which such
Securities are stated to be payable, the currency, currencies or currency units
in which the principal of or any premium or interest on such Securities as to
which such election is made shall be payable, the periods within which and the
terms and conditions upon which such election is to be made and the amount so
payable (or the manner in which such amount shall be determined);

(16)         if other than the entire principal amount
thereof, the portion of the principal amount of any Securities of the series
which shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section 5.2;

(17)         if the principal amount payable at the Stated
Maturity of any Securities of the series will not be determinable as of any one
or more dates prior to the Stated Maturity, the amount which shall be deemed to
be the principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be
due and payable upon any Maturity other than the Stated Maturity or which shall
be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in
any such case, the manner in which such amount deemed to be the principal
amount shall be determined);

(18)         if applicable, that the Securities of the
series, in whole or any specified part, shall be defeasible pursuant to Section
13.2 or Section 13.3 or both such Sections, or any other defeasance provisions
applicable to any Securities of the series, and, if other than by a Board
Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;

(19)         the terms, if any, upon which Securities of
the series may be convertible into or exchanged for other Securities, Common
Shares, Preferred Shares, other debt securities, warrants to purchase any of
the foregoing, or other securities of any kind of the Company or any other
obligor or any other property, and the terms and conditions upon which the
conversion or exchange shall be effected, including the initial conversion or
exchange price or rate, the conversion or exchange period, and any other
additional provisions;

(20)         if applicable, that any Securities of the series
shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the respective Depositaries for such Global
Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.4;

(21)         any deletions, modifications of or additions
to the definitions set forth in Section 1.1, the Events of Default which
apply to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal
amount thereof due and payable pursuant to Section 5.2;

(22)         any addition to, deletion of or change in the
covenants set forth in Article 10 which applies to Securities of the
series;

(23)         any Authenticating Agents, Paying Agents,
Security Registrars or such other agents necessary in connection with the
issuance of the Securities of such series, including, without limitation,
exchange rate agents and calculation agents;

(24)         if applicable, the terms of any Mortgage that
will be provided for a series of Securities, including any provisions regarding
the circumstances under which collateral may be released or substituted;

(25)         if applicable, the terms of any guaranties for
the Securities, including the terms of any subordination of such guaranties,
and any circumstances under which there may be additional obligors on the
Securities;

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

 15
 

(27)         whether Securities of the series shall be
issuable in registered form or bearer form (registrable or not registrable as
to principal, and with or without interest coupons), or both, and any
restrictions applicable to the offering, sale or delivery of bearer securities
and the terms upon which bearer Securities of a series may be exchanged for
registered Securities of the same series and vice versa;

(28)         the forms of the Securities of the series;

(29)         any terms which may be related to warrants,
options or other rights to purchase and sell securities issued by the Company
in connection with, or for the purchase of, Securities of such series,
including whether and under what circumstances the Securities of any series may
be used toward the exercise price of any such warrants, options or other
rights;

(30)         the subordination, if any, of the Securities
of the series;

(31)         if the Securities of the series will be
governed by, and the extent to which such Securities will be governed by, any
law other than the laws of the state of New York;

(32)         any other terms of the series (which terms
shall not be inconsistent with the provisions of this Indenture, except as
permitted by Section 9.1(5)).

All
Securities of any one series need not be identical but may vary as may be
provided in or pursuant to the Board Resolution referred to above and (subject
to Section 3.3) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental
hereto.  All Securities of any one series
need not be issued at the same time and, unless otherwise provided, a series
may be reopened, without the consent of the Holders, for issuances of
additional Securities of such series.

Section 3.2             Denominations.

Except as specified as
contemplated by Section 3.1, the Securities of each series shall be
issuable only in registered form without coupons.  The Securities of such series shall be
issuable only in such denominations as shall be specified as contemplated by Section
3.1.  In the absence of any such
specified denomination 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.   Unless
otherwise provided as contemplated by Section 3.1 with respect to
any series of Securities, any Securities of a series denominated in a currency
other than Dollars shall be issuable in denominations that are the equivalent,
as determined by the Company by reference to the noon buying rate in The City
of New York for cable transfers for such currency (“Exchange Rate”), as
such rate is reported or otherwise made available by the Federal Reserve Bank
of New York, on the applicable issue date for such Securities, of $1,000 and
any integral multiple thereof.

Section 3.3             Execution, Authentication, Delivery and
Dating.

The
Securities shall be executed on behalf of the Company by its Chairman of the
Board, its Chief Executive Officer, its principal financial officer, its
President or one of its Vice Presidents, and attested by its Treasurer, its
Secretary or one of its Assistant Treasurers or Assistant Secretaries.  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;
provided, however, that in the case of Securities offered in a Periodic
Offering, the Trustee shall authenticate and deliver such Securities from time
to time in accordance with such other procedures (including, without
limitation, the receipt by the Trustee of oral or electronic instructions from
the Company or its duly authorized agents, promptly confirmed in writing)
acceptable to the Trustee as may be specified by or pursuant to a Company Order
delivered to the Trustee prior to the time of the first authentication of
Securities of such series.  Each Security
shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.  If the form or terms of the
Securities of the series have been established by or pursuant to one or more Board
Resolutions or any other method permitted by Sections 2.1 and 3.1,
in authenticating such Securities, and accepting the additional 

 16

responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and (subject to Section 6.1) shall be fully protected in
relying upon, a copy of such Board Resolution, the Officers’ Certificate
setting forth the terms of the series and an Opinion of Counsel, with such
Opinion of Counsel stating,

(1)           if
the form or terms of such Securities have been established by or pursuant to
Board Resolution or any other method permitted by Sections 2.1 and 3.1,
that such form or terms have been, or in the case of Securities of a series
offered in a Periodic Offering will be, established in conformity with the
provisions of this Indenture, subject in the case of Securities offered in a
Periodic Offering, to any conditions specified in such Opinion of Counsel; and

(2)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions, exceptions and
qualifications specified in such Opinion of Counsel, will constitute legal,
valid and binding obligations of the Company, enforceable in accordance with
their terms, except as such enforcement is subject to the effect of (i)
bankruptcy, insolvency, fraudulent conveyance, reorganization or other laws
relating to or affecting creditors’ rights and (ii) general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

Such Opinion of Counsel need express no opinion as to
the enforceability of Section 6.7 or as to whether a court in the United
States would render a money judgment in a currency other than that of the
United States. Notwithstanding the provisions of Section 3.1 and of the
preceding paragraph, if all Securities of a series are not to be originally issued
at one time, it shall not be necessary to deliver the Officers’ Certificate
otherwise required pursuant to Section 3.1 or the Company Order and
Opinion of Counsel otherwise required pursuant to such preceding paragraph at
or prior to the authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

Notwithstanding that such form or terms have been so
established, the Trustee shall have the right to decline to authenticate such
Securities if, in the written opinion of counsel to the Trustee (which counsel
may be an employee of the Trustee), such action may not lawfully be taken or if
the Trustee in good faith by its board of trustees or trustees, executive
committee or a trust committee of directors, trustees or vice presidents shall
determine that such action would expose the Trustee to personal liability to
Holders of any Securities then outstanding.

With respect to Securities of a series offered in a
Periodic Offering, the Trustee may rely, as to the authorization by the Company
of any of such Securities, the form and terms thereof and the legality,
validity, binding effect and enforceability thereof, upon the Opinion of Counsel
and the other documents delivered pursuant to Sections 2.1 and 3.1
and this Section, as applicable, in connection with the first authentication of
Securities of such series.

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 or an Authenticating Agent 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. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

The Company in issuing Securities may use “CUSIP”
numbers (if then generally in use), and if so, the Trustee may use the CUSIP
numbers in notices of redemption or exchange as a convenience to Holders;
provided, however, that any such notice may state that no representation is
made as to the correctness or accuracy of the CUSIP number printed in the
notice or on the Securities, that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption or
exchange shall not be affected by any defect or omission of such CUSIP
numbers.  The Company will promptly
notify the Trustee of any change in CUSIP numbers known to an Officer of the
Company. Neither the Company nor the Trustee shall have any responsibility for
any defect in the CUSIP number that appears on any Security, check, advice of
payment or redemption notice, and any such document may contain a statement to
the effect that CUSIP numbers have been assigned by an independent service for
convenience of reference and that neither the Company nor the Trustee shall be
liable for any inaccuracy in such numbers.

Section 3.4             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

 17
 

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. All or any portion of the temporary Securities of a series may
be Global Securities.

If temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay. Except in the case of temporary Securities that are Global
Securities, each of which shall be exchanged in accordance with the provisions
thereof, 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 one or more definitive
Securities of the same series, of any authorized denominations and of like
tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor, except
as otherwise specified as contemplated by Section 3.1.

Section 3.5             Registration;
Registration of Transfer and Exchange.

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee or in any office or agency to be maintained by the
Company in accordance with Section 9.2 in a Place of Payment or in such
other place or medium as may be specified pursuant to Section 3.1 a
register for each series of Securities (each register maintained in such office
and in any other office or agency of the Company in a Place of Payment being
herein sometimes referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities of such series and of transfers of
Securities of such series. Unless otherwise contemplated by Section 3.1,
the Trustee is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities, and for the purpose of
maintaining the Security Register in respect thereof, as herein provided.

Except as set forth in Section 2.3 or as may be
provided pursuant to Section 3.1, upon surrender for registration of
transfer of any Security of a series at the office or agency of the Company in
a Place of Payment for that series, the Company shall execute and deliver a
Company Order requesting the Trustee to authenticate and deliver, 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 like tenor and aggregate principal amount.

Unless otherwise provided as contemplated by Section
3.1, at the option of the Holder, Securities of any series (other than
Global Securities) may be exchanged for other Securities of the same series, of
any authorized denominations and of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency, and
upon payment, if the Company shall so require, of the charges hereinafter
provided. Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
that the Holder making the exchange is entitled to receive.

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

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

Unless otherwise provided as contemplated by Section
3.1, 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 3.4, 9.6 or 11.7 not involving
any transfer.

Unless otherwise provided as contemplated by Section
3.1, if the Securities of any series (or of any series and specified tenor)
are to be redeemed in whole or in part, the Company shall not be required (A)
to issue, register the transfer of or exchange any Securities of that series
(or of that series and specified tenor, as the case may be) during a period
beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption under Section
11.3 and ending at the close of business on the day of such mailing, or (B)
to register the transfer 

 18
 

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.

Unless otherwise provided as contemplated by Section
3.1, the Company shall not be required to register the transfer or exchange
of Securities between a Record Date and the next succeeding Interest Payment
Date.

Section 3.6             Mutilated, Destroyed, Lost and Stolen
Securities.

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

Notwithstanding the preceding paragraph, 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
3.6, 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 3.6 in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that
series duly issued hereunder.

The provisions of this Section 3.6 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 3.7             Payment of Interest; Interest Rights
Preserved.

Except as otherwise provided as contemplated by Section
3.1 with respect to any series of Securities, interest on any Security
which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest at the office or agency maintained for
such purpose pursuant to Section 9.2; provided, however, that at the
option of the Company, interest on any series of Registered Securities that
bear interest may be paid (i) by check mailed to the address of the Person
entitled thereto as it shall appear on the Security Register of such series
(unless, with respect to a Global Security, the rules of the Depositary require
payment of such amount by wire transfer) or (ii) by wire transfer to an account
maintained by the Person entitled thereto as specified in the Security Register
of such series.

Unless otherwise provided as contemplated by Section
3.1, 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 

 19
 

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 given to each
Holder of Securities of such series in the manner set forth in Section 1.7,
not less than 10 days prior to such Special Record Date.   The Trustee may, in its discretion, in the
name and at the expense of the Company, cause a similar notice to be published
at least once in an Authorized Newspaper, but such publication shall not be a
condition precedent to the establishment of 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
3.7, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security.

Section 3.8             Persons Deemed Owners.

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Security is registered
as the owner of such Security for the purpose of receiving payment of principal
of and any premium and (subject to Section 3.7) any interest and any
Additional Amounts or other payments on such Security and for all other
purposes whatsoever, whether or not such Security shall 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.

Except as otherwise specified as contemplated by Section
3.1, none of the Company, the Trustee or any agent of the Company or the
Trustee shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Security, or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.  Notwithstanding the foregoing, with respect
to any Global Security, nothing herein shall prevent the Company or the
Trustee, or any agent of the Company or the Trustee, from giving effect to any
written certification, proxy or other authorization furnished by any Depositary
(or its nominee), as a Holder, with respect to such Global Security or impair,
as between such Depositary and owners of beneficial interests in such Global
Security, the operation of customary practices governing the exercise of the rights
of such Depositary (or its nominee) as Holder of such Global Security.

Section 3.9             Cancellation.

The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly canceled by the Trustee.  The
Security Registrar and the Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange or
payment, and all Securities so delivered shall be promptly canceled by the
Trustee.  No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture or as
otherwise specified as contemplated by Section 3.1.  On request of the Company at the time of
surrender, the Trustee shall deliver to the Company canceled Securities held by
the Trustee.  In the absence of such
request, all canceled Securities held by the Trustee shall be disposed of in
accordance with the Trustee’s customary procedures.

Section 3.10           Computation of
Interest.

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

 20
 

ARTICLE
4

SATISFACTION
AND DISCHARGE

Section 4.1             Satisfaction and Discharge of Indenture.

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

(1)           either

(A)          all such Securities theretofore authenticated
and delivered (other than (i) Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 3.6 and (ii)
Securities for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Trustee or the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section
10.3) 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 clause (i), (ii)
or (iii) above, has deposited or caused to be deposited with the Trustee
as trust funds in trust for the purpose money in an amount sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and
interest and any Additional Amounts to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

(2)           the Company has paid or caused to be paid
all other sums payable hereunder by the Company with respect to the Outstanding
Securities of such series;

(3)           the Company has complied with any other
conditions specified pursuant to Section 3.1 to be applicable to the
Outstanding Securities of such series; and

(4)           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 as to such Securities have been complied with.

If any Outstanding Securities of such series are to be
redeemed prior to their Stated Maturity, whether pursuant to any optional
redemption provisions or in accordance with any mandatory sinking fund
requirement, the trust agreement evidencing the trust referred to in subclause
(B) of clause (1) of this Section 4.1 shall provide therefore
and the Company shall make such arrangements as are satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company.

Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 6.7,
the obligations of the Trustee to any Authenticating Agent under Section
6.14 and, if money shall have been deposited with the Trustee pursuant to subclause
(B) of clause (1) of this Section 4.1, the obligations of the
Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive.

 21
 

Section 4.2             Application of Trust Money.

Subject to the provisions of the last paragraph of Section
10.3, all money deposited with the Trustee pursuant to Section 4.1
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 any premium and interest or Additional
Amounts for whose payment such money has been deposited with the Trustee.

Section 4.3             Reinstatement.

If the Trustee or Paying Agent is unable to apply any
money or U.S. Government Obligations deposited with respect to Securities of
any series in accordance with Section 4.1 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture with respect to the Securities of
such series and the Securities of such series shall be revived and reinstated
as though no deposit had occurred pursuant to Section 4.1 until
such time as the Trustee or Paying Agent is permitted to apply all such money
or U.S. Government Obligations in accordance with Section 4.1;
provided, however, that if the Company has made any payment of principal of,
premium (if any) or interest on, or any Additional Amounts with respect to, any
Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the Trustee or
Paying Agent.

ARTICLE
5

REMEDIES

Section 5.1             Events of Default.

“Event of Default,” wherever used herein with
respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be
occasioned by the subordination provisions applicable to any Securities or be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless it is either inapplicable to a
particular series or it is specifically deleted or modified in the Board
Resolution, supplemental indenture, Officers’ Certificate establishing such
series, or form of Security for such series:

(1)           default in the payment of any interest on,
or any Additional Amounts with respect to, any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30
days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to the expiration of such period of 30
days); or

(2)           default in the payment of the principal of
or any premium 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, and
continuance of such default for a period of 30 days; or

(4)           default in the performance, or breach, of
any covenant or warranty of the Company in this Indenture (other than a
covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section 5.1 specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of
Securities other than that series), and continuance of such default or breach
for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

(5)           the entry by a court having jurisdiction in
the premises of (A) a decree or order for relief in respect of the Company
in an involuntary case or proceeding under any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company 

 22
 

under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or ordering the
winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in
effect for a period of 60 consecutive days; 
or

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

(7)           any other Event of Default provided with
respect to Securities of that series in the Board Resolution, supplemental
indenture or Officers’ Certificate establishing that series.

Notwithstanding the foregoing provisions of this Section 5.1,
if the principal of, premium (if any) or any interest on, or any Additional
Amounts with respect to, any Security is payable in a currency or currencies
(including a composite currency) other than Dollars and such currency or
currencies are not available to the Company for making payment thereof due to
the imposition of exchange controls or other circumstances beyond the control
of the Company (a “Conversion Event”), the Company will be entitled to
satisfy its obligations to Holders of the Securities by making such payment in
Dollars in an amount equal to the Dollar equivalent of the amount payable in such
other currency, as determined by the Company by reference to the Exchange Rate,
as such Exchange Rate is certified for customs purposes by the Federal Reserve
Bank of New York on the date of such payment, or, if such rate is not then
available, on the basis of the most recently available Exchange Rate.  Notwithstanding the foregoing provisions of
this Section 5.1, any payment made under such circumstances in
Dollars where the required payment is in a currency other than Dollars will not
constitute an Event of Default under this Indenture.

Promptly after the occurrence of a Conversion Event
with respect to the Securities of any series, the Company shall give written
notice thereof to the Trustee; and the Trustee, promptly after receipt of such
notice, shall give notice thereof in the manner provided in Section 1.7
to the Holders of such series.  Promptly
after the making of any payment in Dollars as a result of a Conversion Event
with respect to the Securities of any series, the Company shall give notice in
the manner provided in Section 1.7 to the Holders of such series,
setting forth the applicable Exchange Rate and describing the calculation of
such payments.

Section 5.2             Acceleration of Maturity; Rescission
and Annulment.

Unless the Board Resolution, supplemental indenture or
Officers’ Certificate establishing such series provides otherwise, if an Event
of Default (other than an Event of Default specified in Section 5.1(5)
or 5.1(6)) 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 of all the
Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) and premium, if any,
together with accrued and unpaid interest, if any, thereon, and Additional
Amounts, if any, with respect thereto, to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by the Holders),
and upon any such declaration such principal amount (or specified amount) and
premium, if any, together with accrued and unpaid interest, if any, thereon,
and Additional Amounts, if any, with respect thereto, shall become immediately
due and payable.  Unless the Board
Resolution, supplemental indenture or Officers’ Certificate establishing such
series provides otherwise, if an Event of Default specified in Section
5.1(5) or 5.1(6) with respect to Securities of any series at the
time Outstanding occurs, the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) and premium, if any, together with accrued and
unpaid interest, if any, thereon, and Additional Amounts, if any, with respect
thereto, shall automatically, and without any declaration or other action on
the part of the Trustee or any Holder, become immediately due and payable.

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 5 provided, 

 23
 

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, and any Additional
Amounts with respect to, all Securities of that series (or of all series, as
the case may be),

(B)           the principal of or premium (if any) on any
Securities of that series (or of all series, as the case may be) which have
become due otherwise than by such declaration of acceleration and interest
thereon at the rate or rates prescribed therefor in such Securities (in the
case of Original Issue Discount Securities, the Securities’ Yield to Maturity),

(C)           to the extent that payment of such interest
is lawful, interest upon overdue interest and any Additional Amounts at the
rate or rates prescribed therefor in such Securities (in the case of Original
Issue Discount Securities, the Securities’ Yield to Maturity), and

(D)          all sums paid or advanced by the Trustee
hereunder, the compensation, expenses, disbursements and advances due to
Trustee under Section 6.7, and all other amounts due under Section 6.7;

(2)           all Events of Default with respect to
Securities of that series (or of all series, as the case may be), other than
the nonpayment of the principal of Securities of that series (or of all series,
as the case may be) which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 5.13;
and

(3)           the rescission would not conflict with any
final judgment or decree of a court of competent jurisdiction.

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

Section 5.3             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, or any Additional Amounts with respect to, any Security of any
series when such interest or Additional Amounts shall become 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 any premium and interest on, and
Additional Amounts with respect to, and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest or Additional Amounts, at the rate or rates
prescribed therefor in such Securities (or in the case of Original Issue
Discount Securities, the Securities’ Yield to Maturity), and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and all other amounts due
the Trustee under Section 6.7.

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 deemed 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.

In addition, if any other Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may
in its discretion proceed, in its own name and as trustee of an express trust,
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.

 24
 

Section 5.4             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
(or lesser amount in the case of Original Issue Discount Securities) 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 of, premium (if any),
interest on, or any Additional Amounts with respect to, such Securities) shall
be entitled and empowered, by intervention in such proceeding or otherwise,

(1)           to file and prove a claim for the whole
amount of principal (or lesser amount in the case of Original Issue Discount
Securities) (and premium, if any) and interest and any Additional Amounts owing
and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable 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

(2)           to collect and receive any monies 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 6.7.

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

Section 5.5             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 may be instituted by the Trustee in
its own name as trustee of an express trust.

Section 5.6             Application of Money Collected.

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

FIRST: To the payment of
all amounts due the Trustee under Section 6.7 in connection with such
series of Securities in respect of which money or other property is collected;

SECOND: Subject to the
terms of any subordination entered into as contemplated by Section 3.1,
to the payment of the amounts then due and unpaid for principal of and any
premium, if any, and interest on, and any Additional Amounts with respect to,
the Securities in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal and any
premium, if any, interest on and Additional Amounts, respectively; and

THIRD: The balance, if
any, to the Company or any other Person or Persons entitled thereto.

To the fullest extent allowed under applicable law, if
for the purpose of obtaining judgment against the Company in any court it is
necessary to convert the sum due in respect of the principal of, premium (if
any) or interest on, or any Additional Amounts with respect to, the Securities
of any series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of
exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment 

 25
 

Currency on the Business
Day in The City of New York next preceding that on which final judgment is
given.  Neither the Company nor the
Trustee shall be liable for any shortfall nor shall any of them benefit from
any windfall in payments to Holders of Securities under this Section 5.6
caused by a change in exchange rates between the time the amount of a judgment
against it is calculated as above and the time the Trustee converts the
Judgment Currency into the Required Currency to make payments under this Section 5.6
to Holders of Securities, but payment of such judgment shall discharge all
amounts owed by the Company on the claim or claims underlying such judgment.

Section 5.7             Limitation on Suits.

Subject to Section 5.8, 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)           an Event of Default with respect to such
series of Securities shall have occurred and be continuing and such Holder has
previously given written notice to the Trustee of such continuing Event of
Default;

(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 and, if
requested, provided to the Trustee reasonable indemnity 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
(or of all series, as the case may be).

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, 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 of such Holders.

Section 5.8             Right of Holders to Receive Principal,
Premium and Interest.

Notwithstanding any other provision in this Indenture,
the right of any Holder of any Security to receive payment of the principal of
and any premium and (subject to Section 3.7) interest on, or any
Additional Amounts with respect to, such Security on the Stated Maturity or
Stated 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 after the respective due dates, shall not be impaired without the
consent of such Holder.

Section 5.9             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 in Section 5.7 or
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities in the last paragraph of Section 3.6, 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.

 26
 

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 an acquiescence therein.  Every right and remedy given by this Article 5
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.

With respect to Securities of any series, the Holders
of a majority in principal amount of the Outstanding Securities of such series
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, relating to or arising under an Event of
Default described in clause (1), (2), (3), (4) or
(7) of Section 5.1, and with respect to all Securities
the Holders of a majority in principal amount of all Outstanding Securities
shall have the right to direct the time, method and place of conducting any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, relating to or arising under an Event of Default described in clause
(5) or (6) of Section 5.1, provided that in each such case.

(1)           the Trustee shall have the right to decline
to follow any such direction if the Trustee, being advised by counsel,
determines that the action so directed may not lawfully be taken or would
conflict with this Indenture or if the Trustee in good faith shall, by a
Responsible Officer, determine that the proceedings so directed would involve
it in personal liability or be unjustly prejudicial to the Holders not taking
part in such direction, and

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

Section 5.13           Waiver of Past Defaults.

Subject to Section 5.8 and Section 9.2,
the Holders of not less than a majority in aggregate 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 or Event of Default described
in clause (1), (2), (3), (4) or (7) of
Section 5.1 hereunder with respect to such series and its
consequences, and the Holders of a majority in principal amount of all
Outstanding Securities may on behalf of the Holders of all Securities waive any
Event of Default described in clause (5) or (6) of Section 5.1
hereunder and its consequences, except a default

(1)           in the payment of the principal of or any
premium or interest on, or any Additional Amounts with respect to, any Security
as and when the same shall become due and payable by the terms thereof,
otherwise than by acceleration (unless such default has been cured as provided
herein), or

(2)           in respect of a covenant or provision hereof
which under Article 9 cannot be modified or amended without the consent
of the Holder of each Outstanding Security 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
in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken, suffered or omitted by it
as Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess costs against any
such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that 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 interest on any Security on or after the
Stated Maturity or Stated Maturities expressed in such Security (or, in the
case of redemption, on the redemption date).

 27
 

ARTICLE 6

THE
TRUSTEE

Section 6.1             Certain Duties and Responsibilities.

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

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

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

(B)           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 Officers’ Certificates or
Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officers’ Certificates or
Opinions of Counsel which by any provisions hereof are specifically required to
be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of any mathematical calculations or other facts stated therein).

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

(A)          This paragraph does not limit the effect of clause
(2) of this Section 6.1.

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

(C)           The Trustee shall not be liable with respect
to any action taken, suffered or omitted to be taken by it with respect to
Securities of any series in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Securities of such
series 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.

(4)           Every provision of this Indenture that in
any way relates to the Trustee is subject to clauses (1), (2) and
(3) of this Section 6.1.

(5)           The Trustee may refuse to perform any duty
or to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of Holder or Holders pursuant to this
Indenture, unless such Holder or Holders shall have offered and, if requested,
provided to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such
request or direction.

(6)           No provision of this Indenture shall require
the Trustee to risk its own funds or otherwise incur any financial liability in
the performance of any of its duties, 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 is not reasonably assured to
it.

(7)           The Paying Agent, the Security Registrar and
any Authenticating Agent shall be entitled to the protections, immunities and
standard of care as are set forth in clauses (1), (2) and (3)
of this Section 6.1 with respect to the Trustee.

Section 6.2             Notice of Defaults.

If a default occurs hereunder and is continuing with
respect to Securities of any series and it is known to a Responsible Officer of
the Trustee, the Trustee shall give the Holders of Securities of such series
notice of such default as and to the extent provided by the Trust Indenture
Act; provided, however, that except in the case of a default in the payment 

 28
 

of principal of (or
premium, if any) or interest on, or any Additional Amounts with respect to, any
Securities of such series or in the payment of any sinking fund installment,
the Trustee shall be protected in withholding such notice if and so long as the
Board of Trustees, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the holders of Securities of
such series.

Section 6.3             Certain Rights of Trustee.

Subject to the provisions of Section 6.1:

(1)           in the absence of bad faith on the part of
the Trustee, the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon, 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;

(2)           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;

(3)           any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or
Company Order (unless other evidence is specifically required herein), and any
resolution of the Board of Trustees shall be sufficiently evidenced by a Board
Resolution;

(4)           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), in the absence of
bad faith on its part, is entitled to and may rely upon an Officers’
Certificate;

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

(6)            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.

(7)           the Trustee shall not be charged with
knowledge of any default or Event of Default with respect to the Securities of
any series for which it is acting as Trustee unless either (1) a Responsible
Officer shall have actual knowledge of such default or Event of Default or (2)
written notice of such default or Event of Default shall have been given to the
Trustee by the Company or any other obligor on such Securities or by any Holder
of such Securities; and

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

Section 6.4             Not Responsible for Recitals or
Issuance of Securities.

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

Section 6.5             May Hold Securities and Act as Trustee
under Other Indentures.

The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 6.8 and 6.13, may otherwise deal with
the Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 29
 

Subject to the limitations imposed by the Trust
Indenture Act, nothing in this Indenture shall prohibit the Trustee from
becoming and acting as trustee under other indentures under which other
securities, or certificates of interest of participation in other securities,
of the Company are outstanding in the same manner as if it were not Trustee
hereunder.

Section 6.6             Money Held in Trust.

Subject to the provisions of Sections 10.3 and 13.5,
all moneys received by the Trustee shall, until used or applied, as provided
herein, be held in trust for the purposes for which they were received.  Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by
law.  The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company. 
So long as no Event of Default shall have occurred and be continuing,
all interest allowed on any such moneys shall be paid by the Company from time
to time upon a Company Order.

Section 6.7             Compensation and Reimbursement.

The Company shall pay to the Trustee from time to time
such reasonable compensation for its services as the Company and the Trustee
may agree in writing from time to time. 
The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses, disbursements and advances incurred by it in connection
with the performance of its duties under this Indenture, except any such
expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith.  Such
expenses shall include the reasonable compensation and expenses of the
Trustee’s agents and counsel.

The Company shall indemnify the Trustee for, and hold
it harmless against, any and all loss, liability, damage, claim or expense
(including attorneys’ fees and expenses, and including taxes other than taxes
based upon, measured by or determined by the income of the Trustee), including
without limitation the costs and expenses of defending itself against any
third-party claim (whether asserted by any Holder or any other Person (other
than the Company to the extent of any claim brought by it against the Trustee
that establishes a breach by the Trustee in the observance or performance of its
duties under this Indenture)), incurred by it without negligence, willful
misconduct or bad faith arising out of or in connection with its acceptance or
administration of the trust or trusts hereunder, including the performance of
its duties or the exercise of its powers hereunder.  With respect to any such claim other than a
claim brought by the Company, (i) the Trustee shall notify the Company promptly
of any claim for which it may seek indemnity, (ii) the Company may at its
option defend the claim, in which event the Trustee shall cooperate in the
defense and the Trustee may have one separate counsel and the Company shall pay
the reasonable fees and expenses of such counsel and (iii) the Company need not
pay for any settlement made without its consent, which consent shall not be
unreasonably withheld.  This
indemnification shall apply to officers, directors, employees, shareholders and
agents of the Trustee.

To secure the Company’s payment obligations in this Section
6.7, the Trustee shall have a lien prior to the Securities of any series on
all money or property held or collected by the Trustee, except that held in
trust to pay principal of and interest on, or any Additional Amounts with
respect to, particular Securities of that series.

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 5.1(5) or (6)
occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.

The provisions of this Section 6.7 and any
lien arising hereunder shall survive the resignation or removal of the Trustee
or the discharge of the Company’s obligations under this Indenture and the
termination of this Indenture.

Section 6.8             Conflicting Interests.

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall
either eliminate such conflicting interest or resign, to the extent and in the
manner and with the effect provided by, and subject to the provisions of, the
Trust Indenture Act and this Indenture. 
To the extent permitted by the Trust Indenture Act, the Trustee shall
not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Securities of more than one series or any other
indenture.

 30
 

Section 6.9             Eligibility; Disqualification.

There shall at all times be one (and only one) Trustee
hereunder with respect to the Securities of each series (which need not be the
same Trustee for all series).  A Trustee
may be Trustee hereunder for Securities of one or more series.  Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has (or if the
Trustee is a member of a bank holding company system, its bank holding company
has) a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by federal or state (or the District of Columbia)
authority.  If any such Person or bank
holding company publishes reports of condition at least annually, pursuant to
law or to the requirements of its supervising or examining authority, then for
the purposes of this Section 6.9 and to the extent permitted by the
Trust Indenture Act, the combined capital and surplus of such Person or bank
holding company 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 with respect to
the Securities of any series shall cease to be eligible in accordance with the
provisions of this Section 6.9, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article 6.

The Indenture shall always have a Trustee who
satisfies the requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5)
of the Trust Indenture Act.

Section 6.10           Resignation and
Removal; Appointment of Successor.

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.

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 at the expense of the Company
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

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.  If the instrument of
acceptance by a successor Trustee required by Section 6.11 shall
not have been delivered to the removed Trustee within 30 days after the
receipt of such notice of removal, the removed Trustee may petition at the
expense of the Company any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

If at any time:

(1)           the Trustee shall fail to comply with Section
6.8 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 6.9 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, (A) the Company by a Board
Resolution may remove the Trustee with respect to all Securities, or (B)
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.

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 such
successor Trustee or Trustees shall comply with the applicable requirements of Section
6.11.  If, within one year after such
resignation, removal or

 31

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 Trustee appointed by the Company. 
If no successor Trustee with respect to the Securities of any series
shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 6.11, the retiring Trustee
may petition, or any Holder who has been a bona fide Holder of a Security of
such series for at least six months may petition, on behalf of himself and all
others similarly situated, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series to all Holders of Securities of such series in the manner provided in Section
1.7.  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.

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.

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.

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 the first or second preceding paragraph, as the case may
be.

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 6.

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 or acquiring all or substantially all
the corporate trust business of the Trustee (including the administration of 

 32
 

the trust created by 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, or by succession to or acquisition
of all or substantially all of the corporate trust business of, such successor
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) as provided in the
Trust Indenture Act, the Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Company (or
any such other obligor).

Section 6.14           Appointment of
Authenticating Agent.

The Trustee may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon original issue and upon exchange, registration of transfer
or partial redemption thereof or pursuant to Section 3.6, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent.  Each
Authenticating Agent shall be acceptable to the Company and, except as other
specified as contemplated by Section 3.1, shall at all times be a bank
or trust company or corporation organized and doing business under the laws of
the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having (or if the
Authenticating Agent is a member of a bank holding company system, its bank
holding company has) a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State (or
the District of Columbia) authority.  If
such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section 6.14, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published.  If at any time
an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.14, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 6.14.

Any corporation into which an Authenticating Agent may
be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to or
acquiring the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent, provided such corporation
shall be otherwise eligible under this Section 6.14, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

An Authenticating Agent for any series of Securities
may resign at any time by giving written notice thereof to the Trustee for such
series and to the Company.  The Trustee
for any series of Securities may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the
Company.  Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.7 to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve.  Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder,
with like effect as if originally named as an Authenticating Agent.  No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 6.14.

The Trustee agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under this Section
6.14, and the Trustee shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 6.7.

If an appointment with respect to one or more series
is made pursuant to this Section 6.14, the Securities of such series may
have endorsed thereon, in lieu of the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 33
 

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

	
  

  	
   

  	
   

  	 

	
   

  	
   

  	
  [TRUSTEE], as
  Trustee

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  As
  Authenticating Agent

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Officer

  	
   

  
						

 

Notwithstanding
any provision of this Section 6.14 to the contrary, if at any time
any Authenticating Agent appointed hereunder with respect to any series of
Securities shall not also be acting as the Security Registrar hereunder with
respect to any series of Securities, then, in addition to all other duties of
an Authenticating Agent hereunder, such Authenticating Agent shall also be
obligated: (i) to furnish to the Security Registrar promptly all
information necessary to enable the Security Registrar to maintain at all times
an accurate and current Security Register; and (ii) prior to
authenticating any Security denominated in a foreign currency, to ascertain
from the Company the units of such foreign currency that are required to be
determined by the Company pursuant to Section 3.2.

ARTICLE
7

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1             Company to Furnish Trustee Names and
Addresses of Holders.

The Company will furnish or cause to be furnished to
the Trustee

(1)           not later than 15 days after the Regular
Record Date for each respective series of Securities, or if there is no Regular
Record Date for such series of Securities, semi-annually on January 1 and July
1, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Securities of each series as of such date, as the
case may be, and

(2)           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 that no such list need be furnished by the
Company to the Trustee so long as the Trustee is acting as Security Registrar.

Section 7.2             Preservation of Information;
Communications to Holders.

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 7.1 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 7.1 upon receipt
of a new list so furnished.

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

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

Section 7.3             Reports by Trustee.

The Trustee shall transmit to Holders and any other
required Persons such reports concerning the Trustee and its actions under this
Indenture as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant thereto.

 34
 

As promptly as practicable after each January 1
beginning with the January 1 following the date of this Indenture, and in any
event prior to March 1 in each year, the Trustee shall mail to each Holder a
brief report dated as of December 31 of the prior year if and to the extent
required by Section 313(a) of the Trust Indenture Act.  The Trustee shall also comply with Section
313(b) of the Trust Indenture Act.

A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company.  The Company will notify the Trustee when any
Securities are listed on any stock exchange.

Section 7.4             Reports by Company.

The Company shall file with the Trustee and the
Commission, and transmit to Holders and any other required Persons within 30
days after the filing with the Trustee, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant to the Trust
Indenture Act; provided that any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act shall be filed with the Trustee within 30 days after the
same is so required to be filed with the Commission.

ARTICLE
8

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.1             Company May Consolidate, etc., Only on
Certain Terms.

The Company may not merge or consolidate with or into
any other Person, in a transaction in which it is not the surviving Person, or
sell, convey, transfer, lease or otherwise dispose of all or substantially all
of its assets to any Person, unless (i) the surviving or transferee Person is
organized and existing under the laws of the United States or a State thereof
or the District of Columbia and such Person expressly assumes by supplemental
indenture all the obligations of the Company under the Securities and under
this Indenture, (ii) immediately thereafter, giving effect to such merger or
consolidation, or such sale, conveyance, transfer or other disposition, no
default or Event of Default shall have occurred and be continuing and (iii) the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel each stating that such merger, consolidation, sale,
conveyance, transfer, lease or other disposition complies with this Article
8 and that all conditions precedent herein provided for relating to such
transaction have been complied with.

Section 8.2             Successor Substituted.

Upon any consolidation of the Company with, or merger
of the Company into, any other Person or any conveyance, transfer or lease of
all or substantially all of the properties and assets of the Company in
accordance with Section 8.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such sale,
conveyance, transfer or lease is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the
Securities.

ARTICLE
9

SUPPLEMENTAL
INDENTURES

Section 9.1             Supplemental Indentures Without Consent
of Holders.

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

(1)           to evidence the succession of another Person
to the Company, or successive successions, and the assumption by any such
successor of the covenants and obligations of the Company herein and in the
Securities in compliance with Article 8; or

(2)           to add to the covenants of the Company for
the benefit of the Holders of any one or more series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are 

 35
 

expressly being included solely for the benefit of such series), to
convey, transfer, assign, mortgage or pledge any property to or with the
Trustee or otherwise secure any series of the Securities, including provisions
regarding the circumstances under which collateral may be released or
substituted, to surrender any right or power herein conferred upon the Company
or to comply with any requirement of the Commission or otherwise in connection
with the qualification of this Indenture or any supplemental indenture under
the Trust Indenture Act; or

(3)           to add any additional Events of Default for
the benefit of the Holders of any one or more series of Securities (and if such
additional Events of Default are to be for the benefit of less than all series
of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or

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

(5)           to add to, change or eliminate any of the
provisions of this Indenture in respect of one or more series of Securities,
provided that any such addition, change or elimination (A) shall neither (i)
apply to any Outstanding Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision,
or (ii) modify the rights of any Holder of any Outstanding Security with
respect to such provision, or (B) shall become effective when there is no
Security then Outstanding; or

(6)           to add or provide for a guaranty or
guarantees of the Securities or additional obligors on the Securities; or

(7)           to establish the form or terms of Securities
of any series as permitted by Sections 2.1 and 3.1; or

(8)           to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11; or

(9)           to correct or supplement any provision
herein which may be defective or inconsistent with any other provision herein,
to cure any ambiguity or omission, to correct any mistake, or to conform to any
prospectus pursuant to which Securities of any series were offered; or

(10)         to make any other provisions with respect to
matters or questions arising under this Indenture, provided such action shall
not adversely affect the rights of any Holder of Securities of any series; or

(11)         to make any change that does not adversely
affect the rights of any Holder.

Section 9.2             Supplemental Indentures with Consent of
Holders.

With the consent of the Holders of a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture (acting as one class), by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or any
indenture supplemental hereto or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

(1)           change the Stated Maturity of the principal
of or any installment of principal of, or the date fixed for payment of
interest on or any sinking fund payment with respect to, any Security, or
reduce the principal amount thereof or the rate of interest thereon, any
Additional Amounts with respect thereto or any premium payable upon the
redemption thereof, or change any obligation of the Company to pay Additional
Amounts (except as contemplated by Section 8.1 and permitted by clause
(1) of Section 9.1), or reduce the amount of the principal
of an Original Issue Discount Security or any other Security which would be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 5.2, or change any Place of Payment where, or the coin or
currency or currencies (including composite currencies) in which any Security
or any premium or interest thereon or Additional Amounts with respect thereto
is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Stated Maturity thereof (or, in the case of
redemption, 

 36
 

on or after the Redemption Date), or modify the provisions of this
Indenture with respect to the subordination of a Security in a manner adverse
to the holder thereof, or

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

(3)           modify any of the provisions of this Section
9.2, Section 5.13 or Section 10.8, except to increase any
such percentage or to provide with respect to any particular series the right
to condition the effectiveness of any supplemental indenture as to that series
on the consent of the Holders of a specified percentage of the aggregate
principal amount of Outstanding Securities of such series (which provision may
be made pursuant to Section 3.1 without the consent of any Holder)
or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the
references to “the Trustee” and concomitant changes in this Section
9.2 and Section 10.8, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and 9.1(8).

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

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

Section 9.3             Execution of Supplemental Indentures.

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Sections 6.1 and 6.3)
shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties,
immunities or liabilities under this Indenture or otherwise.

Section 9.4             Effect of Supplemental Indentures.

Upon the execution of any supplemental indenture under
this Article 9, 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; provided that if
such supplemental indenture makes any of the changes described in clauses (1)
through (3) of the first proviso to Section 9.2, such
supplemental indenture shall bind each Holder of a Security who has consented
to it and every subsequent Holder of such Security or any part thereof.

Section 9.5             Conformity with Trust Indenture Act.

Every supplemental indenture executed pursuant to this
Article 9 shall conform to the requirements of the Trust Indenture Act.

Section 9.6             Reference in Securities to Supplemental
Indentures.

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article 9
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.

 37
 

ARTICLE
10

COVENANTS

Section 10.1           Payment of
Principal, Premium and Interest.

The Company covenants and agrees for the benefit of
the Holders of each series of Securities that it will duly and punctually pay
the principal of and any premium and interest on, and any Additional Amounts
with respect to, the Securities of that series in accordance with the terms of
the Securities and this Indenture.

Section 10.2           Maintenance of
Office or Agency.

The Company will maintain in each Place of Payment for
any series of Securities an office or agency where Securities of that series
may be presented or surrendered for payment, where Securities of that series
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be served.  The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of any 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. 
Unless otherwise provided in a supplemental indenture or pursuant to Section
3.1 hereof, the Place of Payment for any series of Securities shall be the
Corporate Trust Office of the Trustee.

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 10.3           Money for Securities
Payments to be Held in Trust.

If the Company, any Subsidiary or any of their
respective Affiliates shall at any time act as Paying Agent with respect to any
series of Securities, such Paying Agent will, on or before each due date of the
principal of or any premium or interest on, or any Additional Amounts with
respect to, 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 any premium and interest, or any Additional Amounts, 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 or any premium or interest on, or Additional Amounts with
respect to, any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay such amount, such sum to be held as provided by the Trust
Indenture Act, 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 10.3, that such Paying Agent
will (1) comply with the provisions of the Trust Indenture Act applicable
to it as a Paying Agent and (2) during the continuance of any default by
the Company (or any other obligor upon the Securities of that series) in the
making of any payment in respect of the Securities of that series, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in
trust by such Paying Agent for payment in respect of the Securities of that
series.

The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture, or with respect to
one or more series of Securities, 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.

 38
 

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 or any premium or interest on, or any Additional Amounts with respect to,
any Security of any series and remaining unclaimed for a period ending on the
earlier of the date that is ten Business Days prior to the date such money
would escheat to the State or two years after such principal, premium or
interest or Additional Amount 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, may at the expense of the Company cause to
be published once, in an Authorized Newspaper in The Borough of Manhattan, The
City of New York and in such other Authorized Newspapers as the Trustee shall
deem appropriate, notice that such money remains unclaimed and that, after a
date specified herein, which shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining will,
unless otherwise required by mandatory provisions of applicable escheat, or
abandoned or unclaimed property law, be repaid to the Company.

Section 10.4           Statement by
Officers as to Default.

At any time at which there are Outstanding Securities
of any series issued under this Indenture, 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, an Officers’ Certificate complying with Section 314(a)(4)
of the Trust Indenture Act and stating that a review of the activities of the
Company during such year and of performance under this Indenture has been made
under the supervision of the signers thereof and stating whether or not to the
best knowledge of the signers thereof, based upon such review, the Company is
in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in
default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.  One of
the officers signing the Officers’ Certificate delivered pursuant to this Section 10.05
shall be the principal executive, financial or accounting officer of the
Company.

Section 10.5           Existence.

Subject to Article 8, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its existence.

Section 10.6           All Securities to be
Equally and Ratably Secured.

 Unless specified otherwise by the Company
pursuant to Section 3.1 with respect to any series, the Company will not
itself secure Securities of any one or more series with any Mortgage, without
effectively providing that the Securities of every other series shall be
secured equally and ratably by such Mortgage.

Section 10.7           Maintenance of
Properties.

The Company will cause all properties used or useful
in the conduct of its business to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will
cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as, and to the extent, in the judgment of the Company
may be necessary or appropriate in connection with its business; provided,
however, that nothing in this Section 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 10.8           Payment of Taxes and
Other Claims.

The Company will pay or discharge or cause to be paid
or discharged, before the same shall become delinquent, (1) all taxes,
assessments and governmental charges levied or imposed upon the Company or upon
the income, profits or property of the Company, and (2) all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company; provided, however, that the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim (i) whose amount, applicability or validity is
being contested in good faith by appropriate proceedings or (ii) if the failure
to pay or discharge would not have a material adverse effect on the assets,
business, operations, properties or financial condition of the Company and its
Subsidiaries, taken as a whole.

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Section 10.9           Waiver of Certain
Covenants.

Except as otherwise specified as contemplated by Section
3.1 for Securities of such series, the Company may, with respect to the
Securities of any series, omit in any particular instance to comply with any
term, provision or condition set forth in any covenant provided pursuant to Sections
3.1(22), 9.1(2), 8.1, 10.4, 10.5, 10.6, 10.7
or 10.8  for the benefit of the
Holders of such series if before or after the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term, provision
or condition, but no such waiver shall extend to or affect 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 10.10         Additional Amounts.

If the Securities of a series expressly provide for
the payment of Additional Amounts, the Company will pay to the Holder of any
Security of such series Additional Amounts as expressly provided therein.  Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of, or premium (if any)
or interest on any Security of any series or the net proceeds received from the
sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for in this Section 10.10
to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to the provisions of this Section 10.10
and express mention of the payment of Additional Amounts (if applicable) in any
provisions hereof shall not be construed as excluding Additional Amounts in
those provisions hereof where such express mention is not made.

If the Securities of a series provide for the payment
of Additional Amounts, at least 10 days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least 10 days prior
to each date of payment of principal and any premium or interest if there has
been any change with respect to the matters set forth in the below-mentioned
Officers’ Certificate, the Company shall furnish the Trustee and the Company’s
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers’ Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that
series.  If any such withholding shall be
required, then such Officers’ Certificate shall specify by country the amount,
if any, required to be withheld on such payments to such Holders of Securities
and the Company will pay to such Paying Agent the Additional Amounts required
by this Section 10.10.  The
Company covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against any loss, liability or expense reasonably incurred
without negligence, willful misconduct or bad faith on their part arising out
of or in connection with actions taken or omitted by any of them in reliance on
any Officers’ Certificate furnished pursuant to this Section 10.10.

ARTICLE
11

REDEMPTION
OF SECURITIES

Section 11.1           Applicability of
Article.

Securities of any series that are redeemable in whole
or in part before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section
3.1 for such Securities) in accordance with this Article 11.

Section 11.2           Election to Redeem;
Notice to Trustee.

The election of the Company to redeem any Securities
shall be evidenced by a Board Resolution or in another manner specified as
contemplated by Section 3.1 for such Securities.  In case of any redemption at the election of
the Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), 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, of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed.  In the case of any redemption of Securities
(i) prior to the expiration of any restriction on such redemption provided in
the terms of such Securities or elsewhere in this Indenture or
(ii) pursuant to an election of the Company which is subject to a
condition specified in the terms of such 

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Securities, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction or condition.

Section 11.3           Selection by Trustee
of Securities to Be Redeemed.

If less than all the Securities of any series are to
be redeemed (unless all the Securities of such series and of a specified tenor
are to be redeemed or unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected not more than 45
days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, on a pro-rata
basis, or in the Trustee’s discretion, by lot, or by such other method as the
Trustee shall deem fair and appropriate, provided that the unredeemed portion
of the principal amount of any Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such
Security.

If any Security selected for partial redemption is
converted in part before termination of the conversion right with respect to
the portion of the Security so selected, the converted portion of such Security
shall be deemed (so far as may be) to be the portion selected for redemption.

The Trustee shall promptly notify the Company and the
Security Registrar in writing of the Securities selected for redemption as
aforesaid and, in case of any Securities selected for partial redemption as
aforesaid, 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 11.4           Notice of Redemption.

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 90 days prior to
the Redemption Date, unless a shorter period is specified in the Securities to
be redeemed, to each Holder of Securities to be redeemed, at its address
appearing in the Security Register.

All notices of redemption shall state:

(1)           the Redemption Date,

(2)           the Redemption Price (including accrued
interest, if any, to be paid),

(3)           if less than all the Outstanding Securities
of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities,
the principal amounts) of the particular Securities to be redeemed and, if less
than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to
be redeemed,

(4)           in case any Security is to be redeemed in
part only, that on and after the Redemption Date, upon surrender of such
Security, the Holder of such Security will receive, without charge, a new
Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed;

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

(6)           the place or places where each such Security
is to be surrendered for payment of the Redemption Price,

(7)           if applicable, the conversion price, the
date on which the right to convert the principal of the Securities or the
portions thereof to be redeemed will terminate, and the place or places where
such Securities may be surrendered for conversion,

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

(9)           the CUSIP number or numbers and/or common
codes of the Security being redeemed.

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Notice of redemption of Securities to be redeemed at
the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company, provided
that the Company shall have prepared and provided to the Trustee the form of
such notice, or, if acceptable to the Trustee, provided sufficient information
to enable the Trustee to prepare such notice, in each case on a timely basis.

Section 11.5           Deposit of
Redemption Price.

On or prior to 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
10.3) an amount of money 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.

If any Security called for redemption is converted,
any money deposited with the Trustee or with a Paying Agent or so segregated
and held in trust for the redemption of such Security shall (subject to any
right of any Holder of such Security to receive interest thereon) be paid to
the Company on Company Request, or if then held by the Company, shall be
discharged from such trust.

Section 11.6           Securities Payable
on Redemption Date.

Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest.  Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest (and any
Additional Amounts) to the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.1, installments of
interest whose Stated Maturity is on or prior to the Redemption Date will 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 3.7.

If any Security called for redemption shall not be so
paid upon surrender thereof for redemption, the principal and any premium
shall, until paid, bear interest from the Redemption Date at the rate
prescribed therefor in the Security or, in the case of Original Issue Discount
Securities, the Securities’ Yield to Maturity.

Section 11.7           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 its 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 and Stated Maturity and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so
surrendered.

 Unless otherwise specified as contemplated by Section 3.1,
the Company and any Affiliate of the Company may at any time purchase or
otherwise acquire Securities in the open market or by private agreement.  Such acquisition shall not operate as or be
deemed for any purpose to be a redemption of the indebtedness represented by
such Securities.  Any Securities
purchased or acquired by the Company may be delivered to the Trustee and, upon
such delivery, the indebtedness represented thereby shall be deemed to be
satisfied. Section 3. 9 shall apply to all Securities so delivered.

ARTICLE
12

SINKING
FUNDS

Section 12.1           Applicability of
Article.

The provisions of this Article 12 shall be
applicable to any sinking fund for the retirement of Securities of any series
except as otherwise specified as contemplated by Section 3.1 for such
Securities.

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The minimum amount of any sinking fund payment
provided for by the terms of any Securities 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 such Securities is herein referred to as an “optional
sinking fund payment.” Unless otherwise provided for by the terms of any
Securities, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 12.2. Each sinking fund payment shall
be applied to the redemption of Securities as provided for by the terms of such
Securities.

Section 12.2           Satisfaction of
Sinking Fund Payments with Securities.

The Company (1) may deliver Outstanding Securities of
a series (other than any previously called for redemption) and (2) may apply as
a credit Securities of a series which have been redeemed either at the election
of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms
of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to any Securities of such series required to
be made pursuant to the terms of such Securities as and to the extent provided
for by the terms of such Securities; provided that the Securities to be so
credited have not been previously so credited. 
The Securities to be so credited shall be received and credited for such
purpose by the Trustee at the Redemption Price, as specified in the Securities
so to be redeemed, for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.

Section 12.3           Redemption of
Securities for Sinking Fund.

Not fewer than 45 days prior (unless a shorter period
shall be satisfactory to the Trustee) to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for such
Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities pursuant
to Section 12.2 and will also deliver to the Trustee any Securities to
be so delivered.  Not fewer than 30 days
prior to each such sinking fund payment date, the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 11.3 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 11.4.  Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.6 and 11.7.

ARTICLE
13

DEFEASANCE
AND COVENANT DEFEASANCE

Section 13.1           Company’s Option to
Effect Defeasance or Covenant Defeasance.

The Company may elect, at its option at any time, to
have Section 13.2 or Section 13.3 applied to any Securities or
any series of Securities, as the case may be, designated pursuant to Section
3.1 as being defeasible pursuant to such Section 13.2 or 13.3,
in accordance with any applicable requirements provided pursuant to Section
3.1 and upon compliance with the conditions set forth below in this Article
13.  Any such election shall be
evidenced by a Board Resolution or in another manner specified as contemplated
by Section 3.1 for such Securities.

Section 13.2           Defeasance and
Discharge.

Upon the Company’s exercise of its option (if any) to
have this Section applied to any Securities or any series of Securities, as the
case may be, the Company shall be deemed to have been discharged from its
obligations with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Defeasance”). 
For this purpose, such Defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder:

(1)           the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 13.4 and as
more fully set forth in such Section, payments in respect of the principal of
and any premium and interest on, or any Additional Amounts with respect to,
such Securities when payments are due,

(2)           the Company’s obligations with respect to
such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3,

 43
 

(3)           the rights, powers, trusts, duties and
immunities of the Trustee hereunder, and

(4)           this Article 13.

Subject to compliance with this Article 13, the
Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have Section
13.3 applied to such Securities.

Section 13.3           Covenant Defeasance.

Upon the Company’s exercise of its option (if any) to
have this Section 13.3 applied to any Securities or any series of
Securities, as the case may be,

(1)           the Company shall be released from their
obligations under Sections 8.1, 10.4,  10.5. 10.6, 10.7 or 10.8
and any covenants provided pursuant to Sections 3.1(22) or 9.1(2)
for the benefit of the Holders of such Securities and

(2)           the occurrence of any event specified in Section
5.1(4) (with respect to any of Sections 8.1, 10.4,  10.5. 10.6, 10.7 or 10.8
and any such covenants provided pursuant to Sections 3.1(22) or 9.1(2))
and the occurrence of any other Event of Default specified pursuant to Section
3.1 or Section 9.1(3) shall be deemed not to be or result in an
Event of Default,

in each case with respect to such Securities or any
series of Securities as provided in this Section 13.3 on and after the
date the conditions set forth in Section 13.4 are satisfied (hereinafter
called “Covenant Defeasance”). 
For this purpose, such Covenant Defeasance means that, with respect to
such Securities, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
specified Section or such other covenant (to the extent so specified in the
case of Section 5.1(4) and the occurrence of any Event of Default
specified pursuant to Section 3.1 or Section 9.1(3)), whether
directly or indirectly by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of any reference in any such
Section or such other covenant to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

Section 13.4           Conditions to
Defeasance or Covenant Defeasance.

The following shall be the conditions to the
application of Section 13.2 or Section 13.3 to any Securities or
any series of Securities, as the case may be:

(1)           The Company shall have deposited or caused
to be deposited irrevocably with the Trustee (or another trustee which
satisfies the requirements contemplated by Section 6.9 and agrees to
comply with the provisions of this Article 13 applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefits of the Holders
of such Securities,

(A)          in the case of Securities of a series
denominated in currency of the United States of America,

(i)            cash in currency of the United States of
America in an amount, or

(ii)           U.S. Government Obligations which through
the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, an amount in cash, or

(iii)          a combination thereof, or

(B)           in the case of Securities of a series
denominated in currency other than that of the United States of America,

(i)            cash in the currency in which such series
of Securities is denominated in an amount, or

(ii)           Foreign Government Obligations which through
the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, an amount in cash, or

 44
 

(iii)          a combination thereof,

in each case sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or any such other qualifying
trustee) to pay and discharge, the principal of and any premium and interest on
such Securities on the respective Stated Maturities, in accordance with the
terms of this Indenture and such Securities.

(2)           For Securities denominated in United States
dollars, in the event of an election to have Section 13.2 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that

(A)          the Company has received from, or there has
been published by, the Internal Revenue Service a ruling or

(B)           since the date of this instrument, there has
been a change in the applicable Federal income tax law,

in either case clause (A) or (B) to the
effect that, and based thereon such opinion shall confirm that, the Holders of
such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with
respect to such Securities and will be subject to Federal income tax on the
same amount, in the same manner and at the same times as would be the case if
such deposit, Defeasance and discharge were not to occur.

(3)           For Securities denominated in United States
dollars, in the event of an election to have Section 13.3 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities will not recognize gain or loss for Federal income
tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on
the same amount, in the same manner and at the same times as would be the case
if such deposit and Covenant Defeasance were not to occur.

(4)           The Company shall have delivered to the
Trustee an Officers’ Certificate to the effect that neither such Securities nor
any other Securities of the same series, if then listed on any securities
exchange, will be delisted as a result of such deposit.

(5)           No event which is, or after notice or lapse
of time or both would become, an Event of Default with respect to such
Securities or any other Securities shall have occurred and be continuing at the
time of such deposit or, with regard to any such event specified in Sections
5.1(5) and (6), at any time on or prior to the 90th day after the
date of such deposit (it being understood that this condition shall not be
deemed satisfied until after such 90th day).

(6)           Such Defeasance or Covenant Defeasance shall
not cause the Trustee to have a conflicting interest within the meaning of the
Trust Indenture Act (assuming all Securities are in default within the meaning
of such Act).

(7)           Such Defeasance or Covenant Defeasance shall
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.

(8)           Such Defeasance or Covenant Defeasance shall
not result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act unless such trust
shall be registered under such Act or exempt from registration thereunder.

(9)           The Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent with respect to such Defeasance or Covenant Defeasance
have been complied with.

Section 13.5           Deposited Money, U.
S. Government Obligations and Foreign Government Obligations to be Held in
Trust; Miscellaneous Provisions.

Subject to the provisions of the last paragraph of Section
10.3, all money, U.S. Government Obligations and Foreign Government
Obligations (including the proceeds thereof) deposited with the Trustee or
other qualifying trustee (solely for purposes of this Section 13.5 and Section
13.6, the Trustee and any such other trustee are referred to collectively
as the “Trustee”) pursuant to Section 13.4 in respect of any
Securities shall be held in trust and applied by the Trustee, in 

 45
 

accordance with the
provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law.  The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations or Foreign Government Obligations deposited
pursuant to Section 13.4 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of Outstanding Securities. Anything in this Article
13 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section
13.4 with respect to any Securities which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect the Defeasance
or Covenant Defeasance, as the case may be, with respect to such Securities.

Section 13.6           Reinstatement.

If the Trustee or the Paying Agent is unable to apply
any money in accordance with this Article 13 with respect to any
Securities by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application,
then the obligations under this Indenture and such Securities from which the
Company has been discharged or released pursuant to Section 13.2 or 13.3
shall be revived and reinstated as though no deposit had occurred pursuant to
this Article 13 with respect to such Securities, until such time as the
Trustee or Paying Agent is permitted to apply all money held in trust pursuant
to Section 13.5 with respect to such Securities in accordance with this Article
13; provided, however, that if the Company makes any payment of principal
of or any premium or interest on any such Security following such reinstatement
of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held
in trust.

ARTICLE
14

SUBORDINATION

Section 14.1           Securities
Subordinated to Senior Indebtedness.

The Company and each Holder of a Security, by his
acceptance thereof, agree that (a) the payment of the principal of,
premium (if any) and interest on and any Additional Amounts with respect to
each and all the Securities and (b) any other payment in respect of the
Securities, including on account of the acquisition or redemption of Securities
by the Company, is subordinated, to the extent and in the manner provided in
such Security or in the supplemental indenture pursuant to which such Security
is issued, to the prior payment in full of all Senior Indebtedness specified in
such Security or in such supplemental indenture.

Such subordination provisions shall constitute a
continuing offer to all Persons who, in reliance upon such provisions, become
holders of, or continue to hold, any of such Senior Indebtedness, and such
provisions are made for the benefit of the holders of such Senior Indebtedness
and any one or more of them may enforce such provisions.

Section 14.2           Right of Trustee to
Hold Senior Indebtedness.

The Trustee in its individual capacity shall be
entitled to all of the rights set forth in this Article 14 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 be
construed to deprive the Trustee of any of its rights as such holder.

Section 14.3           Subordination Not to
Prevent Events of Default.

The failure to make a payment on account of principal
of, premium (if any) or interest on the Securities by reason of any
subordination provision for the benefit of holders of Senior Indebtedness shall
not be construed as preventing the occurrence of a Default or an Event of
Default under Section 5.1 or in any way prevent the Holders of the
Securities from exercising any right hereunder other than the right to receive
payment on the Securities.

 46
 

Section 14.4           No Fiduciary Duty of
Trustee to 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 (other than for its willful misconduct or negligence) if it shall in
good faith mistakenly pay over or distribute to the Holders of the Securities
or the Company or any other Person, cash, property or securities to which any
holders of Senior Indebtedness shall be entitled by virtue of this
Article 14 or otherwise. 
Nothing in this Section 14.4 shall affect the obligation of
any other such Person to hold such payment for the benefit of, and to pay such
payment over to, the holders of Senior Indebtedness or their representative.

Section 14.5           Article Applicable
to Paying Agent.

In case at any time any Payment 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 14 shall in such
case (unless the context shall otherwise require) be construed as extending to
and including such Payment Agent within its meaning as fully for all intents
and purposes as if such Paying Agent were named in this Article 14 in
addition to or in place of the Trustee; provided, however, that this Section 14.5
shall not apply to the Company or any Affiliate of the Company if it or such
Affiliate acts as Paying Agent.

[signature page follows]

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

	
  

  	
   

  	
  PHARMACOPEIA, INC.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  [TRUSTEE]

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
   

  	 

								

 

 47

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]