Document:

Exhibit 4.7 

MAXWELL TECHNOLOGIES,
INC. 

to 

[NAME OF TRUSTEE], 

Trustee 

INDENTURE 

Dated as of
______________________ ____, __________ 

Subordinated Debt Securities 

	 	
Reconciliation
and tie between Trust Indenture Act of 1939 and Indenture, dated as of            , 200__. 

	Trust Indenture

    Act Section	Indenture Section
	§310	(a)	6.09
		(b)	6.08, 6.10
		(c)	Not Applicable
	§311	(a)	6.13
		(b)	6.13
		(c)	Not Applicable
	§312	(a)	7.01, 7.02(a)
		(b)	7.02(b)
		(c)	7.02(c)
	§313	(a)	7.03(a)
		(b)	7.03(b)
		(c)	7.03(b)
		(d)	7.03(c)
	§314	(a)	7.04
		(b)	Not Applicable
		(c)	1.02
		(d)	Not Applicable
		(e)	1.02
		(f)	Not Applicable
	§315	(a)	6.01
		(b)	6.02, 7.03(b)
		(c)	6.01 (b)
		(d)	6.01 (c)
		(e)	5.14
	§316	(a)(1)	5.12, 5.13
		(b)	5.08
		(c)	1.04(d)
	§317	(a)(1)	5.03
		(a)(2)	5.04
		(b)	10.03
	§318	(a)	1.07

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

TABLE OF CONTENTS 

	ARTICLE 1	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 1
	Section 1.01.	Definitions. 1
	Section 1.02.	Compliance Certificates and Opinions. 7
	Section 1.03.	Form of Documents Delivered to Trustee. 8
	Section 1.04.	Acts of Holders. 8
	Section 1.05.	Notices, Etc., to Trustee and Company. 9
	Section 1.06.	Notice to Holders; Waiver. 10
	Section 1.07.	Conflict with Trust Indenture Act. 10
	Section 1.08.	Effect of Headings and Table of Contents. 10
	Section 1.09.	Successors and Assigns. 10
	Section 1.10.	Separability Clause. 10
	Section 1.11.	Benefits of Indenture. 10
	Section 1.12.	Governing Law. 11
	Section 1.13.	Legal Holidays. 11
	Section 1.14.	References to Currency. 11
	Section 1.15.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 11
	Section 1.16.	Judgment Currency. 12
	
ARTICLE 2	SECURITY FORMS 12
	Section 2.01.	Forms Generally. 13
	Section 2.02.	Form of Trustee's Certificate of Authentication. 13
	Section 2.03.	Securities Issuable in the Form of a Global Security. 13
	
ARTICLE 3	THE SECURITIES 15
	Section 3.01.	Amount Unlimited; Issuable in Series. 15
	Section 3.02.	Denominations. 17
	Section 3.03.	Execution, Authentication, Delivery and Dating. 18
	Section 3.04.	Temporary Securities. 19
	Section 3.05.	Registration, Registration of Transfer and Exchange. 19
	Section 3.06.	Mutilated, Destroyed, Lost and Stolen Securities. 20
	Section 3.07.	Payment of Interest; Interest Rights Preserved. 21
	Section 3.08.	Persons Deemed Owners. 22
	Section 3.09.	Cancellation. 22
	Section 3.10.	Computation of Interest. 22
	
ARTICLE 4	SATISFACTION AND DISCHARGE 23
	Section 4.01.	Satisfaction and Discharge of Indenture. 23
	Section 4.02.	Application of Trust Funds; Indemnification. 24
	Section 4.03.	Defeasance and Discharge of Indenture. 24
	Section 4.04.	Defeasance of Certain Obligations. 26

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ARTICLE 5	REMEDIES 27
	Section 5.01.	Events of Default. 27
	Section 5.02.	Acceleration of Maturity: Rescission and Annulment. 28
	Section 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee. 29
	Section 5.04.	Trustee May File Proofs of Claim. 30
	Section 5.05.	Trustee May Enforce Claims Without Possession of Securities. 30
	Section 5.06.	Application of Money Collected. 30
	Section 5.07.	Limitation on Suits. 31
	Section 5.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest. 31
	Section 5.09.	Restoration of Rights and Remedies. 32
	Section 5.10.	Rights and Remedies Cumulative. 32
	Section 5.11.	Delay or Omission Not Waiver. 32
	Section 5.12.	Control by Holders. 32
	Section 5.13.	Waiver of Past Defaults. 33
	Section 5.14.	Undertaking for Costs. 33
	Section 5.15.	Waiver of Stay or Extension Laws. 33
	
ARTICLE 6	THE TRUSTEE 34
	Section 6.01.	Certain Duties and Responsibilities. 34
	Section 6.02.	Notice of Defaults. 35
	Section 6.03.	Certain Rights of Trustee. 35
	Section 6.04.	Not Responsible for Recitals or Issuance of Securities. 36
	Section 6.05.	May Hold Securities. 36
	Section 6.06.	Money Held in Trust. 36
	Section 6.07.	Compensation and Reimbursement. 36
	Section 6.08.	Disqualification; Conflicting Interests. 37
	Section 6.09.	Corporate Trustee Required; Eligibility. 37
	Section 6.10.	Resignation and Removal; Appointment of Successor. 37
	Section 6.11.	Acceptance of Appointment by Successor. 39
	Section 6.12.	Merger, Conversion, Consolidation or Succession to Business. 40
	Section 6.13.	Preferential Collection of Claims Against Company. 40
	
ARTICLE 7	HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY 40
	Section 7.01.	Company to Furnish Trustee Names and Addresses of Holders. 40
	Section 7.02.	Preservation of Information; Communications to Holders. 41
	Section 7.03.	Reports by Trustee. 42
	Section 7.04.	Reports by Company. 43
	
ARTICLE 8	SUCCESSOR CORPORATION 43
	Section 8.01.	When Company May Merge or Transfer Assets. 43
	
ARTICLE 9	AMENDMENTS & SUPPLEMENTAL INDENTURES 44
	Section 9.01.	Amendments or Supplemental Indentures without Consent of Holders. 44
	Section 9.02.	Amendments or Supplemental Indentures with Consent of Holders. 45
	Section 9.03.	Execution of Supplemental Indentures. 46
	Section 9.04.	Effect of Supplemental Indentures. 46

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	Section 9.05.	Conformity with Trust Indenture Act. 46
	Section 9.06.	Reference in Securities to Supplemental Indentures. 47
	
ARTICLE 10	COVENANTS 47
	Section 10.01.	Payment of Principal, Premium and Interest. 47
	Section 10.02.	Maintenance of Office or Agency. 47
	Section 10.03.	Money for Securities; Payments to Be Held in Trust. 48
	Section 10.04.	Corporate Existence. 49
	Section 10.05.	Maintenance of Properties. 49
	Section 10.06.	Statement by Officers as to Default. 49
	Section 10.07.	Waiver of Certain Covenants. 49
	
ARTICLE 11	REDEMPTION OF SECURITIES 50
	Section 11.01.	Applicability of Article. 50
	Section 11.02.	Election to Redeem; Notice to Trustee. 50
	Section 11.03.	Selection by Trustee of Securities to Be Redeemed. 50
	Section 11.04.	Notice of Redemption. 51
	Section 11.05.	Deposit of Redemption Price. 52
	Section 11.06.	Securities Payable on Redemption Date. 52
	Section 11.07.	Securities Redeemed in Part. 52
	
ARTICLE 12	SINKING FUNDS 53
	Section 12.01.	Applicability of Article. 53
	Section 12.02.	Satisfaction of Sinking Fund Payments with Securities. 53
	Section 12.03.	Redemption of Securities for Sinking Fund. 53
	
ARTICLE 13	SUBORDINATION 54
	Section 13.01.	Agreement to Subordinate. 54
	Section 13.02.	Default on Senior Indebtedness. 55
	Section 13.03.	Liquidation; Dissolution; Bankruptcy. 56
	Section 13.04.	Subrogation. 57
	Section 13.05.	Trustee to Effectuate Subordination. 58
	Section 13.06.	Notice by the Company. 58
	Section 13.07.	Rights of the Trustee; Holders of Senior Indebtedness. 59
	Section 13.08.	Subordination May Not Be Impaired. 59
	Section 13.09.	Article Applicable to Paying Agents. 60
	Section 13.10.	Defeasance of This Article. 60
	Section 13.11.	Subordination Language to Be Included in Securities. 60

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        INDENTURE,
dated as of       ,    , between Maxwell Technologies, Inc., a Delaware corporation (herein called
the “Company” or the “Issuer”), having its principal office at 9244
Balboa Avenue, San Diego, CA 92123, and [Name of Trustee], a
[            ], as trustee
hereunder (herein called the “Trustee”). 

RECITALS OF THE COMPANY 

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

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

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

        For
and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of
all Holders of the Securities or of series thereof, as follows: 

ARTICLE 1  

DEFINITIONS AND OTHER
PROVISIONS 
OF GENERAL APPLICATION  

Section 1.01.    Definitions. 

        For
all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 

	 	        (1)    the
terms defined in this article have the meanings assigned to them in this
          article and include the plural as well as the singular;  

	 	        (2)    all
other terms used herein which are defined in the Trust Indenture Act, either
          directly or by reference therein, have the meanings assigned to them therein;  

	 	        (3)    all
accounting terms not otherwise defined herein have the meanings assigned to
          them in accordance with generally accepted accounting principles in the United
          States, and, except as otherwise herein expressly provided, the term
          “generally accepted accounting principles” with respect to any
          computation required or permitted hereunder shall mean such accounting
          principles as are generally accepted at the date of such computation;  

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

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

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

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

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

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

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

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

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

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

        “Common
Shares” means the common shares, $.10 par value per share, of the Company existing on
the date of this Indenture or any other shares of Capital Stock of the Company into which
such common shares shall be reclassified or changed. 

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

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

-2- 

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

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

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

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

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

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

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

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

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

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

        “Interest,”
when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 

        “Interest
Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security. 

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

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

-3- 

        “Officers’
Certificate” means a certificate signed by the chief executive officer, the president
or a vice president, and by the treasurer, an assistant treasurer, the secretary or an
assistant secretary, of the Company, and delivered to the Trustee. 

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

        “Original
Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 502. 

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

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

	 	        (ii)    Securities
for whose payment or redemption money or evidences of indebtedness in           the
necessary amount has been theretofore deposited with the Trustee or any           Paying
Agent (other than the Company) in trust or set aside and segregated in           trust by
the Company (if the Company shall act as its own Paying Agent) for the           Holders
of such Securities; provided that, if such Securities are to be
          redeemed, notice of such redemption has been duly given pursuant to this
          Indenture or provision therefor satisfactory to the Trustee has been made; and  

	 	        (iii)    Securities
which have been paid pursuant to Section 306 or in exchange for or in           lieu of
which other Securities have been authenticated and delivered pursuant to           this
Indenture, other than any such Securities in respect of which there shall           have
been presented to the Trustee proof satisfactory to it that such Securities           are
held by a bona fide purchaser in whose hands such Securities are valid
          obligations of the Company;  

provided, however, that
in determining whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other
obligor. In case of a dispute as to such right, any decision by the Trustee shall be full
protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the
Trustee promptly an Officers’ Certificate listing and identifying all Securities, if
any, known by the Company to be owned or held by or for the account of any of the
above-described persons; and, subject to Section 6.01, the Trustee shall be entitled to
accept such Officers’ Certificate as conclusive evidence of the facts therein set
forth and of the fact that all Securities not listed therein are Outstanding for the
purposes of any such determination. 

-4- 

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

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

        “Place
of Payment,” when used with respect to the Securities of any series, means the place
or places where the principal of (and premium, if any) and interest on the Securities of
that series are payable as specified as contemplated by Section 3.01. 

        “Predecessor
Security” of any particular Security means every previous Security evidencing all or
a portion of the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under Section 3.06
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be
deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

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

        “Redemption
Price,” when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture. 

        “Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.01. 

        “Responsible
Officer,” when used with respect to the Trustee, means any officer of the Trustee
assigned by the Trustee to administer its corporate trust matters. 

        “Securities”
has the meaning stated in the first recital of this Indenture and more particularly means
any Securities authenticated and delivered under this Indenture. 

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

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

        “Senior
Indebtedness,” unless otherwise specified in one or more indentures supplemental
hereto or approved pursuant to a Board Resolution in accordance with Section 3.01, means,
with respect to the Company, (i) the principal (including redemption payments), premium,
if any, interest and other payment obligations in respect of (A) indebtedness of the
Company for money borrowed and (B) indebtedness evidenced by securities, debentures,
bonds, notes or other similar instruments issued by the Company, including any such
securities issued under any deed, indenture or other instrument to which the Company is a
party (including, 

-5- 

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

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

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

        “Subsidiary”
means, with respect to any Person: 

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

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

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

-6- 

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

        “Trustee”
means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one
such Person, “Trustee” as used with respect to the Securities of any series
shall mean the Trustee with respect to Securities of that series. 

        “U.S. Government
Obligations” means securities which are (i) direct obligations           of the
United States of America for the payment of which its full faith and           credit is
pledged or (ii) obligations of a Person controlled or supervised by           and acting
as an agency or instrumentality of the United States of America the           payment of
which is unconditionally guaranteed as to the timely payment of           principal and
interest as a full faith and credit obligation by the United           States of America,
which, in either case, are not callable or redeemable at the           option of the
issuer thereof, and shall also include a depository receipt issued           by a bank or
trust company which is a member of the Federal Reserve System and           having a
combined capital and surplus of at least $50,000,000 as custodian with           respect
to any such obligation evidenced by such depository receipt or a           specific
payment of interest on or principal of any such obligation held by such
          custodian for the account of the holder of a depository receipt; provided          that
(except as required by law) such custodian is not authorized to make any
          deduction from the amount payable to the holder of such depository receipt from
          any amount received by the custodian in respect of the obligation set forth in
          (i) or (ii) above or the specific payment of interest on or principal of such
          obligation evidenced by such depository receipt.  

Section 1.02.    Compliance
Certificates and Opinions. 

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

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

	 	        (1)    a
statement that the Person signing such certificate or opinion has read such
          covenant or condition and the definitions herein relating thereto;  

-7- 

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

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

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

Section 1.03.    Form of
Documents Delivered to Trustee. 

        In
any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents. 

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

        Where
any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument. 

Section 1.04.    Acts of
Holders. 

        (a)              Any
request, demand, authorization, direction, notice, consent, waiver or other
          action provided by this Indenture to be given or taken by Holders may be
          embodied in and evidenced by one or more instruments of substantially similar
          tenor signed by such Holders in person or by an agent duly appointed in
writing;           and, except as herein otherwise expressly provided, such action shall
become           effective when such instrument or instruments are delivered to the
Trustee and,           where it is hereby expressly required, to the Company. Such
instrument or           instruments (and the action embodied therein and evidenced
thereby) are herein           sometimes referred to as the “Act” of the Holders
signing such           instrument or instruments. Proof of execution of any such
instrument or of a           writing appointing any such agent shall be sufficient for
any purpose of this           Indenture and (subject to Section 6.01) conclusive in favor
of the Trustee and           the Company, if made in the manner provided in this section.  

-8- 

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

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

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

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

Section 1.05.    Notices, Etc., to Trustee and Company. 

        Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, 

	 	        (1)    the
Trustee by any Holder or by the Company shall be sufficient for every           purpose
hereunder if made, given, furnished or filed in writing to or with the           Trustee
at its Corporate Trust Office, Attention:           [          ],
or  

	 	        (2)    the
Company by the Trustee or by any Holder shall be sufficient for every           purpose
hereunder (unless otherwise herein expressly provided) if in writing and
          mailed, first-class postage prepaid, to the Company addressed to it at the
          address of its principal office specified in the first paragraph of this
          instrument or at any other address previously furnished in writing to the
          Trustee by the Company, to the attention of the general counsel of the Company.  

-9- 

Section 1.06.    Notice to
Holders; Waiver.  

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

        In
case by reason of the suspension of regular mail service or by reason of any other case it
shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 

Section 1.07.    Conflict
with Trust Indenture Act. 

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

Section 1.08.    Effect
of Headings and Table of Contents. 

        The
article and section headings herein and the table of contents are for convenience only and
shall not affect the construction hereof. 

Section 1.09.    Successors
and Assigns. 

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

Section 1.10.    Separability Clause. 

        In
case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. 

Section 1.11.    Benefits of
Indenture. 

        Nothing
in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit
or any legal or equitable right, remedy or claim under this Indenture. 

-10- 

Section 1.12.    Governing
Law. 

        This
Indenture and the Securities shall be governed by and construed in accordance with the
laws of the State of New York. 

Section 1.13.    Legal
Holidays. 

        In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity, provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

Section 1.14.    References
to Currency. 

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

Section 1.15.    Agent
for Service; Submission to Jurisdiction; Waiver of Immunities. 

        By
the execution and delivery of this Indenture, the Company (i) acknowledges that it has,
by separate written instrument, designated and appointed National Registered Agents, Inc.
(the “Process Agent”), 440 9th Avenue, 5th Floor, New York, New York 10001,
United States, as its authorized agent upon which process may be served in any suit,
action or proceeding arising out of or relating to the Notes or this Indenture that may
be instituted in any Federal or state court in the State of New York, The City of New
York, the Borough of Manhattan, or brought under Federal or state securities laws or
brought by the Trustee (whether in its individual capacity or in its capacity as Trustee
hereunder), and acknowledges that the Process Agent has accepted such designation,   (ii)
submits to the jurisdiction of any such court in any such suit, action or proceeding and
(iii) agrees that service of process upon the Process Agent and written notice of said
service to it at its principal office in accordance with Section 1.05 hereof), shall be
deemed in every respect effective service of process upon it in any such suit or
proceeding. The Company further agrees to take any and all action, including the
execution and filing of any and all such documents and instruments as may be necessary to
continue such designation and appointment of the Process Agent in full force and effect
so long as the Securities shall be outstanding; provided that the Company may (and shall,
to the extent the Process Agent ceases to be able to be served on the basis contemplated
herein) by written notice to the Trustee, designate such additional or alternative agents
for service of process under this Section 1.15 that (i) maintains an office
located in the Borough of Manhattan, The City of New York in the State of New York, (ii) are
either (x) counsel for the Company or (y) a corporate service company which acts as
agent for service of process for other Persons in the ordinary course of its business and
(iii) agrees to act as agent for service of process in accordance with this Section 1.15.
Such notice shall identify the name of such agent for process and the address of such
agent for process in the Borough of Manhattan, The City of New York, State of New York.
Notwithstanding the foregoing, there shall, at all times, be at least one agent for
service of process for the Company appointed and acting in accordance with this Section 1.15.  

-11- 

        To
the extent that the Company has or hereafter may acquire any immunity from jurisdiction of
any court or from any legal process (whether through service of notice, attachment prior
to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its property, it hereby irrevocably waives such immunity in respect of its
obligations under the above-referenced documents, to the extent permitted by law. 

Section 1.16.    Judgment
Currency. 

        The
Company hereby agrees to indemnify the Trustee and each Holder against any loss incurred
by any of them as a result of any judgment or order being given or made for any amount due
under this Indenture or the Securities and such judgment or order being expressed and paid
in a currency (the “Judgment Currency”) other than U.S. dollars and as result of
any variation as between (i) the rate of exchange at which the U.S. dollar amount is
converted into the Judgment Currency for the purpose of such judgment or order and (ii)
the spot rate of exchange in The City of New York at which any such person on the date of
payment of such judgment or order is able to purchase U.S. dollars with the amount of the
Judgment Currency actually received by such person. The foregoing indemnity shall continue
in full force and effect notwithstanding any such judgment or order as aforesaid. The term
“spot rate of exchange” shall include any premiums and costs of exchange payable
in connection with the purchase of, or conversion into, U.S. dollars. 

ARTICLE 2  

SECURITY FORMS 

Section 2.01.    Forms
Generally. 

        The
Securities of each series shall be in substantially the forms established in one or more
indentures supplemental hereto or approved from time to time by or pursuant to a Board
Resolution in accordance with Section 3.01, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this
Indenture and any indenture supplemental hereto, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or securities regulatory
authority or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the secretary or an assistant
secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 3.03 for the authentication and delivery of such
Securities. 

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

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

-12- 

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

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

		[NAME OF TRUSTEE],
		as Trustee
	

 	By_______________________________
		     Authorized Signatory"

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

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

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

-13- 

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

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

                (iii)    The
Issuer may at any time and in its sole discretion determine that the           Securities
of any series issued or issuable in the form of one or more Global           Securities
shall no longer be represented by such Global Security or Securities.           In such
event the Issuer will execute, and the Trustee, upon receipt of a           Company Order
for the authentication and delivery of individual Securities of           such series in
exchange in whole or in part for such Global Security, will           authenticate and
deliver individual Securities of such series of like tenor and           terms in
definitive form in an aggregate principal amount equal to the principal           amount
of such Global Security or Securities representing such series to be so
          exchanged for such Global Security or Securities.  

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

-14- 

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

ARTICLE 3  

THE SECURITIES 

Section 3.01.    Amount
Unlimited; Issuable in Series. 

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

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

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

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

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

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

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

-15- 

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

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

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

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

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

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

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

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

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

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

-16- 

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

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

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

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

	 	        (20)    the
applicability of any guarantees;  

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

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

	 	        (23)    each
initial Place of Payment; and  

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

        All
Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such Board Resolution and set
forth in such Officers’ Certificate or in any such indenture supplemental hereto. 

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

Section 3.02.    Denominations. 

        The
Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any
such provisions with respect to the Securities of any series, the Securities of such
series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

-17- 

Section 3.03.    Execution, Authentication, Delivery and Dating.  

        The
Securities shall be executed on behalf of the Company by its chief executive officer, its
president or one of its vice presidents, under its corporate seal reproduced thereon
attested by its secretary or one of its assistant secretaries. The signature of any of
these officers on the Securities may be manual or facsimile. 

        Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such Securities. 

        At
any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and
deliver such Securities. If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by Sections 2.01
and 3.01, or by one or more indentures supplemental hereto as provided by Section 9.01, in
authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and
(subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel
stating 

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

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

        (c)    that
this Indenture and such Securities, when authenticated and delivered by the
          Trustee and issued by the Company in the manner and subject to any conditions
          specified in such Opinion of Counsel, will constitute valid and legally binding
          obligations of the Company, enforceable in accordance with their terms, subject
          to bankruptcy, insolvency, fraudulent conveyance, reorganization and other laws
          of general applicability relating to or affecting the enforcement of
          creditors’ rights and to general equity principles;  

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

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

If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own
rights, duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee. 

-18- 

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

        No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder and is
entitled to the benefits of this Indenture. 

Section 3.04.    Temporary
Securities. 

        Pending
the preparation of definitive Securities of any series, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced by their
execution of such Securities. 

        If
temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of the same series of authorized denominations. Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series. 

Section 3.05.    
Registration, Registration of Transfer and Exchange. 

        The
Company shall cause to be kept at one of its offices or agencies maintained pursuant to
Section 10.02 or at the Corporate Trust Office of the Trustee a register (the register
maintained in such office and in any other office or agency of the Company in a Place of
Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to Section 2.03 and to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee initially is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of Securities as
herein provided. The Company may act as Security Registrar and may change or appoint a
Security Registrar without prior notice to Holders or to the Trustee. 

        Subject
to Section 2.03, upon surrender for registration of transfer of any Security of any series
at the office or agency in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor. 

-19- 

        Subject
to Section 2.03, at the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive. 

        Subject
to Section 2.03, all Securities issued upon any registration or transfer or exchange of
Securities shall be valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon
such registration of transfer or exchange. 

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

        No
service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Sections 2.03, 3.04, 9.06 or
11.07 not involving any transfer. 

        The
Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series
selected for redemption (under Section 11.03) and ending at the close of business on the
day of such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part. 

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

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

        In
case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security. 

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

-20- 

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

        The
provisions of this section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities. 

Section 3.07.    Payment
of Interest; Interest Rights Preserved. 

        Interest
on any Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest. 

        Any
interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid
by the Company, at its election in each case, as provided in clause (1) or (2) below: 

	 	        (1)    The
Company may elect to make payment of any Defaulted Interest to the Persons           in
whose names the Securities of such series (or their respective Predecessor
          Securities) are registered at the close of business on a Special Record Date
for           the payment of such Defaulted Interest, which shall be fixed in the
following           manner. The Company shall notify the Trustee in writing of the amount
of           Defaulted Interest proposed to be paid on each Security of such series and
the           date of the proposed payment, and at the same time the Company shall
deposit           with the Trustee an amount of money equal to the aggregate amount
proposed to be           paid in respect of such Defaulted Interest or shall make
arrangements           satisfactory to the Trustee for such deposit prior to the date of
the proposed           payment, such money when deposited to be held in trust for the
benefit of the           Persons entitled to such Defaulted Interest as in this clause
provided.           Thereupon the Trustee shall fix a Special Record Date for the payment
of such           Defaulted Interest which shall be not more than 15 days and not less
than 10           days prior to the date of the proposed payment and not less than 10
days after           the receipt by the Trustee of the notice of the proposed payment.
The Trustee           shall promptly notify the Company of such Special Record Date and,
in the name           and at the expense of the Company, shall cause notice of the
proposed payment of           such Defaulted Interest and the Special Record Date
therefor to be mailed,           first-class postage prepaid, to each Holder of
Securities of such series at his           address as it appears in the Security
Register, not less than 10 days prior to           such Special Record Date. Notice of
the proposed payment of such Defaulted           Interest and the Special Record Date
therefor having been so mailed, such           Defaulted Interest shall be paid to the
Persons in whose names the Securities of           such series (or their respective
Predecessor Securities) are registered at the           close of business on such Special
Record Date and shall no longer be payable           pursuant to the following clause
(2).  

-21- 

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

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

Section 3.08.    Persons
Deemed Owners. 

        Subject
to Section 2.03, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 3.07) interest on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and none of the Company, the Trustee or any agent of the
Company or the Trustee shall be affected by notice to the contrary. 

Section 3.09.    
Cancellation. 

        All
Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this section, except as expressly permitted by this Indenture. The Trustee
shall destroy cancelled Securities and deliver a certificate of such destruction to the
Company. 

Section 3.10.    Computation
of Interest. 

        Except
as otherwise specified as contemplated by Section 3.01 for the Securities of any series,
interest on the Securities of each series shall be computed on the basis of a year of 12
30-day months. 

-22-   

ARTICLE 4  

SATISFACTION AND
DISCHARGE 

Section 4.01.    
Satisfaction and Discharge of Indenture. 

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

	 	        (1)    either  

	 	        (A)    
all Securities of such series theretofore authenticated and delivered
(other                     than (i) Securities of such series which have been mutilated,
destroyed, lost or                     stolen and which have been replaced or paid as
provided in Section 3.06 and (ii)                     Securities of such series for whose
payment money has theretofore been deposited                     in trust or segregated
and held in trust by the Company and thereafter repaid to                     the Company
or discharged from such trust, as provided in Section 10.03) have
                    been delivered to the Trustee for cancellation; or  

	 	        (B)
    all such Securities not theretofore delivered to the Trustee for
cancellation  

	 	        (i)
    have become due and payable, or  

	 	        (ii)
    will become due and payable at their Stated Maturity within one year,
or  

	 	        (iii)
    are to be called for redemption within one year under arrangements
satisfactory                     to the Trustee for the giving of notice of redemption by
the Trustee in the                     name, and at the expense, of the Company,  

and the Company, in the case of (i),
(ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust
funds in trust for the purpose an amount in cash sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest to the date of such deposit
(in the case of Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be; 

	 	        (2)    if
all series of Securities are being discharged, the Company has paid or caused
          to be paid all other sums payable hereunder by the Company; and  

-23- 

	 	        (3)    the
Company has delivered to the Trustee an Officers’ Certificate and an
          Opinion of Counsel, each stating that all conditions precedent herein provided
          for relating to the satisfaction and discharge of this Indenture have been
          complied with.  

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

Section 4.02.
    Application of Trust Funds; Indemnification. 

        (a)    Subject
to the provisions of the last paragraph of Section 10.03, all           money
deposited with the Trustee pursuant to Section 4.01, all money and U.S.
          Government Obligations deposited with the Trustee pursuant to Sections 4.03 or
          4.04 and all money received by the Trustee in respect of U.S. Government
          Obligations deposited with the Trustee pursuant to Section 4.03 or 4.04 shall
          be held in trust and applied by it, in accordance with the provisions of the
          Securities and this Indenture, to the payment, either directly or through any
          Paying Agent (including the Company acting as its own Paying Agent) as the
          Trustee may determine, to the Persons entitled thereto, of the principal (and
          premium, if any) and interest for whose payment such money has been deposited
          with or received by the Trustee or to make mandatory sinking fund payments or
          analogous payments as contemplated by Section 4.03 or 4.04, but such money
need           not be segregated from other funds except to the extent required by law.  

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

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

Section 4.03.    Defeasance
and Discharge of Indenture. 

        The
Company shall be deemed to have paid and discharged the entire indebtedness on all the
Outstanding Securities on the 91st day after the date of the deposit referred to in
subparagraph (1) of this section, and the provisions of this Indenture, as it relates to
such Outstanding Securities, shall no longer be in effect (and the Trustee, at the expense
of the Company, shall at Company Request, execute proper instruments acknowledging the
same), except as to: 

	 	        (a)    the
rights of Holders of Securities to receive, from the trust funds described
               in subparagraph (1) hereof, (i) payment of the principal of (and premium,
if                any) and each installment of principal of (and premium, if any) or
interest on                the Outstanding Securities on the Stated Maturity of such
principal or                installment of principal or interest and (ii) the benefit of
any mandatory                sinking fund payments applicable to the Securities on the
day on which such                payments are due and payable in accordance with the
terms of this Indenture and                the Securities;  

-24- 

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

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

	 	
providedthat
the following conditions shall have been satisfied:  

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

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

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

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

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

-25- 

Section 4.04.    Defeasance
of Certain Obligations. 

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

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

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

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

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

	 	        (5)    the
Company has delivered to the Trustee an Officers’ Certificate and an
          Opinion of Counsel, each stating that all conditions precedent herein provided
          for relating to the defeasance contemplated by this section have been complied
          with.  

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

-26- 

ARTICLE 5  

REMEDIES 

Section 5.01.    Events of
Default. 

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

	 	        (1)    default
in the payment of any interest upon any Security of that series when it           becomes
due and payable, and continuance of such default for a period of 60           days; or  

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

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

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

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

-27- 

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

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

Section 5.02.    
Acceleration of Maturity: Rescission and Annulment. 

        If
an Event of Default (other than an Event of Default resulting from bankruptcy, insolvency
or reorganization) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series may declare the principal
amount (or, if the Securities of that series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of that series) of all of
the Securities of that series to be due and payable immediately, by a notice in writing to
the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and payable. 

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

        At
any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this article provided, the Holders of a majority
in principal amount of the Outstanding Securities of that series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if 

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

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

	 	        (B)    
the principal of (and premium, if any, on) any Securities of that series
which                have become due otherwise than by such declaration of acceleration
and interest                thereon at the rate or rates prescribed therefor in such
Securities,  

-28- 

	 	        (C)    
to the extent that payment of such interest is lawful, interest upon
overdue                interest at the rate or rates prescribed therefor in such
Securities, and  

	 	        (D)    
all sums paid or advanced by the Trustee and any predecessor Trustee
hereunder                and all sums due the Trustee and any predecessor Trustee under
Section 6.07;  

	 	
and 

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

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

Section 5.03.    
Collection of Indebtedness and Suits for Enforcement by Trustee. 

        The
Company covenants that if 

	 	        (1)    default
is made in the payment of any interest on any Security when such           interest
becomes due and payable and such default continues for a period of 30           days, or  

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

the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount
then due and payable on such Securities for principal (and premium, if any) and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal (and premium, if any) and on any overdue interest, at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including all
amounts due the Trustee and any predecessor Trustee under Section 6.07. 

        If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company or any other obligor upon such Securities,
wherever situated. 

        If
any Event of Default with respect to Securities of any series occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 

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Section 5.04.    Trustee
May File Proofs of Claim. 

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

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

	 	        (ii)    to
collect and receive any moneys or other property payable or deliverable on           any
such claims and to distribute the same;  

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.07. 

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

Section 5.05.    Trustee
May Enforce Claims Without Possession of Securities. 

        All
rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such judgment has
been recovered. 

Section 5.06.    Application
of Money Collected. 

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

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	 	        FIRST:
 To the payment of all amounts due the Trustee and each predecessor Trustee under Section
6.07; 

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

	 	        THIRD:
To the Company. 

Section 5.07.    Limitation
on Suits. 

        No
Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless 

	 	        (1)    such
Holder has previously given written notice to the Trustee of a continuing           Event
of Default with respect to the Securities of that series;  

	 	        (2)    the
Holders of not less than 25% in principal amount of the Outstanding           Securities
of that series shall have made written request to the Trustee to           institute
proceedings in respect of such Event of Default in its own name as           Trustee
hereunder;  

	 	        (3)    such
Holder or Holders have offered to the Trustee reasonable indemnity against           the
costs, expenses and liabilities to be incurred in compliance with such           request;  

	 	        (4)    the
Trustee for 60 days after its receipt of such notice, request and offer of
          indemnity has failed to institute any such proceeding; and  

	 	        (5)    no
direction inconsistent with such written request has been given to the           Trustee
during such 60-day period by the Holders of a majority in principal           amount of
the Outstanding Securities of that series;  

it being understood and intended that
no one or more of such Holders shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such
Holders. 

Section 5.08.    
Unconditional Right of Holders to Receive Principal, Premium and Interest. 

        Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder. 

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Section 5.09.    Restoration
of Rights and Remedies. 

        If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted. 

Section 5.10.    Rights and
Remedies Cumulative. 

        Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 

Section 5.11.    Delay or
Omission Not Waiver. 

        No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or any acquiescence therein. Every right
and remedy given by this article or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be. 

Section 5.12.    Control by
Holders. 

        The
Holders of a majority in principal amount of the Outstanding Securities of any series (or
if more than one series is affected thereby, of all series so affected, voting as a single
class) shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such series, provided
that 

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

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

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

Section 5.13.    Waiver of
Past Defaults. 

        The
Holders of not less than a majority in principal amount of the Outstanding Securities of
any series may on behalf of the Holders of all the Securities of such series waive any
past default hereunder with respect to such series and its consequences, except a default 

	 	        (1)    in
the payment of the principal of (or premium, if any) or interest on any
          Security of such series, or  

	 	        (2)    in
respect of a covenant or provision hereof which under this article cannot be
          modified or amended without the consent of the Holder of each Outstanding
          Security of such series affected.  

        Upon
any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. 

Section 5.14.    Undertaking
for Costs. 

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

Section 5.15.    Waiver
of Stay or Extension Laws. 

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

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ARTICLE 6  

THE TRUSTEE 

Section 6.01.    Certain
Duties and Responsibilities. 

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

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

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

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

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

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

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

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

	 	        (4)    no
provision of this Indenture shall require the Trustee to expend or risk its           own
funds or otherwise incur any 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 for believing that repayment of such funds or
          adequate indemnity against such risk or liability is not reasonably assured to
          it.  

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        (d)    Whether
or not therein expressly so provided, every provision of this Indenture
          relating to the conduct or affecting the liability of or affording protection
to           the Trustee shall be subject to the provisions of this section.  

Section 6.02.    Notice of
Defaults. 

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

Section 6.03.    Certain
Rights of Trustee. 

        Subject
to the provisions of Section 6.01: 

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

	 	        (b)    any
request or direction of the Company mentioned herein shall be sufficiently
               evidenced by a Company Request or Company Order and any resolution of the
Board                of Directors may be sufficiently evidenced by a Board Resolution;  

	 	        (c)    whenever
in the administration of this Indenture the Trustee shall deem it
               desirable that a matter be proved or established prior to taking,
suffering or                omitting any action hereunder, the Trustee (unless other
evidence be herein                specifically prescribed) may, in the absence of bad
faith on its part, rely upon                an Officers’ Certificate;  

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

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

	 	        (f)    the
Trustee shall not be bound to make any investigation into the facts or
               matters stated in any resolution, certificate, statement, instrument,
opinion,                report, notice, request, direction, consent, order, bond,
debenture, note, other                evidence of indebtedness or other paper or
document, but the Trustee, in its                discretion, may make such further
inquiry or investigation into such facts or                matters as it may see fit,
and, if the Trustee shall determine to make such                further inquiry or
investigation, it shall be entitled to examine the books,                records and
premises of the Company, personally or by agent or attorney; and  

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

Section 6.04.    Not
Responsible for Recitals or Issuance of Securities. 

        The
recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be
accountable for the use or application by the Company of Securities or the proceeds
thereof. 

Section 6.05.    May Hold
Securities. 

        The
Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities and,
subject to Sections 6.08 and 6.12, may otherwise deal with, and collect obligations owed
to it by, the Company with the same rights it would have if it were not Trustee, Paying
Agent, Security Registrar or such other agent. 

Section 6.06.    Money Held
in Trust. 

        Money
held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed with the Company. 

Section 6.07.    
Compensation and Reimbursement. 

        The
Company agrees 

	 	        (1)    to
pay to the Trustee from time to time reasonable compensation for all services
          rendered by it hereunder (which compensation shall not be limited by any
          provision of law in regard to the compensation of a trustee of an express
          trust);  

-36- 

	 	        (2)    except
as otherwise expressly provided herein, to reimburse each of the Trustee           and
any predecessor Trustee upon its request for all reasonable expenses,
          disbursements and advances incurred or made by it in accordance with any
          provision of this Indenture (including the reasonable compensation and the
          expenses and disbursements of its agents and counsel), except any such expense,
          disbursement or advance as may be attributable to its own negligence or bad
          faith; and  

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

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

Section 6.08.    
Disqualification; Conflicting Interests. 

        The
Trustee shall comply with the terms of Section 310(b) of the Trust Indenture Act. 

Section 6.09.    
Corporate Trustee Required; Eligibility. 

        There
shall at all times be a Trustee hereunder which shall be a corporation organized and doing
business under the laws of the United States of America, any State thereof or the District
of Columbia, authorized under such laws to exercise corporate trust powers having (or, in
the case of the subsidiary of a bank holding company that guarantees the obligations of
the Trustee under this Indenture, such holding company’s parent shall have) a
combined capital and surplus of at least $50,000,000 subject to supervision or examination
by Federal or State authority. If such corporation or holding company parent publishes
reports of condition at least annually, pursuant to law or the requirements of said
supervising or examining authority, then for the purposes of this section, the combined
capital and surplus of such corporation or holding company parent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this section, it shall resign immediately in the manner and with the effect
hereinafter specified in this article. 

Section 6.10.    
Resignation and Removal; Appointment of Successor. 

        (a)    No
resignation or removal of the Trustee and no appointment of a successor           Trustee
pursuant to this article shall become effective until the acceptance of
          appointment by the successor Trustee in accordance with the applicable
          requirements of Section 6.11.  

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

-37- 

        (c)    The
Trustee may be removed at any time with respect to the Securities of any           series
by Act of the Holders of a majority in principal amount of the           Outstanding
Securities of such series delivered to the Trustee and to the           Company.  

        (d)    If
at any time:  

	 	        (1)    the
Trustee shall fail to comply with Section 6.08 after written request
          therefor by the Company or by any Holder who has been a bona fide Holder of a
          Security for at least six months, or  

	 	        (2)    the
Trustee shall cease to be eligible under Section 6.09 and shall fail to           resign
after written request therefor by the Company or by any such Holder, or  

	 	        (3)    the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
          insolvent or a receiver of the Trustee or of its property shall be appointed or
          any public officer shall take charge or control of the Trustee or of its
          property or affairs for the purpose of rehabilitation, conservation or
          liquidation,  

then, in any such case, (i) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or
(ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees. 

        (e)    If
the Trustee shall resign, be removed or become incapable of acting, or if a
          vacancy shall occur in the office of Trustee for any cause, with respect to the
          Securities of one or more series, the Company, by a Board Resolution, shall
          promptly appoint a successor Trustee or Trustees with respect to the Securities
          of that or those series (it being understood that any such successor Trustee
may           be appointed with respect to the Securities of one or more or all of such
series           and that at any time there shall be only one Trustee with respect to the
          Securities of any particular series) and shall comply with the applicable
          requirements of Section 6.11. If, within one year after such resignation,
          removal or incapability, or the occurrence of such vacancy, a successor Trustee
          with respect to the Securities of any series shall be appointed by Act of the
          Holders of a majority in principal amount of the Outstanding Securities of such
          series delivered to the Company and the retiring Trustee, the successor Trustee
          so appointed shall, forthwith upon its acceptance of such appointment in
          accordance with the applicable requirements of Section 6.11, become the
          successor Trustee with respect to the Securities of such series and to that
          extent supersede the successor appointed by the Company. If no successor
Trustee           with respect to the Securities of any series shall have been so
appointed by the           Company or the Holders and accepted appointment in the manner
required by           Section 6.11, any Holder who has been a bona fide Holder of a
Security of such           series for at least six months may, on behalf of himself and
all others           similarly situated, petition any court of competent jurisdiction for
the           appointment of a successor Trustee with respect to the Securities of such
          series.  

-38- 

        (f)    The
Company shall give notice of each resignation and each removal of the           Trustee
with respect to the Securities of any series and each appointment of a
          successor Trustee with respect to the Securities of any series by mailing
          written notice of such event by first-class mail, postage prepaid, to all
          Holders of Securities of such series as their names and addresses appear in the
          Security Register. Each notice shall include the name of the successor Trustee
          with respect to the Securities of such series and the address of its Corporate
          Trust Office.  

Section 6.11.    
Acceptance of Appointment by Successor. 

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

        (b)    In
case of the appointment hereunder of a successor Trustee with respect to the
          Securities of one or more (but not all) series, the Company, the retiring
          Trustee and each successor Trustee with respect to the Securities of one or
more           series shall execute and deliver an indenture supplemental hereto wherein
each           successor Trustee shall accept such appointment and which (1) shall
contain such           provisions as shall be necessary or desirable to transfer and
confirm to, and to           vest in, each successor Trustee all the rights, powers,
trusts and duties of the           retiring Trustee with respect to the Securities of
that or those series to which           the appointment of such successor Trustee
relates, (2) if the retiring Trustee           is not retiring with respect to all
Securities, shall contain such provisions as           shall be deemed necessary or
desirable to confirm that all the rights, powers,           trusts and duties of the
retiring Trustee with respect to the Securities of that           or those series as to
which the retiring Trustee is not retiring shall continue           to be vested in the
retiring Trustee, and (3) shall add to or change any of the           provisions of this
Indenture as shall be necessary to provide for or facilitate           the administration
of the trusts hereunder by more than one Trustee, it being           understood that
nothing herein or in such supplemental indenture shall           constitute such Trustees
co-trustees of the same trust and that each such           Trustee shall be trustee of a
trust or trusts hereunder separate and apart from           any trust or trusts hereunder
administered by any other such Trustee; and upon           the execution and delivery of
such supplemental indenture the resignation or           removal of the retiring Trustee
shall become effective to the extent provided           therein and each such successor
Trustee, without any further act, deed or           conveyance, shall become vested with
all the rights, powers, trusts and duties           of the retiring Trustee with respect
to the Securities of that or those series           to which the appointment of such
successor Trustee relates; but, on request of           the Company or any successor
Trustee, such retiring Trustee shall duly assign,           transfer and deliver to such
successor Trustee all property and money held by           such retiring Trustee
hereunder with respect to the Securities of that or those           series to which the
appointment of such successor Trustee relates.  

-39- 

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

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

Section 6.12.    Merger,
Conversion, Consolidation or Succession to Business. 

        Any
corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of the Trustee (including the administration of this
Indenture), shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case
any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.13.    
Preferential Collection of Claims Against Company. 

        If
and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other
obligor). A trustee who has resigned or been removed shall be subject to the Trust
Indenture Act Section 311(a) to the extent provided therein. 

ARTICLE 7  

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 

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

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

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

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	 	        (b)    at
such other times as the Trustee may request in writing, within 30 days after
               the receipt by the Company of any such request, a list of similar form and
               content as of a date not more than 15 days prior to the time such list is
               furnished;  

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

Section 7.02.    
Preservation of Information; Communications to Holders. 

        (a)    The
Trustee shall preserve, in as current a form as is reasonably practicable,           the
names and addresses of Holders contained in the most recent list furnished           to
the Trustee as provided in Section 7.01 and the names and addresses of           Holders
received by the Trustee in its capacity as Security Registrar. The           Trustee may
destroy any list furnished to it as provided in Section 7.01 upon           receipt of a
new list so furnished.  

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

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

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

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

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        (c)    Every
Holder of Securities, by receiving and holding the same, agrees with the
          Company and the Trustee that neither the Company nor the Trustee nor any agent
          of either of them shall be held accountable by reason of the disclosure of any
          such information as to the names and addresses of the Holders in accordance
with           Section 7.02(b), regardless of the source from which such information was
          derived, and that the Trustee shall not be held accountable by reason of
mailing           any material pursuant to a request made under Section 7.02(b).  

        (d)    Subject
to Sections 7.02(a), 7.02(b), 7.02(c) and 6.01, if the Company or any           other
person (other than the Trustee) shall desire to communicate with Holders           of
Securities to solicit or obtain from them any proxy, consent, authorization,
          waiver, approval of a plan of reorganization, arrangement or readjustment or
          other action (“Holder Action”), the Trustee shall have no duty to
          participate in such communication or solicitation or the processing of
responses           in any manner except (i) to furnish the rules and regulations and to
perform the           functions referred to in Section 1.04 and (ii) to receive (A) the
instruments           evidencing the Holder Action together with (B) the Officers’ Certificate
          and Opinion of Counsel referred to below. The Company hereby covenants that any
          and all communications and solicitations distributed by it in connection with
          any Holder Action will comply in all material respects with applicable law,
          including without limitation applicable law concerning adequacy of disclosure.
          The Trustee shall have no responsibility for the accuracy or completeness of
any           materials circulated to solicit any Holder Action nor for any related
          communications nor for the compliance thereof with applicable law. No Holder
          Action shall become effective until the Trustee shall have received from the
          Company or other person who solicited the Holder Action (1) the instruments
          evidencing such Holder Action and (2) (x) (in the case of Holder Action
          solicited by the Company or the representative of the Company’s estate if
          the Company is the debtor in any bankruptcy or other insolvency proceeding) an
          Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
          specifying the Holder Action taken and stating that such Holder Action has been
          duly and validly taken in compliance with this Indenture in all material
          respects. Such Officers’ Certificate, if any, shall also certify that
          (after giving effect to such Holder Action) no Event of Default or event or
          condition which, with notice or lapse of time or both, would become an Event of
          Default has occurred and is continuing or has not been waived.  

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

Section 7.03.    Reports by
Trustee. 

        (a)    Within
60 days after           [            ]
of           each year commencing with the first           [            ]
          following the date of this Indenture, the Trustee shall transmit by mail to all
          Holders, as their names and addresses appear in the Security Register, a brief
          report dated as of such           [            ],
to           the extent required by Section 313(a) of the Trust Indenture Act.  

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

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

Section 7.04.    Reports by
Company. 

        The
Company shall: 

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

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

ARTICLE 8  

SUCCESSOR CORPORATION 

Section 8.01.    When
Company May Merge or Transfer Assets. 

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

	 	        (1)    either
(a) the Company shall be the surviving person or (b) the person (if other           than
the Company) formed by such consolidation or into which the Company is           merged
or the person which acquires by conveyance, transfer or lease the           properties
and assets of the Company substantially as an entirety shall           expressly assume,
by an indenture supplemental hereto, executed and delivered to           the Trustee, in
form reasonably satisfactory to the Trustee, all of the           obligations of the
Company under the Securities and this Indenture;  

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

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

        The
successor person formed by such consolidation or into which the Company is merged or the
successor person to which such conveyance, transfer, sale or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor had been named as the Company
herein; and thereafter, the Company shall be discharged from all obligations and covenants
under this Indenture and the Securities. Subject to Section 9.03, the Company, the Trustee
and the successor person shall enter into a supplemental indenture to evidence the
succession and substitution of such successor person and such discharge and release of the
Company. 

ARTICLE 9  

AMENDMENTS &
SUPPLEMENTAL INDENTURES 

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

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

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

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

	 	        (3)    to
provide for the assumption of the Company’s obligations under this
          Indenture by a successor upon any merger, consolidation or asset transfer as
          permitted by and in compliance with Article 8 of this Indenture;  

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

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

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

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

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

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

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

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

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

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

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

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

	 	        (2)    reduce
the principal amount of, or the rate of interest on, the Securities;  

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

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

-45- 

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

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

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

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

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

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

Section 9.03.    Execution
of Supplemental Indentures. 

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

Section 9.04.    Effect of
Supplemental Indentures. 

        Upon
the execution of any supplemental indenture under this article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of
this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. 

Section 9.05.    Conformity
with Trust Indenture Act. 

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

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Section 9.06.
    Reference in Securities to Supplemental Indentures. 

        Securities
of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series. 

ARTICLE 10  

COVENANTS 

Section 10.01.    Payment
of Principal, Premium and Interest. 

        The
Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the
Securities of that series in accordance with the terms of the Securities and this
Indenture. At the option of the Company, payment of principal (and premium, if any) and
interest may be made by wire transfer or (subject to collection) by check mailed to the
address of the Person entitled thereto at such address as shall appear in the Security
Register. 

Section 10.02.    
Maintenance of Office or Agency. 

        The
Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served. The Company hereby
initially appoints the Trustee its office or agency for each of said purposes. The Company
will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its
agent to receive all such presentations, surrenders, notices and demands. 

        The
Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any
such other office or agency. 

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Section 10.03.    Money
for Securities; Payments to Be Held in Trust. 

        If
the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any)
or interest on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act. 

        Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, on
or prior to each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of
its action or failure so to act. 

        The
Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this section, that such Paying Agent will: 

	 	        (1)    hold
all sums held by it for the payment on the principal of (and premium, if           any)
or interest on Securities of that series in trust for the benefit of the
          Persons entitled thereto until such sums shall be paid to such Persons or
          otherwise disposed of as herein provided;  

	 	        (2)    give
the Trustee notice of any default by the Company (or any other obligor upon           the
Securities of that series) in the making of any payment of principal (and
          premium, if any) or interest on the Securities of that series; and  

	 	        (3)    at
any time during the continuance of any such default, upon the written request
          of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
          Paying Agent.  

        The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent
to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to
the Trustee, such Paying Agent shall be released from all further liability with respect
to such money. 

        Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any
Security of any series and remaining unclaimed for two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such trust; and
the Holder of such Security shall thereafter, as an unsecured general creditor, look, only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of the Company
cause to be mailed or published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the City, County
and State of New York, or both, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of such mailing
or publication, any unclaimed balance of such money then remaining will be repaid to the
Company. 

-48- 

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

Section 10.04.    Corporate
Existence. 

        Subject
to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence, rights (charter and statutory)
and franchises; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company
and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 10.05.    
Maintenance of Properties. 

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

Section 10.06.    
Statement by Officers as to Default. 

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

-49- 

Section 10.07.    Waiver of
Certain Covenants. 

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

ARTICLE 11  

REDEMPTION OF
SECURITIES 

Section 11.01.    
Applicability of Article. 

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

Section 11.02.    
Election to Redeem; Notice to Trustee. 

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

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

        If
less than all the Securities of any series are to be redeemed, the particular Securities
to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not previously called for
redemption, by such method as the Trustee in its sole discretion shall deem fair and
appropriate and which may provide for the selection or redemption of portions (equal to
the minimum authorized denomination for Securities of that series or any integral multiple
thereof) of the principal amount of Securities of such series of a denomination larger
than the minimum authorized denomination for Securities of that series. 

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        The
Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the
principal amount thereof to be redeemed. 

        For
all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such
Securities which has been or is to be redeemed. 

Section 11.04.    Notice of
Redemption. 

        Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed, at his address appearing in the Security Register. Any notice which is mailed in
the manner herein provided shall be conclusively presumed to have been duly given, whether
or not such Holder receives the notice. Failure to give notice by mail, or any defect in
the notice to any such Holder in respect of any Security, shall not affect the validity of
the proceedings for the redemption of any other Security. 

        All
notices of redemption shall state: 

	 	        (1)    the
Redemption Date,  

	 	        (2)    the
Redemption Price and any accrued interest,  

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

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

	 	        (5)    the
place or places where such Securities are to be surrendered for payment of           the
Redemption Price and any accrued interest,  

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

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

-51- 

        Notice
of redemption of Securities to be redeemed at the election of the Company shall be given
by the Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company. 

Section 11.05.    Deposit of
Redemption Price. 

        On
or prior to any Redemption Date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 10.03) an amount of money, in funds immediately available on
the due date, sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities which are
to be redeemed on that date. 

Section 11.06.    
Securities Payable on Redemption Date.  

        Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified
together with accrued interest thereon, and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in
accordance with said notice, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest to the Redemption Date; provided,
however, that installments of interest whose Stated Maturity is on the Redemption
Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 3.07. 

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

        The
Trustee shall not redeem any Securities of any series pursuant to this article (unless all
Outstanding Securities of such series are to be redeemed) or mail or give any notice of
redemption of Securities during the continuance of an Event of Default hereunder known to
the Trustee with respect to such series, except that, where the mailing of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or
cause to be redeemed such Securities, provided that it shall have received from the
Company a sum sufficient for such redemption. Except as aforesaid, any moneys theretofore
or thereafter received by the Trustee shall, during the continuance of such Event of
Default, be deemed to have been collected under Article 5 and held for the payment of all
such Securities of such series. In case such Event of Default shall have been waived as
provided in Section 5.13 or the default cured on or before the sixtieth day preceding the
Redemption Date, such moneys shall thereafter be applied in accordance with the provisions
of this article. 

Section 11.07.    Securities
Redeemed in Part. 

        Any
Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing), and the
Company shall execute, and the Trustee shall authenticate and deliver to the Holder of
such Security without service charge, a new Security or Securities of the same series, of
any authorized denomination as requested by such Holder, in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so
surrendered. 

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ARTICLE 12  

SINKING FUNDS 

Section 12.01.    
Applicability of Article. 

        The
provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.01 for
Securities of such series. 

        The
minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any
payment in excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund payment.” If provided
for by the terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 12.02. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series. 

Section 12.02.
    Satisfaction of Sinking Fund Payments with Securities. 

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

Section 12.03.    
Redemption of Securities for Sinking Fund. 

        Not
less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company (1) will deliver to the Trustee an Officers’ Certificate (A) stating that
no defaults in the payment of interest or Events of Default with respect to Securities of
that series have occurred (which have not been waived or cured), (B) specifying the amount
of the next ensuing sinking fund payment for that series pursuant to the terms of
Securities of that series, (C) stating whether or not the Company intends to exercise its
right, if any, to make an optional sinking fund payment with respect to such series on the
next ensuing sinking fund payment date and, if so, specifying the amount of such optional
sinking fund payment and (D) specifying the portion of such sinking fund payment, if
any, which is to be satisfied by payment of cash and the portion thereof, if any, which is
to be satisfied by delivering and crediting Securities of that series pursuant to Section
12.02 and (2) will also deliver to the Trustee any Securities to be so delivered. Not
less than 30 days before each such sinking fund payment date the Trustee shall select the
Securities of such series to be redeemed upon such sinking fund payment date in the manner
specified in Section 11.03 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 11.04. Such
notice having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 11.05, 11.06 and 11.07. Failure of the Company,
on or before any such 60th day, to deliver such Officers’ Certificate and Securities
specified in this section, if any, shall not constitute a default but shall constitute, on
and as of such date, the irrevocable election of the Company (a) that the mandatory
sinking fund payment for such series due on the next succeeding sinking fund payment date
shall be paid entirely in cash without the option to deliver or credit Securities of such
series in respect thereof and (b) that the Company will make no optional sinking fund
payment with respect to Securities of such series as provided in this article. 

-53- 

        The
Trustee shall not redeem or cause to be redeemed any Security of a series with sinking
fund moneys or mail any notice of redemption of Securities of such series by operation of
the sinking fund during the continuance of a default in payment of interest on such
Securities or of any Event of Default with respect to such series except that, where the
mailing of notice of redemption of any Securities shall therefore have been made, the
Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have
received from the Company a sum sufficient for such redemption. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such default or Event of
Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during
the continuance of such default or Event of Default, be deemed to have been collected
under Article 5 and held for the payment of all such Securities of such series. In case
such Event of Default shall have been waived as provided in Section 5.13 or the default
cured on or before the 60th day preceding the sinking fund payment date, such moneys shall
thereafter be applied on the next succeeding sinking fund payment date in accordance with
this section to the redemption of such Securities. 

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

ARTICLE 13  

SUBORDINATION 

Section 13.01.    Agreement
to Subordinate. 

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

-54- 

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

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

Section 13.02.    Default on
Senior Indebtedness. 

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

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

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

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

-55- 

Section 13.03.    
Liquidation; Dissolution; Bankruptcy. 

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

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

-56- 

        (c)    For
purposes of this article, the words “cash, property or securities”          shall
not be deemed to include shares of stock of the Company as reorganized or
          readjusted, or securities of the Company or any other corporation provided for
          by a plan of reorganization or readjustment, the payment of which is
          subordinated at least to the extent provided in this Article with respect to
the           Securities to the payment of all Senior Indebtedness of the Company that
may at           the time be outstanding; provided, however, that (i) such
          Senior Indebtedness is assumed by the new corporation, if any, resulting from
          any such reorganization or readjustment, and (ii) the rights of the
holders           of such Senior Indebtedness are not, without the consent of such
holders,           altered by such reorganization or readjustment. The amalgamation or
          consolidation of the Company with, or the merger of the Company into, another
          corporation or the liquidation or dissolution of the Company following the
          conveyance or transfer of its properties or assets substantially as an
entirety,           to another corporation upon the terms and conditions provided for in
Article 8           of this Indenture shall not be deemed a dissolution, winding-up,
liquidation or           reorganization for the purposes of this Section 13.03 if such
other corporation           shall, as part of such amalgamation, consolidation, merger,
conveyance or           transfer, comply with the conditions stated in Article 8 of this
Indenture.           Nothing in Section 13.02 or in this Section 13.03 shall apply to
claims of, or           payments to, the Trustee under or pursuant to Section 6.07.  

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

Section 13.04.    
Subrogation. 

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

        (b)    Nothing
contained in this Article or elsewhere in this Indenture or in the           Securities
is intended to or shall impair, as between the Company, its creditors           other
than the holders of Senior Indebtedness of the Company, and the Holders,           the
obligation of the Company, which is absolute and unconditional, to pay to           the
Holders the principal of and interest on the Securities as and when the same
          shall become due and payable in accordance with their terms, or is intended to
          or shall affect the relative rights of the Holders and creditors of the Company
          other than the holders of Senior Indebtedness of the Company nor shall anything
          herein or therein prevent the Trustee or any Holder of Securities from
          exercising all remedies otherwise permitted by applicable law upon default
under           this Indenture, subject to the rights, if any, under this article of the
holders           of such Senior Indebtedness in respect of cash, property or securities
of the           Company received upon the exercise of any such remedy.  

-57- 

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

Section 13.05.    
Trustee to Effectuate Subordination. 

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

Section 13.06.    Notice by
the Company. 

        (a)    The
Company shall give prompt written notice to a Responsible Officer of the
          Trustee of any fact known to the Company that would prohibit the making of any
          payment of monies to or by the Trustee in respect of the Securities pursuant to
          the provisions of this article. Notwithstanding the provisions of this Article
          or any other provision of this Indenture, the Trustee shall not be charged with
          knowledge of the existence of any facts that would prohibit the making of any
          payment of monies to or by the Trustee in respect of the Securities pursuant to
          the provisions of this Article, unless and until a Responsible Officer of the
          Trustee shall have received written notice thereof from the Company or a Holder
          or holders of Senior Indebtedness or from any representative or trustee
          therefor; and before the receipt of any such written notice, the Trustee,
          subject to the provisions of Section 6.01, shall be entitled in all respects to
          assume that no such facts exist; provided, however, that if the
          Trustee shall not have received the notice provided for in this section at
least           two Business Days prior to the date upon which by the terms hereof any
money may           become payable for any purpose (including, without limitation, the
payment of           the principal of or interest on any Security), then, anything herein
contained           to the contrary notwithstanding, the Trustee shall have full power
and authority           to receive such money and to apply the same to the purposes for
which such money           was received, and shall not be affected by any notice to the
contrary that may           be received by it within two Business Days prior to such
date.  

        (b)    The
Trustee, subject to the provisions of Section 6.01, shall be entitled to
          conclusively rely on the delivery to it of a written notice by a Person
          representing himself to be a holder of Senior Indebtedness of the Company (or a
          trustee or representative on behalf of such holder), to establish that such
          notice has been given by a holder of such Senior Indebtedness or a trustee or
          representative on behalf of any such holder or holders. In the event that the
          Trustee determines in good faith that further evidence is required with respect
          to the right of any Person as a holder of such Senior Indebtedness to
          participate in any payment or distribution pursuant to this Article, the
Trustee           may request such Person to furnish evidence to the reasonable
satisfaction of           the Trustee as to the amount of such Senior Indebtedness held
by such Person,           the extent to which such Person is entitled to participate in
such payment or           distribution and any other facts pertinent to the rights of
such Person under           this Article and, if such evidence is not furnished, the
Trustee may defer any           payment to such Person pending judicial determination as
to the right of such           Person to receive such payment.  

-58- 

Section 13.07.    Rights
of the Trustee; Holders of Senior Indebtedness. 

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

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

Section 13.08.    
Subordination May Not Be Impaired. 

        (a)    No
right of any present or future holder of any Senior Indebtedness of the           Company
to enforce subordination as herein provided shall at any time in any way           be
prejudiced or impaired by any act or failure to act on the part of the           Company
or by any act or failure to act, in good faith, by any such holder, or           by any
noncompliance by the Company with the terms, provisions and covenants of           this
Indenture, regardless of any knowledge thereof that any such holder may           have or
otherwise be charged with.  

        (b)    Without
in any way limiting the generality of the foregoing paragraph, the           holders of
Senior Indebtedness of the Company may, at any time and from time to           time,
without the consent of or notice to the Trustee or the Holders, without
          incurring responsibility to the Holders and without impairing or releasing the
          subordination provided in this article or the obligations hereunder of the
          Holders to the holders of such Senior Indebtedness, do any one or more of the
          following: (i) change the manner, place or terms of payment or extend the
          time of payment of, or renew or alter, such Senior Indebtedness, or otherwise
          amend or supplement in any manner such Senior Indebtedness or any instrument
          evidencing the same or any agreement under which such Senior Indebtedness is
          outstanding; (ii) sell, exchange, release or otherwise deal with any
          property pledged, mortgaged or otherwise securing such Senior Indebtedness;
          (iii) release any Person liable in any manner for the collection of such
          Senior Indebtedness; and (iv) exercise or refrain from exercising or waive
          any rights against the Company and any other Person.  

-59- 

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

Section 13.09.    Article
Applicable to Paying Agents. 

        In
case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article
shall in such case (unless the context otherwise requires) be construed as extending to
and including such Paying Agent within its meaning as fully for all intents and purposes
as if such Paying Agent were named in this article in addition to or in place of the
Trustee; provided, however, that this section shall not apply to the Company
or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

Section 13.10.    Defeasance
of This Article. 

        Notwithstanding
anything contained herein to the contrary, payments from cash or the proceeds of United
States Government Obligations held in trust under Article 4 by the Trustee (or other
qualifying trustee) and which were deposited in accordance with the terms of
Article 4 and not in violation of Section 13.02 for the payment of principal of and
interest on the Securities shall not be subordinated to the prior payment of any Senior
Indebtedness or subject to the restrictions set forth in this Article, and none of the
Holders shall be obligated to pay over any such amount to the Company or any holder of
Senior Indebtedness or any other creditor of the Company. 

Section 13.11.
    Subordination Language to Be Included in Securities. 

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

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

        IN
WITNESS WHEREOF, MAXWELL TECHNOLOGIES, INC. has caused this Indenture to be duly executed
as of the day and year first before written. 

		MAXWELL TECHNOLOGIES, INC.
	

 	By:  ____________________________________
		        Name:
		        Title:

-60- 

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

		[NAME OF TRUSTEE]
	

 	By:  ____________________________________
		        Name:
		        Title:

-61-[NATUZZI LOGO]

                         STOCK INCENTIVE PLAN 2004-2009
                                   REGULATIONS

                                    Article 1
                                   Definitions

Within this Regulations the below mentioned terms have the meaning as hereafter
stated:

ADS:                American Depositary Share listed on the New York Stock
                    Exchange, US. It represents one Natuzzi S.p.A. Ordinary
                    Share;

Additional Option:  the right to underwrite one Company's Share at a
                    pre-determined price (Exercise price), subject to the
                    achievement of targets stemming from the 2004 and 2005 MBO
                    and of the ADS target price on pre-determined dates;

Beneficiaries:      Employees of the Group's companies that participate in the
                    Plan;

Board:              The Board of Directors of the Company that approved this
                    Regulations on July 23, 2004;

Committee:          Committee nominated by the Board of Directors in order to
                    give actual realization to the Plan; the composition of this
                    Committee may vary in the future at the Board's discretion;

Company:            Natuzzi S.p.A., stock company established according to the
                    Italian legislation, with registered office in Corso Cavour,
                    51 - Bari - Italy and administrative office in Via
                    Iazzitiello, 47 - Santeramo in Colle (Bari) - Italy.Meeting:
                    The General Shareholder's Meeting, as defined in the
                    by-laws, hold in ordinary and extraordinary session on July
                    23, 2004;

Exercise Form:      the form that the Beneficiaries must use in order to
                    exercise the Options and the Additional Stock (Attachment
                    2);

Exercise Price:     the price the Beneficiary must pay to the Company in
                    order to underwrite Shares underlying the Options and
                    Additional Options;

Grant Agreement:    the Grant Agreement entered into between each of
                    the Beneficiaries and the Company containing the essential
                    clauses to participate in the Plan, attached to these
                    Regulations;

Group:              the Company and the companies controlled (also indirectly)
                    by the Company whose registered office is placed in Italy
                    and in the rest of the world;

MBO:                the incentive plan in favor of some employees of the Group;

Option:             the right to underwrite one Company's Share at a
                    pre-determined price (Exercise Price), subject to the
                    achievement of targets stemming from the 2004 and 2005 MBO;

Plan:               stock incentive plan within these Regulations as implemented
                    by the Natuzzi S.p.A.;

Restricted
Stock Unit:         the right to receive a Share from the Company, subject
                    to the achievement of targets stemming from the 2004 and
                    2005 MBO;

Share:              The Company's Ordinary Share convertible into ADS;

                                    Article 2

      THE SUBJECT-MATTER OF THE REGULATIONS AND POSSIBLE CLAUSE INVALIDITY

2.1        This Regulations establish the rules for the execution of the Plan in
           favor of the Beneficiaries on the basis of the guidelines as defined
           by the Meeting.

2.2        The invalidity of just one clause within these Regulations will not
           give rise to invalidity of the remaining clauses and of the whole
           Regulations.

                                    Article 3

                             MANAGEMENT OF THE PLAN

3.1      The Plan is managed by the Committee.

3.2      The Committee has the wider power to:

         a)       modify, annul, suspend and integrate the terms and conditions
                  of the Plan in the observance of the rights relative to the
                  Restricted Stock Units, the Options and Additional Options
                  already assigned, with or without the consent of the
                  Beneficiaries;

         b)       modify, in particular, the Exercise Price and the terms of the
                  Plan in such a way to fulfill the conditions as provided for
                  by paragraph 51.2, lett. g-bis, of the DPR n. 917/86.

         c)       To provide the correct interpretation of the Regulations, the
                  Grant Agreement and every other document concerning the Plan;

         d)       Give full execution to the Plan, to the Grant Agreement and to
                  every other agreement/clause with reference to the Plan;

         e)       To accomplish every formality necessary to the correct and
                  effective management of the Plan.

                                    Article 4

                    CONDITIONS FOR PARTICIPATING TO THE PLAN

4.1        The Beneficiaries of the Plan are those belonging to the categories
           as determined by the Board on July 23, 2004 on delegation of the
           Meeting.

4.2        The participation in the Plan is subject to a previous acceptance,
           that must be sent to the Company according to the modalities as
           defined under paragraph 4.3.

4.3        Within 7 days from the receiving of the Grant Agreement, the
           Beneficiaries must send to the Company a copy of it, undersigned by
           acceptance, brevi manu or by mail or by means of telefax to the
           addresses indicated in the Grant Agreement.

4.4        The Beneficiary of the Plan, concomitantly to the signing of the
           Grant Agreement, acquire the right to converting the 2004 and 2005
           MBO benefits into the benefits provided for by the Plan.

                                    Article 5

          RESTRICTED STOCK UNITS ASSIGNMENT UPON NATUZZI S.P.A. SHARES

5.1        Each Beneficiaries is assigned Restricted Stock Units, whose number
           is discretionally determined by the Committee, according to the
           Criteria defined in the Attachment 2 to these Regulations.

5.2        The assignment of the Restricted Stock Units do not award the
           Beneficiary the status of Company's Shareholder, therefore the
           Beneficiary will not have any property right nor any right to
           participating in the Company matters relative to the entitlement of
           the Restricted Stock Units.

                                    Article 6

                  ASSIGNMENT TERMS AND CONDITIONS OF THE SHARES
                     UNDERLYING THE RESTRICTED STOCK UNITS

6.1        Shares underlying the Restricted Stock Units will be assigned in two
           equal tranches in the following periods: from January 15 through
           January 31, 2006 and from January 15 through January 31, 2007 as for
           the Restricted Stock Units relatied to 2004 MBO; from January 15
           through January 31, 2007 and from January 15 through January 31, 2008
           as for the Restricted Stock Units related to the 2005 MBO, unless the
           Committee fixes different dates.

6.2        The definitive number of Restricted Stock Units that can be vested is
           determined according to the criteria as defined in the Attachment 1
           to the Regulations on the basis of the 2004 and 2005 MBOs targets
           achieved by the Beneficiary.

6.3        The Restricted Stock Units that are not vested because of the missed
           or partial achievement of 2004 and 2005 MBOs targets are considered
           annulled for all practical purposes.

6.4        The termination of the employment relation with the Group that has
           occurred, for any cause, on a date prior to those set for by article
           6.1, do not imply the extinguishment of the right itself.

6.5        Except the case in which the Committee, while carrying out its
           duties, provides otherwise, the Restricted Stock Units within these
           Regulations, if actually come to maturity, and the rights provided
           for by it are personal, registered, not transferable and non
           negotiable (except their transmission in favor of the successors
           mortis causa) and can not be given as a pledge or as a guaranty nor
           can they be used for debts or obligations undertaken by the
           Beneficiaries.

                                    Article 7

    ASSIGNMENT MODALITIES OF THE SHARES UNDERLYING THE REGISTERED STOCK UNITS

On the afore said maturity dates (paragraph 6.1), the Beneficiary will be
assigned, care of the account as stated within the Grant Agreement, a number of
Shares equal to the number of the Restricted Stock Units that have come to
maturity on the basis of the criteria as defined in the Attachment 1 to these
Regulations.

                                    Article 8

   ASSIGNMENT OF OPTIONS AND ADDITIONAL OPTIONS FOR THE UNDERWRITING OF SHARES

8.1        Each Beneficiary is assigned Options, whose number is discretionally
           determined by the Committee and indicated in the Grant Agreement and
           whose exercise is subject to the achievement of the targets included
           in 2004 and 2005 MBOs.

8.2        Each Beneficiary will be assigned also two equal tranches of
           Additional Options for a total equal to 50% of the total Options
           assigned in application of paragraph 8.1, whose exercise is subject
           to the achievement of the targets included in 2004 and 2005 MBOs and
           of the following target prices:

           - arithmetic mean of the ADS market price during the period from
           October 1 through December 31, 2005 equal to or greater than United
           States Dollar 15 (first tranche);

           - arithmetic mean of the ADS market price during the period from
           October 1 through December 31, 2007 equal to or greater than United
           States Dollar 24 (second tranche).

           The Committee, within 7 days following the afore said periods, will
           communicate to the Beneficiaries whether the condition has occurred
           and, should that be the case, will confirm that the Additional
           Options are exercisable within the terms and conditions as provided
           for by paragraph 10 of these Regulations.

8.3        Also in the enforcement of the provisions under paragraph 51.2 lett.
           g-bis), of the D.P.R. 22 as of December 22, 1986, n. 917, the
           assignment date of the Options and Additional Options coincides with
           the session of the Board of Directors hold on July 23, 2004, date in
           which all the conditions of the Plan are fixed unequivocally

                                    Article 9

                  OPTIONS AND ADDITIONAL OPTIONS EXERCISE PRICE

9.1        The Beneficiaries will be entitled to underwrite, for each Option and
           for each Additional Option assigned to them and that can be
           exercised, one Ordinary Share of the Company with regular possession,
           by paying an amount for each Share equal to the Exercise Price.

9.2        The Exercise Price will be equal to the normal value of the Company's
           Share on the assignment date of the Options and Additional Options,
           calculated according to the fiscal law currently in force (under
           paragraph 9.4 lett. a) of the DPR 917/86).

9.3        All the amendments regarding the above mentioned Exercise Price
           and/or conversion rate are still valid under the events provided for
           by the Article 12 and in all the circumstances in which the Committee
           considers it advisable

                                   Article 10

        TERMS AND CONDITIONS OF THE OPTION AND ADDITIONAL OPTION EXERCISE

10.1     The Options and/or the Additional Options actually vested can be
         exercised according to the following terms:

         -        from January 1 through 15, 2006: 50% of the Options relative
                  to the 2004 MBO and 50% of the Additional Options relative to
                  the first tranche;

         -        from January 1 through 15, 2007: 50% of the remaining Options
                  relative to the MBO 2004, 50% of the Options relative to the
                  2005 MBO and 50% of the remaining Additional Options relative
                  to the first tranche;

         -        from January 1 through 15, 2008: 50% of the remaining Options
                  relative to the 2005 MBO and 50% of the Additional Options
                  relative to the second tranche;

         -        from January 1 through 15, 2009: 50% of remaining the
                  Additional Options relative to the second tranche.

10.2     The Beneficiary has the faculty to exercise the Options or the
         Additional Options actually vested that have not been exercised during
         the respective exercise periods set forth above under paragraph 10.1
         during one of the following periods also set forth above under
         paragraph 10.1 but not later than the last period between January 1
         through 15, 2009.

10.3     The Options and the Additional Options that will not exercised for the
         missed or partial achievement of the targets stemming from the 2004
         and/or 2005 and/or for the missed achievement of the target price as
         set for under paragraph 8.2, respectively, are considered annulled for
         all legal purposes.

10.4     The termination of employment relation with the Group that has
         occurred, for any cause, in a date prior to those as set for by
         paragraph 10.1 implies the automatic extinguishment of the rights not
         exercised

10.5     Except the case in which the Committee, while carrying out its duties,
         provides otherwise, the Options and the Additional Options within these
         Regulations and that have come to maturity are personal, registered,
         not transferable and non negotiable (except their transmission in favor
         of the successors mortis causa) can not be given as a pledge or as a
         guaranty nor can they be used for debts or obligations undertaken by
         the Beneficiary owner of the Options and Additional Options. The
         Assignment of the Restricted Stock Units in favor of the Beneficiaries
         is free of charge.

                                   Article 11

             MODALITIES OF EXERCISING OPTIONS AND ADDITIONAL OPTIONS

11.1     The Beneficiary who wants to exercise his own Options and/or his own
         Additional Options will have to give written communication to the
         Company, by filling in the Exercise Form.

11.2     The exercise of the Options and/or Additional Options will be
         considered validly executed only when the whole Exercise Price is paid.
         If the whole Exercise Price due by the Beneficiary is not paid to the
         Company by means of bank transfer to the bank account indicated in the
         Grant Agreement within 7 days from the date on which the Exercise Form
         was sent to the Company, the Options and/or the Additional Options
         assigned to the Beneficiary will be considered as not exercised for all
         legal purposes with reciprocal release of the Company and of the
         Beneficiary from every obligation in this respect, without the
         Beneficiary being entitled to claim any sort of compensation or refund.

11.3     Within 30 days from the above mentioned dates, the Company will deposit
         the Shares underlying the exercised Options and/or Additional Options
         in a security account indicated by the Beneficiary in the Grant
         Agreement and will take care of every other formality that should
         become necessary in order to let the Beneficiary acquire the full
         entitlement of the Shares.

                                   Article 12

                       OPERATIONS ON THE COMPANY'S CAPITAL

In the event of the following operations, if conditions occur, the Board, or on
behalf of it, the Committee, will be able to amend the Exercise Price and/or the
number of the owing Shares (included the shares resulting from possible merger
and/or splitting operations) with reference to the Restricted Stock Units, to
the Options and the Additional Options not yet exercised/matured:

         a)       operations of stock gathering and split;

         b)       operations of gratuitous increase of the Company's capital;

         c)       operations of increase in the Company's capital subject to
                  payment with issue of Shares, of shares different from the
                  Shares, of shares linked to warrants, of convertible bonds and
                  of bonds convertible with warrant;

         d)       operations of merger and spin-off;

         e)       distribution of extra dividends by means of drawing from the
                  Company's reserves;

         f)       assignment in favor of the Shareholders of portfolio assets
                  owned by the Company;

         g)       operations of the Company's capital reduction ;

in such a way that the economic contents of the Restricted Stock Units, of the
Options and of the Additional Options will not be altered with regards to the
Beneficiary.

                                   Article 13

                               MISCELLANEOUS ITEMS

13.1     All the communications here provided between the Company and the
         Beneficiaries will be carried out by means of written communication, to
         be sent to the addresses or telefax numbers as communicated by them in
         writing to the Company on the signing of the Grant Agreement, or
         afterwards in case the aforesaid addresses or numbers have changed.

13.2     The possession of the Restricted Stock Units, Options and Restricted
         Options, implies the full acceptance of the conditions within the
         Regulations.

13.3     It is explicitly agreed upon that the participation of the Beneficiary
         in the Plan subject-matter of these Regulations does not constitute nor
         does it arise any right or expectation or claim of every kind, even in
         the future, with regards to, or in connection with, the employment,
         administration or co-operation relationship, in any case, of the
         Beneficiary. The afore said relations, then , will keep on being
         regulated by the current laws and contracts.

13.4     These Regulations have been drawn up on the basis of the current tax
         and social security regulations and of any other applicable rules. The
         Company and the Group do not assume any obligation, expense and
         responsibility if, because of changes to the aforementioned regulations
         and rules, or in the related interpretation and application, the
         implementation of the Plan should involve to the Beneficiaries higher
         tax charges or costs of any kind.

13.5     All the terms provided for by these Regulations must me considered
         peremptory. By "day" one must understand the working day in Italy,
         being understood that if a term expires on a non working day in Italy ,
         the said term will be automatically postponed to the next working day.

13.6     The number of the Restricted Stock Units, Options and Additional
         Options stemming from the conversion rate as set for by paragraph 12
         will be expressed with a maximum number of eight decimals and rounded
         to the nearest unit, being understood that if the total number of
         Restricted Stock Units, Options and Additional Options owing to each
         Beneficiary should turn out to be a non integer number, the total
         number will be rounded to the nearest integer number.

                                   Article 14

                               ARBITRATION CLAUSE

14.1     Any dispute between the Company, on one hand, and the Beneficiary, on
         the other hand, arising from these Regulations and from the related
         agreements (including any dispute relative to the validity,
         interpretation and application of this arbitration clause) will be
         settled by ritual arbitration by law. If the parties have not
         designated a sole arbitrator by mutual consent, the dispute will be
         settled by a board of three arbitrators. The first arbitrator will be
         nominated by the party that instigates the arbitration by means of a
         served notice requesting the other party to proceed to the nomination
         of a second arbitrator. The party to whom the request is sent must
         provide within the 20 following days the particulars of the arbitrators
         nominated. The third arbitrator, who will take office as President of
         the Board of the Arbitrators, will be designated by mutual consent by
         the first two arbitrators already nominated by the parties within 20
         days from the from the nomination of the second arbitrator or, in
         absence of the aforementioned consent, by the Presiding Judge in Bari.
         The said President will also designate (1) the second arbitrator if
         nomination of the second arbitrator has not occurred within the
         abovementioned period of time; and (2) a substitute for any arbitrator
         that has died or has not accepted the designation, but only in the
         event in which the said substitution has not been executed by the party
         on which it is incumbent to provide for or, as for the President, by
         the other two arbitrators within 20 days from the date when the said
         arbitrator has died. The decision of the arbitrator, or depending on
         the circumstances, of the arbitrators will be taken in accordance with
         the applicable law in accordance with the enforceable rules of the
         civil procedure code. The arbitral proceeding will take place in Bari.

14.2     The expense for the arbitral proceeding will be charged to the parties
         in accordance with the applicable resolutions of the sole arbitrator
         or, as the case may be, of the board of the arbitrators.

14.3     The addresses of the parties and their respective domiciles, care of
         which the legal acts, the regulations and the other communications
         relative to the arbitral proceeding will be able to be served, will be
         those stated under paragraph 5 of the Grant Agreement.

<PAGE>

                                 GRANT AGREEMENT

                                     BETWEEN

                                 NATUZZI S.P.A.
                WITH REGISTERED OFFICE IN CORSO CAVOUR, 51 - BARI
                            (hereafter "THE COMPANY")

                                       AND

                                "NAME" "SURNAME"
                                resident in_____
                       Taxpayer's ID _____________________
                          (hereafter "The Beneficiary")

                                 pursuant to the
                              INCENTIVE STOCK PLAN
                                   2004 - 2009
                             (hereafter the "Plan")

                           Santeramo in Colle, [date]

<PAGE>

1.       DEFINITIONS AND TERMS

1.1      In this Grant Agreement capitalized terms will have the meaning given
         to them in the Regulations.

1.2      This Grant Agreement is subject to and governed by the terms and
         conditions set forth in the Regulations.

2.       CONVERSION OF BENEFITS

2.1      The issuance of the Restricted Stock Units and Options (as more widely
         described within the Regulations) is subject to the Beneficiary's
         voluntary agreement to convert the Beneficiary's MBO Plan benefits
         relative to the years 2004 and 2005 into the Restricted Stock Units and
         Options, as provided for by the Plan.

2.2      The Beneficiary of the Plan, by signing this Grant Agreement,
         explicitly certifies and agrees that he will accept the issuance of the
         Restricted Stock Units and Options instead of receiving benefits under
         the MBO Plan for the years 2004 and 2005, and that he will not be
         entitled to receive any benefits under the MBO Plan for the years 2004
         and 2005.

2.3      The conversion is irrevocable.

3.       ASSIGNMENT AND EXPIRATION OF THE RESTRICTED STOCK UNITS

3.1      The maximum number of the Restricted Stock Units as a whole assigned on
         the basis of this Grant Agreement, is equal to __________relative to
         the 2004 MBO and ___________-relative to the 2005 MBO.

3.2      The definitive number of Restricted Stock Units that will vest and be
         subject to settlement will be determined according to the criteria as
         defined in the Attachment 2 to the Regulations on the basis of the 2004
         MBO and 2005 MBO targets achieved by the Beneficiary.

3.3      Shares will be issued in settlement of the Restricted Stock Units that
         vest as a result of the achievement of the applicable performance
         targets in two equal tranches with respect to the Restricted Stock
         Units issued relative to each of the 2004 MBO and 2005 MBO as follows:
         from January 15 through January 31, 2006 and from January 15 through
         January 31, 2007 as for the Restricted Stock Units related to 2004 MBO;
         from January 15 through January 31, 2007 and from January 15 through
         January 31, 2008 as for the Restricted Stock Units related to the 2005
         MBO, unless the Committee fixes different dates.

3.4      The Restricted Stock Units that do not vest because of the missed or
         partial achievement of 2004 and 2005 MBOs targets are considered
         annulled for all practical purposes.

3.5      During the applicable periods indicated in paragraph 3.3, the Company
         will make arrangements for the deposit of the Shares underlying the
         Restricted Stock Units in the security account indicated by the
         Beneficiary under paragraph 5 and to accomplish every other formality
         necessary to let the Beneficiary acquire the full entitlement of the
         Shares. The deposit procedure will be carried out in the name of, on
         behalf of, at the expense of and under the responsibility of the
         Beneficiary, and with no assumption of responsibility by the Company,
         with the exception of the obligation of depositing the Shares as
         provided for by this Grant Agreement.

4.       ASSIGNMENT AND TERMS OF EXERCISE OF THE OPTIONS AND ADDITIONAL
         OPTIONS.

4.1      The maximum number of Options wholly assigned to the Beneficiary on the
         basis of this Grant Agreement is equal to_____ times the number of
         Restricted Stock Units assigned relative to the 2004 MBO and ____ times
         the number of Restricted Stock Units assigned relative to the 2005 MBO.

4.2      The total number of Additional Options wholly assigned to the
         Beneficiary on the basis of this Grant Agreement is equal to 50% of the
         Options. 50% of the Additional Options will be referred to as the
         "first tranche" and 50% of the Additional Options will be referred to
         as the "second tranche." The first tranche and second tranche of the
         Additional Options will become exercisable subject to the achievement
         of the following target prices (in addition to the achievement of the
         objectives in the 2004 and 2005 MBO):

         -        arithmetic mean of the ADS market price during the period from
                  October 1 through December 31, 2005 equal to or greater than $
                  15 (first tranche);

         -        arithmetic mean of the ADS market price during the period from
                  October 1 through December 31, 2007 equal to or greater than $
                  24 (second tranche).

         The Committee, within 7 days following the above mentioned periods,
         will communicate to the Beneficiary whether the conditions have been
         satisfied and, should that be the case, will confirm that the
         Additional Options are exercisable in observance of the terms and
         conditions as provided for by Article 10 of the Regulations.

4.3      The exercise price of the Options and of the Additional Options, equal
         to the market value of the Company Share on the Options assignment
         date, according to the current tax regulations (under paragraph 9.4
         lett.a) of the DPR 917/86), is equal to United States Dollar 10.37.

4.4      The Options and the Additional Options actually vested can be exercised
         during the following periods:

         -        from January 1 through January 15, 2006: 50% of the Options
                  relative to the 2004 MBO and 50% of the Additional Options
                  relative to the first tranche;

         -        from January 1 through January 15, 2007: 50% of the remaining
                  Options relative to the MBO 2004, 50% of the Options relative
                  to the 2005 MBO and 50% of the remaining Additional Options
                  relative to the first tranche;

         -        from January 1 through January 15 2008: 50% of the remaining
                  Options relative to the 2005 MBO and 50% of the Additional
                  Options relative to the second tranche;

         -        from January 1 through January 15 2009: 50% of the remaining
                  Additional Options relative to the second tranche.

4.5      The Beneficiary may exercise the Options or the Additional Options
         actually vested that have not been exercised during the respective
         exercise periods set forth above under paragraph 4.4 during any
         subsequent exercise period set forth above under paragraph 4.4 but not
         later than the last period between January 1 through January 15, 2009.

4.6      The definitive number of Options that the Beneficiary will be entitled
         to exercise will be equal to ___times the definitive number of
         Restricted Stock Units that, according to paragraph 3.2 above, are
         settled by the Company in Shares. The definitive number of Additional
         Options that the Beneficiary will be entitled to exercise once the
         target price indicated in paragraph 4.2 has been achieved is equal to
         50% of the definitive number of Options that the Beneficiary will be
         entitled to exercise.

4.7      The Beneficiary will be able to exercise the Options or the Additional
         Options by sending to the Company at the address indicated in paragraph
         5 below a completed Exercise Form, with, in particular, the number of
         the Options and/or the Additional Options that are meant to be
         exercised.

4.8      The Exercise of the Options and/or Additional Options will be
         considered validly executed only when the total Exercise Price is paid.
         If the whole Exercise Price due by the Beneficiary is not paid to the
         Company by means of bank transfer to the bank account IBAN
         IT49D0101004015161009320812 SAN PAOLO BANCO NAPOLI - Bari Branch SWIFT
         CODE NAPBITNN620 within 7 days from the date on which the Exercise Form
         was sent to the Company, the Options and/or the Additional Options
         assigned to the Beneficiary will be considered as not exercised for all
         legal purposes with reciprocal release of the Company and of the
         Beneficiary from every obligation in this respect, without the
         Beneficiary being entitled to claim any sort of compensation or refund.

4.9      Within 30 days from the abovementioned dates, the Company will deposit
         the Shares underlying the Options and/or the Additional Options
         exercised in a security account indicated by the Beneficiary in
         paragraph 5 and take care of every other formality that should become
         necessary in order to let the Beneficiary acquire the full entitlement
         of the Shares. The deposit procedure will be carried out in the name
         of, on behalf of, at the expense of and under the responsibility of the
         Beneficiary, and with no assumption of responsibility by the Company,
         with the exception of the obligation of depositing the Shares as
         provided for by this Grant Agreement.

4.10     The Exercise of the Options and/or Additional Options in the event of
         particular circumstance and on the occasion of operations on the
         Company's capital is ruled by the Regulations.

5.       COMMUNICATIONS

         All the communications requested and permitted by this Grant Agreement,
         including its signed acceptance that must be sent within 7 days from
         the date indicated in the first page of this Grant Agreement, will be
         considered as duly executed if sent by means of letter or telefax to
         the following addresses:

         If to the Company:        Natuzzi S.p.A.
                                   Via Iazzitiello 47
                                   70029 Santeramo in Colle (BA)
                                   Human Resources and Organization Director
                                   Fax 080 8820172

         If to the Beneficiary, to the address indicated in the first page of
this Grant Agreement.

         The details of the account where Shares will have to be deposited as
         provided for by Articles 7 and 11.3 of the Regulations are the
         following:

         _____________________________________________________________

         _____________________________________________________________

6.       TAXES AND CONTRIBUTIONS

6.1      The possible income taxes and the social security contributions from
         the applications of tax rules to the Beneficiary of the benefits from
         the participation to the Plan are charged to the Beneficiary itself.

6.2      This Grant Agreement has been drawn up on the basis of the current tax
         and social security regulations and any other applicable rules. The
         Company and the Group do not assume any obligation, expense or
         responsibility if, because of changes to the aforementioned regulations
         and/or rules, or in the related interpretation and application, the
         implementation of the Plan should involve to the Beneficiaries higher
         tax charges or other costs of any kind.

7.       REGULATING LAW

         Unless provided by mandatory rules within other jurisdictions, this
         Grant Agreement will be regulated and interpreted according to Italian
         Law.

8.       CLAUSE INVALIDITY

         The invalidity of just one clause within this Grant Agreement will not
         cause the invalidity of the remaining clauses and of the whole Grant
         Agreement.

9.       ARBITRATION CLAUSE

9.1    Any dispute between the Company, on one hand, and the Beneficiary, on the
       other hand, arising from these Regulations and from the related
       agreements (including any dispute relative to the validity,
       interpretation and application of this arbitration clause) will be
       settled by ritual arbitration by law. If the parties have not designated
       a sole arbitrator by mutual consent, the dispute will be settled by a
       board of three arbitrators. The first arbitrator will be nominated by the
       party that instigates the arbitration by means of a notice requesting the
       other party to proceed to the nomination of a second arbitrator. The
       party to whom the request is sent must provide within the 20 following
       days the particulars of the arbitrators nominated. The third arbitrator,
       who will take office as President of the Board of the Arbitrators, will
       be designated by mutual consent by the first two arbitrators already
       nominated by the parties within 20 days from the from the nomination of
       the second arbitrator or, in absence of the aforementioned consent, by
       the Presiding Judge in Bari. The said President will also designate (1)
       the second arbitrator if nomination of the second arbitrator has not
       occurred within the abovementioned period of time; and (2) a substitute
       for any arbitrator that has died or has not accepted the designation, but
       only in the event in which the said substitution has not been executed by
       the party on which it is incumbent to provide for or, as for the
       President, by the other two arbitrators within 20 days from the date when
       the said arbitrator has died. The decision of the arbitrator, or
       depending on the circumstances, of the arbitrators will be taken in
       accordance with the applicable law in accordance with the enforceable
       rules of the civil procedure code. The arbitral proceeding will take
       place in Bari.

9.2    The expense for the arbitral proceeding will be charged to the parties in
       accordance with the applicable resolutions of the sole arbitrator or, as
       the case may be, of the board of the arbitrators.

9.3    The addresses of the parties and their respective domiciles, care of
       which the legal acts, the regulations and the other communications
       relative to the arbitral proceeding will be able to be served, will be
       those stated under paragraph 5 of the Grant Agreement.

   BENEFICIARY

   Date __/__/_____

   Signature _______________________________

   NATUZZI SpA

   Date __/__/_____

   Name of the Officer ___________________________________

    Signature _______________________________

   In application of article 1341, second clause of the Italian Civil Code, the
   Beneficiary accepts specifically paragraph 2,3,4,5,6,7,8 and 9 above.

   BENEFICIARY

   Date __/__/_____

   Signature _______________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]