Document:

EXHIBIT 4.1

	
 

	 

	
 

	
EATON VANCE CORP.

	
 

	 

FORM OF INDENTURE

	
 

	 

Dated as of
[           ]

	
 

	
WILMINGTON TRUST COMPANY, Trustee

	
 

	 

TABLE OF CONTENTS

	
 

	
 

	
 

	
Page

	
 

	 

	
 

	
 

	
ARTICLE ONE

	
 

	
 

	
 

	
DEFINITIONS AND INCORPORATION BY REFERENCE

	
 

	
 

	
 

	
SECTION
  1.01. Definitions

	
1

	
SECTION
  1.02. Other Definitions

	
4

	
SECTION
  1.03. Incorporation by Reference of Trust Indenture Act

	
5

	
SECTION
  1.04. Rules of Construction

	
5

	
 

	
 

	
ARTICLE TWO

	
 

	
 

	
 

	
THE SECURITIES

	
 

	
 

	
 

	
SECTION
  2.01. Issuable in Series

	
5

	
SECTION
  2.02. Establishment of Terms of Series of Securities

	
6

	
SECTION
  2.03. Denominations; Provisions for Payment

	
8

	
SECTION
  2.04. Execution and Authentication

	
8

	
SECTION
  2.05. Registrar and Paying Agent

	
9

	
SECTION
  2.06. Paying Agent to Hold Money in Trust

	
9

	
SECTION
  2.07. Holder Lists

	
10

	
SECTION
  2.08. Transfer and Exchange

	
10

	
SECTION
  2.09. Mutilated, Destroyed, Lost and Stolen Securities

	
10

	
SECTION
  2.10. Outstanding Securities

	
11

	
SECTION
  2.11. Treasury Securities

	
11

	
SECTION
  2.12. Temporary Securities

	
11

	
SECTION
  2.13. Cancellation

	
12

	
SECTION
  2.14. Defaulted Interest

	
12

	
SECTION
  2.15. Global Securities

	
12

	
SECTION
  2.16. CUSIP Numbers

	
13

	
SECTION
  2.17. Benefits of Indenture

	
13

	
 

	
 

	
ARTICLE THREE

	
 

	
 

	
 

	
REDEMPTION AND PREPAYMENT

	
 

	
 

	
 

	
SECTION
  3.01. Notices to Trustee

	
13

	
SECTION
  3.02. Selection of Securities to be Redeemed

	
13

	
SECTION
  3.03. Notice of Redemption

	
14

	
SECTION
  3.04. Effect of Notice of Redemption

	
15

	
SECTION
  3.05. Deposit of Redemption Price

	
15

	
SECTION
  3.06. Securities Redeemed in Part.

	
15

	
 

	
 

	
ARTICLE FOUR

	
 

	
 

	
 

	
COVENANTS

	
 

	
 

	
 

	
SECTION
  4.01. Payment of Securities

	
15

	
SECTION
  4.02. SEC Reports

	
15

	
SECTION
  4.03. Compliance Certificate

	
16

	
SECTION
  4.04. Further Instruments and Acts

	
16

	
SECTION
  4.05. Corporate Existence

	
16

	
SECTION
  4.06. Calculation of Original Issue Discount

	
16

	
SECTION
  4.07. Additional Amounts

	
16

(i)

	
 

	
 

	
 

	
Page

	
 

	 

	
 

	
 

	
ARTICLE FIVE

	
 

	
 

	
 

	
SUCCESSOR COMPANIES

	
 

	
 

	
 

	
SECTION
  5.01. Merger, Consolidation or Sale of Assets

	
17

	
SECTION
  5.02. Surviving Person Substituted

	
18

	
 

	
 

	
ARTICLE SIX

	
 

	
 

	
 

	
DEFAULTS AND REMEDIES

	
 

	
 

	
 

	
SECTION
  6.01. Events of Default

	
18

	
SECTION
  6.02. Acceleration

	
20

	
SECTION
  6.03. Other Remedies

	
20

	
SECTION
  6.04. Waiver of Past Defaults

	
20

	
SECTION
  6.05. Control by Majority

	
21

	
SECTION
  6.06. Limitation on Suits

	
21

	
SECTION
  6.07. Rights of Holders to Receive Payment

	
21

	
SECTION
  6.08. Collection Suit by Trustee

	
21

	
SECTION
  6.09. Trustee May File Proofs of Claim

	
21

	
SECTION
  6.10. Priorities

	
22

	
SECTION
  6.11. Undertaking for Costs

	
22

	
SECTION
  6.12. Waiver of Stay or Extension Laws

	
22

	
 

	
 

	
ARTICLE SEVEN

	
 

	
 

	
 

	
TRUSTEE

	
 

	
 

	
 

	
SECTION
  7.01. Duties of Trustee

	
22

	
SECTION
  7.02. Rights of Trustee

	
23

	
SECTION
  7.03. Individual Rights of Trustee

	
24

	
SECTION
  7.04. Trustee’s Disclaimer

	
24

	
SECTION
  7.05. Notice of Defaults

	
24

	
SECTION
  7.06. Reports by Trustee to Holder

	
24

	
SECTION
  7.07. Compensation and Indemnity

	
25

	
SECTION
  7.08. Replacement of Trustee

	
25

	
SECTION
  7.09. Successor Trustee by Merger

	
26

	
SECTION
  7.10. Eligibility; Disqualification

	
26

	
SECTION
  7.11. Preferential Collection of Claims Against Company

	
26

	
 

	
 

	
ARTICLE EIGHT

	
 

	
 

	
 

	
LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE

	
 

	
 

	
 

	
SECTION
  8.01. Option to Effect Legal Defeasance or Covenant Defeasance

	
26

	
SECTION
  8.02. Legal Defeasance and Discharge

	
26

	
SECTION
  8.03. Covenant Defeasance

	
27

	
SECTION 8.04.
  Conditions to Legal or Covenant Defeasance

	
27

	
SECTION
  8.05. Deposited Money and U.S. Government Obligations to be Held in Trust;

  Other Miscellaneous Provisions

	
28

	
SECTION
  8.06. Repayment to Company

	
28

	
SECTION
  8.07. Reinstatement

	
29

	
SECTION
  8.08. Satisfaction and Discharge of Indenture

	
29

	
 

	
 

	
ARTICLE NINE

	
 

	
 

	
 

	
AMENDMENTS

	
 

	
 

	
 

	
SECTION
  9.01. Without Consent of Holders

	
30

(ii)

	
 

	
 

	
 

	
Page

	
 

	 

	
 

	
 

	
SECTION
  9.02. With Consent of Holders

	
31

	
SECTION
  9.03. Compliance with Trust Indenture Act

	
31

	
SECTION
  9.04. Revocation and Effect of Consents and Waivers

	
31

	
SECTION
  9.05. Notation on or Exchange of Securities

	
32

	
SECTION
  9.06. Trustee to Sign Amendments

	
32

	
SECTION
  9.07. Payment for Consent

	
32

	
 

	
 

	
ARTICLE TEN

	
 

	
 

	
 

	
MISCELLANEOUS

	
 

	
 

	
 

	
SECTION
  10.01. Trust Indenture Act Controls

	
32

	
SECTION
  10.02. Notices

	
32

	
SECTION
  10.03. Communication by Holders with Other Holders

	
33

	
SECTION
  10.04. Certificate and Opinion as to Conditions Precedent

	
33

	
SECTION
  10.05. Statements Required in Certificate or Opinion

	
33

	
SECTION 10.06.
  Acts of Holders

	
33

	
SECTION
  10.07. Rules by Trustee, Paying Agent and Registrar

	
34

	
SECTION
  10.08. Legal Holidays

	
34

	
SECTION
  10.09. Governing Law

	
34

	
SECTION
  10.10. No Recourse Against Others

	
35

	
SECTION
  10.11. Successors

	
35

	
SECTION
  10.12. Multiple Originals

	
35

	
SECTION
  10.13. Table of Contents; Headings

	
35

	
SECTION
  10.14. Severability

	
35

(iii)

CROSS-REFERENCE TABLE*

	
 

	
 

	
 

	
Trust
  Indenture Act Section

	
Indenture
  Section

	
310

	
(a)(1)

	
7.10

	
 

	
(a)(2)

	
7.10

	
 

	
(a)(3)

	
Not
  Applicable

	
 

	
(a)(4)

	
Not
  Applicable

	
 

	
(a)(5)

	
7.10

	
 

	
(b)

	
7.10

	
 

	
(c)

	
Not
  Applicable

	
311

	
(a)

	
7.11

	
 

	
(b)

	
7.11

	
 

	
(c)

	
Not
  Applicable

	
312

	
(a)

	
2.07

	
 

	
(b)

	
10.03

	
 

	
(c)

	
10.03

	
313

	
(a)

	
7.06

	
 

	
(b)(1)

	
7.06

	
 

	
(b)(2)

	
7.06

	
 

	
(c)

	
7.06

	
 

	
(d)

	
7.06

	
314

	
(a)

	
4.02; 4.03

	
 

	
(b)

	
Not
  Applicable

	
 

	
(c)(1)

	
2.04; 10.04

	
 

	
(c)(2)

	
2.04; 10.04

	
 

	
(c)(3)

	
8.04

	
 

	
(d)

	
Not
  Applicable

	
 

	
(e)

	
10.05

	
 

	
(f)

	
Not
  Applicable

	
315

	
(a)

	
7.01

	
 

	
(b)

	
7.05

	
 

	
(c)

	
7.01

	
 

	
(d)

	
7.01

	
 

	
(e)

	
6.11

	
316

	
(a) (last
  sentence)

	
2.11

	
 

	
(a)(1)(A)

	
6.05

	
 

	
(a)(1)(B)

	
6.04

	
 

	
(a)(2)

	
Not
  Applicable

	
 

	
(b)

	
6.07

	
 

	
(c)

	
2.14; 9.04;
  10.06

	
317

	
(a)(1)

	
6.08

	
 

	
(a)(2)

	
6.09

	
 

	
(b)

	
2.06

	
318

	
(a)

	
10.01

	
 

	
(b)

	
Not
  Applicable

	
 

	
(c)

	
10.01

	
 

	
 

	
*

	
This
Cross-Reference Table is not part of the Indenture.

          INDENTURE
dated as of [          ],
between EATON VANCE CORP., a Maryland corporation, and WILMINGTON TRUST
COMPANY, as trustee.

          The
Company and the Trustee agree as follows for the benefit of each other and for
the equal and ratable benefit of the Holders of the securities issued under
this Indenture (the “Securities”):

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION
1.01. Definitions.

          For
all purposes under this Indenture and any supplemental indenture hereto, except
as otherwise expressly provided or unless the context otherwise requires, the
following terms shall have the following meanings:

          “Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of
this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), when used with
respect to any Person, shall mean the power to direct or cause the direction of
the management or policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by agreement or otherwise.

          “Agent”
means the Registrar or any Paying Agent, Service Agent or authenticating agent.

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

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

          “Board
Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered to the
Trustee.

          “Business
Day” means any day other than a Legal Holiday.

          “Capital
Stock” means, with respect to any Person, any shares or other equivalents
(however designated) of any class of corporate stock or partnership interests
or any other participations, rights, warrants, options or other interests in
the nature of an equity interest in such Person, including preferred stock,
including any debt security convertible or exchangeable into such equity
interest. 

          “Clearstream”
means Clearstream Banking, société anonyme, or any successor thereto.

          “Commodity
Price Protection Agreement” means, in respect of a Person, any forward
contract, commodity swap agreement, commodity option agreement or other similar
agreement or arrangement designed to protect such Person against fluctuations
in commodity prices.

          “Company”
means Eaton Vance Corp., a Maryland corporation, and any and all successors
thereto.

          “Company
Order” means a written order signed in the name of the Company by two Officers,
one of whom must be the Company’s principal executive officer, principal
financial officer, principal accounting officer or treasurer.

          “Corporate
Trust Office of the Trustee” shall be the address of the Trustee specified in
Section 10.02 hereof or such other address as to which the Trustee may
give notice to the Company.

          “Currency
Exchange Protection Agreement” means, in respect of a Person, any foreign
exchange contract, currency swap agreement, currency option or other similar
agreement or arrangement designed to protect such Person against fluctuations
in currency exchange rates.

          “Debt”
means, with respect to any Person (without duplication):

          (a)
the principal of and premium (if any) in respect of any obligation of such
Person for money borrowed, and any obligation evidenced by notes, debentures,
bonds or other similar instruments for the payment of which such Person is
responsible or liable;

          (b)
all obligations of such Person as lessee under leases required to be
capitalized on the balance sheet of the lessee under generally accepted
accounting principles and leases of Property made as part of any sale and
leaseback transaction entered into by such Person;

          (c)
all obligations of such Person issued or assumed as the deferred purchase price
of Property, all conditional sale obligations of such Person and all
obligations of such Person under any title retention agreement (but excluding
trade accounts payable arising in the ordinary course of business);

          (d)
all obligations of such Person for the reimbursement of any obligor on any
letter of credit, banker’s acceptance or similar credit transaction;

          (e)
all obligations of the type referred to in clauses (a) through (d) of other
Persons and all dividends of other Persons for the payment of which, in either
case, such Person is responsible or liable, directly or indirectly, as obligor,
guarantor or otherwise, including by means of any Guarantee;

          (f)
all obligations of the type referred to in clauses (a) through (e) of other
Persons secured by any Lien on any Property of such Person (whether or not such
obligation is assumed by such Person); and

          (g)
to the extent not otherwise included in this definition, obligations pursuant
to any Interest Rate Agreement, Currency Exchange Protection Agreement,
Commodity Price Protection Agreement or any other similar agreement or
arrangement of such Person.

          “Default”
means any event that is, or after notice or passage of time or both would be,
an Event of Default.

          “Definitive
Security” means a certificated Security registered in the name of the Holder
thereof and issued in accordance with Section 2.12 hereof

          “Depositary”
means, with respect to the Securities issuable or issued in whole or in part in
global form, the Person specified pursuant to Section 2.15 hereof as the
Depositary with respect to the Securities, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture.

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

          “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any
successor thereto. 

          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

          “Foreign
Currency” means any currency or currency unit issued by a government other than
the government of the United States of America.

          “GAAP”
means generally accepted accounting principles in the United States of America
as determined by the Public Company Accounting Oversight Board.

- 2 -

          “Global
Security” when used with respect to any Series of Securities issued hereunder,
means a Security which is executed by the Company and authenticated and
delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction, all in accordance with this Indenture and any indenture
supplemental hereto or Board Resolution and pursuant to a Company Order, which
shall be registered in the name of the Depositary or its nominee and which
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all the outstanding Securities of such Series or any
portion thereof, in either case having the same terms, including, without
limitation, the same original issue date, date or dates on which principal is
due, and interest rate or method of determining interest and which shall bear
the legend as prescribed by Section 2.15(c).

          “Global
Security Legend” means the legend set forth in Section 2.15(c), which is
required to be placed on all Global Securities issued under this Indenture.

          “Guarantee”
means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any
manner (including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof), of all or
any part of any Debt. The term
“Guarantor” shall mean any Person Guaranteeing any obligation.

          “Holder”
means a Person in whose name a Security is registered on the Registrar’s
books. 

          “Indenture”
means this Indenture, as amended or supplemented from time to time.

          “Interest
Payment Date” when used with respect to any Series of Securities, means the
date specified in such Securities for the payment of any installment of
interest on those Securities.

          “Interest
Rate Agreement” means, for any Person, any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement or other similar
agreement designed to protect against fluctuations in interest rates.

          “Lien”
means, with respect to any Property of any Person, any mortgage or deed of
trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, encumbrance, preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever on or
with respect to such Property (including any capital lease obligation,
conditional sale or other title retention agreement having substantially the
same economic effect as any of the foregoing or any sale and leaseback
transaction).

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

          “Officer”
means, with respect to any Person, the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the
Secretary or any Vice President of such Person.

          “Officers’
Certificate” means a certificate signed on behalf of the Company by two
Officers of the Company, one of whom must be the principal executive officer,
the principal financial officer or the principal accounting officer of the
Company, that meets the requirements of Section 10.04 and 10.05 hereof.

          “Opinion
of Counsel” means an opinion from legal counsel, that meets the requirements of
Section 10.04 hereof. The counsel
may be an employee of or counsel to the Company or any Subsidiary of the
Company.

          “Original
Issue Discount Security” means any Security that provides for an amount less
than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.02.

- 3 -

          “Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has
an account with the Depositary, Euroclear or Clearstream, respectively (and,
with respect to the Depository Trust Company, shall include Euroclear and
Clearstream).

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

          “Property”
means, with respect to any Person, any interest of such Person in any kind of
property or asset, whether real, personal or mixed, or tangible or intangible,
including Capital Stock in, and other securities of, any other Person.

          “Responsible
Officer” with respect to the Trustee, means any Vice President, Assistant Vice
President, Assistant Treasurer or any other officer of the Trustee assigned by
the Trustee to administer its corporate trust matters and who customarily
performs functions similar to those performed by such Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such Person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for administration
of this Indenture.

          “SEC”
means the Securities and Exchange Commission.

          “Securities”
has the meaning assigned to it in the preamble to this Indenture. 

          “Securities
Act” means the Securities Act of 1933, as amended.

          “Series”
or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.

          
“Stated Maturity,” when used with respect to any Security, means the date
specified in such Security as the fixed date on which an amount equal to the
principal amount of such Security is due and payable.

          “Subsidiary”
of any Person means any corporation, limited liability company, association,
partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by (i) such Person, (ii) such
Person and one or more Subsidiaries of such Person or (iii) one or more
Subsidiaries of such Person.

          “TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules
and regulations thereunder as in effect on the date on which this Indenture is
qualified under the TIA, except as provided in Section 9.03.

          “Trustee”
means the party named as such above until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

          “U.S.
Government Obligations” means direct obligations (or certificates representing
an ownership interest in such obligations) of the United States of America
(including any agency or instrumentality thereof) for the payment of which the
full faith and credit of the United States of America is pledged and which are
not callable or redeemable at the issuer’s option.

          “U.S.
Person” means a U.S. person as defined in Rule 902(k) under the Securities Act.

- 4 -

          SECTION
1.02. Other Definitions. 

	
 

	
 

	
 

	
Term

	
 

	
Defined in Section

	 

	
 

	 

	
“Additional Amounts”

	
 

	
4.07

	
“Additional Interest”

	
 

	
6.01

	
“Covenant Defeasance”

	
 

	
8.03

	
“Event of Default”

	
 

	
6.01

	
“Legal Defeasance”

	
 

	
8.02

	
“Legal Holiday”

	
 

	
10.08

	
“Paying Agent”

	
 

	
2.05

	
“Registrar”

	
 

	
2.05

	
“Relevant Taxing Jurisdiction”

	
 

	
4.07

	
“Service Agent”

	
 

	
2.05

	
“Surviving Person”

	
 

	
5.01

	
“Taxes”

	
 

	
4.07

          SECTION
1.03. Incorporation by Reference of Trust Indenture Act. This Indenture
is subject to the mandatory provisions of the TIA, which are incorporated by
reference in and made a part of this Indenture. The following TIA terms used in
this Indenture have the following meanings:

          “indenture
securities” means the Securities;

          “indenture
security Holder” means a Holder of a Security;

          “indenture
to be qualified” means this Indenture;

          “indenture
trustee” or “institutional trustee” means the Trustee; and

          “obligor”
on the Securities means the Company and any successor obligor upon the
Securities.

          All
other terms used in this Indenture that are defined by the TIA, defined by the
TIA’s reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them.

          SECTION
1.04. Rules of Construction. Unless the context otherwise requires:

	
 

	
 

	
 

	
          (1) a term has the meaning assigned to it;

	
 

	
 

	
 

	
          (2) an accounting term not otherwise defined has the meaning assigned to it in
 accordance with GAAP;

	
 

	
 

	
 

	
          (3) “or” is not exclusive;

	
 

	
 

	
 

	
          (4) words in the singular include the plural, and in the plural include the
 singular;

	
 

	
 

	
 

	
          (5) provisions apply to successive events and transactions; and

	
 

	
 

	
 

	
          (6)
 references to sections of or rules under the Securities Act shall be deemed
 to include substitute, replacement or successor sections or rules adopted by
 the SEC from time to time.

ARTICLE TWO 

THE SECURITIES

          SECTION
2.01. Issuable in Series. The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more Series. All Securities of a Series
shall be identical except as may be set forth in a Board Resolution, a
supplemental indenture or an Officers’ Certificate detailing the adoption of
the terms thereof pursuant to the authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board
Resolution, supplemental indenture or Officers’ Certificate may provide for the
method by which specified terms (such as

- 5 -

 interest rate,
maturity date, record date or date from which interest shall accrue) are to be
determined. Securities may differ between Series in respect of any matters.

          SECTION
2.02. Establishment of Terms of Series of Securities. At or prior to the
issuance of any Securities within a Series, the following shall be established
(as to the Series generally, in the case of Subsection 2.02(a) and either as to
such Securities within the Series or as to the Series generally in the case of
Subsections 2.02(b) through 2.02(w)) by a Board Resolution, a supplemental
indenture or an Officers’ Certificate pursuant to authority granted under a
Board Resolution:

          (a)
the title of the Securities of the Series (which shall distinguish the
Securities of that particular Series from the Securities of any other Series);

          (b)
the ranking of the Securities of the Series relative to other Debt of the
Company and the terms of any subordination provisions;

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

          (d)
the date or dates on which the principal and premium, if any, of the Securities
of the Series are payable;

          (e)
the rate or rates (which may be fixed or variable) at which the Securities of
the Series shall bear interest, if any, or the method of determining such rate
or rates, the date or dates from which such interest, if any, shall accrue, the
Interest Payment Dates on which such interest, if any, shall be payable or the
method by which such dates will be determined, the record dates for the
determination of Holders thereof to whom such interest is payable (in the case
of Securities in registered form), and the basis upon which such interest will
be calculated if other than that of a 360-day year of twelve 30-day months;

          (f)
the currency or currencies, including composite currencies in which Securities
of the Series shall be denominated, if other than Dollars, the place or places,
if any, in addition to or instead of the Corporate Trust Office of the Trustee,
where the principal, premium and interest with respect to Securities of such
Series shall be payable or the method of such payment, if by wire transfer,
mail or other means;

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

          (h)
the form of the Securities of the Series and whether Securities of the Series
are to be issued in registered form or bearer form or both and, if Securities
are to be issued in bearer form, whether coupons will be attached to them,
whether Securities of the Series in bearer form may be exchanged for Securities
of the Series issued in registered form, and the circumstances under which and
the places at which any such exchanges, if permitted, may be made;

          (i)
if any Securities of the Series are to be issued in bearer form or as one or more
Global Securities representing individual Securities of the Series in bearer
form, whether certain provisions for the payment of additional interest or tax
redemptions shall apply; whether interest with respect to any portion of a
temporary Security of the Series in bearer form payable with respect to any
Interest Payment Date prior to the exchange of such temporary Security in
bearer form for Definitive Securities of the Series in bearer form shall be
paid to any clearing organization with respect to the portion of such temporary
Security in bearer form held for its account and, in such event, the terms and
conditions (including any certification requirements) upon which any such
interest payment received by a clearing organization will be credited to the
Persons entitled to interest payable on such Interest Payment Date; and the
terms upon which a temporary Security in bearer form may be exchanged for one
or more Definitive Securities of the Series in bearer form;

- 6 -

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

          (k)
the terms, if any, upon which the Securities of the Series may be exchanged for
any of the Company’s Capital Stock or other equity interests, and the terms and
conditions upon which such exchange shall be effected, including the initial
exchange price or rate, the exchange period and any other additional
provisions;

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

          (m)
if the amount of principal, premium or interest with respect to the Securities
of the Series may be determined with reference to an index or pursuant to a
formula, the manner in which such amounts will be determined;

          (n)
if the principal amount payable at the Stated Maturity of Securities of the
Series will not be determinable as of any one or more dates prior to such
Stated Maturity, the amount that will be deemed to be such principal amount as
of any such date for any purpose, including the principal amount thereof which
will be due and payable upon any Maturity other than the Stated Maturity and
which will be deemed to be outstanding as of any such date (or, in any such
case, the manner in which such deemed principal amount is to be determined),
and if necessary, the manner of determining the equivalent thereof in Dollars;

          (o)
the applicability of or any changes or additions to the defeasance and
discharge provisions of Article Eight;

          (p)
if other than the principal amount thereof, the portion of the principal amount
of the Securities of the Series that shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.02;

          (q)
the terms, if any, of the transfer, mortgage, pledge or assignment as security
for the Securities of the Series of any properties, assets, moneys, proceeds,
securities or other collateral, including whether certain provisions of the TIA
are applicable and any corresponding changes to provisions of this Indenture as
then in effect;

          (r)
any addition to or change in the Events of Default which applies to any
Securities of the Series and any change in the right of the Trustee or the
requisite Holders of such Series of Securities to declare the principal amount
of, premium, if any, and interest on such Series of Securities due and payable
pursuant to Section 6.02;

          (s)
if the Securities of the Series shall be issued in whole or in part in the form
of a Global Security, the terms and conditions, if any, upon which such Global
Security may be exchanged in whole or in part for other individual Definitive
Securities of such Series, the Depositary for such Global Security and the form
of any legend or legends to be borne by any such Global Security in addition to
or in lieu of the Global Securities Legend;

          (t)
if the Securities will be convertible into or exchangeable for any other
securities and the applicable terms and conditions for such conversion or
exchange;

          (u)
any Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent
or Registrar;

          (v)
the applicability of, and any addition to or change in, the covenants (and the
related definitions) set forth in Articles Four or Five that applies to
Securities of the Series;

          (w)
with regard to Securities of the Series that do not bear interest, the dates
for certain required reports to the Trustee;

- 7 -

          (x)
the terms applicable to Original Issue Discount Securities, including the rate
or rates at which original issue discount will accrue;

          (y)
any other terms of Securities of the Series (which terms shall not be
prohibited by the provisions of this Indenture).

          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 the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

          SECTION
2.03. Denominations; Provisions for Payment. The Securities shall be
issuable, except as otherwise provided with respect to any series of Securities
pursuant to Section 2.02, as registered Securities in the denominations of
one thousand Dollars ($1,000) or any integral multiple thereof, subject to
Sections 2.02(f) and 2.02(l). The Securities of any Series shall bear interest
payable on the dates and at the rate specified with respect to that Series.
Unless otherwise provided as contemplated by Section 2.02 with respect to
Securities of any Series, the principal of and the interest on the Securities
of any Series, as well as any premium thereon, shall be payable in Dollars.
Such payment shall be made at the Corporate Trust Office of the Trustee. Each
Security shall be dated the date of its authentication. Unless otherwise
provided as contemplated by Section 2.02, interest on the Securities shall
be computed on the basis of a 360-day year comprised of twelve 30-day months.

          The
interest installment on any Security that is payable, and is punctually paid or
duly provided for, on any Interest Payment Date for Securities of that Series
shall be paid to the Person in whose name said Security (or one or more
predecessor Securities) is registered at the close of business on the regular
record date for such interest installment.

          Unless
otherwise set forth in a Board Resolution, a supplemental indenture or an
Officers’ Certificate establishing the terms of any Series of Securities
pursuant to Section 2.02 hereof, the term “regular record date” as used in
this Section with respect to Securities of any Series with respect to any
Interest Payment Date for such Series shall mean (i) either the fifteenth day
of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.02 hereof shall occur,
if such Interest Payment Date is the first day of a month or (ii) the first day
of the month in which an Interest Payment Date established for such Series
pursuant to Section 2.02 hereof shall occur, if such Interest Payment Date
is the fifteenth day of a month, in each case, whether or not such date is a
Business Day.

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

          SECTION
2.04. Execution and Authentication. One or more Officers shall sign the
Securities for the Company by manual or facsimile signature. If an Officer
whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid. A Security
shall not be valid until authenticated by the manual signature of the Trustee
or an authenticating agent. Such signature shall be conclusive evidence that
the Security has been authenticated under this Indenture. The Securities may
contain such notations, legends or endorsements required by law, stock exchange
rule or usage.

          The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order.

          Such
Company Order may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or
agents, which oral instructions shall be promptly confirmed in writing. Each
Security shall be dated the date of its authentication unless otherwise
provided by a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.

- 8 -

          The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.02, except as provided in
Section 2.09.

          Prior
to the issuance of Securities of any Series, the Trustee shall have received
and (subject to Section 7.02) shall be fully protected in relying on: (a)
the Board Resolution, supplemental indenture hereto or Officers’ Certificate
establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities
within that Series, (b) an Officers’ Certificate complying with
Section 10.04 and 10.05, and (c) an Opinion of Counsel complying with
Section 10.04 and 10.05.

          The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the Trustee in
good faith by its board of directors or trustees, executive committee or a
trust committee of directors and/or vice presidents shall determine that such
action would expose the Trustee to personal liability to Holders of any then
outstanding Series of Securities.

          The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Company
or an Affiliate of the Company.

          SECTION
2.05. Registrar and Paying Agent. So long as Securities of any Series
remaining outstanding, the Company agrees to maintain a corporate trust office
(or any other place or places specified with respect to such Series pursuant to
Section 2.02) where Securities of such Series may be presented or
surrendered for payment (“Paying Agent”), where Securities of such Series may
be presented for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such
Series and this Indenture may be served (“Service Agent”). The Registrar shall
keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the
name and address, and any change in the name or address, of each office or
agency, Registrar, Paying Agent or Service Agent. If at any time the Company
shall fail to maintain any such required office or agency, Registrar, Paying
Agent or Service Agent or shall fail to furnish the Trustee with the name and
address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.  

          The
Company may also from time to time designate one or more additional paying
agents or additional service agents and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Service Agent in each place so specified pursuant to
Section 2.02 for Securities of any Series for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such additional
paying agent or additional service agent. The term “Paying Agent” includes any
additional paying agent and the term “Service Agent” includes any additional
service agent.

          The
Company hereby appoints the Trustee as the initial Registrar, Paying Agent and
Service Agent for each Series unless another Registrar, Paying Agent or Service
Agent, as the case may be, is appointed prior to the time Securities of that
Series are first issued.

          SECTION
2.06. Paying Agent to Hold Money in Trust. The Company shall require
each Paying Agent, other than the Trustee, to agree in writing that the Paying
Agent will hold in trust, for the benefit of Holders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment
of principal of, premium, if any, on or interest on the Series of Securities,
and will notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. Notwithstanding anything in
this Section to the contrary, (i) the agreement to hold sums in trust as
provided in this Section 2.06 is subject to the provisions of
Section 8.06, and (ii) the Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any paying agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be 

- 9 -

held by the Trustee upon the same terms and conditions
as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent
(if other than the Company or a Subsidiary) shall be released from all further
liability with respect to the money. If the Company or a Subsidiary of the
Company acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of Holders of any Series of Securities all money held by
it as Paying Agent.

          SECTION
2.07. Holder Lists. (a) The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names
and addresses of Holders of each Series of Securities and shall otherwise
comply with TIA § 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each Interest Payment
Date and at such other times as the Trustee may request in writing a list, in
such form and as of such date as the Trustee may reasonably require, of the
names and addresses of Holders of each Series of Securities.

          (b)
The Trustee may destroy any list furnished to it as provided in
Section 2.07(a) upon receipt of a new list so furnished.

          SECTION
2.08. Transfer and Exchange. When Securities of a Series are presented
to the Registrar with a request to register a transfer or to exchange them for
an equal principal amount of Securities of the same Series, the Registrar shall
register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the
Trustee shall authenticate Securities at the Registrar’s request. No service
charge shall be made for any registration of transfer or exchange (except as
otherwise expressly permitted herein), but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar
governmental charge payable upon exchanges pursuant to Sections 2.12, 3.06 or
9.05).

          Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series during the period beginning
at the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Securities of that Series selected for redemption and
ending at the close of business on the day of such mailing, or (b) to register
the transfer or exchange of Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

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

          The
provisions of this Section 2.08 are, with respect to any Global Security,
subject to Section 2.15 hereof.

          SECTION
2.09. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of
the same Series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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

          In
case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security (without surrender thereof except in
the case of a mutilated Security) if the applicant for such payment shall
furnish to the Company 

- 10 -

and the Trustee such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless,
and, in case of destruction, loss or theft, evidence to their satisfaction of
the destruction, loss or theft of such Security and of the ownership thereof.

          Upon
the issuance of any new Security under this Section 2.09, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee and its counsel) connected
therewith.

          Every
new Security of any Series issued pursuant to this Section 2.09 in lieu of
any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that Series duly issued hereunder.

          The
provisions of this Section 2.09 are exclusive and shall preclude (to the
extent lawful) any and all other rights and remedies, notwithstanding any law
or statute existing or hereafter enacted to the contrary, with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities,
negotiable instruments or other securities.

          SECTION
2.10. Outstanding Securities. The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation, those reductions in the interest on
a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section 2.10 as not outstanding.

          If
a Security is replaced pursuant to Section 2.09, it ceases to be
outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

          If
the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of any thereof) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date, then on and after that
date such Securities of the Series cease to be outstanding and interest on them
ceases to accrue.

          A Security
does not cease to be outstanding because the Company or an Affiliate holds the
Security.

          In
determining whether the Holders of the requisite principal amount of
outstanding Securities 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 6.02.

          SECTION
2.11. Treasury Securities. In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver, Securities of a Series owned by the Company or an
Affiliate of the Company shall be disregarded and deemed not to be outstanding,
except that for the purposes of determining whether the Trustee shall be
protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver only Securities of a Series that a Responsible
Officer of the Trustee actually knows are so owned shall be so
disregarded. Subject to the foregoing,
only Securities outstanding at the time shall be considered in any such
determination.

          SECTION
2.12. Temporary Securities.
Until Definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities upon a Company
Order. Temporary Securities shall be
substantially in the form of Definitive Securities but may have variations that
the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee upon request shall authenticate Definitive Securities
of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged,
temporary Securities shall have the same rights under this Indenture as the
Definitive Securities.

- 11 -

          SECTION
2.13. Cancellation. The Company at any time may deliver Securities to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment. The Trustee shall cancel all Securities surrendered for
transfer, exchange, payment, replacement or cancellation and shall dispose of
such canceled Securities according to its normal operating procedures (subject
to the record retention requirement of the Exchange Act) and deliver a
certificate of such disposition to the Company. The Company may not issue new
Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation. 

          SECTION
2.14. Defaulted Interest. If the Company defaults in a payment of
interest on a Series of Securities, it shall pay the defaulted interest, plus,
to the extent permitted by law, any interest payable on the defaulted interest,
to the persons who are Holders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 30 days
before the special record date, the Company shall mail to the Trustee and to
each Holder of the Series a notice that states the special record date, the payment
date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner. 

          SECTION
2.15. Global Securities.

          (a)
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate shall establish whether the Securities of a Series shall
be issued in whole or in part in the form of one or more Global Securities and
the Depositary for such Global Security or Securities. Global Securities
initially shall be (i) registered in the name of the Depositary or the nominee
of such Depositary and (ii) delivered to the Trustee as custodian for the
Depositary. Each Global Security shall represent such of the outstanding
Securities of a Series as will be specified therein, and each shall provide
that it represents the aggregate principal amount of outstanding Securities of
such Series from time to time, as reflected in the records of the Trustee and
that the aggregate principal amount of outstanding Securities of a Series represented
thereby may from time to time be reduced or increased, as appropriate to
reflect issuances, exchanges, redemptions and other changes. 

          (b)
Transfer and Exchange. Notwithstanding any provisions to the contrary
contained in Section 2.08 of the Indenture and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.08 of the Indenture for
Securities registered in the names of Holders other than the Depositary for
such Security or its nominee only if (i) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time such Depositary ceases to be a clearing agency
registered under the Exchange Act, and, in either case, the Company fails to
appoint a successor Depositary within 90 days of such event, (ii) the Company
executes and delivers to the Trustee an Officers’ Certificate to the effect
that such Global Security shall be so exchangeable or (iii) an Event of Default
with respect to the Securities represented by such Global Security shall have
occurred and be continuing. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Securities registered in
such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and
terms. 

          Except
as provided in this Section 2.15(b), a Global Security may only be transferred
in whole but not in part (i) by the Depositary with respect to such Global
Security to a nominee of such Depositary, (ii) by a nominee of such Depositary
to such Depositary or another nominee of such Depositary or (iii) by the
Depositary or any such nominee to a successor Depositary or a nominee of such a
successor Depositary. 

          (c)
Legend. Any Global Security issued hereunder shall bear a legend in
substantially the following form: 

          “THIS SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE
INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D)
EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY (X) BY THE 

- 12 -

DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY
NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.” 

          (d)
Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.02, payment of the principal
of and premium, if any, and interest, if any, on any Global Security shall be
made to the Holder thereof. 

          (e)
Consents, Declaration and Directions. Except as provided in Section
2.15(d), the Company, the Trustee and any Agent shall treat a Person as the Holder
of such principal amount of outstanding Securities of such Series represented
by a Global Security as shall be specified in a written statement of the
Depositary with respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given by the
Holders pursuant to this Indenture. 

          SECTION
2.16. CUSIP Numbers. The Company in issuing the Securities may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that neither the Company nor the Trustee shall have any responsibility for any
defect in the “CUSIP” number that appears on any Security, check, advice of
payment or redemption notice, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other elements of identification printed on
the Securities, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Company shall promptly notify the Trustee of
any change in “CUSIP” numbers.  

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

ARTICLE THREE

REDEMPTION AND PREPAYMENT

          SECTION
3.01. Notices to Trustee. The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may
covenant to redeem and pay the Series of Securities or any part thereof prior
to the Stated Maturity thereof at such time and on such terms as provided for
in such Series of Securities. If a Series of Securities is redeemable and the
Company wants or is obligated to redeem prior to the Stated Maturity thereof
all or part of the Series of Securities pursuant to the terms of such
Securities, it shall notify the Trustee of the redemption date and the
principal amount of Securities of the Series to be redeemed and the redemption
price. The Company shall give such notice to the Trustee at least 30 but no
more that 60 days before the redemption date (or such shorter notice as may be
acceptable to the Trustee). 

          SECTION
3.02. Selection of Securities to be Redeemed. Unless otherwise indicated
for a particular Series of Securities by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, if less than all of the Securities are
to be redeemed or purchased in an offer to purchase at any time, the Trustee
shall select the Securities to be redeemed or purchased as follows: 

	
 

	
 

	
 

	
          (1)
 if the Securities are listed on any national securities exchange, in
 compliance with the requirements of the principal national securities
 exchange, if any, on which the Securities are listed; or 

	
 

	
 

	
 

	
          (2)
 if the Securities are not listed on any national securities exchange, on a
 pro rata basis, by lot or by such other method as the Trustee shall deem fair
 and appropriate. 

- 13 -

          Unless
otherwise indicated for a particular Series of Securities by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, no Securities
of $1,000 of principal amount or less will be redeemed in part. Except as
provided in the preceding sentence, provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called
for redemption. The Trustee shall make the selection at least 30 days but not
more than 60 days before the redemption date from outstanding Securities of a
Series not previously called for redemption. 

          If
any Security is to be redeemed in part only, the notice of redemption that
relates to such Security shall state the portion of the principal amount of
that Security to be redeemed. A new Security in principal amount equal to the
unredeemed portion of the original Security presented for redemption will be
issued in the name of the Holder thereof upon cancellation of the original
Security. Securities called for redemption become irrevocably due on the date
fixed for redemption at the applicable redemption price, plus accrued and
unpaid interest to the redemption date. On and after the redemption date,
unless the Company defaults in making the applicable redemption payment,
interest ceases to accrue or accrete on Securities or portions of them called
for redemption. 

          SECTION
3.03. Notice of Redemption. Unless otherwise provided for a particular
Series of Securities by a Board Resolution, a supplemental indenture or an
Officers’ Certificate, at least 30 days but not more than 60 days before a
redemption date (or, in the case of a partial redemption, at least 35 days but
not more than 65 days before a redemption date), the Company shall mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Securities are to be redeemed at its registered address. 

          The
notice shall identify the Securities to be redeemed and shall state: 

	
 

	
 

	
 

	
          (1)
 the redemption date; 

	
 

	
 

	
 

	
          (2)
 the redemption price or the appropriate calculation of the redemption price,
 which in each case will include interest accrued and unpaid to the date fixed for
 redemption; 

	
 

	
 

	
 

	
          (3)
 if any Security is being redeemed in part, the portion of the principal
 amount of such Security to be redeemed and that, after the redemption date
 upon surrender of such Security, a new Security or Securities in principal
 amount equal to the unredeemed portion shall be issued upon cancellation of
 the original Security; 

	
 

	
 

	
 

	
          (4)
 the name and address of the Paying Agent; 

	
 

	
 

	
 

	
          (5)
 that Securities called for redemption must be surrendered to the Paying Agent
 to collect the redemption price; 

	
 

	
 

	
 

	
          (6)
 that, unless the Company defaults in making such redemption payment, interest
 on Securities (or portion thereof) called for redemption ceases to accrue on
 and after the redemption date; 

	
 

	
 

	
 

	
          (7)
 the paragraph of the Securities and/or provision of this Indenture or any
 supplemental indenture pursuant to which the Securities called for redemption
 are being redeemed; and 

	
 

	
 

	
 

	
          (8)
 the CUSIP number, if any, printed on the Securities being redeemed; and 

	
 

	
 

	
 

	
          (9)
 that no representation is made as to the correctness or accuracy of the CUSIP
 number, if any, listed in such notice or printed on the Securities. 

          At
the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense; provided, however, that the
Company shall have delivered to the Trustee, at least 45 days prior to the
redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as
required by this Section 3.03. 

- 14 -

          SECTION
3.04. Effect of Notice of Redemption. Once notice of redemption is
mailed in accordance with Section 3.03 hereof, Securities called for redemption
become irrevocably due and payable on the redemption date at the redemption
price. A notice of redemption may not be conditional. 

          Failure
to give notice or any defect in the notice to any Holder shall not affect the
validity of the notice to any other Holder. 

          SECTION
3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City
time) on the redemption date, the Company shall deposit with the Trustee or
with the Paying Agent (or, if the Company or a Subsidiary of the Company is the
Paying Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of, and accrued interest on, all Securities to be redeemed on
that date, other than Securities or portions of Securities called for
redemption that have been delivered by the Company to the Trustee for
cancellation. The Trustee or the Paying Agent shall as promptly as practicable
return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption price
of, and accrued interest on, all Securities to be redeemed. If such money is
then held by the Company in trust and is not required for such purpose it shall
be discharged from such trust. 

          If
the Company complies with the provisions of the preceding paragraph, on and
after the redemption date, interest shall cease to accrue on the Securities or
the portions of Securities called for redemption. If a Security is redeemed on
or after an interest record date but on or prior to the related interest
payment date, then any accrued and unpaid interest shall be paid to the Person
in whose name such Security was registered at the close of business on such
record date. If any Security called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest shall be paid on the unpaid principal, from
the redemption date until such principal is paid, and, to the extent lawful, on
any interest not paid on such unpaid principal, in each case at the rate
provided in the Securities. 

          SECTION
3.06. Securities Redeemed in Part. Upon surrender of a Security that is
redeemed in part, the Company shall execute and, upon the Company’s written
request, the Trustee shall authenticate for the Holder (at the Company’s
expense) a new Security equal in principal amount to the unredeemed portion of
the Security surrendered. 

ARTICLE FOUR

COVENANTS

          SECTION
4.01. Payment of Securities. The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it will duly and
punctually make all payments in respect of each Series of Securities on the
dates and in the manner provided in such Series of Securities and this
Indenture. Such payments shall be considered made on the date due if on such
date the Trustee or the Paying Agent holds, in accordance with this Indenture,
money sufficient to make all payments with respect to such Securities then due.

          SECTION
4.02. SEC Reports. Unless otherwise indicated in a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, notwithstanding that
the Company may not be subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, so long as any Securities are outstanding, the
Company shall furnish to the Trustee and the Holders copies of such annual
reports and such information, documents and other reports as are specified in Sections
13 and 15(d) of the Exchange Act and applicable to a U.S. corporation (and not
a foreign private issuer) subject to such Sections, at the times specified for
the filing of such information, documents and reports under such Sections.
Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of the covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). The Company also shall
comply with the other provisions of TIA § 314(a). 

          In
addition, whether or not required by the rules and regulations of the SEC, the
Company shall file a copy of all such information and reports with the SEC for
public availability within the time periods specified in the SEC’s rules and
regulations (unless the SEC will not accept such a filing) and make such
information available to 

- 15 -

securities
analysts and prospective investors upon request. The Company shall at all times
comply with TIA § 314(a). 

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

          SECTION
4.03. Compliance Certificate. The Company shall deliver to the Trustee
within 120 days after the end of each fiscal year of the Company an Officers’
Certificate stating that in the course of the performance by the signers of
their duties as Officers of the Company they would normally have knowledge of
any Default and whether or not the signers know of any Default that occurred
during such period. If they do, the certificate shall describe the Default, its
status and what action the Company is taking or propose to take with respect
thereto. The Company also shall comply with TIA § 314(a)(4). 

          SECTION
4.04. Further Instruments and Acts. The Company shall execute and
deliver to the Trustee such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purpose of
this Indenture. 

          SECTION
4.05. Corporate Existence. Subject to Article Five hereof, the Company
shall do or cause to be done all things necessary to preserve and keep in full
force and effect: 

	
 

	
 

	
 

	
          (1)
 corporate, partnership, limited liability company or other existence in
 accordance with its organizational documents (as the same may be amended from
 time to time) and 

	
 

	
 

	
 

	
          (2) the
 rights (charter and statutory), licenses and franchises of the Company;
 provided, however, that the Company shall not be required to preserve any
 such right, license or franchise if the Board of Directors shall determine
 that the preservation thereof is no longer desirable in the conduct of the
 business of the Company and its Subsidiaries, taken as a whole, and that the
 loss thereof is not adverse in any material respect to the Holders of the
 Securities. 

          SECTION
4.06. Calculation of Original Issue Discount. The Company shall file
with the Trustee no more than 30 days after the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on outstanding Securities as of the
end of such year and (ii) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code
of 1986, as amended from time to time. 

          SECTION
4.07. Additional Amounts. If, following any transactions permitted by
Section 5.01, the Surviving Person is organized other than under the laws of
the United States of America, any State thereof or the District of Columbia,
all payments made by the Surviving Person under or with respect to the
Securities shall be made free and clear of and without withholding or deduction
for or on account of any present or future tax, duty, levy, impost, assessment
or other governmental charge (including penalties, interest and other
liabilities related thereto) (hereinafter “Taxes”) imposed or levied by
or on behalf of the government of the Surviving Person’s country of
incorporation or any political subdivision or any authority or agency therein
or thereof having power to tax, or within any other jurisdiction in which the
Surviving Person is organized or is otherwise resident for tax purposes or any
jurisdiction from or through which payment is made (each a “Relevant Taxing
Jurisdiction”), unless the Surviving Person is required to withhold or
deduct Taxes by law or by the interpretation or administration thereof. 

          If
the Surviving Person is so required to withhold or deduct any amount for or on
account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment
made under or with respect to the Securities, the Surviving Person shall pay
such additional amounts (“Additional Amounts”) as may be necessary so
that the net amount received by the Holders (including Additional Amounts)
after such withholding or deduction will not be less than the amount the
Holders would have received if such Taxes had not been withheld or deducted; provided,
however, that the foregoing obligation to pay Additional Amounts does
not apply to (1) any Taxes that would not have been 

- 16 -

so imposed but
for the existence of any present or former connection between the relevant
Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of,
or possessor of power over the relevant Holder, if the relevant Holder is an
estate, nominee, trust or corporation) and the Relevant Taxing Jurisdiction
(other than the mere receipt of such payment or the ownership or holding
outside of the Surviving Person’s country of incorporation of such Security);
or (2) any estate, inheritance, gift, sales, excise, transfer, personal
property tax or similar tax, assessment or governmental charge; nor shall the
Surviving Person be required to pay Additional Amounts (a) if the payment could
have been made without such deduction or withholding if the beneficiary of the
payment had presented the Security for payment within 30 days after the date on
which such payment or such Security became due and payable or the date on which
payment thereof is duly provided for, whichever is later (except to the extent
that the Holder would have been entitled to Additional Amounts had the Security
been presented on the last day of such 30 day period), or (b) with respect to
any payment of principal of (or premium, if any, on) or interest on such
Security to any Holder who is a fiduciary or partnership or any person other
than the sole beneficial owner of such payment, to the extent that a
beneficiary or settlor with respect to such fiduciary, a member of such a partnership
or the beneficial owner of such payment would not have been entitled to the
Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the actual Holder of such Security. 

          At
least 30 days prior to each date on which any payment under or with respect to
the Securities of a Series is due and payable, if the Surviving Person will be
obligated to pay Additional Amounts with respect to such payment, the Surviving
Person will deliver to the Trustee an Officers’ Certificate stating that such
Additional Amounts will be payable, the amounts so payable and will set forth
such other information necessary to enable the Trustee, on behalf of the
Surviving Person, to pay such Additional Amounts to Holders on the payment
date. 

          Upon
request, the Surviving Person shall provide the Trustee with official receipts
or other documentation satisfactory to the Trustee evidencing the payment of
the Taxes with respect to which Additional Amounts are paid. 

          Whenever
in this Indenture, a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, or in any Security there is mentioned, in any context:
(1) the payment of principal; (2) purchase prices in connection with a purchase
of Securities; (3) interest; or (4) any other amount payable on or with respect
to any of the Securities, such reference shall be deemed to include payment of
Additional Amounts provided for in this Section 4.07 to the extent that, in
such context, Additional Amounts are, were or would be payable in respect
thereof. 

          The
obligations described under this Section 4.07 shall survive any termination,
defeasance or discharge of this Indenture and shall apply mutatis mutandis to
any jurisdiction in which any successor Person to the Company or any Surviving
Person is organized or any political subdivision or taxing authority or agency
thereof or therein. 

ARTICLE FIVE

SUCCESSOR COMPANIES

          SECTION
5.01. Merger, Consolidation or Sale of Assets. Unless otherwise provided
for a particular Series of Securities by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, the Company shall not merge or
consolidate with or into any other Person (other than a merger of a wholly
owned Subsidiary of the Company into the Company) or sell, transfer, lease,
convey or otherwise dispose of all or substantially all of its Property in one
transaction or series of related transactions unless: 

          (a)
the Company shall be the surviving Person (the “Surviving Person”) or the
Surviving Person (if other than the Company) formed by such merger or
consolidation or to which such sale, transfer, lease, conveyance or disposition
is made shall be a corporation or limited liability company organized and
existing under the laws of the United States of America or any state or
territory thereof, Bermuda or the United Kingdom; 

          (b)
the Surviving Person (if other than the Company) expressly assumes, by
supplemental indenture in form satisfactory to the Trustee, executed and delivered
to the Trustee by such Surviving Person, the due and punctual payment of the
principal of, and premium, if any, and interest on, all the Securities of all
Series outstanding, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this
Indenture to be performed by the Company; 

- 17 -

          (c)
in the case of a sale, transfer, lease, conveyance or other disposition of all
or substantially all the Property of the Company, such Property shall have been
transferred as an entirety or virtually as an entirety to one Person and/or
such Person’s Subsidiaries; 

          (d)
immediately before and immediately after giving effect to such transaction or
series of related transactions, no Default or Event of Default shall have
occurred and be continuing; 

          (e)
the Company shall deliver, or cause to be delivered, to the Trustee, in form
and substance reasonably satisfactory to the Trustee, an Officers’ Certificate
and an Opinion of Counsel, each stating that such transaction and the
supplemental indenture, if any, in respect thereto comply with this Section
5.01 and that all conditions precedent herein provided for relating to such
transaction have been complied with; and 

          (f)
the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the Holders will not recognize income, gain or loss for U.S.
Federal income tax purposes as a result of such transaction or series of
transactions and will be subject to U.S. Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such transaction or series of transactions had not occurred. 

          For
the purposes of this Section 5.01, the sale, transfer, lease, conveyance or
other disposition of all the Property of one or more Subsidiaries of the
Company, which Property, if held by the Company instead of such Subsidiaries,
would constitute all or substantially all the Property of the Company on a
consolidated basis, shall be deemed to be the transfer of all or substantially
all the Property of the Company. 

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

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

          (c)
Nothing contained in this Indenture (including in this Article Five) or in any
of the Securities shall prevent the Company from merging into itself or
acquiring by purchase or otherwise all or any part of the Property of any other
Person (whether or not affiliated with the Company). 

ARTICLE SIX

DEFAULTS AND REMEDIES

          SECTION
6.01. Events of Default. Unless otherwise indicated for a particular
Series of Securities by a Board Resolution, a supplemental indenture hereto, or
an Officers’ Certificate, each of the following constitutes an “Event of
Default” with respect to each Series of Securities: 

	
 

	
          (1)
 default in the payment of the principal, premium, if any, or redemption price
 with respect to any Security of such Series when such amount becomes due and
 payable;

	
 

	
 

	
 

	
          (2)
 default in the payment of interest (including Additional Interest, if any)
 when due on the Securities of such Series within 30 days of when such amount
 becomes due and payable; 

- 18 -

	
 

	
 

	
 

	
 

	
 

	
          (3)
 default in the deposit of any sinking fund payment when and as due by the
 terms of any Securities of such Series; 

	
 

	
 

	
 

	
 

	
          (4)
 the Company fails to comply with any of its covenants or agreements in the
 Securities of such Series or this Indenture (other than a failure that is
 subject to the foregoing clauses (1), (2) or (3)) and such failure continues
 for 60 days after the notice specified below; 

	
 

	
 

	
 

	
 

	
          (5)
 any other Event of Default provided with respect to Securities of such Series
 then outstanding; 

	
 

	
 

	
 

	
 

	
          (6)
 the Company pursuant to or within the meaning of any Bankruptcy Law: 

	
 

	
 

	
 

	
 

	
 

	
          (A)
 commences a voluntary case; 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (B)
 consents to the entry of an order for relief against it in an involuntary
 case; 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (C)
 consents to the appointment of a Custodian of it or for any substantial part
 of its Property; or 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (D)
 makes a general assignment for the benefit of its creditors; 

	
 

	
 

	
 

	
 

	
 

	
or takes any
 comparable action under any foreign laws relating to insolvency; or

	
 

	
 

	
 

	
 

	
          (7)
 a court of competent jurisdiction enters an order or decree under any
 Bankruptcy Law that:

	
 

	
 

	
 

	
 

	
 

	
 

	
(A) is for
 relief against the Company in an involuntary case; 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(B) appoints
 a Custodian of the Company or for any substantial part of its Property; or

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(C) orders
 the winding up or liquidation of the Company; 

          or
any similar relief is granted under any foreign laws and the order or decree
remains unstayed and in effect for 90 days. 

          Notwithstanding
anything to the contrary in this Indenture, the sole remedy for an Event of
Default relating to the failure to comply with Section 4.02 of this Indenture
or the failure to comply with Section 314(a)(1) of the TIA, if applicable, will
for the first 270 days after the occurrence of such an Event of Default consist
exclusively of the right to receive additional interest (“Additional Interest”)
on the Securities of a Series at an annual rate of 0.05% of the principal amount
of the Outstanding Securities of such Series. This Additional Interest shall be
payable in the same manner and on the same dates as regular interest payable on
the Securities of a Series. The Additional Interest shall accrue on all
Outstanding Securities of a Series from and including the date on which an
Event of Default relating to a failure to comply with Section 4.02 of this
Indenture or the failure to comply with Section 314(a)(1) of the Trust
Indenture Act of 1939, if applicable, first occurs to but not including the 270th
day thereafter (or such earlier date on which the Event of Default relating to
a failure to comply with Section 4.02 of this Indenture or the failure to
comply with Section 314(a)(1) of the TIA, if applicable, is cured or waived prior
to such 270th day). Thereafter, such Additional Interest shall cease
to accrue and the Securities of such Series will be subject to acceleration as
provided below in Section 6.02 if the Event of Default is continuing. The
provisions described in this paragraph will not affect the rights of the
Holders of Securities of such Series in the event of the occurrence of any
other Event of Default.  

          The
term “Custodian” means, for the purposes of this Article Six, any receiver,
trustee, assignee, liquidator, custodian or similar official under any
Bankruptcy Law. 

- 19 -

          A
Default under clause (4) is not an Event of Default until the Trustee or the
Holders of at least 25% in principal amount of the outstanding Securities of a
Series notify the Company of the Default and the Company does not cure such
Default within the time specified after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice
is a “Notice of Default.” 

          The
Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any Event of
Default and any event which with the giving of notice or the lapse of time
would become an Event of Default, its status and what action the Company is
taking or proposes to take with respect thereto. 

          SECTION
6.02. Acceleration. (a) If an Event of Default with respect to any Series of
Securities at the time outstanding (other than an Event of Default specified in
Section 6.01(6) or (7) with respect to the Company) occurs and is continuing,
the Trustee or the Holders of not less than 25% in aggregate principal amount
of the outstanding Securities of that Series by notice to the Company in writing
(and to the Trustee, if given by Holders of such Securities of such Series),
may declare the principal amount of (or, in the case of Original Issue Discount
Securities of that Series, the portion thereby specified in the terms of such
Security), premium, if any, and accrued and unpaid interest on all the
Securities of that Series to be due and payable. Upon such a declaration, such
amounts shall be due and payable immediately. If an Event of Default specified
in Section 6.01(6) or (7) with respect to the Company occurs, the principal
amount of (or, in the case of Original Issue Discount Securities of that
Series, the portion thereby specified in the terms of such Security), premium,
if any, and accrued and unpaid interest on all the Securities of each Series of
Security shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.  

          (b)
At any time after the principal of the Securities of any Series of Securities
shall have been so declared due and payable (or have become immediately due and
payable), and before any judgment or decree for the payment of the moneys due
shall have been obtained or entered as hereinafter provided, the Holders of a
majority in principal amount of the Securities of that Series then outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences, and waive such Event of Default,
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to
pay all matured installments of interest upon all the Securities of that Series
and the principal of (and premium, if any, on) any and all Securities of that
Series that shall have become due otherwise than by acceleration (with interest
upon such principal and premium, if any, and, to the extent that such payment
is enforceable under applicable law, upon overdue installments of interest, at
the rate per annum expressed in the Securities of that Series to the date of
such payment or deposit) and the amount payable to the Trustee under Section
7.07, and (ii) any and all Events of Default under the Indenture with respect
to such Series of Securities, other than the nonpayment of principal (or, in
the case of Original Issue Discount Securities of that Series, the portion
thereby specified in the terms of such Security) on Securities of that Series
that shall not have become due by their terms, shall have been remedied or
waived as provided in Section 6.04. No such rescission shall affect any subsequent
Default or impair any right consequent thereto. 

          SECTION
6.03. Other Remedies. If an Event of Default with respect to any Series
of Securities occurs and is continuing, the Trustee may pursue any available
remedy to collect the payment of the principal amount of (or, in the case of
Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and
unpaid interest on the Securities of that Series or to enforce the performance
of any provision of the Securities of that Series or this Indenture. 

          The
Trustee may institute and maintain a suit or legal proceeding even if it does
not possess any of the Securities of a Series or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default with respect
to any Series of Securities shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is exclusive of
any other remedy. All available remedies are cumulative. 

          SECTION
6.04. Waiver of Past Defaults. The Holders of a majority in principal
amount of the Securities of any Series by notice to the Trustee may waive an
existing Default or Event of Default and its consequences except (i) a Default
or Event of Default in the payment of the principal amount of (or, in the case
of Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and
unpaid interest on a Security of that Series, or (ii) a Default or Event of
Default in respect of a provision 

- 20 -

that under
Section 9.02 cannot be amended without the consent of each Holder of that
Series affected. When a Default or Event of Default is waived, it is deemed
cured, but no such waiver shall extend to any subsequent or other Default or
impair any consequent right. 

          SECTION
6.05. Control by Majority. The Holders of a majority in principal amount
of the outstanding Securities of any Series may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
of exercising any trust or power conferred on the Trustee with respect to that
Series. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of any other Holder of that
Series or that would subject the Trustee to personal liability; provided,
however, that the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction. Prior to taking any
action hereunder, the Trustee shall be entitled to indemnity satisfactory to it
against all losses and expenses caused by taking or not taking such action.  

          SECTION
6.06. Limitation on Suits. Except to enforce the right to receive
payment of the principal amount of (or, in the case of Original Issue Discount
Securities, the portion thereby specified in the terms of such Security),
premium, if any, and accrued and unpaid interest on a Security of any Series
when due, no Holder of a Security of that Series may pursue any remedy with
respect to this Indenture or the Securities of that Series unless: 

          (i)
the Holder previously gave the Trustee written notice stating that an Event of
Default with respect to that Series is continuing; 

          (ii)
the Holders of at least 25% in aggregate principal amount of the outstanding
Securities of that Series make a written request to the Trustee to pursue the
remedy; 

          (iii)
such Holder or Holders of that Series offer to the Trustee indemnity
satisfactory to it to the Trustee against any loss, liability or expense; 

          (iv)
the Trustee does not comply with the request within 60 days after receipt of
the request and the offer of security or indemnity; and 

          (v)
the Holders of a majority in aggregate principal amount of the outstanding
Securities of that Series do not give the Trustee a direction inconsistent with
the request during such 60-day period. 

          A
Holder of Securities of any Series may not use this Indenture to prejudice the
rights of another Holder of that Series or to obtain a preference or priority
over another Holder of that Series (it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders). 

          SECTION
6.07. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of the
principal amount of (or, in the case of Original Issue Discount Securities, the
portion thereby specified in the terms of such Security), premium, if any, and
accrued and unpaid interest on the Securities held by such Holder, on or after
their Maturity, or to bring suit for the enforcement of any such payment on or
after their Maturity, shall not be impaired or affected without the consent of
such Holder. 

          SECTION
6.08. Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(1), (2) or (3) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company
for the whole amount then due and owing (together with interest on any unpaid
interest to the extent lawful) and the amounts provided for in Section 7.07. 

          SECTION
6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs
of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee and the Holders allowed in any judicial
proceedings relative to the Company, its creditors or its Property and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders
in any election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby
authorized by 

- 21 -

each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee
any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section 7.07. 

          SECTION
6.10. Priorities. If the Trustee collects any money or Property pursuant
to this Article Six with respect to any Series of Securities, it shall pay out
the money or Property in the following order: 

	
 

	
 

	
 

	
FIRST: to
 the Trustee for amounts due under Section 7.07; 

	
 

	
 

	
 

	
SECOND: to
 Holders for amounts due and unpaid on the Securities of that Series for the
 principal amount of (or, in the case of Original Issue Discount Securities of
 that Series, the portion thereby specified in the terms of such Security),
 premium, if any, and accrued and unpaid interest, ratably, without preference
 or priority of any kind, according to the amounts due and payable on the Securities
 of that Series for the principal amount of (or, in the case of Original Issue
 Discount Securities of that Series, the portion thereby specified in the
 terms of such Security), premium, if any, and accrued and unpaid interest,
 respectively; and 

	
 

	
 

	
 

	
THIRD: to
 the Company. 

          The
Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Section. At least 15 days before such record date, the Trustee
shall mail to each Holder and the Company a notice that states the record date,
the payment date and amount to be paid. 

          SECTION
6.11. Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as Trustee, a court in its discretion may require
the filing, by any party litigant in the suit, of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders
of more than 10% in principal amount of the then outstanding Securities of any
Series. 

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

ARTICLE SEVEN

TRUSTEE

          SECTION
7.01. Duties of Trustee. (a) If an Event of Default has occurred and is
continuing with respect to any Series of Securities, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of
care and skill in its exercise thereof as a prudent Person would exercise or
use under the circumstances in the conduct of such Person’s own affairs. 

          (b)
Except during the continuance of an Event of Default with respect to any Series
of Securities: 

	
 

	
 

	
 

	
          (1)
the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture with respect to the Securities of that
Series, as modified or supplemented by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 

- 22 -

	
 

	
 

	
 

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

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

	
 

	
 

	
 

	

          (1)
this paragraph does not limit the effect of paragraph (b) of this Section; 

	
 

	
  

	
 

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

	
 

	
  

	
 

	

          (3)
the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to
Section 6.05 or 6.06. 

          (d)
Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section. 

          (e)
The Trustee shall not be liable for interest on any money received by it except
as the Trustee may agree in writing with the Company. 

          (f)
Money held in trust by the Trustee need not be segregated from funds except to
the extent required by law. 

          (g)
No provision of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers, if it
shall have reasonable grounds to believe that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not reasonably
assured to it. 

          (h)
Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the
provisions of this Section and to the provisions of the TIA. 

          SECTION
7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any
document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated
in the document. 

          (b)
Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. The Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on the Officers’
Certificate or Opinion of Counsel. 

          (c)
The Trustee may act through agents or attorneys and shall not be responsible
for the misconduct or negligence of any agent or attorney appointed with due
care. 

          (d)
The Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers;
provided, however, that the Trustee’s conduct does not constitute willful
misconduct or gross negligence.  

          (e)
Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company. 

- 23 -

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

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

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

          (i)
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney at the
sole cost of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation. 

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

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

          (l)
The Trustee may request that the Company deliver a certificate setting forth
the names of individuals or titles of officers authorized at such time to take
specified actions pursuant to this Indenture. 

          SECTION
7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities and may otherwise
deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the
same with like rights. However, the Trustee must comply with Sections 7.10 and
7.11. 

          SECTION
7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement of the
Company in this Indenture, in the Securities, or in any document executed in
connection with the sale of the Securities, other than those set forth in the
Trustee’s certificate of authentication. 

          SECTION
7.05. Notice of Defaults. If a Default with respect to Securities of any
Series occurs and is continuing and if it is actually known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Holder of that Series
notice of the Default within 90 days after it occurs. The Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Holders. 

          SECTION
7.06. Reports by Trustee to Holder. Unless otherwise specified in the
applicable Board Resolution, supplemental indenture hereto or Officers’
Certificate, as promptly as practicable after each April 15 beginning with the
first such date after the date of this Indenture, for so long as Securities
remain outstanding, the Trustee shall mail to each Holder a brief report dated
as of such reporting date that complies with § 313 (a) of the TIA. The Trustee
shall also comply with § 313(b) of the TIA. 

- 24 -

          A
copy of each report at the time of its mailing to Holders in accordance with §
313 (c) of the TIA shall be filed with the SEC and each stock exchange (if any)
on which the Securities are listed. The Company agrees to notify promptly the
Trustee in writing whenever the Securities become listed on any stock exchange
and of any delisting thereof. 

          SECTION
7.07. Compensation and Indemnity. The Company shall pay to the Trustee
from time to time such compensation for its services as the Company and the
Trustee shall from time to time agree in writing. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection,
in addition to the compensation for its services. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts. The Company shall indemnify
the Trustee against any and all loss, liability or expense (including
reasonable attorneys’ fees and expenses) incurred by or in connection with the
administration of this trust and the performance of its duties hereunder. The
Trustee shall notify the Company of any claim for which it may seek indemnity
promptly upon obtaining actual knowledge thereof; provided, however, that any
failure so to notify the Company shall not relieve the Company of its indemnity
obligations hereunder. The Company need not reimburse any expense or indemnify
against any loss, liability or expense incurred by an indemnified party through
such party’s own willful misconduct, negligence or bad faith.  

          To
secure the Company’s payment obligations in this Section 7.07, the Trustee
shall have a lien prior to the Securities on all money or Property held or
collected by the Trustee other than money or Property held in trust to pay the
principal of and interest and any additional payments on particular Securities.

          The
Company’s payment obligations pursuant to this Section 7.07 shall survive the
satisfaction or discharge of this Indenture or the resignation or removal of
the Trustee. When the Trustee incurs expenses after the occurrence of a Default
specified in Section 6.01(6) or (7) with respect to the Company, the expenses
are intended to constitute expenses of administration under the Bankruptcy Law.

          SECTION
7.08. Replacement of Trustee. The Trustee may resign at any time with
respect to the Securities of any Series by so notifying the Company. The
Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee and may appoint a successor Trustee with respect to such
Series of Securities. The Company shall remove the Trustee if: 

	
 

	
 

	
 

	
 

	
(1)

	
the Trustee fails to comply with Section 7.10; 

	
 

	
 

	
 

	
 

	
(2)

	
the Trustee is adjudged bankrupt or insolvent; 

	
 

	
 

	
 

	
 

	
(3)

	
a receiver or other public officer takes charge of
  the Trustee or its Property; or 

	
 

	
 

	
 

	
 

	
(4)

	
the Trustee otherwise becomes incapable of acting. 

          If
the Trustee resigns, is removed by the Company or by the Holders of a majority
in principal amount of the Securities of any Series and such Holders do not
reasonably promptly appoint a successor Trustee or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. 

          A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders of that
Series of Securities. The retiring Trustee shall promptly transfer all Property
held by it as Trustee to the successor Trustee, subject to the lien provided
for in Section 7.07. 

          If
a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in
principal amount of the Securities of that Series may petition, at the expense
of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee. 

- 25 -

          If
the Trustee fails to comply with Section 7.10, any Holder of that Series of
Securities may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 

          Notwithstanding
the replacement of the Trustee pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring
Trustee. 

          SECTION
7.09. Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Trustee. 

          In
case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities 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 if at that time any of the Securities shall not have been
authenticated, any such successor to the Trustee may authenticate such
Securities either in the name of any predecessor hereunder or in the name of
the successor to the Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Securities or in this Indenture
provided that the certificate of the Trustee shall have. 

          SECTION
7.10. Eligibility; Disqualification. The Trustee shall at all times
satisfy the requirements of TIA § 310(a). The Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition. The Trustee shall comply with TIA §
310(b); provided, however, that there shall be excluded from the operation of
TIA § 310(b)(1) any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in TIA §
310(b)(1) are met.  

          SECTION
7.11. Preferential Collection of Claims Against Company. The Trustee
shall comply with TIA § 311(a), excluding any creditor relationship listed in
TIA § 311(b). A Trustee who has resigned or has been removed shall be subject
to TIA § 311(a) to the extent indicated therein. 

ARTICLE EIGHT

LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE 

          SECTION
8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The
Company may, at the option of its Board of Directors evidenced by a Board
Resolution set forth in an Officers’ Certificate, at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of
any Series upon compliance with the conditions set forth below in this Article
Eight. 

          SECTION
8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company
shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Securities of that Series on the date the conditions set forth
below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company shall be deemed to have paid and discharged
the entire Debt represented by the outstanding Securities, which shall
thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in (a) and (b)
below, and to have satisfied all its other obligations under such Securities
and this Indenture (and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or
discharged hereunder:  

          (a) the Company’s obligations with respect to such
  Securities of that Series under Article Two; 

          (b) the Company’s agreements set forth in Section 5.01
  and 5.02; 

          (c) the rights, powers, trusts, duties and immunities of
  the Trustee hereunder and the Company’s obligations in connection therewith
  under Article Two and Article Seven (including, but not limited to, the
  rights of 

- 26 -

the Trustee and the duties of the Company under
Section 7.07, which shall survive despite the satisfaction in full of all
obligations hereunder); and 

          (d) this Article Eight. 

          Subject
to compliance with this Article Eight, the Company may exercise its option
under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof. 

          SECTION
8.03. Covenant Defeasance. Upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.03 with respect to any
Series of Securities, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be released from its obligations
under any covenants made applicable to the Series of Securities which are
subject to defeasance under the terms of a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate with respect to the outstanding
Securities of that Series on and after the date the conditions set forth in
Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the
Securities of that Series shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Securities shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Securities of that Series, the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Securities shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof with respect to any Series of
Securities, subject to the satisfaction of the conditions set forth in Section
8.04 hereof, Section 6.01(3) hereof (solely with respect to the covenants
described in Section 4.02) shall not constitute an Event of Default with
respect to such Securities.  

          SECTION
8.04. Conditions to Legal or Covenant Defeasance. The following shall be
the conditions to the application of either Section 8.02 or 8.03 hereof to the
outstanding Securities: 

          In
order to exercise either Legal Defeasance or Covenant Defeasance with respect
to any Series of Securities: 

	
 

	
 

	
 

	
          (1) the
  Company must irrevocably deposit in trust with the Trustee money or U.S. Government Obligations or a combination thereof for
  the payment of principal of, premium, if any, on and interest on the
  Securities of such Series to the Stated Maturity or redemption, as the case
  may be;

	
 

	
 

	
 

	
          (2) the
  Company shall have delivered to the Trustee a certificate in accordance with
  § 314 (c) of the TIA from a nationally recognized firm of independent
  registered public accountants expressing their opinion that the payments of
  principal and interest when due on the deposited U.S. Government Obligations
  plus any deposited money without investment will provide cash at such times
  and in such amounts as will be sufficient to pay principal and interest when
  due on all the Securities of such Series to the Stated Maturity or
  redemption, as the case may be; 

	
 

	
 

	
 

	
          (3) 123
  days pass after the deposit is made and during the 123-day period no Default
  or Event of Default specified in Section 6.01(6) or (7) with respect to the
  Company occurs that is continuing at the end of the period; 

	
 

	
 

	
 

	
          (4) no
  Default or Event of Default with respect to that Series of Securities shall
  have occurred and be continuing on the date of such deposit (other than a
  Default or Event of Default with respect to that Series of Securities
  resulting from the borrowing of funds to be applied to such deposit); 

- 27 -

	
 

	
 

	
 

	
          (5) such
  deposit does not constitute a default under any other agreement binding on
  the Company; 

	
 

	
 

	
 

	
          (6) the
  Company shall have delivered to the Trustee an Opinion of Counsel to the
  effect that the trust resulting from the deposit does not require
  registration under the Investment Company Act of 1940; 

	
 

	
 

	
 

	
          (7) in
  the case of Legal Defeasance, the Company shall have delivered to the Trustee
  an Opinion of Counsel stating that (i) the Company has received from, or there
  has been published by, the Internal Revenue Service a ruling, or (ii) since
  the date of this Indenture there has been a change in the applicable Federal
  income tax law, in either case to the effect that, and based thereon such
  Opinion of Counsel shall confirm that, the Holders of such Series of
  Securities will not recognize income, gain or loss for Federal income tax
  purposes as a result of such defeasance and will be subject to Federal income
  tax on the same amounts, in the same manner and at the same times as would
  have been the case if such defeasance had not occurred; 

	
 

	
 

	
 

	
          (8) in
  the case of the Covenant Defeasance, the Company shall have delivered to the
  Trustee an Opinion of Counsel to the effect that the Holders of such Series
  of Securities 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 

	
 

	
 

	
 

	
          (9) the
  Company shall have delivered to the Trustee an Officers’ Certificate and an
  Opinion of Counsel, each stating that all conditions precedent to the
  defeasance and discharge of the Securities as contemplated by this Article
  Eight have been complied with. 

          SECTION
8.05. Deposited Money and U.S. Government Obligations to be Held in Trust;
Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all
money and noncallable U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Securities of the Series shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine,
to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law. 

          The
Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or noncallable U.S. Government
Obligations deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding
Securities of that Series. 

          Anything
in this Article Eight to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon the request of the Company
any money or noncallable U.S. Government Obligations held by it as provided in
Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section
8.04(2) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance. 

          SECTION
8.06. Repayment to Company. Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium, if any, or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become
due and payable shall be paid to the Company on its request or, if then held by
the Company, shall be discharged from such trust; and the Holder of such
Security shall thereafter look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, shall at the expense of the Company cause to be
published once, in the New York Times  

- 28 -

and The Wall Street Journal (national edition), notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid
to the Company. 

          SECTION
8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply
any Dollars or noncallable U.S. Government Obligations in accordance with
Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under
this Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as
the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that,
if the Company makes any payment of principal of, premium, if any, or interest
on any Security following the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money held by the Trustee or Paying Agent.  

          SECTION
8.08. Satisfaction and Discharge of Indenture. If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of
a Series theretofore authenticated (other than any Securities that shall have
been destroyed, lost or stolen and that shall have been replaced or paid as
provided in Section 2.09 and Securities for whose payment money and/or U.S.
Government Obligations have theretofore been deposited in trust or segregated
and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 8.06); or (b) all such
Securities of a particular Series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company must irrevocably deposit with the Trustee, in
trust, for the benefit of the Holders of that Series of Securities, cash in
United States Dollars, noncallable U.S. Government Obligations, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay at
maturity or upon redemption all Securities of that Series not theretofore
delivered to the Trustee for cancellation, including principal of, premium, if
any, and interest due or to become due to such date of maturity or date fixed
for redemption, as the case may be, and if the Company shall also pay or cause
to be paid all other sums payable hereunder with respect to such Series by the
Company, and shall have delivered to the Trustee an Opinion of Counsel and an
Officers’ Certificate, each stating that all conditions precedent relating to
the satisfaction and discharge of this Indenture with respect to such Series
have been complied with, then this Indenture shall thereupon cease to be of
further effect with respect to such Series except for: 

          (a) the
Company’s obligations with respect to such Securities of that Series under
Article Two; 

          (b) the
Company’s agreements set forth in Section 5.01 and 5.02; 

          (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith (including, but not limited to,
the rights of the Trustee and the duties of the Company under Section 7.07,
which shall survive despite the satisfaction in full of all obligations
hereunder); and 

          (d) this
Article Eight, 

each of which shall survive until the Securities of
such Series have been paid in full (thereafter, the Company’s obligations in
Section 7.07 only shall survive). 

          Upon
the Company’s exercise of this Section 8.08, the Trustee, on demand of the
Company and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture with
respect to such Series of Securities. 

- 29 -

ARTICLE NINE

AMENDMENTS

          SECTION
9.01. Without Consent of Holders. The Company and the Trustee may amend
or supplement this Indenture or the Securities without the consent of any
Holder:

	
  

 	
  

 
	
  

 	
           (1)
 to evidence the succession of another Person to the Company pursuant to
 Article Five and the assumption by such successor of the Company’s covenants,
 agreements and obligations in this Indenture and in the Securities;

 
	
  

 	
  

 
	
  

 	
           (2)
 to provide for the issuance of additional Securities in accordance with the
 limitations set forth herein;

 
	
  

 	
  

 
	
  

 	
           (3)
 to surrender any right or power conferred upon the Company by this Indenture,
 to add to the covenants of the Company such further covenants, restrictions,
 conditions or provisions for the protection of the Holders of all or any
 Series of Securities as the Board of Directors of the Company shall consider
 to be for the protection of the Holders of such Securities, and to make the
 occurrence, or the occurrence and continuance, of a default in respect of any
 such additional covenants, restrictions, conditions or provisions a Default
 or an Event of Default under this Indenture; provided, however,
 that with respect to any such additional covenant, restriction, condition or
 provision, such amendment may provide for a period of grace after default,
 which may be shorter or longer than that allowed in the case of other
 Defaults, may provide for an immediate enforcement upon such Default, may
 limit the remedies available to the Trustee upon such Default or may limit
 the right of Holders of a majority in aggregate principal amount of the
 Securities of any Series to waive such default;

 
	
  

 	
  

 
	
  

 	
           (4)
 to cure any ambiguity or correct or supplement any provision contained in
 this Indenture, in any supplemental indenture or in any Securities that may
 be defective or inconsistent with any other provision contained therein;

 
	
  

 	
  

 
	
  

 	
           (5)
 to convey, transfer, assign, mortgage or pledge any Property to or with the
 Trustee, or to make such other provisions in regard to matters or questions
 arising under this Indenture as shall not adversely affect the interests of
 any Holders of Securities of any Series;

 
	
  

 	
  

 
	
  

 	
           (6)
 to modify or amend this Indenture in such a manner as to permit the
 qualification of this Indenture or any supplemental indenture hereto under
 the TIA as then in effect;

 
	
  

 	
  

 
	
  

 	
           (7)
 to add or to change any of the provisions of this Indenture to provide that
 Securities in bearer form may be registrable as to principal, to change or
 eliminate any restrictions on the payment of principal or premium with
 respect to Securities in registered form or of principal, premium or interest
 with respect to Securities in bearer form, or to permit Securities in
 registered form to be exchanged for Securities in bearer form, so as to not
 adversely affect the interests of the Holders or any coupons of any Series in
 any material respect or permit or facilitate the issuance of Securities of
 any Series in uncertificated form;

 
	
  

 	
  

 
	
  

 	
           (8)
 to secure the Securities;

 
	
  

 	
  

 
	
  

 	
           (9)
 to make any change that does not adversely affect the rights of any Holder;

 
	
  

 	
  

 
	
  

 	
           (10)
 to add to, change, or eliminate any of the provisions of this Indenture with
 respect to one or more Series of Securities, so long as any such addition,
 change or elimination not otherwise permitted under this Indenture shall (A)
 neither apply to any Security of any Series created prior to the execution of
 such supplemental indenture and entitled to the benefit of such provision nor
 modify the rights of the Holders of any such Security with respect to the
 benefit of such provision or (B) become effective only when there is no such
 Security outstanding;

 

- 30 -

	
  

 	
  

 
	
  

 	
           (11)
 to evidence and provide for the acceptance of appointment by a successor or
 separate 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 this Indenture
 by more than one Trustee; or

 
	
  

 	
  

 
	
  

 	
           (12)
 to establish the form or terms of Securities and coupons of any Series
 pursuant to Article Two.

 

          SECTION
9.02. With Consent of Holders. The Company and the Trustee may amend
this Indenture or the Securities of any Series without notice to any Holder but
with the written consent of the Holders of at least a majority in principal
amount of the Securities of each Series then outstanding (including consents
obtained in connection with a tender offer or exchange offer for the Securities
of such Series) affected by such amendment. However, without the consent of
each Holder affected, an amendment may not:

	
  

 	
  

 
	
  

 	
           (1)
 reduce the principal amount of Securities whose Holders must consent to an
 amendment, modification, supplement or waiver;

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the rate of or extend the time for payment of interest on any
 Security; 

 
	
  

 	
  

 
	
  

 	
           (3)
 reduce the principal of or change the Stated Maturity of any Security;

 
	
  

 	
  

 
	
  

 	
           (4)
 reduce the amount payable upon the redemption of any Security or add
 redemption provisions to any Security;

 
	
  

 	
  

 
	
  

 	
           (5)
 make any Security payable in money other than that stated in this Indenture
 or the Security; or

 
	
  

 	
  

 
	
  

 	
           (6)
 make any change in Section 4.07, 6.04 or 6.07 hereof or in the foregoing
 amendment and waiver provisions.

 

          It
shall not be necessary for the consent of the Holders under this
Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent approves the substance thereof. After an
amendment under this Section becomes effective, the Company shall mail to
all affected Holders a notice briefly describing such amendment. The failure to
give such notice to all such Holders, or any defect therein, shall not impair
or affect the validity of an amendment under this Section.

          SECTION
9.03. Compliance with Trust Indenture Act. Every amendment or supplement
to this Indenture or the Securities shall comply with the TIA as then in
effect.

          SECTION
9.04. Revocation and Effect of Consents and Waivers. A consent to an
amendment or a waiver by a Holder of a Security shall bind the Holder and every
subsequent Holder of that Security or portion of the Security that evidences
the same debt as the consenting Holder’s Security, even if notation of the
consent or waiver is not made on the Security. However, any such Holder or
subsequent Holder may revoke the consent or waiver as to such Holder’s Security
or portion of the Security if the Trustee receives the notice of revocation
before the date the amendment or waiver becomes effective. After an amendment
or waiver becomes effective, it shall bind every Holder. An amendment or waiver
becomes effective once both (i) the requisite number of consents have been
received by the Company or the Trustee and (ii) such amendment or waiver has
been executed by the Company and the Trustee.

          The
Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Holders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
give such consent or to revoke any consent previously given or to take any such
action, whether or not 

- 31 -

such Persons
continue to be Holders after such record date. No such consent shall be valid
or effective for more than 120 days after such record date.

          SECTION
9.05. Notation on or Exchange of Securities. If an amendment changes the
terms of a Security, the Trustee may require the Holder of the Security to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security regarding the changed terms and return it to the Holder.
Alternatively, if the Company or the Trustee so determines, the Company in
exchange for the Security shall issue and the Trustee shall authenticate a new
Security that reflects the changed terms. Failure to make the appropriate
notation or to issue a new Security shall not affect the validity of such
amendment.

          SECTION
9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article Nine if the amendment does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it
does, the Trustee may but need not sign it. In signing such amendment the
Trustee shall be entitled to receive indemnity reasonably satisfactory to it
and to receive, and (subject to Section 7.02) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that
such amendment is authorized or permitted by this Indenture.

          SECTION
9.07. Payment for Consent. Neither the Company nor any Affiliate of the
Company shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder for
or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Securities unless such consideration is
offered to be paid to all Holders, ratably, that so consent, waive or agree to
amend in the time frame set forth in solicitation documents relating to such
consent, waiver or agreement.

ARTICLE TEN

MISCELLANEOUS

          SECTION
10.01. Trust Indenture Act Controls. If any provision of this Indenture
limits, qualifies or conflicts with another provision which is required to be
included in this Indenture by the TIA, the required provision shall control.

          SECTION
10.02. Notices. Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as follows:

	
  

 	
  

 
	
  

 	
 If to the Company:

 
	
  

 	
  

 
	
  

 	
 Eaton Vance Corp.

 
	
  

 	
 The Eaton Vance Building

 
	
  

 	
 255 State Street

 
	
  

 	
 Boston, Massachusetts 02109

 
	
  

 	
 Attention: Chief Legal Officer, Legal Department

 
	
  

 	
  

 
	
  

 	
 If to the
 Trustee:

 
	
  

 	
  

 
	
  

 	
 Wilmington
 Trust Company

 
	
  

 	
 Rodney Square
 North

 
	
  

 	
 1100 North
 Market Street

 
	
  

 	
 Wilmington,
 Delaware 19890

 
	
  

 	
 Attn:
 Corporate Trust Administration

 

          The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.

- 32 -

          Any
notice or communication mailed to a Holder shall be mailed to the Holder at the
Holder’s address as it appears on the registration books of the Registrar and
shall be sufficiently given if so mailed within the time prescribed. 

          Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it. 

          SECTION
10.03. Communication by Holders with Other Holders. Holders may
communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Securities. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA § 312(c). 

          SECTION
10.04. Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take or refrain from
taking any action under this Indenture, the Company shall furnish to the
Trustee: 

	
 

	
 

	
 

	
          (1)
 an Officers’ Certificate in form and substance reasonably satisfactory to the
 Trustee stating that, in the opinion of the signers, all conditions
 precedent, if any, provided for in this Indenture relating to the proposed
 action have been complied with; and 

	
 

	
 

	
 

	
          (2)
 an Opinion of Counsel in form and substance reasonably satisfactory to the
 Trustee stating that, in the opinion of such counsel, all such conditions
 precedent have been complied with. 

          SECTION
10.05. Statements Required in Certificate or Opinion. Each certificate
or opinion with respect to compliance with a covenant or condition provided for
in this Indenture, including any certificate specified in Section 8.04(2),
shall include: 

	
 

	
 

	
 

	
          (1) a
 statement that the individual making such certificate or opinion has read
 such covenant or condition; 

	
 

	
 

	
 

	
          (2) a
 brief statement as to the nature and scope of the examination or
 investigation upon which the statements or opinions contained in such
 certificate or opinion are based; 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (4) a
 statement as to whether or not, in the opinion of such individual, such
 covenant or condition has been complied with. 

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

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

- 33 -

fact and date
of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the
Trustee deems sufficient. 

          (c)
The ownership of bearer securities may be proved by the production of such
bearer securities or by a certificate executed by any trust company, bank,
banker or other depositary, wherever situated, if such certificate shall be
deemed by the Trustee to be satisfactory, showing that at the date therein
mentioned such Person had on deposit with such depositary, or exhibited to it,
the bearer securities therein described; or such facts may be proved by the
certificate or affidavit of the Person holding such bearer securities, if such
certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any bearer security
continues until (i) another such certificate or affidavit bearing a later date
issued in respect of the same bearer security is produced, (ii) such bearer
security is produced to the Trustee by some other Person, (iii) such bearer
security is surrendered in exchange for a registered security or (iv) such
bearer security is no longer outstanding. The ownership of bearer securities
may also be proved in any other manner which the Trustee deems sufficient. 

          (d)
The ownership of registered securities shall be proved by the register
maintained by the Registrar. 

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

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

          (g)
The Depositary, as a Holder, may appoint agents and otherwise authorize Participants
to give or take any request, demand, authorization, direction, notice, consent,
waiver or other action which a Holder is entitled to give or take under the
Indenture. 

          SECTION
10.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may
make reasonable rules for action by or a meeting of Holders. The Registrar and
the Paying Agent may make reasonable rules for their functions. 

          SECTION
10.08. Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or other
day on which banking institutions in New York State are authorized or required
by law to close. If a payment date is a Legal Holiday, payment shall be made on
the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. If a record date is a Legal Holiday, the
record date shall not be affected. 

          SECTION
10.09. Governing Law. THIS INDENTURE
AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR

- 34 -

RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 

          SECTION
10.10. No Recourse Against Others. A director, officer, employee or
shareholder, as such, of any Company shall not have any liability for any
obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Security, each Holder shall waive and release all such
liability. This waiver and release shall be part of the consideration for the
issuance of the Securities. 

          SECTION
10.11. Successors. All agreements of the Company in this Indenture and
the Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. 

          SECTION
10.12. Multiple Originals. The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy of the Indenture is enough to
prove this Indenture. 

          SECTION
10.13. Table of Contents; Headings. The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof. 

          SECTION
10.14. Severability. If any provision in this Indenture is deemed
unenforceable, it shall not affect the validity or enforceability of any other
provision set forth herein, or of the Indenture as a whole. 

- 35 -

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

	
 

	
 

	
 

	
 

	
EATON VANCE
 CORP.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	 

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
WILMINGTON
 TRUST COMPANY, 
as Trustee

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	 

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

- 36 -EX-4.A JAPAN FINANCE CORPORATION FOR MUNICIPAL ENT

 

Exhibit 4(a)

(TRANSLATION)

JAPAN FINANCE CORPORATION FOR

MUNICIPAL ENTERPRISES LAW

(Law No. 83 of April 27, 1957)

AMENDMENTS

	 	 	 	 	 	 	 	 	 
	 

	 	April 1, 1958
	 	Law No. 49
	 	June 28, 1989
	 	Law No. 48
	 
	 	 	 	 	 	 	 	 
	 

	 	March 17, 1959
	 	Law No. 19
	 	June 14, 1993
	 	Law No. 63
	 
	 	 	 	 	 	 	 	 
	 

	 	March 31,1960
	 	Law No. 45
	 	June 12, 1998
	 	Law No. 101
	 
	 	 	 	 	 	 	 	 
	 

	 	June 30, 1960
	 	Law No. 113
	 	July 16, 1999
	 	Law No. 87
	 
	 	 	 	 	 	 	 	 
	 

	 	March 30, 1961
	 	Law No. 17
	 	December 22, 1999
	 	Law No. 160
	 
	 	 	 	 	 	 	 	 
	 

	 	March 28, 1962
	 	Law No. 34
	 	May 31, 2000
	 	Law No. 99
	 
	 	 	 	 	 	 	 	 
	 

	 	May 16, 1962
	 	Law No. 140
	 	March 30, 2001
	 	Law No. 9
	 
	 	 	 	 	 	 	 	 
	 

	 	March 28, 1964
	 	Law No. 16
	 	May 31, 2002
	 	Law No. 56
	 
	 	 	 	 	 	 	 	 
	 

	 	March 31, 1965
	 	Law No. 20
	 	June 2, 2004
	 	Law No. 76
	 
	 	 	 	 	 	 	 	 
	 

	 	June 30, 1967
	 	Law No. 45
	 	December 1, 2004
	 	Law No. 147
	 
	 	 	 	 	 	 	 	 
	 

	 	April 30, 1970
	 	Law No. 34
	 	July 26, 2005
	 	Law No. 87
	 
	 	 	 	 	 	 	 	 
	 

	 	June 15, 1972
	 	Law No. 65
	 	November 7, 2005
	 	Law No. 112
	 
	 	 	 	 	 	 	 	 
	 

	 	June 15, 1972
	 	Law No. 66
	 	June 2, 2006
	 	Law No. 50
	 
	 	 	 	 	 	 	 	 
	 

	 	July 20, 1973
	 	Law No. 59
	 	June 14, 2006
	 	Law No. 66
	 
	 	 	 	 	 	 	 	 
	 

	 	May 15, 1976
	 	Law No. 20
	 	June 21, 2006
	 	Law No. 80
	 
	 	 	 	 	 	 	 	 
	 

	 	May 1, 1978
	 	Law No. 38
	 	March 31, 2007
	 	Law No. 23

	 
	 	 	 	 	 	 	 	 
	 

	 	May 31, 1985
	 	Law No. 44	 	May 30, 2007
	 	Law No. 64

CONTENTS

	 	 	 
	CHAPTER I

	 	GENERAL PROVISIONS (Articles 1-8)
	 
	 	 
	CHAPTER II

	 	OFFICERS AND EMPLOYEES (Articles 9-18)
	 
	 	 
	CHAPTER III

	 	BUSINESS (Articles 19-22)
	 
	 	 
	CHAPTER IV

	 	JAPAN FINANCE CORPORATION FOR MUNICIPAL ENTERPRISES BONDS, ETC. (Articles
23-27)
	 
	 	 
	CHAPTER V

	 	ACCOUNTS (Articles 28-34)
	 
	 	 
	CHAPTER VI

	 	SUPERVISION (Articles 35-37-2)
	 
	 	 
	CHAPTER VII

	 	AUXILIARY PROVISIONS (Articles 38, 39)
	 
	 	 
	CHAPTER VIII

	 	PENAL PROVISIONS (Articles 40, 41)

-1-

 

CHAPTER I       GENERAL PROVISIONS

			
	Article 1	 	(Objects)

1. The object of Japan Finance Corporation for Municipal Enterprises shall be, for contributing to
the sound operation of Municipal Enterprises, to finance local governments requiring stable funds
of particularly low interest for Local Loans for their Municipal Enterprises, in order to thereby
develop Municipal Enterprises of local governments and to contribute to the improvement of the
welfare of local residents.

2. The object of Japan Finance Corporation for Municipal Enterprises shall be, in addition to the
provisions of the preceding paragraph, supplementing the financing provided by ordinary financial
institutions, to finance local toll-road public corporations requiring long-term funds, for the
purpose of promoting the construction of local principal roads implemented by local toll-road
public corporations.

3. The object of Japan Finance Corporation for Municipal Enterprises shall be, in addition to the
provisions of the preceding two paragraphs, supplementing the financing provided by ordinary
financial institutions, to finance local land-development public corporations requiring long-term
funds, for the purpose of promoting the acquisition of land implemented by local land-development
public corporations.

			
	Article 2	 	(Definition of Terms)

     The following terms as used in this Law shall have the following meanings:

	 	(1)	 	“Municipal Enterprises” shall mean, among the activities of local governments,
those for which expenses are covered mainly by earnings derived from their operations
and which are provided for in the Cabinet Order.
	 
	 	(2)	 	“Local Loans” shall mean local loans for Municipal Enterprises, which have been
consented to at the consultation provided for in Article 5-3, Paragraph 1 of the Local
Finance Law (Law No. 109 of 1948) or approved in accordance with the provisions of
Article 5-4, Paragraph 1 or 3 of the same Law and for which Government funds are not
provided.

			
	Article 3	 	(Legal Personality)

     Japan Finance Corporation for Municipal Enterprises (hereinafter referred to as the
“Corporation”) shall be a juridical person.

			
	Article 4	 	(Business Office)

     The Corporation shall have its office in Tokyo.

-2-

 

			
	Article 5	 	(Capital)

1. The capital of the Corporation shall be 2.4 billion (2,400,000,000) yen, all of which shall be
provided by the Government from the Industrial Investment Special Account.

2. The Government may, when deemed necessary, make an additional capital contribution to the
Corporation within the limit of the amount appropriated in the budget.

3. When a capital contribution specified in the immediately preceding paragraph is made by the
Government, the Corporation shall increase its capital by the amount of this contribution.

			
	Article 6	 	(Registration)

1. The Corporation shall register as provided for in the Cabinet Order.

2. The particulars to be registered in accordance with the provisions of the immediately preceding
paragraph cannot be claimed against a third party before registration.

			
	Article 7	 	(Limitation on Use of Name)

     No one other than the Corporation may use the name “Japan Finance Corporation for Municipal
Enterprises” or any other similar name.

			
	Article 8	 	(Application of the Civil Code)

     The provisions of Articles 44 (Juridical Person’s Capacity for Torts, etc.) and 50 (Domicile
of Juridical Person) of the Civil Code (Law No. 89 of 1896) shall apply mutatis mutandis to the
Corporation.

CHAPTER II       OFFICERS AND EMPLOYEES

			
	Article 9	 	(Officers)

     The Corporation shall have as its officers a Governor, up to four (4) Executive Directors and
an Auditor.

			
	Article 10	 	(Functions and Powers of Officers)

1. The Governor shall represent the Corporation and preside over its business.

2. The Executive Directors shall represent the Corporation as provided for by the Governor, assist
the Governor in managing the business of the Corporation, act on behalf of the Governor in case the
Governor is prevented from discharging his/her functions and perform the functions of the Governor
in case his/her position is vacant.

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3. The Auditor shall audit the business of the Corporation.

4. The Auditor may, when deemed necessary, submit his/her opinions, based on the result of audit,
to the Governor or the competent ministers.

			
	Article 11	 	(Appointment of Officers)

1. The Governor and Auditor shall be appointed by the competent ministers.

2. The Executive Directors shall be appointed by the Governor with the approval of the competent
ministers.

			
	Article 12	 	(Term of Office of Officers)

1. The term of office of the officers shall be four (4) years.

2. The officers may be reappointed.

3. In case the position of an officer has become vacant, an officer shall be appointed without
delay to fill the vacancy. The term of office of the officer appointed to fill the vacancy shall
be the remainder of that of his/her predecessor.

			
	Article 13	 	(Ineligibility of Officers)

     No one who is an employee (excluding a part-time employee) of the Government or a local
government may be an officer.

			
	Article 14	 	(Prohibition of Officers’ Holding Concurrent Offices)

     No officer may be an officer of an association whose object it is to carry on an economic
enterprise or him/herself engage in an economic enterprise.

			
	Article 15	 	(Limitation on Power of Representation)

     The Governor or Executive Directors shall have no power of representation in respect of
matters in which the interest of the Corporation and their own interest conflict with each other.
In such cases, the Auditor shall represent the Corporation.

			
	Article 16	 	(Appointment of Employees)

     The employees of the Corporation shall be appointed by the Governor.

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	Article 17	 	(Character of Officers and Employees as Public Service Personnel)

     The officers and employees of the Corporation shall be, in respect of the application of the
provisions of the Penal Code (Law No. 45 of 1907) or any other penal provisions, regarded as
personnel engaged in public service in accordance with laws and orders.

			
	Article 18	 	(Standards for Retirement Allowances)

     The Corporation shall obtain the approval of the competent ministers prior to preparing the
standards for retirement allowances for its officers and employees. The same shall apply to the
alteration thereof.

CHAPTER III      BUSINESS

			
	Article 19	 	(Scope of Business)

1. In order to attain the object specified in Article 1, Paragraph 1 hereof, the Corporation shall
conduct the following business:

	 	(1)	 	To provide funds for Local Loans or to subscribe for bonds issued as Local Loans;
	 
	 	(2)	 	To provide funds for short-term loans of Municipal Enterprises; or
	 
	 	(3)	 	Business incidental to the business specified in the preceding two items.

2. The Corporation may, in the case specified in Item (1) of the immediately preceding paragraph,
provide funds prior to the consent specified in Article 5-3, Paragraph 1 of the Local Finance Law
or the approval specified in Article 5-4, Paragraph 1 or 3 of the same Law only when there is a
special need and when the consent or approval is considered certain within the limit of the amount
of the Local Loans subject to the consent or approval.

3. In order to attain the object specified in Article 1, Paragraph 2 hereof, the Corporation shall
provide funds required for the construction of local principal roads implemented by local toll-road
public corporations, and conduct other business incidental thereto.

4. In order to attain the object specified in Article 1, Paragraph 3 hereof, the Corporation shall
provide funds required for the projects which, though implemented by local land-development public
corporations, are equal in substance to Municipal Enterprises and which are provided for in the
Cabinet Order, and conduct other business incidental thereto.

			
	Article 20	 	(Statement of Business Procedures)

1. The Corporation shall, upon the commencement of its business, prepare a Statement of Business
Procedures and obtain the approval for the Statement from the competent ministers. The same shall
apply to the alteration thereof.

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2. The particulars to be stated in the Statement of Business Procedures specified in the
immediately preceding paragraph shall be provided for in the Cabinet Order.

			
	Article 21	 	(Entrustment of Business)

1. The Corporation may, in case of a special need, entrust local governments with a part of its
investigation business on loans.

2. The Corporation may, with the approval of the competent ministers, entrust financial
institutions with the business of making loans or collecting principal and interest payments or any
other business concerning loans and collection, except, however, the decision to make loans.

			
	Article 22	 	(Business Plan and Financial Program)

     The Corporation shall prepare a business plan and a financial program on a quarterly basis and
set the maximum amount for the short-term borrowing as provided for in Article 30, Paragraph 1
hereof during the relevant quarter, and obtain the approval therefor from the competent ministers.
The same shall apply to the alteration thereof.

CHAPTER IV      JAPAN FINANCE CORPORATION FOR

MUNICIPAL ENTERPRISES BONDS, ETC.

			
	Article 23	 	(Issuance of Bonds)

1. The Corporation may issue Japan Finance Corporation for Municipal Enterprises Bonds (hereinafter
referred to in this chapter and Article 30 as the “JFM Bonds”) upon the approval of the competent
ministers.

2. Except for those provided for in the immediately preceding paragraph, the Corporation may issue
the JFM Bonds pursuant to the Cabinet Order if it is necessary in order to deliver to those who
have lost the JFM Bonds.

			
	Article 24	 	(General Mortgage)

1. A holder of the JFM Bonds (except those JFM Bonds, the claims of which are secured by the loan
credit entrusted pursuant to Article 26-2 hereof) shall have the right to receive repayment of
his/her claim with respect to the property of the Corporation in preference to other creditors.

2. The preferential right specified in the immediately preceding paragraph shall rank next to after
the general preferential rights under the Civil Code.

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	Article 25	 	(Entrustment of Issuance Business)

1. The Corporation may, entrust Japanese or foreign banks, trust companies or securities firms with
the whole or a part of the business concerning the issuance of the JFM Bonds.

2. The provisions of Article 705, Paragraphs 1 and 2 and Article 709 (Rights and Duties of Bond
Administrator) of the Corporation Law (Law No. 86 of 2005) shall apply mutatis mutandis to the
banks, trust companies or securities firms entrusted with the business concerning the issuance of
the JFM Bonds in accordance with the provision of the immediately preceding paragraph.

			
	Article 26	 	(Government Guarantee)

1. Notwithstanding the provisions of Article 3 of the Law Concerning Restriction on Government
Financial Aid to Juridical Persons (Law No. 24 of 1946), the Government may guarantee the
obligations under the JFM Bonds issued pursuant to the provision of Article 23, Paragraph 1 hereof
(except for the obligations on which the Government may enter into a guarantee agreement pursuant
to the provision of Article 2 of the Law Concerning Special Measures with respect to Acceptance of
Foreign Capital from International Bank for Reconstruction and Development, etc. (Law No. 51 of
1953; in the following paragraph referred to us “Law Concerning Acceptance of Foreign Capital”);
the same shall apply to Paragraph 3 hereof.) within the limit of the amount appropriated with the
budget.

2. Of the amount appropriated with the budget provided for in the immediately preceding paragraph,
the amount with respect to the obligations under the JFM Bonds denominated in Japanese currency and
issued in a foreign country may be appropriated as added up with the amount appropriated with the
budget provided for in Article 2, paragraph 2 of the Law Concerning Acceptance of Foreign Capital,
when it is difficult to separate those amounts from one another.

3. In addition to the provision of Paragraph 1 hereof the Government may guarantee the obligations
under the JFM Bonds issued by the Corporation pursuant to Article 23, Paragraph 2 hereof.

			
	Article 26-2	 	(Trust of Loan Credit to Secure the JFM Bonds)

     For the purpose of securing the obligations under the JFM Bonds (except for those guaranteed
by the Government pursuant to the immediately preceding Article), the Corporation may, upon an
approval of the competent ministers, entrust a part of its loan credit to a trust company or any
other financial institution approved under Article 1, Paragraph 1 of the Law Concerning Finance
Institutions’ Concurrent Management of Trust Business, etc. (Law No. 43 of 1943) (in Paragraph 1,
Item 1 of the immediately following article referred to as the “Trust Companies, etc.”).

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	Article 26-3	 	(Trust, etc. of the Loan Credit for Fund Procurement)

1. In order to apply to resources of the fund necessary for its businesses, the Corporation may,
with the approval of the competent ministers:

	 	(1)	 	entrust a part of its loan credit to its Trust Companies, etc. and assign all or
a part or all of the beneficiary interest therein;
	 
	 	(2)	 	assign a part of its loan credit to a special purpose company provided for in
Article 2, Paragraph 3 of the Law Concerning Securitization of Assets (Law No. 105 of
1998), and/or
	 
	 	(3)	 	conduct actions pertaining to the actions specified in the above two Items.

2. Unless the aggregate amount of the fund procured by the assignment of the beneficiary interest
provided for in Item 1 of the immediately preceding paragraph and the loan credit provided for in
Item 2 of the immediately preceding paragraph is within the limit of the amount appropriated by the
Diet every business year, the Corporation may not assign such beneficiary interest or such loan
credit pursuant to the provisions of Items 1 and 2 of the immediately preceding Paragraph.

			
	Article 26-4	 	(Delegation, etc. of Business from the Trustee for the Trust)

1. If the Corporation trusts or assigns its loan credit in accordance with the provisions of the
immediately preceding two articles, it shall be delegated all of the collection of the principal
and the interest of such loan credit and other business pertaining thereto from the trustee or the
assignee.

2. The Corporation may entrust a part of the business that the Corporation has been delegated
pursuant to the immediately preceding article to a financial institution approved by the competent
ministers as provided for in Article 21, Paragraph 2 hereof.

			
	Article 27	 	(Mandate to Cabinet Order)

     In addition to the matters provided for in Article 23 thorough the immediately preceding
article, matters that are necessary for application of those articles shall be provided for in the
Cabinet Order.

CHAPTER V       ACCOUNTS

			
	Article 28	 	(Budget and Settlement of Accounts)

     The Law Concerning the Budget and Settlement of Accounts of Public Corporations (Law No. 99 of
1951) shall apply to the budget and settlement of accounts of the Corporation.

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	Article 28-2	 	(Fund)

1. The Corporation shall have a Fund for the Improvement of Operations of Municipal Enterprises
(hereinafter referred to as the “Fund”) in order to contribute to the reduction of interest on
Local Loans (which shall mean interest on funds provided in accordance with the provisions of
Article 19, Paragraph 1, Item 1 hereof or Paragraph 2 of the same article; the same shall apply to
Article 28-4).

2. The Corporation shall, when it receives the Contributions specified in Article 32-2 of the Local
Finance Law, add them to the Fund.

			
	Article 28-3	 	(Separation of Accounts)

     Accounts of the Fund shall be kept separate from the general accounts as provided for in the
Cabinet Order.

			
	Article 28-4	 	(Administration of the Fund)

1. The monies in the Fund shall be used for loans to local governments.

2. Earnings from the loans specified in the immediately preceding paragraph or any other employment
of the Fund shall be, as provided for in the Cabinet Order, used as compensation for the costs
caused by the reduction of interest on Local Loans. If there remains a surplus after the reduction
of the amount used as compensation for the costs caused by the reduction of interest on Local Loans
from the earnings, such surplus shall be added to the Fund.

3. The Fund shall not be disbursed. However, this shall not apply to the case where, if the
earning amount specified in the immediately preceding paragraph is short of the necessary amount
for compensation for the costs caused by the reduction of interest on Local Loans, the Fund is used
to cover such shortage within the limit of the total of the amount added in accordance with the
provisions of the immediately preceding paragraph and the amount of the Contributions provided for
in Article 28-2, Paragraph 2 hereof which were contributed in the same business year as the
shortage is incurred.

			
	Article 29	 	(Payment into National Treasury)

1. The Corporation shall pay any profits which remain after the settlement of profits and loss in
each business year to the National Treasury by May 31 of the following business year.

2. The payment into the National Treasury specified in the immediately preceding paragraph shall be
the revenue of the Government in the preceding fiscal year in which the date specified in the
immediately preceding paragraph falls.

3. The methods of computation of profits specified in Paragraph 1 hereof, the procedures of the
payment into the National Treasury specified in the same paragraph and the accounts to which the
payment belongs shall be provided for in the Cabinet Order.

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	Article 30	 	(Short-term Borrowing)

1. The Corporation may make a short-term borrowing form financial institutions specified by the
Ordinances of competent ministries, within the limit of the amount equivalent to the limit amount
designated in the budget for issuance of the JFM Bonds, less the aggregate amount of the JFM Bonds
already issued (if such amount exceeds the maximum amount of the short-term borrowing provided for
in Article 22 hereof, such maximum amount), if such short-term borrowings are necessary for
management of fund-raising.

2. The short-term borrowings specified in the immediately preceding paragraph shall be repaid
within the business year in which such short-term borrowing is made.

3. The Corporation shall not borrow funds except in the case specified in Paragraph 1 above.

			
	Article 31	 	(Investment of Surplus Funds)

1. The Corporation shall not invest any surplus funds incurred from its business operations except
by way of:

	 	(1)	 	Purchase of government bonds, local government bonds, government-guaranteed bonds
(which shall mean the bonds of which the redemption of principal and interest payment is
guaranteed by the Government) or bonds issued by banks, the Norinchukin Bank, the
Shokochukin Bank or the Federation of Credit Associations which covers all Japan;
	 
	 	(2)	 	Deposit with the Fiscal Loan Fund;
	 
	 	(3)	 	Deposit with Banks; or
	 
	 	(4)	 	Methods provided for in Ordinances of competent ministries as such shall
correspond to the preceding three items.

2. Investment of surplus funds by the methods provided for in the immediately preceding paragraph
shall be done safely and efficiently.

			
	Article 32	 	(Delivery of Funds)

     The Corporation may, when deemed necessary for its business, deliver the necessary funds in
respect of loans to the financial institutions entrusted with business in accordance with the
provisions of Article 21, Paragraph 2 hereof (hereinafter referred to as the “Trustee”).

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	Article 33	 	(Accounts Books)

     The Corporation shall, as provided for by the competent ministers, keep the necessary books to
present properly the nature and content of the business and the condition of the business
operations and accounts.

			
	Article 34	 	Deleted.

CHAPTER VI       SUPERVISION

			
	Article 35	 	(Supervision)

1. The competent ministers shall supervise the Corporation.

2. The competent ministers may, when deemed necessary for the enforcement of this Law, give the
Corporation such orders concerning its business as are necessary for supervision.

			
	Article 36	 	(Removal of Officers)

1. The competent ministers shall remove any officer of the Corporation who comes under one of the
items of Article 13 hereof.

2. The competent ministers may remove any officer of the Corporation who comes under any of the
following items.

	 	(1)	 	Any officer of the Corporation who has violated this Law or orders issued in
accordance with the provisions of this Law;
	 
	 	(2)	 	Any officer of the Corporation who has been convicted in a criminal case;
	 
	 	(3)	 	Any officer of the Corporation who has been adjudged to be subject to the
commencement of bankruptcy procedure; or
	 
	 	(4)	 	Any officer of the Corporation who is mentally or physically incompetent to
perform his/her duties.

			
	Article 37	 	(Report and Inspection)

1. The competent ministers may, when deemed necessary for the enforcement of this Law, have the
Corporation or the Trustee submit a report or have their officials enter the office of the
Corporation or that of the Trustee and inspect its condition of business or its registers,
documents or other necessary materials, limited, however, in case of the Trustee, to the scope of
its entrusted business.

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2. The official who makes the on-the-spot inspection in accordance with the provisions of the
immediately preceding paragraph shall carry a certificate of identification and present the same to
the party concerned.

3. The on-the-spot inspection specified in Paragraph 1 above shall not be interpreted to be made
for the purpose of a criminal investigation.

			
	Article 37-2.	 	(Delegation of Authority)

1. The competent ministers may, as may be provided for by the Cabinet Order, delegate a part of the
authority to make on-the-spot inspections provided for in Paragraph 1 of the immediately preceding
article to the Prime Minister.

2. When the Prime Minister has made an on-the-spot inspection in accordance with the provision of
Paragraph 1 of the immediately preceding article based on the delegation provided for in the
immediately preceding paragraph, the Prime Minister shall promptly report to the competent
ministers on the result thereof.

3. The Prime Minister shall delegate the authority delegated to him/her in accordance with the
provision of Paragraph 1 above and the authority under the provision of the immediately preceding
paragraph to the Commissioner of the Financial Services Agency.

4. The Commissioner of the Financial Services Agency may, as may be provided for by the Cabinet
Order, delegate all or a part of the authority delegated to him/her in accordance with the
provision of the immediately preceding paragraph to the Director General of a local finance bureau
or a local finance branch bureau.

CHAPTER VII       AUXILIARY PROVISIONS

			
	Article 38	 	(Competent Ministers, etc.)

     The competent ministers as used in this Law shall be the Minister for Internal Affairs and
Communications and the Minister of Finance, and the Ordinances of competent ministries shall be
those of the Ministry of Internal Affairs and Communications and those of Ministry of Finance.

			
	Article 39	 	(Pension)

1. In the event that a public servant specified in Article 19 of the Pension Law (Law No. 48 of
1923) (hereinafter referred to in this article as a “public servant”) or a person who is regarded
as a public servant specified in the same article of the same Law (hereinafter referred to in this
article as a “person regarded as a public servant”) successively takes office as an employee of the
Corporation, the phrase “who is successively in office as a public servant or a person regarded as
a public servant” in Article 10, Paragraph 1 of the Supplementary Provisions of the Law for the
Partial Amendment of the Pension Law (Law No. 77 of 1947; hereinafter referred to as “Law No. 77”)
shall be, in applying the provisions of Article 10 of the Supplementary Provisions of Law No. 77,
read as “who is successively in

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office as a public servant or a person regarded as a public servant or an employee of the
Corporation”.

2. In the event that the provisions of Article 10 of the Supplementary Provisions of Law No. 77 are
applied mutatis mutandis to the provisions of any other laws, the provisions of Paragraph 1 of the
said article read as provided for in the immediately preceding paragraph shall apply mutatis
mutandis.

3. In the event that a person who is actually in office as a public servant or a person regarded as
a public servant at the establishment of the Corporation, successively takes office as an employee
of the Corporation and further successively becomes a public servant or a person regarded as a
public servant (including the case where one who is actually in office as a public servant or a
person regarded as a public servant at the establishment of the Corporation is successively in
office as a public servant or a person regarded as a public servant and further successively takes
office as an employee of the Corporation and furthermore successively becomes a public servant or a
person regarded as a public servant), the term of his/her office as an employee of the Corporation
shall be, in computing the ordinary pension to be paid to such a public servant or a person
regarded as a public servant, added to the term of his/her office as a public servant or a person
regarded as a public servant.

4. The provisions of Paragraph 1 above (including the cases where the provisions of Article 10,
Paragraph 1 of the Supplementary Provisions of Law No. 77 read as provided for in Paragraph 1 above
apply mutatis mutandis in accordance with the provisions of other laws) and the immediately
preceding paragraph shall not apply to the person whose term of office as a public servant or a
person regarded as a public servant before his/her taking office as an employee of the Corporation
reaches the shortest necessary term for the ordinary pension.

5. In applying or applying mutatis mutandis of the provisions of Article 64-2 of the Pension Law to
a person to whom the provisions of Paragraph 3 above apply, his/her being employed as an employee
of the Corporation shall be regarded as his/her rehiring.

6. The Corporation shall, as provided for in the Cabinet Order, pay into the National Treasury or
local governments the amount to be paid as a pension to the person who was an employee of the
Corporation to whom the provisions of Paragraph 1 above (including the cases where the provisions
of Article 10, Paragraph 1 of the Supplementary Provisions of Law No. 77 read as provided for in
Paragraph 1 above apply mutatis mutandis in accordance with the provisions of other laws) and
Paragraph 3 above should apply, or his/her bereaved family.

CHAPTER XIII       PENAL PROVISIONS

			
	Article 40	 	(Penal Provisions)

     An officer of the Corporation who comes under one of the following items shall be liable to a
non-penal fine not exceeding 30,000 yen:

	 	(1)	 	When he/she has failed to obtain the approval of the competent ministers as
required by this Law;

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	 	(2)	 	When he/she has neglected to register in violation of the Cabinet Order specified
in Article 6, Paragraph 1 hereof;
	 
	 	(3)	 	When he/she has conducted any business other than those specified in Article 19
hereof and Paragraph 9 of the Supplementary Provisions below;
	 
	 	(4)	 	When he/she has employed surplus funds in violation of the provisions of Article
31 hereof; or
	 
	 	(5)	 	When he/she has disobeyed the orders of the competent ministers specified in
Article 35, Paragraph 2 hereof.

Article 41

     Anyone who uses the name “Japan Finance Corporation for Municipal Enterprises” or any other
similar name in violation of the provisions of Article 7 hereof shall be liable to a non-penal fine
not exceeding 10,000 yen.

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