Document:

TRUST AGREEMENT

                  TRUST AGREEMENT, between MSDW Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof and are hereinafter
referred to collectively as the "Terms Schedule". The terms of the Standard
Terms for Trust Agreements, dated July 7, 1999 (the "Standard Terms") are,
except to the extent otherwise expressly stated, hereby incorporated by
reference herein in their entirety with the same force and effect as though set
forth herein. Capitalized terms used herein and not defined shall have the
meanings defined in the Standard Terms. References to "herein", "hereunder",
"this Trust Agreement" and the like shall include the Terms Schedule attached
hereto and the Standard Terms so incorporated by reference.

                  WHEREAS, the Depositor and the Trustee desire to establish the
Trust identified in Schedule I attached hereto (the "Trust") for the primary
purposes of (i) holding the Securities, (ii) entering into any Swap Agreement
with the Swap Counterparty and (iii) issuing the Units;

                  WHEREAS, the Depositor desires that the respective beneficial
interests in the Trust be divided into transferable fractional shares, such
shares to be represented by the Units; and

                  WHEREAS, the Depositor desires to appoint the Trustee as
trustee of the Trust and the Trustee desires to accept such appointment;

                  WHEREAS, the Depositor shall transfer, convey and assign to
the Trust without recourse, and the Trust shall acquire, all of the Depositor's
right, title and interest in and under the Securities and other property
identified in Schedule II to the Trust Agreement (the "Trust Property"); and

                  WHEREAS, the Trust agrees to acquire the Trust Property
specified herein in consideration for Units having an initial Unit Principal
Balance identified in Schedule I attached hereto, subject to the terms and
conditions specified in the Trust Agreement;

                  NOW THEREFORE, the Depositor hereby appoints the Trustee as
trustee hereunder and hereby requests the Trustee to receive the Securities from
the Depositor and to issue in accordance with the instructions of the Depositor
Units having an initial Unit Principal Balance identified in Schedule I attached
hereto, and the Trustee accepts such appointment and, for itself and its
successors and assigns, hereby declares that it shall hold all the estate,
right, title and interest in any property contributed to the trust account
established hereunder (except property to be applied to the payment or
reimbursement of or by the Trustee for any fees or expenses which under the
terms hereof is to be so applied) in trust for the benefit of all present and
future Holders of the fractional shares of beneficial interest issued hereunder,
namely, the Unitholders, and subject to the terms and provisions hereof and of
the Standard Terms.

                  IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in the Terms Schedule attached hereto.

                                 LASALLE BANK NATIONAL ASSOCIATION
                                    as Trustee on behalf of the Trust identified
                                    in Schedule I hereto, and not in its
                                    individual capacity

                                 By: /s/ Brian D. Ames
                                     ---------------------------------------
                                     Name:  Brian D. Ames
                                     Title: Vice President

                                 MSDW STRUCTURED ASSET CORP.

                                 By: /s/ Susan Portelli
                                     ---------------------------------------
                                     Name:  Susan Portelli
                                     Title: Attorney in fact

Attachments: Terms Schedule (consisting of Schedules I, II and III)

<PAGE>
                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                     SATURNS Trust No. 2001-6

Date of Trust Agreement:                   July 16, 2001

Trustee:                                   LaSalle Bank National Association.
                                           References to Chase Bank of Texas,
                                           National Association in the Standard
                                           Terms shall be inapplicable.

Initial Unit Principal Balance:            $63,370,000

Issue Price:                               100%

Number of Units:                           2,534,800 (Unit Principal Balance of
                                           $25 each)

Minimum Denomination:                      $25 and $25 increments in excess
                                           thereof. The minimum denomination
                                           specified in Section 5.01(a) of the
                                           Standard Terms shall not apply. Each
                                           $25 of Unit Principal Balance is a
                                           Unit.

Cut-off Date:                              July 16, 2001

Closing Date:                              July 16, 2001

Specified Currency:                        United States dollars

Business Day:                              New York, New York and Chicago,
                                           Illinois

Interest Rate:                             7.25%.

                                           If any payment of interest payable
                                           hereunder is deferred, interest will
                                           accrue on such deferred interest at
                                           the rate of 7.25%.

                                           Payments by the Units will be
                                           calculated on the basis of a 360 day
                                           year consisting of twelve 30 day
                                           months. No adjustment will be made
                                           for the calculation of interest
                                           payable on the Units for Distribution
                                           Dates that occur on a date other than
                                           the scheduled date therefor because
                                           of, for example, adjustments for any
                                           scheduled date that does not fall on
                                           a Business Day.

Interest Reset Period:                     Not Applicable

Rating:                                    "aa2" by Moody's
                                           A- by S&P

Rating Agencies:                           Moody's and S&P

Scheduled Final Distribution Date:         December 31, 2026

Prepayment/Redemption:                     The Trust Property is subject to
                                           redemption at any time.

                                           If there is a partial redemption of
                                           the Securities, the Trustee will
                                           randomly select Units to be redeemed
                                           in full from the proceeds of such
                                           partial redemption of the Securities.
                                           The proceeds of any such redemption
                                           shall be distributed upon the
                                           Distribution Date corresponding to
                                           such redemption after payment of any
                                           amounts owing to the Quarterly
                                           Payment Swap Counterparty.

                                           If any partial redemption of the
                                           Securities held by the Trust occurs
                                           while multiple Par Value Swap
                                           Agreements are outstanding, the
                                           Trustee will randomly assign the
                                           portion of such partial redemption
                                           that shall be deemed to occur under
                                           each of such Par Value Swap
                                           Agreements.

Additional Distribution:                   If any of the Securities are redeemed
                                           by the Security Issuer prior to
                                           December 31, 2006, each of the Units
                                           which are redeemed in connection with
                                           such redemption of Securities will
                                           receive a pro rata distribution from
                                           Available Funds remaining after
                                           payments (including payments to the
                                           Quarterly Payment Swap Counterparty)
                                           of principal and interest on such
                                           Units up to a maximum of $2.50 per
                                           Unit.

Corporate Trust Office:                    The definition of "Corporate Trust
                                           Office" in the Standard Terms shall
                                           not apply.

                                           The Corporate Trust Office shall be
                                           the Trustee's Asset-Backed Securities
                                           Trust Services Group having an office
                                           at 135 S. LaSalle Street, Suite 1625,
                                           Chicago, Illinois 60603 or such other
                                           addresses as the Trustee may
                                           designate from time to time by notice
                                           to the Unitholders, the Depositor,
                                           the Swap Counterparty and the
                                           Guarantor.

Swap Agreements:                           The ISDA Agreements referred to in
                                           Schedule III. In addition, in
                                           connection with an additional
                                           issuance of Units, any additional
                                           Swap Agreements entered into in
                                           connection therewith.

                                           The Swap Agreements shall consist of
                                           (i) agreement(s) evidencing an
                                           interest rate swap the effect of
                                           which is to convert the semi-annual
                                           payments on the Securities into
                                           quarterly payments available for
                                           distribution on the Units (the
                                           "Quarterly Payment Swap Agreements")
                                           and (ii) agreement(s) evidencing the
                                           obligation of the counterparty to pay
                                           a sum certain on the Final Scheduled
                                           Distribution Date or as otherwise
                                           specified therein (the "Par Value
                                           Swap Agreement").

Swap Counterparties:                       Party A to the Quarterly Payment Swap
                                           Agreement is the "Quarterly Payment
                                           Swap Counterparty". Party A to the
                                           Par Value Swap Agreement is the "Par
                                           Value Swap Counterparty".

                                           In connection with an additional
                                           issuance of Units, Party A to each
                                           respective additional Swap Agreement
                                           or any assignee thereof.

                                           In the event that there is more than
                                           one Quarterly Payment Swap
                                           Counterparty or Par Value Swap
                                           Counterparty at any time when any
                                           adjustment to the notional balance or
                                           other rights and obligations thereof
                                           must be made due to a partial
                                           redemption of the Securities, the
                                           Trustee shall randomly allocate such
                                           adjustment among the applicable Swap
                                           Counterparties.

Guarantee:                                 Morgan Stanley Dean Witter & Co. (the
                                           "Guarantor") shall guarantee the
                                           obligations of Morgan Stanley & Co.
                                           International Limited ("MSIL") for so
                                           long as MSIL is Party A to any Swap
                                           Agreement with the Trust.

Swap Notional Amount:                      With respect to any Swap Agreement,
                                           the Notional Amount specified in such
                                           Swap Agreement.

Swap Payment Date:                         With respect to the Par Value Swap
                                           Agreement, the Final Scheduled
                                           Maturity Date or such other date as
                                           specified therein.

                                           With respect to the Quarterly Payment
                                           Swap Agreement, each March 31, June
                                           30, September 30 and December 31,
                                           commencing September 30, 2001.

                                           A Swap Payment Date shall also occur
                                           upon any date on which a redemption
                                           by the Security Issuer occurs as to
                                           less than all of the Securities held
                                           by the Trust.

                                           Payments under the Quarterly Payment
                                           Swap Agreement may be deferred if the
                                           Security Issuer or Security Guarantor
                                           defers its payment obligations under
                                           the Securities or Guarantor
                                           Debentures, respectively. In such
                                           event, no payment will occur on the
                                           scheduled Distribution Date.

Swap Rate:                                 7.93804% per annum on the Swap
                                           Notional Amount of the Quarterly
                                           Payment Swap Agreement (equal to
                                           7.25% per annum on the aggregate Unit
                                           Principal Balance).

                                           Payments by the Quarterly Payment
                                           Swap Counterparty will be calculated
                                           on the basis of a 360 day year
                                           consisting of twelve 30 day months.
                                           No adjustment will be made for the
                                           calculation of interest payable by
                                           the Quarterly Payment Swap
                                           Counterparty (and hence the interest
                                           that accrues on the Units) for
                                           Distribution Dates that occur on a
                                           date other than the scheduled date
                                           therefor because of, for example,
                                           adjustments for any scheduled date
                                           that does not fall on a Business Day.

Additional Swap Agreements:                In connection with an additional
                                           issuance of Units, the Depositor may
                                           arrange for the Trust to enter into
                                           additional Swap Agreements with terms
                                           identical to those of the respective
                                           Swap Agreement entered into as of the
                                           Closing Date with additional Swap
                                           Counterparties, except that each such
                                           additional Swap Agreement may have a
                                           different Swap Counterparty and, in
                                           the case of any additional Par Value
                                           Swap Swap Agreement, initial payment
                                           amount. The Rating Agency Condition
                                           must be satisfied with respect to
                                           each such Swap Counterparty and Swap
                                           Agreement.

Distribution Date:                         Each Swap Payment Date.

                                           If any payment with respect to the
                                           Securities held by the Trust is not
                                           received by the Trustee by 12 noon
                                           (New York City time) on a
                                           Distribution Date, the corresponding
                                           distribution on the Units will not
                                           occur until the next Business Day
                                           that the Trust is in receipt of
                                           proceeds of such payment prior to 12
                                           noon, with no adjustment to the
                                           amount distributed.

Record Date:                               Each March 15, June 15, September 15
                                           and December with respect to the
                                           Distribution Dates scheduled to occur
                                           on the last day of the respective
                                           month, regardless of whether such day
                                           is a Business Day and notwithstanding
                                           any adjustment to the related
                                           Distribution Date due to such
                                           Distribution Date falling on a day
                                           other than a Business Day.

                                           With respect to any Distribution Date
                                           that would not occur on the Business
                                           Day corresponding to the last day of
                                           March, June, September or December,
                                           the fifteenth day prior to such date,
                                           regardless of whether such day is a
                                           Business Day.

Form:                                      Global

Depositary:                                DTC

Trustee Fees and Expenses:                 As compensation for and in payment of
                                           trust expenses related to its
                                           services hereunder other than
                                           Extraordinary Trust Expenses, the
                                           Trustee will receive Trustee Fees on
                                           each Distribution Date in the amount
                                           equal to $1,875. The Trustee Fee
                                           shall cease to accrue after
                                           termination of the Trust. The
                                           "Trigger Amount" with respect to
                                           Extraordinary Trust Expenses for the
                                           Trust is $25,000 and the Maximum
                                           Reimbursable Amount is $100,000. The
                                           Trustee Fee will be paid by the
                                           Expense Administrator. Expenses will
                                           be reimbursed by the Expense
                                           Administrator in accordance with the
                                           Expense Administration Agreement.

Expense Administrator:                     The Depositor will act as Expense
                                           Administrator on behalf of the Trust
                                           pursuant to an Expense Administration
                                           Agreement, dated as of July 16, 2001
                                           (the "Expense Administration
                                           Agreement"), between the Depositor as
                                           Expense Administrator (the "Expense
                                           Administrator") and the Trust.

                                           The Expense Administrator will
                                           receive a fee equal to 0.025% per
                                           annum of the principal amount of the
                                           Securities held by the Trust as its
                                           fee, payable on the basis of a 360
                                           day year consisting of twelve 30 day
                                           months. Interest will accrue on any
                                           deferred Expense Administrator's fee
                                           at the rate of 0.025%. The Expense
                                           Administrator's fee is payable only
                                           from Available Funds after provision
                                           is made for the payment owing with
                                           respect to the Units.

                                           In addition the Expense Administrator
                                           shall own that portion of the
                                           Securities which represent the
                                           interest of a fractional Unitholder
                                           that would remain after a partial
                                           redemption had the Expense
                                           Administrator not been obligated to
                                           pay an amount equal to the fractional
                                           Unit remaining together with any
                                           fraction accrued interest and
                                           fractional Additional Distribution.
                                           The Expense Administrator shall
                                           receive all interest and principal
                                           with respect to such portion of the
                                           Securities.

                                           The Expense Administrator will be
                                           responsible for paying the Trustee
                                           Fee and reimbursing certain other
                                           expenses of the Trust in accordance
                                           with the Expense Administration
                                           Agreement.

Listing:                                   The Depositor has applied to list the
                                           Units on the New York Stock Exchange

ERISA Restrictions:                        None of the restrictions in the
                                           Standard Terms relating to the
                                           Employee Retirement Income Security
                                           Act of 1974, as amended, and related
                                           matters shall apply.

Deemed Representations:                    Not Applicable

QIB Restriction                            Not Applicable

Trust Wind-Up Event:                       The Trust Wind-Up Events specified in
                                           Sections 9.01(a), 9.01(c), 9.01(d),
                                           9.01(f) and 9.01(h) shall not apply.
                                           The Trust Wind Events specified in
                                           Sections 9.01(b) (Security Default),
                                           9.01(e) (Early Termination Date
                                           designated due to "illegality" or
                                           "tax event" under the Swap
                                           Agreement), 9.01(g) (Disqualified
                                           Securities), 9.01(i) (Excess Expense
                                           Event) shall apply. Pursuant to
                                           Section 9.01(j), the following event
                                           also shall constitute a Trust Wind-Up
                                           Event: redemption by the Security
                                           Issuer of all Securities held by the
                                           Trust.

Termination:                               If a Trust Wind-Up Event occurs other
                                           than due to a redemption of all of
                                           the Securities held by the Trust, any
                                           Securities held by the Trust will be
                                           liquidated, the Par Value Swap
                                           Agreement will be terminated and the
                                           proceeds will be applied first to any
                                           Swap Termination Payments owed to the
                                           Quarterly Payments Swap Counterparty
                                           and then to redeem each Unit at 100%
                                           of its Unit Principal Balance
                                           together with accrued interest. Any
                                           additional proceeds will be paid to
                                           the Quarterly Payments Swap
                                           Counterparty.

                                           If a Trust Wind-Up Event occurs due
                                           to a redemption of all of the
                                           Securities held by the Trust, the Par
                                           Value Swap Agreement will be
                                           terminated and the proceeds will be
                                           applied first to any Swap Termination
                                           Payments owed to the Quarterly
                                           Payments Swap Counterparty and then
                                           to redeem each Unit at 100% of its
                                           Unit Principal Balance together with
                                           accrued interest and any applicable
                                           additional distribution of up to
                                           $2.50 per Unit. Any additional
                                           proceeds will be paid to the
                                           Quarterly Payments Swap Counterparty.

Self-Tenders:                              The Trustee shall not accept an
                                           instruction to tender the Securities
                                           in connection with any tender offer
                                           for the Securities.

Terms of Retained Interest:                The Depositor retains the right to
                                           receive any and all interest that
                                           accrues on the Securities prior to
                                           the Closing Date. The Depositor will
                                           receive such accrued interest on the
                                           Distribution Date for the Units
                                           scheduled to occur on December 31,
                                           2001, and such amount shall be paid
                                           from the interest payment made with
                                           respect to the Securities on December
                                           31, 2001.

                                           The amount of the Retained Interest
                                           is $195,277.

                                           If a Security Default occurs on or
                                           prior to December 31, 2001 and the
                                           Depositor does not receive such
                                           Retained Interest amount in
                                           connection with such Distribution
                                           Date, the Depositor will have a claim
                                           for such Retained Interest, and will
                                           share pro rata with holders of the
                                           Units to the extent of such claim in
                                           the proceeds from the recovery on the
                                           Securities.

Call Option Terms:                         Not applicable.

Security Default:                          The definition of Security Default in
                                           the Standard Terms shall not apply. A
                                           "Security Default" shall mean one of
                                           the following events: (i) the
                                           acceleration of the outstanding
                                           Securities under the terms of the
                                           Securities and/or the applicable
                                           Security Agreement and failure to pay
                                           the accelerated amount on the
                                           acceleration date, (ii) the failure
                                           of the Security Issuer to pay an
                                           installment of principal of, or any
                                           amount of interest due on, the
                                           Securities after the due date thereof
                                           and after the expiration of any
                                           applicable grace period; or (iii) the
                                           occurrence of certain events of
                                           default under such Securities and/or
                                           Security Agreement relating to the
                                           insolvency or bankruptcy of the
                                           Security Issuer.

Sale of Securities                         If the Trust must sell the Securities
                                           it holds, the Trust will sell the
                                           Securities through the Selling Agent
                                           in accordance with Section 9.03(b)
                                           and the following terms. The Selling
                                           Agent will solicit bids for all of
                                           the Securities held by the Trust from
                                           at least three registered
                                           broker-dealers of national
                                           reputation, one of which shall be the
                                           Selling Agent. The Selling Agent
                                           will, on behalf of the Trust, sell
                                           the Securities at the highest bid
                                           price received. If the Selling Agent
                                           did not put forward such highest bid,
                                           it may purchase the Securities at
                                           such highest bid rather than selling
                                           the Securities to the highest bidder.

Tax Status:                                The Trustee is hereby appointed as
                                           agent of the current and future
                                           Unitholders for purposes of
                                           identifying the Securities and the
                                           Swap Agreements as part of an
                                           integrated transaction within the
                                           meaning of Treasury regulations
                                           section 1.1275-6.

                                           The appointment of the Trustee and
                                           the authority of and direction to the
                                           Trustee to so effect such integration
                                           shall bind all Unitholders regardless
                                           of when such Unitholder becomes a
                                           holder of an interest in any Unit.

                                           The Trustee shall identify the
                                           Securities and the Swap Agreements as
                                           part of an integrated transaction
                                           within the meaning of Treasury
                                           regulations section 1.1275-6.

Voting and Other Actions:                  In the event that the Security Issuer
                                           solicits any vote (other than a
                                           self-tender), consent, waiver,
                                           modification or other action under
                                           the Security Agreement or the terms
                                           of the Securities, the Trustee will
                                           act with respect to all of the
                                           Securities in conformity with the
                                           direction of a majority (by
                                           outstanding Unit Principal Balance)
                                           of the Units.

Additional Issuance of Units:              Upon no less than 5 days' notice to
                                           the Trustee, the Depositor may
                                           deposit additional Securities at any
                                           time in exchange for additional Units
                                           in a minimum aggregate amount of
                                           $250,000 and, if in excess of such
                                           amount, in a $25 integral multiple in
                                           excess thereof. The principal amount
                                           of Securities deposited must be in
                                           the same ratio to the Unit Principal
                                           Balance of the Units received as the
                                           ratio of the aggregate Unit Principal
                                           Balance on the Closing Date to the
                                           aggregate principal balance of the
                                           Securities on the Closing Date. The
                                           Depositor must either arrange for the
                                           Swap Counterparties and the Trust to
                                           increase proportionally the notional
                                           amount under the Swap Agreements or
                                           arrange for additional Swap
                                           Agreements to be entered into between
                                           the Trust and additional Swap
                                           Counterparties. The Rating Agency
                                           Condition must be satisfied in
                                           connection with any such additional
                                           issuance.

Selling Agent:                             Morgan Stanley & Co. Incorporated.
                                           Notwithstanding any provision of the
                                           Standard Terms to the contrary, any
                                           sale of the Securities shall be
                                           conducted by and through the Selling
                                           Agent and not the Trustee.

Rating Agency Condition:                   The definition of Rating Agencies
                                           Condition in the Standard Terms shall
                                           not apply.

                                           "Rating Agency Condition": With
                                           respect to any specified action or
                                           determination, means receipt of (i)
                                           oral or written confirmation by
                                           Moody's (for so long as the Units are
                                           outstanding and rated by Moody's) and
                                           (ii) written confirmation by S&P (for
                                           so long as the Units are outstanding
                                           and rated by S&P), that such
                                           specified action or determination
                                           will not result in the reduction or
                                           withdrawal of their then-current
                                           ratings on the Units; provided,
                                           however, that if the Rating Agency
                                           Condition specified herein is to be
                                           satisfied only with respect to
                                           Moody's or S&P, only clause (i) or
                                           clause (ii) shall be applicable. Such
                                           satisfaction may relate either to a
                                           specified transaction or may be a
                                           confirmation with respect to any
                                           future transactions which comply with
                                           generally applicable conditions
                                           published by the applicable rating
                                           agency.

Eligible Account:                          The definition of "Eligible Account"
                                           in the Standard Terms shall not
                                           apply.

                                           "Eligible Account": A non-interest
                                           bearing account, held in the United
                                           States, in the name of the Trustee
                                           for the benefit of the Trust that is
                                           either (i) a segregated account or
                                           segregated accounts maintained with a
                                           Federal or State chartered depository
                                           institution or trust company the
                                           short-term and long-term unsecured
                                           debt obligations of which (or, in the
                                           case of a depository institution or
                                           trust company that is the principal
                                           subsidiary of a holding company, the
                                           short-term and long-term unsecured
                                           debt obligations of such holding
                                           company) are rated P-1 and Aa2 by
                                           Moody's, A-1+ and AA by S&P, and, if
                                           rated by Fitch, F1 and AA by Fitch at
                                           the time any amounts are held on
                                           deposit therein including when such
                                           amounts are initially deposited and
                                           all times subsequent or (ii) a
                                           segregated trust account or
                                           segregated accounts maintained as a
                                           segregated account or as segregated
                                           accounts and held by the Trustee in
                                           its Corporate Trust Office in trust
                                           for the benefit of the Unitholders.

Permitted Investments:                     The following shall be a Permitted
                                           Investment in addition to the
                                           investments specified in the Standard
                                           Terms:

                                           Units of the Dreyfus Cash Management
                                           Fund Investor Shares or any other
                                           money market funds which are rated in
                                           the highest applicable rating
                                           category by each Rating Agency (or
                                           such lower rating if the Rating
                                           Agency Condition is satisfied).

Non-U.S. Persons                           Notwithstanding anything to the
                                           contrary herein or in the Standard
                                           Terms, any beneficial owner of any
                                           Units which is a non-U.S. person
                                           shall not be entitled to exercise any
                                           rights of the Unitholders to instruct
                                           or direct Trustee.

Other Terms:                               The Trust shall not merge or
                                           consolidate with any other trust,
                                           entity or person and the Trust shall
                                           not acquire the assets of, or an
                                           interest in, any other trust, entity
                                           or person except as specifically
                                           contemplated herein.

                                           The Trustee shall provide to the
                                           Unitholders copies of any notices it
                                           receives with respect to a redemption
                                           of the Securities and any other
                                           notices with respect to the
                                           Securities.

                                           The reference to "B2" in the
                                           definition of Certificate in the
                                           Standard Terms shall be replaced with
                                           "Exhibit B2".

                                           The reference to "Section 10.02(ix)"
                                           in the definition of Available Funds
                                           in the Standard Terms shall be
                                           replaced with "Section 10.02(a)(ix)".

                                           The reference to "Section 3.04" in
                                           the definition of Unit Account in the
                                           Standard Terms shall be replaced with
                                           "Section 3.05".

                                           The transfer by the Depositor to the
                                           Trustee specified in Section 2.01(a)
                                           of the Standard Terms shall be in
                                           trust.

                                           Section 2.06 of the Standard Terms
                                           shall be incorporated herein by
                                           inserting "cash in an amount equal to
                                           the premium under the Swap Agreement
                                           and" after the phrase "constituting
                                           the Trust Property," therein.

                                           The reference to "calendar day" in
                                           the last sentence of Section 3.06 of
                                           the Standard Terms shall be replaced
                                           with "Business Day".

                                           Section 4.02(d) of the Standard Terms
                                           shall be incorporated herein by
                                           striking "and the Trustee on behalf
                                           of the Unitholders" from the first
                                           sentence of the second paragraph
                                           thereof.

                                           Section 5.03(c) of the Standard Terms
                                           shall be incorporated herein by
                                           striking "(if so required by the
                                           Trustee or the Unit Registrar)" from
                                           the first sentence thereof.

                                           Section 7.01(c)(i) of the Standard
                                           Terms shall be incorporated herein by
                                           replacing the first word thereof
                                           ("after") with "alter".

                                           Section 7.02 of the Standard Terms
                                           shall be incorporated herein by
                                           striking "(i) the Trustee determines
                                           that such amendment will not
                                           adversely affect the interests of the
                                           Unitholders and (ii)" from the first
                                           sentence thereof, inserting "on which
                                           it may conclusively rely" after
                                           "Opinion of Counsel" in such
                                           sentence, and striking "clause (ii)"
                                           from the second sentence of such
                                           Section.

                                           Section 9.03(a) of the Standard Terms
                                           shall be incorporated herein by
                                           striking "or oral" after the "at any
                                           time by" in the third sentence
                                           thereof.

                                           Clause (ix) of Section 10.02(a) shall
                                           not apply.

                                           Section 10.02(a)(x) of the Standard
                                           Terms shall be replaced with the
                                           following:

                                           (x) the Trustee shall have the power
                                           to sell the Securities and other
                                           Trust Property, in accordance with
                                           Article IX and XI, through the
                                           Selling Agent or, if the Selling
                                           Agent shall have resigned or declined
                                           to sell some or all of the
                                           Securities, any broker selected by
                                           the Trustee (at the direction of the
                                           Depositor) with reasonable care, in
                                           an amount sufficient to pay any
                                           amount due to the Swap Counterparty
                                           under the Swap Agreement (including
                                           Termination Payments) or reimbursable
                                           to itself in respect of unpaid
                                           Extraordinary Trust Expenses and to
                                           use the proceeds thereof to make such
                                           payments after the distribution of
                                           funds or Trust Property to
                                           Unitholders. Any such broker shall be
                                           instructed by the Trustee to sell
                                           such Trust Property in a reasonable
                                           manner designed to maximize the sale
                                           proceeds.

                                           Section 10.05(b) of the Standard
                                           Terms shall be incorporated herein by
                                           replacing ", pursuant to the first
                                           sentence of this paragraph" with "the
                                           Trustee shall be indemnified by the
                                           Trust, however," in the last sentence
                                           thereof.

                                           Section 10.06(a) of the Standard
                                           Terms shall be incorporated herein by
                                           inserting "or association" after the
                                           word "corporation" in the second
                                           sentence thereof.

                                           Section 10.07(a) of the Standard
                                           Terms shall be incorporated herein by
                                           replacing "notice or resignation"
                                           with "notice of resignation" in the
                                           second sentence thereof and striking
                                           the last two sentences thereof.

                                           Section 10.10(b) of the Standard
                                           Terms shall be incorporated herein by
                                           inserting "The Trustee shall not be
                                           liable for the acts or omissions of
                                           any co-trustee." after the last
                                           sentence thereof.

                                           Section 10.14 of the Standard Terms
                                           shall be replaced with the following:

                                           SECTION 10.14. Non-Petition. Prior to
                                           the date that is one year and one day
                                           after all distributions in respect of
                                           the Units have been made, none of the
                                           Trustee, the Trust or the Depositor
                                           shall take any action, institute any
                                           proceeding, join in any action or
                                           proceeding or otherwise cause any
                                           action or proceeding against any of
                                           the others under the United States
                                           Bankruptcy Code or any other
                                           liquidation, insolvency, bankruptcy,
                                           moratorium, reorganization or similar
                                           law ("Insolvency Law") applicable to
                                           any of them, now or hereafter in
                                           effect, or which would be reasonably
                                           likely to cause any of the others to
                                           be subject to, or seek the protection
                                           of, any such Insolvency Law.

                                           Section 12.01(a) of the Standard
                                           Terms shall be incorporated herein by
                                           replacing "(v)" with "(vi)" in the
                                           last proviso thereof.

                                           Section 12.01(c) of the Standard
                                           Terms shall be incorporated herein by
                                           inserting ",provided at the expense
                                           of the party requesting such
                                           amendment," after "Opinion of
                                           Counsel".

                                           Section 12.05 of the Standard Terms
                                           shall be incorporated herein by
                                           striking "the Trustee and" in the
                                           last sentence of the second paragraph
                                           thereof.

                                           The reference to "its President, its
                                           Treasurer, or one of its Vice
                                           Presidents, Assistant Vice Presidents
                                           or Trust Officers" in the first
                                           sentence of Section 5.02(a) of the
                                           Standard Terms shall be replaced with
                                           "a Responsible Officer".

                                           The reference to "the proper
                                           officers" in the second sentence of
                                           Section 5.02(a) of the Standard Terms
                                           shall be replaced with "a Responsible
                                           Officer".

                                           The reference to "one of its
                                           authorized signatories" in the first
                                           sentence of Section 5.02(d) of the
                                           Standard Terms shall be replaced with
                                           "a Responsible Officer".

                                           The reference to the "Trust" in the
                                           first sentence of Section 5.08(b) of
                                           the Standard Terms shall be replaced
                                           with the "Trustee".

                                           References to D&P in the Standard
                                           Terms shall be incorporated as
                                           references to Fitch Inc. ("Fitch").

<PAGE>

                                   Schedule II

                            (Terms of Trust Property)

      Securities:                          BankAmerica Institutional Capital A
                                           8.07% trust preferred capital
                                           securities due 2026

      Security Issuer:                     BankAmerica Institutional Capital A

      Security Guarantor:                  Bank of America Corporation (as
                                           successor by merger to BankAmerica
                                           Corporation)

                                           The Security Guarantor shall be
                                           considered the "Security Issuer" for
                                           purposes of determining whether the
                                           Security Issuer is an Eligible Issuer
                                           and whether the Securities are
                                           Disqualified Securities.

      Guarantor Debentures:                Bank of America 8.07% Junior
                                           Subordinated Debentures due 2026

      Principal Amount:                    $58,075,000

      Security Rate:                       8.07%

      Credit Ratings:                      "aa2" by Moody's
                                           A-  S&P

      Listing:                             Not applicable

      Security Agreement:                  Amended and Restated Trust Agreement
                                           dated as of approximately November
                                           27, 1996, among the Security
                                           Guarantor (as successor to
                                           BankAmerica Corporation), as
                                           depositor, Bankers Trust Company, as
                                           property trustee and Bankers Trust,
                                           (Delaware), as Delaware trustee, as
                                           amended and supplemented from time to
                                           time

      Form:                                Global

      Currency of                          United States dollars
      Denomination:

      Acquisition Price                    101.55634%
      by Trust:

      Security Payment Date:               Each June 30 and December 31

                                           The Security Guarantor and hence the
                                           Security Issuer may defer payments on
                                           the Guarantor Debentures and the
                                           Securities for up to 20 semi-annual
                                           payment dates, except that no such
                                           extension period may extend beyond
                                           the Maturity Date.

      Original Issue Date:                 The Securities were issued on or
                                           about November 27, 1996.

      Maturity Date:                       December 31, 2026

      Sinking Fund Terms:                  Not Applicable

      Redemption Terms:                    The Securities are redeemable in
                                           whole or in part at any time and from
                                           time to time, subject to payment of a
                                           make-whole amount, if applicable.

      CUSIP No.:/ISIN No.                  06605HAA6

      Security Trustee:                    Bankers Trust Company

      Available Information                The Security Guarantor is subject to
      Regarding the Security Issuer        the informational requirements of the
      (if other than U.S.                  Securities Exchange Act of 1934, as
      Treasury obligations):               amended, and in accordance therewith
                                           files reports and other information
                                           with the Securities and Exchange
                                           Commission (the "Commission"). Such
                                           reports and other information can be
                                           inspected and copied at the public
                                           reference facilities maintained by
                                           the Commission at 450 Fifth Street,
                                           N.W., Washington, D.C. 20549 and at
                                           the following Regional Offices of the
                                           Commission: 7 World Trade Center,
                                           13th Floor, New York, New York 10048
                                           and Northwest Atrium Center, 500 West
                                           Madison Street, Chicago, Illinois
                                           60661. Copies of such materials can
                                           be obtained from the Public Reference
                                           Section of the Commission at 450
                                           Fifth Street, N.W., Washington, D.C.
                                           20549 at prescribed rates.

<PAGE>

                                  Schedule III

                       (Quarterly Payment Swap Agreement)
--------------------------------------------------------------------------------
Date: July 16, 2001

To:   SATURNS Trust No. 2001-6      From:    Morgan Stanley & Co. International
                                             Limited

Attn: Asset-Backed Securities Group Contact: Chris Boas
      SATURNS Trust No. 2001-6

Fax:  312-904-2084                  Fax:     212-761-0406

Tel:  312-904-7807                  Tel:     212-761-1395
--------------------------------------------------------------------------------

Re: Quarterly Payment Swap Transaction. MS Reference Number AR1H3

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between you and Morgan Stanley & Co.
International Limited ("MSIL"), with Morgan Stanley & Co. Incorporated
("MS&Co.") as agent, on the Trade Date specified below (the "Transaction"). This
letter agreement constitutes a "Confirmation" as referred to in the Agreement
below.

         The definitions and provisions contained in the 1991 ISDA Definitions
(as published by the International Swaps and Derivatives Association, Inc.
("ISDA")) are incorporated into this Confirmation. In the event of any
inconsistency between those definitions and this Confirmation, this Confirmation
will govern.

         1. This Confirmation supplements, forms a part of, and is subject to,
the ISDA Master Agreement dated as of July 16, 2001, as amended and supplemented
from time to time (the "Agreement"), between you and us. All provisions
contained in the Agreement govern this Confirmation except as expressly modified
below.

         2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

Fixed Rate Payer A:                     Morgan Stanley & Co. International
                                        Limited ("MSIL" or "Party A")

Fixed Rate Payer B:                     SATURNS  Trust No.  2001-6
                                        (the  "Trust" or "Party B")

Trade Date:                             July 11, 2001

Effective Date:                         July 16, 2001

Swap Termination Date:                  December 31, 2026 or any date upon which
                                        the Trust under which Party B is created
                                        is terminated pursuant to the Trust
                                        Agreement.

Swap Notional Amount:                   USD 58,075,000 as reduced by the
                                        cumulative amount of any Redemption Swap
                                        Notional Amounts with respect to any
                                        redemptions of the Securities held by
                                        Party B.

Business Days:                          New York and Chicago

Calculation Agent:                      Party A. The Calculation Agent shall
                                        have due regard for the interest amounts
                                        actually paid by the Security Issuer and
                                        the interest that accrues on the Units
                                        in making such calculations.

Fixed Rate Day Count Fraction:          30/360

I.   Party B Amounts:
     ----------------

Party B Fixed Amount for the first      With respect to the Party B Payment Date
     Fixed Rate Party B Payment Date:   occurring with respect to December 31,
                                        2001, USD 2,148,049.

Party B Fixed Rate:                     8.07%

Fixed Rate Party B Payment Date:        Each June 30, subject to adjustment in
                                        accordance with the Following Business
                                        Day Convention and each December 31,
                                        subject to adjustment in accordance with
                                        the Preceding Business Day Convention.

                                        If any payment with respect to the
                                        Securities held by the Trust is not
                                        received by the trustee under the Trust
                                        Agreement by 12 noon (New York City
                                        time) on a Fixed Rate Party B Payment
                                        Date, the corresponding payment will not
                                        occur until the next Business Day that
                                        the Trust is in receipt of proceeds of
                                        such payment prior to 12 noon, with no
                                        adjustment to the amount paid.

                                        No Party B Fixed Amount shall be paid on
                                        a Party B Payment Date during the
                                        existence of an Extension Period. Any
                                        Party B Fixed Amount not paid pursuant
                                        to the preceding sentence shall be paid
                                        (with adjustment as provided under
                                        Adjustment to Party B Fixed Amount due
                                        to Extension Periods) on the next Party
                                        B Payment Date upon which an Extension
                                        Period does not exist.

Party B Period End Dates:               June 30 and December 31.

Adjustment to Party B Fixed Amount      Interest shall accrue on any Party B
     due to  Extension Periods:         Fixed Amounts until paid at the rate of
                                        8.07% if the originally scheduled Party
                                        B Payment Date with respect to such
                                        Fixed payment does not occur as provided
                                        in "Fixed Rate Party B Payment Date".

 II.   Party A Amounts:
       ----------------

Party A Fixed Amount for the first      With respect to the Fixed Rate Party A
      Fixed Rate Party A Payment Date:  Payment Date occurring with respect to
                                        September 30, 2001, USD 948,312.

Party A Fixed Rate:                     7.93804%

Fixed Rate Party A Payment Date:        Each March 31, June 30, September 30 and
                                        December 31, subject to adjustment in
                                        accordance with the Following Business
                                        Day Convention.

                                        No Party A Fixed Amount shall be paid on
                                        a regularly scheduled Party A Payment
                                        Date during the existence of an
                                        Extension Period or, with respect to
                                        Party A Payment Dates scheduled to occur
                                        on March 31 and September 30, if the
                                        Security Issuer announces its intention
                                        to commence an Extension Period by
                                        deferring the next regularly scheduled
                                        payment of interest on the Securities.
                                        Any Party A Fixed Amount not paid
                                        pursuant to the preceding sentence shall
                                        be paid (with adjustment as provided
                                        under Adjustment to Party A Fixed Amount
                                        due to Extension Periods) on the next
                                        Party A Payment Date upon which an
                                        Extension Period does not exist.

Party A Period End Dates:               March 31, June 30, September 30, and
                                        December 31.

Adjustment to Party A Fixed Amount      Interest shall accrue on any Party A
     due to Extension Periods:          Fixed Amounts until paid at the rate of
                                        7.25% if the originally scheduled Party
                                        A Payment Date with respect to such
                                        Fixed payment does not occur as provided
                                        in "Fixed Rate Party A Payment Date".

III.  Alternative Settlements
     -----------------------
      and Extension Periods:
      ----------------------

Alternative Fixed Rate Payment Dates:   A Fixed Rate Payment Date shall occur
                                        upon any date upon which any Underlying
                                        Redemption occurs, if such date is not
                                        otherwise a Party B Fixed Rate Payment
                                        Date.

Alternative Period End Dates:           A Fixed Rate Payment Date shall occur
                                        upon any date upon which any Underlying
                                        Redemption occurs, if such date is not
                                        otherwise a Party B Fixed Rate Payment
                                        Date.

Redemption Swap Notional Amount:        The par amount of Securities held by the
                                        Trust that are being redeemed.

Fixed Amount Adjustment due to          If a Fixed Rate Payment Date occurs that
      Underlying Redemption:            is an Alternative Fixed Rate Payment
                                        Date, the Fixed Amounts shall be
                                        calculated by applying the Redemption
                                        Swap Notional Amount as the Swap
                                        Notional Amount. If such Alternative
                                        Fixed Rate Payment Date is a Party A
                                        Fixed Rate Payment Date, the Fixed
                                        Amounts shall be bifurcated by applying
                                        these Alternative Settlement Provisions
                                        with respect to the Redemption Swap
                                        Notional Amount and by applying
                                        methodology otherwise applicable to the
                                        Swap Notional Amount as reduced by such
                                        Redemption Swap Notional Amount.

          3. Additional Definitions.

         "Extension Period" means an "Extension Period" as defined under the
Securities (which may occur for up to ten years). An Extension Period shall not
be deemed to exist on any Fixed Rate Party Payment Date if Party B actually
receives a full interest payment on the Securities with respect to such Fixed
Rate Party Payment Date.

         "Security Default" has the meaning set forth in the Trust Agreement.

         "Security Issuer" has the meaning set forth in the Trust Agreement.

         "Securities" has the meaning set forth in the Trust Agreement.

         "Trust Agreement" means the trust agreement dated as of July 16, 2001,
between the MSDW Structured Asset Corp. and LaSalle Bank National Association.

         "Underlying Redemption" means any redemption in whole or in part of the
Securities by the Security Issuer.

         "Units" means the trust units issued under the Trust Agreement on July
16, 2001.

         4. Additional Termination Event. As set forth in the Agreement, a
Trust Wind-Up Event will result in an Additional Termination Event under the
Agreement with respect to which Party B shall be the Affected Party and this
Transaction shall be an Affected Transaction.

         5. Swap Termination Payments. If an early termination occurs due to a
redemption of all of the Securities held by the Trust, payments shall be made as
otherwise provided in this Confirmation. If an early termination occurs other
than due to a redemption by the Security Issuer of all of the Securities held by
the Trust and such termination occurs after a Party A Payment Date occurring
with respect to March 31 or September 30 and on which Party A makes a payment
but before Party B pays its next scheduled payment to Party A, the Swap
Termination Payment shall equal the amount paid by Party A on such Party A
Payment Date together with interest at the rate of 8.07% (on the Party B Fixed
Rate basis), as determined by the Calculation Agent.

         6. Additional Amounts. As additional compensation hereunder and in
addition to any other amounts payable hereunder, any amounts available for
distribution by the Trust (whether in connection with a Trust Wind-Up Event or a
redemption in whole or in part of the Securities) in excess of the aggregate
Unit Principal Balance (as defined in the Trust Agreement), accrued interest on
the Units and any applicable additional distribution of up to $2.50 per Unit
specified as payable on the Units in the Trust Agreement shall be paid to Party
A (regardless of whether an early termination is occurring simultaneously with
such payment).

         7. Assignment. The rights and duties under this Confirmation and the
Agreement may be assigned and/or delegated at any time and from time to time in
whole or in part; provided that Rating Agency Condition is satisfied (as
provided in the Trust Agreement) with respect to any assignment, delegation or
transfer.

          8. Account Details.

Payments to Party A:                    Citibank, N.A. - New York
                                        SWIFT BIC Code: CITIUS33
                                        ABA No. 021 000 089
                                        For:  Morgan Stanley & Co.
                                        International Limited
                                        Account No. 3042 1519

Operations Contact:                     Barbara Kent
                                        Tel:  212-537-1449
                                        Fax:  212-537-1868

Payments to Party B:                    LaSalle Bank, Chicago, Illinois
                                        ABA No. 071 000 505
                                        Reference:  SATURNS 2001-6
                                        Unit Account / AC-2090067/
                                        Account No.: 678822206

Operations Contact:                     Brian Ames
                                        Tel:  312-904-7807
                                        Fax: 312-904-2084

         9. Representations. Morgan Stanley & Co. Incorporated is acting as
agent for both parties but does not guarantee the performance of Party A. Party
B represents and warrants to Party A, which representation and warranty will be
deemed to be repeated by Party B on each date on which a Transaction is entered
into, that it owns or controls (or, in the case of an investment advisor
(whether or not registered under the United States Investment Advisors Act of
1940), has under management) in excess of USD 63 million in Aggregate Financial
Assets (as defined below).

         For purposes hereof, Aggregate Financial Assets of an entity means the
total, on a gross basis, without deduction for liabilities of the entity, of all
cash, money-market instruments, securities of unaffiliated issuers, futures and
options.

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement MS Reference Number AR1H3 by executing this Confirmation and returning
it to us.

Best Regards,

MORGAN STANLEY & CO. INTERNATIONAL LIMITED

BY:/s/ Susan Portelli
   --------------------------------
     Name:  Susan Portelli
     Title: Attorney in fact

Acknowledged and agreed as of the date first written above:

SATURNS TRUST NO. 2001-6
BY:  LaSalle Bank National Association,
      solely as Trustee and not in its individual capacity.

BY:/s/ Brian D. Ames
   --------------------------------
     Name:  Brian D. Ames
     Title: Vice President

MORGAN STANLEY & CO. INCORPORATED hereby agrees to and
acknowledges its role as agent for both parties in accordance with
the Schedule to the Agreement.

BY:/s/ Susan Portelli
   --------------------------------
     Name:  Susan Portelli
     Title: Attorney in fact

<PAGE>

                           (Par Value Swap Agreement)
--------------------------------------------------------------------------------
Date: July 16, 2001

To:   SATURNS Trust No. 2001-6       From:    Morgan Stanley & Co. International
                                              Limited

Attn: Asset-Backed Securities Group  Contact: Chris Boas
      SATURNS Trust No. 2001-6

Fax:  312-904-2084                   Fax:     212-761-0406

Tel:  312-904-7807                   Tel:     212-761-1395
--------------------------------------------------------------------------------

Re: Par Value Swap Transaction. MS Reference Number S7119

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between you and Morgan Stanley & Co.
International Limited ("MSIL"), with Morgan Stanley & Co. Incorporated
("MS&Co.") as agent, on the Trade Date specified below (the "Transaction"). This
letter agreement constitutes a "Confirmation" as referred to in the Agreement
below.

         The definitions and provisions contained in the 1991 ISDA Definitions
(as published by the International Swaps and Derivatives Association, Inc.
("ISDA")) are incorporated into this Confirmation. In the event of any
inconsistency between those definitions and this Confirmation, this Confirmation
will govern.

         1. This Confirmation supplements, forms a part of, and is subject to,
the ISDA Master Agreement dated as of July 16, 2001, as amended and supplemented
from time to time (the "Agreement"), between you and us. All provisions
contained in the Agreement govern this Confirmation except as expressly modified
below.

         2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

Fixed Rate Payer A:                     Morgan Stanley & Co. International
                                        Limited ("MSIL" or "Party A")

Fixed Rate Payer B:                     SATURNS Trust No. 2001-6 (the "Trust" or
                                        "Party B")

Trade Date:                             July 11, 2001

Effective Date:                         July 16, 2001

Swap Termination Date:                  December 31, 2026 or any date upon which
                                        the Trust under which Party B is created
                                        is terminated pursuant to the Trust
                                        Agreement.

Swap Notional Amount:                   USD 5,295,000

Business Days:                          New York and Chicago

Calculation Agent:                      Party A

I.   Party B Amounts:
     ----------------

Party B Fixed Amount:                   USD 2,395,000

Party B Payment Date:                   July 16, 2001.

 II.   Party A Amounts:
       ----------------

Party A Fixed Amount:                   Either the Swap Notional Amount or if
                                        any Underlying Redemption has occurred,
                                        the Alternative Notional Amount after
                                        giving effect to any Alternative
                                        Settlements. In addition, the amount
                                        specified under Alternative Settlement
                                        in connection with any Underlying
                                        Redemption.

Party A Payment Date:                   December 31, 2026 or any date upon which
                                        the Alternative Settlement Provisions
                                        apply.

III.    Alternative Settlement:
        -----------------------

Underlying Redemption:                  If the Security Issuer redeems the
                                        Securities in whole or in part, Party A
                                        will pay to Party B the Alternative
                                        Payment Amount no later than 12 noon
                                        (New York City time) on the date of such
                                        redemption. In the event of a redemption
                                        of all of the Securities held by the
                                        Trust, this Agreement shall be
                                        terminated with no additional payments
                                        owed by, or to, Party A or Party B other
                                        than payments provided under these
                                        Alternative Settlement provisions. .

Alternative Payment Amount:             Prior to December 31, 2006, the maximum
                                        of (i) the Applicable Swap Notional
                                        Amount less the maximum of (x) zero and
                                        (y) the make whole premium, if any, paid
                                        by the Security Issuer and (ii) zero.

                                        On or after December 31, 2006, the
                                        Scheduled Payment Amount.

Applicable Swap Notional Amount:        In the event of a redemption of all of
                                        the Securities by the Security Issuer,
                                        the Swap Notional Amount. In the event
                                        of a partial redemption by the Security
                                        Issuer, an amount equal to the Swap
                                        Notional Amount multiplied by (x) the
                                        par amount of Securities held by the
                                        Trust that are being redeemed and
                                        divided by (y) $58,075,000.

Alternative Notional Amount:            The Swap Notional Amount as reduced by
                                        the Applicable Swap Notional Amount with
                                        respect to each Underlying Redemption.

         3. Additional Definitions.

         "Expense Administration Agreement" means the expense administration
agreement dated as of July 16, 2001 between Party B and the Expense
Administrator.

         "Expense Administrator" means MSDW Structured Asset Corp. acting
pursuant to the Expense Administration Agreement.

         "Security Default" has the meaning set forth in the Trust Agreement.

         "Security Issuer" has the meaning set forth in the Trust Agreement.

         "Securities" has the meaning set forth in the Trust Agreement.

         "Scheduled Payment Amount" means an amount equal to (x) the "Scheduled
Payment Amount" corresponding to the time period specified in the table below
multiplied by (y) the Applicable Swap Notional Amount divided by (z) USD
58,075,000.

                      Redemption
                     On or After:            Scheduled Payment Amount
                     ------------            ------------------------

                      12/31/2006                    2,951,674
                      12/31/2007                    3,186,006
                      12/31/2008                    3,420,339
                      12/31/2009                    3,654,672
                      12/31/2010                    3,889,004
                      12/31/2011                    4,123,337
                      12/31/2012                    4,357,670
                      12/31/2013                    4,592,002
                      12/31/2014                    4,826,335
                      12/31/2015                    5,060,667
                      12/31/2016                    5,295,000

         "Trust Agreement" means the trust agreement dated as of July 16, 2001,
between the MSDW Structured Asset Corp. and LaSalle Bank National Association.

         4. Additional Termination Event. As set forth in the Agreement, a Trust
Wind-Up Event will result in an Additional Termination Event under the Agreement
with respect to which Party B shall be the Affected Party and this Transaction
shall be an Affected Transaction.

         5. Swap Termination Payments. Other than in connection with an
Underlying Redemption, if an early termination occurs, the Swap Termination
Payment shall be determined under Section 6(e) determined on the basis of
"Market Quotation" under the Swap Agreement (with Party B as sole Affected
Party). If the related Termination Event is also a Trust Wind-Up Event (as
defined in the Trust Agreement), Party A shall pay the lesser of (i) the amount
so determined or (ii) the difference (if a positive number) of (x) the aggregate
Unit Principal Balance (as defined in the Trust Agreement) of the Units (as
defined in the Trust Agreement) less (y) the proceeds of the sale or liquidation
of the Securities (as defined in the Trust Agreement), exclusive of any amounts
in respect of accrued interest. No Swap Termination Payment shall be payable in
connection with an Underlying Redemption with respect to the portion of the Swap
Notional Amount affected by such Underlying Redemption. This Paragraph does not
limit or affect the Alternative Settlement Provisions hereof.

         6. Assignment. The rights and duties under this Confirmation and the
Agreement may be assigned and/or delegated at any time and from time to time in
whole or in part; provided that Rating Agency Condition is satisfied (as
provided in the Trust Agreement) with respect to any assignment, delegation or
transfer.

         7. Account Details.

Payments to Party A:                    Citibank, N.A. - New York
                                        SWIFT BIC Code: CITIUS33
                                        ABA No. 021 000 089
                                        For:  Morgan Stanley & Co. International
                                              Limited
                                        Account No. 3042 1519

Operations Contact:                     Barbara Kent
                                        Tel:  212-537-1449
                                        Fax:  212-537-1868

Payments to Party B:                    LaSalle Bank, Chicago, Illinois
                                        ABA No. 071 000 505
                                        Reference:  SATURNS 2001-6
                                        Unit Account / AC-2090067/
                                        Account No.: 678822206

Operations Contact:                     Brian Ames
                                        Tel:  312-904-7807
                                        Fax: 312-904-2084

         8. Representations. Morgan Stanley & Co. Incorporated is acting as
agent for both parties but does not guarantee the performance of Party A. Party
B represents and warrants to Party A, which representation and warranty will be
deemed to be repeated by Party B on each date on which a Transaction is entered
into, that it owns or controls (or, in the case of an investment advisor
(whether or not registered under the United States Investment Advisors Act of
1940), has under management) in excess of USD 63 million in Aggregate Financial
Assets (as defined below).

         For purposes hereof, Aggregate Financial Assets of an entity means the
total, on a gross basis, without deduction for liabilities of the entity, of all
cash, money-market instruments, securities of unaffiliated issuers, futures and
options.

<PAGE>

         Please confirm that the foregoing correctly sets forth the terms of our
agreement MS Reference Number S7119 by executing this Confirmation and returning
it to us.

Best Regards,

MORGAN STANLEY & CO. INTERNATIONAL LIMITED

BY: /s/ Susan Portelli
    -------------------------
     Name:  Susan Portelli
     Title: Attorney in fact

Acknowledged and agreed as of the date first written above:

SATURNS TRUST NO. 2001-6
BY:  LaSalle Bank National Association,
      solely as Trustee and not in its individual capacity.

BY: /s/ Brian D. Ames
    -------------------------
     Name:  Brian D. Ames
     Title: Vice President

MORGAN STANLEY & CO. INCORPORATED hereby agrees to and
acknowledges its role as agent for both parties in accordance with
the Schedule to the Agreement.

BY: /s/ Susan Portelli
    -------------------------
     Name:  Susan Portelli
     Title: Attorney in factPrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
EXHIBIT 4.3  

GUITAR CENTER, INC.,  

as Issuer 

and 

as
Trustee 

INDENTURE

dated
as of            , 200 

 
 

TABLE OF CONTENTS    
  

	 
	 	Page

	
ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE	
 	

1
	 	

Section 1.01. Certain Definitions	
 	

1
	 	Section 1.02. Other Definitions	 	3
	 	Section 1.03. Incorporation by Reference of Trust Indenture Act	 	4
	 	Section 1.04. Rules of Construction	 	4
	
ARTICLE 2. THE SECURITIES	
 	

4
	 	

Section 2.01. Unlimited In Amount, Issuable In Series, Form and Dating	
 	

4
	 	Section 2.02. Execution and Authentication	 	6
	 	Section 2.03. Registrar and Paying Agent	 	7
	 	Section 2.04. Paying Agent to Hold Money in Trust	 	7
	 	Section 2.05. Securityholder Lists	 	7
	 	Section 2.06. Transfer and Exchange	 	8
	 	Section 2.07. Replacement Securities	 	8
	 	Section 2.08. Outstanding Securities	 	8
	 	Section 2.09. Temporary Securities	 	9
	 	Section 2.10. Cancellation	 	9
	 	Section 2.11. Defaulted Interest	 	9
	 	Section 2.12. Special Record Dates	 	9
	 	Section 2.13. Global Securities	 	10
	 	Section 2.14. CUSIP Numbers	 	11
	
ARTICLE 3. REDEMPTION	
 	

11
	 	

Section 3.01. Notices to Trustee	
 	

11
	 	Section 3.02. Selection of Securities to Be Redeemed	 	11
	 	Section 3.03. Notice of Redemption	 	11
	 	Section 3.04. Effect of Notice of Redemption	 	12
	 	Section 3.05. Deposit of Redemption Price	 	13
	 	Section 3.06. Securities Redeemed in Part	 	13
	
ARTICLE 4. COVENANTS	
 	

13
	 	

Section 4.01. Payment of Securities	
 	

13
	 	Section 4.02. Maintenance of Office or Agency	 	13
	 	Section 4.03. Commission Reports	 	13
	 	Section 4.04. Compliance Certificate	 	14
	 	Section 4.05. Taxes	 	14
	 	Section 4.06. Stay, Extension and Usury Laws	 	14
	 	Section 4.07. Corporate Existence	 	14
	 	Section 4.08. Calculation of Original Issue Discount	 	15
	
ARTICLE 5. SUCCESSORS	
 	

15
	 	

Section 5.01. When Company May Merge, etc	
 	

15
	 	Section 5.02. Successor Corporation Substituted	 	15
	
ARTICLE 6. DEFAULTS AND REMEDIES	
 	

16
	 	

Section 6.01. Events of Default	
 	

16
	 	Section 6.02. Acceleration	 	17
	 	Section 6.03. Other Remedies	 	17
	 	Section 6.04. Waiver of Past Defaults	 	17

 

	 	Section 6.05. Control by Majority	 	18
	 	Section 6.06. Limitation on Suits	 	18
	 	Section 6.07. Rights of Holders to Receive Payment	 	18
	 	Section 6.08. Collection Suit by Trustee	 	18
	 	Section 6.09. Trustee May File Proofs of Claim	 	19
	 	Section 6.10. Priorities	 	19
	 	Section 6.11. Undertaking for Costs	 	19
	
ARTICLE 7. TRUSTEE	
 	

19
	 	

Section 7.01. Duties of Trustee	
 	

19
	 	Section 7.02. Rights of Trustee	 	20
	 	Section 7.03. Individual Rights of Trustee	 	21
	 	Section 7.04. Trustee's Disclaimer	 	21
	 	Section 7.05. Notice of Defaults	 	21
	 	Section 7.06. Reports by Trustee to Holders	 	21
	 	Section 7.07. Compensation and Indemnity	 	22
	 	Section 7.08. Replacement of Trustee	 	23
	 	Section 7.09. Successor Trustee by Merger, etc	 	24
	 	Section 7.10. Eligibility; Disqualification	 	24
	 	Section 7.11. Preferential Collection of Claims Against Company	 	24
	
ARTICLE 8. SATISFACTION AND DISCHARGE; DEFEASANCE	
 	

24
	 	

Section 8.01. Satisfaction and Discharge of Indenture	
 	

24
	 	Section 8.02. Application of Trust Funds; Indemnification	 	25
	 	Section 8.03. Legal Defeasance of Securities of any Series	 	25
	 	Section 8.04. Covenant Defeasance	 	27
	 	Section 8.05. Repayment to Company	 	27
	
ARTICLE 9. SUPPLEMENTS, AMENDMENTS AND WAIVER	
 	

28
	 	

Section 9.01. Without Consent of Holders	
 	

28
	 	Section 9.02. With Consent of Holders	 	28
	 	Section 9.03. Revocation and Effect of Consents	 	29
	 	Section 9.04. Notation on or Exchange of Securities	 	29
	 	Section 9.05. Trustee to Sign Amendments, etc	 	29
	
ARTICLE 10. MISCELLANEOUS	
 	

29
	 	

Section 10.01. Indenture Subject to Trust Indenture Act	
 	

29
	 	Section 10.02. Notices	 	30
	 	Section 10.03. Communication By Holders With Other Holders	 	30
	 	Section 10.04. Certificate and Opinion as to Conditions Precedent	 	30
	 	Section 10.05. Statements Required in Certificate or Opinion	 	31
	 	Section 10.06. Rules by Trustee and Agents	 	31
	 	Section 10.07. Legal Holidays	 	31
	 	Section 10.08. No Recourse Against Others	 	31
	 	Section 10.09. Counterparts	 	31
	 	Section 10.10. Governing Law	 	31
	 	Section 10.11. Severability	 	32
	 	Section 10.12. Effect of Headings, Table of Contents, etc	 	32
	 	Section 10.13. Successors and Assigns	 	32
	 	Section 10.14. No Interpretation of Other Agreements	 	32

ii

 
 
 

CROSS-REFERENCE TABLE*    
  

	Trust Indenture Act Section
 
	 	Indenture Section

	310	(a)(1)	 	7.10
	 	(a)(2)	 	7.10
	 	(a)(3)	 	N.A.
	 	(a)(4)	 	N.A.
	 	(a)(5)	 	7.10
	 	(b)	 	7.03, 7.08; 7.10
	 	(c)	 	N.A.
	311	(a)	 	7.11
	 	(b)	 	7.11
	 	(c)	 	N.A.
	312	(a)	 	2.05
	 	(b)	 	10.03
	 	(c)	 	10.03
	313	(a)	 	7.06
	 	(b)	 	7.06
	 	(c)	 	7.06; 10.02
	 	(d)	 	7.06
	314	(a)	 	4.03; 10.02
	 	(b)	 	N.A.
	 	(c)(1)	 	10.04
	 	(c)(2)	 	10.04
	 	(c)(3)	 	N.A.
	 	(d)	 	N.A.
	 	(e)	 	10.05
	 	(f)	 	N.A.
	315	(a)	 	7.01(b)(ii), 7.02
	 	(b)	 	7.02, 7.05; 10.02
	 	(c)	 	7.01(a), 7.02
	 	(d)	 	7.01(d), 7.02
	 	(e)	 	6.11
	316	(a)(last sentence)	 	2.13(f)
	 	(a)(1)(A)	 	6.05
	 	(a)(1)(B)	 	6.04
	 	(a)(2)	 	N.A.
	 	(b)	 	6.07
	 	(c)	 	2.12; 9.03
	317	(a)(1)	 	6.08
	 	(a)(2)	 	6.09
	 	(b)	 	2.04
	318	(a)	 	10.01
	 	(b)	 	N.A.
	 	(c)	 	10.01

N.A.
means not applicable. 

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

iii

  

    INDENTURE
dated as of            , 200  between Guitar Center, Inc., a Delaware corporation (the "Company"), and            ,
a
            , as Trustee (the "Trustee"). 

    The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness
to be issued in one or more series (the "Securities"), as herein provided, up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of
Directors or by supplemental indenture. 

    Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of each series of the Securities: 

 
 

ARTICLE 1
  DEFINITIONS AND INCORPORATION
  BY REFERENCE    
  

Section 1.01 Certain Definitions.  

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

    "Agent" means any Registrar, Paying Agent, authenticating agent or co-Registrar. 

    "Board of Directors" means the Board of Directors of the Company or any authorized committee thereof. 

    "Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of such certification (and delivered to the Trustee, if
appropriate). 

    "Closing Date" means the date on which the Securities of a particular series were originally issued under this Indenture. 

    "Commission" means the Securities and Exchange Commission. 

    "Company" means the party named as such above until a successor replaces it pursuant to this Indenture and thereafter means the
successor. 

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

    "Company Request" means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice
President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

    "Corporate Trust Office" shall mean the corporate trust office of the Trustee, which shall initially be            . 

    "Default" means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 

1

 

    "Depositary" means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more
Global Securities, the person designated as Depositary for such series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more
than one such person, "Depositary" as used with respect to the Securities of any series shall mean the Depositary with respect to the Securities of such series. 

    "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time. 

    "GAAP" means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the Closing Date. 

    "Global Security" shall mean a Security issued to evidence all or a part of any series of Securities that is executed by the Company
and authenticated and delivered by the Trustee to a Depositary or pursuant to such Depositary's instructions, all in accordance with this Indenture and pursuant to Section 2.01, which shall be
registered as to principal and interest in the name of such Depositary or its nominee. 

    "Holder" or "Securityholder" means a Person in whose name a Security is registered in
the register of Securities kept by the Registrar. 

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

    "Interest" when used with respect to an Original Issue Discount Security that by its terms bears interest only after maturity, means
interest payable after maturity. 

    "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 Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

    "Officer" means the Chairman of the Board, a Co-Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, any Vice-President, the Treasurer, the Controller, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company. 

    "Officers' Certificate" means a certificate signed by two Officers, one of whom must be the principal executive officer, principal
financial officer or principal accounting officer of the Company. 

    "Opinion of Counsel" means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee. 

    "Original Issue Discount Security" means any Security which provides that an amount less than its principal amount is due and payable
upon acceleration after an Event of Default. 

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

    "Principal" of a Security means the principal amount due on the stated maturity of the Security plus the premium, if any, on the
Security. 

    "Securities" means the Securities authenticated and delivered under this Indenture. 

    "Securities Act" means the Securities Act of 1933, as amended from time to time. 

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

2

 

    "Subsidiary" means any corporation, partnership or limited liability company of which the Company, or the Company and one or more
Subsidiaries, or any one or more Subsidiaries, directly or indirectly owns or own (i) in the case of a corporation, voting securities entitling the holders thereof to elect a majority of the
directors, either at all times or so long as there is no default or contingency which permits the holders of any other class of securities to vote for the election of one or more directors,
(ii) in the case of a partnership, at least a majority of the general partnership interests and at least a majority of total outstanding partnership interests or (iii) in the case of a
limited liability company, at least a majority of the membership interests. 

    "TIA" means the Trust Indenture Act of 1939, as amended from time to time, and as in effect on the date of execution of this Indenture;  provided, however, that in the
event the TIA is amended after such
date, "TIA" means, to the extent required by such amendment, the Trust Indenture Act, as so amended. 

    "Trustee" means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or
includes each party who is then a trustee hereunder, and if at any time there is more than one such party, "Trustee" as used with respect to the Securities of any series means the Trustee with respect
to Securities of that series. If Trustees with respect to different series of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of the
same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee with respect to a different series of Securities. 

    "Trust Officer" means any officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust
matters. 

    "U.S. Government Obligations" means securities that are (i) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that is 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 as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S.
Government 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 U.S. Government
Obligation evidenced by such depository receipt. 

Section 1.02 Other Definitions.  

	Term
 
	 	Defined in Section

	 	 	 
	"Bankruptcy Law"	 	6.01
	"Custodian"	 	6.01
	"Event of Default"	 	6.01
	"Legal Holiday"	 	10.07
	"Paying Agent"	 	2.03
	"Place of Payment"	 	2.01
	"redemption price"	 	3.03
	"Registrar"	 	2.03

3

 

Section 1.03 Incorporation by Reference of Trust Indenture Act.  

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

    "indenture
securities" means the Securities. 

    "indenture
securityholder" means a Securityholder. 

    "indenture
to be qualified" means this Indenture. 

    "indenture
trustee" or "institutional trustee" means the Trustee. 

    "obligor"
on the Securities means the Company and any successor obligor on the Securities. 

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

Section 1.04 Rules of Construction.  

    Unless the context otherwise requires: 

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

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

	(iii)
	"or"
is not exclusive;

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

	(v)
	provisions
apply to successive events and transactions. 

 
 

ARTICLE 2
  THE SECURITIES    
  

Section 2.01 Unlimited In Amount, Issuable In Series, Form and Dating.  

    The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or
more series. There shall be established in or pursuant to a Board Resolution or an Officers' Certificate pursuant to authority granted under a Board Resolution or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series: 

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

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

    (c) the
price or prices (expressed as a percentage of the aggregate principal amount thereof) at which the Securities of the series will be issued; 

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

    (e) the
rate or rates that may be fixed or variable at which the Securities of the series shall bear interest, if any, or the manner in which such rate or rates shall
be determined, the date or dates from 

4

 

which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable; 

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

    (g) the
price or prices at which (if any), the period or periods within which (if any) and the terms and conditions upon which (if other than as provided herein)
Securities of the series may be redeemed, in whole or in part, at the option, or as an obligation, of the Company; 

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

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

    (j)  if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.02 hereof; 

    (k) any
addition to or change in the covenants set forth in Article 4 that applies to Securities of the series; 

    (l)  any
Events of Default with respect to the Securities of a particular series, if not set forth herein; 

    (m) the
Trustee for the series of Securities; 

    (n) 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 and Securities; 

    (o) the
provisions, if any, relating to any security provided for the Securities of the series; 

    (p) any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, but which may modify or delete any provision of this
Indenture with respect to such series; provided, however, that no such term may modify or delete any provision hereof if imposed by the TIA;  and provided, further, that any modification or deletion of the rights, duties or immunities of the Trustee hereunder shall have been consented to in
writing by the Trustee). 

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

    The
principal of and any interest on the Securities shall be payable at the office or agency of the Company designated in the form of Security for the series (each such place herein
called the "Place of Payment"); provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of
the Person entitled thereto as such address shall appear in the register of Securities referred to in Section 2.03 hereof. 

    Each
Security shall be in one of the forms approved from time to time by or pursuant to a Board Resolution or Officers' Certificate, or established in one or more indentures
supplemental hereto. Prior to the delivery of a Security to the Trustee for authentication in any form approved by or pursuant to a Board Resolution or Officers' Certificate, the Company shall deliver
to the Trustee the Board 

5

 

Resolution or Officers' Certificate by or pursuant to which such form of Security has been approved, which Board Resolution or Officers' Certificate shall have attached thereto a true and correct copy
of the form of Security that has been approved by or pursuant thereto. 

    The
Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. 

Section 2.02 Execution and Authentication.  

    Two Officers shall sign the Securities for the Company by manual or facsimile signature. 

    If
an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 

    A
Security shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Security has been authenticated under
this Indenture. 

    The
Trustee shall authenticate Securities for original issue upon a Company Order. 

6

  

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

Section 2.03 Registrar and Paying Agent.  

    The Company shall maintain an office or agency where Securities of a particular series may be presented for registration of transfer or for exchange (the
"Registrar") and an office or agency where Securities of that series may be presented for payment (a "Paying Agent"). The Registrar for a particular series of Securities shall keep a register of the
Securities of that series and of their transfer and exchange. The Company may appoint one or more co-Registrars and one or more additional paying agents for each series of Securities. The
term "Paying Agent" includes any additional paying agent. The Company may change any Paying Agent, Registrar or co-Registrar without prior notice to any Securityholder. The Company shall
notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. 

    If
the Company fails to maintain a Registrar or Paying Agent for any series of Securities, the Trustee shall act as such. The Company or any of its Affiliates may act as Paying Agent,
Registrar or co-Registrar. 

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

Section 2.04 Paying Agent to Hold Money in Trust.  

    Whenever the Company has one or more Paying Agents it will, prior to each due date of the principal of or interest on, any Securities, deposit with a Paying
Agent a sum sufficient to pay the principal or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal 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 shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent will hold in trust for the benefit of the Securityholders of the
particular series for which it is acting, or the Trustee, all money held by the Paying Agent for the payment of principal or interest on the Securities of such series, and that such Paying Agent will
notify the Trustee of any Default by the Company or any other obligor of the series of Securities in making any such payment and 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. If the Company or an Affiliate acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Securityholders of the particular series for which it is acting all money held by it as Paying Agent. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon so doing, the Paying Agent (if other than the Company or an Affiliate of the Company) shall have no further liability for such money. Upon any bankruptcy
or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Securities. 

Section 2.05 Securityholder Lists.  

    The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders, separately by series, and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven business
days before each interest payment date and at such other times as the 

7

 

Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders, separately by series, relating to such
interest payment date or request, as the case may be. 

Section 2.06 Transfer and Exchange.  

    Where Securities of a series are presented to the Registrar or a co-Registrar with a request to register a transfer or to exchange them for an
equal principal amount of Securities of the same series of other authorized denominations, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are
met. To permit registrations of transfers and exchanges, the Company shall issue and the Trustee shall authenticate Securities at the Registrar's request. 

    No
service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.09, 2.13, 3.06 or 9.04). 

    The
Company need not issue, and the Registrar or co-Registrar need not register the transfer or exchange of, (i) any Security of a particular series during a period
beginning at the opening of business 15 days before the day of any selection of Securities of that series for redemption under Section 3.02 and ending at the close of business on the day
of selection, or (ii) any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security of that series being redeemed in part. 

Section 2.07 Replacement Securities.  

    If a mutilated Security is surrendered to the Trustee or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the
Company shall issue and the Trustee shall authenticate a replacement Security of same series if the Company's and the Trustee's requirements are met. The Trustee or the Company may require an
indemnity bond to be furnished which is sufficient in the judgment of both to protect the Company, the Trustee, and any Agent from any loss which any of them may suffer if a Security is replaced. The
Company may charge such Holder for its expenses in replacing a Security. 

    Every
replacement Security is an obligation of the Company and shall be entitled to all the benefit of the Indenture equally and proportionately with any and all other Securities of
the same series. 

Section 2.08 Outstanding Securities.  

    The Securities of any series outstanding at any time are all the Securities of that series authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, and those described in this Section as not outstanding. 

    If
a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a
bona fide purchaser. 

    If
Securities are considered paid under Section 4.01, they cease to be outstanding and interest on them ceases to accrue. 

    Except
as set forth in Section 2.09 hereof, a Security does not cease to be outstanding because the Company or an Affiliate holds the Security. 

    For
each series of Original Issue Discount Securities, the principal amount of such Securities that shall be deemed to be outstanding and used to determine whether the necessary
Holders have given any request, demand, authorization, direction, notice, consent or waiver shall be the principal amount of such Securities that could be declared to be due and payable upon
acceleration upon an Event of 

8

 

Default as of the date of such determination. When requested by the Trustee, the Company shall advise the Trustee of such amount, showing its computations in reasonable detail. 

Section 2.09 Temporary Securities.  

    Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a written order of the
Company signed by one Officer of the Company. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. 

    Holders
of temporary securities shall be entitled to all of the benefits of this Indenture. 

Section 2.10 Cancellation.  

    The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation
and shall return such canceled Securities to the Company at the Company's written request. The Company may not issue new Securities to replace Securities that it has paid or that have been delivered
to the Trustee for cancellation. 

Section 2.11 Defaulted Interest.  

    If the Company fails to make a payment of interest on any series of Securities, it shall pay such defaulted interest plus (to the extent lawful) any interest
payable on the defaulted interest, in any lawful manner. It may elect to pay such defaulted interest, plus any such interest payable on it, to the Persons who are Holders of such Securities on which
the interest is due on a subsequent special record date. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to
be paid on each such Security. The Company shall fix any such record date and payment date for such payment. At least 15 days before any such record date, the Company shall mail to
Securityholders affected thereby a notice that states the record date, payment date, and amount of such interest to be paid. 

Section 2.12 Special Record Dates.  

	(a)
	The
Company may, but shall not be obligated to, set a record date for the purpose of determining the identity of Holders entitled to consent to any supplement, amendment or waiver
permitted by this Indenture. If a record date is fixed, the Holders of Securities of that series outstanding on such record date, and no other Holders, shall be entitled to consent to such supplement,
amendment or waiver or revoke any consent previously given, whether or not such Holders remain Holders after such record date. No consent shall be valid or effective for more than 90 days after
such record date unless consents from Holders of the principal amount of Securities of that series required hereunder for such amendment or waiver to be effective shall have also been given and not
revoked within such 90-day period.

	(b)
	The
Company may, but shall not be obligated to, fix any day as a record date for the purpose of determining the Holders of any series of Securities entitled to join in the giving or
making of any notice of Default, any declaration of acceleration, any request to institute proceedings or any other similar direction. If a record date is fixed, the Holders of Securities of that
series outstanding on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such 

9

 

record
date; provided, however, that no such action shall be effective hereunder unless taken on or prior to the date 90 days after such record
date. 

Section 2.13 Global Securities.  

	(a)
	Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers' Certificate shall establish whether the
Securities of a series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.

	(b)
	Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.06 of this Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section 2.06 of this Indenture for securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary
ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90 days of such event or (ii) the
Company executes and delivers to the Trustee an Officers' Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global
Security with like tenor and terms. 

Except
as provided in this paragraph (b) of this Section, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary. 

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

"Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), 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 may be requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or such other entity as may be requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFULinasmuch as the registered owner hereof, Cede & Co. has an interest herein." "Transfer of this Global Security shall be limited
to transfers in whole, but not in part, to nominees of DTC or to a successor thereof or such successor's nominee and limited to transfers made in accordance with the restrictions set forth in the
Indenture referred to herein." 

    (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or
take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture. 

    (e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.01 hereof, payment of the principal of and interest, if any, on any Global Security shall be made to the Person specified therein. 

    (f)  Consents, Declaration and Directions. Except as provided in paragraph (e) of this Section, the Company, the
Trustee and any Agent shall treat a Person as the Holder of such principal amount of 

10

 

outstanding Securities of such series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining
any consents, declarations or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.14 CUSIP Numbers.  

    The Company in issuing any series of Securities may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in
notices as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on such Securities or as contained in any notice and that reliance may be placed only on the other identification numbers printed on such Securities, and any such action relating to such
notice shall not be affected by any defect in or omission of such numbers in such notice. The Company shall promptly notify the Trustee of any change in the "CUSIP" numbers. 

 
 

ARTICLE 3
  REDEMPTION    
  

Section 3.01 Notices to Trustee.  

    If the Company elects to redeem Securities of any series pursuant to any optional redemption provisions thereof, it shall notify the Trustee of the redemption
date and the principal amount of Securities of that series to be redeemed. 

    The
Company shall give the notice provided for in this Section at least 45 days before the redemption date (unless a shorter notice period shall be satisfactory to the
Trustee), which notice shall specify the provisions of such Security pursuant to which the Company elects to redeem such Securities. 

    If
the Company elects to reduce the principal amount of Securities of any series to be redeemed pursuant to mandatory redemption provisions thereof, it shall notify the Trustee of the
amount of, and the basis for, any such reduction. If the Company elects to credit against any such mandatory redemption Securities it has not previously delivered to the Trustee for cancellation, it
shall deliver such Securities with such notice. 

Section 3.02 Selection of Securities to Be Redeemed.  

    If less than all the Securities of any series are to be redeemed, the Trustee shall select the Securities of that series to be redeemed by a method that
complies with the requirements of any exchange on which the Securities of that series are listed, or, if the Securities of that series are not listed on an exchange, by lot or by such other method as
the Trustee deems appropriate. The Trustee shall make the selection not more than 75 days and not less than 30 days before the redemption date from Securities of that series outstanding
and not previously called for redemption. Except as otherwise provided as to any particular series of Securities, Securities and portions thereof that the Trustee selects shall be in amounts equal to
the minimum authorized denomination for Securities of the series to be redeemed or any integral multiple thereof. Provisions of this Indenture that apply to Securities called for redemption also apply
to portions of Securities called for redemption. The Trustee shall notify the Company promptly in writing of the Securities or portions of Securities to be called for redemption. 

Section 3.03 Notice of Redemption.  

    Except as otherwise provided as to any particular series of Securities, at least 30 days but not more than 60 days before a redemption date, the
Company shall mail a notice of redemption to each Holder whose Securities are to be redeemed. 

11

 

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

    (1) the
redemption date; 

    (2) the
redemption price fixed in accordance with the terms of the Securities of the series to be redeemed, plus accrued interest, if any, to the date fixed for
redemption (the "redemption price"); 

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

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

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

    (6) that,
unless the Company defaults in payment of the redemption price, interest on Securities called for redemption ceases to accrue on and after the redemption
date; and 

    (7) the
CUSIP number, if any, of the Securities to be redeemed. 

    At
the Company's request, the Trustee shall give the notice of redemption in the Company's name and at its expense. The notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice of the Holder of any Security
shall not affect the validity of the proceeding for the redemption of any other Security. 

Section 3.04 Effect of Notice of Redemption.  

    Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption become due and payable on the redemption
date for the redemption price. Upon surrender to the Paying Agent, such Securities will be paid at the Redemption Price. 

12

  

Section 3.05 Deposit of Redemption Price.  

    On or before 10:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or any
Affiliate is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of all Securities called for redemption on that date other than Securities that have
previously been delivered by the Company to the Trustee for cancellation. The Paying Agent shall return to the Company any money not required for that purpose. 

Section 3.06 Securities Redeemed in Part.  

    Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder at the expense of the Company
a new Security of same series equal in principal amount to the unredeemed portion of the Security surrendered. 

 
 

ARTICLE 4
  COVENANTS    
  

Section 4.01 Payment of Securities.  

    The Company shall pay or cause to be paid the principal of and interest on the Securities on the dates and in the manner provided in this Indenture and the
Securities. Principal and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or an Affiliate, holds as of 10:00 a.m., New York City time, on that
date immediately available funds designated for and sufficient to pay all principal and interest then due. 

    To
the extent lawful, the Company shall pay interest on overdue principal and overdue installments of interest at the rate per annum borne by the applicable series of Securities. 

Section 4.02 Maintenance of Office or Agency.  

    The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee or Registrar) where Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture
may be served. The Company shall 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. 

    The
Company may also from time to time designate one or more other offices or agencies where the Securities 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 the Borough of Manhattan, The City of New York for such purposes. The Company shall 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. 

    The
Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03. 

Section 4.03 Commission Reports.  

    The Company shall deliver to the Trustee within 15 days after it files them 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 by rules and regulations prescribe) that the 

13

 

Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; provided, however the Company shall not be
required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission. The Company also shall comply with the other provisions of TIA
Section 314(a). 

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

Section 4.04 Compliance Certificate.  

    The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, commencing within 120 days of
December 31, 2001, an Officers' Certificate stating that in the course of the performance by the signers of their duties as officers of the Company, they would normally have knowledge of any
failure by the Company to comply with all conditions, or default by the Company with respect to any covenants, under this Indenture, and further stating whether or not they have knowledge of any such
failure or default and, if so, specifying each such failure or default and the nature thereof. For purposes of this Section, such compliance shall be determined without regard to any period of grace
or requirement of notice provided for in this Indenture. The certificate need not comply with Section 10.04 hereof. 

    The
Company shall, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers' Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05 Taxes.  

    The Company shall pay prior to delinquency, all material taxes, assessments, and governmental levies except as contested in good faith by appropriate
proceedings. 

Section 4.06 Stay, Extension and Usury Laws.  

    The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that 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 shall not, by resort to any such law, hinder, delay or impede
the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.07 Corporate Existence.  

    Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to
time) of each Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided,
however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries,
if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its 

14

 

Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

Section 4.08 Calculation of Original Issue Discount.  

    If, as of the end of any fiscal year of the Company, the Company has any outstanding Original Issue Discount Securities under the Indenture, the Company shall
file with the Trustee promptly following the end of such fiscal year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on
such Original Issue Discount Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be required under the Internal
Revenue Code of 1986, as amended from time to time. 

 
 

ARTICLE 5
  SUCCESSORS    
  

Section 5.01 When Company May Merge, etc.  

    The Company shall not consolidate or merge with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to any Person unless: 

	(1)
	the
Company is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made is a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia;

	(2)
	the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made assumes by supplemental indenture all the obligations of the Company under the Securities and this Indenture; and

	(3)
	immediately
prior to and after giving effect to the transaction no Default or Event of Default shall have occurred and be continuing. 

    The
Company shall deliver to the Trustee on or prior to the consummation of the proposed transaction an Officers' Certificate to the foregoing effect and an Opinion of Counsel stating
that the proposed transaction and such supplemental indenture comply with this Indenture. 

Section 5.02 Successor Corporation Substituted.  

    Upon any consolidation or merger, or any transfer by the Company (other than by lease) of all or substantially all of the assets of the Company in accordance
with Section 5.01 hereof, the successor corporation formed by such consolidation or into which the Company is merged or to which such transfer 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 corporation had been named as the Company herein. In the event of any such
transfer, the predecessor Company shall be released and discharged from all liabilities and obligations in respect of the Securities and the Indenture, and the predecessor Company may be dissolved,
wound up or liquidated at any time thereafter. 

15

 
 
 

ARTICLE 6
  DEFAULTS AND REMEDIES    
  

Section 6.01 Events of Default.  

    An "Event of Default" occurs with respect to Securities of any particular series if, unless in the establishing
Board Resolution, Officers' Certificate or supplemental indenture hereto, it is provided that such series shall not have the benefit of said Event of Default: 

    (1) the
Company defaults in the payment of interest on any Security of that series when the same becomes due and payable and the Default continues for a period of
30 days; 

    (2) the
Company defaults in the payment of the principal of any Security of that series when the same becomes due and payable at maturity, upon redemption or otherwise; 

    (3) an
Event of Default, as defined in the Securities of that series, occurs and is continuing, or the Company fails to comply with any of its other agreements in the
Securities of that series or in this Indenture with respect to that series and the Default continues for the period and after the notice specified below; 

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

    (A) commences
a voluntary case; 

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

    (C) consents
to the appointment of a Custodian of it or for all or substantially all of its property; 

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

    (E) admits
in writing its inability generally to pay its debts as the same become due. 

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

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

    (B) appoints
a Custodian of the Company or for all or substantially all of its property; or 

    (C) orders
the liquidation of the Company; 

    and
the order or decree remains unstayed and in effect for 60 days. 

    (6) any
other Event of Default provided with respect to Securities of that series which is specified in a Board Resolution, Officers' Certificate or supplemental
indenture establishing that series of Securities. 

    The
term "Bankruptcy Law" means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term "Custodian"
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

    A
Default under clause (3) above is not an Event of Default with respect to a particular series of Securities until the Trustee or the Holders of at least 50% in principal
amount of the then outstanding Securities of that series notify the Company of the Default and the Company does not cure the Default within 60 days after receipt of the notice. The notice must
specify the Default, demand that it be remedied and state that the notice is a "Notice of Default." Such notice shall be given by the Trustee if so requested in writing by the Holders of 50% of the
principal amount of the then outstanding Securities of that series. 

16

 

Section 6.02 Acceleration.  

    If an Event of Default with respect to Securities of any series (other than an Event of Default specified in clauses (4) and (5) of
Section 6.01) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 50% in principal amount of the then outstanding Securities of that series by notice to
the Company and the Trustee, may declare the unpaid principal (or, in the case of Original Issue Discount Securities, such lesser amount as may be provided for in such Securities) of and any accrued
interest on all the Securities of that series to be due and payable on the Securities of that series. Upon such declaration the principal (or such lesser amount) and interest shall be due and
payable immediately. If an Event of Default specified in clause (4) or (5) of Section 6.01 occurs, all of such amount shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities of that series by notice to the Trustee may rescind
an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to that series have been cured or waived except
nonpayment of principal (or such lesser amount) or interest that has become due solely because of the acceleration. 

Section 6.03 Other Remedies.  

    If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of
principal or interest on the Securities of that series or to enforce the performance of any provision of the Securities of that series or this Indenture. 

    The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies
are cumulative to the extent permitted by law. 

Section 6.04 Waiver of Past Defaults.  

    Subject to Section 9.02, the Holders of a majority in principal amount of the then outstanding Securities of any series, by notice to the Trustee, may
waive an existing Default or Event of Default with respect to that series and its consequences except a Default or Event of Default in the payment of the principal (including any mandatory sinking
fund or like payment) of or interest on any Security of that series (provided, however, that the Holders of a majority in principal amount of the
outstanding Securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). 

17

  

Section 6.05 Control by Majority.  

    The Holders of a majority in principal amount of the then outstanding Securities of any series may direct the time, method and place of conducting any
proceeding for any remedy with respect to that series available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture, that is unduly prejudicial to the rights of another Holder of Securities of that series, or that may involve the Trustee in personal liability. The Trustee may take any
other action which it deems proper that is not inconsistent with any such direction. 

Section 6.06 Limitation on Suits.  

    A Holder of Securities of any series may not pursue a remedy with respect to this Indenture or the Securities unless: 

	(1)
	the
Holder gives to the Trustee written notice of a continuing Event of Default with respect to that series;

	(2)
	the
Holders of at least 50% in principal amount of the then outstanding Securities of that series make a written request to the Trustee to pursue the remedy;

	(3)
	such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

	(4)
	the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and

	(5)
	during
such 60-day period the Holders of a majority in principal amount of the then outstanding Securities of that series do not give the Trustee a direction
inconsistent with the request. 

    No
Holder of any series of Securities may use this Indenture to prejudice the rights of another Holder of Securities of that series or to obtain a preference or priority over another
Holder of Securities of that series. 

Section 6.07 Rights of Holders to Receive Payment.  

    Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of and interest, if any, on the
Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of the Holder. 

Section 6.08 Collection Suit by Trustee.  

    If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing with respect to Securities of any series, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal (or such portion of the principal as may be specified as due upon
acceleration at that time in the terms of that series of Securities) and interest, if any, remaining unpaid on the Securities of that series then outstanding, together with (to the extent lawful)
interest on overdue principal and interest, and such further amount as shall be sufficient to cover the costs and, to the extent lawful, expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 7.07 hereof. 

18

 

Section 6.09 Trustee May File Proofs of Claim.  

    The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the
Securityholders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled to and empowered to collect
and receive any money or other property payable or deliverable on any such claims and to distribute the same, and any custodian in any such judicial proceedings 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 to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee under Section 7.07 hereof. Nothing contained herein shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 

Section 6.10 Priorities.  

    If the Trustee collects any money with respect to Securities of any series pursuant to this Article, it shall pay out the money in the following order: 

	 
	 	 

	First:	 	to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and
expenses of collection;
	

Second:	
 	

to Securityholders for amounts due and unpaid on the Securities of such series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities of such series for principal
and interest, respectively; and
	

Third:	
 	

to the Company or to such party as a court of competent jurisdiction shall direct.

    The
Trustee may fix a record date and payment date for any payment to Holders of Securities of any series pursuant to this Section. The Trustee shall notify the Company in writing
reasonably in advance of any such record date and payment date. 

Section 6.11 Undertaking for Costs.  

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

 
 

ARTICLE 7
  TRUSTEE    
  

Section 7.01 Duties of Trustee.  

	(a)
	If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in 

19

 

their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

	(b)
	Except
during the continuance of an Event of Default known to the Trustee:

	(i)
	the
duties of the Trustee shall be determined solely by the express provisions of this Indenture or the TIA and the Trustee need perform only those
duties that are specifically set forth in this Indenture or the TIA and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

	(ii)
	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. However, in the case of any certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

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

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

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

	(d)
	Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of
this Section.

	(e)
	No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or
power unless it receives security and indemnity satisfactory to it against any loss, liability or expense.

	(f)
	The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Absent written instruction from the Company,
the Trustee shall not be required to invest any such money. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee.  

    Subject to TIA Section 315(a) through (d): 

	(a)
	The
Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee 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.

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

20

 

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

	(d)
	The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers under the Indenture, unless
the Trustee's conduct constitutes negligence.

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

	(f)
	The
Trustee may consult with counsel of its selection and may rely upon the advice of such counsel or any Opinion of Counsel.

	(g)
	The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any
event that is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular
series, as the case may be, and this Indenture. 

Section 7.03 Individual Rights of Trustee.  

    The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with
the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to TIA Sections 310(b) and 311. 

Section 7.04 Trustee's Disclaimer.  

    The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company's use of
the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its certificate of authentication. 

Section 7.05 Notice of Defaults.  

    If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and if it is known to the Trustee, the Trustee shall
mail to all Holders of Securities of that series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment on any such Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of such
Securityholders. 

Section 7.06 Reports by Trustee to Holders.  

    Within 60 days after May 15 in each year, the Trustee with respect to any series of Securities shall mail to Holders of Securities of that series
as provided in TIA Section 313(c) a brief report dated as of such May 15 that complies with TIA Section 313(a) (if such report is required by TIA Section 313(a)). The
Trustee shall also comply with TIA Section 313(b). 

    A
copy of each report at the time of its mailing to Securityholders shall be mailed to the Company and filed with the Commission and each stock exchange on which any of the Securities
are listed, as required by TIA Section 313(d). The Company shall notify the Trustee when the Securities are listed on any stock exchange, and of any delisting thereof. 

21

 

Section 7.07 Compensation and Indemnity.  

    The Company shall pay to the Trustee from time to time such compensation as shall be agreed upon in writing for its services hereunder. The Company shall
reimburse the Trustee upon written request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and
out-of-pocket expenses of the Trustee's agents and counsel. 

    The
Company shall indemnify each of the Trustee or any predecessor Trustee for any loss, liability, damage, claims or expenses, including taxes (other than taxes based upon, measured
by or determined by the income of the Trustee) incurred by it, without negligence or bad faith on its part, in connection with the acceptance or administration of this Indenture and its duties
hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent. 

    To
secure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee in its
capacity as Trustee, except money or property held in trust to pay principal and interest on particular Securities. Such lien will survive the satisfaction and discharge of this Indenture. 

    If
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(4) or (5) hereof occurs, the expenses and the compensation for the
services will be intended to constitute expenses of administration under any applicable Bankruptcy Law. 

    This
Section 7.07 shall survive the termination of this Indenture. 

22

  

Section 7.08 Replacement of Trustee.  

    A resignation or removal of the Trustee with respect to one or more or all series of Securities and appointment of a successor Trustee shall become effective
only upon the successor Trustee's acceptance of appointment as provided in this Section. 

    The
Trustee may resign with respect to one or more or all series of Securities by so notifying the Company in writing. The Holders of a majority in principal amount of the then
outstanding Securities of any series may remove the Trustee as to that series by so notifying the Trustee in writing and may appoint a successor Trustee with the Company's consent. The Company may
remove the Trustee with respect to one or more or all series of Securities if: 

    (1) the
Trustee fails to comply with Section 7.10 hereof; 

    (2) the
Trustee is adjudged a bankrupt or an insolvent; 

    (3) a
receiver or other public officer takes charge of the Trustee or its property; or 

    (4) the
Trustee becomes incapable of acting. 

    If,
as to any series of Securities, the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee for that series. Within one year after the successor Trustee with respect to any series takes office, the Holders of a majority in principal amount of the then outstanding Securities of that
series may appoint a successor Trustee to replace the successor Trustee appointed by the Company. If a successor Trustee as to a particular series does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the then outstanding Securities of that series may petition any court of
competent jurisdiction for the appointment of a successor Trustee. 

    If
the Trustee fails to comply with Section 7.10 hereof with respect to any series, any Holder of Securities of that series who satisfies the requirements of TIA
Section 310(b) may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for that series. 

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

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

    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 that
(1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) shall contain such provisions as shall be 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 or desirable to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; provided, however, that nothing herein 

23

 

or in such supplemental Indenture shall constitute such Trustee co-trustees of the same trust and that each such Trustee shall be trustee of a trust hereunder separate and apart from any
trust hereunder administered by any other such Trustee. 

    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. 

Section 7.09 Successor Trustee by Merger, etc.  

    If the Trustee as to any series of Securities consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall be the successor Trustee as to that series. 

Section 7.10 Eligibility; Disqualification.  

    Each series of Securities shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee as to any
series of Securities shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee is subject to TIA
Section 310(b). 

Section 7.11 Preferential Collection of Claims Against Company.  

    The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or
been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

 
 

ARTICLE 8
  SATISFACTION AND DISCHARGE; DEFEASANCE    
  

Section 8.01 Satisfaction and Discharge of Indenture.  

    This Indenture shall upon Company Order cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 

    (a) either

	(i)
	all
Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced
or paid) have been delivered to the Trustee for cancellation; or 
	(ii)
	all
such Securities not theretofore delivered to the Trustee for cancellation 

    (A) have
become due and payable, or 

    (B) will
become due and payable at their stated maturity within one year, or 

    (C) 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, or 

    (D) are
deemed paid and discharged pursuant to Section 8.03, as applicable; 

and
the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and
discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities that 

24

 

have become due and payable on or prior to the date of such deposit) or to the stated maturity or redemption date, as the case may be; 

    (b) the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

    (c) 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 7.07 hereof, and, if money shall have been deposited with the
Trustee pursuant to
clause (a) of this Section or if money or obligations shall have been deposited with or received by the Trustee pursuant to Section 8.03 hereof, the obligations of the Trustee under
Sections 8.02 and 8.05 hereof shall survive. 

Section 8.02 Application of Trust Funds; Indemnification.  

    (a) Subject
to the provisions of Section 8.05 hereof, all money deposited with the Trustee pursuant to Section 8.01 hereof, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 hereof and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee
pursuant to Section 8.03 or 8.04 hereof, 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 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 Sections 8.03 and 8.04 hereof. 

    (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 8.03 or 8.04 hereof 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 Sections
8.03 or 8.04 hereof that, in the opinion of a nationally recognized firm of independent certified 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 U.S. Government Obligations or money were deposited or received. This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations held under this Indenture. 

Section 8.03 Legal Defeasance of Securities of any Series.  

    Unless this Section 8.03 is otherwise specified to be inapplicable to Securities of any series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any such series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this
Indenture, as it relates to such outstanding Securities of such series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon Company Request, execute proper
instruments acknowledging the same), except as to: 

    (a) the
rights of Holders of Securities of such series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal
of an each installment of principal of or interest on the outstanding Securities of such series on the stated maturity of such principal of or interest and (ii) the benefit of any mandatory
sinking fund payments applicable to the Securities of 

25

 

such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such series; 

    (b) the
Company's obligations with respect to such Securities of such series under Sections 2.03, 2.06 and 2.07 hereof; and 

    (a) the
rights, powers, trust and immunities of the Trustee hereunder and the duties of the Trustee under Section 8.02 hereof and the duty of the Trustee to
authenticate Securities of such series issued on registration of transfer of exchange; 

    provided that, the following conditions shall have been satisfied: 

    (c) the
Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, cash in U.S. Dollars and/or U.S. Government Obligations which through the payment of
interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash, 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 each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such
series on the dates such installments of interest or principal are due; 

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

    (e) no
Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date; 

    (f)  the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such series 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; 

    (g) the
Company shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; 

    (h) such
deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as
amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 

    (i)  the
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied with. 

26

 

Section 8.04 Covenant Defeasance.  

    Unless this Section 8.04 is otherwise inapplicable to Securities of any series, on and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08 and 5.01 hereof as well as any
additional covenants contained in a supplemental indenture hereto for a particular series of Securities or a Board Resolution or an Officers' Certificate delivered pursuant to Section 2.01(n)
hereof (and the failure to comply with any such provisions shall not constitute a Default or Event of Default under Section 6.01 hereof) and the occurrence of any event described in
clause (e) of Section 6.01 hereof shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such series,  provided that the following conditions shall have
been satisfied: 

    (a) With
reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.03 hereof) with
the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in U.S. Dollars and/or U.S. Government
Obligations which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, 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 principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such series
on the dates such installments of interest or principal are due; 

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

    (c) No
Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date; 

    (d) The
Company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such deposit and defeasance had not occurred; 

    (e) The
Company shall have delivered to the Trustee an Officers' Certificate stating the deposit was not made by the Company with the intent of preferring the Holders
of the Securities of such series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

    (f)  The
Company shall have 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. 

Section 8.05 Repayment to Company.  

    The Trustee and the Paying Agent shall pay to the Company upon the Company's request any money held by them for the payment of principal or interest that
remains unclaimed for two years after the date upon which such payment shall have become due. After payment to the Company, Securityholders entitled to the money must look to the Company for payment
as general creditors unless an applicable abandoned property law designates another Person. 

27

 
 
 

ARTICLE 9
  SUPPLEMENTS, AMENDMENTS AND WAIVERS    
  

Section 9.01 Without Consent of Holders.  

    The Company and the Trustee as to any series of Securities may supplement or amend this Indenture or the Securities without notice to or the consent of any
Securityholder: 

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

    (2) to
comply with Article 5; 

    (3) to
comply with any requirements of the Commission in connection with the qualification of this Indenture under the TIA; 

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

    (5) to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided,
however, that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become
effective only when there is no outstanding Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision; 

    (6) to
make any change that does not adversely affect in any material respect the interests of the Securityholders of any series; or 

    (7) to
establish additional series of Securities as permitted by Section 2.01 hereof. 

Section 9.02 With Consent of Holders.  

    Subject to Section 6.07, the Company and the Trustee as to any series of Securities may amend this Indenture or the Securities of that series with the
written consent of the Holders of a majority in principal amount of the then outstanding Securities of each series affected by the amendment, with each such series voting as a separate class. The
Holders of a majority in principal amount of the then outstanding Securities of any series may also waive compliance in a particular instance by the Company with any provision of this Indenture with
respect to that series or the Securities of that series; provided, however, that without the consent of each Securityholder affected, an amendment or
waiver may not: 

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

    (2) reduce
the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous provision; 

    (3) reduce
the rate of, or change the time for payment of interest on, any Security; 

    (4) reduce
the principal of or change the fixed maturity of any Security or waive a redemption payment or alter the redemption provisions with respect thereto; 

    (5) make
any Security payable in money other than that stated in the Security (including defaulted interest); 

    (6) reduce
the principal amount of Original Issue Discount Securities payable upon acceleration of the maturity thereof; 

    (7) make
any change in Section 6.04, 6.07 or 9.02 (this sentence); or 

    (8) waive
a default in the payment of the principal of, or interest on, any Security, except to the extent otherwise provided for in Section 6.02 hereof. 

28

  

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

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

    The
Company shall mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture or waiver. 

Section 9.03 Revocation and Effect of Consents.  

    Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of
a Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security; provided,
however, that unless a record date shall have been established pursuant to Section 2.12(a) hereof, any such Holder or subsequent Holder may revoke the consent as to his
Security or portion of a Security if the Trustee receives the notice of revocation before the date on which the amendment or waiver becomes effective. An amendment or waiver shall become effective on
receipt by the Trustee of consents from the Holders of the requisite percentage principal amount of the outstanding Securities of any series, and thereafter shall bind every Holder of Securities of
that series. 

Section 9.04 Notation on or Exchange of Securities.  

    If an amendment or waiver changes the terms of a Security: (a) the Trustee may require the Holder of the Security to deliver it to the Trustee, the
Trustee may, at the written direction of the Company and at the Company's expense, place an appropriate notation on the Security about the changed terms and return it to the Holder and the Trustee may
place an appropriate notation on any Security thereafter authenticated; or (b) if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee
shall authenticate a new Security that reflects the changed terms. 

Section 9.05 Trustee to Sign Amendments, etc.  

    The Trustee shall receive an Opinion of Counsel stating that the execution of any amendment or waiver proposed pursuant to this Article is authorized or
permitted by this Indenture. Subject to the preceding sentence, the Trustee shall sign such amendment or waiver if the same does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver that affects the Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise. 

 
 

ARTICLE 10
  MISCELLANEOUS    
  

Section 10.01 Indenture Subject to Trust Indenture Act.  

    This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture, and shall, to the extent applicable, be governed by such
provisions. 

29

 

Section 10.02 Notices.  

    Any notice or communication is duly given if in writing and delivered in person or sent by first-class mail (registered or certified, return receipt
requested), telecopier or overnight air courier guaranteeing next-day delivery, addressed as follows: 

    If
to the Company: 

Guitar
Center, Inc.

5795 Lindero Canyon Road

Westlake Village, California 91362

Attention: Chief Executive Officer

Telephone: (818) 735-8800

Facsimile: (818) 735-8833

    If
to the Trustee: 

_____________________

_____________________

_____________________

Attention: _____________________

Telephone: _____________________

Facsimile: _____________________

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

    All
notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next business day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next-day delivery. 

    Any
notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to mail a notice or
communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If the Company mails a notice or communication to Securityholders, it
shall mail a copy to the Trustee at the same time. 

    If
a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

Section 10.03 Communication By Holders With Other Holders.  

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

Section 10.04 Certificate and Opinion as to Conditions Precedent.  

    Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 

	(a)
	an
Officers' Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and 

30

 

	(b)
	an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 10.05 Statements Required in Certificate or Opinion.  

    Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificate provided for in
Section 4.03 hereof) shall include: 

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

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

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

	(4)
	a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an officer's certificate or certificates of public officials. 

Section 10.06 Rules by Trustee and Agents.  

    The Trustee as to Securities of any series may make reasonable rules for action by or at a meeting of Holders of Securities of that series. The Registrar and
any Paying Agent or Authenticating Agent may make reasonable rules and set reasonable requirements for their functions. 

Section 10.07 Legal Holidays.  

    A "Legal Holiday" is a Saturday, a Sunday or a day on which banking institutions in New York, New York or Los
Angeles, California, are not required to be open. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. 

Section 10.08 No Recourse Against Others.  

    A past, present or future director, officer, employee, stockholder or incorporator, as such, of the Company or any successor corporation shall not have any
liability for any obligations of the Company under any series of Securities or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration of issuance of the Securities. 

Section 10.09 Counterparts.  

    This Indenture may be executed by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. 

Section 10.10 Governing Law.  

    The internal laws of the State of New York shall govern this Indenture and the Securities, without regard to the conflict of laws provisions thereof. 

31

 

Section 10.11 Severability.  

    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 10.12 Effect of Headings, Table of Contents, etc.  

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

Section 10.13 Successors and Assigns.  

    All covenants and agreements of the Company in this Indenture and the Securities shall bind its successors and assigns. All agreements of the Trustee in this
Indenture shall bind its successor. 

Section 10.14 No Interpretation of Other Agreements.  

    This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture. 

[signature
page follows] 

32

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

	 	 	GUITAR CENTER, INC.
	

 	
 	

By:	
 	

 Name:

Title:
	

 	
 	

 	
 	

 as Trustee
	

 	
 	

By:	
 	

 Name:

Title:

QuickLinks

TABLE OF CONTENTS

CROSS-REFERENCE TABLE

ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE 2 THE SECURITIES

ARTICLE 3 REDEMPTION

ARTICLE 4 COVENANTS

ARTICLE 5 SUCCESSORS

ARTICLE 6 DEFAULTS AND REMEDIES

ARTICLE 7 TRUSTEE

ARTICLE 8 SATISFACTION AND DISCHARGE; DEFEASANCE

ARTICLE 9 SUPPLEMENTS, AMENDMENTS AND WAIVERS

ARTICLE 10 MISCELLANEOUS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]