Document:

EXHIBIT 4.2

 

FORM OF SUBORDINATED INDENTURE

 

 

TITAN MACHINERY INC.,

 

ISSUER

 

AND

 

[                     ],

 

TRUSTEE

 

 

INDENTURE

 

DATED AS OF [                     ],
20[         ]

 

 

SUBORDINATED DEBT SECURITIES

 

 

 

CROSS-REFERENCE TABLE(1)

 

	
  Section of

  Trust Indenture

  Act

  of 1939, as

  amended

  	
   

  	
  Section of

  Indenture

  
	
  310(a)(1)

  	
   

  	
  7.09

  
	
  310(a)(2)

  	
   

  	
  7.09

  
	
  310(a)(3)

  	
   

  	
  Inapplicable

  
	
  310(a)(4)

  	
   

  	
  Inapplicable

  
	
  310(b)

  	
   

  	
  7.08

  
	
   

  	
   

  	
  7.10

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  7.13

  
	
  311(b)

  	
   

  	
  7.13

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  5.01

  
	
   

  	
   

  	
  5.02(a)

  
	
  312(b)

  	
   

  	
  5.02(c)

  
	
  312(c)

  	
   

  	
  5.02(c)

  
	
  313(a)

  	
   

  	
  5.04(a)

  
	
  313(b)

  	
   

  	
  5.04(b)

  
	
  313(c)

  	
   

  	
  5.04(a)

  
	
   

  	
   

  	
  5.04(b)

  
	
  313(d)

  	
   

  	
  5.04(c)

  
	
   

  	
   

  	
  5.04(b)

  
	
  314(a)

  	
   

  	
  5.04(c)

  
	
   

  	
   

  	
  5.03

  
	
  314(b)

  	
   

  	
  12.05(c)

  
	
  314(c)

  	
   

  	
  Inapplicable

  
	
  314(d)

  	
   

  	
  12.05

  
	
  314(e)

  	
   

  	
  Inapplicable

  
	
  314(f)

  	
   

  	
  12.05

  
	
  315(a)(1)

  	
   

  	
  Inapplicable

  
	
  315(a)(2)

  	
   

  	
  7.01(b)

  
	
  315(b)

  	
   

  	
  7.02

  
	
  315(c)

  	
   

  	
  5.04(d)

  
	
  315(d)

  	
   

  	
  7.01

  
	
   

  	
   

  	
  7.01

  
	
  315(e)

  	
   

  	
  7.02

  
	
  316(a)

  	
   

  	
  6.07

  
	
   

  	
   

  	
  6.06

  
	
  316(b)

  	
   

  	
  8.04

  
	
  316(c)

  	
   

  	
  6.04

  
	
  317(a)

  	
   

  	
  8.01

  
	
  317(b)

  	
   

  	
  6.02

  
	
  318(a)

  	
   

  	
  4.03

  
	
  310(a)(1)

  	
   

  	
  12.07

  

 

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

 

i

 

TABLE OF CONTENTS(2)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS

  	
  1

  
	
   

  	
   

  
	
  SECTION 1.01

  	
  Definitions of Terms

  	
  1

  
	
   

  	
   

  	
   

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

  	
  5

  
	
   

  	
   

  
	
  SECTION 2.01

  	
  Designation and Terms of Securities

  	
  5

  
	
  SECTION 2.02

  	
  Form of Securities and Trustee’s Certificate

  	
  7

  
	
  SECTION 2.03

  	
  Denominations; Provisions for Payment

  	
  7

  
	
  SECTION 2.04

  	
  Execution and Authentications

  	
  8

  
	
  SECTION 2.05

  	
  Registration of Transfer and Exchange

  	
  9

  
	
  SECTION 2.06

  	
  Temporary Securities

  	
  10

  
	
  SECTION 2.07

  	
  Mutilated, Destroyed, Lost or Stolen Securities

  	
  11

  
	
  SECTION 2.08

  	
  Cancellation

  	
  11

  
	
  SECTION 2.09

  	
  Benefits of Indenture

  	
  12

  
	
  SECTION 2.10

  	
  Authenticating Agent

  	
  12

  
	
  SECTION 2.11

  	
  Global Securities

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REDEMPTION OF
  SECURITIES AND SINKING FUND PROVISIONS

  	
  13

  
	
   

  	
   

  
	
  SECTION 3.01

  	
  Redemption

  	
  13

  
	
  SECTION 3.02

  	
  Notice of Redemption

  	
  14

  
	
  SECTION 3.03

  	
  Payment Upon Redemption

  	
  15

  
	
  SECTION 3.04

  	
  Sinking Fund

  	
  15

  
	
  SECTION 3.05

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
  15

  
	
  SECTION 3.06

  	
  Redemption of Securities for Sinking Fund

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
  16

  
	
   

  	
   

  
	
  SECTION 4.01

  	
  Payment of Principal, Premium and Interest

  	
  16

  
	
  SECTION 4.02

  	
  Maintenance of Office or Agency

  	
  16

  
	
  SECTION 4.03

  	
  Paying Agents

  	
  17

  
	
  SECTION 4.04

  	
  Appointment to Fill Vacancy in Office of Trustee

  	
  18

  
	
   

  	
   

  	
   

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

  	
  18

  
	
   

  	
   

  
	
  SECTION 5.01

  	
  Company to Furnish Trustee Names and Addresses of
  Securityholders

  	
  18

  
	
  SECTION 5.02

  	
  Preservation Of Information; Communications With
  Securityholders

  	
  18

  
	
  SECTION 5.03

  	
  Reports by the Company

  	
  18

  
	
  SECTION 5.04

  	
  Reports by the Trustee

  	
  19

  
	
   

  	
   

  	
   

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

  	
  20

  
	
   

  	
   

  
	
  SECTION 6.01

  	
  Events of Default

  	
  20

  
	
  SECTION 6.02

  	
  Suits for Enforcement by Trustee

  	
  21

  

 

i

 

	
  SECTION 6.03

  	
  Application of Moneys Collected

  	
  22

  
	
  SECTION 6.04

  	
  Limitation on Suits

  	
  23

  
	
  SECTION 6.05

  	
  Rights and Remedies Cumulative; Delay or Omission Not
  Waiver

  	
  23

  
	
  SECTION 6.06

  	
  Control by Securityholders

  	
  24

  
	
  SECTION 6.07

  	
  Undertaking to Pay Costs

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII CONCERNING THE
  TRUSTEE

  	
  25

  
	
   

  	
   

  
	
  SECTION 7.01

  	
  Certain Duties and Responsibilities of Trustee

  	
  25

  
	
  SECTION 7.02

  	
  Certain Rights of Trustee

  	
  26

  
	
  SECTION 7.03

  	
  Trustee Not Responsible for Recitals or Issuance or
  Securities

  	
  27

  
	
  SECTION 7.04

  	
  May Hold Securities

  	
  27

  
	
  SECTION 7.05

  	
  Moneys Held in Trust

  	
  27

  
	
  SECTION 7.06

  	
  Compensation and Reimbursement

  	
  27

  
	
  SECTION 7.07

  	
  Reliance on Officers’ Certificate

  	
  28

  
	
  SECTION 7.08

  	
  Disqualification; Conflicting Interests

  	
  28

  
	
  SECTION 7.09

  	
  Corporate Trustee Required; Eligibility

  	
  28

  
	
  SECTION 7.10

  	
  Resignation and Removal; Appointment of Successor

  	
  29

  
	
  SECTION 7.11

  	
  Acceptance of Appointment By Successor

  	
  30

  
	
  SECTION 7.12

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
  31

  
	
  SECTION 7.13

  	
  Preferential Collection of Claims Against the Company

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII CONCERNING THE
  SECURITYHOLDERS

  	
  32

  
	
   

  	
   

  
	
  SECTION 8.01

  	
  Evidence of Action by Securityholders

  	
  32

  
	
  SECTION 8.02

  	
  Proof of Execution by Securityholders

  	
  32

  
	
  SECTION 8.03

  	
  Who May be Deemed Owners

  	
  33

  
	
  SECTION 8.04

  	
  Certain Securities Owned by Company Disregarded

  	
  33

  
	
  SECTION 8.05

  	
  Actions Binding on Future Securityholders

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX SUPPLEMENTAL
  INDENTURES

  	
  34

  
	
   

  	
   

  
	
  SECTION 9.01

  	
  Supplemental Indentures Without the Consent of
  Securityholders

  	
  34

  
	
  SECTION 9.02

  	
  Supplemental Indentures With Consent of Securityholders

  	
  35

  
	
  SECTION 9.03

  	
  Effect of Supplemental Indentures

  	
  35

  
	
  SECTION 9.04

  	
  Securities Affected by Supplemental Indentures

  	
  35

  
	
  SECTION 9.05

  	
  Execution of Supplemental Indentures

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE X SUCCESSOR ENTITY

  	
  36

  
	
   

  	
   

  
	
  SECTION 10.01

  	
  Company May Consolidate, Etc.

  	
  36

  
	
  SECTION 10.02

  	
  Successor Entity Substituted

  	
  37

  
	
  SECTION 10.03

  	
  Evidence of Consolidation, Etc. to Trustee

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI SATISFACTION AND
  DISCHARGE

  	
  37

  
	
   

  	
   

  
	
  SECTION 11.01

  	
  Satisfaction and Discharge of Indenture

  	
  37

  
	
  SECTION 11.02

  	
  Discharge of Obligations

  	
  38

  
	
  SECTION 11.03

  	
  Deposited Moneys to be Held in Trust

  	
  38

  
	
  SECTION 11.04

  	
  Payment of Moneys Held by Paying Agents

  	
  38

  
	
  SECTION 11.05

  	
  Repayment to Company

  	
  38

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII MISCELLANEOUS
  PROVISIONS

  	
  39

  

 

ii

 

	
  SECTION 12.01

  	
  Effect on Successors and Assigns

  	
  39

  
	
  SECTION 12.02

  	
  Actions by Successor

  	
  39

  
	
  SECTION 12.03

  	
  Notices

  	
  39

  
	
  SECTION 12.04

  	
  Governing Law

  	
  39

  
	
  SECTION 12.05

  	
  Compliance Certificates and Opinions

  	
  39

  
	
  SECTION 12.06

  	
  Payments on Business Days

  	
  40

  
	
  SECTION 12.07

  	
  Conflict with Trust Indenture Act

  	
  40

  
	
  SECTION 12.08

  	
  Counterparts

  	
  40

  
	
  SECTION 12.09

  	
  Separability

  	
  40

  
	
  SECTION 12.10

  	
  Assignment

  	
  41

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII SUBORDINATION
  OF SECURITIES

  	
  41

  
	
   

  	
   

  
	
  SECTION 13.01

  	
  Subordination Terms

  	
  41

  

 

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

 

iii

 

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

 

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

 

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

 

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

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01                       Definitions of Terms.

 

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

 

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

 

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

 

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

 

1

 

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

 

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

 

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

 

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

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time,
its corporate trust business shall be principally administered, which office at
the date hereof is located at [     ], except that
whenever a provision herein refers to an office or agency of the Trustee in the
United States, such office is located, at the date hereof, at [     ].

 

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

 

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

 

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

 

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

 

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

 

“Governmental
Obligations” means securities that are (i) direct obligations of the
United States of America for the payment of which its full faith and credit is
pledged or (ii) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case, are not
callable or redeemable at 

 

2

 

the
option of the issuer thereof, and shall also include a depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act
of 1933, as amended) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt.

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

made
for giving such notice; and (c) Securities in lieu of or in substitution
for which other Securities shall have been authenticated and delivered pursuant
to the terms of Section 2.07.

 

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

 

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

 

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

 

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

 

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

 

“Senior
Indebtedness” means indebtedness issued pursuant to a senior indenture, as
supplemented or amended by one or more indentures supplemental thereto, payment
of which shall be senior to the payment of the Securities issued hereunder,
pursuant to ARTICLE XIV hereof.

 

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

 

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

 

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

 

4

 

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

 

ARTICLE II

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION,

REGISTRATION
AND EXCHANGE OF SECURITIES

 

SECTION 2.01                       Designation and Terms
of Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(15)         the
subordination terms of the Securities of the series;

 

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

 

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

 

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

 

Securities
of any particular series may be issued at various times, with different dates
on which the principal or any installment of principal is payable, with
different rates of interest, if 

 

6

 

any,
or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different
redemption dates.

 

SECTION 2.02                       Form of Securities and Trustee’s
Certificate.

 

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

 

SECTION 2.03                       Denominations; Provisions for Payment.

 

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

 

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

 

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

 

(1)           The Company may
make payment of any Defaulted Interest on Securities to the Persons in whose
names such Securities (or their respective Predecessor Securities) are
registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner:  the Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on 

 

7

 

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

 

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

 

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

 

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

 

SECTION 2.04                       Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by its Chairman, Vice
Chairman, Chief Executive Officer, President, Chief Financial Officer, Chief
Operating Officer, or one of its Executive Vice Presidents or Senior Vice
Presidents, or its Treasurer, or one of its 

 

8

 

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

 

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

 

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

 

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

 

SECTION 2.05                       Registration of Transfer and Exchange.

 

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

 

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

 

9

 

of Securities as herein
provided shall be appointed as authorized by a Board Resolution (the “Security
Registrar”).

 

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

 

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

 

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

 

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

 

SECTION 2.06                       Temporary Securities.

 

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

 

10

 

SECTION 2.07                       Mutilated, Destroyed, Lost or Stolen
Securities.

 

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

 

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

 

SECTION 2.08                       Cancellation.

 

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

 

11

 

redemption
or satisfaction of the indebtedness represented by such Securities unless and
until the same are delivered to the Trustee for cancellation.

 

SECTION 2.09                       Benefits of Indenture.

 

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

 

SECTION 2.10                       Authenticating Agent.

 

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

 

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

 

SECTION 2.11                       Global Securities.

 

(a)           If the Company shall establish pursuant to Section 2.01 that the
Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with Section 2.04,
authenticate and deliver, a Global Security that (1) shall represent, and
shall be denominated in an amount equal to the aggregate principal 

 

12

 

amount of, all of the
Outstanding Securities of such series, (2) shall be registered in the name
of the Depositary or its nominee, (3) shall be delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instruction and (4) shall
bear a legend substantially to the following effect:  “Except as otherwise provided in Section 2.11
of the Indenture, this Security may be transferred, in whole but not in part,
only to another nominee of the Depositary or to a successor Depositary or to a
nominee of such successor Depositary.”

 

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

 

(c)           If at any time the Depositary for a series of the Securities notifies the
Company that it is unwilling or unable to continue as Depositary for such
series or if at any time the Depositary for such series shall no longer be registered
or in good standing under the Exchange Act, or other applicable statute or
regulation, and a successor Depositary for such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such condition, as the case may be, this Section 2.11 shall no longer
be applicable to the Securities of such series and the Company, and will
execute and, subject to Section 2.05, the Trustee will authenticate and
deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security of such series in exchange
for such Global Security.  In addition,
the Company may at any time determine that the Securities of any series shall
no longer be represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series.  In such event the Company will execute and,
subject to Section 2.05, the Trustee, upon receipt of an Officers’
Certificate evidencing such determination by the Company, will authenticate and
deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security of such series in exchange
for such Global Security.  Upon the
exchange of the Global Security for such Securities in definitive registered
form without coupons, in authorized denominations, the Global Security shall be
canceled by the Trustee.  Such Securities
in definitive registered form issued in exchange for the Global Security
pursuant to this Section 2.11(c) shall be registered in such names
and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee.  The Trustee shall
deliver such Securities to the Depositary for delivery to the Persons in whose
names such Securities are so registered.

 

ARTICLE III

 

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

SECTION 3.01                       Redemption.

 

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

 

13

 

SECTION 3.02                       Notice of Redemption.

 

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

 

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

 

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

 

14

 

Trustee or any such paying
agent, the Company shall deliver or cause to be delivered to, or permit to
remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such paying agent to
give any notice by mail that may be required under the provisions of this
Section.

 

SECTION 3.03                       Payment Upon Redemption.

 

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

 

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

 

SECTION 3.04                       Sinking Fund.

 

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

 

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

 

SECTION 3.05                       Satisfaction of Sinking Fund Payments with
Securities.

 

The
Company (a) may deliver Outstanding Securities of a series (other than any
Securities previously called for redemption) and (b) may apply as a credit
Securities of a series that have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the 

 

15

 

terms
of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to
be made pursuant to the terms of such Securities, provided that such Securities
have not been previously so credited. 
Such Securities shall be received and credited for such purpose by the
Trustee at the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly.

 

SECTION 3.06                       Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05
and the basis for such credit and will, together with such Officers’
Certificate, deliver to the Trustee any Securities to be so delivered.  Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 3.02
and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 3.02.  Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Section 3.03.

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.01                       Payment of Principal, Premium and Interest.

 

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

 

SECTION 4.02                       Maintenance of Office
or Agency.

 

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

 

16

 

Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such
presentations, notices and demands.

 

SECTION 4.03                       Paying Agents.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17

 

Company or such paying
agent; and, upon such payment by any paying agent to the Trustee, such paying
agent shall be released from all further liability with respect to such money.

 

SECTION 4.04                       Appointment to Fill Vacancy in Office of
Trustee.

 

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

 

ARTICLE V

 

SECURITYHOLDERS’
LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

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

 

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

 

SECTION 5.02                       Preservation Of Information; Communications
With Securityholders.

 

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

 

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

 

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

 

SECTION 5.03                       Reports by the Company.

 

(a)           The Company covenants and agrees to file with the Trustee, within 15 days
after the Company files the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as

 

18

 

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

 

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

 

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

 

SECTION 5.04                       Reports by the Trustee.

 

(a)           On or before [      ] in each year in which
any of the Securities are Outstanding, the Trustee shall transmit by mail,
first class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated as of the
preceding [      ], if and to the extent required
under Section 313(a) of the Trust Indenture Act.

 

(b)           The Trustee shall comply with Sections 313(b), 313(c) and 313(d) of
the Trust Indenture Act.

 

(c)           filed by the Trustee with the Company, with each stock exchange upon
which any Securities are listed (if so listed) and also with the
Commission.  The Company agrees to notify
the Trustee when any Securities become listed on any stock exchange.

 

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

 

19

 

ARTICLE VI

 

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

SECTION 6.01                       Events of Default.

 

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

 

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

 

(2)           the Company
defaults in the payment of the principal of (or premium, if any, on) any of the
Securities of that series as and when the same shall become due and payable
whether at maturity, upon redemption, by declaration or otherwise, or in any
payment required by any sinking or analogous fund established with respect to
that series; provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture supplemental hereto
shall not constitute a default in the payment of principal or premium, if any;

 

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

 

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

 

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

 

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

 

20

 

declare the principal of
all the Securities of that series to be due and payable immediately, and upon
any such declaration the same shall become and shall be immediately due and
payable.

 

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

 

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

 

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

 

SECTION 6.02                       Suits for Enforcement by Trustee.

 

(a)           If an Event of Default specified in Section 6.01(a)(1) or (2) hereof
occurs and is continuing, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company
or, if applicable or any other obligor upon the Securities of that series and
collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company, or, if applicable or any other obligor
upon the Securities of that series, wherever situated.

 

(b)           In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have
power to intervene in such proceedings and take any action therein that may be
permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may
be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities

 

21

 

of a series allowed for
the entire amount due and payable by the Company under this Indenture at the
date of institution of such proceedings and for any additional amount that may
become due and payable by the Company after such date, and to collect and
receive any moneys or other property payable or deliverable on any such claim,
and to distribute the same after the deduction of the amount payable to the
Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the holders of
Securities of such series to make such payments to the Trustee, and, in the
event that the Trustee shall consent to the making of such payments directly to
such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

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

 

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

 

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

 

SECTION 6.03                       Application of Moneys Collected.

 

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

 

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

 

SECOND:  To the payment of all Senior Indebtedness of
the Company if and to the extent required by ARTICLE XIV; and

 

THIRD:  To the payment of the amounts then due and
unpaid upon Securities of such series for principal (and premium, if any) and
interest, in respect of which or for the benefit of

 

22

 

which
such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal
(and premium, if any) and interest, respectively.

 

SECTION 6.04                       Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue or by
availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (a) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (b) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then Outstanding
shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as trustee hereunder; (c) such holder or
holders shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein or
thereby; (d) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity, shall have failed to institute any such action,
suit or proceeding; and (e) during such 60-day period, the holders of a
majority in principal amount of the Securities of that series shall not have
given the Trustee a direction inconsistent with the request.

 

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

 

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

 

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

 

(b)           No delay or omission of the Trustee or of any holder of any of the
Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as

 

23

 

aforesaid shall impair any
such right or power, or shall be construed to be a waiver of any such default
or on acquiescence therein; and, subject to the provisions of Section 6.04,
every power and remedy given by this Article or by law to the Trustee or
the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

 

SECTION 6.06                       Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any
series at the time Outstanding, determined in accordance with Section 8.01,
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee with respect to such series; provided, however,
that such direction shall not be in conflict with any rule of law or with
this Indenture or be unduly prejudicial to the rights of holders of Securities
of any other series at the time Outstanding determined in accordance with Section 8.01.  Subject to the provisions of Section 7.01,
the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the
Trustee, determine that the proceeding so directed would involve the Trustee in
personal liability.  The holders of a
majority in aggregate principal amount of the Securities of any series at the
time Outstanding affected thereby, determined in accordance with Section 8.01,
may on behalf of the holders of all of the Securities of such series waive any
past default in the performance of any of the covenants contained herein or
established pursuant to Section 2.01 with respect to such series and its
consequences, except an uncured default in the payment of the principal of (or
premium, if any) or interest on, any of the Securities of that series as and
when the same shall become due by the terms of such Securities otherwise than
by acceleration (unless such default has been cured and a sum sufficient to pay
all matured installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)).  Upon any such waiver, the default covered
thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Securities of such series shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

 

SECTION 6.07                       Undertaking to Pay Costs.

 

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

 

24

 

ARTICLE VII

 

CONCERNING
THE TRUSTEE

 

SECTION 7.01                       Certain Duties and Responsibilities of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(3)           the Trustee
shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the holders of not less
than a majority in principal amount of the Securities of any series at the time
Outstanding

 

25

 

 

relating
to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee under this Indenture with respect to the Securities of that series; and

 

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

 

SECTION 7.02                       Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

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

 

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

 

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

 

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

 

(e)           faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture;

 

(f)            The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security or other
papers or documents, unless requested in writing 

 

26

 

so to do by the holders of
not less than a majority in principal amount of the Outstanding Securities of
the particular series affected thereby (determined as provided in Section 8.04);
provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require reasonable indemnity against such costs, expenses or
liabilities as a condition to so proceeding. 
The reasonable expense of every such examination shall be paid by the
Company or, if paid by the Trustee, shall be repaid by the Company upon demand;
and

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.04                       May Hold Securities.

 

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

 

SECTION 7.05                       Moneys Held in Trust.

 

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

 

SECTION 7.06                       Compensation and Reimbursement.

 

(a)           The Company covenants and agrees to pay to the Trustee, and the Trustee
shall be entitled to, such reasonable compensation (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express
trust), as the Company and the Trustee may 

 

27

 

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

 

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

 

SECTION 7.07                       Reliance on Officers’ Certificate.

 

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

 

SECTION 7.08                       Disqualification; Conflicting Interests.

 

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

 

SECTION 7.09                       Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder
which shall at all times be a corporation organized and doing business under
the laws of the United States of America or any State or Territory thereof or
of the District of Columbia, or a corporation or other Person permitted to act
as trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least 50 million
U.S.  dollars ($50,000,000), and subject
to supervision or examination by Federal, State, Territorial or District of
Columbia authority.  If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or 

 

28

 

examining
authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.  The Company may not, nor may any Person
directly or indirectly controlling, controlled by or under common control with
the Company, serve as Trustee.  In case
at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 7.10.

 

SECTION 7.10                       Resignation and Removal; Appointment of
Successor.

 

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

 

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

 

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

 

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

 

(3)           the Trustee
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or
of its property shall be appointed or consented to, or any public officer shall
take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in any such case,
the Company may remove the Trustee with respect to all Securities and appoint a
successor trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, unless the
Trustee’s duty to resign is stayed as provided herein, any Securityholder who
has been a bona fide holder of a Security or Securities for at least six months
may, on behalf of that holder and all others similarly situated, petition any
court 

 

29

 

of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee.  Such court may
thereupon after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

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

 

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

 

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

 

SECTION 7.11                       Acceptance of Appointment By Successor.

 

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

 

(b)           In case of the appointment hereunder of a successor trustee with respect
to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the Securities of
one or more series shall execute and deliver 
an indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each
successor trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates, (2) shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for 

 

30

 

any act or failure to act
on the part of any other Trustee hereunder; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which
the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of
the duties and obligations vested in the Trustee under this Indenture, and each
such successor trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates; but, on request of the Company or
any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor trustee relates.

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.13                       Preferential Collection of Claims Against the
Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship described in Section 311(b) of
the Trust Indenture Act.  A Trustee who
has 

 

31

 

resigned
or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.

 

ARTICLE VIII

 

CONCERNING
THE SECURITYHOLDERS

 

SECTION 8.01                       Evidence of Action by Securityholders.

 

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

 

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

 

SECTION 8.02                       Proof of Execution by Securityholders.

 

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

 

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

 

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

 

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

 

32

 

SECTION 8.03                       Who May be Deemed Owners.

 

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

 

SECTION 8.04                       Certain Securities Owned by Company
Disregarded.

 

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

 

SECTION 8.05                       Actions Binding on Future Securityholders.

 

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

 

33

 

ARTICLE IX

 

SUPPLEMENTAL
INDENTURES

 

SECTION 9.01                       Supplemental Indentures Without the Consent of
Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture,
the Company, and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect), without the consent
of the Securityholders, for one or more of the following purposes:

 

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

 

(b)           to comply with Article Ten;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

34

 

SECTION 9.02                       Supplemental Indentures With Consent of
Securityholders.

 

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

 

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

 

SECTION 9.03                       Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or
of Section 10.01, this Indenture shall, with respect to such series, be
and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company, and the holders of Securities
of the series affected thereby shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

 

SECTION 9.04                       Securities Affected by Supplemental Indentures.

 

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

 

SECTION 9.05                       Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by Board Resolutions authorizing the
execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Securityholders required to consent
thereto as aforesaid, the Trustee shall join

 

35

 

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

 

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

 

ARTICLE X

 

SUCCESSOR
ENTITY

 

SECTION 10.01                     Company May Consolidate, Etc.

 

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

 

36

 

SECTION 10.02                     Successor Entity Substituted.

 

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

 

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

 

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

 

SECTION 10.03                     Evidence of Consolidation, Etc. to
Trustee.

 

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

 

ARTICLE XI

 

SATISFACTION
AND DISCHARGE

 

SECTION 11.01                     Satisfaction and Discharge of Indenture.

 

If
at any time:  (a) the Company shall
have delivered to the Trustee for cancellation all Securities of a series
theretofore authenticated (other than any Securities that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 2.07)
and Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust by the
Company (and thereupon repaid to the Company or discharged from such trust, as
provided in Section 11.05); or (b) all such Securities of a
particular series not theretofore delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental Obligations
or a combination thereof, sufficient in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all
Securities of that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and interest due or to
become due to 

 

37

 

such
date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder
with respect to such series by the Company then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the
provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case may be, and
Sections 7.06 and 11.05, that shall survive to such date and thereafter, and
the Trustee, on demand of the Company and at the cost and expense of the
Company, shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such series.

 

SECTION 11.02                     Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered
to the Trustee for cancellation or that have not become due and payable as
described in Section 11.01 shall have been paid by the Company or by
depositing irrevocably with the Trustee as trust funds moneys or an amount of
Governmental Obligations sufficient to pay at maturity or upon redemption all
such Securities of that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and interest due or to
become due to such date of maturity or date fixed for redemption, as the case
may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are deposited with the
Trustee, the obligations of the Company under this Indenture with respect to
such series shall cease to be of further effect except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that
shall survive until such Securities shall mature and be paid.  Thereafter, Sections 7.06 and 11.05 shall
survive.

 

SECTION 11.03                     Deposited Moneys to be Held in Trust.

 

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

 

SECTION 11.04                     Payment of Moneys Held by Paying Agents.

 

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

 

SECTION 11.05                     Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent or the
Trustee, or then held by the Company, in trust for payment of principal of (and
premium, if any) or interest on the Securities of a particular series that are
not applied but remain unclaimed by the holders of such Securities for at least
two years after the date upon which the principal of (and premium, if any) or
interest on such Securities shall have respectively become due and payable, 

 

38

 

shall
be repaid to the Company or (if then held by the Company) shall be discharged
from such trust; and thereupon the paying agent and the Trustee shall be
released from all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to receive such
payment shall thereafter, as an unsecured general creditor, look only to the
Company for the payment thereof.

 

ARTICLE XII

 

MISCELLANEOUS
PROVISIONS

 

SECTION 12.01                     Effect on Successors and Assigns.

 

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

 

SECTION 12.02                     Actions by Successor.

 

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

 

SECTION 12.03                     Notices.

 

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

 

SECTION 12.04                     Governing Law.

 

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

 

SECTION 12.05                     Compliance Certificates and Opinions.

 

(a)           Upon any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company, as the case
may be, shall furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the 

 

39

 

furnishing of such
documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion
need be furnished.

 

(b)           Each certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant in this
Indenture shall include (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (3) a statement that, in the opinion of such Person, he has made
such examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of
such Person, such condition or covenant has been complied with.

 

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

 

SECTION 12.06                     Payments on Business Days.

 

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

 

SECTION 12.07                     Conflict with Trust Indenture Act.

 

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

 

SECTION 12.08                     Counterparts.

 

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

 

SECTION 12.09                     Separability.

 

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

 

40

 

SECTION 12.10                     Assignment.

 

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

 

ARTICLE XIII

 

SUBORDINATION
OF SECURITIES

 

SECTION 13.01                     Subordination Terms.

 

The
payment by the Company of the principal of (and premium, if any) and interest
on any series of Securities issued hereunder shall be subordinated to the
extent set forth in an indenture supplemental hereto relating to such Securities.

 

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

 

	
  TITAN MACHINERY INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [                                    ],

  	
   

  
	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

41Exhibit 10.72

 

EMPLOYMENT SEPARATION AGREEMENT AND RELEASE

 

United
Natural Foods, Inc., a Delaware corporation (the “Company”) and Carl Koch
(“Mr. Koch”) hereby agree as follows:

 

1.                                       The Company and
Mr. Koch  hereby agree that, Mr. Koch’s
service with the Company as (i) an employee and officer of the Company and
(ii) an employee, officer or director of any subsidiaries of the Company,
shall terminate effective September 17, 2010 (the “Separation Date”).

 

2.                                       On the later of
the Separation Date or the expiration of the Revocation Period (as hereinafter
defined), the Company will pay Mr. Koch  for
any unused vacation time (as reflected in the Company’s records) earned by him
through the Separation Date. Beginning with the later of the Separation Date or
the expiration of the Revocation Period (as hereinafter defined):

 

a. The Company shall continue Mr. Koch’s base salary and medical
benefits as in effect as of the Separation Date for a period of one (1) year
from the Separation Date, subject to applicable withholdings and deductions;
provided, however that the Company shall make no base salary payments under
this Section 2(a) until six months and one day after the Separation
Date, at which point the Company shall pay Mr. Koch 75% of all accrued and
unpaid base salary payments (less applicable withholdings and deductions)
..  The remaining 25% of all accrued and
unpaid base salary payments will be paid in equal bi-weekly payments (less
applicable withholdings and deductions), to end on September 16, 2011 or
when the entire remaining 25% (less applicable withholdings and deductions) is
fully paid, which ever comes first.

 

b. After the expiration of the above-referenced one-year period, the
Company shall respect Mr. Koch’s rights (and his dependents’ rights), if
any, to continued medical coverage at his own expense under the Consolidated
Omnibus Budget Reconciliation Act.

 

3.                                       a. As of the
Separation Date, Mr. Koch shall no longer be eligible to receive
disability benefits, Company paid life insurance or to participate in the
Company’s 401(k) Plan or any other benefit plan of the Company or any of
its subsidiaries.  The Company will promptly notify Mr. Koch in
writing concerning his options with regard to his 401(k) account.

 

b. Mr. Koch may at any time exercise his rights under the
Company’s Employee Stock Ownership Plan (“ESOP”) to effect the distribution and
sale, if he so elects, of shares of the Company’s Common Stock allocated to
him, in accordance with the provisions of the ESOP.

 

4.                                       a.  In
consideration of the foregoing, which Mr. Koch acknowledges includes
compensation, benefits and other rights to which he is not otherwise entitled,
Mr. Koch  hereby knowingly and voluntarily
releases and forever discharges the Company, its present and former directors,
officers, employees, agents, subsidiaries, affiliates and shareholders, and its
and their successors and assigns (collectively, the “Released Parties”), from
any and all liabilities, causes of action, debts, claims and demands (including
without limitation claims and demands for monetary payment) both in law and in
equity, known or unknown, fixed or contingent, which he may have or claim to
have against the Released Parties, including any liabilities, causes of action,
debts, claims or demands based upon or in any way related to: (i) his
employment (as an officer, director or employee) by or with the Company and any
subsidiary thereof, (ii) any rights or entitlements related thereto or
(iii) termination of such employment by the Company, and hereby covenants not
to file a lawsuit or charge to assert such claims.  This includes but
is not limited to claims arising under Title VII of the Civil Rights Act of
1964, as amended, 42 U.S.C. § 1981, all claims

 

 

of discrimination based on age, as provided under the Age Discrimination
in Employment Act of 1967, as amended, or the Older Workers’-Benefit-Protection
Act, all claims under the Employee Retirement Income Security Act (ERISA), all
claims under the Family and Medical Leave Act (FMLA), all claims of employment
discrimination under the Americans with Disabilities Act (ADA), as well as
claims under any other applicable federal, state or local laws concerning Mr. Koch’s
employment.

 

b. Mr. Koch understands that various State and Federal laws
prohibit employment discrimination based on age, sex, race, color, national
origin, religion, handicap or veteran status.  These laws are
enforced through the Equal Employment Opportunity Commission (EEOC), Department
of Labor and State Human Rights Agencies.  Mr. Koch acknowledges
that he has been advised by the Company to discuss this Agreement with his
attorney and has been encouraged to take this Agreement home for up to
twenty-one (21) days so that he can thoroughly review it and understand the
effect of this Agreement before acting on it.

 

5.                                       a. Mr. Koch
acknowledges and agrees that all payments and benefits payable to him under
this Agreement (other than earned wages and payment for accrued and unpaid
vacation) are contingent upon: (i) his continued compliance with the
provisions of this Agreement and (ii) his agreement to make himself
available, upon reasonable notice, for any third party claims, investigations,
litigation or similar proceedings to answer any questions relating to his
employment or actions as an employee, officer or director of the Company,
including without limitation attendance at any deposition or similar
proceeding, provided however that the Company will reimburse Mr. Koch for
all reasonable out of pocket expenses incurred, including but not limited to
travel, lodging, meals, legal representation (with prior approval), and loss of
pay, to the extent all such requests for reimbursement are accompanied by
payment receipts or other verifiable documentation.

 

b. Mr. Koch  further
acknowledges and agrees that the availability of such payments and benefits
provided by this Agreement is sufficient consideration for the release set
forth in paragraph 4(a) and the amendment to his non-competition and
non-solicitation obligations set forth below in paragraph 5(c) and
termination of such payments and benefits due to his non-compliance with the
terms of this Agreement shall not affect the release set forth in Paragraph
4(a).

 

c. Mr. Koch further agrees that for a period from the date hereof
until the date that is one year following the Separation Date, he shall not,
whether directly or indirectly, alone or in conjunction with another party, as
an owner, shareholder, officer, employee, manager, consultant, independent
contractor, or otherwise:  (i) interfere
with or harm, or attempt to interfere with or harm, the relationship of the
Company or its affiliates with any person who is an employee, customer, vendor,
product or services supplier, independent contractor, or business agent or
partner of the Company or any of its affiliates; (ii) contact any employee
of the Company or its affiliates for the purpose of discussing or suggesting
that such employee resign from employment with the Company or its affiliates
for the purpose of becoming employed elsewhere or provide information about individual
employees of the Company or its affiliates or personnel policies or procedures
of the Company or its affiliates to any person or entity, including any
individual, agency or company engaged in the business of recruiting employees,
executives or officers; (iii) recruit or hire, or attempt to recruit or
hire, any person who is an employee of the Company or any of its affiliates, or
was an employee of the Company or any of its affiliates within the prior six
months; (iv) disclose to or release any Company Trade secrets, proprietary or
confidential information or data to any unauthorized person or entity; or (v) own,
manage, advise, operate, join, control, be employed by, consult with or
participate in the ownership, management,

 

2

 

advisement, operation or control of, or be connected with as a
stockholder, partner, officer, manager, employee, or consultant, any Competing
or Related Business; provided, however, that “beneficial ownership,” either
individually or as a member of a “group” as such terms are used in Rule 13d
of the General Rules and Regulations under the Securities Exchange Act of
1934, as amended, of not more than two percent (2%) of the voting stock of any
publicly held corporation, shall not be a violation of this Agreement.  For purposes of the foregoing, the term
“Competing and Related Business” shall mean any business, individual, company,
partnership, firm, corporation or other entity that (A) engages in any
business engaged in by the Company on the Separation Date, or any date during
the term of Mr. Koch’s employment with the Company; or (B) is a
customer of the Company or any of its affiliates on the Separation Date as well
as the twelve (12) months preceding Separation Date, including, but not limited
to, the following entities and their affiliates: Kehe Food Distributors, Inc.,
Royal Wessanen NV, Perkins, Inc., Nature’s Best Food Co., Ltd.,
Steiner Foods, Inc., DPI Specialty Foods Inc., Haddon House Food Products, Inc.,
Davidson Food Equipment and Supplies Ltd., Whole Foods Market, Inc.,
National Cooperative Grocers Association, Ahold and Wegmans Food Market, Inc.

 

6.                                       Mr. Koch
shall at no time make any derogatory or disparaging comments regarding the
Company, its business, or its present or past directors, officers or
employees.  The Company shall at no time make any derogatory or
disparaging comments regarding Mr. Koch.  Mr. Koch hereby
waives any and all rights to future employment with the Company.  Notwithstanding the foregoing, the Company
shall be permitted to (a) reasonably defend itself against any public
statement or communication made by Mr. Koch that disparages the Company,
but only if statements made in such defense are not false statements and (b) provide
truthful testimony in any legal proceeding or process.

 

7.                                       The execution
of this Agreement shall not be construed as an admission of a violation of any
statute or law or breach of any duty or obligation by either the Company or Mr. Koch.

 

8.                                       No party to
this Agreement shall cause, discuss, cooperate or otherwise aid in the
preparation of any press release or other publicity other than filings required
by the securities laws, concerning any other party to this Agreement or the
Agreement’s operation without prior approval of such other party, unless
required by law, in which case notice of such requirement shall be given to the
other party.

 

9.                                       The invalidity
or unenforceability of any particular provision of this Agreement shall not
affect the other provisions hereof, and this Agreement shall be construed in
all respects as if such invalid and unenforceable provisions were omitted.

 

10.                                 This Agreement
is personal to Mr. Koch and may not be assigned by
him.  However, in the event of Mr. Koch’s death, all the rights
of Mr. Koch set forth in this Agreement shall accrue to his spouse, if she
is living; otherwise, to his heirs.  This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of the Company.

 

11.                                 This Agreement
is made pursuant to and shall be governed by the laws of the State of Rhode
Island, without regard to its rules regarding conflict of
laws.  The parties agree that the courts of the State of Rhode
Island, and the Federal Courts located therein, shall have exclusive
jurisdiction over all matters arising from this Agreement.  Mr. Koch
and the Company hereby agree that service of process by certified mail, return
receipt requested, shall be deemed appropriate service of process.

 

12.                                 Except as
otherwise expressly indicated, this Agreement contains the entire understanding

 

3

 

between Mr. Koch and the Company, supersedes all prior agreements,
oral or written, regarding the subject matter hereof, and may not be changed
orally but only by an agreement in writing signed by the party against whom
enforcement of any waiver, change, modification, extension or discharge is
sought.  Mr. Koch  acknowledges
that he has not relied upon any representation or statement, written or oral,
not set forth in this Agreement.

 

13.                                 Mr. Koch
may revoke this Agreement at any time during the seven-day period following the
date of his signature below (the “Revocation Period”) by delivering written
notice of his revocation to the Company’s attention at 313 Iron Horse Way, Providence,
Rhode Island 02908; Attention: Tom Dziki.  This Agreement shall
become effective upon the expiration of the Revocation Period.  In the event that Mr. Koch revokes this
Agreement prior to the expiration of the Revocation Period, he shall not be entitled
to any of the benefits provided in this Agreement, including but not limited
to, payment of the amounts set forth in Section 2(b).

 

[signature lines appear on the next page]

 

4

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date set forth
below.

 

 

	
  United
  Natural Foods, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Thomas A. Dziki

  	
   

  	
  Witness:
  

  	
  /s/ Kristie McCann Passalacqua

  
	
   

  	
  Thomas
  A. Dziki

  	
   

  	
  Print
  Name:

  	
  Kristie
  McCann Passalacqua

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  September 17,
  2010

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Carl Koch III

  	
   

  	
  Witness:

  	
  /s/
  Meredith A. Koch

  
	
   

  	
  Carl
  Koch III

  	
   

  	
  Print
  Name:

  	
  Meredith
  A. Koch

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  September 23,
  2010

  	
   

  	
   

  	
   

  

 

5

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