Document:

exv10w1

Exhibit 10.1

FIRST AMENDMENT

TO THE AMENDED AND RESTATED SERIES 2002-A SUPPLEMENT

TO THE MASTER FACILITY AGREEMENT

          FIRST AMENDMENT, dated as of August 29, 2008 (“First Amendment”), among MARLIN LEASING
CORPORATION, individually, and as the Servicer (in such capacity, the “Servicer”), MARLIN
LEASING RECEIVABLES CORP. II, as the Obligors’ Agent (“MLR II”), MARLIN LEASING RECEIVABLES
II LLC, as the Obligor (“MLR II LLC”), JPMORGAN CHASE BANK, N.A. (in such capacity, the
“Agent”), and WELLS FARGO BANK, N.A. (the “Trustee”) to AMENDED & RESTATED SERIES
2002-A SUPPLEMENT to the MASTER LEASE RECEIVABLES ASSET-BACKED FINANCING FACILITY AGREEMENT.

          PRELIMINARY STATEMENT. Reference is made to the Amended & Restated Series 2002-A Supplement,
dated as of March 15, 2006 (as amended, the “Series Supplement”), among the Servicer, MLR
II, MLR II LLC, the Agent, and the Trustee to the Master Lease Receivables Asset-Backed Financing
Facility Agreement, dated as of April 1, 2002 (as amended, the “Master Agreement”), among
the Servicer, MLR II and the Trustee. Capitalized terms not otherwise defined herein shall have
the meaning ascribed to such terms in the Series Supplement.

          Each of the parties hereto has agreed to amend the Series Supplement as hereinafter set forth.

          Section 1. Amendment to the Series Supplement. The Series Supplement is,
effective as of the date hereof, hereby amended as follows:

	 	(a)	 	Section 2.01 is hereby amended to add the following definitions thereto:
	 
	 	 	 	     “Industry Concentration Amount” means, as of any date of determination,
for the combined Industry Types of “Construction”, “Financial Services”, “Mortgage
Brokers” and “Real Estate”, the excess, if any, of (x) the aggregate Contract Principal
Balance of all Series 2002-A Contracts with respect to which the related industry is
one of such Industry Types over (y) five percent (5%) of the aggregate Contract
Principal Balance of all Series 2002-A Contracts which are Eligible Contracts at such
time;
	 
	 	 	 	     “Industry Type” means, with respect to each Series 2002-A Contract, the
related industry “type”, as indicated on the Servicer’s servicing system with respect
to such Series 2002-A Contract.
	 
	 	(b)	 	The definition of “Overconcentration Amount” in Section 2.01 is hereby amended and
restated in its entirety to read as follows:
	 
	 	 	 	     “Overconcentration Amount” means an amount, at any time, equal to the sum
of (i) the aggregate User Concentration Amount for all Users, (ii) the aggregate State
Concentration Amount for all States, (iii) the Equipment

 

 

	 	 	 	Concentration Amount, (iv) the aggregate Broker/Vendor Concentration Amounts for
all Brokers and vendors, (v) the Government Concentration Amount, (vi) the Quarterly
Payment Concentration Amount, (vii) the Broker Concentration Amount, and (viii) the
Industry Concentration Amount.
	 
	 	(c)	 	The definition of “Purchase Price Percentage” in Section 2.01 is hereby amended and
restated in its entirety to read as follows:

“Purchase Price Percentage” means as of any date of determination the
lesser of (i) 0.775 and (ii) 1 minus the product of a times b times c, where:

a = the Average Charged-Off Ratio as of such date of determination;

b = the Weighted Average Life, rounded to the second decimal place; and

c = 3.50

	 	(d)	 	Section 5.01(n) is hereby amended to replace the reference to “3.0%” in the last line
thereof with “4.25%”.
	 
	 	(e)	 	Section 5.01(q) is hereby amended to replace the reference to “3.0%” therein with
“2.5%”.
	 
	 	(f)	 	Except as amended by items (a) through (d) above, all provisions of the Series
Supplement shall remain in full force and effect and are reconfirmed and ratified as of
the date hereof.

          Section 2. Conditions Precedent. This First Amendment shall not become
effective unless the following conditions have been met or waived:

	 	(i)	 	The Agent shall have received such other instruments,
agreements, documents and certificates as it shall reasonably require in
connection with this First Amendment; and
	 
	 	(ii)	 	No event has occurred and is continuing which constitutes a
Series Event of Default or Event of Servicer Termination or would constitute a
Series Event of Default or Event of Servicer Termination but for the
requirement that notice be given or time elapse.

          Section 3. Governing Law. This First Amendment shall be governed by and
construed in accordance with the laws of the State of New York without giving effect to the choice
of law provisions thereof.

          Section 4. Headings. Section headings in this First Amendment are included
herein for convenience of reference only and shall not constitute a part of this First Amendment
for any purpose.

 

 

          Section 5. Counterparts. This First Amendment may be executed in any number
of counterparts, all of which taken together shall constitute one and the same instrument, and any
party hereto may execute this First Amendment by signing any such counterpart. Delivery of an
executed counterpart of a signature page to this First Amendment by telecopier shall be effective
as delivery of a manually executed counterpart of this First Amendment.

          Section 6. Representations and Warranties. Each of the Servicer, MLR II and
MLR II LLC reaffirms and restates the representations and warranties set forth in the Series
Supplement and any agreement, document or instrument related thereto, and certifies that such
representations and warranties are true and correct on the date hereof with the same force and
effect as if made on such date, except as they may specifically refer to an earlier date, in which
case they were true and correct as of such date. In addition, the Servicer, MLR II and MLR II LLC
each represents and warrants (which representations and warranties shall survive the execution and
delivery hereof) that (a) no Series Event of Default or Event of Servicer Termination (nor any
event that but for notice or lapse of time or both would constitute an Series Event of Default or
Event of Servicer Termination) shall have occurred and be continuing as of the date hereof nor
shall any Series Event of Default or Event of Servicer Termination (nor any event that but for
notice or lapse of time or both would constitute a Series Event of Default or Event of Servicer
Termination) occur due to this First Amendment becoming effective, (b) the Servicer, MLR II and
MLR II LLC each has the corporate or other power and authority to execute and deliver this First
Amendment and has taken or caused to be taken all necessary corporate actions to authorize the
execution and delivery of this First Amendment, and (c) no consent of any other person (including,
without limitation, shareholders, members or creditors of the Servicer, MLR II or MLR II LLC), and
no action of, or filing with any governmental or public body or authority is required to authorize,
or is otherwise required in connection with the execution and performance of this First Amendment
other than such that have been obtained.

[Signature Pages Follow]

 

 

          IN WITNESS WHEREOF, the parties have caused this First Amendment to the Amended & Restated
Series 2002-A Supplement to be fully executed by their respective officers as of the day and year
first above written.

	 	 	 	 	 
	 	MARLIN LEASING CORPORATION,

    in its individual capacity and as Servicer

 	 
	 	By:  	/s/ Daniel P. Dyer
 	 
	 	 	Name:  	Daniel P. Dyer 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	MARLIN LEASING RECEIVABLES CORP. II, as 

    the Obligors’ Agent

 	 
	 	By:  	/s/ Daniel P. Dyer
 	 
	 	 	Name:  	Daniel P. Dyer 	 
	 	 	Title:  	President 	 
	 
	 	MARLIN LEASING RECEIVABLES II LLC,

    as the Obligor

 	 
	 	By:  	MARLIN LEASING RECEIVABLES
CORP. II,
as Managing Member
 	 
	 	 	 
	 	By:  	                 /s/ Daniel P. Dyer
 	 
	 	 	Name:  	Daniel P. Dyer 	 
	 	 	Title:  	President 	 
	 
	 	JPMORGAN CHASE BANK, N.A., as Agent

 	 
	 	By:  	/s/ Trisha Lesch
 	 
	 	 	Name:  	Trisha Lesch 	 
	 	 	Title:  	Vice President 	 
	 
	 	WELLS FARGO BANK, N.A., as Trustee

 	 
	 	By:  	/s/ Sue Dignan
 	 
	 	 	Name:  	Sue Dignan 	 
	 	 	Title:  	Vice Presidentefc8-1209_6640741ex41.htm

    

    Exhibit
4.1

     

      
        

      

    

     

    KBW,
INC.

     

     

    AND

     

     

    [•],
Trustee

     

     

    Senior
Indenture

     

     

    Dated as
of [•]

     

    
      
        

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    CROSS REFERENCE
SHEET(1)

     

    Provisions
of Trust Indenture Act of 1939 and Indenture to be dated as of [•], between KBW,
INC. and [•], Trustee:

     

    
      	
              Section
      of the Act

            	
              Section
      of Indenture

            
	
              310(a)(1)
      and (2)

            	
              6.09

            
	
              310(a)(3)
      and (4)

            	
              Inapplicable

            
	
              310(b)

            	
              6.08
      and 6.10(a), (b) and (d)

            
	
              310(c)

            	
              Inapplicable

            
	
              311(a)

            	
              Inapplicable

            
	
              311(b)

            	
              Inapplicable

            
	
              311(c)

            	
              Inapplicable

            
	
              312(a)

            	
              4.01

            
	
              312(b)

            	
              Inapplicable

            
	
              312(c)

            	
              Inapplicable

            
	
              313(a)

            	 
      
	
              313(b)(1)

            	
              Inapplicable

            
	
              313(b)(2)

            	
              Inapplicable

            
	
              313(c)

            	
              4.04

            
	
              313(d)

            	
              4.03

            
	
              314(a)

            	
              4.03

            
	
              314(b)

            	
              Inapplicable

            
	
              314(c)(1)
      and (2)

            	
              11.05

            
	
              314(c)(3)

            	
              Inapplicable

            
	
              314(d)

            	
              Inapplicable

            
	
              314(e)

            	
              11.05

            
	
              314(f)

            	
              Inapplicable

            
	
              315(a),
      (c) and (d)

            	
              6.01

            
	
              315(b)

            	
              5.11

            
	
              315(e)

            	
              5.12

            
	
              316(a)(1)

            	
              5.09

            
	
              316(a)(2)

            	
              Inapplicable

            
	
              316(a)
      (last sentence)

            	
              7.04

            
	
              316(b)

            	
              5.07

            
	
              317(a)

            	
              5.02

            
	
              317(b)

            	
              3.04(a)
      and (b)

            
	
              318(a)

            	
              11.07

            

    

    _______________

    (1)  This
Cross Reference Sheet is not part of the Indenture.

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

     

    TABLE OF
CONTENTS

     

    
      
        	
                ARTICLE
      1

              
	 
	
                DEFINITIONS

              
	 
	
                Section
      1.01

              	
                Certain
      Terms Defined

              	
                1

              
	 	 	 
	
                ARTICLE
      2

              
	
                SECURITIES

              
	 	 	 
	
                Section
      2.01

              	
                Forms
      Generally

              	
                6

              
	
                Section
      2.02

              	
                Form
      of Trustee’s Certificate of Authentication

              	
                6

              
	
                Section
      2.03

              	
                Amount
      Unlimited; Issuable in Series

              	
                6

              
	
                Section
      2.04

              	
                Authentication
      and Delivery of Securities

              	
                9

              
	
                Section
      2.05

              	
                Execution
      of Securities

              	
                11

              
	
                Section
      2.06

              	
                Certificate
      of Authentication

              	
                12

              
	
                Section
      2.07

              	
                Denomination
      and Date of Securities; Payments of Interest

              	
                12

              
	
                Section
      2.08

              	
                Registration,
      Transfer and Exchange

              	
                13

              
	
                Section
      2.09

              	
                Mutilated,
      Defaced, Destroyed, Lost and Stolen Securities

              	
                16

              
	
                Section
      2.10

              	
                Cancellation
      of Securities; Disposition Thereof

              	
                17

              
	
                Section
      2.11

              	
                Temporary
      Securities

              	
                17

              
	 	 	 
	
                ARTICLE
      3

              
	
                COVENANTS
      OF THE ISSUER

              
	 	 	 
	
                Section
      3.01

              	
                Payment
      of Principal and Interest

              	
                18

              
	
                Section
      3.02

              	
                Offices
      for Payments, etc

              	
                18

              
	
                Section
      3.03

              	
                Appointment
      to Fill a Vacancy in Office of Trustee

              	
                19

              
	
                Section
      3.04

              	
                Paying
      Agents

              	
                19

              
	
                Section
      3.05

              	
                Written
      Statement to Trustee

              	
                20

              
	
                Section
      3.06

              	
                [Negative
      Pledge]

              	
                20

              
	 	 	 
	
                ARTICLE
      4

              
	
                SECURITYHOLDERS
      LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

              
	 	 	 
	
                Section
      4.01

              	
                Issuer
      to Furnish Trustee Information as to Names and Addresses of
      Securityholders

              	
                21

              
	
                Section
      4.02

              	
                Preservation
      and Disclosure of Securityholders Lists

              	
                21

              
	
                Section
      4.03

              	
                Reports
      by the Issuer

              	
                21

              
	
                Section
      4.04

              	
                Reports
      by the Trustee

              	
                22

              
	 	 	 
	
                ARTICLE
      5

              
	
                REMEDIES
      OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

              
	 	 	 
	
                Section
      5.01

              	
                Event
      of Default Defined; Acceleration of Maturity; Waiver of
      Default

              	
                22

              
	
                Section
      5.02

              	
                Collection
      of Indebtedness by Trustee; Trustee May Prove Debt

              	
                24

              
	
                Section
      5.03

              	
                Application
      of Proceeds

              	
                26

              
	
                Section
      5.04

              	
                Suits
      for Enforcement

              	
                27

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
      5.05

              	
                Restoration
      of Rights on Abandonment of Proceedings

              	
                27

              
	
                Section
      5.06

              	
                Limitations
      on Suits by Securityholders

              	
                27

              
	
                Section
      5.07

              	
                Unconditional
      Right of Securityholders to Institute Certain Suits

              	
                28

              
	
                Section
      5.08

              	
                Powers
      and Remedies Cumulative; Delay or Omission Not Waiver of
      Default

              	
                28

              
	
                Section
      5.09

              	
                Control
      by Holders of Securities

              	
                28

              
	
                Section
      5.10

              	
                Waiver
      of Past Defaults

              	
                29

              
	
                Section
      5.11

              	
                Trustee
      to Give Notice of Default; But May Withhold in Certain
      Circumstances

              	
                29

              
	
                Section
      5.12

              	
                Right
      of Court to Require Filing of Undertaking to Pay Costs

              	
                30

              
	 	 	 
	
                ARTICLE
      6

              
	
                CONCERNING
      THE TRUSTEE

              
	 	 	 
	
                Section
      6.01

              	
                Duties
      and Responsibilities of the Trustee; During Default; Prior to
      Default

              	
                30

              
	
                Section
      6.02

              	
                Certain
      Rights of the Trustee

              	
                31

              
	
                Section
      6.03

              	
                Trustee
      Not Responsible for Recitals, Disposition of Securities or Application of
      Proceeds Thereof

              	
                32

              
	
                Section
      6.04

              	
                Trustee
      and Agents May Hold Securities or Coupons; Collections,
etc

              	
                33

              
	
                Section
      6.05

              	
                Moneys
      Held by Trustee

              	
                33

              
	
                Section
      6.06

              	
                Compensation
      and Indemnification of Trustee and Its Prior Claim

              	
                33

              
	
                Section
      6.07

              	
                Right
      of Trustee to Rely on Officer’s Certificate, etc

              	
                33

              
	
                Section
      6.08

              	
                Disqualification;
      Conflicting Interests

              	
                34

              
	
                Section
      6.09

              	
                Persons
      Eligible for Appointment as Trustee

              	
                34

              
	
                Section
      6.10

              	
                Resignation
      and Removal; Appointment of Successor Trustee

              	
                34

              
	
                Section
      6.11

              	
                Acceptance
      of Appointment by Successor Trustee

              	
                36

              
	
                Section
      6.12

              	
                Merger,
      Conversion, Consolidation or Succession to Business of
    Trustee

              	
                37

              
	
                Section
      6.13

              	
                Appointment
      of Authenticating Agent

              	
                37

              
	 	 	 
	
                ARTICLE
      7

              
	
                CONCERNING
      THE SECURITYHOLDERS

              
	 	 	 
	
                Section
      7.01

              	
                Evidence
      of Action Taken by Securityholders

              	
                38

              
	
                Section
      7.02

              	
                Proof
      of Execution of Instruments and of Holding of Securities

              	
                38

              
	
                Section
      7.03

              	
                Holders
      to Be Treated as Owners

              	
                39

              
	
                Section
      7.04

              	
                Securities
      Owned by Issuer Deemed Not Outstanding

              	
                40

              
	
                Section
      7.05

              	
                Right
      of Revocation of Action Taken

              	
                40

              
	 	 	 
	
                ARTICLE
      8

              
	
                SUPPLEMENTAL
      INDENTURES

              
	 	 	 
	
                Section
      8.01

              	
                Supplemental
      Indentures Without Consent of Securityholders

              	
                40

              
	
                Section
      8.02

              	
                Supplemental
      Indentures with Consent of Securityholders

              	
                42

              
	
                Section
      8.03

              	
                Effect
      of Supplemental Indenture

              	
                43

              
	
                Section
      8.04

              	
                Documents
      to Be Given to Trustee

              	
                43

              
	
                Section
      8.05

              	
                Notation
      on Securities in Respect of Supplemental Indentures

              	
                43

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      9

              
	
                CONSOLIDATION,
      MERGER, SALE OR CONVEYANCE

              
	 	 	 
	
                Section
      9.01

              	
                Covenant
      Not to Merge, Consolidate, Sell or Convey Property Except Under Certain
      Conditions

              	
                44

              
	
                Section
      9.02

              	
                Successor
      Corporation Substituted

              	
                44

              
	
                Section
      9.03

              	
                Opinion
      of Counsel Delivered to Trustee

              	
                45

              
	 	 	 
	
                ARTICLE
      10

              
	
                SATISFACTION
      AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

              
	 	 	 
	
                Section
      10.01

              	
                Satisfaction
      and Discharge of Indenture

              	
                45

              
	
                Section
      10.02

              	
                Application
      by Trustee of Funds Deposited for Payment of Securities

              	
                48

              
	
                Section
      10.03

              	
                Repayment
      of Moneys Held by Paying Agent

              	
                49

              
	
                Section
      10.04

              	
                Return
      of Moneys Held by Trustee and Paying Agent Unclaimed for Two
      Years

              	
                49

              
	
                Section
      10.05

              	
                Indemnity
      for U.S. Government Obligations

              	
                49

              
	 	 	 
	
                ARTICLE
      11

              
	
                MISCELLANEOUS
      PROVISIONS

              
	 	 	 
	
                Section
      11.01

              	
                Incorporators,
      Stockholders, Officers and Directors of Issuer Exempt from Individual
      Liability

              	
                49

              
	
                Section
      11.02

              	
                Provisions
      of Indenture for the Sole Benefit of Parties and Holders of Securities and
      Coupons

              	
                50

              
	
                Section
      11.03

              	
                Successors
      and Assigns of Issuer Bound by Indenture

              	
                50

              
	
                Section
      11.04

              	
                Notices
      and Demands on Issuer, Trustee and Holders of Securities and
      Coupons

              	
                50

              
	
                Section
      11.05

              	
                Officer’s
      Certificates and Opinions of Counsel; Statements to Be Contained
      Therein

              	
                51

              
	
                Section
      11.06

              	
                Payments
      Due on Saturdays, Sundays or Holidays

              	
                52

              
	
                Section
      11.07

              	
                Conflict
      of Any Provision of Indenture with Trust Indenture Act of
    1939

              	
                52

              
	
                Section
      11.08

              	
                New
      York Law to Govern

              	
                52

              
	
                Section
      11.09

              	
                Counterparts

              	
                52

              
	
                Section
      11.10

              	
                Effect
      of Headings

              	
                52

              
	
                Section
      11.11

              	
                Securities
      in a Foreign Currency

              	
                52

              
	
                Section
      11.12

              	
                Judgment
      Currency

              	
                53

              
	 	 	 
	
                ARTICLE
      12

              
	
                REDEMPTION
      OF SECURITIES AND SINKING FUNDS

              
	 	 	 
	
                Section
      12.01

              	
                Applicability
      of Article

              	
                53

              
	
                Section
      12.02

              	
                Notice
      of Redemption; Partial Redemptions

              	
                53

              
	
                Section
      12.03

              	
                Payment
      of Securities Called for Redemption

              	
                55

              
	
                Section
      12.04

              	
                Exclusion
      of Certain Securities from Eligibility for Selection for
      Redemption

              	
                56

              
	
                Section
      12.05

              	
                Mandatory
      and Optional Sinking Funds

              	
                56

              

      

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    THIS
SENIOR INDENTURE, dated as of [•] between KBW, INC., a Delaware corporation (the
“Issuer”), and [•], as trustee (the “Trustee”),

     

    W I T N E
S S E T H :

     

    WHEREAS,
the Issuer has duly authorized the issue from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more
series (the “Securities”) up to such principal amount or amounts as may from
time to time be authorized in accordance with the terms of this
Indenture;

     

    WHEREAS,
the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration
of the Securities; and

     

    WHEREAS,
all things necessary to make this Indenture a valid indenture and agreement
according to its terms have been done;

     

    NOW,
THEREFORE: In consideration of the premises and the purchases of the Securities
by the holders thereof, the Issuer and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the respective holders from time to
time of the Securities and of the coupons, if any, appertaining thereto as
follows:

     

    ARTICLE
1

    DEFINITIONS

     

    Section
1.01  Certain Terms
Defined.  The following terms (except as otherwise expressly
provided or unless the context otherwise clearly requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section.  All other terms used
in this Indenture that are defined in the Trust Indenture Act of 1939 or the
definitions of which in the Securities Act of 1933 are referred to in the Trust
Indenture Act of 1939, including terms defined therein by reference to the
Securities Act of 1933 (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 this Indenture.  All accounting terms used herein and not expressly
defined shall have the meanings assigned to such terms in accordance with
generally accepted accounting principles, and the term “generally accepted
accounting principles” means such accounting principles as are generally
accepted at the time of any computation.  The words “herein”, “hereof”
and “hereunder” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other
subdivision.  The terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the
singular.

     

    “Authenticating
Agent” shall have the meaning set forth in Section 6.13.

     

    “Authorized Newspaper” means a
newspaper, in an official language of the place of publication or in the English
language, customarily published on each day that is a Business Day in the place
of publication, whether or not published on days that are legal holidays in the
place of publication, and of general circulation in each place in connection
with which the term 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    is used
or in the financial community of each such place.  Where successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any day that is a
Business Day in the place of publication.

     

     “Board
of Directors” means either the Board of Directors of the Issuer or any committee
of such Board duly authorized to act on its behalf.

     

    “Board
Resolution” means a copy of one or more resolutions, certified by the secretary
or an assistant secretary of the Issuer to have been duly adopted or consented
to by the Board of Directors and to be in full force and effect, and delivered
to the Trustee.

     

    “Business
Day” means, with respect to any Security, unless otherwise specified pursuant to
Section 2.03, a day that in the city (or in any of the cities, if more than one)
in which amounts are payable, as specified in the form of such Security, is not
a day on which banking institutions are authorized or required by law or
regulation to close.

     

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

     

    “Corporate
Trust Office” means the office of the Trustee at which the corporate trust
business of the Trustee shall, at any particular time, be principally
administered, which office is, at the date as of which this Indenture is dated,
located in the borough of Manhattan, The City of New York.

     

    “Coupon”
means any interest coupon appertaining to a Security.

     

    “covenant
defeasance” shall have the meaning set forth in Section 10.01(c).

     

    “Depositary”
means, with respect to the Securities of any series issuable or issued in the
form of one or more Registered Global Securities, the Person designated as
Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depositary” shall mean or include each Person who is then a
Depositary hereunder, and if at any time there is more than one such Person,
“Depositary” as used with respect to the Securities of any such series shall
mean the Depositary with respect to the Registered Global Securities of that
series.

     

    “Dollar”
means the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private
debts.

     

    “Event of
Default” means any event or condition specified as such in Section
5.01.

     

    “Foreign Currency”  means any
currency, currency unit or composite currency, including, without limitation,
the euro, issued by the government of one or more countries other 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    than the
United States of America or by any recognized confederation or association of
such governments.

     

     “Holder”,
“Holder of Securities”, “Securityholder” or other similar terms mean (a) in the
case of any Registered Security, the Person in whose name such Security is
registered in the security register kept by the Issuer for that purpose in
accordance with the terms hereof, and (b) in the case of any Unregistered
Security, the bearer of such Security, or any Coupon appertaining thereto, as
the case may be.

     

    “Indenture”
means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, and
shall include the forms and terms of particular series of Securities established
as contemplated hereunder.

     

    “Interest”
means, when used with respect to non-interest bearing Securities, interest
payable after maturity.

     

    “Issuer”
means (except as otherwise provided in Article Six) KBW, Inc., a Delaware
corporation and, subject to Article Nine, its successors and
assigns.

     

    “Issuer
Order” means a written statement, request or order of the Issuer signed in its
name by any one of the following: the Chairman of the Board, the Chief Executive
Officer,  the Chief Financial Officer, the President, the Chief
Operating Officer, the General Counsel, any Vice President, the Treasurer, an
Assistant Treasurer, the Secretary, an Assistant Secretary or any other person
authorized by the Board of Directors to execute any such written statement,
request or order.

     

    “Judgment
Currency” shall have the meaning set forth in Section 11.12.

     

    “Officer’s
Certificate” means a certificate (i) signed by any one of the following: the
Chairman of the Board, the Chief Executive Officer,  the Chief
Financial Officer, the President, the Chief Operating Officer, the General
Counsel, any Vice President, the Treasurer, an Assistant Treasurer, the
Secretary, an Assistant Secretary or any other person authorized by the Board of
Directors to execute any such certificate and (ii) delivered to the
Trustee.  Each such certificate shall comply with Section 314 of the
Trust Indenture Act of 1939 and include the statements provided for in Section
11.05.

     

    “Opinion
of Counsel” means an opinion in writing signed by the General Counsel of the
Issuer or by such other legal counsel who may be an employee of or counsel to
the Issuer and who shall be satisfactory to the Trustee.  Each such
opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and
include the statements provided for in Section 11.05.

     

    “original
issue date” of any Security (or portion thereof) means the earlier of (a) the
date of such Security or (b) the date of any Security (or portion thereof) for
which such Security was issued (directly or indirectly) on registration of
transfer, exchange or substitution.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Original
Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of
acceleration of the maturity thereof pursuant to Section 5.01.

     

    “Outstanding”
when used with reference to Securities, shall, subject to the provisions of
Section 7.04, mean, as of any particular time, all Securities authenticated and
delivered by the Trustee under this Indenture, except

     

    (a)           Securities
theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     

    (b)           Securities,
or portions thereof, for the payment or redemption of which moneys or U.S.
Government Obligations (as provided for in Section 10.01) in the necessary
amount shall have been deposited in trust with the Trustee or with any paying
agent (other than the Issuer) or shall have been set aside, segregated and held
in trust by the Issuer for the Holders of such Securities (if the Issuer shall
act as its own paying agent), provided that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as herein provided, or provision satisfactory
to the Trustee shall have been made for giving such notice; and

     

    (c)           Securities
which shall have been paid or in substitution for which other Securities shall
have been authenticated and delivered pursuant to the terms of Section 2.09
(except with respect to any such Security as to which proof satisfactory to the
Trustee is presented that such Security is held by a person in whose hands such
Security is a legal, valid and binding obligation of the Issuer).

     

    In
determining whether the Holders of the requisite principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of an
Original Issue Discount Security that shall be deemed to be Outstanding for such
purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration
of the maturity thereof pursuant to Section 5.01.

     

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

     

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

     

    “principal”
whenever used with reference to the Securities or any Security or any portion
thereof, shall be deemed to include “and premium, if any”.

     

    “record
date” shall have the meaning set forth in Section 2.07.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Redemption
Notice Period” shall have the meaning set forth in Section 12.02.

     

    “Registered
Global Security”, means a Security evidencing all or a part of a series of
Registered Securities, issued to the Depositary for such series in accordance
with Section 2.04, and bearing the legend prescribed in Section
2.04.

     

    “Registered
Security” means any Security registered on the Security register of the
Issuer.

     

    “Required
Currency” shall have the meaning set forth in Section 11.12.

     

    “Responsible
Officer” when used with respect to the Trustee means the chairman of the Board
of Directors, any vice chairman of the board of directors, the chairman of the
trust committee, the chairman of the executive committee, any vice chairman of
the executive committee, the president, any vice president, (whether or not
designated by numbers or words added before or after the title “vice president”)
the cashier, the secretary, the treasurer, any trust officer, any assistant
trust officer, any assistant vice president, any assistant cashier, any
assistant secretary, any assistant treasurer, 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 knowledge of
and familiarity with the particular subject.

     

    “Security”
or “Securities” has the meaning stated in the first recital of this Indenture,
or, as the case may be, Securities that have been authenticated and delivered
under this Indenture.

     

    “Subsidiary”
shall have the meaning set forth in Section 3.06.

     

    “Trust
Indenture Act of 1939” means the Trust Indenture Act of 1939.

     

    “Trustee”
means the Person identified as “Trustee” in the first paragraph hereof and,
subject to the provisions of Article 6, shall also include any successor
trustee.  “Trustee” shall also mean or include each Person who is then
a trustee hereunder and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.

     

    “Unregistered
Security” means any Security other than a Registered Security.

     

    “U.S.
Government Obligations” shall have the meaning set forth in Section
10.01(a).

     

    “Voting
Securities” shall have the meaning set forth in Section 3.06.

     

    “Yield to
Maturity” means the yield to maturity on a series of securities, calculated at
the time of issuance of such series, or, if applicable, at the most recent
redetermination of interest on such series, and calculated in accordance with
accepted financial practice.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    ARTICLE
2

    SECURITIES

     

    Section
2.01  Forms
Generally.  The Securities of each series and the Coupons, if
any, to be attached thereto shall be substantially in such form (not
inconsistent with this Indenture) as shall be established by or pursuant to one
or more Board Resolutions (as set forth in a Board Resolution or, to the extent
established pursuant to rather than set forth in a Board Resolution, an
Officer’s Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have imprinted or otherwise reproduced thereon such legend or
legends or endorsements, not inconsistent with the provisions of this Indenture,
as may be required to comply with any law or with any rules or regulations
pursuant thereto, or with any rules of any securities exchange or to conform to
general usage, all as may be determined by the officers executing such
Securities and Coupons, if any, as evidenced by their execution of such
Securities and Coupons.

     

    The
definitive Securities and Coupons, if any, shall be printed, lithographed or
engraved on steel engraved borders or may be produced in any other manner, all
as determined by the officers executing such Securities and Coupons, if any, as
evidenced by their execution of such Securities and Coupons, if
any.

     

    Section
2.02  Form of Trustee’s
Certificate of Authentication.  The Trustee’s certificate of
authentication on all Securities shall be in substantially the following
form:

     

    “This is
one of the Securities referred to in the within-mentioned Senior
Indenture.

     

    
    

     

    
      	 	 	 _________________________
	 	 	
              as
      Trustee

            
	 	 	 
	 	 	
               By:
      _______________________

            
	 	 	
              Authorized
      Officer”

            

    

     

    If at any
time there shall be an Authenticating Agent appointed with respect to any series
of Securities, then the Trustee’s Certificate of Authentication to be borne by
the Securities of each such series shall be substantially as
follows:

     

    “This is
one of the Securities referred to in the within-mentioned Senior
Indenture.

    
       

      
        	 	 	 _________________________
	 	 	
                as
      Authenticating Agent

              
	 	 	 
	 	 	
                 By:
      _______________________

              
	 	 	
                Authorized
      Officer”

              

      

       

    

    Section
2.03  Amount Unlimited; Issuable
in Series.  The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is
unlimited.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
Securities may be issued in one or more series and each such series shall rank
equally and pari passu with all other unsecured and unsubordinated debt of the
Issuer.  There shall be established in or pursuant to one or more
Board Resolutions (and to the extent established pursuant to rather than set
forth in a Board Resolution, in an Officer’s Certificate detailing such
establishment) or established in one or more indentures supplemental hereto,
prior to the initial issuance of Securities of any series,

     

    (a)     the
designation of the Securities of the series, which shall distinguish the
Securities of the series from the Securities of all other series;

     

    (b)     any
limit upon the aggregate principal amount of the Securities of the 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 the series pursuant to Section 2.08,
2.09, 2.11, 8.05 or 12.03);

     

    (c)      if
other than Dollars, the coin or currency in which the Securities of that series
are denominated (including, but not limited to, any Foreign
Currency);

     

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

     

    (e)       the
rate or rates at which the Securities of the series shall bear interest, if any,
the date or dates from which such interest shall accrue, on which such interest
shall be payable and (in the case of Registered Securities) on which a record
shall be taken for the determination of Holders to whom interest is payable
and/or the method by which such rate or rates or date or dates shall be
determined;

     

    (f)        the
place or places where the principal of and any interest on Securities of the
series shall be payable (if other than as provided in Section
3.02);

     

    (g)       the
right, if any, of the Issuer to redeem Securities, in whole or in part, at its
option and the period or periods within which, the price or prices at which and
any terms and conditions, including the Redemption Notice Period, upon which
Securities of the series may be so redeemed, pursuant to any sinking fund or
otherwise;

     

    (h)       the
obligation, if any, of the Issuer to redeem, purchase or repay Securities of the
series pursuant to any mandatory redemption, sinking fund or analogous
provisions or at the option of a Holder thereof and the price or prices at which
and the period or periods within which and any terms and conditions upon which
Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation;

     

    (i)         if
other than denominations of $1,000 and any integral multiple thereof in the case
of Registered Securities, or $1,000 and $5,000 in the case of Unregistered
Securities, the denominations in which Securities of the series shall be
issuable;

     

    (j)         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;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (k)        if
other than the coin or currency in which the Securities of that series are
denominated, the coin or currency in which payment of the principal of or
interest on the Securities of such series shall be payable;

     

    (l)         if
the principal of or interest on the Securities of such series are to be payable,
at the election of the Issuer or a Holder thereof, in a coin or currency other
than that in which the Securities are denominated, the period or periods within
which, and the terms and conditions upon which, such election may be
made;

     

    (m)       if
the amount of payments of principal of and interest on the Securities of the
series may be determined with reference to an index based on a coin or currency
other than that in which the Securities of the series are denominated, or with
reference to any currencies, securities or baskets of securities, commodities or
indices, the manner in which such amounts shall be determined;

     

    (n)        if
the Holders of the Securities of the series may convert or exchange the
Securities of the series into or for securities of the Issuer or of other
entities or other property (or the cash value thereof), the specific terms of
and period during which such conversion or exchange may be made;

     

    (o)        whether
the Securities of the series will be issuable as Registered Securities (and if
so, whether such Securities will be issuable as Registered Global Securities) or
Unregistered Securities (with or without Coupons), or any combination of the
foregoing, any restrictions applicable to the offer, sale, transfer, exchange or
delivery of Unregistered Securities or Registered Securities or the payment of
interest thereon and, if other than as provided in Section 2.08, the terms upon
which Unregistered Securities of any series may be exchanged for Registered
Securities of such series and vice versa;

     

    (p)        whether
and under what circumstances the Issuer will pay additional amounts on the
Securities of the series held by a Person who is not a U.S. Person in respect of
any tax, assessment or governmental charge withheld or deducted and, if so,
whether the Issuer will have the option to redeem such Securities rather than
pay such additional amounts;

     

    (q)        if
the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series)
only upon receipt of certain certificates or other documents or satisfaction of
other conditions, the form and terms of such certificates, documents or
conditions;

     

    (r)         any
trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such
series;

     

    (s)         any
other events of default or covenants with respect to the Securities of such
series; and

     

    (t)          any
other terms of the series.

     

    All
Securities of any one series and Coupons, if any, appertaining thereto, shall be
substantially identical, except in the case of Registered Securities as to
denomination and except 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    as may
otherwise be provided by or pursuant to the Board Resolution or Officer’s
Certificate referred to above or as set forth in any such indenture supplemental
hereto.  All Securities of any one series need not be issued at the
same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to such Board Resolution, such
Officer’s Certificate or in any such indenture supplemental hereto.

     

    Notwithstanding
Section 2.03(b) hereof and unless otherwise expressly provided with respect to a
series of Securities, the aggregate principal amount of a series of Securities
may be increased and additional Securities of such series may be issued up to a
maximum aggregate principal amount authorized with respect to such series as
increased.

     

    Section
2.04  Authentication and Delivery
of Securities.  (a)  The Issuer may deliver Securities of
any series having attached thereto appropriate Coupons, if any, executed by the
Issuer to the Trustee for authentication together with the applicable documents
referred to below in this Section, and the Trustee shall thereupon authenticate
and deliver such Securities to or upon the order of the Issuer (contained in the
Issuer Order referred to below in this Section) or pursuant to such procedures
acceptable to the Trustee and to such recipients as may be specified from time
to time by an Issuer Order.  The maturity date, original issue date,
interest rate and any other terms of the Securities of such series and Coupons,
if any, appertaining thereto (including Redemption Notice Periods) shall be
determined by or pursuant to such Issuer Order and procedures.  If
provided for in such procedures, such Issuer Order may authorize authentication
and delivery pursuant to oral instructions from the Issuer or its duly
authorized agent, which instructions shall be promptly confirmed in
writing.  In authenticating such Securities and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive (in the case of subparagraphs
2.04(a)(ii), 2.04(a)(iii) and 2.04(a)(iv) below only at or before the time of
the first request of the Issuer to the Trustee to authenticate Securities of
such series) and (subject to Section 6.01) shall be fully protected in relying
upon, unless and until such documents have been superseded or
revoked:

     

    (i)           an
Issuer Order requesting such authentication and setting forth delivery
instructions if the Securities and Coupons, if any, are not to be delivered to
the Issuer, provided that, with respect to Securities of a series subject to a
Periodic Offering, (a) such Issuer Order may be delivered by the Issuer to the
Trustee prior to the delivery to the Trustee of such Securities for
authentication and delivery, (b) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate
principal amount not exceeding the aggregate principal amount established for
such series, pursuant to an Issuer Order or pursuant to procedures acceptable to
the Trustee as may be specified from time to time by an Issuer Order, (c) the
maturity date or dates, original issue date or dates, interest rate or rates and
any other terms of Securities of such series (including Redemption Notice
Periods) shall be determined by an Issuer Order or pursuant to such procedures
and (d) if provided for in such procedures, such Issuer Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Issuer or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing;

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (ii)           any
Board Resolution, Officer’s Certificate and/or executed supplemental indenture
referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and
terms of the Securities and Coupons, if any, were established;

     

    (iii)           an
Officer’s Certificate setting forth the form or forms and terms of the
Securities and Coupons, if any, stating that the form or forms and terms of the
Securities and Coupons, if any, have been established pursuant to Sections 2.01
and 2.03 and comply with this Indenture, and covering such other matters as the
Trustee may reasonably request; and

     

    (iv)           at
the option of the Issuer, either an Opinion of Counsel, or a letter addressed to
the Trustee permitting it to rely on an Opinion of Counsel, substantially to the
effect that:

     

    (A)           the
forms of the Securities and Coupons, if any, have been duly authorized and
established in conformity with the provisions of this Indenture;

     

    (B)           in
the case of an underwritten offering, the terms of the Securities have been duly
authorized and established in conformity with the provisions of this Indenture,
and, in the case of an offering that is not underwritten, certain terms of the
Securities have been established pursuant to a Board Resolution, an Officer’s
Certificate or a supplemental indenture in accordance with this Indenture, and
when such other terms as are to be established pursuant to procedures set forth
in an Issuer Order shall have been established, all such terms will have been
duly authorized by the Issuer and will have been established in conformity with
the provisions of this Indenture; and

     

    (C)           when
the Securities and Coupons, if any, have been executed by the Issuer and
authenticated by the Trustee in accordance with the provisions of this Indenture
and delivered to and duly paid for by the purchasers thereof, they will have
been duly issued under this Indenture and will be valid and binding obligations
of the Issuer, enforceable in accordance with their respective terms, and will
be entitled to the benefits of this Indenture; and

     

    In
rendering such opinions, such counsel may qualify any opinions as to
enforceability by stating that such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium and other similar laws
affecting the rights and remedies of creditors and is subject to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law) and to such other qualifications as such
counsel shall conclude do not materially affect the rights of Holders of such
Securities and any Coupons.  Such counsel may rely, as to all matters
governed by the laws of jurisdictions 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    other
than the State of New York and the federal law of the United States, upon
opinions of other counsel (copies of which shall be delivered to the Trustee),
who shall be counsel reasonably satisfactory to the Trustee, in which case the
opinion shall state that such counsel believes he and the Trustee are entitled
so to rely.  Such counsel may also state that, insofar as such opinion
involves factual matters, he has relied, to the extent he deems proper, upon
certificates of officers of the Issuer and its subsidiaries and certificates of
public officials.

     

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken by the Issuer or if the
Trustee in good faith by its board of directors or board of trustees, executive
committee, or a trust committee of directors or trustees or Responsible Officers
shall determine that such action would expose the Trustee to personal liability
to existing Holders or would affect the Trustee’s own rights, duties or
immunities under the Securities, this Indenture or otherwise.

     

    If the
Issuer shall establish pursuant to Section 2.03 that the Securities of a series
are to be issued in the form of one or more Registered Global Securities, then
the Issuer shall execute and the Trustee shall, in accordance with this Section
and the Issuer Order with respect to such series, authenticate and deliver one
or more Registered Global Securities that (i) shall represent and shall be
denominated in an amount equal to the aggregate principal amount of all of the
Securities of such series issued and not yet cancelled, (ii) shall be registered
in the name of the Depositary for such Registered Global Security or Securities
or the nominee of such Depositary, (iii) shall be delivered by the Trustee to
such Depositary or pursuant to such Depositary’s instructions and (iv) shall
bear a legend substantially to the following effect:  “Unless and
until it is exchanged in whole or in part for Securities in definitive
registered form, this Security may not be transferred except as a whole by the
Depositary to the nominee of the Depositary or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor
Depositary.”

     

    Each
Depositary designated pursuant to Section 2.03 must, at the time of its
designation and at all times while it serves as Depositary, be a clearing agency
registered under the Securities Exchange Act of 1934 and any other applicable
statute or regulation.

     

    Section
2.05  Execution of
Securities.  The Securities and, if applicable, each Coupon
appertaining thereto shall be signed on behalf of the Issuer by any one of the
following: the Chairman of the Board, the Chief Executive
Officer,  the Chief Financial Officer, the President, the Chief
Operating Officer, the General Counsel, any Vice President, the Treasurer, an
Assistant Treasurer, the Secretary, an Assistant Secretary or any other person
authorized by the Board of Directors to execute Securities or, if applicable,
Coupons, which Securities or Coupons may, but need not, be
attested.  Such signatures may be the manual or facsimile signatures
of the present or any future such officers.  Minor errors or defects
in any such reproduction of any such signature shall not affect the validity or
enforceability of any Security that has been duly authenticated and delivered by
the Trustee.

     

    In case
any officer of the Issuer who shall have signed any of the Securities or
Coupons, if any, shall cease to be such officer before the Security or Coupon so
signed (or the 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Security
to which the Coupon so signed appertains) shall be authenticated and delivered
by the Trustee or disposed of by the Issuer, such Security or Coupon
nevertheless may be authenticated and delivered or disposed of as though the
person who signed such Security or Coupon had not ceased to be such officer of
the Issuer; and any Security or Coupon may be signed on behalf of the Issuer by
such persons as, at the actual date of the execution of such Security or Coupon,
shall be the proper officers of the Issuer, although at the date of the
execution and delivery of this Indenture any such person was not such an
officer.

     

    Section
2.06  Certificate of
Authentication.  Only such Securities as shall bear thereon a
certificate of authentication substantially in the form hereinbefore recited,
executed by the Trustee by the manual signature of one of its authorized
officers, shall be entitled to the benefits of this Indenture or be valid or
obligatory for any purpose.  No Coupon shall be entitled to the
benefits of this Indenture or shall be valid and obligatory for any purpose
until the certificate of authentication on the Security to which such Coupon
appertains shall have been duly executed by the Trustee.  The
execution of such certificate by the Trustee upon any Security executed by the
Issuer 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.

     

    Section
2.07  Denomination and Date of
Securities; Payments of Interest.  The Securities of each
series shall be issuable as Registered Securities or Unregistered Securities in
denominations established as contemplated by Section 2.03 or, with respect to
the Registered Securities of any series, if not so established, in denominations
of $1,000 and any integral multiple thereof.  If denominations of
Unregistered Securities of any series are not so established, such Securities
shall be issuable in denominations of $1,000 and $5,000.  The
Securities of each series shall be numbered, lettered or otherwise distinguished
in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee, as evidenced
by the execution and authentication thereof.

     

    Each
Registered Security shall be dated the date of its
authentication.  Each Unregistered Security shall be dated as provided
in the resolution or resolutions of the Board of Directors of the Issuer
referred to in Section 2.03.  The Securities of each series shall bear
interest, if any, from the date, and such interest shall be payable on the
dates, established as contemplated by Section 2.03.

     

    The
Person in whose name any Registered Security of any series is registered at the
close of business on any record date applicable to a particular series with
respect to any interest payment date for such series shall be entitled to
receive the interest, if any, payable on such interest payment date
notwithstanding any transfer or exchange of such Registered Security subsequent
to the record date and prior to such interest payment date, except if and to the
extent the Issuer shall default in the payment of the interest due on such
interest payment date for such series, in which case such defaulted interest
shall be paid to the Persons in whose names Outstanding Registered Securities
for such series are registered at the close of business on a subsequent record
date (which shall be not less than five Business Days prior to the date of
payment of such defaulted interest) established by notice given by mail by or on
behalf of the Issuer to the Holders of Registered Securities not less than 15
days preceding such subsequent record date.  The term “record date” as
used with respect to any interest payment date (except a 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    date for
payment of defaulted interest) for the Securities of any series shall mean the
date specified as such in the terms of the Registered Securities of such series
established as contemplated by Section 2.03, or, if no such date is so
established, if such interest payment date is the first day of a calendar month,
the fifteenth day of the next preceding calendar month or, if such interest
payment date is the fifteenth day of a calendar month, the first day of such
calendar month, whether or not such record date is a Business Day.

     

    Section
2.08  Registration, Transfer and
Exchange.  The Issuer will keep at each office or agency to be
maintained for the purpose as provided in Section 3.02 for each series of
Securities a register or registers in which, subject to such reasonable
regulations as it may prescribe, it will provide for the registration of
Registered Securities of such series and the registration of transfer of
Registered Securities of such series.  Such register shall be in
written form in the English language or in any other form capable of being
converted into such form within a reasonable time.  At all reasonable
times such register or registers shall be open for inspection by the
Trustee.

     

    Upon due
presentation for registration of transfer of any Registered Security of any
series at any such office or agency to be maintained for the purpose as provided
in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new Registered Security
or Registered Securities of the same series, maturity date, interest rate and
original issue date in authorized denominations for a like aggregate principal
amount.

     

    Unregistered
Securities (except for any temporary global Unregistered Securities) and Coupons
(except for Coupons attached to any temporary global Unregistered Securities)
shall be transferable by delivery.

     

    At the
option of the Holder thereof, Registered Securities of any series (other than a
Registered Global Security, except as set forth below) may be exchanged for a
Registered Security or Registered Securities of such series having authorized
denominations and an equal aggregate principal amount, upon surrender of such
Registered Securities to be exchanged at the agency of the Issuer that shall be
maintained for such purpose in accordance with Section 3.02 and upon payment, if
the Issuer shall so require, of the charges hereinafter provided.  If
the Securities of any series are issued in both registered and unregistered
form, except as otherwise specified pursuant to Section 2.03, at the option of
the Holder thereof, Unregistered Securities of any series may be exchanged for
Registered Securities of such series having authorized denominations and an
equal aggregate principal amount, upon surrender of such Unregistered Securities
to be exchanged at the agency of the Issuer that shall be maintained for such
purpose in accordance with Section 3.02, with, in the case of Unregistered
Securities that have Coupons attached, all unmatured Coupons and all matured
Coupons in default thereto appertaining, and upon payment, if the Issuer shall
so require, of the charges hereinafter provided.  At the option of the
Holder thereof, if Unregistered Securities of any series, maturity date,
interest rate and original issue date are issued in more than one authorized
denomination, except as otherwise specified pursuant to Section 2.03, such
Unregistered Securities may be exchanged for Unregistered Securities of such
series having authorized denominations and an equal aggregate principal amount,
upon surrender of such Unregistered Securities to be exchanged at the agency of
the Issuer that shall be maintained for such purpose in accordance with Section
3.02 or as 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    specified
pursuant to Section 2.03, with, in the case of Unregistered Securities that have
Coupons attached, all unmatured Coupons and all matured Coupons in default
thereto appertaining, and upon payment, if the Issuer shall so require, of the
charges hereinafter provided.  Unless otherwise specified pursuant to
Section 2.03, Registered Securities of any series may not be exchanged for
Unregistered Securities of such series.  Whenever any Securities are
so surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.  All Securities and Coupons surrendered upon any
exchange or transfer provided for in this Indenture shall be promptly cancelled
and disposed of by the Trustee and the Trustee will deliver a certificate of
disposition thereof to the Issuer.

     

    All
Registered Securities presented for registration of transfer, exchange,
redemption or payment shall (if so required by the Issuer or the Trustee) be
duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by the
Holder or his attorney duly authorized in writing.

     

    The
Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any exchange or
registration of transfer of Securities.  No service charge shall be
made for any such transaction.

     

    The
Issuer shall not be required to exchange or register a transfer of (a) any
Securities of any series for a period of 15 days next preceding the first
mailing of notice of redemption of Securities of such series to be redeemed or
(b) any Securities selected, called or being called for redemption, in whole or
in part, except, in the case of any Security to be redeemed in part, the portion
thereof not so to be redeemed or (c) any Securities if the Holder thereof has
exercised any right to require the Issuer to repurchase such Securities, in
whole or in part, except, in the case of any Security to be repurchased in part,
the portion thereof not so to be repurchased.

     

    Notwithstanding
any other provision of this Section 2.08, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Registered
Global Security representing all or a portion of the Securities of a series may
not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such Depositary
or another nominee of such Depositary or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor
Depositary.

     

    If at any
time the Depositary for any Registered Securities of a series represented by one
or more Registered Global Securities notifies the Issuer that it is unwilling or
unable to continue as Depositary for such Registered Securities or if at any
time the Depositary for such Registered Securities shall no longer be eligible
under Section 2.04, the Issuer shall appoint a successor Depositary eligible
under Section 2.04 with respect to such Registered Securities.  If a
successor Depositary eligible under Section 2.04 for such Registered Securities
is not appointed by the Issuer within 90 days after the Issuer receives such
notice or becomes aware of such ineligibility, the Issuer’s election pursuant to
Section 2.03 that such Registered Securities be represented by one or more
Registered Global Securities shall no longer be effective and the Issuer will
execute, and the Trustee, upon receipt of an Officer’s Certificate for the

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    authentication
and delivery of definitive Securities of such series, will authenticate and
deliver, Securities of such series in definitive registered form without
coupons, in any authorized denominations, in an aggregate principal amount equal
to the principal amount of the Registered Global Security or Securities
representing such Registered Securities in exchange for such Registered Global
Security or Securities.

     

    Subject
to the procedures of the Depositary, the Issuer may at any time and in its sole
discretion determine that the Registered Securities of any series issued in the
form of one or more Registered Global Securities shall no longer be represented
by a Registered Global Security or Securities.  In such event the
Issuer will execute, and the Trustee, upon receipt of an Officer’s Certificate
for the authentication and delivery of definitive Securities of such series,
will authenticate and deliver, Securities of such series in definitive
registered form without coupons, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of the Registered
Global Security or Securities representing such Registered Securities, in
exchange for such Registered Global Security or Securities.

     

    If
specified by the Issuer pursuant to Section 2.03 with respect to Securities
represented by a Registered Global Security, the Depositary for such Registered
Global Security may surrender such Registered Global Security in exchange in
whole or in part for Securities of the same series in definitive registered form
on such terms as are acceptable to the Issuer and such
Depositary.  Thereupon, the Issuer shall execute, and the Trustee
shall authenticate and deliver, without service charge,

     

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

     

    (ii)           to
such Depositary a new Registered Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Registered
Global Security and the aggregate principal amount of Registered Securities
authenticated and delivered pursuant to clause Section 2.08(i)
above.

     

    Upon the
exchange of a Registered Global Security for Securities in definitive registered
form without coupons, in authorized denominations, such Registered Global
Security shall be cancelled by the Trustee or an agent of the Issuer or the
Trustee.  Securities in definitive registered form without coupons
issued in exchange for a Registered Global Security pursuant to this Section
2.08 shall be registered in such names and in such authorized denominations as
the Depositary for such Registered Global Security, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the
Trustee or an agent of the Issuer or the Trustee.  The Trustee or such
agent shall deliver such Securities to or as directed by the Persons in whose
names such Securities are so registered.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

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

     

    Notwithstanding
anything herein or in the terms of any series of Securities to the contrary,
none of the Issuer, the Trustee or any agent of the Issuer or the Trustee (any
of which, other than the Issuer, shall rely on an Officer’s Certificate and an
Opinion of Counsel) shall be required to exchange any Unregistered Security for
a Registered Security if such exchange would result in adverse Federal income
tax consequences to the Issuer (such as, for example, the inability of the
Issuer to deduct from its income, as computed for Federal income tax purposes,
the interest payable on the Unregistered Securities) under then applicable
United States Federal income tax laws.

     

    Section
2.09  Mutilated, Defaced,
Destroyed, Lost and Stolen Securities.  In case any temporary
or definitive Security or any Coupon appertaining to any Security shall become
mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion
may execute, and upon the written request of any officer of the Issuer, the
Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest rate and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and
substitution for the mutilated or defaced Security, or in lieu of and in
substitution for the Security so destroyed, lost or stolen with Coupons
corresponding to the Coupons appertaining to the Securities so mutilated,
defaced, destroyed, lost or stolen, or in exchange or substitution for the
Security to which such mutilated, defaced, destroyed, lost or stolen Coupon
appertained, with Coupons appertaining thereto corresponding to the Coupons so
mutilated, defaced, destroyed, lost or stolen.  In every case the
applicant for a substitute Security or Coupon shall furnish to the Issuer and to
the Trustee and any agent of the Issuer or the Trustee such security or
indemnity as may be required by them to indemnify and defend and to save each of
them harmless and, in every case of destruction, loss or theft, evidence to
their satisfaction of the destruction, loss or theft of such Security or Coupon
and of the ownership thereof and in the case of mutilation or defacement shall
surrender the Security and related Coupons to the Trustee or such
agent.

     

    Upon the
issuance of any substitute Security or Coupon, the Issuer 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 or its agent) connected therewith.  In
case any Security or Coupon which has matured or is about to mature or has been
called for redemption in full shall become mutilated or defaced or be destroyed,
lost or stolen, the Issuer may instead of issuing a substitute Security, pay or
authorize the payment of the same or the relevant Coupon (without surrender
thereof except in the case of a mutilated or defaced Security or Coupon), if the
applicant for such payment shall furnish to the Issuer and to the Trustee and
any agent of the Issuer or the Trustee such security or indemnity as any of them
may require to save each of them harmless, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to their satisfaction of the
destruction, loss or theft of such Security or Coupon and of the ownership
thereof.

     

    Every
substitute Security or Coupon of any series issued pursuant to the provisions of
this Section by virtue of the fact that any such Security or Coupon is
destroyed, lost 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    or stolen
shall constitute an additional contractual obligation of the Issuer, whether or
not the destroyed, lost or stolen Security or Coupon shall be at any time
enforceable by anyone and shall be entitled to all the benefits of (but shall be
subject to all the limitations of rights set forth in) this Indenture equally
and proportionately with any and all other Securities or Coupons of such series
duly authenticated and delivered hereunder.  All Securities and
Coupons shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, defaced or destroyed, lost or stolen
Securities and Coupons and shall preclude 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
2.10  Cancellation of Securities;
Disposition Thereof.  All Securities and Coupons surrendered
for payment, redemption, registration of transfer or exchange, or for credit
against any payment in respect of a sinking or analogous fund, if surrendered to
the Issuer or any agent of the Issuer or the Trustee or any agent of the
Trustee, shall be delivered to the Trustee or its agent for cancellation or, if
surrendered to the Trustee, shall be cancelled by it; and no Securities or
Coupons shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Indenture.  The Trustee or its agent shall
dispose of cancelled Securities and Coupons held by it and deliver a certificate
of disposition to the Issuer.  If the Issuer or its agent shall
acquire any of the Securities or Coupons, such acquisition shall not operate as
a redemption or satisfaction of the indebtedness represented by such Securities
or Coupons unless and until the same are delivered to the Trustee or its agent
for cancellation.

     

    Section
2.11  Temporary
Securities.  Pending the preparation of definitive Securities
for any series, the Issuer may execute and the Trustee shall authenticate and
deliver temporary Securities for such series (printed, lithographed, typewritten
or otherwise reproduced, in each case in form satisfactory to the
Trustee).  Temporary Securities of any series shall be issuable as
Registered Securities without coupons, or as Unregistered Securities with or
without coupons attached thereto, of any authorized denomination, and
substantially in the form of the definitive Securities of such series but with
such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Issuer with the concurrence of the
Trustee as evidenced by the execution and authentication
thereof.  Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate.  Every temporary
Security shall be executed by the Issuer and be authenticated by the Trustee
upon the same conditions and in substantially the same manner, and with like
effect, as the definitive Securities.  Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and
thereupon temporary Registered Securities of such series may be surrendered in
exchange therefor without charge at each office or agency to be maintained by
the Issuer for that purpose pursuant to Section 3.02 and, in the case of
Unregistered Securities, at any agency maintained by the Issuer for such purpose
as specified pursuant to Section 2.03, and the Trustee shall authenticate and
deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having
authorized denominations and, in the case of Unregistered Securities, having
attached thereto any appropriate Coupons.  Until so exchanged, the
temporary Securities of any series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section 2.03.  The provisions of this Section
are subject to any restrictions or limitations on the issue and delivery of
temporary Unregistered 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Securities
of any series that may be established pursuant to Section 2.03 (including any
provision that Unregistered Securities of such series initially be issued in the
form of a single global Unregistered Security to be delivered to a depositary or
agency located outside the United States and the procedures pursuant to which
definitive or global Unregistered Securities of such series would be issued in
exchange for such temporary global Unregistered Security).

     

    ARTICLE
3

    COVENANTS
OF THE ISSUER

     

    Section
3.01  Payment of Principal and
Interest.  The Issuer covenants and agrees for the benefit of
each series of Securities that it will duly and punctually pay or cause to be
paid the principal of, and interest on, each of the Securities of such series
(together with any additional amounts payable pursuant to the terms of such
Securities) at the place or places, at the respective times and in the manner
provided in such Securities and in the Coupons, if any, appertaining thereto and
in this Indenture.  The interest on Securities with Coupons attached
(together with any additional amounts payable pursuant to the terms of such
Securities) shall be payable only upon presentation and surrender of the several
Coupons for such interest installments as are evidenced thereby as they
severally mature.  If any temporary Unregistered Security provides
that interest thereon may be paid while such Security is in temporary form, the
interest on any such temporary Unregistered Security (together with any
additional amounts payable pursuant to the terms of such Security) shall be
paid, as to the installments of interest evidenced by Coupons attached thereto,
if any, only upon presentation and surrender thereof, and, as to the other
installments of interest, if any, only upon presentation of such Securities for
notation thereon of the payment of such interest, in each case subject to any
restrictions that may be established pursuant to Section 2.03.  The
interest on Registered Securities (together with any additional amounts payable
pursuant to the terms of such Securities) shall be payable only to or upon the
written order of the Holders thereof and, at the option of the Issuer, may be
paid by wire transfer or by mailing checks for such interest payable to or upon
the written order of such Holders at their last addresses as they appear on the
registry books of the Issuer.

     

    Section
3.02  Offices for Payments,
etc.  So long as any Registered Securities are authorized for
issuance pursuant to this Indenture or are outstanding hereunder, the Issuer
will maintain in the Borough of Manhattan, The City of New York, an office or
agency where the Registered Securities of each series may be presented for
payment, where the Securities of each series may be presented for exchange as is
provided in this Indenture and, if applicable, pursuant to Section 2.03 and
where the Registered Securities of each series may be presented for registration
of transfer as in this Indenture provided.

     

    The
Issuer initially appoints the Corporate Trust Office of the Trustee in the
Borough of Manhattan, The City of New York, as its agency for the foregoing
purposes.  The Issuer may subsequently appoint a different office or
agency of the Issuer in the Borough of Manhattan, The City of New
York.  The Issuer further initially appoints the Trustee at said
Corporate Trust Office as Security registrar for each series of
Securities.  The Issuer will have the right to remove and replace from
time to time the Security registrar for any series of Securities; provided that
no such removal or replacement will be effective until a successor Security
registrar with respect to such series of Securities has been appointed by the
Issuer and has accepted such appointment.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    The
Issuer will maintain one or more offices or agencies in a city or cities located
outside the United States (including any city in which such an agency is
required to be maintained under the rules of any stock exchange on which the
Securities of such series are listed) where the Unregistered Securities, if any,
of each series and Coupons, if any, appertaining thereto may be presented for
payment.  No payment on any Unregistered Security or Coupon will be
made upon presentation of such Unregistered Security or Coupon at an agency of
the Issuer within the United States nor will any payment be made by transfer to
an account in, or by mail to an address in, the United States unless pursuant to
applicable United States laws and regulations then in effect such payment can be
made without adverse tax consequences to the Issuer.  Notwithstanding
the foregoing, payments in Dollars of Unregistered Securities of any series and
Coupons appertaining thereto which are payable in Dollars may be made at an
agency of the Issuer maintained in the Borough of Manhattan, The City of New
York, if such payment in Dollars at each agency maintained by the Issuer outside
the United States for payment on such Unregistered Securities is illegal or
effectively precluded by exchange controls or other similar
restrictions.

     

    The
Issuer will maintain in the Borough of Manhattan, The City of New York, an
office or agency where notices and demands to or upon the Issuer in respect of
the Securities of any series, the Coupons appertaining thereto or this Indenture
may be served.

     

    The
Issuer will give to the Trustee written notice of the location of each such
office or agency and of any change of location thereof.  In case the
Issuer shall fail to maintain any agency required by this Section to be located
in the Borough of Manhattan, The City of New York, or shall fail to give such
notice of the location or of any change in the location of any of the above
agencies, presentations and demands may be made and notices may be served at the
Corporate Trust Office of the Trustee.

     

    The
Issuer may from time to time designate one or more additional offices or
agencies where the Securities of a series and any Coupons appertaining thereto
may be presented for payment, where the Securities of that series may be
presented for exchange as provided in this Indenture and pursuant to Section
2.03 and where the Registered Securities of that series may be presented for
registration of transfer as in this Indenture provided, and the Issuer may from
time to time rescind any such designation, as the Issuer may deem desirable or
expedient; provided, however, that no such designation or rescission shall in
any manner relieve the Issuer of its obligation to maintain the agencies
provided for in this Section.  The Issuer will give to the Trustee
prompt written notice of any such designation or rescission
thereof.

     

    Section
3.03  Appointment to Fill a
Vacancy in Office of Trustee.  The Issuer, whenever necessary
to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 6.10, a Trustee, so that there shall at all times be a
Trustee with respect to each series of Securities hereunder.

     

    Section
3.04  Paying
Agents.  Whenever the Issuer shall appoint a paying agent other
than the Trustee with respect to the Securities of any series, it will cause
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,

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (a)           that
it will hold all sums received by it as such agent for the payment of the
principal of or interest on the Securities of such series (whether such sums
have been paid to it by the Issuer or by any other obligor on the Securities of
such series) in trust for the benefit of the Holders of the Securities of such
series, or Coupons appertaining thereto, if any, or of the Trustee,

     

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

     

    (c)           that
it will pay any such sums so held in trust by it to the Trustee upon the
Trustee’s written request at any time during the continuance of the failure
referred to in clause 3.04(b) above.

     

    The
Issuer will, on or prior to each due date of the principal of or interest on the
Securities of such series, deposit with the paying agent a sum sufficient to pay
such principal or interest so becoming due, and (unless such paying agent is the
Trustee) the Issuer will promptly notify the Trustee of any failure to take such
action.

     

    If the
Issuer shall act as its own paying agent with respect to the Securities of any
series, it will, on or before each due date of the principal of or interest on
the Securities of such series, set aside, segregate and hold in trust for the
benefit of the Holders of the Securities of such series or the Coupons
appertaining thereto a sum sufficient to pay such principal or interest so
becoming due.  The Issuer will promptly notify the Trustee of any
failure to take such action.

     

    Anything
in this Section to the contrary notwithstanding, but subject to Section 10.01,
the Issuer may at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Securities hereunder, or
for any other reason, pay or cause to be paid to the Trustee all sums held in
trust for any such series by the Issuer or any paying agent hereunder, as
required by this Section, such sums to be held by the Trustee upon the trusts
herein contained.

     

    Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section is subject to the provisions of Sections 10.03
and 10.04.

     

    Section
3.05  Written Statement to
Trustee.  The Issuer will furnish to the Trustee on or before
March 31 in each year (beginning with March 31, [●]) a brief certificate (which
need not comply with Section 11.05) from the principal executive, financial or
accounting officer of the Issuer stating that in the course of the performance
by the signer of his duties as an officer of the Issuer he would normally have
knowledge of any default or non-compliance by the Issuer in the performance of
any covenants or conditions contained in this Indenture, stating whether or not
he has knowledge of any such default or non-compliance and, if so, specifying
each such default or non-compliance of which the signer has knowledge and the
nature thereof.

     

    Section
3.06  Negative
Pledge.  Neither the Issuer nor any successor corporation will,
or will permit any Subsidiary (as hereinafter defined) to, create, assume, incur
or guarantee any indebtedness for borrowed money secured by a pledge, lien or
other encumbrance (except for Permitted Liens, as hereinafter defined) on (i)
the Voting Securities (as 

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    hereinafter
defined) of Keefe, Bruyette & Woods, Inc., a New York corporation and a
wholly owned subsidiary of the Issuer, or any Subsidiary succeeding to any
substantial part of the business now conducted by of such corporation (the
“Principal Subsidiary”) or (ii) Voting Securities of a Subsidiary that owns,
directly or indirectly, Voting Securities of the Principal Subsidiary (other
than directors’ qualifying shares), unless the Issuer shall cause the Securities
to be secured equally and ratably with (or, at the Issuer’s option, prior to)
any indebtedness secured thereby.  “Subsidiary” means any corporation,
partnership or other entity of which at the time of determination the Issuer
owns or controls directly or indirectly more than 50% of the shares of voting
stock or equivalent interest.  “Permitted Liens” means liens for taxes
or assessments or governmental charges or levies not then due and delinquent or
the validity of which is being contested in good faith or which are less than
$1,000,000 in amount, liens created by or resulting from any litigation or legal
proceeding which is currently being contested in good faith by appropriate
proceedings or which involves claims of less than $1,000,000, deposits to secure
(or in lieu of) surety, stay, appeal or customs bonds and such other liens as
the Board of Directors of the Issuer determines do not materially detract from
or interfere with the present value or control of the Voting Securities subject
thereto or affected thereby.  “Voting Securities” means stock of any
class or classes having general voting power under ordinary circumstances to
elect a majority of the board of directors, managers or trustees of the
Subsidiary in question, provided that, for the purposes hereof, stock which
carries only the right to vote conditionally on the happening of an event shall
not be considered voting stock whether or not such event shall have
happened.

     

    ARTICLE
4

    SECURITYHOLDERS
LISTS AND REPORTS

    BY THE
ISSUER AND THE TRUSTEE

     

    Section
4.01  Issuer to Furnish Trustee
Information as to Names and Addresses of Securityholders.  If
and so long as the Trustee shall not be the Security registrar for the
Securities of any series, the Issuer and any other obligor on the Securities
will furnish or cause to be furnished to the Trustee a list in such form as the
Trustee may reasonably require of the names and addresses of the Holders of the
Registered Securities of such series pursuant to Section 312 of the Trust
Indenture Act of 1939 (a) semi-annually not more than 15 days after each record
date for the payment of interest on such Registered Securities, as hereinabove
specified, as of such record date and on dates to be determined pursuant to
Section 2.03 for non-interest bearing Registered Securities in each year, and
(b) at such other times as the Trustee may request in writing, within thirty
days after receipt by the Issuer of any such request as of a date not more than
15 days prior to the time such information is furnished.

     

    Section
4.02  Preservation and Disclosure
of Securityholders Lists.

     

    This
Section intentionally left blank.

     

    Section
4.03  Reports by the
Issuer.  The Issuer covenants to file with the Trustee, within
15 days after the Issuer is required to file the same with the Commission,
copies of the annual reports and of the information, documents, and other
reports that the Issuer may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or pursuant
to Section 314 of the Trust Indenture Act of 1939.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Section
4.04  Reports by the
Trustee.  Any Trustee’s report required under Section 313(a) of
the Trust Indenture Act of 1939 shall be transmitted on or before January 15 in
each year beginning January 15, [●], as provided in Section 313(c) of the Trust
Indenture Act of 1939, so long as any Securities are Outstanding hereunder, and
shall be dated as of a date convenient to the Trustee no more than 60 days prior
thereto.

     

    ARTICLE
5

    REMEDIES
OF THE TRUSTEE AND

    SECURITYHOLDERS
ON EVENT OF DEFAULT

     

    Section
5.01  Event of Default Defined;
Acceleration of Maturity; Waiver of Default.  “Event of
Default” with respect to Securities of any series wherever used herein, means
each one of the following events which shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

     

    (a)           default
in the payment of any installment of interest upon any of the Securities of such
series as and when the same shall become due and payable, and continuance of
such default for a period of 30 days; or

     

    (b)           default
in the payment of all or any part of the principal on any of the Securities of
such series as and when the same shall become due and payable either at
maturity, upon any redemption, by declaration or otherwise; or

     

    (c)           failure
on the part of the Issuer duly to observe or perform any other of the covenants
or agreements on the part of the Issuer in the Securities of such series (other
than a covenant or warranty in respect of the Securities of such series a
default in the performance or breach of which is elsewhere in this Section
specifically dealt with) or in this Indenture contained for a period of 60 days
after the date on which written notice specifying such failure, stating that
such notice is a “Notice of Default” hereunder and demanding that the Issuer
remedy the same, shall have been given by registered or certified mail, return
receipt requested, to the Issuer by the Trustee, or to the Issuer and the
Trustee by the holders of at least 25% in aggregate principal amount of the
Outstanding Securities of all series affected thereby; or

     

    (d)           a
court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Issuer in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Issuer or for any substantial part of its property
or ordering the winding up or liquidation of its affairs, and such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days;
or

     

    (e)           the
Issuer shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or consent to the
entry of an order for relief in an involuntary case under any such law, or
consent to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    official)
of the Issuer or for any substantial part of its property, or make any general
assignment for the benefit of creditors; or

     

    (f)           any
other Event of Default provided in the supplemental indenture under which such
series of Securities is issued or in the form of Security for such
series.

     

    If an
Event of Default described in clauses 5.01(a), 5.01(b), 5.01(c) or 5.01(f) (if
the Event of Default under clause 5.01(c) or 5.01(f), as the case may be, is
with respect to less than all series of Securities then Outstanding) occurs and
is continuing, then, and in each and every such case, except for any series of
Securities the principal of which 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 each such affected series then Outstanding hereunder
(voting as a single class) by notice in writing to the Issuer (and to the
Trustee if given by Securityholders), may declare the entire principal (or, if
the Securities of any such affected series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of such series) of all Securities of all such affected series, and the
interest accrued thereon, if any, to be due and payable immediately, and upon
any such declaration, the same shall become immediately due and
payable.  If an Event of Default described in clause 5.01(c) or
5.01(f) (if the Event of Default under clause 5.01(c) or 5.01(f), as the case
may be, is with respect to all series of Securities then Outstanding), 5.01(d)
or 5.01(e) occurs and is continuing, then and in each and every such case,
unless the principal of all the Securities shall have already become due and
payable, either the Trustee or the Holders of not less than 25% in aggregate
principal amount of all the Securities then Outstanding hereunder (treated as
one class), by notice in writing to the Issuer (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if any Securities are
Original Issue Discount Securities, such portion of the principal as may be
specified in the terms thereof) of all the Securities then Outstanding, and
interest accrued thereon, if any, to be due and payable immediately, and upon
any such declaration the same shall become immediately due and
payable.

     

    The
foregoing provisions, however, are subject to the condition that if, at any time
after the principal (or, if the Securities are Original Issue Discount
Securities, such portion of the principal as may be specified in the terms
thereof) of the Securities of any series (or of all the Securities, as the case
may be) 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 Issuer shall pay or shall deposit with the Trustee a
sum sufficient to pay all matured installments of interest upon all the
Securities of such series (or of all the Securities, as the case may be) and the
principal of any and all Securities of each such series (or of all the
Securities, as the case may be) which shall have become due otherwise than by
acceleration (with interest upon such principal and, to the extent that payment
of such interest is enforceable under applicable law, on overdue installments of
interest, at the same rate as the rate of interest or Yield to Maturity (in the
case of Original Issue Discount Securities) specified in the Securities of each
such series (or at the respective rates of interest or Yields to Maturity of all
the Securities, as the case may be) to the date of such payment or deposit) and
such amount as shall be sufficient to cover reasonable compensation to the
Trustee and each predecessor Trustee, its agents, attorneys and counsel, and all
other expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith, and
if any and all Events of Default under the Indenture, other than the non-payment
of the 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    principal
of Securities which shall have become due by acceleration, shall have been
cured, waived or otherwise remedied as provided herein, then and in every such
case the Holders of a majority in aggregate principal amount of all the
Securities of each such series, or of all the Securities, in each case voting as
a single class, then Outstanding, by written notice to the Issuer and to the
Trustee, may waive all defaults with respect to each such series (or with
respect to all the Securities, as the case may be) and rescind and annul such
declaration and its consequences, but no such waiver or rescission and annulment
shall extend to or shall affect any subsequent default or shall impair any right
consequent thereon.

     

    For all
purposes under this Indenture, if a portion of the principal of any Original
Issue Discount Securities shall have been accelerated and declared due and
payable pursuant to the provisions hereof, then, from and after such
declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes hereunder, to be such portion of the principal thereof as shall be
due and payable as a result of such acceleration, and payment of such portion of
the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

     

    Section
5.02  Collection of Indebtedness
by Trustee; Trustee May Prove Debt.  The Issuer covenants that
(a) in case default shall be made in the payment of any installment of interest
on any of the Securities of any series when such interest shall have become due
and payable, and such default shall have continued for a period of 30 days or
(b) in case default shall be made in the payment of all or any part of the
principal of any of the Securities of any series when the same shall have become
due and payable, whether upon maturity of the Securities of such series or upon
any redemption or by declaration or otherwise--then upon demand of the Trustee,
the Issuer will pay to the Trustee for the benefit of the Holders of the
Securities of such series the whole amount that then shall have become due and
payable on all Securities of such series, and such Coupons, for principal or
interest, as the case may be (with interest to the date of such payment upon the
overdue principal and, to the extent that payment of such interest is
enforceable under applicable law, on overdue installments of interest at the
same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of such series); and in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including reasonable compensation to the Trustee and
each predecessor Trustee, their respective agents, attorneys and counsel, and
any expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of its negligence or bad
faith.

     

    Until
such demand is made by the Trustee, the Issuer may pay the principal of and
interest on the Securities of any series to the Holders, whether or not the
Securities of such series be overdue.

     

    In case
the Issuer shall fail forthwith to pay such amounts upon such demand, 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
proceedings to judgment or final decree, and may enforce any such judgment or
final decree against the Issuer or other obligor upon the Securities

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    and
collect in the manner provided by law out of the property of the Issuer or other
obligor upon the Securities, wherever situated the moneys adjudged or decreed to
be payable.

     

    In case
there shall be pending proceedings relative to the Issuer or any other obligor
upon the Securities under Title 11 of the United States Code or any other
applicable Federal or state bankruptcy, insolvency or other similar law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor, or in case
of any other comparable judicial proceedings relative to the Issuer or other
obligor upon the Securities, or to the creditors or property of the Issuer or
such other obligor, the Trustee, irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such proceedings or otherwise:

     

    (i)           to
file and prove a claim or claims for the whole amount of principal and interest
(or, if the Securities of any series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such
series) owing and unpaid in respect of the Securities of any series, and to file
such other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for reasonable compensation to
the Trustee and each predecessor Trustee, and their respective agents, attorneys
and counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Trustee and each predecessor Trustee, except as a
result of negligence or bad faith) and of the Securityholders allowed in any
judicial proceedings relative to the Issuer or other obligor upon the
Securities, or to the creditors or property of the Issuer or such other
obligor,

     

    (ii)           unless
prohibited by applicable law and regulations, to vote on behalf of the holders
of the Securities of any series in any election of a trustee or a standby
trustee in arrangement, reorganization, liquidation or other bankruptcy or
insolvency proceedings or Person performing similar functions in comparable
proceedings, and

     

    (iii)           to
collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute all amounts received with respect to the claims
of the Securityholders and of the Trustee on their behalf; and any trustee,
receiver, or liquidator, custodian or other similar official is hereby
authorized by each of the Securityholders to make payments to the Trustee, and,
in the event that the Trustee shall consent to the making of payments directly
to the Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad
faith.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Securities of any 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 except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

     

    All
rights of action and of asserting claims under this Indenture, or under any of
the Securities of any series or Coupons appertaining to such Securities, may be
enforced by the Trustee without the possession of any of the Securities of such
series or Coupons appertaining to such Securities or the production thereof on
any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Securities or Coupons appertaining to such
Securities in respect of which such action was taken.

     

    In any
proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be
a party) the Trustee shall be held to represent all the Holders of the
Securities or Coupons appertaining to such Securities in respect to which such
action was taken, and it shall not be necessary to make any Holders of such
Securities or Coupons appertaining to such Securities parties to any such
proceedings.

     

    Section
5.03  Application of
Proceeds.  Any moneys collected by the Trustee pursuant to this
Article in respect of any series 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 interest, upon presentation of the several
Securities and Coupons appertaining to such Securities in respect of which
monies have been collected and stamping (or otherwise noting) thereon the
payment, or issuing Securities of such series in reduced principal amounts in
exchange for the presented Securities of like series if only partially paid, or
upon surrender thereof if fully paid:

     

    FIRST: To
the payment of costs and expenses applicable to such series in respect of which
moneys have been collected, including reasonable compensation to the Trustee and
each predecessor Trustee and their respective agents and attorneys and of all
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad
faith;

     

    SECOND:
In case the principal of the Securities of such series in respect of which
moneys have been collected shall not have become and be then due and payable, to
the payment of interest on the Securities of such series in default in the order
of the maturity of the installments of such interest, with interest (to the
extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the same rate as the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) specified in such
Securities, such payments to be made ratably to the Persons entitled thereto,
without discrimination or preference;

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    THIRD: In
case the principal of the Securities of such series in respect of which moneys
have been collected shall have become and shall be then due and payable, to the
payment of the whole amount then owing and unpaid upon all the Securities of
such series for principal and interest, with interest upon the overdue
principal, and (to the extent that such interest has been collected by the
Trustee) upon overdue installments of interest at the same rate as the rate of
interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series; and in case such moneys
shall be insufficient to pay in full the whole amount so due and unpaid upon the
Securities of such series, then to the payment of such principal and interest or
Yield to Maturity, without preference or priority of principal over interest or
Yield to Maturity, or of interest or Yield to Maturity over principal, or of any
installment of interest over any other installment of interest, or of any
Security of such series over any other Security of such series, ratably to the
aggregate of such principal and accrued and unpaid interest or Yield to
Maturity; and

     

    FOURTH:
To the payment of the remainder, if any, to the Issuer or any other Person
lawfully entitled thereto.

     

    Section
5.04  Suits for
Enforcement.  In case an Event of Default has occurred, has not
been waived and is continuing, 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.

     

    Section
5.05  Restoration of Rights on
Abandonment of Proceedings.  In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall
have been discontinued or abandoned for any reason, or shall have been
determined adversely to the Trustee, then and in every such case the Issuer and
the Trustee shall be restored respectively to their former positions and rights
hereunder, and all rights, remedies and powers of the Issuer, the Trustee and
the Securityholders shall continue as though no such proceedings had been
taken.

     

    Section
5.06  Limitations on Suits by
Securityholders.  No Holder of any Security of any series or of
any Coupon appertaining thereto shall have any right by virtue or by availing of
any provision of this Indenture to institute any action or proceeding at law or
in equity or in bankruptcy or otherwise upon or under or with respect to this
Indenture, or for the appointment of a trustee, receiver, liquidator, custodian
or other similar official or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of
not less than 25% in aggregate principal amount of the Securities of each
affected series then Outstanding (treated as a single class) shall have made
written request upon the Trustee to institute such action or proceedings in its
own name as trustee hereunder and 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 and the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity shall have failed to
institute any such action or proceeding 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    and no
direction inconsistent with such written request shall have been given to the
Trustee pursuant to Section 5.09; it being understood and intended, and being
expressly covenanted by the taker and Holder of every Security or Coupon with
every other taker and Holder and the Trustee, that no one or more Holders of
Securities of any series or Coupons appertaining to such Securities shall have
any right in any manner whatever by virtue or by availing of any provision of
this Indenture to affect, disturb or prejudice the rights of any other such
Holder of Securities or Coupons appertaining to 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 the
applicable series and Coupons appertaining to such Securities.  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
5.07  Unconditional Right of
Securityholders to Institute Certain Suits.  Notwithstanding
any other provision in this Indenture and any provision of any Security, the
right of any Holder of any Security or Coupon to receive payment of the
principal of and interest on such Security or Coupon on or after the respective
due dates expressed in such Security or Coupon, or to institute suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

     

    Section
5.08  Powers and Remedies
Cumulative; Delay or Omission Not Waiver of Default.  Except as
provided in Section 5.06, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Securities or Coupons is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     

    No delay
or omission of the Trustee or of any Holder of Securities or Coupons to exercise
any right or power accruing upon any Event of Default occurring and continuing
as aforesaid shall impair any such right or power or shall be construed to be a
waiver of any such Event of Default or an acquiescence therein; and, subject to
Section 5.06, every power and remedy given by this Indenture or by law to the
Trustee or to the Holders of Securities or Coupons may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or by the
Holders of Securities or Coupons.

     

    Section
5.09  Control by Holders of
Securities.  The Holders of a majority in aggregate principal
amount of the Securities of each series affected (with all such series voting as
a single class) at the time Outstanding shall have the right to direct the time,
method, and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee with respect
to the Securities of such series by this Indenture; provided that such direction
shall not be otherwise than in accordance with law and the provisions of this
Indenture and provided further that (subject to the provisions of Section 6.01)
the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, shall determine that the action or proceeding
so directed may not lawfully be taken or if the Trustee in good faith by its
board of directors, the executive committee, or a trust 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    committee
of directors or Responsible Officers of the Trustee shall determine that the
action or proceedings so directed would involve the Trustee in personal
liability or if the Trustee in good faith shall so determine that the actions or
forbearances specified in or pursuant to such direction would be unduly
prejudicial to the interests of Holders of the Securities of all series so
affected not joining in the giving of said direction, it being understood that
(subject to Section 6.01) the Trustee shall have no duty to ascertain whether or
not such actions or forbearances are unduly prejudicial to such
Holders.

     

    Nothing
in this Indenture shall impair the right of the Trustee in its discretion to
take any action deemed proper by the Trustee and which is not inconsistent with
such direction or directions by Securityholders.

     

    Section
5.10  Waiver of Past
Defaults.  Prior to the acceleration of the maturity of any
Securities as provided in Section 5.01, the Holders of a majority in aggregate
principal amount of the Securities of all series at the time Outstanding with
respect to which an event of default shall have occurred and be continuing
(voting as a single class) may on behalf of the Holders of all such Securities
waive any past default or Event of Default described in Section 5.01 and its
consequences, except a default in the payment of principal or interest (unless
such default has been cured and a sum sufficient to pay all matured installments
of interest and principal due otherwise than by acceleration has been deposited
with the Trustee) or a default in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Security affected.  In the case of any such waiver, the Issuer, the
Trustee and the Holders of all such Securities 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.

     

    Upon any
such waiver, such default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default arising therefrom shall be
deemed to have been cured, and not to have occurred for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon.

     

    Section
5.11  Trustee to Give Notice of
Default; But May Withhold in Certain Circumstances.  The
Trustee shall, within ninety days after the occurrence of a default with respect
to the Securities of any series, give notice of all defaults with respect to
that series known to the Trustee (i)if any Unregistered Securities of a series
affected are then Outstanding, to the Holders thereof, (A) by mail to such
Holders who have filed their names and addresses with the Trustee within the two
years preceding the notice at such addresses as were so furnished to the Trustee
and (B) either through the customary notice provisions of the clearing system or
systems through which beneficial interests in such Unregistered Securities are
owned if such Unregistered Securities are held only in global form or by
publication at least once in an Authorized Newspaper in the Borough of
Manhattan, The City of New York, and at least once in an Authorized Newspaper in
London (and, if required by Section 3.07, at least once in an Authorized
Newspaper in Luxembourg), and (i) if any Registered Securities of a series
affected are then Outstanding, by mailing notice to the Holders of then
Outstanding Registered Securities of each series affected at their addresses as
they shall appear on the registry books, unless in each case such defaults shall
have been cured before the mailing or publication of such notice (the

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    term
“defaults” for the purpose of this Section being hereby defined to mean any
event or condition which is, or with notice or lapse of time or both would
become, an Event of Default); provided that, except in the case of default in
the payment of the principal of or interest on any of the Securities of such
series, or in the payment of any sinking fund installment on such series, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee, or a trust committee of directors
or trustees and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Securityholders
of such series.

     

    Section
5.12  Right of Court to Require
Filing of Undertaking to Pay Costs.  All parties to this
Indenture agree, and each Holder of any Security or Coupon by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
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 of any series holding in the aggregate more than 10% in
aggregate principal amount of the Securities of such series, or, in the case of
any suit relating to or arising under clause 5.01(c) or 5.01(f) (if the suit
relates to Securities of more than one but less than all series), 10% in
aggregate principal amount of Securities then Outstanding and affected thereby,
or in the case of any suit relating to or arising under clause 5.01(c) or
5.01(f) (if the suit under clause 5.01(c) or 5.01(f)
relates to all the Securities then Outstanding), 5.01(d) or 5.01(e), 10% in
aggregate principal amount of all Securities then Outstanding, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of or interest on any Security on or after the due date expressed in
such Security or any date fixed for redemption.

     

    ARTICLE
6

    CONCERNING
THE TRUSTEE

     

    Section
6.01  Duties and Responsibilities
of the Trustee; During Default; Prior to Default.  With respect
to the Holders of any series of Securities issued hereunder, the Trustee, prior
to the occurrence of an Event of Default with respect to the Securities of a
particular series and after the curing or waiving of all Events of Default which
may have occurred with respect to such series, undertakes to perform such duties
and only such duties as are specifically set forth in this
Indenture.  In case an Event of Default with respect to the Securities
of a series has occurred (which has not been cured or waived) the Trustee shall
exercise with respect to such series of Securities 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 man would exercise or use under the circumstances
in the conduct of his own affairs.

     

    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

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

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

     

    (i)           the
duties and obligations of the Trustee with respect to the Securities of any
series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable 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
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such statements, certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture;

     

    (b)           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;
and

     

    (c)           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
pursuant to Section 5.09 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.

     

    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 shall be reasonable ground for believing that the repayment of
such funds or adequate indemnity against such liability is not reasonably
assured to it.

     

    The
provisions of this Section 6.01 are in furtherance of and subject to Section 315
of the Trust Indenture Act of 1939.

     

    Section
6.02  Certain Rights of the
Trustee.  In furtherance of and subject to the Trust Indenture
Act of 1939, and subject to Section 6.01:

     

    (a)           the
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, Officer’s Certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture,
note, coupon, 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;

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (b)           any
request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the
Board of Directors may be evidenced to the Trustee by a copy thereof certified
by the secretary or an assistant secretary of the Issuer;

     

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

     

    (d)           the
Trustee shall be under no obligation to exercise any of the trusts 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 which might be incurred
therein or thereby;

     

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

     

    (f)           prior
to the occurrence of an Event of Default hereunder and after the curing or
waiving of all Events of Default, 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, appraisal, bond, debenture, note, coupon, security, or other paper or
document unless requested in writing so to do by the Holders of not less than a
majority in aggregate principal amount of the Securities of all series affected
then Outstanding; provided 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 expenses or
liabilities as a condition to proceeding; the reasonable expenses of every such
investigation shall be paid by the Issuer or, if paid by the Trustee or any
predecessor Trustee, shall be repaid by the Issuer 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 not regularly in
its employ and the Trustee shall not be responsible for any misconduct or
negligence on the part of any such agent or attorney appointed with due care by
it hereunder.

     

    Section
6.03  Trustee Not Responsible for
Recitals, Disposition of Securities or Application of Proceeds
Thereof.  The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for the
correctness of the same.  The Trustee makes no representation as to
the validity or sufficiency of this Indenture or of the Securities or
Coupons.  The Trustee shall not be accountable for the use or
application by the Issuer of any of the Securities or of the proceeds
thereof.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    Section
6.04  Trustee and Agents May Hold
Securities or Coupons; Collections, etc.  The Trustee or any
agent of the Issuer or the Trustee, in its individual or any other capacity, may
become the owner or pledgee of Securities or Coupons with the same rights it
would have if it were not the Trustee or such agent and may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer
with the same rights it would have if it were not the Trustee or such
agent.

     

    Section
6.05  Moneys Held by
Trustee.  Subject to the provisions of Section 10.04 hereof,
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
mandatory provisions of law.  Neither the Trustee nor any agent of the
Issuer or the Trustee shall be under any liability for interest on any moneys
received by it hereunder.

     

    Section
6.06  Compensation and
Indemnification of Trustee and Its Prior Claim.  The Issuer
covenants and agrees to pay to the Trustee from time to time, and the Trustee
shall be entitled to, reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
and the Issuer covenants and agrees to pay or reimburse the Trustee and each
predecessor Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by or on behalf of it 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 agents and other Persons
not regularly in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith.  The Issuer also covenants
to indemnify the Trustee and each predecessor Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence or
bad faith on its part, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder and its duties
hereunder, including the costs and expenses of defending itself against or
investigating any claim of liability in the premises.  The obligations
of the Issuer under this Section to compensate and indemnify the Trustee and
each predecessor Trustee and to pay or reimburse the Trustee and each
predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the satisfaction and
discharge of this Indenture.  Such additional indebtedness shall be a
senior claim 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 or Coupons, and the Securities are hereby
subordinated to such senior claim.

     

    Section
6.07  Right of Trustee to Rely on
Officer’s Certificate, etc.  Subject to Sections 6.01 and 6.02,
whenever in the administration of the trusts 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 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 Officer’s 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 by it under the provisions of this Indenture upon the faith
thereof.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

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

     

    Section
6.09  Persons Eligible for
Appointment as Trustee.  The Trustee for each series of
Securities hereunder shall at all times be a corporation organized and doing
business under the laws of the United States of America or of any State or the
District of Columbia having a combined capital and surplus of at least
$5,000,000, and which is authorized under such laws to exercise corporate trust
powers and is subject to supervision or examination by Federal, State or
District of Columbia authority.  Such corporation shall have its
principal place of business in the Borough of Manhattan, The City of New York,
if there be such a corporation in such location willing to act upon reasonable
and customary terms and conditions.  If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or 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.  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 6.10.

     

    The
provisions of this Section 6.09 are in furtherance of and subject to Section
310(a) of the Trust Indenture Act of 1939.

     

    Section
6.10  Resignation and Removal;
Appointment of Successor Trustee.  (a)  The Trustee,
or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of
resignation to the Issuer and (i) if any Unregistered Securities of a series
affected are then Outstanding, by giving notice of such resignation to the
Holders thereof (A) by mail to such Holders who have filed their names and
addresses with the Trustee within the two years preceding the notice at such
addresses as were so furnished to the Trustee and (B) either through the
customary notice provisions of the clearing system or systems through which
beneficial interests in such Unregistered Securities are owned if such
Unregistered Securities are held only in global form or by publication at least
once in an Authorized Newspaper in the Borough of Manhattan, The City of New
York, and at least once in an Authorized Newspaper in London (and, if required
by Section 3.07, at least once in an Authorized Newspaper in Luxembourg), and
(ii) if any Registered Securities of a series affected are then Outstanding, by
mailing notice of such resignation to the Holders of then Outstanding Registered
Securities of each series affected at their addresses as they shall appear on
the registry books.  Upon receiving such notice of resignation, the
Issuer shall promptly appoint a successor trustee or trustees with respect to
the applicable series by written instrument in duplicate, executed by authority
of the Board of Directors, one copy of which instrument shall be delivered to
the resigning Trustee and one copy to the successor trustee or
trustees.  If no successor trustee shall have been so appointed with
respect to any series 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, or
any Securityholder who has been a bona fide Holder of a Security or Securities
of the applicable series for at least six 

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    months
may, subject to the provisions of Section 5.12, 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 of the following shall occur:

     

    (i)           the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
Indenture Act of 1939 with respect to any series of Securities after written
request therefor by the Issuer or by any Securityholder who has been a bona fide
Holder of a Security or Securities of such series for at least six months;
or

     

    (ii)          the
Trustee shall cease to be eligible in accordance with the provisions of Section
6.09 and Section 310(a) of the Trust Indenture Act of 1939 and shall fail to
resign after written request therefor by the Issuer or by any Securityholder;
or

     

    (iii)         the
Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or
liquidator of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or
liquidation;

     

    then, in
any such case, the Issuer may remove the Trustee with respect to the applicable
series of Securities and appoint a successor trustee for such series by written
instrument, in duplicate, executed by order of the Board of Directors of the
Issuer, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee, or, subject to the provisions of
Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has
been a bona fide Holder of a Security or Securities of such series for at least
six months may on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series.  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 each
series at the time outstanding may at any time remove the Trustee with respect
to Securities of such series and appoint a successor trustee with respect to the
Securities of such series by delivering to the Trustee so removed, to the
successor trustee so appointed and to the Issuer the evidence provided for in
Section 7.01 of the action in that regard taken by the
Securityholders.

     

    (d)           Any
resignation or removal of the Trustee with respect to any series and any
appointment of a successor trustee with respect to such series pursuant to any
of the provisions of this Section 6.10 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 6.11.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Section
6.11  Acceptance of Appointment by
Successor Trustee.  Any successor trustee appointed as provided
in Section 6.10 shall execute and deliver to the Issuer and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all rights, powers,
duties and obligations with respect to such series of its predecessor hereunder,
with like effect as if originally named as trustee for such series hereunder;
but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act
shall, subject to Section 10.04, pay over to the successor trustee all moneys at
the time held by it hereunder and shall execute and deliver an instrument
transferring to such successor trustee all such rights, powers, duties and
obligations.  Upon request of any such successor trustee, the Issuer
shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and
powers.  Any trustee ceasing to act shall, nevertheless, retain a
prior claim upon all property or funds held or collected by such trustee to
secure any amounts then due it pursuant to the provisions of Section
6.06.

     

    If a
successor trustee is appointed with respect to the Securities of one or more
(but not all) series, the Issuer, the predecessor trustee and each successor
trustee with respect to the Securities of any applicable series shall execute
and deliver an indenture supplemental hereto which shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the predecessor trustee with respect to the
Securities of any series as to which the predecessor trustee is not retiring
shall continue to be vested in the predecessor trustee, and shall add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that
each such Trustee shall be trustee of a trust or trusts under separate
indentures.

     

    No
successor trustee with respect to any series of Securities shall accept
appointment as provided in this Section 6.11 unless at the time of such
acceptance such successor trustee shall be qualified under Section 310(b) of the
Trust Indenture Act of 1939 and eligible under the provisions of Section
6.09.

     

    Upon
acceptance of appointment by any successor trustee as provided in this Section
6.11, the Issuer shall give notice thereof (i) if any Unregistered Securities of
a series affected are then Outstanding, to the Holders thereof, (A) by mail to
such Holders who have filed their names and addresses with the Trustee within
the two years preceding the notice at such addresses as were so furnished to the
Trustee and (B) either through the customary notice provisions of the clearing
system or systems through which beneficial interests in such Unregistered
Securities are owned if such Unregistered Securities are held only in global
form or by publication at least once in an Authorized Newspaper in the Borough
of Manhattan, The City of New York, and at least once in an Authorized Newspaper
in London (and, if required by Section 3.07, at least once in an Authorized
Newspaper in Luxembourg), and (ii) if any Registered Securities of a series
affected are then Outstanding, by mailing notice to the Holders of then
Outstanding Registered Securities of each series affected at their addresses as
they shall appear on the registry books.  If the acceptance of
appointment is substantially contemporaneous 

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    with the
resignation, then the notice called for by the preceding sentence may be
combined with the notice called for by Section 6.10.  If the Issuer
fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at
the expense of the Issuer.

     

    Section
6.12  Merger, Conversion,
Consolidation or Succession to Business of Trustee.  Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be qualified under Section 310(b) of the Trust Indenture Act
of 1939 and eligible under the provisions of Section 6.09, 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
at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture any of the Securities of any series shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate
of authentication of any predecessor Trustee and deliver such Securities so
authenticated; and, in case at that time any of the Securities of any series
shall not have been authenticated, any successor to the Trustee may authenticate
such Securities either in the name of any predecessor hereunder or in the name
of the successor Trustee; and in all such cases such certificate shall have the
full force which it is anywhere in the Securities of such series or in this
Indenture provided that the certificate of the Trustee shall have; provided,
that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Securities of any series in the name of any
predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

     

    Section
6.13  Appointment of
Authenticating Agent.  As long as any Securities of a series
remain Outstanding, the Trustee may, by an instrument in writing, appoint with
the approval of the Issuer an authenticating agent (the “Authenticating Agent”)
which shall be authorized to act on behalf of the Trustee to authenticate
Securities, including Securities issued upon exchange, registration of transfer,
partial redemption or pursuant to Section 2.09.  Securities of each
such series authenticated by such Authenticating Agent shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee.  Whenever reference is made in this
Indenture to the authentication and delivery of Securities of any series by the
Trustee or to the Trustee’s Certificate of Authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent for such series and a Certificate of Authentication
executed on behalf of the Trustee by such Authenticating Agent.  Such
Authenticating Agent shall at all times be a corporation organized and doing
business under the laws of the United States of America or of any State,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $5,000,000 (determined as provided in Section
6.09 with respect to the Trustee) and subject to supervision or examination by
Federal or State authority.

     

    Any
corporation into which any Authenticating Agent may be merged or converted, or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which any Authenticating Agent shall be a party,
or any 

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    corporation
succeeding to the corporate agency business of any Authenticating Agent, shall
continue to be the Authenticating Agent with respect to all series of Securities
for which it served as Authenticating Agent without the execution or filing of
any paper or any further act on the part of the Trustee or such Authenticating
Agent.  Any Authenticating Agent may at any time, and if it shall
cease to be eligible shall, resign by giving written notice of resignation to
the Trustee and to the Issuer.

     

    Upon
receiving such a notice of resignation or upon such a termination, or in case at
any time any Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 6.13 with respect to one or more series of
Securities, the Trustee shall upon receipt of an Issuer Order appoint a
successor Authenticating Agent and the Issuer shall provide notice of such
appointment to all Holders of Securities of such series in the manner and to the
extent provided in Section 11.04.  Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all
rights, powers, duties and responsibilities of its predecessor hereunder, with
like effect as if originally named as Authenticating Agent.  The
Issuer agrees to pay to the Authenticating Agent for such series from time to
time reasonable compensation.  The Authenticating Agent for the
Securities of any series shall have no responsibility or liability for any
action taken by it as such at the direction of the Trustee.

     

    Sections
6.02, 6.03, 6.04, 6.06, 6.09 and 7.03 shall be applicable to any Authenticating
Agent.

     

    ARTICLE
7

    CONCERNING
THE SECURITYHOLDERS

     

    Section
7.01  Evidence of Action Taken by
Securityholders.  Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by a specified percentage in principal amount of the
Securityholders of any or all series may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such specified
percentage of Securityholders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the
Trustee.  Proof of execution of any instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee and
the Issuer, if made in the manner provided in this Article.

     

    Section
7.02  Proof of Execution of
Instruments and of Holding of Securities.  Subject to Sections
6.01 and 6.02, the execution of any instrument by a Securityholder or his agent
or proxy may be proved in the following manner:

     

    (a)           The
fact and date of the execution by any Holder of any instrument may be proved by
the certificate of any notary public or other officer of any jurisdiction
authorized to take acknowledgments of deeds or administer oaths that the person
executing such instruments acknowledged to him the execution thereof, or by an
affidavit of a witness to such execution sworn to before any such notary or
other such officer.  Where such execution is by or on behalf of any
legal entity other than an individual, such certificate or affidavit shall also
constitute sufficient proof of the authority of the person executing the
same.  The fact of the holding by any 

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    Holder of
an Unregistered Security of any series, and the identifying number of such
Security and the date of his holding the same, may be proved by the production
of such Security or by a certificate executed by any trust company, bank, banker
or recognized securities dealer wherever situated satisfactory to the Trustee,
if such certificate shall be deemed by the Trustee to be
satisfactory.  Each such certificate shall be dated and shall state
that on the date thereof a Security of such series bearing a specified
identifying number was deposited with or exhibited to such trust company, bank,
banker or recognized securities dealer by the Person named in such
certificate.  Any such certificate may be issued in respect of one or
more Unregistered Securities of one or more series specified
therein.  The holding by the Person named in any such certificate of
any Unregistered Securities of any series specified therein shall be presumed to
continue for a period of one year from the date of such certificate unless at
the time of any determination of such holding (1) another certificate bearing a
later date issued in respect of the same Securities shall be produced, or (2)
the Security of such series specified in such certificate shall be produced by
some other Person, or (3) the Security of such series specified in such
certificate shall have ceased to be Outstanding.  Subject to Sections
6.01 and 6.02, the fact and date of the execution of any such instrument and the
amount and numbers of Securities of any series held by the Person so executing
such instrument and the amount and numbers of any Security or Securities for
such series may also be proven in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee for such series or in any other
manner which the Trustee for such series may deem sufficient.

     

    (b)           In
the case of Registered Securities, the ownership of such Securities shall be
proved by the Security register or by a certificate of the Security
registrar.

     

    The
Issuer may set a record date for purposes of determining the identity of Holders
of Registered Securities of any series entitled to vote or consent to any action
referred to in Section 7.01, which record date may be set at any time or from
time to time by notice to the Trustee, for any date or dates (in the case of any
adjournment or reconsideration) not more than 60 days nor less than five days
prior to the proposed date of such vote or consent, and thereafter,
notwithstanding any other provisions hereof, with respect to Registered
Securities of any series, only Holders of Registered Securities of such series
of record on such record date shall be entitled to so vote or give such consent
or revoke such vote or consent.

     

    Section
7.03  Holders to Be Treated as
Owners.  The Issuer, the Trustee and any agent of the Issuer or
the Trustee may deem and treat the Person in whose name any Security shall be
registered upon the Security register for such series as the absolute owner of
such Security (whether or not such Security shall be overdue and notwithstanding
any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of
this Indenture, interest on such Security and for all other purposes; and
neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee
shall be affected by any notice to the contrary.  The Issuer, the
Trustee and any agent of the Issuer or the Trustee may treat the Holder of any
Unregistered Security and the Holder of any Coupon as the absolute owner of such
Unregistered Security or Coupon (whether or not such Unregistered Security or
Coupon shall be overdue) for the purpose of receiving payment thereof or on
account thereof and for all other purposes and neither the Issuer, the Trustee,
nor any agent of the Issuer or the Trustee shall be affected by any notice to
the contrary.  All such payments so made to any such Person, or upon
his order, shall be valid, and, to the extent of the sum or sums 

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    so paid,
effectual to satisfy and discharge the liability for moneys payable upon any
such Unregistered Security or Coupon.

     

    Section
7.04  Securities Owned by Issuer
Deemed Not Outstanding.  In determining whether the Holders of
the requisite aggregate principal amount of Outstanding Securities of any or all
series have concurred in any direction, consent or waiver under this Indenture,
Securities which are owned by the Issuer or any other obligor on the Securities
with respect to which such determination is being made or by any Person directly
or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any other obligor on the Securities with respect to
which such determination is being made 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 which the Trustee knows are so
owned shall be so disregarded.  Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not the Issuer or any other obligor upon
the Securities or any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Issuer or any other obligor
on the Securities.  In case of a dispute as to such right, the advice
of counsel shall be full protection in respect of any decision made by the
Trustee in accordance with such advice.  Upon request of the Trustee,
the Issuer shall furnish to the Trustee promptly an Officer’s Certificate
listing and identifying all Securities, if any, known by the Issuer to be owned
or held by or for the account of any of the above-described Persons; and,
subject to Sections 6.01 and 6.02, the Trustee shall be entitled to accept such
Officer’s Certificate as conclusive evidence of the facts therein set forth and
of the fact that all Securities not listed therein are Outstanding for the
purpose of any such determination.

     

    Section
7.05  Right of Revocation of
Action Taken.  At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 7.01, of the taking of any
action by the Holders of the percentage in aggregate principal amount of the
Securities of any or all series, as the case may be, specified in this Indenture
in connection with such action, any Holder of a Security the serial number of
which is shown by the evidence to be included among the serial numbers of the
Securities the Holders of which have consented to such action may, by filing
written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article, 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 Securities issued in
exchange or substitution therefor or on registration of transfer thereof,
irrespective of whether or not any notation in regard thereto is made upon any
such Security.  Any action taken by the Holders of the percentage in
aggregate principal amount of the Securities of any or all series, as the case
may be, specified in this Indenture in connection with such action shall be
conclusively binding upon the Issuer, the Trustee and the Holders of all the
Securities affected by such action.

     

    ARTICLE
8

    SUPPLEMENTAL
INDENTURES

     

    Section
8.01  Supplemental Indentures
Without Consent of Securityholders.  The Issuer, when
authorized by a resolution of its Board of Directors (which resolution may
provide 

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    general
terms or parameters for such action and may provide that the specific terms of
such action may be determined in accordance with or pursuant to an Issuer
Order), and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto for one or more of the following
purposes:

     

    (a)           to
convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;

     

    (b)           to
evidence the succession of another corporation to the Issuer, or successive
successions, and the assumption by the successor corporation of the covenants,
agreements and obligations of the Issuer pursuant to Article 9;

     

    (c)           to
add to the covenants of the Issuer such further covenants, restrictions,
conditions or provisions as the Issuer and the Trustee shall consider to be for
the protection of the Holders of Securities or Coupons, and to make the
occurrence, or the occurrence and continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default
permitting the enforcement of all or any of the several remedies provided in
this Indenture as herein set forth; provided, that in respect of any such
additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other defaults)
or may provide for an immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or may
limit the right of the Holders of a majority in aggregate principal amount of
the Securities of such series to waive such an Event of Default;

     

    (d)           to
cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any
other provision contained herein or in any supplemental indenture, or to make
any other provisions as the Issuer may deem necessary or desirable, provided
that no such action shall adversely affect the interests of the Holders of the
Securities or Coupons;

     

    (e)           to
establish the forms or terms of Securities of any series or of the Coupons
appertaining to such Securities as permitted by Sections 2.01 and 2.03;
and

     

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

     

    The
Trustee is hereby authorized to join with the Issuer in the execution of any
such supplemental indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Any
supplemental indenture authorized by the provisions of this Section may be
executed without the consent of the Holders of any of the Securities at the time
outstanding, notwithstanding any of the provisions of Section 8.02.

     

    Section
8.02  Supplemental Indentures with
Consent of Securityholders.  With the consent (evidenced as
provided in Article 7) of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series
affected by such supplemental indenture (voting as one class), the Issuer, when
authorized by a resolution of its Board of Directors (which resolution may
provide general terms or parameters for such action and may provide that the
specific terms of such action may be determined in accordance with or pursuant
to an Issuer Order), and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of modifying in
any manner the rights of the Holders of the Securities of each such series or of
the Coupons appertaining to such Securities; provided, that no such supplemental
indenture shall (a) (i) extend the final maturity of any Security, (ii) reduce
the principal amount thereof, (iii) reduce the rate or extend the time of
payment of interest thereon, (iv) reduce any amount payable on redemption
thereof, (v) make the principal thereof (including any amount in respect of
original issue discount), or interest thereon payable in any coin or currency
other than that provided in the Securities and Coupons or in accordance with the
terms thereof, (vi) modify or amend any provisions for converting any currency
into any other currency as provided in the Securities or Coupons or in
accordance with the terms thereof, (vii) reduce the amount of the principal of
an Original Issue Discount Security that would be due and payable upon an
acceleration of the maturity thereof pursuant to Section 5.01 or the amount
thereof provable in bankruptcy pursuant to Section 5.02, (viii) modify or amend
any provisions relating to the conversion or exchange of the Securities or
Coupons for securities of the Issuer or of other entities or other property (or
the cash value thereof), including the determination of the amount of securities
or other property (or cash) into which the Securities shall be converted or
exchanged, other than as provided in the antidilution provisions or other
similar adjustment provisions of the Securities or Coupons or otherwise in
accordance with the terms thereof, (ix) alter the provisions of Section 11.11 or
11.12 or impair or affect the right of any Securityholder to institute suit for
the payment thereof or, if the Securities provide therefor, any right of
repayment at the option of the Securityholder, in each case without the consent
of the Holder of each Security so affected, or (b) reduce the aforesaid
percentage of Securities of any series, the consent of the Holders of which is
required for any such supplemental indenture, without the consent of the Holders
of each Security so affected.

     

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

     

    Upon the
request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such
action and may provide that the specific terms of such action may be determined
in accordance with or 

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    pursuant
to an Issuer Order) certified by the secretary or an assistant secretary of the
Issuer authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of the Holders of the
Securities as aforesaid and other documents, if any, required by Section 7.01,
the Trustee shall join with the Issuer 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.

     

    It shall
not be necessary for the consent of the Securityholders 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.

     

    Promptly
after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall give notice
thereof (i) if any Unregistered Securities of a series affected are then
Outstanding, to the Holders thereof, (A) by mail to such Holders who have filed
their names and addresses with the Trustee within the two years preceding the
notice at such addresses as were so furnished to the Trustee and (B) either
through the customary notice provisions of the clearing system or systems
through which beneficial interests in such Unregistered Securities are owned if
such Unregistered Securities are held only in global form or by publication at
least once in an Authorized Newspaper in the Borough of Manhattan, The City of
New York, and at least once in an Authorized Newspaper in London (and, if
required by Section 3.07, at least once in an Authorized Newspaper in
Luxembourg), (ii) if any Registered Securities of a series affected are then
Outstanding, by mailing notice thereof by first class mail to the Holders of
then Outstanding Registered Securities of each series affected at their
addresses as they shall appear on the registry books, and in each case such
notice shall set forth in general terms the substance of such supplemental
indenture.  Any failure of the Issuer to give such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

     

    Section
8.03  Effect of Supplemental
Indenture.  Upon the execution of any supplemental indenture
pursuant to the provisions hereof, this Indenture shall 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 Issuer and the Holders of Securities of each 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
8.04  Documents to Be Given to
Trustee.  The Trustee, subject to the provisions of Sections
6.01 and 6.02, may receive an Officer’s Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this
Article 8 complies with the applicable provisions of this
Indenture.

     

    Section
8.05  Notation on Securities in
Respect of Supplemental Indentures.  Securities of any series
authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article may bear a notation in form approved
by the 

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    Trustee
for such series as to any matter provided for by such supplemental indenture or
as to any action taken by Securityholders.  If the Issuer or the
Trustee shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared by the Issuer, authenticated by the Trustee and delivered in
exchange for the Securities of such series then Outstanding.

     

    ARTICLE
9

    CONSOLIDATION,
MERGER, SALE OR CONVEYANCE

     

    Section
9.01  Covenant Not to Merge,
Consolidate, Sell or Convey Property Except Under Certain
Conditions.  The Issuer covenants that it will not merge or
consolidate with any other Person or sell, lease or convey all or substantially
all of its assets to any other Person, unless (i) either the Issuer shall be the
continuing corporation, or the successor corporation or the Person which
acquires by sale, lease or conveyance substantially all the assets of the Issuer
(if other than the Issuer) shall be a corporation organized under the laws of
the United States of America or any State thereof or the District of Columbia
and shall expressly assume the due and punctual payment of the principal of and
interest on all the Securities and Coupons, if any, according to their tenor,
and the due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Issuer, by
supplemental indenture satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (ii) the Issuer, such Person or such
successor corporation, as the case may be, shall not, immediately after such
merger or consolidation, or such sale, lease or conveyance, be in default in the
performance of any such covenant or condition.

     

    Section
9.02  Successor Corporation
Substituted.  In case of any such consolidation, merger, sale,
lease or conveyance, and following such an assumption by the successor
corporation, such successor corporation shall succeed to and be substituted for
the Issuer, with the same effect as if it had been named herein.  Such
successor corporation may cause to be signed, and may issue either in its own
name or in the name of the Issuer prior to such succession any or all of the
Securities issuable hereunder which together with any Coupons appertaining
thereto theretofore shall not have been signed by the Issuer and delivered to
the Trustee; and, upon the order of such successor corporation, instead of the
Issuer, and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities together with any Coupons appertaining thereto which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for
authentication, and any Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that
purpose.  All of the Securities so issued together with any Coupons
appertaining thereto shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had
been issued at the date of the execution hereof.

     

    In case
of any such consolidation, merger, sale, lease or conveyance such changes in
phrasing and form (but not in substance) may be made in the Securities and
Coupons thereafter to be issued as may be appropriate.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    In the
event of any such sale or conveyance (other than a conveyance by way of lease)
the Issuer or any successor corporation which shall theretofore have become such
in the manner described in this Article shall be discharged from all obligations
and covenants under this Indenture and the Securities and may be liquidated and
dissolved.

     

    Section
9.03  Opinion of Counsel Delivered
to Trustee.  The Trustee, subject to the provisions of Sections
6.01 and 6.02, may receive an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, lease or conveyance, and any such assumption,
and any such liquidation or dissolution, complies with the applicable provisions
of this Indenture.

     

    ARTICLE
10

    SATISFACTION
AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

     

    Section
10.01  Satisfaction and Discharge
of Indenture.  If at any time (i) the Issuer shall have paid or
caused to be paid the principal of and interest on all the Securities of any
series Outstanding hereunder and all unmatured Coupons appertaining thereto
(other than Securities of such series and Coupons appertaining thereto which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 2.09) as and when the same shall have become due and
payable, or (ii) the Issuer shall have delivered to the Trustee for cancellation
all Securities of any series theretofore authenticated and all unmatured Coupons
appertaining thereto (other than any Securities of such series and Coupons
appertaining thereto which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.09) or (iii) in the
case of any series of Securities where the exact amount (including the currency
of payment) of principal of and interest due on which can be determined at the
time of making the deposit referred to in clause (B) below, (A) all the
Securities of such series and all unmatured Coupons appertaining thereto 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 (B) the Issuer shall
have irrevocably deposited or caused to be deposited with the Trustee as trust
funds the entire amount in cash (other than moneys repaid by the Trustee or any
paying agent to the Issuer in accordance with Section 10.04) or, in the case of
any series of Securities the payments on which may only be made in Dollars,
direct obligations of the United States of America, backed by its full faith and
credit (“U.S. Government Obligations”), maturing as to principal and interest at
such times and in such amounts as will insure the availability of cash, 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 (1) the principal and interest on all
Securities of such series and Coupons appertaining thereto on each date that
such principal or interest is due and payable and (2) any mandatory sinking fund
payments on the dates on which such payments are due and payable in accordance
with the terms of the Indenture and the Securities of such series; and if, in
any such case, the Issuer shall also pay or cause to be paid all other sums
payable hereunder by the Issuer with respect to the Securities of such series,
then this Indenture shall cease to be of further effect with respect to the
Securities of such series and the Coupons appertaining thereto (except as to (i)
rights of registration of transfer and exchange of Securities of such series and
of Coupons appertaining thereto and the Issuer’s right of optional redemption,
if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen
Securities or Coupons, (iii) 

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    rights of
holders of Securities and Coupons appertaining thereto to receive payments of
principal thereof and interest thereon, upon the original stated due dates
therefor (but not upon acceleration), and remaining rights of the Holders to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, (v) the rights of the Holders of
Securities of such series and Coupons appertaining thereto as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all
or any of them, and (vi) the obligations of the Issuer under Section 3.02) and
the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and
an Opinion of Counsel and at the cost and expense of the Issuer, shall execute
proper instruments acknowledging such satisfaction of and discharging this
Indenture as to such series; provided, that the rights of Holders of the
Securities and Coupons to receive amounts in respect of principal of and
interest on the Securities and Coupons held by them shall not be delayed longer
than required by then-applicable mandatory rules or policies of any securities
exchange upon which the Securities are listed.  The Issuer agrees to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred and to compensate the Trustee for any services thereafter
reasonably and properly rendered by the Trustee in connection with this
Indenture or the Securities of such series.

     

    (b)           The
following provisions shall apply to the Securities of each series unless
specifically otherwise provided in a Board Resolution, Officer’s Certificate or
indenture supplemental hereto provided pursuant to Section 2.03.  In
addition to discharge of the Indenture pursuant to the next preceding paragraph,
in the case of any series of Securities the exact amounts (including the
currency of payment) of principal of and interest due on which can be determined
at the time of making the deposit referred to in clause (i) below, the Issuer
shall be deemed to have paid and discharged the entire indebtedness on all the
Securities of such a series and the Coupons appertaining thereto on the 91st day
after the date of the deposit referred to in clause (i) below, and the
provisions of this Indenture with respect to the Securities of such series and
Coupons appertaining thereto shall no longer be in effect (except as to (1)
rights of registration of transfer and exchange of Securities of such series and
of Coupons appertaining thereto and the Issuer’s right of optional redemption,
if any, (2) substitution of mutilated, defaced, destroyed, lost or stolen
Securities or Coupons, (3) rights of Holders of Securities and Coupons
appertaining thereto to receive payments of principal thereof and interest
thereon, upon the original stated due dates therefor (but not upon
acceleration), and remaining rights of the Holders to receive mandatory sinking
fund payments, if any, (4) the rights, obligations, duties and immunities of the
Trustee hereunder, (5) the rights of the Holders of Securities of such series
and Coupons appertaining thereto as beneficiaries hereof with respect to the
property so deposited with the Trustee payable to all or any of them and (6) the
obligations of the Issuer under Section 3.02) and the Trustee, at the expense of
the Issuer, shall at the Issuer’s request, execute proper instruments
acknowledging the same, if

     

    (i)           with
reference to this provision the Issuer has irrevocably deposited or caused to be
irrevocably deposited with the Trustee as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of
the Securities of such series and Coupons appertaining thereto (A) cash in an
amount, or (B) in the case of any series of Securities the payments on which may
only be made in Dollars, U.S. Government Obligations, maturing as to principal
and interest at such times and in such amounts as will insure the availability
of cash or (C) a combination thereof, sufficient, in the opinion of a

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay (1) the principal and
interest on all Securities of such series and Coupons appertaining thereto on
each date that such principal or interest is due and payable and (2) any
mandatory sinking fund payments on the dates on which such payments are due and
payable in accordance with the terms of the Indenture and the Securities of such
series;

     

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

     

    (iii)           the
Issuer has delivered to the Trustee an Opinion of Counsel based on the fact that
(x) the Issuer has received from, or there has been published by, the Internal
Revenue Service a ruling or (y) since the date hereof, there has been a change
in the applicable Federal income tax law, in either case to the effect that, and
such opinion shall confirm that, the Holders of the Securities of such series
and Coupons appertaining thereto will not recognize income, gain or loss for
Federal income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to Federal income tax on the same amount and in
the same manner and at the same times, as would have been the case if such
deposit, defeasance and discharge had not occurred; and

     

    (iv)           the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this provision have been complied with.

     

    (c)           The
Issuer shall be released from its obligations under Sections 3.06 and 9.01 (and,
to the extent specified pursuant to Section 2.03, any other covenant applicable
to the Securities of a series) with respect to the Securities of any series, and
any Coupons appertaining thereto, Outstanding on and after the date the
conditions set forth below are satisfied (hereinafter, “covenant
defeasance”).  For this purpose, such covenant defeasance means that,
with respect to the Outstanding Securities of any series, the Issuer may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in such Sections, whether directly or indirectly by reason
of any reference elsewhere herein to such Sections or by reason of any reference
in such Sections to any other provision herein or in any other document and such
omission to comply shall not constitute an Event of Default under Section 5.01,
but the remainder of this Indenture and such Securities and Coupons shall be
unaffected thereby.  The following shall be the conditions to
application of this subsection (c) of this Section 10.01:

     

    (i)           the
Issuer has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
the holders of the Securities of such series and Coupons appertaining thereto,
(A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in Dollars, U.S. Government Obligations
maturing as to principal and interest at such times and in such 

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    amounts
as will insure the availability of cash or (C) 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 (1) the principal and interest on all Securities of such series
and Coupons appertaining thereto and (2) any mandatory sinking fund payments on
the day on which such payments are due and payable in accordance with the terms
of the Indenture and the Securities of such series;

     

    (ii)           no
Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to the Securities shall have occurred
and be continuing on the date of such deposit or, insofar as subsections 5.01(d)
and 5.01(e) are concerned, at any time during the period ending on the 91st day
after the date of such deposit (it being understood that this condition shall
not be deemed satisfied until the expiration of such period);

     

    (iii)           such
covenant defeasance shall not cause the Trustee to have a conflicting interest
for purposes of the Trust Indenture Act of 1939 with respect to any securities
of the Issuer;

     

    (iv)           such
covenant defeasance shall not result in a breach or violation of, or constitute
a default under, this Indenture or any other agreement or instrument to which
the Issuer is a party or by which it is bound;

     

    (v)           such
covenant defeasance shall not cause any Securities then listed on any registered
national securities exchange under the Securities Exchange Act of 1934, as
amended, to be delisted;

     

    (vi)           the
Issuer shall have delivered to the Trustee an Officer’s Certificate and Opinion
of Counsel to the effect that the Holders of the Securities of such series and
Coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such covenant defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred;
and

     

    (vii)           the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
relating to the covenant defeasance contemplated by this provision have been
complied with.

     

    Section
10.02  Application by Trustee of
Funds Deposited for Payment of Securities.  Subject to Section
10.04, all moneys deposited with the Trustee (or other trustee) pursuant to
Section 10.01 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Issuer acting as its own
paying agent), to the Holders of the particular Securities of such series and of
Coupons appertaining thereto for the payment or redemption of which such moneys
have been deposited with the Trustee, of all sums due and to 

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    become
due thereon for principal and interest; but such money need not be segregated
from other funds except to the extent required by law.

     

    Section
10.03  Repayment of Moneys Held by
Paying Agent.  In connection with the satisfaction and
discharge of this Indenture with respect to Securities of any series, all moneys
then held by any paying agent under the provisions of this Indenture with
respect to such series of Securities shall, upon demand of the Issuer, be repaid
to it or paid to the Trustee and thereupon such paying agent shall be released
from all further liability with respect to such moneys.

     

    Section
10.04  Return of Moneys Held by
Trustee and Paying Agent Unclaimed for Two Years.  Any moneys
deposited with or paid to the Trustee or any paying agent for the payment of the
principal of or interest on any Security of any series or Coupons attached
thereto and not applied but remaining unclaimed for two years after the date
upon which such principal or interest shall have become due and payable, shall,
upon the written request of the Issuer and unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property
law, be repaid to the Issuer by the Trustee for such series or such paying
agent, and the Holder of the Securities of such series and of any Coupons
appertaining thereto shall, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property laws, thereafter look only
to the Issuer for any payment which such Holder may be entitled to collect, and
all liability of the Trustee or any paying agent with respect to such moneys
shall thereupon cease; provided, however, that the Trustee or such paying agent,
before being required to make any such repayment with respect to moneys
deposited with it for any payment (a) in respect of Registered Securities of any
series, shall at the expense of the Issuer, mail by first-class mail to Holders
of such Securities at their addresses as they shall appear on the Security
register, and (b) in respect of Unregistered Securities of any series, shall at
the expense of the Issuer either give through the customary notice provisions of
the clearing system or systems through which beneficial interests in such
Unregistered Securities are owned if such Unregistered Securities are held only
in global form or cause to be published once, in an Authorized Newspaper in the
Borough of Manhattan, The City of New York, and once in an Authorized Newspaper
in London (and if required by Section 3.07, once in an Authorized Newspaper in
Luxembourg), notice, that such moneys remain and that, after a date specified
therein, which shall not be less than thirty days from the date of such mailing
or publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer.

     

    Section
10.05  Indemnity for U.S.
Government Obligations.  The Issuer shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
U.S. Government Obligations deposited pursuant to Section 10.01 or the principal
or interest received in respect of such obligations.

     

    ARTICLE
11

    MISCELLANEOUS
PROVISIONS

     

    Section
11.01  Incorporators, Stockholders,
Officers and Directors of Issuer Exempt from Individual
Liability.  No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such
or against any past, present or 

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    future
stockholder, officer or director, as such, of the Issuer or of any successor,
either directly or through the Issuer or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Securities and the
Coupons appertaining thereto by the Holders thereof and as part of the
consideration for the issue of the Securities and the Coupons appertaining
thereto.

     

    Section
11.02  Provisions of Indenture for
the Sole Benefit of Parties and Holders of Securities and
Coupons.  Nothing in this Indenture, in the Securities or in
the Coupons appertaining thereto, expressed or implied, shall give or be
construed to give to any person, firm or corporation, other than the parties
hereto and their successors and the Holders of the Securities or Coupons, if
any, any legal or equitable right, remedy or claim under this Indenture or under
any covenant or provision herein contained, all such covenants and provisions
being for the sole benefit of the parties hereto and their successors and of the
Holders of the Securities or Coupons, if any.

     

    Section
11.03  Successors and Assigns of
Issuer Bound by Indenture.  All the covenants, stipulations,
promises and agreements in this Indenture contained by or in behalf of the
Issuer shall bind its successors and assigns, whether so expressed or
not.

     

    Section
11.04  Notices and Demands on
Issuer, Trustee and Holders of Securities and Coupons.  Any
notice or demand which by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the Holders of Securities
or Coupons to or on the Issuer may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein)
addressed (until another address of the Issuer is filed by the Issuer with the
Trustee) to KBW, Inc., 787 Seventh Avenue, New York, New York 10019,
Attention:  Secretary.  Any notice, direction, request or
demand by the Issuer or any Holder of Securities or Coupons to or upon the
Trustee shall be deemed to have been sufficiently given or served by being
deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed (until another address of the Trustee is filed by the
Trustee with the Issuer) to [•].

     

    Where
this Indenture provides for notice to Holders of Registered Securities, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each Holder entitled
thereto, at his last address as it appears in the Security
register.  In any case where notice to such Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders.  Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice.  Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver.

     

    In case,
by reason of the suspension of or irregularities in regular mail service, it
shall be impracticable to mail notice to the Issuer when such notice is required
to be given 

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    pursuant
to any provision of this Indenture, then any manner of giving such notice as
shall be reasonably satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

     

    Section
11.05  Officer’s Certificates and
Opinions of Counsel; Statements to Be Contained Therein.  Upon
any application or demand by the Issuer to the Trustee to take any action under
any of the provisions of this Indenture, the Issuer shall furnish to the Trustee
an Officer’s 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 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.

     

    Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture shall include (a) a statement that the person making such
certificate or opinion has read such covenant or condition, (b) 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, (c) 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 (d) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

     

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

     

    Any
certificate, statement or opinion of an officer of the Issuer or of counsel may
be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the
employ of the Issuer, unless such officer or counsel, as the case may be, knows
that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based
as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous.

     

    Any
certificate or opinion of any independent firm of public accountants filed with
and directed to the Trustee shall contain a statement that such firm is
independent.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    Section
11.06  Payments Due on Saturdays,
Sundays or Holidays.  If the date of maturity of interest on or
principal of the Securities of any series or any Coupons appertaining thereto or
the date fixed for redemption or repayment of any such Security or Coupon shall
not be a Business Day, then payment of interest or principal need not be made on
such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date of maturity or the date fixed for
redemption, and no interest shall accrue for the period after such
date.

     

    Section
11.07  Conflict of Any Provision of
Indenture with Trust Indenture Act of 1939.  If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by, or with another provision (an “incorporated provision”)
included in this Indenture by operation of, Sections 310 to 318, inclusive, of
the Trust Indenture Act of 1939, such imposed duties or incorporated provision
shall control.

     

    Section
11.08  New York Law to
Govern.  This Indenture and each Security and Coupon shall be
deemed to be a contract under the laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of such State, except as
may otherwise be required by mandatory provisions of law.

     

    Section
11.09  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
11.10  Effect of
Headings.  The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction
hereof.

     

    Section
11.11  Securities in a Foreign
Currency.  Unless otherwise specified in an Officer’s
Certificate delivered pursuant to Section 2.03 of this Indenture with respect to
a particular series of Securities, whenever for purposes of this Indenture any
action may be taken by the Holders of a specified percentage in aggregate
principal amount of Securities of all series or all series affected by a
particular action at the time Outstanding and, at such time, there are
Outstanding Securities of any series which are denominated in a coin or currency
other than Dollars, then the principal amount of Securities of such series which
shall be deemed to be Outstanding for the purpose of taking such action shall be
that amount of Dollars that could be obtained for such amount at the Market
Exchange Rate.  For purposes of this Section 11.11, Market Exchange
Rate shall mean the noon Dollar buying rate in New York City for cable transfers
of that currency as published by the Federal Reserve Bank of New
York.  If such Market Exchange Rate is not available for any reason
with respect to such currency, the Trustee shall use, in its sole discretion and
without liability on its part, such quotation of the Federal Reserve Bank of New
York as of the most recent available date, or quotations from one or more major
banks in The City of New York or in the country of issue of the currency in
question, or such other quotations as the Trustee shall deem
appropriate.  The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a series
denominated in a currency other than Dollars in connection with any action taken
by Holders of Securities pursuant to the terms of this Indenture.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Issuer and all Holders.

     

    Section
11.12  Judgment
Currency.  The Issuer agrees, to the fullest extent that it may
effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the
principal of or interest on the Securities of any series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day,
then, to the extent permitted by applicable law, the rate of exchange used shall
be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment
Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b) its obligations under this Indenture to
make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (whether or not entered
in accordance with subsection (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the
actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in
the Required Currency the amount, if any, by which such actual receipt shall
fall short of the full amount of the Required Currency so expressed to be
payable and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture.  For purposes of the foregoing, “New
York Banking Day” means any day except a Saturday, Sunday or a legal holiday in
The City of New York or a day on which banking institutions in The City of New
York are authorized or required by law or executive order to close.

     

    ARTICLE
12

    REDEMPTION
OF SECURITIES AND SINKING FUNDS

     

    Section
12.01  Applicability of
Article.  The provisions of this Article shall be applicable to
the Securities of any series which are redeemable before their maturity or to
any sinking fund for the retirement of Securities of a series except as
otherwise specified as contemplated by Section 2.03 for Securities of such
series.

     

    Section
12.02  Notice of Redemption;
Partial Redemptions.  Notice of redemption to the Holders of
Registered Securities of any series to be redeemed as a whole or in part at the
option of the Issuer shall be given by mailing notice of such redemption by
first-class mail, postage prepaid, to such Holders of Securities of such series
at their last addresses as they shall appear upon the registry books at least 30
days and not more than 60 days prior to the date fixed for redemption, or within
such other redemption notice period as has been designated for any Securities of
such series pursuant to Section 2.03 or 2.04 (the “Redemption Notice
Period”).  Notice of redemption to the Holders of Unregistered
Securities to be redeemed as a whole or in part, who have filed their names and
addresses with the Trustee within two years preceding such 

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    notice of
redemption, shall be given by mailing notice of such redemption, by first-class
mail, postage prepaid, at least 30 and not more than 60 days prior to the date
fixed for redemption or within any applicable Redemption Notice Period to such
Holders at such addresses as were so furnished to the Trustee (and, in the case
of any such notice given by the Issuer, the Trustee shall make such information
available to the Issuer for such purpose).  Notice of redemption to
all other Holders of Unregistered Securities shall be published in an Authorized
Newspaper in the Borough of Manhattan, The City of New York, and in an
Authorized Newspaper in London (and, if required by Section 3.07, in an
Authorized Newspaper in Luxembourg), in each case, once in each of three
successive calendar weeks, the first publication to be not less than 30 nor more
than 60 days prior to the date fixed for redemption or within any applicable
Redemption Notice Period; provided that notice to Holders of Unregistered
Securities held only in global form may be made, at the option of the Issuer,
through the customary notice provisions of the clearing system or systems
through which beneficial interests in such Unregistered Securities are
owned.  Any notice which is mailed in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not the Holder
receives the notice.  Failure to give notice by mail, or any defect in
the notice to the Holder of any Security of a series designated for redemption
as a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Security of such series.

     

    The
notice of redemption to each such Holder shall specify, the principal amount of
each Security of such series held by such Holder to be redeemed, the date fixed
for redemption, the redemption price (or if not then ascertainable, the manner
of calculation thereof), the place or places of payment, that payment will be
made upon presentation and surrender of such Securities and, in the case of
Securities with Coupons attached thereto, of all Coupons appertaining thereto
maturing after the date fixed for redemption, that such redemption is pursuant
to the mandatory or optional sinking fund, or both, if such be the case, that
interest accrued to the date fixed for redemption will be paid as specified in
such notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue.  In case any Security of
a series is to be redeemed in part only the notice of redemption shall state the
portion of the principal amount thereof to be redeemed and shall state that on
and after the date fixed for redemption, 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.

     

    The
notice of redemption of Securities of any series to be redeemed at the option of
the Issuer shall be given by the Issuer or, at the Issuer’s request, by the
Trustee in the name and at the expense of the Issuer.

     

    On or
before the redemption date specified in the notice of redemption given as
provided in this Section, the Issuer will deposit with the Trustee or with one
or more paying agents (or, if the Issuer is acting as its own paying agent, set
aside, segregate and hold in trust as provided in Section 3.04) an amount of
money or other property sufficient to redeem on the redemption date all the
Securities of such series so called for redemption at the appropriate redemption
price, together with accrued interest to the date fixed for
redemption.  The Issuer will deliver to the Trustee at least 70 days
prior to the date fixed for redemption or at least 10 days prior to the first
day of any applicable Redemption Notice Period an Officer’s Certificate stating
the aggregate principal amount of Securities to be redeemed.  In case
of a redemption at the election of the Issuer prior to the expiration of any
restriction on such redemption, the Issuer 

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    shall
deliver to the Trustee, prior to the giving of any notice of redemption to
Holders pursuant to this Section, an Officer’s Certificate stating that such
restriction has been complied with.

     

    If less
than all the Securities of a series are to be redeemed, the Trustee shall
select, in such manner as it shall deem appropriate and fair, Securities of such
series to be redeemed in whole or in part.  Securities may be redeemed
in part in multiples equal to the minimum authorized denomination for Securities
of such series or any multiple thereof.  The Trustee shall promptly
notify the Issuer in writing of the Securities of such series selected for
redemption and, in the case of any Securities of such series selected for
partial redemption, the principal amount thereof to be redeemed.  For
all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities of any series shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Security which has been or is to be
redeemed.

     

    Section
12.03  Payment of Securities Called
for Redemption.  If notice of redemption has been given as
above provided, the Securities or portions of Securities 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 on and after said date (unless the Issuer shall
default in the payment of such Securities at the redemption price, together with
interest accrued to said date) interest on the Securities or portions of
Securities so called for redemption shall cease to accrue, and the unmatured
Coupons, if any, appertaining thereto shall be void, and, except as provided in
Sections 6.05 and 10.04, such Securities shall cease from and after the date
fixed for redemption to be entitled to any benefit or security under this
Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption.  On presentation and
surrender of such Securities at a place of payment specified in said notice,
together with all Coupons, if any, appertaining thereto maturing after the date
fixed for redemption, said Securities or the specified portions thereof shall be
paid and redeemed by the Issuer at the applicable redemption price, together
with interest accrued thereon to the date fixed for redemption; provided that
payment of interest becoming due on or prior to the date fixed for redemption
shall be payable in the case of Securities with Coupons attached thereto, to the
Holders of the Coupons for such interest upon surrender thereof, and in the case
of Registered Securities, to the Holders of such Registered Securities
registered as such on the relevant record date subject to the terms and
provisions of Sections 2.03 and 2.07 hereof.

     

    If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest
from the date fixed for redemption at the rate of interest or Yield to Maturity
(in the case of an Original Issue Discount Security) borne by such
Security.

     

    If any
Security with Coupons attached thereto is surrendered for redemption and is not
accompanied by all appurtenant Coupons maturing after the date fixed for
redemption, the surrender of such missing Coupon or Coupons may be waived by the
Issuer and the Trustee, if there be furnished to each of them such security or
indemnity as they may require to save each of them harmless.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    Upon
presentation of any Security redeemed in part only, the Issuer shall execute and
the Trustee shall authenticate and deliver to or on the order of the Holder
thereof, at the expense of the Issuer, a new Security or Securities of such
series, of authorized denominations, in principal amount equal to the unredeemed
portion of the Security so presented.

     

    Section
12.04  Exclusion of Certain
Securities from Eligibility for Selection for
Redemption.  Securities shall be excluded from eligibility for
selection for redemption if they are identified by registration and certificate
number in an Officer’s Certificate delivered to the Trustee at least 40 days
prior to the last date on which notice of redemption may be given as being owned
of record and beneficially by, and not pledged or hypothecated by either (a) the
Issuer or (b) an entity specifically identified in such written statement as
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer.

     

    Section
12.05  Mandatory and Optional
Sinking Funds.  The minimum amount of any sinking fund payment
provided for by the terms of the 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 the Securities of any series is herein
referred to as an “optional sinking fund payment”.  The date on which
a sinking fund payment is to be made is herein referred to as the “sinking fund
payment date”.

     

    In lieu
of making all or any part of any mandatory sinking fund payment with respect to
any series of Securities in cash, the Issuer may at its option (a) deliver to
the Trustee Securities of such series theretofore purchased or otherwise
acquired (except upon redemption pursuant to the mandatory sinking fund) by the
Issuer or receive credit for Securities of such series (not previously so
credited) theretofore purchased or otherwise acquired (except as aforesaid) by
the Issuer and delivered to the Trustee for cancellation pursuant to Section
2.10, (b) receive credit for optional sinking fund payments (not previously so
credited) made pursuant to this Section, or (c) receive credit for Securities of
such series (not previously so credited) redeemed by the Issuer through any
optional redemption provision contained in the terms of such
series.  Securities so delivered or credited shall be received or
credited by the Trustee at the sinking fund redemption price specified in such
Securities.

     

    On or
before the 60th day next preceding each sinking fund payment date or the 30th
day next preceding the last day of any applicable Redemption Notice Period
relating to a sinking fund payment date for any series, the Issuer will deliver
to the Trustee an Officer’s Certificate (which need not contain the statements
required by Section 11.05) (a) specifying the portion of the mandatory sinking
fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit,
(b) stating that none of the Securities of such series has theretofore been
so credited, (c) stating that no defaults in the payment of interest or Events
of Default with respect to such series have occurred (which have not been waived
or cured) and are continuing and (d) stating whether or not the Issuer intends
to exercise its right to make an optional sinking fund payment with respect to
such series and, if so, specifying the amount of such optional sinking fund
payment which the Issuer intends to pay on or before the next succeeding sinking
fund payment date.  Any Securities of such series to be credited and
required to be delivered to the Trustee in order for the Issuer to be entitled
to credit therefor as aforesaid which have not theretofore been delivered to the
Trustee shall be delivered for cancellation pursuant to Section 2.10 to the
Trustee with such 

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    Officer’s
Certificate (or reasonably promptly thereafter if acceptable to the
Trustee).  Such Officer’s Certificate shall be irrevocable and upon
its receipt by the Trustee the Issuer shall become unconditionally obligated to
make all the cash payments or payments therein referred to, if any, on or before
the next succeeding sinking fund payment date.  Failure of the Issuer,
on or before any such 60th day or 30th day, if applicable, to deliver such
Officer’s Certificate and Securities specified in this paragraph, if any, shall
not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i) that the mandatory sinking fund payment
for such series due on the next succeeding sinking fund payment date shall be
paid entirely in cash without the option to deliver or credit Securities of such
series in respect thereof and (ii) that the Issuer will make no optional sinking
fund payment with respect to such series as provided in this
Section.

     

    If the
sinking fund payment or payments (mandatory or optional or both) to be made in
cash on the next succeeding sinking fund payment date plus any unused balance of
any preceding sinking fund payments made in cash shall exceed $50,000 (or the
equivalent thereof in any Foreign Currency) or a lesser sum in Dollars (or the
equivalent thereof in any Foreign Currency) if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied
on the next succeeding sinking fund payment date to the redemption of Securities
of such series at the sinking fund redemption price together with accrued
interest to the date fixed for redemption.  If such amount shall be
$50,000 (or the equivalent thereof in any Foreign Currency) or less and the
Issuer makes no such request then it shall be carried over until a sum in excess
of $50,000 (or the equivalent thereof in any Foreign Currency) is
available.  The Trustee shall select, in the manner provided in
Section 12.02, for redemption on such sinking fund payment date a sufficient
principal amount of Securities of such series to absorb said cash, as nearly as
may be, and shall (if requested in writing by the Issuer) inform the Issuer of
the serial numbers of the Securities of such series (or portions thereof) so
selected.  Securities shall be excluded from eligibility for
redemption under this Section if they are identified by registration and
certificate number in an Officer’s Certificate delivered to the Trustee at least
60 days prior to the sinking fund payment date or at least 30 days prior to the
last day of any applicable Redemption Notice Period relating to a sinking fund
payment date as being owned of record and beneficially by, and not pledged or
hypothecated by either (a) the Issuer or (b) an entity specifically identified
in such Officer’s Certificate as directly or indirectly controlling or
controlled by or under direct or indirect common control with the
Issuer.  The Trustee, in the name and at the expense of the Issuer (or
the Issuer, if it shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the
manner provided in Section 12.02 (and with the effect provided in Section 12.03)
for the redemption of Securities of such series in part at the option of the
Issuer.  The amount of any sinking fund payments not so applied or
allocated to the redemption of Securities of such series shall be added to the
next cash sinking fund payment for such series and, together with such payment,
shall be applied in accordance with the provisions of this
Section.  Any and all sinking fund moneys held on the stated maturity
date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular
Securities of such series shall be applied, together with other moneys, if
necessary, sufficient for the purpose, to the payment of the principal of, and
interest on, the Securities of such series at maturity.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    On or
before each sinking fund payment date, the Issuer shall pay to the Trustee in
cash or shall otherwise provide for the payment of all interest accrued to the
date fixed for redemption on Securities to be redeemed on the next following
sinking fund payment date.

     

    The
Trustee shall not redeem or cause to be redeemed any Securities of a series with
sinking fund moneys or give any notice of redemption of Securities for such
series by operation of the sinking fund during the continuance of a default in
payment of interest on such Securities or of any Event of Default except that,
where the giving of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such
Securities, provided that it shall have received from the Issuer a sum
sufficient for such redemption.  Except as aforesaid, any moneys in
the sinking fund for such series at the time when any such default or Event of
Default shall occur, and any moneys thereafter paid into the sinking fund,
shall, during the continuance of such default or Event of Default, be deemed to
have been collected under Article 5 and held for the payment of all such
Securities.  In case such Event of Default shall have been waived as
provided in Section 5.10 or the default cured on or before the sixtieth day
preceding the sinking fund payment date in any year, such moneys shall
thereafter be applied on the next succeeding sinking fund payment date in
accordance with this Section to the redemption of such Securities.

     

     

     

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and
attested, all as of [•].

     

    
      	 
      	
              KBW,
      INC.

            
	
              [CORPORATE
      SEAL]

            	 
      
	 
      	
              By:
      ________________________________________________________

              Name:

              Title:

            
	
              Attest:

            	 
      
	
              By:
      _____________________________________________________ 

              Title:

            	 
      
	 
      	
              [•],

              TRUSTEE.

            
	
              [CORPORATE
      SEAL]

            	 
      
	 
      	
              By:
      ________________________________________________________

              Name:

              Title:

            
	
              Attest:

            	 
      
	
              By:
      _____________________________________________________

              Title:

            	 
      

    

    
 

     

     

     

     

     

     

     

     

     

    
      59

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]