Document:

Exhibit 4.1

EXECUTION COPY

FIFTH SUPPLEMENTAL INDENTURE

between

THE ALLSTATE CORPORATION,

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION,

(AS SUCCESSOR IN INTEREST TO STATE STREET BANK AND TRUST COMPANY),

as Trustee, Calculation Agent and Paying
Agent

May 10, 2007

$500,000,000

SERIES A 6.50% FIXED-TO-FLOATING
RATE JUNIOR SUBORDINATED DEBENTURES DUE 2067

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
   

  	
   

  	
  ARTICLE I

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEFINITIONS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  1.1.

  	
   

  	
  Definition of Terms

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE II

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.1.

  	
   

  	
  Designation, Principal Amount
  and Authorized Denominations

  	
   

  	
  12

  	
   

  
	
  SECTION
  2.2.

  	
   

  	
  Repayment

  	
   

  	
  13

  	
   

  
	
  SECTION
  2.3.

  	
   

  	
  Form

  	
   

  	
  16

  	
   

  
	
  SECTION
  2.4.

  	
   

  	
  Rate of Interest; Interest
  Payment Date

  	
   

  	
  16

  	
   

  
	
  SECTION
  2.5.

  	
   

  	
  Interest Deferral

  	
   

  	
  17

  	
   

  
	
  SECTION
  2.6.

  	
   

  	
  Alternative Payment Mechanism

  	
   

  	
  18

  	
   

  
	
  SECTION
  2.7.

  	
   

  	
  Events of Default

  	
   

  	
  21

  	
   

  
	
  SECTION
  2.8.

  	
   

  	
  Securities Registrar; Paying
  Agent; Delegation of Trustee Duties

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.9.

  	
   

  	
  Limitation on Claims in the
  Event of Bankruptcy, Insolvency or Receivership

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.10.

  	
   

  	
  Location of Payment

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.11.

  	
   

  	
  No Sinking Fund

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.12.

  	
   

  	
  Defeasance

  	
   

  	
  25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE III

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COVENANTS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.1.

  	
   

  	
  Dividend and Other Payment
  Stoppages

  	
   

  	
  25

  	
   

  
	
  SECTION
  3.2.

  	
   

  	
  Additional Limitation on
  Deferral Over One Year

  	
   

  	
  26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE IV

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REDEMPTION OF THE DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  4.1.

  	
   

  	
  Redemption Price

  	
   

  	
  26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE V

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REPAYMENT OF DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.1.

  	
   

  	
  Repayments

  	
   

  	
  27

  	
   

  
	
  SECTION
  5.2.

  	
   

  	
  Selection of the Debentures to
  be Repaid

  	
   

  	
  27

  	
   

  
	
  SECTION
  5.3.

  	
   

  	
  Notice of Repayment

  	
   

  	
  27

  	
   

  

 

 i
 

 

	
  SECTION 5.4.

  	
   

  	
  Deposit of Repayment Amount

  	
   

  	
  28

  	
   

  
	
  SECTION
  5.5.

  	
   

  	
  Repayment of Debentures

  	
   

  	
  28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VI

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ORIGINAL ISSUE OF DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.1.

  	
   

  	
  Calculation of Original Issue
  Discount

  	
   

  	
  28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VII

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SUBORDINATION

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  7.1.

  	
   

  	
  Securities Subordinate to
  Senior Indebtedness

  	
   

  	
  29

  	
   

  
	
  SECTION
  7.2.

  	
   

  	
  Payment Over of Proceeds Upon
  Dissolution, Etc.

  	
   

  	
  29

  	
   

  
	
  SECTION
  7.3.

  	
   

  	
  No Payment When Senior
  Indebtedness in Default

  	
   

  	
  31

  	
   

  
	
  SECTION
  7.4.

  	
   

  	
  Payment Permitted If No Default

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.5.

  	
   

  	
  Subrogation to Rights of
  Holders of Senior Indebtedness

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.6.

  	
   

  	
  Provisions Solely to Define
  Relative Rights

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.7.

  	
   

  	
  Trustee to Effectuate
  Subordination

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.8.

  	
   

  	
  No Waiver of Subordination
  Provisions

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.9.

  	
   

  	
  Notice to Trustee

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.10.

  	
   

  	
  Reliance on Judicial Order or
  Certificate of Liquidating Agent

  	
   

  	
  34

  	
   

  
	
  SECTION
  7.11.

  	
   

  	
  Trustee Not Fiduciary for
  Holders of Senior Indebtedness

  	
   

  	
  35

  	
   

  
	
  SECTION
  7.12.

  	
   

  	
  Rights of Trustee as Holder of
  Senior Indebtedness; Preservation of Trustee’s Rights

  	
   

  	
  35

  	
   

  
	
  SECTION
  7.13.

  	
   

  	
  Article Applicable to Paying
  Agents

  	
   

  	
  35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VIII

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  8.1.

  	
   

  	
  Effectiveness

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.2.

  	
   

  	
  Successors and Assigns

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.3.

  	
   

  	
  Effect of Recitals

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.4.

  	
   

  	
  Ratification of Indenture;
  Conflicts

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.5.

  	
   

  	
  Governing Law

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.6.

  	
   

  	
  Jury Trial Waiver

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.7.

  	
   

  	
  Severability

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.8.

  	
   

  	
  Counterparts

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.9.

  	
   

  	
  Amendments

  	
   

  	
  36

  	
   

  
	
  SECTION 8.10.

  	
   

  	
  Tax Treatment

  	
   

  	
  36

  	
   

  

 

 ii

FIFTH SUPPLEMENTAL INDENTURE, dated as of May 10, 2007
(the “Fifth Supplemental Indenture”), between
The Allstate Corporation, a Delaware corporation (the “Company”),
and U.S. Bank National Association (as successor in interest to State Street
Bank and Trust Company), as trustee (the “Trustee”),
supplementing the Subordinated Indenture, dated as of November 25, 1996 (the “Base Indenture”), as amended by the Third Supplemental
Indenture dated as of July 23, 1999 (the “Third
Supplemental Indenture”), and as amended by the Fourth Supplemental
Indenture dated as of June 12, 2000 (the “Fourth
Supplemental Indenture”), between the Company and the Trustee.

RECITALS

WHEREAS, the Company
executed and delivered the Base Indenture to the Trustee to provide for the
future issuance of the Company’s unsecured subordinated debt securities to be
issued from time to time in one or more series as might be determined by the
Company under the Base Indenture, in an unlimited aggregate principal amount
which may be authenticated and delivered as provided in the Indenture;

WHEREAS, pursuant to
the terms of the Base Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture and this Fifth Supplemental Indenture (collectively, the
“Indenture”), the Company desires to
provide for the establishment of a new series of its Securities to be known as
its Series A 6.50% Fixed-to-Floating Rate Junior Subordinated Debentures due
2067 (the “Debentures”), the form and
substance of such Debentures and the terms, provisions and conditions thereof
to be set forth as provided in the Indenture; and

WHEREAS, the Company
has requested that the Trustee execute and deliver this Fifth Supplemental
Indenture and all requirements necessary to make this Fifth Supplemental
Indenture a valid instrument in accordance with its terms, and to make the
Debentures, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Fifth Supplemental Indenture has been duly
authorized in all respects:

NOW, THEREFORE, in
consideration of the purchase and acceptance of the Debentures by the Holders
thereof, and for the purpose of setting forth, as provided in the Indenture,
the form and substance of the Debentures and the terms, provisions and
conditions thereof, the Company covenants and agrees with the Trustee as
follows:

ARTICLE
I

DEFINITIONS

SECTION 1.1.                        Definition of Terms.

Unless the context otherwise requires or unless
otherwise set forth herein:

(a)           a term not defined
herein that is defined in the Base Indenture has the same meaning when used in
this Fifth Supplemental Indenture;

(b)           the definition of
any term in this Fifth Supplemental Indenture that is also defined in the Base
Indenture shall for the purposes of this Fifth Supplemental Indenture supersede
the definition of such term in the Base Indenture, as previously supplemented;

(c)           a term defined
anywhere in this Fifth Supplemental Indenture has the same meaning throughout;

(d)           the definition of a
term in this Fifth Supplemental Indenture is not intended to have any effect on
the meaning or definition of an identical term that is defined in the Base
Indenture, as previously supplemented, insofar as the use or effect of such
term in the Base Indenture, as previously defined, is concerned;

(e)           the singular
includes the plural and vice versa;

(f)            headings are for
convenience of reference only and do not affect interpretation;

(g)           a reference to a
Section or Article is to a Section or Article of this Fifth Supplemental
Indenture;

(h)           any reference herein
to “interest” shall include any Additional Interest (as defined below); and

(i)            the following terms
have the meanings given to them in this Section 1.1(i):

“Additional
Interest” means the interest, if any, that shall accrue, to the
extent permitted by applicable law, on any interest on the Debentures the
payment of which has not been made on the applicable Interest Payment Date.

“APM Period”
means, with respect to any Deferral Period, the period commencing on the
earlier of (i) the first Interest Payment Date following the commencement of
such Deferral Period on which the Company pays any current interest on the
Debentures (which the Company may do from any source of funds) or (ii) the
fifth anniversary of the commencement of the Deferral Period, if on such date
such Deferral Period has not ended, and ending on the next Interest Payment
Date on which the Company shall have raised an amount of Eligible Proceeds at
least equal to the aggregate amount of accrued and unpaid deferred interest,
including compounded interest, on the Debentures.

“Applicable
Spread” means, with respect to a redemption of the Debentures, 0.50%
in the case of a Tax Event or a Rating Agency Event and 0.25% in all other cases.

“Bankruptcy
Event” means any of the events set forth in Section 501(2) and (3)
of the Base Indenture (as amended by Section 2.7(a)(i)).

“Base
Indenture” has the meaning set forth in the Recitals hereto.

“Business Day”
means any day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in The City of New York are authorized or required by law or
executive

 2
 

order to remain closed or
(iii) a day on which the Corporate Trust Office of the Trustee, is closed for
business, and, on or after May 15, 2037, a day which is not a London Banking
Day.

“Business Combination” means any transaction that is subject
to Section 801 of the Base Indenture.

“Calculation
Agent” means, with respect to the Debentures, U.S. Bank National
Association, or any other firm appointed by the Company, acting as calculation
agent in respect of the Debentures.

“Capital
Lease Obligation” of any Person means the obligation to pay rent or
make other payments under a lease of (or other Indebtedness arrangements
conveying the right to use) real or personal property of such Person which is
required to be classified and accounted for as a capital lease or a liability
on the balance sheet of such Person in accordance with generally accepted
accounting principles.  The Stated Maturity
of such obligation shall be the date of the last payment of rent or any other
amount due under such lease prior to the first date upon which such lease may
be terminated by the lessee without payment of a penalty.

“Commercially
Reasonable Efforts” to sell Qualifying Capital Securities means,
commercially reasonable efforts to complete the offer and sale of Qualifying
Capital Securities to Persons other than Subsidiaries in public offerings or
private placements.  The Company shall
not be considered to have made Commercially Reasonable Efforts to effect a sale
of Qualifying Capital Securities if it determines not to pursue or complete
such sale solely due to pricing, coupon, dividend rate or dilution
considerations.

“Common Stock”
means the Company’s common stock (including treasury shares of common stock),
common stock issued pursuant to any dividend reinvestment plan or the Company’s
employee benefit plans, a security of the Company, ranking upon liquidation,
dissolution or winding up junior to Qualifying Preferred Stock and pari passu with the Company’s common stock, that tracks the
performance of, or relates to the results of, a business, unit or division of
the Company, and any securities issued in exchange therefore in connection with
a merger, consolidation, binding share exchange, business combination,
recapitalization or other similar event.

“Common
Equity Issuance Cap” has the meaning specified in Section
2.6(a)(ii).

“Company”
has the meaning specified in the first paragraph of this Fifth Supplemental
Indenture.

“Current
Stock Market Price” means, with respect to the Company’s common
stock on any date: (i) the closing sale price per share (or if no closing sale
price is reported, the average of the bid and ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on
that date as reported in composite transactions by the New York Stock Exchange;
or (ii) if the Company’s common stock is not then listed on the New York Stock
Exchange, as reported by the principal U.S. securities exchange on which the
Company’s common stock is traded or quoted on the relevant date; or (iii) if
the Company’s common stock is not listed on any U.S. securities exchange on the
relevant date, the last quoted bid price for the Company’s common stock in the
over-the-counter market on the relevant date as reported by the

 3
 

National Quotation Bureau
or similar organization; or (iv) if the Company’s common stock is not so
quoted, the average of the mid-point of the last bid and ask prices for the
Company’s common stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the
Company for this purpose.

“Debentures”
has the meaning specified in the Recitals hereto.

“Deferral
Period” means the period commencing on an Interest Payment Date with
respect to which the Company elects to defer interest pursuant to Section 2.5
and ending on the earlier of: (i) the tenth anniversary of that Interest
Payment Date; and (ii) the next Interest Payment Date on which the Company has
paid all deferred and unpaid amounts (including compounded interest on such
deferred amounts) with respect to any subsequent period and all other accrued
interest on the Debentures.

“Eligible
Proceeds” means, for each relevant Interest Payment Date, the net
proceeds (after underwriters’ or placement agents’ fees, commissions or
discounts and other expenses relating to the issuance or sale) the Company has
received during the 180-day period prior to such Interest Payment Date from the
issuance or sale of Qualifying APM Securities (excluding sales of Qualifying
Preferred Stock and Mandatorily Convertible Preferred Stock in excess of the
Preferred Stock Issuance Cap) to persons that are not the Company’s Subsidiaries.

“Fifth
Supplemental Indenture” has the meaning specified in the first
paragraph of this instrument.

“Final
Maturity Date” has the meaning specified in Section 2.2(b).

“Fourth Supplemental Indenture” has the
meaning specified in the first paragraph of this instrument.

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person
guaranteeing any Indebtedness of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including, without limitation,
any obligation of such Person (i) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or to purchase (or to
advance or supply funds for the purchase of) any security for the payment of
such Indebtedness, (ii) to purchase property, securities or services for the
purpose of assuring the holder of such Indebtedness of the payment of such
Indebtedness or (iii) to maintain working capital, equity capital or other
financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness (and “Guaranteed,”
“Guaranteeing” and “Guarantor”
shall have meanings correlative to the foregoing); provided,
however, that the Guarantee by any Person shall not include
endorsements by such Person for collection or deposit, in either case, in the
ordinary course of business.

“Incur”
means, with respect to any Indebtedness or other obligation of any Person, to
create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee
or otherwise become liable in respect of such Indebtedness or other obligation
or the recording, as required pursuant to generally accepted accounting
principles or otherwise, of any such Indebtedness or other obligation as a
liability on the balance sheet of such Person (and “Incurrence,”
“Incurred,” “Incurrable”
and “Incurring” shall have meanings
correlative to the foregoing);

 4
 

provided, however,
that a change in generally accepted accounting principles that results in an
obligation of such Person that exists at such time becoming Indebtedness shall
not be deemed an Incurrence of such Indebtedness.

“Indenture”
has the meaning specified in the Recitals hereto.

“Interest
Payment Date” shall have the meaning specified in Section 2.4.

“Interest
Period” means a Semi-Annual Interest Period or a Quarterly Interest
Period, as the case may be.

“Junior
Subordinated Payment” has the meaning specified in Section
7.2(a)(i).

“LIBOR
Determination Date” means the second London Banking Day immediately
preceding the first day of the relevant Quarterly Interest Period.

“London
Banking Day” means any day on which commercial banks are open for
general business (including dealings in deposits in U.S. dollars) in London.

“Make-Whole
Redemption Price” means the sum, as calculated by the Calculation
Agent, of the present values of the remaining scheduled payments of principal
(discounted from May 15, 2037) and interest that would have been payable to and
including May 15, 2037 (discounted from their respective Interest Payment
Dates) on the Debentures to be redeemed (not including any portion of such
payments of interest accrued to the Redemption Date) to the Redemption Date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as determined and provided to the Calculation
Agent by the Treasury Dealer) plus the Applicable Spread; plus accrued and
unpaid interest, together with any Additional Interest, on the principal amount
of the Debentures being redeemed to the Redemption Date.

“Mandatorily
Convertible Preferred Stock” means Preferred Stock with (a) no
prepayment obligation of the liquidation preference on the part of the issuer
thereof, whether at the election of the holders or otherwise, and (b) a
requirement that the preferred stock converts into the Company’s Common Stock
within three years from the date of its issuance at a conversion ratio within a
range established at the time of issuance of the Preferred Stock.

“Market
Disruption Event” means, with respect to the issuance or sale of
Qualifying Capital Securities pursuant to Section 2.2 or Qualifying APM
Securities pursuant to Section 2.6, the occurrence or existence of any of the
following events or sets of circumstances:

(i)            Trading in securities generally, or
shares of the Company’s securities specifically, on the New York Stock Exchange
or any other national securities exchange or in the over-the-counter market on
which Qualifying APM Securities or Qualifying Capital Securities, as the case
may be, are then listed or traded shall have been suspended or the settlement
of such trading generally shall have been materially disrupted or minimum
prices shall have been established on any such exchange or market by the United
States Securities and Exchange Commission, by the relevant exchange or by any
other regulatory agency or governmental body having jurisdiction such that
trading shall have been materially disrupted;

 5
 

(ii)           The Company would be required to
obtain the consent or approval of the Company’s stockholders or a regulatory
body (including, without limitation, any securities exchange) or governmental
authority to issue or sell Qualifying APM Securities pursuant to Section 2.6 or
to issue Qualifying Capital Securities pursuant to Section 2.2, as the case may
be, and such consent or approval has not yet been obtained notwithstanding the
Company’s commercially reasonable efforts to obtain such consent or approval;

(iii)          A banking moratorium shall have been
declared by the federal or state authorities of the United States such that
market trading in the Qualifying APM Securities or the Qualifying Capital
Securities, as applicable, has been materially disrupted or ceased;

(iv)          A material disruption shall have
occurred in commercial banking or securities settlement or clearance services
in the United States such that market trading in the Qualifying APM Securities
or the Qualifying Capital Securities, as applicable, has been materially
disrupted or ceased;

(v)           The United States shall have become
engaged in hostilities, there shall have been an escalation in hostilities
involving the United States, there shall have been a declaration of a national
emergency or war by the United States or there shall have occurred any other
national or international calamity or crisis such that market trading in the
Qualifying APM Securities or the Qualifying Capital Securities, as applicable,
has been materially disrupted or ceased;

(vi)          There shall have occurred such a
material adverse change in general domestic or international economic, political
or financial conditions, including without limitation as a result of terrorist
activities, or the effect of international conditions on the financial markets
in the United States shall be such that trading Qualifying APM Securities or
Qualifying Capital Securities, as applicable, shall have been materially
disrupted;

(vii)         An event occurs and is continuing as a
result of which the offering document for such offer and sale of Qualifying
Capital Securities or Qualifying APM Securities, as the case may be, would, in
the reasonable judgment of the Company, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and either (x) the
disclosure of that event at such time, in the reasonable judgment of the
Company, is not otherwise required by law and would have a material adverse
effect on the business of the Company or (y) the disclosure relates to a
previously undisclosed proposed or pending material business transaction,
provided that no single suspension period contemplated by this clause (vii)
shall exceed 90 consecutive days and multiple suspension periods contemplated
by this clause (vii) shall not exceed an aggregate of 180 days in any 360-day period;
or

(viii)        The Company reasonably believes that the
offering document for such offer and sale of Qualifying Capital Securities or
Qualifying APM Securities, as the case may be, would not be in compliance with
a rule or regulation of the United States Securities and Exchange Commission
(for reasons other than those referred to in clause (vii) above), and the
Company determines it is unable to comply with such rule or regulation or such
compliance is unduly burdensome, provided that no single suspension period
contemplated by this clause (viii) shall

 6
 

exceed 90 consecutive
days and multiple suspension periods contemplated by this clause (viii) shall
not exceed an aggregate of 180 days in any 360-day period.

“Pari Passu
Securities” means indebtedness of the Company that ranks in right of
payment upon liquidation on a parity
with the Debentures, and includes the Debentures.

“Payment
Blockage Period” has the meaning specified in Section 7.3(b).

“Preferred
Stock” means the preferred stock of the Company.

“Preferred
Stock Issuance Cap” has the meaning specified in Section
2.6(a)(iii).

“Proceeding”
has the meaning specified in Section 7.2(a).

“Qualifying
APM Securities” means Common Stock, Qualifying Preferred Stock,
Qualifying Warrants, and Mandatorily Convertible Preferred Stock, provided that
the Company may, without the consent of the holders of the Debentures, amend
the definition of “Qualifying APM Securities” to eliminate Common Stock and/or
Mandatorily Convertible Preferred Stock from this definition if, after May 10,
2007, an accounting standard or interpretive guidance of an existing accounting
standard issued by an organization or regulator that has responsibility for
establishing or interpreting accounting standards in the United States becomes
effective such that there is more than an insubstantial risk that failure to
eliminate Common Stock and/or Mandatorily Convertible Preferred Stock from the
definition would result in a reduction in the Company’s earnings per share as
calculated in accordance with generally accepted accounting principles in the
United States or International Financial Reporting Standards (IFRS) if then
applicable to the issuer or IFRS if subsequently adopted by the issuer.  The Company shall promptly notify the holders
of the Debentures, in the manner contemplated in the Indenture, of such change.

“Qualifying
Preferred Stock” means the Company’s non-cumulative perpetual
Preferred Stock that ranks pari passu with
or junior to all of the Company’s other Preferred Stock, is perpetual and (a)
is subject to a replacement capital covenant substantially similar to the
Replacement Capital Covenant or an “Other Qualifying Capital Replacement
Covenant”, as such term is defined in the Replacement Capital Covenant or (b)
is subject to both (i) mandatory suspension of dividends in the event the
Company breaches certain financial metrics specified within the offering
documents for such Preferred Stock and (ii) “Intent-Based Replacement
Disclosure”, as such term is defined in the Replacement Capital Covenant.  Additionally, in both the case described in
(a) and the described in (b) the transaction documents for such Preferred Stock
shall provide for no remedies as a consequence of non-payment of distributions other
than “Permitted Remedies,” as such term is defined in the Replacement Capital
Covenant.

“Qualifying
Capital Securities” has the meaning specified in the Replacement
Capital Covenant.

“Qualifying
Warrants” means any net share settled warrants to purchase Common
Stock (i) that have an exercise price greater than the Current Stock Market
Price of Common Stock, and (ii) that the Company is not entitled to redeem for
cash and the holders of which are not entitled to require the Company to
purchase for cash in any circumstances.

 7
 

“Quarterly
Interest Payment Date” shall have the meaning specified in Section
2.4(b).

“Quarterly
Interest Period” means the period beginning on and including May 15,
2037 and ending on but excluding the next Interest Payment Date and each
successive period beginning on and including an Interest Payment Date and
ending on but excluding the next Interest Payment Date.

“Rating
Agency Event” means a change by any nationally recognized
statistical rating organization within the meaning of Rule 15c3-1 under the
Exchange Act that currently publishes a rating for the Company (in this
definition, a “rating agency”) to its equity credit criteria for securities
such as the Debentures, as such criteria were in effect on May 10, 2007 (in
this definition, the “current criteria”), which change results in (x) the
length of time for which such current criteria are scheduled to be in effect is
shortened with respect to the Debentures or (y) a lower equity credit being
given to the Debentures as of the date of such change than the equity credit
that would have been assigned to the Debentures as of the date of such change
by such rating agency pursuant to its current criteria.

“Regular
Record Date” means (i) with respect to a Semi-Annual Interest
Payment Date, the May 1 or November 1, as the case may be, next preceding the
relevant Interest Payment date, and (ii) with respect any Quarterly Interest
Payment Date, the 15th day preceding the relevant Interest Payment Date.

“Repayment
Date” means the Scheduled Maturity Date and each Quarterly Interest
Payment Date thereafter until the Company shall have repaid or redeemed all of
the Debentures.

“Replacement
Capital Covenant” means the Replacement Capital Covenant, dated as
of May 10, 2007, by the Company, as the same may be amended or supplemented from
time to time in accordance with the provisions thereof and Section 2.2(a)(vii)
hereof.

“Responsible
Officer of the Paying Agent” means, with respect to U.S. Bank
National Association, in its capacity as Paying Agent, any officer within the
corporate trust department (or any successor department, unit or division of
U.S. Bank National Association) assigned to the paying agent office of U.S.
Bank National Association, in its capacity as Paying Agent, who has direct
responsibility for the administration of the Paying Agent functions of the
Indenture.

“Reuters Page
LIBOR01” means the display so designated on the Reuters 3000 Xtra
(or such other page as may replace that page on that service, or such other
service as may be nominated as the information vendor, for the purpose of
displaying rates or prices comparable to the London Interbank Offered rate for
U.S. dollar deposits).

“Scheduled
Maturity Date” has the meaning specified in Section 2.2(a).

“Securities
Payment” has the meaning specified in Section 7.2(a)(i).

“Securities
Registrar” means, with respect to the Debentures, U.S. Bank National
Association, or any other firm appointed by the Company, acting as securities
registrar for the Debentures.

 8
 

“Securities
Registrar Office” means the office of the applicable Securities
Registrar at which at any particular time its corporate agency business shall
principally be administered, which office at the date hereof in the case of
U.S. Bank National Association, in its capacity as Securities Registrar under
the Indenture, is located at One Federal Street, 3rd Floor, Boston,
Massachusetts 02110, Attention: Corporate Trust Services.

“Semi-Annual
Interest Payment Date” shall have the meaning specified in Section
2.4(b).

“Semi-Annual
Interest Period” means the period beginning on and including May 10,
2007 and ending on but excluding the first Interest Payment Date and each
successive period beginning on and including an Interest Payment Date and
ending on but excluding the next Interest Payment Date until May 15, 2037.

“Senior
Indebtedness” means the principal of, premium, if any, interest on
and any other payment due pursuant to any of the following, whether Incurred on
or prior to the date hereof or hereafter Incurred:

(i)            all obligations of the Company for
money borrowed;

(ii)           all obligations of the Company
evidenced by notes, debentures, bonds or other similar instruments, including
obligations Incurred in connection with the acquisition of property, assets or
businesses and including all other debt securities of the Company issued by the
Company to any trust or a trustee of such trust, or to a partnership or other
Affiliate of the Company that acts as a financing vehicle for the Company, in
connection with the issuance of securities by such vehicles;

(iii)          all Capital Lease Obligations of the
Company;

(iv)          all reimbursement obligations of the
Company with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of the Company;

(v)           all obligations of the Company issued
or assumed as the deferred purchase price of property or services, including
all obligations under master lease transactions pursuant to which the Company
or any of its subsidiaries have agreed to be treated as owner of the subject
property for federal income tax purposes (but excluding trade accounts payable
or accrued liabilities arising in the ordinary course of business);

(vi)          all payment obligations of the Company
under interest rate swap or similar agreements or foreign currency hedge,
exchange or similar agreements at the time of determination, including any such
obligations Incurred by the Company solely to act as a hedge against increases
in interest rates that may occur under the terms of other outstanding variable
or floating rate Indebtedness of the Company;

(vii)         all obligations of the type referred to
in clauses (i) through (vi) above of another Person and all dividends of
another Person the payment of which, in either case, the Company has assumed or
Guaranteed or for which the Company is responsible or liable, directly or
indirectly, jointly or severally, as obligor, Guarantor or otherwise;

 9
 

(viii)        all compensation and reimbursement
obligations of the Company pursuant to Section 607 of the Base Indenture; and

(ix)           all amendments, modifications,
renewals, extensions, refinancings, replacements and refundings by the Company
of any such Indebtedness referred to in clauses (i) through (viii) above (and
of any such amended, modified, renewed, extended, refinanced, refunded or
replaced Indebtedness);

provided,
however, that the following shall not constitute Senior
Indebtedness: (A) any Indebtedness owed to a Person when such Person is a
Subsidiary or employee of the Company, (B) Indebtedness incurred for the
purchase of goods, materials or property, or for services obtained in the
ordinary course of business or for other liabilities arising in the ordinary
course of business (i.e., trade accounts payable), or (C) any Indebtedness
which by the terms of the instrument creating or evidencing the same expressly
provides that it is not superior in right of payment to the Securities.  For purposes of this definition, “Indebtedness”
includes any obligation to pay principal, premium (if any), interest,
penalties, reimbursement or indemnity amounts, fees and expenses (including
interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not a claim for post-petition
interest is allowed in such proceeding). 
Any Senior Indebtedness shall continue to be Senior Indebtedness and
entitled to the benefits of the subordination provisions of Article VII hereof
irrespective of any amendment, modification or waiver of any term of such
Senior Indebtedness.

“Senior
Nonmonetary Default” has the meaning specified in Section 7.3(b).

“Senior
Payment Default” has the meanings specified in Section 7.3(a).

“Share Cap
Amount” has the meaning specified in Section 2.6(a)(iv).

“Tax Event”
means the receipt by the Company of an opinion of counsel experienced in such
matters to the effect that, as a result of any: (i) amendment to or change
(including any officially announced proposed change) in the laws or regulations
of the United States or any political subdivision or taxing authority of or in
the United States that is effective on or after May 10, 2007, (ii) official
administrative decision or judicial decision or administrative action or other
official pronouncement interpreting or applying those laws or regulations that
is announced on or after May 10, 2007, or (iii) threatened challenge asserted
in connection with an audit of the Company or any of its Subsidiaries, or a
threatened challenge asserted in writing against any taxpayer that has raised
capital through the issuance of securities that are substantially similar to
the Debentures and which securities, as of their issue date, were rated at
least investment grade by at least two nationally recognized statistical rating
organizations within the meaning of Rule 15c3-1 under the Exchange Act, there
is more than an insubstantial increase in the risk that interest payable by the
Company on the Debentures is not, or within 90 days of the date of such opinion
will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes.

“Third Supplemental Indenture” has the
meaning specified in the first paragraph of this instrument.

 10
 

“Three-Month LIBOR” means, with respect to any Quarterly
Interest Period, the rate (expressed as a percentage per annum) for deposits in
U.S. dollars for a three-month period commencing on the first day of that
Quarterly Interest Period that appears on Reuters Page LIBOR01 as of 11:00
a.m., London time, on the LIBOR Determination Date for that Quarterly Interest
Period.  If such rate does not appear on
Reuters Page LIBOR01, Three-Month LIBOR will be determined on the basis of the
rates at which deposits in U.S. dollars for a three-month period commencing on
the first day of that Quarterly Interest Period and in a principal amount of
not less than $1,000,000 are offered to prime banks in the London interbank
market by four major banks in the London interbank market selected by the
Calculation Agent (after consultation with the Company), at approximately 11:00
a.m., London time, on the LIBOR Determination Date for that Quarterly Interest
Period.  The Calculation Agent will
request the principal London office of each of these banks to provide a
quotation of its rate.  If at least two
such quotations are provided, Three-Month LIBOR with respect to that Quarterly
Interest Period will be the arithmetic mean (rounded upward if necessary to the
nearest whole multiple of 0.00001%) of such quotations.  If fewer than two quotations are provided,
Three-Month LIBOR with respect to that Quarterly Interest Period will be the
arithmetic mean (rounded upward if necessary to the nearest whole multiple of
0.00001%) of the rates quoted by three major banks in New York City selected by
the Calculation Agent (after consultation with the Company), at approximately
11:00 a.m., New York City time, on the first day of that Quarterly Interest
Period for loans in U.S. dollars to leading European banks for a three-month
period commencing on the first day of that Quarterly Interest Period and in a
principal amount of not less than $1,000,000. 
However, if fewer than three banks selected by the Calculation Agent to
provide quotations are quoting as described above, Three-Month LIBOR for that
Quarterly Interest Period will be the same as Three-Month LIBOR as determined
for the previous Quarterly Interest Period or, in the case of the Quarterly
Interest Period beginning on May 15, 2037, 5.356%.  The establishment of Three-Month LIBOR for
each Quarterly Interest Period by the Calculation Agent shall (in the absence
of manifest error) be final and binding.

“Trading Day”
means a day on which Common Stock is traded on the New York Stock Exchange, or
if not then listed on the New York Stock Exchange, a day on which Common Stock
is traded or quoted on the principal U.S. securities exchange on which it is
listed or quoted, or if not then listed or quoted on a U.S. securities
exchange, a day on which Common Stock is quoted in the over-the-counter market.

“Treasury
Dealer” means J.P. Morgan Securities Inc. and Goldman, Sachs &
Co. (or their successors) or, if J.P. Morgan Securities Inc. and Goldman, Sachs
& Co. (or their successors) refuse to act as Treasury Dealer for the
purpose of determining the Make-Whole Redemption Price or cease to be primary
U.S. Government securities dealers, another nationally recognized investment banking
firm that is a primary U.S. Government securities dealer specified by the
Company to act as Treasury Dealer for the purpose of determining the Make-Whole
Redemption Price.

“Treasury
Price” means, with respect to a Redemption Date, the bid-side price
for the Treasury Security as of the third Trading Day preceding the Redemption
Date, as set forth in the daily statistical release (or any successor release)
published by the Federal Reserve Bank of New York on that Trading Day and
designated “Composite 3:30 p.m. Quotations for U.S. Government Securities,” as
determined by the Treasury Dealer, except that: (i) if that release (or

 11
 

any successor release) is
not published or does not contain that price information on that Trading Day,
or (ii) if the Treasury Dealer determines that the price information is not
reasonably reflective of the actual bid-side price of the Treasury Security
prevailing at 3:30 p.m., New York City time, on that Trading Day, then Treasury
Price will instead mean the bid-side price for the Treasury Security at or
around 3:30 p.m., New York City time, on that Trading Day (expressed on a next
Trading Day settlement basis) as determined by the Treasury Dealer through such
alternative means as are commercially reasonable under the circumstances.

“Treasury
Rate” means, with respect to a Redemption
Date, the semi-annual equivalent yield to maturity of the Treasury Security that corresponds to the Treasury
Price (calculated by the Treasury Dealer in accordance with standard market
practice and computed as of the second Trading Day preceding the Redemption
Date).

“Treasury
Security” means the United States Treasury security that the
Treasury Dealer determines would be appropriate to use, at the time of
determination and in accordance with standard market practice, in pricing the
Debentures being redeemed in a tender offer based on a spread to United States
Treasury yields.

ARTICLE
II

GENERAL TERMS AND CONDITIONS OF THE
DEBENTURES

SECTION 2.1.                        Designation, Principal Amount and Authorized Denominations.

(a)           Designation.  Pursuant to Sections 201 and 301 of the Base
Indenture, there is hereby established a series of Securities of the Company
designated as “Series A 6.50% Fixed-to-Floating Rate Junior Subordinated
Debentures due 2067,” the principal amount of which to be issued shall be in
accordance with Section 2.1(b) hereof and as set forth in any Company Order for
the authentication and delivery of Debentures pursuant to the Base Indenture,
and the form and terms of which shall be as set forth hereinafter.

(b)           Principal Amount.  Debentures in an initial aggregate principal
amount of $500,000,000 shall, upon execution of this Fifth Supplemental
Indenture, be executed by the Company and delivered to the Trustee or an
Authenticating Agent for authentication, and the Trustee or an Authenticating
Agent shall thereupon authenticate and deliver said Debentures in accordance
with a Company Order.  Additional
Debentures may be issued pursuant to this Fifth Supplemental Indenture so long
as such additional Debentures are fungible for U.S. tax purposes with the
Debentures issued as of the date of this Fifth Supplemental Indenture.  Any additional Debentures issued under this
Fifth Supplemental Indenture will rank equally and ratably in right of payment
with the Debentures issued on the date of this Fifth Supplemental Indenture and
together with such Debentures will be treated as a single series of Debentures.

(c)           Authorized
Denominations.  The denominations in
which Debentures shall be issuable are $1,000 principal amount and integral
multiples thereof.

 12

SECTION 2.2.                        Repayment.

(a)           Scheduled Maturity
Date.

(i)            The principal amount of, and all
accrued and unpaid interest on, the Debentures shall be payable in full on May
15, 2057 or, if such day is not a Business Day, the following Business Day (the
“Scheduled Maturity Date”); provided, however, that in the event the Company has
complied with clause (iv)(1) of this Section 2.2(a) and timely delivered an
Officers’ Certificate to the Trustee pursuant to clause (v) of this Section
2.2(a) in connection with the Scheduled Maturity Date, (x) the principal amount
of Debentures payable on the Scheduled Maturity Date, if any, shall be the
principal amount set forth in the notice of repayment, if any, accompanying
such Officers’ Certificate, (y) such principal amount of Debentures shall be
repaid on the Scheduled Maturity Date pursuant to Article V hereof, and (z)
subject to clause (ii) of this Section 2.2(a) the remaining Debentures shall
remain outstanding and shall be payable in the amount provided in clause (ii) of
this Section 2.2(a) on the immediately succeeding Quarterly Interest Payment
Date or in full on such earlier date on which they either (1) are repaid or
redeemed in whole pursuant to Article V or Article IV, respectively, or (2)
become due and payable pursuant to Section 502 of the Base Indenture (as
amended by Section 2.7(a)(ii)).

(ii)           In the event the Company has
delivered an Officers’ Certificate to the Trustee pursuant to clause (v) of
this Section 2.2(a) in connection with any Quarterly Interest Payment Date, the
principal amount of the Debentures repayable on such Quarterly Interest Payment
Date shall be the principal amount set forth in the notice of repayment, if
any, accompanying such Officers’ Certificate, and shall be repaid on such
Quarterly Interest Payment Date pursuant to Article V hereof, and the remaining
Debentures shall remain outstanding and shall be payable on the immediately
succeeding Quarterly Interest Payment Date in the amount provided in this
clause (ii) or in full on such earlier date on which they either (1) are repaid
or redeemed in whole pursuant to Article V or Article IV, respectively, or (2)
become due and payable pursuant to Section 502 of the Base Indenture (as
amended by Section 2.7(a)(ii)).

(iii)          The obligation of the Company to repay
the Debentures pursuant to this Section 2.2(a) shall be subject to (x) its
obligations under Article VII to the holders of Senior Indebtedness and (y)
until the earlier of (A) the Final Maturity Date and (B) the date on which the
Debentures become due and payable pursuant to Section 502 of the Base Indenture
(as amended by Section 2.7(a)(ii)), its obligations under Section 2.5 with
respect to the payment of deferred interest on the Debentures.

 13
 

(iv)          Until the Debentures are paid in full
or the Debentures become due and payable pursuant to Section 502 of the Base
Indenture:

(1)           the
Company shall use Commercially Reasonable Efforts, subject to clause (v) of
this Section 2.2(a), to raise sufficient net proceeds from the issuance of
Qualifying Capital Securities during a 180-day period ending on the date, not
more than 15 and not less than 10 Business Days prior to any Repayment Date, on
which the Company delivers the notice required by clause (v) of this Section
2.2(a) and Section 5.1, to permit repayment of the Debentures in full on the
Scheduled Maturity Date pursuant to clause (i) of this Section 2.2(a); and

(2)           if
the Company is unable for any reason to raise sufficient proceeds from the
issuance of Qualifying Capital Securities to permit repayment in full of the
Debentures on the applicable Repayment Date, the Company shall use Commercially
Reasonable Efforts, subject to a Market Disruption Event to raise sufficient
net proceeds from the issuance of Qualifying Capital Securities during a 90-day
period ending on the date, not more than 15 and not less than 10 Business Days
prior to the following Repayment Date, on which the Company delivers the notice
required by clause (v) of this Section 2.2(a) and Section 5.1, to permit
repayment of the Debentures in full on such following Repayment Date pursuant
to clause (i)(z) of this Section 2.2(a); and

(3)           the
Company shall apply any such net proceeds to the repayment of the Debentures as
provided in clause (vi) of this Section 2.2(a).

(v)           The Company shall, if it has not
raised sufficient net proceeds from the issuance of Qualifying Capital
Securities pursuant to clause (iv) above in connection with any Repayment Date,
deliver an Officers’ Certificate to the Trustee no more than 15 and no less
than 10 Business Days in advance of such Repayment Date stating the amount of
net proceeds, if any, raised pursuant to clause (iv) above in connection with
such Repayment Date.  The Company shall
be excused from its obligation to use Commercially Reasonable Efforts to sell
Qualifying Capital Securities pursuant to clause (iv) above if such Officers’
Certificate further certifies that: (A) a Market Disruption Event was existing
during the 180-day period preceding the date of such Officers’ Certificate or,
in the case of any Repayment Date after the Scheduled Maturity Date, the 90-day
period preceding the date of such Officers’ Certificate; and (B) either (a) the
Market Disruption Event continued for the entire 180-day period or 90-day
period, as the case may be, or (b) the Market Disruption Event continued for
only part of the period but the Company was unable after Commercially
Reasonable Efforts to raise sufficient net proceeds during the rest of that
period to permit

 14
 

repayment of the Debentures in full.  Each Officers’ Certificate delivered pursuant
to this clause (v), unless no principal amount of Debentures is to be repaid on
the applicable Repayment Date, shall be accompanied by a notice of repayment
pursuant to Section 5.1 setting forth the principal amount of the Debentures to
be repaid on such Repayment Date, if any, which amount shall be determined
after giving effect to clause (vi) of this Section 2.2(a).  The entire principal amount of, and all
accrued and unpaid interest on, the Debentures shall be due and payable on the
applicable Repayment Date in the event the Company does not deliver an Officer’s
Certificate pursuant to this clause (v) to the Trustee on or prior to the 10th
Business Day immediately preceding such Repayment Date.

(vi)          Net proceeds of the issuance of any
Qualifying Capital Securities that the Company is permitted to apply to
repayment of the Debentures on any Repayment Date will be applied, first, to
pay deferred interest (including compounded interest thereon) to the extent of
Eligible Proceeds raised pursuant to Section 2.6, second, to pay current
interest to the extent not paid from other sources and, third, to repay the
outstanding principal amount of Debentures, subject to a minimum principal
amount of $5 million to be repaid on any Repayment Date; provided that if the
Company is obligated to sell Qualifying Capital Securities and apply the net
proceeds to payments of principal of or interest on any Pari Passu Securities
in addition to the Debentures, then on any date and for any period the amount
of net proceeds received by the Company from those sales and available for such
payments shall be applied to the Debentures and those other Pari Passu
Securities having the same scheduled maturity date as the Debentures pro rata
in accordance with their respective outstanding principal amounts and none of
such net proceeds shall be applied to any other securities having a later
scheduled maturity date until the principal of and all accrued and unpaid
interest on the Debentures has been paid in full.  If the Company raises less than $5 million of
proceeds from the sale of Qualifying Capital Securities during the relevant
180-day or 90-day period, the Company will not be required to repay any
Debentures on the Scheduled Maturity Date or the next Quarterly Interest
Payment Date, as applicable, but will retain those net proceeds and use them to
repay the Debentures on the next Quarterly Interest Payment Date as of which
the Company has raised at least $5 million of net proceeds.

(vii)         The Company shall not amend the
Replacement Capital Covenant to impose additional restrictions on the type or
amount of Qualifying Capital Securities that the Company may include for
purposes of determining when repayment, redemption or purchase of the
Debentures is permitted, except with the consent of Holders of a majority of
the principal amount of the Debentures. 
Except as aforesaid, the Company may amend or supplement the Replacement
Capital Covenant in accordance with its terms and without the consent of the
Holders of the Debentures.

(b)           Final Maturity
Date.  The principal of, and all
accrued and unpaid interest on, all outstanding Debentures shall be due and
payable on May 15, 2067 or, if such date is not a

 15
 

Business Day, the following Business Day (the “Final Maturity Date”), regardless of the
amount of Qualifying Capital Securities the Company may have issued and sold by
that time.

SECTION 2.3.                        Form.

(a)           The Debentures shall
be substantially in the form of Exhibit A attached hereto and shall be issued
in fully registered definitive form without interest coupons.  Principal of and interest on the Debentures
issued in definitive form will be payable, the transfer of such Debentures will
be registrable and such Debentures will be exchangeable for Debentures bearing
identical terms and provisions and notices and demands to or upon the Company
in respect of the Debentures and the Indenture may be served at the Corporate
Trust Office of the Trustee, and the Company appoints the Trustee as its agent
for the foregoing purposes, provided that payment of interest may be made at
the option of the Company by check mailed to the Holders at such address as
shall appear in the Securities Register or by wire transfer in immediately
available funds to the bank account number of the Holders specified in writing
by the Holders not less than 10 days before the relevant Interest Payment Date
and entered in the Securities Register by the Securities Registrar.  The Debentures may be presented for
registration of transfer or exchange at the Securities Registrar Office.

(b)           The Debentures are
initially issuable solely as Global Securities. 
Registered Debentures shall be physically transferred to all beneficial
owners in definitive form in exchange for their beneficial interests in a Global
Security if the Depositary with respect to such Global Securities notifies the
Company that it is unwilling or unable to continue as Depositary for such
Global Security, as the case may be, and a successor Depositary is not
appointed by the Company within 90 days of such notice.

SECTION 2.4.                        Rate of Interest; Interest Payment Date.

(a)           Rate of Interest.  The Debentures shall bear interest from and
including May 10, 2007 to but excluding May 15, 2037, at the rate of 6.50% per
annum, computed on the basis of a 360-day year comprised of twelve 30-day
months.  Commencing on May 15, 2037, the
Debentures shall accrue interest at an annual rate of Three-Month LIBOR plus
2.12% (the “Floating Rate”),
payable quarterly in arrears.  The amount
of Floating Rate interest payable on the Debentures for any Quarterly Interest
Period will be computed on the basis of a 360-day year and the actual number of
days elapsed in the 360-day year.  If a
scheduled Quarterly Interest Payment Date is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding day that is a Business
Day; provided that if Three-Month LIBOR applies and such Business Day is in the
next succeeding calendar month, such Interest Payment Date shall be the
immediately preceding Business Day.  Interest
will accrue from and including the last date in respect of which interest has
been paid or duly provided for, to but excluding the Interest Payment Date on
which the interest is actually paid.

(b)           Interest Payment
Dates.  Subject to the other provisions
hereof, interest on the Debentures shall be payable (i) semi-annually in
arrears on May 15 and November 15 of each year, commencing on November 15,
2007, until May 15, 2037 (each such date, a “Semi-Annual
Interest Payment Date”), or if any such day is not a Business Day,
the following Business Day (and no interest shall accrue as a result of such
postponement) and (ii) thereafter, quarterly in

 16
 

arrears on February 15, May 15, August 15 and November 15 of each year,
commencing on August 15, 2037 (each such date, a “Quarterly Interest Payment Date” and, together with
Semi-Annual Interest Payment Dates, each, an “Interest
Payment Date”).

(c)           Interest will be
payable to the persons in whose name the Debentures are registered at the close
of business on the Regular Record Date next preceding the relevant Interest
Payment Date, except that interest payable at maturity shall be paid to the
person to whom principal is paid.

SECTION 2.5.                        Interest Deferral.

Section 311 of the Base
Indenture shall be superseded in its entirety by this Section 2.5.

(a)           Option to Defer
Interest Payments.

(i)            The Company shall have the right at
any time and from time to time, to defer the payment of interest on the
Debentures for one or more consecutive Interest Periods that do not exceed 10
succesive years; provided that no Deferral Period shall extend beyond the
earlier of: (A) the Final Maturity Date, (B) the repayment or redemption date
of the Debentures, and (C) the date on which the Debentures become due and
payable pursuant to Section 502 of the Base Indenture (as amended by Section
2.7(a)(i)).  If the Company has paid all
deferred interest (including Additional Interest) on the Debentures, the
Company shall have the right to elect to begin a new Deferral Period pursuant
to this Section 2.5.

(ii)           At the end of any Deferral Period,
the Company shall pay all deferred interest on the Debentures to the Persons in
whose names the Debentures are registered in the Securities Register at the
close of business on the Regular Record Date with respect to the Interest
Payment Date at the end of such Deferral Period.

(iii)          The Company may elect to pay interest
on any Interest Payment Date during any Deferral Period to the extent permitted
by Section 2.5(b).

(b)           Payment of
Deferred Interest.  The Company will
not pay any deferred interest on the Debentures (including Additional Interest
thereon) from any source other than Eligible Proceeds prior to the Final
Maturity Date, except at any time that the principal amount has been
accelerated and such acceleration has not been rescinded or in the case of a
Business Combination to the extent described below in this Section 2.5(c).  Notwithstanding the foregoing, the Company
may pay current interest from any available funds.

(c)           Business
Combination Exception.  If the
Company is involved in a Business Combination where immediately after its
consummation more than 50% of the voting stock of the Person formed by such
Business Combination, or the Person that is the surviving entity of such
Business Combination, or the Person to whom all or substantially all of the
Company’s properties and assets are conveyed, transferred or leased in such
Business Combination, is owned by the shareholders of the other party to such
Business Combination,

 17
 

then Section 2.5(b) and Section 2.6 shall not apply to any Deferral
Period that is terminated on the next Interest Payment Date following the date
of consummation of such Business Combination.

(d)           Notice of
Deferral.  The Company shall give
written notice of its election to commence or continue any Deferral Period to
the Trustee and the Holders of the Debentures at least one Business Day and not
more than sixty Business Days before the next Interest Payment Date.  Notice of the Company’s election of a
Deferral Period shall be given to the Trustee and each Holder of Debentures at
such Holder’s address appearing in the Security Register by first-class mail,
postage prepaid.

SECTION 2.6.                        Alternative Payment Mechanism.

(a)           Obligation to
Issue Qualifying APM Securities. 
During any APM Period, the Company shall, subject to the occurrence of a
Market Disruption Event as described in Section 2.6(b) and subject to Section
2.5(b) and Section 2.6(c), issue one or more types of Qualifying APM Securities
either in public offerings or private placements until the Company has raised
an amount of Eligible Proceeds at least equal to the aggregate amount of
accrued and unpaid deferred interest on the Debentures, including Additional
Interest thereon, and applied such Eligible Proceeds on the next Interest
Payment Date to the payment of deferred interest in accordance with Section
2.6, provided that:

(i)            the foregoing obligations shall not
apply to the extent that (A) the number of shares of the Company’s Common Stock
issued during such Deferral Period together with (B) the number of shares of
the Company’s Common Stock issued or issuable upon the exercise of Qualifying
Warrants previously issued during such Deferral Period, the proceeds of which,
in the case of clause (A) and clause (B), were applied to pay deferred interest
on the Debentures pursuant to this Section 2.6(a), would exceed an amount equal
to 2% of the total number of issued and outstanding shares of the Company’s
Common Stock immediately prior to the date of the Company’s then most recent
publicly available consolidated financial statements immediately prior to the
date of such issuance (the “Common Equity
Issuance Cap”); provided that the Common Equity Issuance Cap will
cease to apply with respect to a Deferral Period following the fifth
anniversary of the commencement of a Deferral Period, at which point the
Company must pay any deferred interest regardless of the time at which it was
deferred, pursuant to this Section 2.6, subject to a Market Disruption Event;
and provided, further, that if the Common Equity Issuance Cap is reached during
a Deferral Period and the Company subsequently pays all deferred interest, the
Common Equity Issuance Cap will cease to apply with respect to a Deferral
Period at the termination of such Deferral Period and will not apply again
unless and until the Company starts a new Deferral Period;

(ii)           the foregoing obligations shall not
apply to the extent that the net proceeds of any issuance of Qualifying
Preferred Stock and Mandatorily Convertible Preferred Stock applied to pay
interest on the Debentures pursuant to this Section 2.6, together with the net
proceeds of all prior issuances of Preferred

 18
 

Stock and any still-outstanding Mandatorily
Convertible Preferred Stock so applied during the current and all prior
Deferral Periods, would exceed 25% of the aggregate principal amount of the
Debentures issued under the Indenture (the “Preferred
Stock Issuance Cap”);

(iii)          notwithstanding the Common Equity
Issuance Cap and the Preferred Stock Issuance Cap, for purposes of paying
deferred interest, the Company shall not be permitted, subject to the
provisions of paragraph (v) below, to sell Common Stock, Qualifying Warrants,
or Mandatorily Convertible Preferred Stock such that the Common Stock to be
issued (or which would be issuable upon exercise or conversion thereof) would
be in excess of 37.5 million shares of Common Stock (the “Share Cap Amount”); provided that if the
issued and outstanding shares of Common Stock are changed into a different
number of shares or a different class by reason of any stock split, reverse
stock split, stock dividend, reclassification, recapitalization, split-up,
combination, exchange of shares or other similar transaction, or if additional
Debentures are issued, the Share Cap Amount shall be correspondingly
adjusted.  If the Company amends the
definition of Qualifying APM Securities to eliminate Common Stock, then the
number of shares constituting the Share Cap Amount will be increased by 100%.

The Share Cap
Amount limitation shall apply so long as the Debentures remain
outstanding.  If the Share Cap Amount has
been reached and it is not sufficient to allow the Company to raise sufficient
proceeds to pay deferred interest in full, the Company shall use its
commercially reasonable efforts to increase the Share Cap Amount (1) only to
the extent that the Company can do so and simultaneously satisfy its future
fixed or contingent obligations under other securities and derivative
instruments that provide for settlement or payment in shares of the Common
Stock or (2) if the Company cannot increase the Share Cap Amount pursuant to
the preceding clause (1), by requesting the Company’s Board of Directors,
subject to its fiduciary duties, to adopt a resolution for shareholder vote at
the next occurring annual shareholders meeting to increase the number of shares
of the Company’s authorized Common Stock for purposes of satisfying the Company’s
obligations to pay deferred interest.

For the avoidance
of doubt, (x) once the Company reaches the Common Equity Issuance Cap for a
Deferral Period, the Company shall not be required to issue more Common Stock,
or if the definition of Qualifying APM Securities has been amended to eliminate
Common Stock, more Qualifying Warrants pursuant to this Section 2.6(a), prior
to the fifth anniversary of the commencement of a Deferral Period even if the
Common Equity Issuance Cap subsequently increases because of a subsequent
increase in the number of outstanding shares of Common Stock, and (y) so long
as the definition of Qualifying APM Securities has not been amended to
eliminate Common Stock, the sale of Qualifying Warrants to pay deferred
interest is an option that may be exercised at the Company’s sole discretion,
subject to the Common Equity Issuance Cap and the Share Cap Amount, and the
Company is not obligated to sell Qualifying Warrants or to apply the proceeds
of any such sale to pay deferred interest on the Debentures, and no

 19
 

class of investors
of the Company’s securities, or any other party, may require the Company to
issue Qualifying Warrants.

(b)           Market Disruption
Event.  Section 2.6(a) shall not
apply, with respect to any Interest Payment Date, if the Company shall have
provided to the Trustee (which the Trustee will promptly forward upon receipt
to each Holder of Debentures) no more than 15 and no less than 10 Business Days
prior to such Interest Payment Date an Officers’ Certificate stating that (i) a
Market Disruption Event was existing after the immediately preceding Interest
Payment Date and (ii) either (A) the Market Disruption Event continued for the
entire period from the Business Day immediately following the preceding
Interest Payment Date to the Business Day immediately preceding the date on
which such Officers’ Certificate is provided, or (B) the Market Disruption
Event continued for only part of this period, but the Company was unable after
using commercially reasonable efforts to raise sufficient Eligible Proceeds
during the rest of that period to pay all accrued and unpaid deferred interest.

(c)           Partial Payment
of Deferred Interest.

(i)            If the Company has raised some but
not all Eligible Proceeds necessary to pay all deferred interest, including
Additional Interest, on any Interest Payment Date pursuant to this Section 2.6,
such Eligible Proceeds shall be allocated to pay accrued and unpaid interest on
the applicable Interest Payment Date in chronological order based on the date
each payment was first deferred, subject to the Common Equity Issuance Cap, the
Preferred Stock Issuance Cap, and the Share Cap Amount, as applicable, and
payment on each installment of deferred interest shall be distributed to
Holders of the Debentures on a pro rata basis.

(ii)           If the Company has outstanding Pari
Passu Securities under which the Company is obligated to sell securities that
are Qualifying APM Securities and apply the net proceeds to the payment of
deferred interest or distributions, then on any date and for any period the
amount of net proceeds received by the Company from those sales and available
for payment of the deferred interest and distributions shall be applied to the
Debentures and those other Pari Passu Securities on a pro rata basis up to the
Common Equity Issuance Cap or the Preferred Stock Issuance Cap and the Share
Cap Amount (or comparable provisions in the instruments governing those other
Pari Passu Securities) in proportion to the total amounts that are due on the
Debentures and such other Pari Passu Securities.

(d)           Qualifying APM
Securities Definition Change.  The
Company shall send written notice to the Trustee (who shall forward such notice
to each Holder of the Debentures) in advance of any change in the definition of
Qualifying APM Securities to eliminate Common Stock or Mandatorily Convertible
Preferred Stock.

(e)           Qualifying
Warrants.  If the Company sells
Qualifying Warrants to pay deferred interest to satisfy its obligations
pursuant to this Section 2.6, the Company shall use commercially reasonable
efforts, subject to the Common Equity Issuance Cap, to set the terms of

 20
 

such Qualifying Warrants so as to raise sufficient proceeds from their
issuance to pay all deferred interest on the Debentures in accordance with this
Section 2.6.

(f)            Notices to
Trustee.  The Company shall provide
written notice to the Trustee following the commencement of an APM Period to
certify that it will perform its obligations as required under this Section
2.6.  The Company shall also provide
written certification to the Trustee at least 5 Business Days prior to each
subsequent Interest Payment Date during the APM Period specifying the amount of
Eligible Proceeds to be paid to the Trustee and applied to pay deferred
interest (including Additional Interest thereon), specifying the application of
such Eligible Proceeds to current interest and deferred interest (including Additional
Interest thereon) remaining outstanding as of such Interest Payment Date.  The Trustee shall be permitted to rely on
such notices and certifications without requiring any additional due diligence
or investigation into the performance of the Company of its obligation under
this Section 2.6.

SECTION 2.7.                        Events of Default.  (a) (i) Solely for purposes of the
Debentures, Section 501 of the Base Indenture shall be deleted and replaced by
the following:

“SECTION 501.  Events of Default  

“Event of Default,” wherever used herein with respect to the
Debentures, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

(1)           default in the payment of interest,
including compounded interest, in full on any Debentures for a period of 30
days after the conclusion of a 10-year period following the commencement of any
Deferral Period if at such time such Deferral Period has not ended; or

(2)           default in the payment of principal
on the Debentures when due, whether at the Stated Maturity, upon redemption,
upon a declaration of acceleration, or otherwise, subject to the limitations
set forth in Section 2.2 of the Fifth Supplemental Indenture; or

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

 21
 

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

When the Trustee
incurs expenses or renders services in connection with an Event of Default
specified in clauses (3) or (4) set forth in this Section 501, the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any bankruptcy law.”

(ii)           Solely for purposes of the
Debentures, Section 502 of the Base Indenture shall be deleted and replaced by
the following:

“SECTION 502.  Acceleration of Maturity; Rescission and
Annulment.

If an Event of
Default set forth in Section 501 of the Base Indenture (as amended by Section
2.7(a)(i) of the Fifth Supplemental Indenture with respect to the Debentures
occurs and is continuing, then in every such case the Trustee or the Holders of
not less than 25% in aggregate principal amount of the Debentures may declare
the principal amount of all of the Debentures and interest accrued thereon, if
any, to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by the Holders), and upon any such declaration
such amount shall become immediately due and payable.

At any time after
such a declaration of acceleration with respect to the Debentures has been made
and before a judgment or decree for payment of the money due has been obtained
by the Trustee as provided in Article Five of the Base Indenture, the Holders
of a majority in aggregate principal amount of the Debentures by written notice
to the Company and the Trustee, may rescind and annul such declaration and its
consequences if:

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

(A)          all Defaulted Interest on all
Debentures,

 22
 

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

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

(D)          all sums paid or advanced by the
Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel; and

(2)           all Events of Default with respect to
the Debentures, other than the non-payment of the principal of the Debentures
which has become due solely by such declaration of acceleration, have been
cured or waived as provided under Section 513 of the Base Indenture.

No such rescission shall
affect any subsequent Event of Default or impair any right consequent thereon.”

(b)           The Trustee shall
provide to the Holders of the Debentures such notices as it shall from time to
time be required or permitted to provide with respect to the Debentures under
Section 602 of the Base Indenture.  In
addition, the Trustee shall provide to the Holders of the Debentures notice of
any Event of Default or event that, with the giving of notice or lapse of time,
or both, would become an Event of Default with respect to the Debentures within
90 days after the actual knowledge of a Responsible Officer of the Trustee of
such Event of Default or other event. 
However, except in cases of a default or an Event of Default in payment
on the Debentures, the Trustee will be protected in withholding the notice if
one of its Responsible Officers determines that withholding of the notice is in
the interest of such Holders.

(c)           The Company’s
failure to pay interest on the Debentures in accordance with Sections 2.5 and
2.6 shall constitute a default under the Indenture, but shall in no event
constitute an Event of Default. 
Notwithstanding anything to the contrary in the Base Indenture or this
Fifth Supplemental Indenture, the Trustee shall have no obligation to exercise
any remedies with respect to any such default unless and except to the extent
directed in writing to do so by the Holders of a majority in principal amount
of the outstanding Debentures in accordance with and subject to the conditions
set forth in Sections 512 and 603(5) of the Base Indenture.  The Trustee may conclusively assume that
Sections 2.5 and 2.6 have been complied with unless the Company or the Holders
of 25% in aggregate principal amount of the Debentures have given the Trustee
written notice to the contrary.

(d)           For the avoidance of
doubt, and without prejudice to any other remedies that may be available to the
Trustee or the Holders of the Debentures under the Indenture, no breach by the
Company of any covenant or obligation under the Base Indenture or the terms of
the Debentures or the terms of this Fifth Supplemental Indenture, including the
Company’s obligations under Section 2.2 (a)(iv), Section 2.5 or Section 2.6,
shall be an Event of Default

 23
 

with respect to the Debentures, other than those specified in this
Section 2.7; and except as provided herein and in the Base Indenture with
respect to the occurrence and during the continuance of an Event of Default,
and as provided in Section 2.7(c) above, the Trustee shall be under no duty or
obligation to exercise any remedies or otherwise take any action in respect of
any other default that may occur under or in respect of this Fifth Supplemental
Indenture or the Base Indenture.

SECTION 2.8.                        Securities Registrar; Paying Agent; Delegation of Trustee
Duties.

(a)           The Company appoints
U.S. Bank
National Association, as Securities Registrar and Paying Agent with
respect to the Debentures.

(b)           Notwithstanding any
provision contained herein, to the extent permitted by applicable law, the
Trustee may delegate its duty to provide such notices and to perform such other
duties as may be required to be provided or performed by the Trustee under the
Indenture, and, to the extent such obligation has been so delegated, the
Trustee shall not be responsible for monitoring the compliance of, nor be
liable for the default or misconduct of, any such designee.

SECTION 2.9.                        Limitation
on Claims in the Event of Bankruptcy, Insolvency or Receivership.  Each Holder, by such Holder’s acceptance of
the Debentures, agrees that if a Bankruptcy Event of the Company shall occur
prior to the redemption or repayment of such Debentures, such Holder shall have
no claim for, and thus no right to receive, any deferred interest (including
compounded interest thereon) pursuant to Section 2.5 that has not been paid
pursuant to Sections 2.5 and 2.6 to the extent the amount of such interest
exceeds the interest that relates to the earliest two years of the portion of
the Deferral Period for which interest has not been paid.

SECTION 2.10.                      Location of Payment.  Solely for the purposes of the Debentures,
the first paragraph of Section 307 of the Base Indenture shall be deleted and
replaced by the following:

“SECTION 307.  Payment of Interest; Interest
Rights Preserved.

Payment of the
principal of (and premium, if any) and interest on the Debentures will be made
at the paying agent office, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the
option of the Company payment of interest may be made (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Securities Register or (ii) by wire transfer in immediately available funds at
such place and to such account as may be designated by the Person entitled
thereto as specified in the Securities Register.  The office where the Debentures may be
presented or surrendered for payment and the office where the Debentures may be
surrendered for transfer or exchange and where notices and demands to or upon
the Company in respect of the Debentures and the Indenture may be served shall
be the paying agent office.”

SECTION 2.11.                      No Sinking Fund.  The Debentures shall not be subject to any
sinking fund or analogous provisions.

 24
 

SECTION 2.12.                      Defeasance.  The provisions of Article Thirteen of the
Base Indenture (Defeasance and Covenant Defeasance) shall apply to the
Debentures.

ARTICLE
III

COVENANTS

SECTION 3.1.                        Dividend and Other Payment Stoppages.  So
long as any Debentures remain outstanding, if the Company has given notice of
its election to defer interest payments on the Debentures but the related
Deferral Period has not yet commenced or a Deferral Period is continuing, the
Company shall not, and shall not permit any Subsidiary of the Company to:

(a)           declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any shares of capital stock of the
Company;

(b)           make any payment of
principal of, or interest or premium, if any, on or repay, purchase or redeem
any of the Company’s debt securities that rank upon the Company’s liquidation
on a parity with or junior to the Debentures; or

(c)           make any guarantee
payments regarding any guarantee issued by the Company of securities of any
Subsidiaries if the guarantee ranks upon the Company’s liquidation on a parity
with or junior to the Debentures;

provided, however,
that the restrictions in clauses (a), (b) and (c) above do not apply to: (i)
any purchase, redemption or other acquisition of shares of its capital stock by
the Company in connection with: (A) any employment contract, benefit plan or
other similar arrangement with or for the benefit of any one or more of its
employees, officers, directors, consultants or independent contractors, (B) the
satisfaction of the Company’s obligations pursuant to any contract entered into
in the ordinary course of business prior to the beginning of the applicable
Deferral Period, (C) a dividend reinvestment or shareholder purchase plan, or
(D) the issuance of the Company’s capital stock, or securities convertible into
or exercisable for such capital stock, as consideration in an acquisition
transaction entered into prior to the applicable Deferral Period; (ii) any exchange,
redemption or conversion of any class or series of the Company’s capital stock,
or the capital stock of one of its Subsidiaries, for any other class or series
of its capital stock, or of any class or series of its indebtedness for any
class or series of its capital stock; (iii) any purchase of fractional
interests in shares of the Company’s capital stock pursuant to the conversion
or exchange provisions of such capital stock or the securities being converted
or exchanged; (iv) any declaration of a dividend in connection with any
shareholder rights plan, or the issuance of rights, stock or other property
under any shareholder rights plan, or the redemption or purchase of rights
pursuant thereto; (v) any dividend in the form of stock, warrants, options or
other rights where the dividend stock or stock issuable upon exercise of such
warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks equally with or junior to such stock; (vi) any
payment of current or deferred interest on Pari Passu Securities that is made
pro rata to the amounts due on such Pari Passu Securities (including the
Debentures); provided that such payments are made in accordance with Section
2.6(c) to the extent it applies, and any payments of deferred interest on Pari
Passu Securities that,

 25
 

if not made, would cause
the Company to breach the terms of the instrument governing such Pari Passu
Securities; or (vii) any payment of principal in respect of Pari Passu
Securities having the same scheduled maturity date as the Debentures, as
required under a provision of such other Pari Passu Securities that is
substantially the same as the provisions in Section 2.2, and that is made on a
pro rata basis among one or more series of Pari Passu Securities (including the
Debentures) having such a provision.

SECTION 3.2.                        Additional Limitation on Deferral Over One Year.  If any Deferral Period lasts longer than one
year, the limitation on the Company’s ability to redeem or purchase Qualifying
APM Securities or any securities of the Company that on the Company’s
bankruptcy or liquidation rank pari passu, or junior, as applicable, to such
Qualifying APM Securities as set forth in Section 3.1, shall continue until the
first anniversary of the date on which all deferred interest on the Debentures
has been paid.  However, if the Company
is involved in a Business Combination where immediately after its consummation
more than 50% of the voting stock of the Person that is the surviving entity of
such Business Combination, or the Person to whom all or substantially all of
the Company’s properties and assets are conveyed, transferred or leased in such
Business Combination, is owned by the shareholders of the other party to such
Business Combination, then the immediately preceding sentence will not apply
during the Deferral Period that is terminated on the next Interest Payment Date
following the date of consummation of such Business Combination.

ARTICLE
IV

REDEMPTION OF THE DEBENTURES

SECTION 4.1.                        Redemption Price.  The
Debentures shall be redeemable in accordance with Article Eleven of the Base
Indenture; provided that the Debentures are redeemable at the option of the
Company

(a)           in whole or in part,
at any time, prior to May 15, 2037, in cases not involving a Tax Event or
Rating Agency Event, at a Redemption Price equal to the greater of (i) 100% of
the principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date or (ii) the applicable Make-Whole Redemption
Price;

(b)           in whole, but not in
part, at any time prior to May 15, 2037, within 90 days following the
occurrence and during the continuation of a Tax Event or a Rating Agency Event,
at a Redemption Price equal to the greater of (i) 100% of the principal amount
of the Debentures being redeemed plus accrued and unpaid interest to the
Redemption Date or (ii) the applicable Make-Whole Redemption Price; and

(c)           in whole or in part,
at any time on or after May 15, 2037, a Redemption Price equal to 100% of the
principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date;

provided that
if the Debentures are not redeemed in whole, the Company may not affect such
redemption unless at least $25 million aggregate principal amount of the
Debentures, excluding any Debentures held by the Company or any of its
affiliates, remains outstanding after giving effect to such redemption.

 26

ARTICLE
V

REPAYMENT OF DEBENTURES

SECTION 5.1.                        Repayments.  The Company shall, not more than 65 nor less
than 60 Business Days prior to each Repayment Date (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of the principal amount
of Debentures to be repaid on such date pursuant to Section 2.2(a).

SECTION 5.2.                        Selection of the Debentures to be Repaid.

(a)           If less than all the
Debentures are to be repaid on any Repayment Date (unless the Debentures are
issued in the form of a Global Security), the particular Debentures to be
repaid shall be selected not more than 60 days prior to such Repayment Date by
the Trustee, from the Outstanding Debentures not previously repaid or called
for redemption, by lot or such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any Debentures, provided that the portion of the
principal amount of any Debentures not repaid shall be in an authorized
denomination (which shall not be less than the minimum authorized
denomination).

(b)           The Trustee shall
promptly notify the Company in writing of the Debentures selected for partial
repayment and the principal amount thereof to be repaid.  For all purposes hereof, unless the context
otherwise requires, all provisions relating to the repayment of Debentures
shall relate, in the case of any Debentures repaid or to be repaid only in
part, to the portion of the principal amount of such Debentures which has been
or is to be repaid.

SECTION 5.3.                        Notice of Repayment.

(a)           Notice of repayment
shall be given by first-class mail, postage prepaid, mailed not earlier than
the 15th day, and not later than the 10th Business Day, prior to the Repayment
Date, to each Holder of Debentures to be repaid, at the address of such Holder
as it appears in the Security Register.

(b)           Each notice of
repayment shall identify the Debentures to be repaid (including the Debentures’
CUSIP number, if a CUSIP number has been assigned to the Debentures) and shall
state:

(i)            the Repayment Date;

(ii)           if less than all Outstanding
Debentures are to be repaid, the identification (and, in the case of partial
repayment, the respective principal amounts) of the particular Debentures to be
repaid;

(iii)          that on the Repayment Date, the
principal amount of the Debentures to be repaid will become due and payable
upon each such Debentures or portion thereof, and that interest thereon, if
any, shall cease to accrue on and after said date; and

 27
 

(iv)          the place or places where such
Debentures are to be surrendered for payment of the principal amount thereof.

(c)           Notice of repayment
shall be given by the Company or, if the Company timely notifies the Trustee,
at the Company’s request, by the Trustee in the name and at the expense of the
Company and shall be irrevocable.  The
notice if mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the Holders receive such notice.  In any case, a failure to give such notice by
mail or any defect in the notice to any Holder of any Debentures designated for
repayment as a whole or in part shall not affect the validity of the
proceedings for the repayment of any other Debentures.

SECTION 5.4.                        Deposit of Repayment Amount.  Prior to 11:00 a.m. New York City time on the
Repayment Date specified in the notice of repayment given as provided in
Section 5.3, the Company will deposit with the Trustee or with one or more
Paying Agents (or if the Company is acting as its own Paying Agent, the Company
will segregate and hold in trust as provided in Section 1003 of the Base
Indenture) an amount of money, in immediately available funds, sufficient to
pay the principal amount of, and any accrued interest on, all the Debentures
which are to be repaid on that date.

SECTION 5.5.                        Repayment of Debentures.

(a)           If any notice of
repayment has been given as provided in Section 5.3, the Debentures or portion
of the Debentures with respect to which such notice has been given shall become
due and payable on the date and at the place or places stated in such
notice.  On presentation and surrender of
such Debentures at a Place of Payment in said notice specified, the said
securities or the specified portions thereof shall be paid by the Company at
their principal amount, together with accrued interest to but excluding the
Repayment Date; provided that, except in the case of a repayment in full of all
Outstanding Debentures, installments of interest whose Stated Maturity is on or
prior to the Repayment Date will be payable to the Holders of such Debentures,
registered as such at the close of business on the relevant Regular Record
Dates according to their terms and the provisions of Section 1001 of the Base
Indenture.

(b)           Upon presentation of
any Debentures repaid in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the Holders thereof, at
the expense of the Company, a new Debenture or new Debentures, of authorized
denominations, in aggregate principal amount equal to the portion of the
Debentures not repaid and so presented and having the same Scheduled Maturity
Date and other terms.  If a Global
Security is so surrendered, such new Debentures will also be a new Global
Security.

(c)           If any Debentures
required to be repaid shall not be so repaid upon surrender thereof, the
principal of such Debentures shall, until paid, bear interest from the
applicable Repayment Date at the rate prescribed therefore in the Debentures.

ARTICLE
VI

ORIGINAL ISSUE OF DEBENTURES

SECTION 6.1.                        Calculation of Original Issue Discount.  If during any calendar year any original
issue discount shall have accrued on the Debentures, the Company shall file

 28
 

with each Paying Agent (including the Trustee
if it is a Paying Agent) promptly at the end of each calendar year (a) a
written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on Outstanding Securities as of the
end of such year and (b) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code
of 1986, as amended from time to time. 
The Company would not be required to make actual payments on the
Debentures during a Deferral Period.

ARTICLE
VII

SUBORDINATION

Article Fourteen of the
Base Indenture shall be superseded in its entirety by this Article VII with
respect to the Debentures; provided, that this Article VII shall not become
part of the terms of any other series of Securities.

SECTION 7.1.                        Securities Subordinate to Senior Indebtedness.

(a)           The Company
covenants and agrees, and each Holder of a Debenture, by his acceptance
thereof, likewise covenants and agrees, that, to the extent and in the manner
hereinafter set forth in this Article (subject to Article Four the Base
Indenture), the payment of the principal of and interest on each and all of the
Debentures is hereby expressly made subordinate and subject in right of payment
to the prior payment in full in cash of all Senior Indebtedness.

(b)           This Article VII
shall constitute a continuing offer to all persons who become holders of, or
continue to hold, Senior Indebtedness, and such provisions are made for the
benefit of the holders of Senior Indebtedness and such holders are made
obligees hereunder and any one or more of them may enforce such provisions.
Holders of Senior Indebtedness need not prove reliance on the subordination
provisions hereof.

SECTION 7.2.                        Payment Over of Proceeds Upon Dissolution, Etc.

(a)           Upon any payment or
distribution of assets of the Company to creditors upon (A) any insolvency or
bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding in connection therewith, relative to the
Company or to its assets, or (B) any liquidation, dissolution or other winding
up of the Company, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (C) any assignment for the benefit of
creditors or any other marshalling of assets or liabilities of the Company, then
and in any such event specified in (A), (B) or (C) above (each such event, if
any, herein sometimes referred to as a “Proceeding”):

(i)            the holders of Senior Indebtedness
shall be entitled to receive payment in full in cash of all amounts due on or
to become due on or in respect of all Senior Indebtedness, before the Holders
of the Debentures are entitled to receive any payment or distribution of any
kind or character whether in cash, property or securities (including any
payment or distribution which may be payable or deliverable to Holders of the
Debentures made in respect of any other Indebtedness of the Company
subordinated to the payment of the Debentures,

 29
 

such payment or distribution being
hereinafter referred to as a “Junior
Subordinated Payment”), on account of the principal of or interest
on the Debentures or on account of any purchase, redemption or other
acquisition of Debentures by the Company, any Subsidiary of the Company, the
Trustee or any Paying Agent (all such payments, distributions, purchases,
redemptions and acquisitions, whether or not in connection with a Proceeding,
herein referred to, individually and collectively, as a “Securities Payment”); and

(ii)           any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or
securities, by set-off or otherwise, to which the Holders of the Debentures or
the Trustee would be entitled but for the provisions of this Article VII
(including, without limitation, any Junior Subordinated Payment) shall be paid
by the liquidating trustee or agent or other Person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating
trustee or otherwise, directly to the holders of Senior Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior
Indebtedness may have been issued, ratably according to the aggregate amounts
remaining unpaid on account of the Senior Indebtedness held or represented by
each, to the extent necessary to make payment in full in cash of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment to
the holders of such Senior Indebtedness.

(b)           In the event that,
notwithstanding the foregoing provisions of this Section, the Trustee or the
Holder of any Debenture shall have received in connection with any Proceeding
any Securities Payment before all Senior Indebtedness is paid in full or
payment thereof provided for in cash, then and in such event such Securities
Payment shall be paid over or delivered forthwith to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person
making payment or distribution of assets of the Company for application to the
payment of all Senior Indebtedness remaining unpaid, to the extent necessary to
pay all Senior Indebtedness in full in cash after giving effect to any
concurrent payment to or for the holders of Senior Indebtedness.

(c)           For purposes of this
Article VII only, the words “any payment or distribution of any kind or
character, whether in cash, property or securities” shall not be deemed to
include a payment or distribution of stock or securities of the Company
provided for by a plan of reorganization or readjustment authorized by an order
or decree of a court of competent jurisdiction in a reorganization proceeding
under any applicable bankruptcy law or of any other corporation provided for by
such plan of reorganization or readjustment which stock or securities are
subordinated in right of payment to all then outstanding Senior Indebtedness to
substantially the same extent, or to a greater extent than, the Debentures are
so subordinated as provided in this Article. 
The consolidation of the Company with, or the merger of the Company
into, another Person or the liquidation or dissolution of the Company following
the conveyance or transfer of all or substantially all of its properties and
assets as an entirety to another Person upon the terms and conditions set forth
in Article Eight of the Base Indenture shall not be deemed a Proceeding for the
purposes of this Section if the Person formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance or
transfer such

 30
 

properties and assets as an entirety, as the case may be, shall, as a
part of such consolidation, merger, conveyance or transfer, comply with the
conditions set forth in Article Eight of the Base Indenture.

SECTION 7.3.                        No Payment When Senior Indebtedness in Default.

(a)           In the event that
any Senior Payment Default (as defined below) shall have occurred, then no
Securities Payment shall be made, nor shall any property of the Company or any
Subsidiary of the Company be applied to the purchase, acquisition, retirement
or redemption of the Debentures, unless and until such Senior Payment Default
shall have been cured or waived in writing or shall have ceased to exist or all
amounts then due and payable in respect of such Senior Indebtedness (including
amounts that have become and remain due by acceleration) shall have been paid
in full in cash.  “Senior Payment Default” means any default
in the payment of principal of (or premium, if any) or interest on any Senior
Indebtedness when due, whether at the Stated Maturity of any such payment or by
declaration of acceleration, call for redemption, mandatory payment or
prepayment or otherwise.

(b)           In the event that
any Senior Nonmonetary Default (as defined below) shall have occurred and be
continuing, then, upon the receipt by the Company and the Trustee of written
notice of such Senior Nonmonetary Default from the holder of such Senior
Indebtedness (or the agent, trustee or representative thereof), no Securities
Payment shall be made, nor shall any property of the Company or any Subsidiary
of the Company be applied to the purchase, acquisition, retirement or
redemption of the Debentures, during the period (the “Payment Blockage Period”) commencing on the
date of such receipt of such written notice and ending (subject to any blockage
of payments that may then or thereafter be in effect as the result of any
Senior Payment Default) on the earlier of (i) the date on which the Senior
Indebtedness to which such Senior Nonmonetary Default relates is discharged or
such Senior Nonmonetary Default shall have been cured or waived in writing or
shall have ceased to exist and any acceleration of Senior Indebtedness to which
such Senior Nonmonetary Default relates shall have been rescinded or annulled
or (ii) the 179th day after the date of such receipt of such written notice. No
more than one Payment Blockage Period may be commenced with respect to the
Debentures during any period of 360 consecutive days and there shall be a
period of at least 181 consecutive days in each period of 360 consecutive days
when no Payment Blockage Period is in effect. 
Following the commencement of any Payment Blockage Period, the holders
of any Senior Indebtedness will be precluded from commencing a subsequent
Payment Blockage Period until the conditions set forth in the preceding
sentence are satisfied.  For all purposes
of this paragraph, no Senior Nonmonetary Default that existed or was continuing
on the date of commencement of any Payment Blockage Period with respect to the
Senior Indebtedness initiating such Payment Blockage Period shall be, or be
made, the basis for the commencement of a subsequent Payment Blockage Period by
holders of Senior Indebtedness or their representatives unless such Senior
Nonmonetary Default shall have been cured for a period of not less than 90
consecutive days.  “Senior Nonmonetary Default” means the
occurrence or existence and continuance of any default (other than a Senior
Payment Default) or any event which, after notice or lapse of time (or both),
would become an event of default (other than a Senior Payment Default), under
the terms of any instrument or agreement pursuant to which any Senior
Indebtedness is outstanding, permitting (after notice or lapse of time or both)
one or more holders of such Senior Indebtedness (or a trustee or agent on
behalf of the holders thereof) to

 31
 

declare
such Senior Indebtedness due and payable prior to the date on which it would
otherwise become due and payable.

(c)           In the event that,
notwithstanding the foregoing, the Company shall make any payment to the
Trustee or the Holder of any Debenture prohibited by the foregoing provisions
of this Section, and if such fact shall, at or prior to the time of such
payment, have been made known to the Trustee or, as the case may be, such
Holder, then and in such event such payment shall be paid over and delivered
forthwith to the Company.

(d)           The provisions of
this Section shall not apply to any Securities Payment with respect to which
Section 7.2 hereof would be applicable.

SECTION 7.4.                        Payment
Permitted If No Default. 
Nothing contained in this Article or elsewhere in the Indenture or in
any of the Debentures shall prevent the Company, at any time except during the
pendency of any Proceeding referred to in Section 7.2 hereof or under the
conditions described in Section 7.3 hereof, from making Securities Payments.

SECTION 7.5.                        Subrogation
to Rights of Holders of Senior Indebtedness.  Subject to the payment in full in cash of all
Senior Indebtedness, the Holders of the Debentures shall be subrogated (equally
and ratably with the holders of all indebtedness of the Company which by its
express terms is subordinated to indebtedness of the Company to substantially
the same extent as the Debentures are subordinated and is entitled to like
rights of subrogation) to the rights of the holders of such Senior Indebtedness
to receive payments and distributions of cash, property and securities
applicable to the Senior Indebtedness until the principal of and interest on
the Securities shall be paid in full. 
For purposes of such subrogation, no payments or distributions to the
holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of the Debentures or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the Debentures
or the Trustee, shall, as among the Company, its creditors other than holders
of Senior Indebtedness and the Holders of the Debentures, be deemed to be a
payment or distribution by the Company to or on account of the Senior
Indebtedness.

SECTION 7.6.                        Provisions
Solely to Define Relative Rights. 
The provisions of this Article are and are intended solely for the
purpose of defining the relative rights of the Holders of the Debentures on the
one hand and the holders of Senior Indebtedness on the other hand.  Nothing contained in this Article or
elsewhere in the Indenture or in the Debentures is intended to or shall (a)
impair, as among the Company, its creditors other than holders of Senior
Indebtedness and the Holders of the Debentures, the obligation of the Company,
which is absolute and unconditional (and which, subject to the rights under
this Article of the holders of Senior Indebtedness, is intended to rank equally
with all other general obligations of the Company), to pay to the Holders of
the Debentures the principal of and interest on the Debentures as and when the
same shall become due and payable in accordance with their terms; or (b) affect
the relative rights against the Company of the Holders of the Debentures and
creditors of the Company other than the holders of Senior Indebtedness; or (c)
prevent the Trustee or the Holder of any Debenture from exercising all remedies
otherwise permitted by applicable law upon default under the Indenture, subject
to the rights, if any, under this Article of

 32
 

the holders of Senior Indebtedness to receive
cash, property and securities otherwise payable or deliverable to the Trustee
or such Holder.

SECTION 7.7.                        Trustee to
Effectuate Subordination. 
Each Holder of a Debenture by his acceptance thereof authorizes and
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes,
including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Company whether in bankruptcy, insolvency, receivership
proceedings, or otherwise, the timely filing of a claim for the unpaid balance
of the Indebtedness of the Company owing to such Holder in the form required in
such proceedings and the causing of such claim to be approved.  If the Trustee does not file a proper claim
at least 30 days before the expiration of the time to file such claim, then the
holders of the Senior Indebtedness and their agents, trustees or other
representatives are authorized to do so (but shall in no event be liable for
any failure to do so) for and on behalf of the Holders of the Debentures.

SECTION 7.8.                        No Waiver of Subordination Provisions.

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

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

SECTION 7.9.                        Notice to Trustee.

(a)           The Company shall give prompt
written notice to the Trustee of any fact known to the Company which would
prohibit the making of any payment to or by the Trustee in respect of the
Debentures. Notwithstanding the provisions of this Article or any other
provision of the Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment to or
by the Trustee in respect of the

 33
 

Debentures, unless and until a Responsible Officer of the Trustee shall
have received written notice thereof from the Company, any holder of Senior
Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to
the receipt of any such written notice, the Trustee, subject to the provisions
of Section 601 of the Base Indenture, shall be entitled in all respects to
assume that no such facts exist; provided, however,
that if the Trustee shall not have received the notice provided for in this
Section at least three Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of or interest on any Debenture),
then, anything herein contained to the contrary notwithstanding, but without
limiting the rights and remedies of the holders of Senior Indebtedness or any
trustee, fiduciary or agent therefor, the Trustee shall have full power and
authority to receive such money and to apply the same to the purpose for which
such money was received and shall not be affected by any notice to the contrary
which may be received by it within two Business Days prior to such date. Any
notice required or permitted to be given to the Trustee by a holder of Senior
Indebtedness or by any agent, trustee or representative thereof shall be in
writing and shall be sufficient for every purpose hereunder if in writing and
either (i) sent via facsimile to the Trustee, the receipt of which shall be
confirmed via telephone, or (ii) mailed, first class postage prepaid, or sent
by overnight carrier, to the Trustee addressed to its Corporate Trust Office or to any other address furnished in
writing to such holder of Senior Indebtedness for such purpose by the Trustee.

(b)           Subject to the
provisions of Section 601 of the Base Indenture, the Trustee shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee, fiduciary or agent
therefor to establish that such notice has been given by a holder of Senior
Indebtedness or a trustee, fiduciary or agent therefor).  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article, and if such evidence
is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment.

(c)           Notwithstanding
anything else contained herein, no notice, request or other communication to or
with the Trustee shall be deemed given unless received by a Responsible Officer
at the Corporate Trust Office.

SECTION 7.10.                      Reliance on Judicial Order or Certificate of
Liquidating Agent.  Upon
any payment or distribution of assets of the Company referred to in this
Article, the Trustee, subject to the provisions of Section 601 of the Base
Indenture, and the Holders of the Debentures shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such
Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other Person making such payment or distribution, delivered to the Trustee or
to the Holders of Debentures, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the
Senior Indebtedness and other Indebtedness of the Company, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all
other facts

 34
 

pertinent thereto or to this Article, provided that the foregoing shall
apply only if such court has been apprised of the provisions of this Article.

SECTION 7.11.                      Trustee Not
Fiduciary for Holders of Senior Indebtedness.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness and shall not be liable to
any such holders if it shall in good faith mistakenly pay over or distribute to
Holders of Debentures or to the Company or to any other Person cash, property
or securities to which any holders of Senior Indebtedness shall be entitled by
virtue of this Article or otherwise.

SECTION 7.12.                      Rights of Trustee as Holder of Senior Indebtedness;
Preservation of Trustee’s Rights.

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

(b)           Nothing in this
Article shall apply to claims of, or payments to, the Trustee under or pursuant
to Section 607 of the Base Indenture.

SECTION 7.13.                      Article
Applicable to Paying Agents. 
In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided,
however, that Section 7.11 hereof shall not apply to the Company or any
Affiliate of the Company if it or such Affiliate acts as Paying Agent.

ARTICLE
VIII

MISCELLANEOUS

SECTION 8.1.                        Effectiveness.  This
Fifth Supplemental Indenture will become effective upon its execution and
delivery.

SECTION 8.2.                        Successors and Assigns.  All covenants and agreements in the Base
Indenture, as supplemented and amended by this Fifth Supplemental Indenture, by
the Company shall bind its successors and assigns, whether so expressed or not.

SECTION 8.3.                        Effect of Recitals.  The recitals contained herein and in the
Debentures, except the Trustee’s certificates of authentication, shall be taken
as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to
the validity or sufficiency of this Fifth Supplemental Indenture or of the
Debentures.  Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Debentures or the proceeds thereof.

 35
 

SECTION 8.4.                        Ratification of Indenture; Conflicts.  The Base Indenture as supplemented by this
Fifth Supplemental Indenture, is in all respects ratified and confirmed, and
this Fifth Supplemental Indenture shall be deemed part of the Base Indenture in
the manner and to the extent herein and therein provided.  To the extent permitted by applicable law and
the Base Indenture, in the event of any conflicts between this Fifth
Supplemental Indenture and the Base Indenture or the provisions set forth in
the Debenture certificates, as the case may be, this Fifth Supplemental
Indenture shall control.

SECTION 8.5.                        Governing Law.  This
Fifth Supplemental Indenture and the Debentures shall be governed by and
construed in accordance with the laws of the State of New York.

SECTION 8.6.                        Jury Trial Waiver.  Each party hereto, and each Holder of any
Debentures by acceptance thereof, hereby waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in
respect of any litigation directly or indirectly arising out of, under or in
connection with the Indenture.

SECTION 8.7.                        Severability.  If
any provision of the Base Indenture, as supplemented and amended by this Fifth
Supplemental Indenture, shall be held or deemed to be or shall, in fact, be
illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid,
inoperative or unenforceable to any extent whatever.

SECTION 8.8.                        Counterparts.  This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

SECTION 8.9.                        Amendments.  Notwithstanding anything to the contrary
contained in the Base Indenture or this Fifth Supplemental Indenture, the
consent of Holders of the Debentures shall not be required to effect any
amendment required in order to make any changes to the Base Indenture or this
Fifth Supplemental Indenture in order to conform the Base Indenture and this
Fifth Supplemental Indenture to the description of the Debentures contained in
the Prospectus, dated May 18, 2006, as supplemented by the Prospectus
Supplement, dated May 3, 2007, relating to the Debentures.

SECTION 8.10.                      Tax Treatment.  The Company agrees, and by acquiring an
interest in a Debenture each beneficial owner of a Debenture agrees, to treat
the Debentures as indebtedness for U.S. federal income tax purposes and all
payments made thereunder as payments made in respect of indebtedness.

 36

IN WITNESS WHEREOF, the
parties hereto have caused this Fifth Supplemental Indenture to be duly
executed, on the date or dates indicated in the acknowledgements and as of the
day and year first above written.

	
  

  	
  THE ALLSTATE CORPORATION,

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven C. Verney

  	
   

  
	
   

  	
   

  	
  Name: Steven C. Verney

  	
   

  
	
   

  	
   

  	
  Title:  
  Treasurer

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Jennifer M. Hager

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION,

  
	
   

  	
  as Trustee, Calculation Agent and Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary Dougherty

  	
   

  
	
   

  	
   

  	
  Name: Gary Dougherty

  	
   

  
	
   

  	
   

  	
  Title:   Vice
  President

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Andrew Sinasky

  	
   

  	
   

  

 

 

FIFTH
SUPPLEMENTAL INDENTURE

EXHIBIT A

FORM OF SECURITY CERTIFICATE REPRESENTING
DEBENTURES

THE ALLSTATE CORPORATION

Series A 6.50 % Fixed-to-Floating Rate Junior Subordinated
Debentures due 2067

No. 1

CUSIP No. 020002 AU5

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF.  THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED IN THE
NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

The Allstate
Corporation, a Delaware corporation (the “Company,”
which term includes any successor corporation under the Indenture, as defined
on the reverse hereof), for value received, hereby promises to pay to Cede
& Co. or registered assigns, the principal sum of Five-Hundred Million
Dollars ($500,000,000) as may be revised from time to time on Schedule I hereto
and all accrued and unpaid interest thereon on May 15, 2057, or if such day is
not a Business Day, the following Business Day (the “Scheduled Maturity Date”) or any subsequent Interest Payment
Date (as hereafter defined) to the extent set forth in the Indenture.  If that amount is not paid in full on the
Scheduled Maturity Date or any subsequent Interest Payment Date, the remaining
amount, if any, together with accrued and unpaid interest, will be due and
payable on May 15, 2067, or if such day is not a Business Day, the following
Business Day (the “Final Maturity Date”).

The Company further promises to pay interest on said
principal sum from and including May 10, 2007, or from and including the most
recent interest payment date on which interest has been paid or duly provided
for, semi-annually (subject to deferral as set forth herein) in arrears 

 1
 

on May 15 and November 15
of each year, commencing November 15, 2007, at the rate of 6.50% per annum (computed
on the basis of a 360-day year comprised of twelve 30-day months) to but
excluding May 15, 2037 (each such date, a “Semi-Annual
Interest Payment Date”), and, from and including May 15, 2037, to
pay interest on said outstanding principal sum quarterly (subject to deferral
as set forth herein) in arrears on February 15, May 15, August 15, and November
15 of each year (each such date, a “Quarterly
Interest Payment Date” and, together with the Semi-Annual Interest
Payment Dates, each, an “Interest Payment
Date”), commencing on August 15, 2037, at a floating annual rate
equal to Three-Month LIBOR plus 2.12% (computed on the basis of a 360-day year
and the actual number of days elapsed), until the principal hereof shall have
become due and payable, plus Additional Interest, if any, subject to applicable
law, until the principal hereof is paid or duly provided for or made available
for payment.  Accrued interest that is
not paid on the applicable Interest Payment Date, including interest deferred
pursuant to Section 2.5 of the Fifth Supplemental Indenture, will bear
Additional Interest, to the extent permitted by law, at the interest rate in
effect from time to time, from the relevant Interest Payment Date, compounded
on each subsequent Interest Payment Date. 
In the event that any Semi-Annual Interest Payment Date on which
interest is payable on the Debentures is not a Business Day, then a payment of
the interest payable on such date will be made on the next succeeding day that
is a Business Day (and, in the case of payments on or prior to May 15, 2037,
without any interest or other payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally
payable.  In the event that any Quarterly
Interest Payment Date on which interest is payable on the Debentures is not a
Business Day, then a payment of the interest payable on such date shall be
postponed to the next succeeding day that is a Business Day, provided that if
such Business Day is in the next succeeding calendar month, such Interest
Payment Date shall be the immediately preceding Business Day, and interest will
accrue to but excluding the date that interest is actually paid.  A “Business
Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a
day on which banking institutions in The City of New York are authorized or
required by law or executive order to remain closed or (iii) a day on which the
corporate trust office of the Trustee, is closed for business, and, on or after
May 15, 2037, a day which is not a London Banking Day.

The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name the Debentures (or one or more Predecessor
Securities) are registered at the close of business on the Regular Record Date
for such interest installment, which shall be May 1 or November 1, as the case
may be, immediately preceding such Interest Payment Date until May 15, 2037
(whether or not a Business Day), and the 15th day preceding the Relevant
Interest Payment Date after May 15, 2037. 
Any such interest installment not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name the Debentures
represented hereby (or one or more Predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of the Debentures not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Debentures may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

 2
 

So long as no Event of Default has occurred and is
continuing, the Company shall have the right at any time or from time to time
during the term of the Debentures to defer payment of interest on the
Debentures for one or more consecutive interest payment periods that do not
exceed 10 successive years, during which Deferral Periods the Company shall
have the right, subject to Sections 2.5 and 2.6 of the Fifth Supplemental
Indenture, to make partial payments of interest on any Interest Payment Date,
and at the end of which the Company shall pay all interest then accrued and
unpaid (together with Additional Interest thereon to the extent permitted by
applicable law); provided, however,
that no Deferral Period shall extend beyond the earlier of: (A) the Final
Maturity Date, (B) the repayment or redemption in full of the Debentures, and
(C) the date on which the Debentures become due and payable pursuant to Section
502 of the Base Indenture (as amended by Section 2.7(a)(i) of the Fifth
Supplemental Indenture).  Upon the
termination of any Deferral Period and upon the payment of all deferred
interest then due, the Company may elect to begin a new Deferral Period,
subject to the above requirements. 
Deferred interest on the Security will bear interest at the then
applicable interest rate, compounded on each Interest Payment Date, subject to
applicable law.  Additional limitations
may apply, pursuant to Section 3.2 of the Fifth Supplemental Indenture, if any
Deferral Period lasts longer than one year.

So long as any Debentures remain outstanding, if the
Company has given notice of its election to defer interest payments on the
Debentures but the related Deferral Period has not yet commenced or a Deferral
Period is continuing, the Company shall not, and shall not permit any
Subsidiary of the Company to: (i) declare or pay any dividends or
distributions, or redeem, purchase, acquire or make a liquidation payment with respect
to any shares of the Company’s capital stock, (ii) make any payment of
principal of, or interest or premium, if any, on or repay, purchase or redeem
any debt securities of the Company that rank upon the Company’s liquidation on
a parity with the Debentures (including the Debentures, the “Pari Passu Securties”),
or junior in interest to the Debentures or (iii) make any payments under any
guarantee issued by the Company of the securities of any Subsidiary if the
guarantee ranks upon liquidation on a parity with or junior to the Debentures
(other than: (a) any purchase, redemption or other acquisition of shares of the
Company’s capital stock in connection with: (1) any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more of its employees, officers, directors, consultants or independent
contractors, (2) the satisfaction of the Company’s obligations pursuant to any
contract entered into in the ordinary course of business prior to the beginning
of the applicable Deferral Period, (3) a dividend reinvestment or shareholder
purchase plan, or (4) the issuance of the Company’s capital stock, or
securities convertible into or exercisable for such capital stock, as
consideration in an acquisition transaction entered into prior to the
applicable Deferral Period, (b) any exchange, redemption or conversion of any
class or series of the Company’s capital stock, or the capital stock of one of
its Subsidiaries, for any other class or series of its capital stock, or of any
class or series of its indebtedness for any class or series of its capital
stock, (c) any purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the securities being converted or exchanged, (d) any declaration of a
dividend in connection with any shareholder rights plan, or the issuance of
rights, stock or other property under any shareholder rights plan, or the
redemption or purchase of rights pursuant thereto, (e) any dividend in the form
of stock, warrants, options or other rights where the dividend stock or stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks equally with or
junior to such stock, (f) any payment of

 3
 

current or deferred
interest on Pari Passu
Securities that is made pro rata to the amounts due on such Pari Passu Securities (including the
Debentures); provided that such payments are made in accordance with Section
2.6(c) of the Fifth Supplemental Indenture to the extent it applies, and any
payments of deferred interest on Pari
Passu Securities that, if not made, would cause the Company to breach
the terms of the instrument governing such Pari Passu Securities; or (g) any payment of principal in
respect of Pari Passu
Securities having the same scheduled maturity date as the Debentures, as
required under a provision of such other Pari
Passu Securities that is substantially the same as the provisions in
Section 2.2 of the Fifth Supplemental Indenture, and that is made on a pro rata
basis among one or more series of Pari
Passu Securities (including the Debentures) having such a
provision.  In addition, if any Deferral
Period lasts longer than one year, the restrictions on the Company’s ability to
redeem or purchase any of its Qualifying APM Securities or any of its
securities that on its bankruptcy or liquidation rank pari passu or junior to such Qualifying
APM Securities will continue until the first anniversary of the date on which
all deferred interest on the Debentures has been paid.

The Company shall give written notice of its election
to begin or extend any Deferral Period, to the Trustee and the Holders of the
Debentures at least one Business Day and not more than sixty Business Days
before the next Interest Payment Date. 
Notice of the Company’s election of a Deferral Period shall be given to
the Trustee and each Holder of Debentures at such Holder’s address appearing in
the Security Register by first-class mail, postage prepaid.

Payment of the principal of (and premium, if any) and
interest on the Debentures will be made at the office or agency of the Company
maintained for that purpose in the United States, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided,
however, that at the option of the Company payment of interest may
be made (i) by check mailed to the address of the Person entitled thereto as
such address shall appear in the Securities Register or (ii) by wire transfer
in immediately available funds at the bank account number as may be designated
by the Person entitled thereto as specified in the Securities Register in
writing not less than ten days before the relevant Interest Payment Date.

The indebtedness evidenced by this Global Certificate
in respect of the Debentures is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all
Senior Indebtedness.  Each Holder of
Debentures, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes.  Each Holder hereof, by his
acceptance hereof, waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

The Company and, by acceptance of the Debentures or a
beneficial interest in the Debentures, each Holder hereof and any person
acquiring a beneficial interest herein, agree to treat the Debentures as
indebtedness for United States federal, state and local tax purposes and all
payments made thereunder as payments made in respect of indebtedness.

 4
 

Reference is hereby made to the further provisions of
the Debentures set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, the Debentures represented by
this Global Certificate shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 5
 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated: May 10,
2007

THE ALLSTATE CORPORATION,

as Issuer

 

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

CERTIFICATE
OF AUTHENTICATION

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

Dated: May 10,
2007

U.S. BANK NATIONAL
ASSOCIATION,

as Trustee

 

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 6
 

REVERSE OF GLOBAL CERTIFICATE

This Global Certificate is one of the Global
Certificates in respect of a duly authorized issue of Series A 6.50%
Fixed-to-Floating Rate Junior Subordinated Debentures of the Company (the “Debentures”), issued under a Subordinated
Indenture, dated as of November 25, 1996 (the “Base Indenture”), between the Company and U.S. Bank National
Association (as successor in interest to State Street Bank and Trust Company),
as trustee (the “Trustee”), as
amended and supplemented by (i) the Third Supplemental Indenture, dated as of
July 23, 1999 (the “Third Supplemental
Indenture”), (ii) the Fourth Supplemental Indenture, dated as of
June 12, 2000 (the “Fourth Supplemental
Indenture”), and (iii) the Fifth Supplemental Indenture, dated as of
May 10, 2007 (the “Fifth Supplemental
Indenture” and together with the Base Indenture, the Third
Supplemental Indenture and the Fourth Supplemental Indenture, the “Indenture”), between the Company and the
Trustee, to which Indenture and all other indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Debentures, and of the terms upon which the Debentures are, and
are to be, authenticated and delivered.

All terms used in this Global Certificate which are
not otherwise defined herein shall have the meanings assigned to them in the
Indenture.

The Debentures shall be redeemable at the option of
the Company in accordance with the terms of the Indenture.  In particular, the Debentures are redeemable
at the option of the Company (a) in whole or in part, at any time, prior to May
15, 2037, in cases not involving a Tax Event or Rating Agency Event, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of
the Debentures being redeemed plus accrued and unpaid interest to the
Redemption Date or (ii) the applicable Make-Whole Redemption Price; (b) in
whole, but not in part, at any time prior to May 15, 2037, within 90 days
following the occurrence and during the continuation of a Tax Event or a Rating
Agency Event, at a Redemption Price equal to the greater of (i) 100% of the
principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date or (ii) the applicable Make-Whole Redemption
Price; and (c) in whole or in part, at any time on or after May 15, 2037, a
Redemption Price equal to 100% of the principal amount of the Debentures being
redeemed plus accrued and unpaid interest to the Redemption Date; provided that
if the Debentures are not redeemed in whole, the Company may not affect such
redemption unless at least $25 million aggregate principal amount of the
Debentures, excluding any Debentures held by the Company or any of its
affiliates, remains outstanding after giving effect to such redemption.

No sinking fund is provided for the Debentures.

The Indenture contains provisions for satisfaction and
discharge of the entire indebtedness on the Debentures upon compliance by the
Company with certain conditions set forth in the Indenture.

The Indenture permits, with certain exceptions as
therein provided, the Company and the Trustee at any time to enter into a
supplemental indenture or indentures for the purpose of modifying in any manner
the rights and obligations of the Company and of the Holders of the

 7
 

Securities, with the
consent of the Holders of not less than a majority in principal amount of the
Debentures to be affected by such supplemental indenture.  The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the
Debentures at the time Outstanding, on behalf of the Holders of all Debentures,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of
Debentures shall be conclusive and binding upon such Holder and upon all future
Holders of Debentures and of any Security Certificate issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon such Security Certificate.

As provided in and subject to the provisions of the
Indenture, if an Event of Default with respect to the Debentures at the time
Outstanding occurs and is continuing, then and in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Debentures may declare the entire principal amount and all accrued but unpaid
interest in respect of all the Debentures to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders),
provided that the payment of principal and interest (including any Additional
Interest, subject to applicable law) on such Debentures shall remain
subordinated to the extent provided in Article Seven of the Fifth Supplemental
Indenture.

No reference herein to the Indenture and no provision
of the Debentures or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on the Debentures at the times, place and rate or
rates, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of Debentures is registrable in the
Securities Register, upon surrender of this Global Certificate for registration
of transfer at the office or agency of the Company maintained under Section
1002 of the Base Indenture duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Securities
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities Certificates, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.  No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

Prior to due presentment of this Global Certificate
for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee shall treat the Person in whose name the Debentures
represented hereby are registered as the owner hereof for all purposes, whether
or not the Debentures be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

The Debentures are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiples of $1,000
in excess thereof.

THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 8

SCHEDULE
I

SERIES A 6.50% FIXED-TO-FLOATING
RATE

JUNIOR SUBORDINATED DEBENTURES DUE 2067

SCHEDULE OF PRINCIPAL AMOUNT
REDUCTIONS

Principal amount of Debentures outstanding represented
by this Global Certificate as of May 10, 2007: $500,000,000

Thereafter, the following decreases have been made:

	
  Date of

  Redemption or

  Repurchase

  	
   

  	
  Principal Amount

  Redeemed or

  Repurchased

  	
   

  	
  Principal Amount

  Remaining

  	
   

  	
  Notation Made by

  or on Behalf of

  the TrusteeExhibit 4.2

EXECUTION COPY

SIXTH SUPPLEMENTAL INDENTURE

between

THE ALLSTATE CORPORATION,

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION,

(AS SUCCESSOR IN INTEREST TO STATE STREET BANK AND TRUST COMPANY),

as Trustee, Calculation Agent and Paying
Agent

May 10, 2007

$500,000,000

SERIES B 6.125% FIXED-TO-FLOATING
RATE JUNIOR SUBORDINATED DEBENTURES DUE 2067

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
   

  	
   

  	
  ARTICLE I

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEFINITIONS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  1.1.

  	
   

  	
  Definition of Terms

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE II

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GENERAL
  TERMS AND CONDITIONS OF THE DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  2.1.

  	
   

  	
  Designation, Principal Amount
  and Authorized Denominations

  	
   

  	
  12

  	
   

  
	
  SECTION
  2.2.

  	
   

  	
  Repayment

  	
   

  	
  13

  	
   

  
	
  SECTION
  2.3.

  	
   

  	
  Form

  	
   

  	
  16

  	
   

  
	
  SECTION
  2.4.

  	
   

  	
  Rate of Interest; Interest
  Payment Date

  	
   

  	
  16

  	
   

  
	
  SECTION
  2.5.

  	
   

  	
  Interest Deferral

  	
   

  	
  17

  	
   

  
	
  SECTION
  2.6.

  	
   

  	
  Alternative Payment Mechanism

  	
   

  	
  18

  	
   

  
	
  SECTION
  2.7.

  	
   

  	
  Events of Default

  	
   

  	
  21

  	
   

  
	
  SECTION
  2.8.

  	
   

  	
  Securities Registrar; Paying
  Agent; Delegation of Trustee Duties

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.9.

  	
   

  	
  Limitation on Claims in the
  Event of Bankruptcy, Insolvency or Receivership

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.10.

  	
   

  	
  Location of Payment

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.11.

  	
   

  	
  No Sinking Fund

  	
   

  	
  24

  	
   

  
	
  SECTION
  2.12.

  	
   

  	
  Defeasance

  	
   

  	
  25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE III

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COVENANTS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  3.1.

  	
   

  	
  Dividend and Other Payment
  Stoppages

  	
   

  	
  25

  	
   

  
	
  SECTION
  3.2.

  	
   

  	
  Additional Limitation on
  Deferral Over One Year

  	
   

  	
  26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE IV

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REDEMPTION
  OF THE DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  4.1.

  	
   

  	
  Redemption Price

  	
   

  	
  26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE V

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  REPAYMENT
  OF DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  5.1.

  	
   

  	
  Repayments

  	
   

  	
  27

  	
   

  
	
  SECTION
  5.2.

  	
   

  	
  Selection of the Debentures to
  be Repaid

  	
   

  	
  27

  	
   

  
	
  SECTION
  5.3.

  	
   

  	
  Notice of Repayment

  	
   

  	
  27

  	
   

  

 

 i
 

 

	
  SECTION 5.4.

  	
   

  	
  Deposit of Repayment Amount

  	
   

  	
  28

  	
   

  
	
  SECTION
  5.5.

  	
   

  	
  Repayment of Debentures

  	
   

  	
  28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VI

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ORIGINAL
  ISSUE OF DEBENTURES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  6.1.

  	
   

  	
  Calculation of Original Issue
  Discount

  	
   

  	
  28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VII

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SUBORDINATION

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  7.1.

  	
   

  	
  Securities Subordinate to
  Senior Indebtedness

  	
   

  	
  29

  	
   

  
	
  SECTION
  7.2.

  	
   

  	
  Payment Over of Proceeds Upon
  Dissolution, Etc.

  	
   

  	
  29

  	
   

  
	
  SECTION
  7.3.

  	
   

  	
  No Payment When Senior
  Indebtedness in Default

  	
   

  	
  31

  	
   

  
	
  SECTION
  7.4.

  	
   

  	
  Payment Permitted If No Default

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.5.

  	
   

  	
  Subrogation to Rights of
  Holders of Senior Indebtedness

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.6.

  	
   

  	
  Provisions Solely to Define
  Relative Rights

  	
   

  	
  32

  	
   

  
	
  SECTION
  7.7.

  	
   

  	
  Trustee to Effectuate
  Subordination

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.8.

  	
   

  	
  No Waiver of Subordination
  Provisions

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.9.

  	
   

  	
  Notice to Trustee

  	
   

  	
  33

  	
   

  
	
  SECTION
  7.10.

  	
   

  	
  Reliance on Judicial Order or
  Certificate of Liquidating Agent

  	
   

  	
  34

  	
   

  
	
  SECTION
  7.11.

  	
   

  	
  Trustee Not Fiduciary for
  Holders of Senior Indebtedness

  	
   

  	
  35

  	
   

  
	
  SECTION
  7.12.

  	
   

  	
  Rights of Trustee as Holder of
  Senior Indebtedness; Preservation of Trustee’s Rights

  	
   

  	
  35

  	
   

  
	
  SECTION
  7.13.

  	
   

  	
  Article Applicable to Paying
  Agents

  	
   

  	
  35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE VIII

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  8.1.

  	
   

  	
  Effectiveness

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.2.

  	
   

  	
  Successors and Assigns

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.3.

  	
   

  	
  Effect of Recitals

  	
   

  	
  35

  	
   

  
	
  SECTION
  8.4.

  	
   

  	
  Ratification of Indenture;
  Conflicts

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.5.

  	
   

  	
  Governing Law

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.6.

  	
   

  	
  Jury Trial Waiver

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.7.

  	
   

  	
  Severability

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.8.

  	
   

  	
  Counterparts

  	
   

  	
  36

  	
   

  
	
  SECTION
  8.9.

  	
   

  	
  Amendments

  	
   

  	
  36

  	
   

  
	
  SECTION 8.10.

  	
   

  	
  Tax Treatment

  	
   

  	
  36

  	
   

  

 

 ii

SIXTH SUPPLEMENTAL INDENTURE, dated as of May 10, 2007
(the “Sixth Supplemental Indenture”), between
The Allstate Corporation, a Delaware corporation (the “Company”),
and U.S. Bank National Association (as successor in interest to State Street
Bank and Trust Company), as trustee (the “Trustee”),
supplementing the Subordinated Indenture, dated as of November 25, 1996 (the “Base Indenture”), as amended by the Third Supplemental
Indenture dated as of July 23, 1999 (the “Third
Supplemental Indenture”), and as amended by the Fourth Supplemental
Indenture dated as of June 12, 2000 (the “Fourth
Supplemental Indenture”), between the Company and the Trustee.

RECITALS

WHEREAS, the Company
executed and delivered the Base Indenture to the Trustee to provide for the
future issuance of the Company’s unsecured subordinated debt securities to be
issued from time to time in one or more series as might be determined by the
Company under the Base Indenture, in an unlimited aggregate principal amount
which may be authenticated and delivered as provided in the Indenture;

WHEREAS, pursuant to
the terms of the Base Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture and this Sixth Supplemental Indenture (collectively, the
“Indenture”), the Company desires to
provide for the establishment of a new series of its Securities to be known as
its Series B 6.125% Fixed-to-Floating Rate Junior Subordinated Debentures due
2067 (the “Debentures”), the form and
substance of such Debentures and the terms, provisions and conditions thereof
to be set forth as provided in the Indenture; and

WHEREAS, the Company
has requested that the Trustee execute and deliver this Sixth Supplemental
Indenture and all requirements necessary to make this Sixth Supplemental
Indenture a valid instrument in accordance with its terms, and to make the
Debentures, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Sixth Supplemental Indenture has been duly
authorized in all respects:

NOW, THEREFORE, in
consideration of the purchase and acceptance of the Debentures by the Holders
thereof, and for the purpose of setting forth, as provided in the Indenture,
the form and substance of the Debentures and the terms, provisions and
conditions thereof, the Company covenants and agrees with the Trustee as
follows:

ARTICLE
I

DEFINITIONS

SECTION 1.1.                        Definition of Terms.

Unless the context otherwise requires or unless
otherwise set forth herein:

(a)           a term not defined
herein that is defined in the Base Indenture has the same meaning when used in
this Sixth Supplemental Indenture;

(b)           the definition of
any term in this Sixth Supplemental Indenture that is also defined in the Base
Indenture shall for the purposes of this Sixth Supplemental Indenture supersede
the definition of such term in the Base Indenture, as previously supplemented;

(c)           a term defined
anywhere in this Sixth Supplemental Indenture has the same meaning throughout;

(d)           the definition of a
term in this Sixth Supplemental Indenture is not intended to have any effect on
the meaning or definition of an identical term that is defined in the Base
Indenture, as previously supplemented, insofar as the use or effect of such
term in the Base Indenture, as previously defined, is concerned;

(e)           the singular
includes the plural and vice versa;

(f)            headings are for
convenience of reference only and do not affect interpretation;

(g)           a reference to a
Section or Article is to a Section or Article of this Sixth Supplemental
Indenture;

(h)           any reference herein
to “interest” shall include any Additional Interest (as defined below); and

(i)            the following terms
have the meanings given to them in this Section 1.1(i):

“Additional
Interest” means the interest, if any, that shall accrue, to the
extent permitted by applicable law, on any interest on the Debentures the
payment of which has not been made on the applicable Interest Payment Date.

“APM Period”
means, with respect to any Deferral Period, the period commencing on the
earlier of (i) the first Interest Payment Date following the commencement of
such Deferral Period on which the Company pays any current interest on the
Debentures (which the Company may do from any source of funds) or (ii) the fifth
anniversary of the commencement of the Deferral Period, if on such date such
Deferral Period has not ended, and ending on the next Interest Payment Date on
which the Company shall have raised an amount of Eligible Proceeds at least
equal to the aggregate amount of accrued and unpaid deferred interest,
including compounded interest, on the Debentures.

“Applicable
Spread” means, with respect to a redemption of the Debentures, 0.50%
in the case of a Tax Event or a Rating Agency Event and 0.25% in all other cases.

“Bankruptcy
Event” means any of the events set forth in Section 501(2) and (3)
of the Base Indenture (as amended by Section 2.7(a)(i)).

“Base
Indenture” has the meaning set forth in the Recitals hereto.

“Business Day”
means any day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in The City of New York are authorized or required by law or
executive

 2
 

order to remain closed or
(iii) a day on which the Corporate Trust Office of the Trustee, is closed for
business, and, on or after May 15, 2017, a day which is not a London Banking
Day.

“Business Combination” means any transaction that is subject
to Section 801 of the Base Indenture.

“Calculation
Agent” means, with respect to the Debentures, U.S. Bank National
Association, or any other firm appointed by the Company, acting as calculation
agent in respect of the Debentures.

“Capital
Lease Obligation” of any Person means the obligation to pay rent or
make other payments under a lease of (or other Indebtedness arrangements
conveying the right to use) real or personal property of such Person which is
required to be classified and accounted for as a capital lease or a liability
on the balance sheet of such Person in accordance with generally accepted
accounting principles.  The Stated Maturity
of such obligation shall be the date of the last payment of rent or any other
amount due under such lease prior to the first date upon which such lease may
be terminated by the lessee without payment of a penalty.

“Commercially
Reasonable Efforts” to sell Qualifying Capital Securities means,
commercially reasonable efforts to complete the offer and sale of Qualifying
Capital Securities to Persons other than Subsidiaries in public offerings or
private placements.  The Company shall
not be considered to have made Commercially Reasonable Efforts to effect a sale
of Qualifying Capital Securities if it determines not to pursue or complete
such sale solely due to pricing, coupon, dividend rate or dilution
considerations.

“Common Stock”
means the Company’s common stock (including treasury shares of common stock),
common stock issued pursuant to any dividend reinvestment plan or the Company’s
employee benefit plans, a security of the Company, ranking upon liquidation,
dissolution or winding-up junior to Qualifying Preferred Stock and pari passu with the Company’s common stock, that tracks the
performance of, or relates to the results of, a business, unit or division of
the Company, and any securities issued in exchange therefore in connection with
a merger, consolidation, binding share exchange, business combination,
recapitalization or other similar event.

“Common
Equity Issuance Cap” has the meaning specified in Section
2.6(a)(ii).

“Company”
has the meaning specified in the first paragraph of this Sixth Supplemental
Indenture.

“Current
Stock Market Price” means, with respect to the Company’s common
stock on any date: (i) the closing sale price per share (or if no closing sale
price is reported, the average of the bid and ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on
that date as reported in composite transactions by the New York Stock Exchange;
or (ii) if the Company’s common stock is not then listed on the New York Stock
Exchange, as reported by the principal U.S. securities exchange on which the
Company’s common stock is traded or quoted on the relevant date; or (iii) if
the Company’s common stock is not listed on any U.S. securities exchange on the
relevant date, the last quoted bid price for the Company’s common stock in the
over-the-counter market on the relevant date as reported by the

 3
 

National Quotation Bureau
or similar organization; or (iv) if the Company’s common stock is not so
quoted, the average of the mid-point of the last bid and ask prices for the
Company’s common stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the
Company for this purpose.

“Debentures”
has the meaning specified in the Recitals hereto.

“Deferral
Period” means the period commencing on an Interest Payment Date with
respect to which the Company elects to defer interest pursuant to Section 2.5
and ending on the earlier of: (i) the tenth anniversary of that Interest
Payment Date; and (ii) the next Interest Payment Date on which the Company has
paid all deferred and unpaid amounts (including compounded interest on such
deferred amounts) with respect to any subsequent period and all other accrued
interest on the Debentures.

“Eligible
Proceeds” means, for each relevant Interest Payment Date, the net
proceeds (after underwriters’ or placement agents’ fees, commissions or
discounts and other expenses relating to the issuance or sale) the Company has
received during the 180-day period prior to such Interest Payment Date from the
issuance or sale of Qualifying APM Securities (excluding sales of Qualifying
Preferred Stock and Mandatorily Convertible Preferred Stock in excess of the
Preferred Stock Issuance Cap) to persons that are not the Company’s Subsidiaries.

“Final
Maturity Date” has the meaning specified in Section 2.2(b).

“Fourth Supplemental Indenture” has the
meaning specified in the first paragraph of this instrument.

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person
guaranteeing any Indebtedness of any other Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including, without limitation,
any obligation of such Person (i) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or to purchase (or to
advance or supply funds for the purchase of) any security for the payment of
such Indebtedness, (ii) to purchase property, securities or services for the
purpose of assuring the holder of such Indebtedness of the payment of such
Indebtedness or (iii) to maintain working capital, equity capital or other
financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness (and “Guaranteed,”
“Guaranteeing” and “Guarantor”
shall have meanings correlative to the foregoing); provided,
however, that the Guarantee by any Person shall not include
endorsements by such Person for collection or deposit, in either case, in the
ordinary course of business.

“Incur”
means, with respect to any Indebtedness or other obligation of any Person, to
create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee
or otherwise become liable in respect of such Indebtedness or other obligation
or the recording, as required pursuant to generally accepted accounting
principles or otherwise, of any such Indebtedness or other obligation as a
liability on the balance sheet of such Person (and “Incurrence,”
“Incurred,” “Incurrable”
and “Incurring” shall have meanings
correlative to the foregoing); provided, however,
that a change in generally accepted accounting principles that results in an
obligation of such Person that exists at such time becoming Indebtedness shall
not be deemed an

 4
 

Incurrence of such
Indebtedness.

“Indenture”
has the meaning specified in the Recitals hereto.

“Interest
Payment Date” shall have the meaning specified in Section 2.4.

“Interest
Period” means a Semi-Annual Interest Period or a Quarterly Interest
Period, as the case may be.

“Junior Subordinated
Payment” has the meaning specified in Section 7.2(a)(i).

“LIBOR
Determination Date” means the second London Banking Day immediately
preceding the first day of the relevant Quarterly Interest Period.

“London
Banking Day” means any day on which commercial banks are open for
general business (including dealings in deposits in U.S. dollars) in London.

“Make-Whole
Redemption Price” means the sum, as calculated by the Calculation
Agent, of the present values of the remaining scheduled payments of principal
(discounted from May 15, 2017) and interest that would have been payable to and
including May 15, 2017 (discounted from their respective Interest Payment
Dates) on the Debentures to be redeemed (not including any portion of such
payments of interest accrued to the Redemption Date) to the Redemption Date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as determined and provided to the Calculation
Agent by the Treasury Dealer) plus the Applicable Spread; plus accrued and
unpaid interest, together with any Additional Interest, on the principal amount
of the Debentures being redeemed to the Redemption Date.

“Mandatorily
Convertible Preferred Stock” means Preferred Stock with (a) no
prepayment obligation of the liquidation preference on the part of the issuer
thereof, whether at the election of the holders or otherwise, and (b) a
requirement that the preferred stock converts into the Company’s Common Stock
within three years from the date of its issuance at a conversion ratio within a
range established at the time of issuance of the Preferred Stock.

“Market
Disruption Event” means, with respect to the issuance or sale of
Qualifying Capital Securities pursuant to Section 2.2 or Qualifying APM
Securities pursuant to Section 2.6, the occurrence or existence of any of the
following events or sets of circumstances:

(i)            Trading in securities generally, or
shares of the Company’s securities specifically, on the New York Stock Exchange
or any other national securities exchange or in the over-the-counter market on
which Qualifying APM Securities or Qualifying Capital Securities, as the case
may be, are then listed or traded shall have been suspended or the settlement
of such trading generally shall have been materially disrupted or minimum
prices shall have been established on any such exchange or market by the United
States Securities and Exchange Commission, by the relevant exchange or by any
other regulatory agency or governmental body having jurisdiction such that
trading shall have been materially disrupted;

 5
 

(ii)           The Company would be required to
obtain the consent or approval of the Company’s stockholders or a regulatory
body (including, without limitation, any securities exchange) or governmental
authority to issue or sell Qualifying APM Securities pursuant to Section 2.6 or
to issue Qualifying Capital Securities pursuant to Section 2.2, as the case may
be, and such consent or approval has not yet been obtained notwithstanding the
Company’s commercially reasonable efforts to obtain such consent or approval;

(iii)          A banking moratorium shall have been
declared by the federal or state authorities of the United States such that
market trading in the Qualifying APM Securities or the Qualifying Capital
Securities, as applicable, has been materially disrupted or ceased;

(iv)          A material disruption shall have
occurred in commercial banking or securities settlement or clearance services
in the United States such that market trading in the Qualifying APM Securities
or the Qualifying Capital Securities, as applicable, has been materially
disrupted or ceased;

(v)           The United States shall have become
engaged in hostilities, there shall have been an escalation in hostilities
involving the United States, there shall have been a declaration of a national
emergency or war by the United States or there shall have occurred any other
national or international calamity or crisis such that market trading in the
Qualifying APM Securities or the Qualifying Capital Securities, as applicable,
has been materially disrupted or ceased;

(vi)          There shall have occurred such a
material adverse change in general domestic or international economic,
political or financial conditions, including without limitation as a result of
terrorist activities, or the effect of international conditions on the
financial markets in the United States shall be such that trading Qualifying
APM Securities or Qualifying Capital Securities, as applicable, shall have been
materially disrupted;

(vii)         An event occurs and is continuing as a
result of which the offering document for such offer and sale of Qualifying
Capital Securities or Qualifying APM Securities, as the case may be, would, in
the reasonable judgment of the Company, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and either (x) the
disclosure of that event at such time, in the reasonable judgment of the
Company, is not otherwise required by law and would have a material adverse
effect on the business of the Company or (y) the disclosure relates to a
previously undisclosed proposed or pending material business transaction,
provided that no single suspension period contemplated by this clause (vii)
shall exceed 90 consecutive days and multiple suspension periods contemplated
by this clause (vii) shall not exceed an aggregate of 180 days in any 360-day
period; or

(viii)        The Company reasonably believes that the
offering document for such offer and sale of Qualifying Capital Securities or
Qualifying APM Securities, as the case may be, would not be in compliance with
a rule or regulation of the United States Securities and Exchange Commission
(for reasons other than those referred to in clause (vii) above), and the
Company determines it is unable to comply with such rule or regulation or such
compliance is unduly burdensome, provided that no single suspension period
contemplated by this clause (viii) shall

 6
 

exceed 90 consecutive
days and multiple suspension periods contemplated by this clause (viii) shall
not exceed an aggregate of 180 days in any 360-day period.

“Pari Passu
Securities” means indebtedness of the Company that ranks in right of
payment upon liquidation on a parity
with the Debentures, and includes the Debentures.

“Payment
Blockage Period” has the meaning specified in Section 7.3(b).

“Preferred
Stock” means the preferred stock of the Company.

“Preferred
Stock Issuance Cap” has the meaning specified in Section
2.6(a)(iii).

“Proceeding”
has the meaning specified in Section 7.2(a).

“Qualifying
APM Securities” means Common Stock, Qualifying Preferred Stock,
Qualifying Warrants, and Mandatorily Convertible Preferred Stock, provided that
the Company may, without the consent of the holders of the Debentures, amend
the definition of “Qualifying APM Securities” to eliminate Common Stock and/or
Mandatorily Convertible Preferred Stock from this definition if, after May 10,
2007, an accounting standard or interpretive guidance of an existing accounting
standard issued by an organization or regulator that has responsibility for
establishing or interpreting accounting standards in the United States becomes
effective such that there is more than an insubstantial risk that failure to
eliminate Common Stock and/or Mandatorily Convertible Preferred Stock from the
definition would result in a reduction in the Company’s earnings per share as
calculated in accordance with generally accepted accounting principles in the
United States or International Financial Reporting Standards (IFRS) if then
applicable to the issuer or IFRS if subsequently adopted by the issuer.  The Company shall promptly notify the holders
of the Debentures, in the manner contemplated in the Indenture, of such change.

“Qualifying
Preferred Stock” means the Company’s non-cumulative perpetual
Preferred Stock that ranks pari passu with
or junior to all of the Company’s other Preferred Stock, is perpetual and (a)
is subject to a replacement capital covenant substantially similar to the
Replacement Capital Covenant or an “Other Qualifying Capital Replacement
Covenant”, as such term is defined in the Replacement Capital Covenant or (b)
is subject to both (i) mandatory suspension of dividends in the event the
Company breaches certain financial metrics specified within the offering
documents for such Preferred Stock and (ii) “Intent-Based Replacement
Disclosure”, as such term is defined in the Replacement Capital Covenant.  Additionally, in both the case described in
(a) and the described in (b) the transaction documents for such Preferred Stock
shall provide for no remedies as a consequence of non-payment of distributions
other than “Permitted Remedies,” as such term is defined in the Replacement
Capital Covenant.

“Qualifying
Capital Securities” has the meaning specified in the Replacement
Capital Covenant.

“Qualifying
Warrants” means any net share settled warrants to purchase Common
Stock (i) that have an exercise price greater than the Current Stock Market
Price of Common Stock, and (ii) that the Company is not entitled to redeem for
cash and the holders of which are not entitled to require the Company to
purchase for cash in any circumstances.

 7
 

“Quarterly
Interest Payment Date” shall have the meaning specified in Section
2.4(b).

“Quarterly
Interest Period” means the period beginning on and including May 15,
2017 and ending on but excluding the next Interest Payment Date and each
successive period beginning on and including an Interest Payment Date and
ending on but excluding the next Interest Payment Date.

“Rating
Agency Event” means a change by any nationally recognized
statistical rating organization within the meaning of Rule 15c3-1 under the
Exchange Act that currently publishes a rating for the Company (in this
definition, a “rating agency”) to its equity credit criteria for securities
such as the Debentures, as such criteria were in effect on May 10, 2007 (in
this definition, the “current criteria”), which change results in (x) the
length of time for which such current criteria are scheduled to be in effect is
shortened with respect to the Debentures or (y) a lower equity credit being
given to the Debentures as of the date of such change than the equity credit
that would have been assigned to the Debentures as of the date of such change
by such rating agency pursuant to its current criteria.

“Regular
Record Date” means (i) with respect to a Semi-Annual Interest
Payment Date, the May 1 or November 1, as the case may be, next preceding the
relevant Interest Payment date, and (ii) with respect any Quarterly Interest
Payment Date, the 15th day preceding the relevant Interest Payment Date.

“Repayment
Date” means the Scheduled Maturity Date and each Quarterly Interest
Payment Date thereafter until the Company shall have repaid or redeemed all of
the Debentures.

“Replacement
Capital Covenant” means the Replacement Capital Covenant, dated as
of May 10, 2007, by the Company, as the same may be amended or supplemented
from time to time in accordance with the provisions thereof and Section
2.2(a)(vii) hereof.

“Responsible
Officer of the Paying Agent” means, with respect to U.S. Bank
National Association, in its capacity as Paying Agent, any officer within the
corporate trust department (or any successor department, unit or division of
U.S. Bank National Association) assigned to the paying agent office of U.S.
Bank National Association, in its capacity as Paying Agent, who has direct
responsibility for the administration of the Paying Agent functions of the
Indenture.

“Reuters Page
LIBOR01” means the display so designated on the Reuters 3000 Xtra
(or such other page as may replace that page on that service, or such other
service as may be nominated as the information vendor, for the purpose of
displaying rates or prices comparable to the London Interbank Offered rate for U.S.
dollar deposits).

“Scheduled
Maturity Date” has the meaning specified in Section 2.2(a).

“Securities
Payment” has the meaning specified in Section 7.2(a)(i).

“Securities
Registrar” means, with respect to the Debentures, U.S. Bank National
Association, or any other firm appointed by the Company, acting as securities
registrar for the Debentures.

 8
 

“Securities
Registrar Office” means the office of the applicable Securities
Registrar at which at any particular time its corporate agency business shall
principally be administered, which office at the date hereof in the case of
U.S. Bank National Association, in its capacity as Securities Registrar under
the Indenture, is located at One Federal Street, 3rd Floor, Boston,
Massachusetts 02110, Attention: Corporate Trust Services.

“Semi-Annual
Interest Payment Date” shall have the meaning specified in Section
2.4(b).

“Semi-Annual
Interest Period” means the period beginning on and including May 10,
2007 and ending on but excluding the first Interest Payment Date and each
successive period beginning on and including an Interest Payment Date and
ending on but excluding the next Interest Payment Date until May 15, 2017.

“Senior
Indebtedness” means the principal of, premium, if any, interest on
and any other payment due pursuant to any of the following, whether Incurred on
or prior to the date hereof or hereafter Incurred:

(i)            all obligations of the Company for
money borrowed;

(ii)           all obligations of the Company
evidenced by notes, debentures, bonds or other similar instruments, including
obligations Incurred in connection with the acquisition of property, assets or
businesses and including all other debt securities of the Company issued by the
Company to any trust or a trustee of such trust, or to a partnership or other Affiliate
of the Company that acts as a financing vehicle for the Company, in connection
with the issuance of securities by such vehicles;

(iii)          all Capital Lease Obligations of the
Company;

(iv)          all reimbursement obligations of the
Company with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of the Company;

(v)           all obligations of the Company issued
or assumed as the deferred purchase price of property or services, including
all obligations under master lease transactions pursuant to which the Company
or any of its subsidiaries have agreed to be treated as owner of the subject
property for federal income tax purposes (but excluding trade accounts payable
or accrued liabilities arising in the ordinary course of business);

(vi)          all payment obligations of the Company
under interest rate swap or similar agreements or foreign currency hedge,
exchange or similar agreements at the time of determination, including any such
obligations Incurred by the Company solely to act as a hedge against increases
in interest rates that may occur under the terms of other outstanding variable
or floating rate Indebtedness of the Company;

(vii)         all obligations of the type referred to
in clauses (i) through (vi) above of another Person and all dividends of
another Person the payment of which, in either case, the Company has assumed or
Guaranteed or for which the Company is responsible or liable, directly or
indirectly, jointly or severally, as obligor, Guarantor or otherwise;

 9
 

(viii)        all compensation and reimbursement
obligations of the Company pursuant to Section 607 of the Base Indenture; and

(ix)           all amendments, modifications,
renewals, extensions, refinancings, replacements and refundings by the Company
of any such Indebtedness referred to in clauses (i) through (viii) above (and
of any such amended, modified, renewed, extended, refinanced, refunded or
replaced Indebtedness);

provided,
however, that the following shall not constitute Senior
Indebtedness: (A) any Indebtedness owed to a Person when such Person is a
Subsidiary or employee of the Company, (B) Indebtedness incurred for the
purchase of goods, materials or property, or for services obtained in the
ordinary course of business or for other liabilities arising in the ordinary
course of business (i.e., trade accounts payable), or (C) any Indebtedness
which by the terms of the instrument creating or evidencing the same expressly
provides that it is not superior in right of payment to the Securities.  For purposes of this definition, “Indebtedness”
includes any obligation to pay principal, premium (if any), interest,
penalties, reimbursement or indemnity amounts, fees and expenses (including
interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not a claim for post-petition
interest is allowed in such proceeding). 
Any Senior Indebtedness shall continue to be Senior Indebtedness and
entitled to the benefits of the subordination provisions of Article VII hereof
irrespective of any amendment, modification or waiver of any term of such
Senior Indebtedness.

“Senior
Nonmonetary Default” has the meaning specified in Section 7.3(b).

“Senior
Payment Default” has the meanings specified in Section 7.3(a).

“Share Cap
Amount” has the meaning specified in Section 2.6(a)(iv).

“Sixth
Supplemental Indenture” has the meaning specified in the first
paragraph of this instrument.

“Tax Event”
means the receipt by the Company of an opinion of counsel experienced in such
matters to the effect that, as a result of any: (i) amendment to or change
(including any officially announced proposed change) in the laws or regulations
of the United States or any political subdivision or taxing authority of or in
the United States that is effective on or after May 10, 2007, (ii) official
administrative decision or judicial decision or administrative action or other
official pronouncement interpreting or applying those laws or regulations that
is announced on or after May 10, 2007, or (iii) threatened challenge asserted
in connection with an audit of the Company or any of its Subsidiaries, or a
threatened challenge asserted in writing against any taxpayer that has raised
capital through the issuance of securities that are substantially similar to
the Debentures and which securities, as of their issue date, were rated at
least investment grade by at least two nationally recognized statistical rating
organizations within the meaning of Rule 15c3-1 under the Exchange Act, there
is more than an insubstantial increase in the risk that interest payable by the
Company on the Debentures is not, or within 90 days of the date of such opinion
will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes.

 10
 

“Third Supplemental Indenture” has the
meaning specified in the first paragraph of this instrument.

“Three-Month LIBOR” means, with respect to any Quarterly
Interest Period, the rate (expressed as a percentage per annum) for deposits in
U.S. dollars for a three-month period commencing on the first day of that
Quarterly Interest Period that appears on Reuters Page LIBOR01 as of 11:00
a.m., London time, on the LIBOR Determination Date for that Quarterly Interest
Period.  If such rate does not appear on
Reuters Page LIBOR01, Three-Month LIBOR will be determined on the basis of the
rates at which deposits in U.S. dollars for a three-month period commencing on
the first day of that Quarterly Interest Period and in a principal amount of
not less than $1,000,000 are offered to prime banks in the London interbank
market by four major banks in the London interbank market selected by the
Calculation Agent (after consultation with the Company), at approximately 11:00
a.m., London time, on the LIBOR Determination Date for that Quarterly Interest
Period.  The Calculation Agent will
request the principal London office of each of these banks to provide a
quotation of its rate.  If at least two
such quotations are provided, Three-Month LIBOR with respect to that Quarterly
Interest Period will be the arithmetic mean (rounded upward if necessary to the
nearest whole multiple of 0.00001%) of such quotations.  If fewer than two quotations are provided,
Three-Month LIBOR with respect to that Quarterly Interest Period will be the
arithmetic mean (rounded upward if necessary to the nearest whole multiple of
0.00001%) of the rates quoted by three major banks in New York City selected by
the Calculation Agent (after consultation with the Company), at approximately
11:00 a.m., New York City time, on the first day of that Quarterly Interest
Period for loans in U.S. dollars to leading European banks for a three-month
period commencing on the first day of that Quarterly Interest Period and in a
principal amount of not less than $1,000,000. 
However, if fewer than three banks selected by the Calculation Agent to
provide quotations are quoting as described above, Three-Month LIBOR for that
Quarterly Interest Period will be the same as Three-Month LIBOR as determined
for the previous Quarterly Interest Period or, in the case of the Quarterly
Interest Period beginning on May 15, 2017, 5.356%.  The establishment of Three-Month LIBOR for
each Quarterly Interest Period by the Calculation Agent shall (in the absence
of manifest error) be final and binding.

“Trading Day”
means a day on which Common Stock is traded on the New York Stock Exchange, or
if not then listed on the New York Stock Exchange, a day on which Common Stock
is traded or quoted on the principal U.S. securities exchange on which it is
listed or quoted, or if not then listed or quoted on a U.S. securities
exchange, a day on which Common Stock is quoted in the over-the-counter market.

“Treasury
Dealer” means J.P. Morgan Securities Inc. and Goldman, Sachs &
Co. (or their successors) or, if J.P. Morgan Securities Inc. and Goldman, Sachs
& Co. (or their successors) refuse to act as Treasury Dealer for the
purpose of determining the Make-Whole Redemption Price or cease to be primary
U.S. Government securities dealers, another nationally recognized investment
banking firm that is a primary U.S. Government securities dealer specified by
the Company to act as Treasury Dealer for the purpose of determining the
Make-Whole Redemption Price.

“Treasury
Price” means, with respect to a Redemption Date, the bid-side price
for the Treasury Security as of the third Trading Day preceding the Redemption
Date, as set forth in the

 11
 

daily statistical release
(or any successor release) published by the Federal Reserve Bank of New York on
that Trading Day and designated “Composite 3:30 p.m. Quotations for U.S.
Government Securities,” as determined by the Treasury Dealer, except that: (i)
if that release (or any successor release) is not published or does not contain
that price information on that Trading Day, or (ii) if the Treasury Dealer
determines that the price information is not reasonably reflective of the
actual bid-side price of the Treasury Security prevailing at 3:30 p.m., New
York City time, on that Trading Day, then Treasury Price will instead mean the
bid-side price for the Treasury Security at or around 3:30 p.m., New York City
time, on that Trading Day (expressed on a next Trading Day settlement basis) as
determined by the Treasury Dealer through such alternative means as are
commercially reasonable under the circumstances.

“Treasury
Rate” means, with respect to a Redemption
Date, the semi-annual equivalent yield to maturity of the Treasury Security that corresponds to the Treasury
Price (calculated by the Treasury Dealer in accordance with standard market
practice and computed as of the second Trading Day preceding the Redemption
Date).

“Treasury
Security” means the United States Treasury security that the
Treasury Dealer determines would be appropriate to use, at the time of
determination and in accordance with standard market practice, in pricing the
Debentures being redeemed in a tender offer based on a spread to United States
Treasury yields.

ARTICLE
II

GENERAL TERMS AND CONDITIONS OF THE
DEBENTURES

SECTION 2.1.                        Designation, Principal Amount and Authorized Denominations.

(a)           Designation.  Pursuant to Sections 201 and 301 of the Base
Indenture, there is hereby established a series of Securities of the Company
designated as “Series B 6.125% Fixed-to-Floating Rate Junior Subordinated
Debentures due 2067,” the principal amount of which to be issued shall be in
accordance with Section 2.1(b) hereof and as set forth in any Company Order for
the authentication and delivery of Debentures pursuant to the Base Indenture,
and the form and terms of which shall be as set forth hereinafter.

(b)           Principal Amount.  Debentures in an initial aggregate principal
amount of $500,000,000 shall, upon execution of this Sixth Supplemental
Indenture, be executed by the Company and delivered to the Trustee or an
Authenticating Agent for authentication, and the Trustee or an Authenticating
Agent shall thereupon authenticate and deliver said Debentures in accordance
with a Company Order.  Additional
Debentures may be issued pursuant to this Sixth Supplemental Indenture so long
as such additional Debentures are fungible for U.S. tax purposes with the
Debentures issued as of the date of this Sixth Supplemental Indenture.  Any additional Debentures issued under this
Sixth Supplemental Indenture will rank equally and ratably in right of payment
with the Debentures issued on the date of this Sixth Supplemental Indenture and
together with such Debentures will be treated as a single series of Debentures.

(c)           Authorized
Denominations.  The denominations in
which Debentures shall be issuable are $1,000 principal amount and integral
multiples thereof.

 12

SECTION 2.2.                        Repayment.

(a)           Scheduled Maturity
Date.

(i)            The principal amount of, and all
accrued and unpaid interest on, the Debentures shall be payable in full on May
15, 2037 or, if such day is not a Business Day, the following Business Day (the
“Scheduled Maturity Date”); provided, however, that in the event the Company has
complied with clause (iv)(1) of this Section 2.2(a) and timely delivered an
Officers’ Certificate to the Trustee pursuant to clause (v) of this Section
2.2(a) in connection with the Scheduled Maturity Date, (x) the principal amount
of Debentures payable on the Scheduled Maturity Date, if any, shall be the
principal amount set forth in the notice of repayment, if any, accompanying
such Officers’ Certificate, (y) such principal amount of Debentures shall be
repaid on the Scheduled Maturity Date pursuant to Article V hereof, and (z)
subject to clause (ii) of this Section 2.2(a) the remaining Debentures shall
remain outstanding and shall be payable in the amount provided in clause (ii) of
this Section 2.2(a) on the immediately succeeding Quarterly Interest Payment
Date or in full on such earlier date on which they either (1) are repaid or
redeemed in whole pursuant to Article V or Article IV, respectively, or (2)
become due and payable pursuant to Section 502 of the Base Indenture (as
amended by Section 2.7(a)(ii)).

(ii)           In the event the Company has
delivered an Officers’ Certificate to the Trustee pursuant to clause (v) of
this Section 2.2(a) in connection with any Quarterly Interest Payment Date, the
principal amount of the Debentures repayable on such Quarterly Interest Payment
Date shall be the principal amount set forth in the notice of repayment, if
any, accompanying such Officers’ Certificate, and shall be repaid on such
Quarterly Interest Payment Date pursuant to Article V hereof, and the remaining
Debentures shall remain outstanding and shall be payable on the immediately
succeeding Quarterly Interest Payment Date in the amount provided in this
clause (ii) or in full on such earlier date on which they either (1) are repaid
or redeemed in whole pursuant to Article V or Article IV, respectively, or (2)
become due and payable pursuant to Section 502 of the Base Indenture (as
amended by Section 2.7(a)(ii)).

(iii)          The obligation of the Company to repay
the Debentures pursuant to this Section 2.2(a) shall be subject to (x) its
obligations under Article VII to the holders of Senior Indebtedness and (y)
until the earlier of (A) the Final Maturity Date and (B) the date on which the
Debentures become due and payable pursuant to Section 502 of the Base Indenture
(as amended by Section 2.7(a)(ii)), its obligations under Section 2.5 with
respect to the payment of deferred interest on the Debentures.

 13
 

(iv)          Until the Debentures are paid in full
or the Debentures become due and payable pursuant to Section 502 of the Base
Indenture:

(1)           the
Company shall use Commercially Reasonable Efforts, subject to clause (v) of
this Section 2.2(a), to raise sufficient net proceeds from the issuance of
Qualifying Capital Securities during a 180-day period ending on the date, not
more than 15 and not less than 10 Business Days prior to any Repayment Date, on
which the Company delivers the notice required by clause (v) of this Section
2.2(a) and Section 5.1, to permit repayment of the Debentures in full on the
Scheduled Maturity Date pursuant to clause (i) of this Section 2.2(a); and

(2)           if
the Company is unable for any reason to raise sufficient proceeds from the
issuance of Qualifying Capital Securities to permit repayment in full of the
Debentures on the applicable Repayment Date, the Company shall use Commercially
Reasonable Efforts, subject to a Market Disruption Event to raise sufficient
net proceeds from the issuance of Qualifying Capital Securities during a 90-day
period ending on the date, not more than 15 and not less than 10 Business Days
prior to the following Repayment Date, on which the Company delivers the notice
required by clause (v) of this Section 2.2(a) and Section 5.1, to permit
repayment of the Debentures in full on such following Repayment Date pursuant
to clause (i)(z) of this Section 2.2(a); and

(3)           the
Company shall apply any such net proceeds to the repayment of the Debentures as
provided in clause (vi) of this Section 2.2(a).

(v)           The Company shall, if it has not
raised sufficient net proceeds from the issuance of Qualifying Capital
Securities pursuant to clause (iv) above in connection with any Repayment Date,
deliver an Officers’ Certificate to the Trustee no more than 15 and no less
than 10 Business Days in advance of such Repayment Date stating the amount of
net proceeds, if any, raised pursuant to clause (iv) above in connection with
such Repayment Date.  The Company shall
be excused from its obligation to use Commercially Reasonable Efforts to sell
Qualifying Capital Securities pursuant to clause (iv) above if such Officers’
Certificate further certifies that: (A) a Market Disruption Event was existing
during the 180-day period preceding the date of such Officers’ Certificate or,
in the case of any Repayment Date after the Scheduled Maturity Date, the 90-day
period preceding the date of such Officers’ Certificate; and (B) either (a) the
Market Disruption Event continued for the entire 180-day period or 90-day
period, as the case may be, or (b) the Market Disruption Event continued for
only part of the period but the Company was unable after Commercially
Reasonable Efforts to raise sufficient net proceeds during the rest of that
period to permit

 14
 

repayment of the Debentures in full.  Each Officers’ Certificate delivered pursuant
to this clause (v), unless no principal amount of Debentures is to be repaid on
the applicable Repayment Date, shall be accompanied by a notice of repayment
pursuant to Section 5.1 setting forth the principal amount of the Debentures to
be repaid on such Repayment Date, if any, which amount shall be determined
after giving effect to clause (vi) of this Section 2.2(a).  The entire principal amount of, and all
accrued and unpaid interest on, the Debentures shall be due and payable on the
applicable Repayment Date in the event the Company does not deliver an Officer’s
Certificate pursuant to this clause (v) to the Trustee on or prior to the 10th
Business Day immediately preceding such Repayment Date.

(vi)          Net proceeds of the issuance of any
Qualifying Capital Securities that the Company is permitted to apply to
repayment of the Debentures on any Repayment Date will be applied, first, to
pay deferred interest (including compounded interest thereon) to the extent of
Eligible Proceeds raised pursuant to Section 2.6, second, to pay current
interest to the extent not paid from other sources and, third, to repay the
outstanding principal amount of Debentures, subject to a minimum principal
amount of $5 million to be repaid on any Repayment Date; provided that if the
Company is obligated to sell Qualifying Capital Securities and apply the net
proceeds to payments of principal of or interest on any Pari Passu Securities
in addition to the Debentures, then on any date and for any period the amount
of net proceeds received by the Company from those sales and available for such
payments shall be applied to the Debentures and those other Pari Passu
Securities having the same scheduled maturity date as the Debentures pro rata
in accordance with their respective outstanding principal amounts and none of
such net proceeds shall be applied to any other securities having a later
scheduled maturity date until the principal of and all accrued and unpaid
interest on the Debentures has been paid in full.  If the Company raises less than $5 million of
proceeds from the sale of Qualifying Capital Securities during the relevant
180-day or 90-day period, the Company will not be required to repay any
Debentures on the Scheduled Maturity Date or the next Quarterly Interest
Payment Date, as applicable, but will retain those net proceeds and use them to
repay the Debentures on the next Quarterly Interest Payment Date as of which
the Company has raised at least $5 million of net proceeds.

(vii)         The Company shall not amend the
Replacement Capital Covenant to impose additional restrictions on the type or
amount of Qualifying Capital Securities that the Company may include for
purposes of determining when repayment, redemption or purchase of the
Debentures is permitted, except with the consent of Holders of a majority of
the principal amount of the Debentures. 
Except as aforesaid, the Company may amend or supplement the Replacement
Capital Covenant in accordance with its terms and without the consent of the
Holders of the Debentures.

(b)           Final Maturity
Date.  The principal of, and all
accrued and unpaid interest on, all outstanding Debentures shall be due and
payable on May 15, 2067 or, if such date is not a

 15
 

Business Day, the following Business Day (the “Final Maturity Date”), regardless of the
amount of Qualifying Capital Securities the Company may have issued and sold by
that time.

SECTION 2.3.                        Form.

(a)           The Debentures shall
be substantially in the form of Exhibit A attached hereto and shall be issued
in fully registered definitive form without interest coupons.  Principal of and interest on the Debentures
issued in definitive form will be payable, the transfer of such Debentures will
be registrable and such Debentures will be exchangeable for Debentures bearing
identical terms and provisions and notices and demands to or upon the Company
in respect of the Debentures and the Indenture may be served at the Corporate
Trust Office of the Trustee, and the Company appoints the Trustee as its agent
for the foregoing purposes, provided that payment of interest may be made at
the option of the Company by check mailed to the Holders at such address as
shall appear in the Securities Register or by wire transfer in immediately
available funds to the bank account number of the Holders specified in writing
by the Holders not less than 10 days before the relevant Interest Payment Date
and entered in the Securities Register by the Securities Registrar.  The Debentures may be presented for
registration of transfer or exchange at the Securities Registrar Office.

(b)           The Debentures are
initially issuable solely as Global Securities. 
Registered Debentures shall be physically transferred to all beneficial
owners in definitive form in exchange for their beneficial interests in a Global
Security if the Depositary with respect to such Global Securities notifies the
Company that it is unwilling or unable to continue as Depositary for such
Global Security, as the case may be, and a successor Depositary is not
appointed by the Company within 90 days of such notice.

SECTION 2.4.                        Rate of Interest; Interest Payment Date.

(a)           Rate of Interest.  The Debentures shall bear interest from and
including May 10, 2007 to but excluding May 15, 2017, at the rate of 6.125% per
annum, computed on the basis of a 360-day year comprised of twelve 30-day
months.  Commencing on May 15, 2017, the
Debentures shall accrue interest at an annual rate of Three-Month LIBOR plus
1.935% (the “Floating Rate”),
payable quarterly in arrears.  The amount
of Floating Rate interest payable on the Debentures for any Quarterly Interest
Period will be computed on the basis of a 360-day year and the actual number of
days elapsed in the 360-day year.  If a
scheduled Quarterly Interest Payment Date is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding day that is a Business
Day; provided that if Three-Month LIBOR applies and such Business Day is in the
next succeeding calendar month, such Interest Payment Date shall be the
immediately preceding Business Day. 
Interest will accrue from and including the last date in respect of
which interest has been paid or duly provided for, to but excluding the
Interest Payment Date on which the interest is actually paid.

(b)           Interest Payment
Dates.  Subject to the other provisions
hereof, interest on the Debentures shall be payable (i) semi-annually in
arrears on May 15 and November 15 of each year, commencing on November 15,
2007, until May 15, 2017 (each such date, a “Semi-Annual
Interest Payment Date”), or if any such day is not a Business Day,
the following Business Day (and no interest shall accrue as a result of such
postponement) and (ii) thereafter, quarterly in

 16
 

arrears on February 15, May 15, August 15 and November 15 of each year,
commencing on August 15, 2017 (each such date, a “Quarterly Interest Payment Date” and, together with
Semi-Annual Interest Payment Dates, each, an “Interest
Payment Date”).

(c)           Interest will be
payable to the persons in whose name the Debentures are registered at the close
of business on the Regular Record Date next preceding the relevant Interest
Payment Date, except that interest payable at maturity shall be paid to the
person to whom principal is paid.

SECTION 2.5.                        Interest Deferral.

Section 311 of the Base
Indenture shall be superseded in its entirety by this Section 2.5.

(a)           Option to Defer
Interest Payments.

(i)            The Company shall have the right at
any time and from time to time, to defer the payment of interest on the
Debentures for one or more consecutive Interest Periods that do not exceed 10
succesive years; provided that no Deferral Period shall extend beyond the
earlier of: (A) the Final Maturity Date, (B) the repayment or redemption date
of the Debentures, and (C) the date on which the Debentures become due and
payable pursuant to Section 502 of the Base Indenture (as amended by Section
2.7(a)(i)).  If the Company has paid all
deferred interest (including Additional Interest) on the Debentures, the
Company shall have the right to elect to begin a new Deferral Period pursuant
to this Section 2.5.

(ii)           At the end of any Deferral Period,
the Company shall pay all deferred interest on the Debentures to the Persons in
whose names the Debentures are registered in the Securities Register at the
close of business on the Regular Record Date with respect to the Interest
Payment Date at the end of such Deferral Period.

(iii)          The Company may elect to pay interest
on any Interest Payment Date during any Deferral Period to the extent permitted
by Section 2.5(b).

(b)           Payment of
Deferred Interest.  The Company will
not pay any deferred interest on the Debentures (including Additional Interest
thereon) from any source other than Eligible Proceeds prior to the Final
Maturity Date, except at any time that the principal amount has been
accelerated and such acceleration has not been rescinded or in the case of a
Business Combination to the extent described below in this Section 2.5(c).  Notwithstanding the foregoing, the Company
may pay current interest from any available funds.

(c)           Business
Combination Exception.  If the
Company is involved in a Business Combination where immediately after its
consummation more than 50% of the voting stock of the Person formed by such
Business Combination, or the Person that is the surviving entity of such
Business Combination, or the Person to whom all or substantially all of the
Company’s properties and assets are conveyed, transferred or leased in such
Business Combination, is owned by the shareholders of the other party to such
Business Combination,

 17
 

then Section 2.5(b) and Section 2.6 shall not apply to any Deferral
Period that is terminated on the next Interest Payment Date following the date
of consummation of such Business Combination.

(d)           Notice of
Deferral.  The Company shall give
written notice of its election to commence or continue any Deferral Period to
the Trustee and the Holders of the Debentures at least one Business Day and not
more than sixty Business Days before the next Interest Payment Date.  Notice of the Company’s election of a
Deferral Period shall be given to the Trustee and each Holder of Debentures at
such Holder’s address appearing in the Security Register by first-class mail,
postage prepaid.

SECTION 2.6.                        Alternative Payment Mechanism.

(a)           Obligation to
Issue Qualifying APM Securities. 
During any APM Period, the Company shall, subject to the occurrence of a
Market Disruption Event as described in Section 2.6(b) and subject to Section
2.5(b) and Section 2.6(c), issue one or more types of Qualifying APM Securities
either in public offerings or private placements until the Company has raised
an amount of Eligible Proceeds at least equal to the aggregate amount of
accrued and unpaid deferred interest on the Debentures, including Additional
Interest thereon, and applied such Eligible Proceeds on the next Interest
Payment Date to the payment of deferred interest in accordance with Section
2.6, provided that:

(i)            the foregoing obligations shall not
apply to the extent that (A) the number of shares of the Company’s Common Stock
issued during such Deferral Period together with (B) the number of shares of
the Company’s Common Stock issued or issuable upon the exercise of Qualifying
Warrants previously issued during such Deferral Period, the proceeds of which,
in the case of clause (A) and clause (B), were applied to pay deferred interest
on the Debentures pursuant to this Section 2.6(a), would exceed an amount equal
to 2% of the total number of issued and outstanding shares of the Company’s
Common Stock immediately prior to the date of the Company’s then most recent
publicly available consolidated financial statements immediately prior to the
date of such issuance (the “Common Equity
Issuance Cap”); provided that the Common Equity Issuance Cap will
cease to apply with respect to a Deferral Period following the fifth
anniversary of the commencement of a Deferral Period, at which point the
Company must pay any deferred interest regardless of the time at which it was
deferred, pursuant to this Section 2.6, subject to a Market Disruption Event;
and provided, further, that if the Common Equity Issuance Cap is reached during
a Deferral Period and the Company subsequently pays all deferred interest, the
Common Equity Issuance Cap will cease to apply with respect to a Deferral
Period at the termination of such Deferral Period and will not apply again
unless and until the Company starts a new Deferral Period;

(ii)           the foregoing obligations shall not
apply to the extent that the net proceeds of any issuance of Qualifying
Preferred Stock and Mandatorily Convertible Preferred Stock applied to pay
interest on the Debentures pursuant to this Section 2.6, together with the net
proceeds of all prior issuances of Preferred

 18
 

Stock and any still-outstanding Mandatorily
Convertible Preferred Stock so applied during the current and all prior
Deferral Periods, would exceed 25% of the aggregate principal amount of the
Debentures issued under the Indenture (the “Preferred
Stock Issuance Cap”);

(iii)          notwithstanding the Common Equity
Issuance Cap and the Preferred Stock Issuance Cap, for purposes of paying
deferred interest, the Company shall not be permitted, subject to the
provisions of paragraph (v) below, to sell Common Stock, Qualifying Warrants,
or Mandatorily Convertible Preferred Stock such that the Common Stock to be
issued (or which would be issuable upon exercise or conversion thereof) would
be in excess of 37.5 million shares of Common Stock (the “Share Cap Amount”); provided that if the
issued and outstanding shares of Common Stock are changed into a different
number of shares or a different class by reason of any stock split, reverse
stock split, stock dividend, reclassification, recapitalization, split-up,
combination, exchange of shares or other similar transaction, or if additional
Debentures are issued, the Share Cap Amount shall be correspondingly
adjusted.  If the Company amends the
definition of Qualifying APM Securities to eliminate Common Stock, then the
number of shares constituting the Share Cap Amount will be increased by 100%.

The Share Cap
Amount limitation shall apply so long as the Debentures remain
outstanding.  If the Share Cap Amount has
been reached and it is not sufficient to allow the Company to raise sufficient
proceeds to pay deferred interest in full, the Company shall use its
commercially reasonable efforts to increase the Share Cap Amount (1) only to
the extent that the Company can do so and simultaneously satisfy its future
fixed or contingent obligations under other securities and derivative
instruments that provide for settlement or payment in shares of the Common
Stock or (2) if the Company cannot increase the Share Cap Amount pursuant to
the preceding clause (1), by requesting the Company’s Board of Directors,
subject to its fiduciary duties, to adopt a resolution for shareholder vote at
the next occurring annual shareholders meeting to increase the number of shares
of the Company’s authorized Common Stock for purposes of satisfying the Company’s
obligations to pay deferred interest.

For the avoidance
of doubt, (x) once the Company reaches the Common Equity Issuance Cap for a
Deferral Period, the Company shall not be required to issue more Common Stock,
or if the definition of Qualifying APM Securities has been amended to eliminate
Common Stock, more Qualifying Warrants pursuant to this Section 2.6(a), prior
to the fifth anniversary of the commencement of a Deferral Period even if the
Common Equity Issuance Cap subsequently increases because of a subsequent
increase in the number of outstanding shares of Common Stock, and (y) so long
as the definition of Qualifying APM Securities has not been amended to
eliminate Common Stock, the sale of Qualifying Warrants to pay deferred
interest is an option that may be exercised at the Company’s sole discretion,
subject to the Common Equity Issuance Cap and the Share Cap Amount, and the
Company is not obligated to sell Qualifying Warrants or to apply the proceeds
of any such sale to pay deferred interest on the Debentures, and no

 19
 

class of investors
of the Company’s securities, or any other party, may require the Company to
issue Qualifying Warrants.

(b)           Market Disruption
Event.  Section 2.6(a) shall not
apply, with respect to any Interest Payment Date, if the Company shall have
provided to the Trustee (which the Trustee will promptly forward upon receipt
to each Holder of Debentures) no more than 15 and no less than 10 Business Days
prior to such Interest Payment Date an Officers’ Certificate stating that (i) a
Market Disruption Event was existing after the immediately preceding Interest
Payment Date and (ii) either (A) the Market Disruption Event continued for the
entire period from the Business Day immediately following the preceding
Interest Payment Date to the Business Day immediately preceding the date on
which such Officers’ Certificate is provided, or (B) the Market Disruption
Event continued for only part of this period, but the Company was unable after
using commercially reasonable efforts to raise sufficient Eligible Proceeds
during the rest of that period to pay all accrued and unpaid deferred interest.

(c)           Partial Payment
of Deferred Interest.

(i)            If the Company has raised some but
not all Eligible Proceeds necessary to pay all deferred interest, including
Additional Interest, on any Interest Payment Date pursuant to this Section 2.6,
such Eligible Proceeds shall be allocated to pay accrued and unpaid interest on
the applicable Interest Payment Date in chronological order based on the date
each payment was first deferred, subject to the Common Equity Issuance Cap, the
Preferred Stock Issuance Cap, and the Share Cap Amount, as applicable, and
payment on each installment of deferred interest shall be distributed to
Holders of the Debentures on a pro rata basis.

(ii)           If the Company has outstanding Pari
Passu Securities under which the Company is obligated to sell securities that
are Qualifying APM Securities and apply the net proceeds to the payment of
deferred interest or distributions, then on any date and for any period the
amount of net proceeds received by the Company from those sales and available
for payment of the deferred interest and distributions shall be applied to the
Debentures and those other Pari Passu Securities on a pro rata basis up to the
Common Equity Issuance Cap or the Preferred Stock Issuance Cap and the Share
Cap Amount (or comparable provisions in the instruments governing those other
Pari Passu Securities) in proportion to the total amounts that are due on the
Debentures and such other Pari Passu Securities.

(d)           Qualifying APM
Securities Definition Change.  The
Company shall send written notice to the Trustee (who shall forward such notice
to each Holder of the Debentures) in advance of any change in the definition of
Qualifying APM Securities to eliminate Common Stock or Mandatorily Convertible
Preferred Stock.

(e)           Qualifying
Warrants.  If the Company sells
Qualifying Warrants to pay deferred interest to satisfy its obligations
pursuant to this Section 2.6, the Company shall use commercially reasonable
efforts, subject to the Common Equity Issuance Cap, to set the terms of

 20
 

such Qualifying Warrants so as to raise sufficient proceeds from their
issuance to pay all deferred interest on the Debentures in accordance with this
Section 2.6.

(f)            Notices to
Trustee.  The Company shall provide
written notice to the Trustee following the commencement of an APM Period to
certify that it will perform its obligations as required under this Section
2.6.  The Company shall also provide
written certification to the Trustee at least 5 Business Days prior to each
subsequent Interest Payment Date during the APM Period specifying the amount of
Eligible Proceeds to be paid to the Trustee and applied to pay deferred
interest (including Additional Interest thereon), specifying the application of
such Eligible Proceeds to current interest and deferred interest (including
Additional Interest thereon) remaining outstanding as of such Interest Payment
Date.  The Trustee shall be permitted to
rely on such notices and certifications without requiring any additional due
diligence or investigation into the performance of the Company of its
obligation under this Section 2.6.

SECTION 2.7.                        Events of Default.  (a) (i) Solely for purposes of the
Debentures, Section 501 of the Base Indenture shall be deleted and replaced by
the following:

“SECTION 501.  Events of Default  

“Event of Default,” wherever used herein with respect to the
Debentures, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

(1)           default in the payment of interest,
including compounded interest, in full on any Debentures for a period of 30
days after the conclusion of a 10-year period following the commencement of any
Deferral Period if at such time such Deferral Period has not ended; or

(2)           default in the payment of principal
on the Debentures when due, whether at the Stated Maturity, upon redemption,
upon a declaration of acceleration, or otherwise, subject to the limitations
set forth in Section 2.2 of the Sixth Supplemental Indenture; or

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

 21
 

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

When the Trustee
incurs expenses or renders services in connection with an Event of Default
specified in clauses (3) or (4) set forth in this Section 501, the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any bankruptcy law.”

(ii)           Solely for purposes of the
Debentures, Section 502 of the Base Indenture shall be deleted and replaced by
the following:

“SECTION 502.  Acceleration of Maturity; Rescission and
Annulment.

If an Event of
Default set forth in Section 501 of the Base Indenture (as amended by Section
2.7(a)(i) of the Sixth Supplemental Indenture with respect to the Debentures
occurs and is continuing, then in every such case the Trustee or the Holders of
not less than 25% in aggregate principal amount of the Debentures may declare
the principal amount of all of the Debentures and interest accrued thereon, if
any, to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by the Holders), and upon any such declaration
such amount shall become immediately due and payable.

At any time after
such a declaration of acceleration with respect to the Debentures has been made
and before a judgment or decree for payment of the money due has been obtained
by the Trustee as provided in Article Five of the Base Indenture, the Holders
of a majority in aggregate principal amount of the Debentures by written notice
to the Company and the Trustee, may rescind and annul such declaration and its
consequences if:

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

(A)          all Defaulted Interest on all
Debentures,

 22
 

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

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

(D)          all sums paid or advanced by the
Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel; and

(2)           all Events of Default with respect to
the Debentures, other than the non-payment of the principal of the Debentures
which has become due solely by such declaration of acceleration, have been
cured or waived as provided under Section 513 of the Base Indenture.

No such rescission shall
affect any subsequent Event of Default or impair any right consequent thereon.”

(b)           The Trustee shall
provide to the Holders of the Debentures such notices as it shall from time to
time be required or permitted to provide with respect to the Debentures under
Section 602 of the Base Indenture.  In
addition, the Trustee shall provide to the Holders of the Debentures notice of
any Event of Default or event that, with the giving of notice or lapse of time,
or both, would become an Event of Default with respect to the Debentures within
90 days after the actual knowledge of a Responsible Officer of the Trustee of
such Event of Default or other event. 
However, except in cases of a default or an Event of Default in payment
on the Debentures, the Trustee will be protected in withholding the notice if
one of its Responsible Officers determines that withholding of the notice is in
the interest of such Holders.

(c)           The Company’s
failure to pay interest on the Debentures in accordance with Sections 2.5 and
2.6 shall constitute a default under the Indenture, but shall in no event
constitute an Event of Default. 
Notwithstanding anything to the contrary in the Base Indenture or this
Sixth Supplemental Indenture, the Trustee shall have no obligation to exercise
any remedies with respect to any such default unless and except to the extent
directed in writing to do so by the Holders of a majority in principal amount
of the outstanding Debentures in accordance with and subject to the conditions
set forth in Sections 512 and 603(5) of the Base Indenture.  The Trustee may conclusively assume that
Sections 2.5 and 2.6 have been complied with unless the Company or the Holders
of 25% in aggregate principal amount of the Debentures have given the Trustee
written notice to the contrary.

(d)           For the avoidance of
doubt, and without prejudice to any other remedies that may be available to the
Trustee or the Holders of the Debentures under the Indenture, no breach by the
Company of any covenant or obligation under the Base Indenture or the terms of
the Debentures or the terms of this Sixth Supplemental Indenture, including the
Company’s obligations under Section 2.2 (a)(iv), Section 2.5 or Section 2.6,
shall be an Event of Default

 23
 

with respect to the Debentures, other than those specified in this
Section 2.7; and except as provided herein and in the Base Indenture with
respect to the occurrence and during the continuance of an Event of Default,
and as provided in Section 2.7(c) above, the Trustee shall be under no duty or
obligation to exercise any remedies or otherwise take any action in respect of
any other default that may occur under or in respect of this Sixth Supplemental
Indenture or the Base Indenture.

SECTION 2.8.                        Securities Registrar; Paying Agent; Delegation of
Trustee Duties.

(a)           The Company appoints
U.S. Bank
National Association, as Securities Registrar and Paying Agent with
respect to the Debentures.

(b)           Notwithstanding any
provision contained herein, to the extent permitted by applicable law, the
Trustee may delegate its duty to provide such notices and to perform such other
duties as may be required to be provided or performed by the Trustee under the
Indenture, and, to the extent such obligation has been so delegated, the
Trustee shall not be responsible for monitoring the compliance of, nor be
liable for the default or misconduct of, any such designee.

SECTION 2.9.                        Limitation
on Claims in the Event of Bankruptcy, Insolvency or Receivership.  Each Holder, by such Holder’s acceptance of
the Debentures, agrees that if a Bankruptcy Event of the Company shall occur
prior to the redemption or repayment of such Debentures, such Holder shall have
no claim for, and thus no right to receive, any deferred interest (including
compounded interest thereon) pursuant to Section 2.5 that has not been paid
pursuant to Sections 2.5 and 2.6 to the extent the amount of such interest
exceeds the interest that relates to the earliest two years of the portion of
the Deferral Period for which interest has not been paid.

SECTION 2.10.                      Location of Payment.  Solely for the purposes of the Debentures,
the first paragraph of Section 307 of the Base Indenture shall be deleted and
replaced by the following:

“SECTION 307.  Payment of Interest; Interest
Rights Preserved.

Payment of the
principal of (and premium, if any) and interest on the Debentures will be made
at the paying agent office, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the
option of the Company payment of interest may be made (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Securities Register or (ii) by wire transfer in immediately available funds at
such place and to such account as may be designated by the Person entitled
thereto as specified in the Securities Register.  The office where the Debentures may be
presented or surrendered for payment and the office where the Debentures may be
surrendered for transfer or exchange and where notices and demands to or upon
the Company in respect of the Debentures and the Indenture may be served shall
be the paying agent office.”

SECTION 2.11.                      No Sinking Fund.  The Debentures shall not be subject to any
sinking fund or analogous provisions.

 24
 

SECTION 2.12.                      Defeasance.  The
provisions of Article Thirteen of the Base Indenture (Defeasance and Covenant
Defeasance) shall apply to the Debentures.

ARTICLE III

Covenants

 

SECTION 3.1.                        Dividend and Other Payment Stoppages.  So
long as any Debentures remain outstanding, if the Company has given notice of
its election to defer interest payments on the Debentures but the related
Deferral Period has not yet commenced or a Deferral Period is continuing, the
Company shall not, and shall not permit any Subsidiary of the Company to:

(a)           declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any shares of capital stock of the
Company;

(b)           make any payment of
principal of, or interest or premium, if any, on or repay, purchase or redeem
any of the Company’s debt securities that rank upon the Company’s liquidation
on a parity with or junior to the Debentures; or

(c)           make any guarantee
payments regarding any guarantee issued by the Company of securities of any
Subsidiaries if the guarantee ranks upon the Company’s liquidation on a parity
with or junior to the Debentures;

provided, however,
that the restrictions in clauses (a), (b) and (c) above do not apply to: (i)
any purchase, redemption or other acquisition of shares of its capital stock by
the Company in connection with: (A) any employment contract, benefit plan or
other similar arrangement with or for the benefit of any one or more of its
employees, officers, directors, consultants or independent contractors, (B) the
satisfaction of the Company’s obligations pursuant to any contract entered into
in the ordinary course of business prior to the beginning of the applicable
Deferral Period, (C) a dividend reinvestment or shareholder purchase plan, or
(D) the issuance of the Company’s capital stock, or securities convertible into
or exercisable for such capital stock, as consideration in an acquisition
transaction entered into prior to the applicable Deferral Period; (ii) any
exchange, redemption or conversion of any class or series of the Company’s
capital stock, or the capital stock of one of its Subsidiaries, for any other
class or series of its capital stock, or of any class or series of its
indebtedness for any class or series of its capital stock; (iii) any purchase
of fractional interests in shares of the Company’s capital stock pursuant to
the conversion or exchange provisions of such capital stock or the securities
being converted or exchanged; (iv) any declaration of a dividend in connection
with any shareholder rights plan, or the issuance of rights, stock or other
property under any shareholder rights plan, or the redemption or purchase of
rights pursuant thereto; (v) any dividend in the form of stock, warrants, options
or other rights where the dividend stock or stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks equally with or junior to such stock; (vi) any
payment of current or deferred interest on Pari Passu Securities that is made
pro rata to the amounts due on such Pari Passu Securities (including the
Debentures); provided that such payments are made in accordance with Section
2.6(c) to the extent it applies, and any payments of deferred interest on Pari
Passu Securities that,

 25
 

if not made, would cause
the Company to breach the terms of the instrument governing such Pari Passu
Securities; or (vii) any payment of principal in respect of Pari Passu
Securities having the same scheduled maturity date as the Debentures, as
required under a provision of such other Pari Passu Securities that is
substantially the same as the provisions in Section 2.2, and that is made on a
pro rata basis among one or more series of Pari Passu Securities (including the
Debentures) having such a provision.

SECTION 3.2.                        Additional Limitation on Deferral Over One Year.  If any Deferral Period lasts longer than one
year, the limitation on the Company’s ability to redeem or purchase Qualifying
APM Securities or any securities of the Company that on the Company’s
bankruptcy or liquidation rank pari passu, or junior, as applicable, to such
Qualifying APM Securities as set forth in Section 3.1, shall continue until the
first anniversary of the date on which all deferred interest on the Debentures
has been paid.  However, if the Company
is involved in a Business Combination where immediately after its consummation
more than 50% of the voting stock of the Person that is the surviving entity of
such Business Combination, or the Person to whom all or substantially all of
the Company’s properties and assets are conveyed, transferred or leased in such
Business Combination, is owned by the shareholders of the other party to such
Business Combination, then the immediately preceding sentence will not apply
during the Deferral Period that is terminated on the next Interest Payment Date
following the date of consummation of such Business Combination.

ARTICLE
IV

REDEMPTION OF THE DEBENTURES

SECTION 4.1.                        Redemption Price.  The
Debentures shall be redeemable in accordance with Article Eleven of the Base
Indenture; provided that the Debentures are redeemable at the option of the
Company

(a)           in whole or in part,
at any time, prior to May 15, 2017, in cases not involving a Tax Event or
Rating Agency Event, at a Redemption Price equal to the greater of (i) 100% of
the principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date or (ii) the applicable Make-Whole Redemption
Price;

(b)           in whole, but not in
part, at any time prior to May 15, 2017, within 90 days following the
occurrence and during the continuation of a Tax Event or a Rating Agency Event,
at a Redemption Price equal to the greater of (i) 100% of the principal amount
of the Debentures being redeemed plus accrued and unpaid interest to the
Redemption Date or (ii) the applicable Make-Whole Redemption Price; and

(c)           in whole or in part,
at any time on or after May 15, 2017, a Redemption Price equal to 100% of the
principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date;

provided that
if the Debentures are not redeemed in whole, the Company may not affect such
redemption unless at least $25 million aggregate principal amount of the Debentures,
excluding any Debentures held by the Company or any of its affiliates, remains
outstanding after giving effect to such redemption.

 26

ARTICLE
V

REPAYMENT OF DEBENTURES

SECTION 5.1.                        Repayments.  The Company shall, not more than 65 nor less
than 60 Business Days prior to each Repayment Date (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of the principal amount
of Debentures to be repaid on such date pursuant to Section 2.2(a).

SECTION 5.2.                        Selection of the Debentures to be Repaid.

(a)           If less than all the
Debentures are to be repaid on any Repayment Date (unless the Debentures are
issued in the form of a Global Security), the particular Debentures to be
repaid shall be selected not more than 60 days prior to such Repayment Date by
the Trustee, from the Outstanding Debentures not previously repaid or called
for redemption, by lot or such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any Debentures, provided that the portion of the
principal amount of any Debentures not repaid shall be in an authorized
denomination (which shall not be less than the minimum authorized
denomination).

(b)           The Trustee shall
promptly notify the Company in writing of the Debentures selected for partial
repayment and the principal amount thereof to be repaid.  For all purposes hereof, unless the context
otherwise requires, all provisions relating to the repayment of Debentures
shall relate, in the case of any Debentures repaid or to be repaid only in
part, to the portion of the principal amount of such Debentures which has been
or is to be repaid.

SECTION 5.3.                        Notice of Repayment.

(a)           Notice of repayment
shall be given by first-class mail, postage prepaid, mailed not earlier than
the 15th day, and not later than the 10th Business Day, prior to the Repayment
Date, to each Holder of Debentures to be repaid, at the address of such Holder
as it appears in the Security Register.

(b)           Each notice of
repayment shall identify the Debentures to be repaid (including the Debentures’
CUSIP number, if a CUSIP number has been assigned to the Debentures) and shall
state:

(i)            the Repayment Date;

(ii)           if less than all Outstanding
Debentures are to be repaid, the identification (and, in the case of partial
repayment, the respective principal amounts) of the particular Debentures to be
repaid;

(iii)          that on the Repayment Date, the
principal amount of the Debentures to be repaid will become due and payable
upon each such Debentures or portion thereof, and that interest thereon, if
any, shall cease to accrue on and after said date; and

 27
 

(iv)          the place or places where such
Debentures are to be surrendered for payment of the principal amount thereof.

(c)           Notice of repayment
shall be given by the Company or, if the Company timely notifies the Trustee,
at the Company’s request, by the Trustee in the name and at the expense of the
Company and shall be irrevocable.  The
notice if mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the Holders receive such notice.  In any case, a failure to give such notice by
mail or any defect in the notice to any Holder of any Debentures designated for
repayment as a whole or in part shall not affect the validity of the
proceedings for the repayment of any other Debentures.

SECTION 5.4.                        Deposit of Repayment Amount.  Prior to 11:00 a.m. New York City time on the
Repayment Date specified in the notice of repayment given as provided in
Section 5.3, the Company will deposit with the Trustee or with one or more
Paying Agents (or if the Company is acting as its own Paying Agent, the Company
will segregate and hold in trust as provided in Section 1003 of the Base
Indenture) an amount of money, in immediately available funds, sufficient to
pay the principal amount of, and any accrued interest on, all the Debentures
which are to be repaid on that date.

SECTION 5.5.                        Repayment of Debentures.

(a)           If any notice of
repayment has been given as provided in Section 5.3, the Debentures or portion
of the Debentures with respect to which such notice has been given shall become
due and payable on the date and at the place or places stated in such
notice.  On presentation and surrender of
such Debentures at a Place of Payment in said notice specified, the said
securities or the specified portions thereof shall be paid by the Company at
their principal amount, together with accrued interest to but excluding the
Repayment Date; provided that, except in the case of a repayment in full of all
Outstanding Debentures, installments of interest whose Stated Maturity is on or
prior to the Repayment Date will be payable to the Holders of such Debentures,
registered as such at the close of business on the relevant Regular Record
Dates according to their terms and the provisions of Section 1001 of the Base
Indenture.

(b)           Upon presentation of
any Debentures repaid in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the Holders thereof, at
the expense of the Company, a new Debenture or new Debentures, of authorized
denominations, in aggregate principal amount equal to the portion of the
Debentures not repaid and so presented and having the same Scheduled Maturity
Date and other terms.  If a Global
Security is so surrendered, such new Debentures will also be a new Global
Security.

(c)           If any Debentures
required to be repaid shall not be so repaid upon surrender thereof, the
principal of such Debentures shall, until paid, bear interest from the
applicable Repayment Date at the rate prescribed therefore in the Debentures.

ARTICLE
VI

ORIGINAL ISSUE OF DEBENTURES

SECTION 6.1.                        Calculation of Original Issue Discount.  If during any calendar year any original
issue discount shall have accrued on the Debentures, the Company shall file

 28
 

with each Paying Agent (including the Trustee
if it is a Paying Agent) promptly at the end of each calendar year (a) a
written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on Outstanding Securities as of the
end of such year and (b) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code
of 1986, as amended from time to time. 
The Company would not be required to make actual payments on the
Debentures during a Deferral Period.

ARTICLE
VII

SUBORDINATION

Article Fourteen of the
Base Indenture shall be superseded in its entirety by this Article VII with
respect to the Debentures; provided, that this Article VII shall not become
part of the terms of any other series of Securities.

SECTION 7.1.                        Securities Subordinate to Senior Indebtedness.

(a)           The Company
covenants and agrees, and each Holder of a Debenture, by his acceptance
thereof, likewise covenants and agrees, that, to the extent and in the manner
hereinafter set forth in this Article (subject to Article Four the Base
Indenture), the payment of the principal of and interest on each and all of the
Debentures is hereby expressly made subordinate and subject in right of payment
to the prior payment in full in cash of all Senior Indebtedness.

(b)           This Article VII
shall constitute a continuing offer to all persons who become holders of, or
continue to hold, Senior Indebtedness, and such provisions are made for the
benefit of the holders of Senior Indebtedness and such holders are made
obligees hereunder and any one or more of them may enforce such provisions.
Holders of Senior Indebtedness need not prove reliance on the subordination
provisions hereof.

SECTION 7.2.                        Payment Over of Proceeds Upon Dissolution, Etc.

(a)           Upon any payment or
distribution of assets of the Company to creditors upon (A) any insolvency or
bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding in connection therewith, relative to the
Company or to its assets, or (B) any liquidation, dissolution or other
winding-up of the Company, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (C) any assignment for the benefit of
creditors or any other marshalling of assets or liabilities of the Company, then
and in any such event specified in (A), (B) or (C) above (each such event, if
any, herein sometimes referred to as a “Proceeding”):

(i)            the holders of Senior Indebtedness
shall be entitled to receive payment in full in cash of all amounts due on or
to become due on or in respect of all Senior Indebtedness, before the Holders
of the Debentures are entitled to receive any payment or distribution of any
kind or character whether in cash, property or securities (including any
payment or distribution which may be payable or deliverable to Holders of the
Debentures made in respect of any other Indebtedness of the Company
subordinated to the payment of the Debentures,

 29
 

such payment or distribution being
hereinafter referred to as a “Junior
Subordinated Payment”), on account of the principal of or interest
on the Debentures or on account of any purchase, redemption or other
acquisition of Debentures by the Company, any Subsidiary of the Company, the
Trustee or any Paying Agent (all such payments, distributions, purchases,
redemptions and acquisitions, whether or not in connection with a Proceeding,
herein referred to, individually and collectively, as a “Securities Payment”); and

(ii)           any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or
securities, by set-off or otherwise, to which the Holders of the Debentures or
the Trustee would be entitled but for the provisions of this Article VII
(including, without limitation, any Junior Subordinated Payment) shall be paid
by the liquidating trustee or agent or other Person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating
trustee or otherwise, directly to the holders of Senior Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior
Indebtedness may have been issued, ratably according to the aggregate amounts
remaining unpaid on account of the Senior Indebtedness held or represented by
each, to the extent necessary to make payment in full in cash of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment to
the holders of such Senior Indebtedness.

(b)           In the event that,
notwithstanding the foregoing provisions of this Section, the Trustee or the
Holder of any Debenture shall have received in connection with any Proceeding
any Securities Payment before all Senior Indebtedness is paid in full or
payment thereof provided for in cash, then and in such event such Securities
Payment shall be paid over or delivered forthwith to the trustee in bankruptcy,
receiver, liquidating trustee, custodian, assignee, agent or other Person
making payment or distribution of assets of the Company for application to the
payment of all Senior Indebtedness remaining unpaid, to the extent necessary to
pay all Senior Indebtedness in full in cash after giving effect to any
concurrent payment to or for the holders of Senior Indebtedness.

(c)           For purposes of this
Article VII only, the words “any payment or distribution of any kind or
character, whether in cash, property or securities” shall not be deemed to
include a payment or distribution of stock or securities of the Company
provided for by a plan of reorganization or readjustment authorized by an order
or decree of a court of competent jurisdiction in a reorganization proceeding
under any applicable bankruptcy law or of any other corporation provided for by
such plan of reorganization or readjustment which stock or securities are
subordinated in right of payment to all then outstanding Senior Indebtedness to
substantially the same extent, or to a greater extent than, the Debentures are
so subordinated as provided in this Article. 
The consolidation of the Company with, or the merger of the Company
into, another Person or the liquidation or dissolution of the Company following
the conveyance or transfer of all or substantially all of its properties and
assets as an entirety to another Person upon the terms and conditions set forth
in Article Eight of the Base Indenture shall not be deemed a Proceeding for the
purposes of this Section if the Person formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance or
transfer such

 30
 

properties and assets as an entirety, as the case may be, shall, as a
part of such consolidation, merger, conveyance or transfer, comply with the
conditions set forth in Article Eight of the Base Indenture.

SECTION 7.3.                        No Payment When Senior Indebtedness in Default.

(a)           In the event that
any Senior Payment Default (as defined below) shall have occurred, then no
Securities Payment shall be made, nor shall any property of the Company or any
Subsidiary of the Company be applied to the purchase, acquisition, retirement
or redemption of the Debentures, unless and until such Senior Payment Default
shall have been cured or waived in writing or shall have ceased to exist or all
amounts then due and payable in respect of such Senior Indebtedness (including
amounts that have become and remain due by acceleration) shall have been paid
in full in cash.  “Senior Payment Default” means any default
in the payment of principal of (or premium, if any) or interest on any Senior
Indebtedness when due, whether at the Stated Maturity of any such payment or by
declaration of acceleration, call for redemption, mandatory payment or
prepayment or otherwise.

(b)           In the event that
any Senior Nonmonetary Default (as defined below) shall have occurred and be
continuing, then, upon the receipt by the Company and the Trustee of written
notice of such Senior Nonmonetary Default from the holder of such Senior
Indebtedness (or the agent, trustee or representative thereof), no Securities
Payment shall be made, nor shall any property of the Company or any Subsidiary
of the Company be applied to the purchase, acquisition, retirement or
redemption of the Debentures, during the period (the “Payment Blockage Period”) commencing on the
date of such receipt of such written notice and ending (subject to any blockage
of payments that may then or thereafter be in effect as the result of any
Senior Payment Default) on the earlier of (i) the date on which the Senior
Indebtedness to which such Senior Nonmonetary Default relates is discharged or
such Senior Nonmonetary Default shall have been cured or waived in writing or
shall have ceased to exist and any acceleration of Senior Indebtedness to which
such Senior Nonmonetary Default relates shall have been rescinded or annulled
or (ii) the 179th day after the date of such receipt of such written notice. No
more than one Payment Blockage Period may be commenced with respect to the
Debentures during any period of 360 consecutive days and there shall be a
period of at least 181 consecutive days in each period of 360 consecutive days
when no Payment Blockage Period is in effect. 
Following the commencement of any Payment Blockage Period, the holders
of any Senior Indebtedness will be precluded from commencing a subsequent
Payment Blockage Period until the conditions set forth in the preceding
sentence are satisfied.  For all purposes
of this paragraph, no Senior Nonmonetary Default that existed or was continuing
on the date of commencement of any Payment Blockage Period with respect to the
Senior Indebtedness initiating such Payment Blockage Period shall be, or be
made, the basis for the commencement of a subsequent Payment Blockage Period by
holders of Senior Indebtedness or their representatives unless such Senior
Nonmonetary Default shall have been cured for a period of not less than 90
consecutive days.  “Senior Nonmonetary Default” means the
occurrence or existence and continuance of any default (other than a Senior
Payment Default) or any event which, after notice or lapse of time (or both),
would become an event of default (other than a Senior Payment Default), under
the terms of any instrument or agreement pursuant to which any Senior
Indebtedness is outstanding, permitting (after notice or lapse of time or both)
one or more holders of such Senior Indebtedness (or a trustee or agent on
behalf of the holders thereof) to

 31
 

declare
such Senior Indebtedness due and payable prior to the date on which it would
otherwise become due and payable.

(c)           In the event that,
notwithstanding the foregoing, the Company shall make any payment to the
Trustee or the Holder of any Debenture prohibited by the foregoing provisions
of this Section, and if such fact shall, at or prior to the time of such
payment, have been made known to the Trustee or, as the case may be, such
Holder, then and in such event such payment shall be paid over and delivered
forthwith to the Company.

(d)           The provisions of
this Section shall not apply to any Securities Payment with respect to which
Section 7.2 hereof would be applicable.

SECTION 7.4.                        Payment
Permitted If No Default. 
Nothing contained in this Article or elsewhere in the Indenture or in
any of the Debentures shall prevent the Company, at any time except during the
pendency of any Proceeding referred to in Section 7.2 hereof or under the
conditions described in Section 7.3 hereof, from making Securities Payments.

SECTION 7.5.                        Subrogation
to Rights of Holders of Senior Indebtedness.  Subject to the payment in full in cash of all
Senior Indebtedness, the Holders of the Debentures shall be subrogated (equally
and ratably with the holders of all indebtedness of the Company which by its
express terms is subordinated to indebtedness of the Company to substantially
the same extent as the Debentures are subordinated and is entitled to like
rights of subrogation) to the rights of the holders of such Senior Indebtedness
to receive payments and distributions of cash, property and securities
applicable to the Senior Indebtedness until the principal of and interest on
the Securities shall be paid in full. 
For purposes of such subrogation, no payments or distributions to the
holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of the Debentures or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the Debentures
or the Trustee, shall, as among the Company, its creditors other than holders
of Senior Indebtedness and the Holders of the Debentures, be deemed to be a
payment or distribution by the Company to or on account of the Senior
Indebtedness.

SECTION 7.6.                        Provisions
Solely to Define Relative Rights. 
The provisions of this Article are and are intended solely for the
purpose of defining the relative rights of the Holders of the Debentures on the
one hand and the holders of Senior Indebtedness on the other hand.  Nothing contained in this Article or
elsewhere in the Indenture or in the Debentures is intended to or shall (a)
impair, as among the Company, its creditors other than holders of Senior
Indebtedness and the Holders of the Debentures, the obligation of the Company,
which is absolute and unconditional (and which, subject to the rights under
this Article of the holders of Senior Indebtedness, is intended to rank equally
with all other general obligations of the Company), to pay to the Holders of
the Debentures the principal of and interest on the Debentures as and when the
same shall become due and payable in accordance with their terms; or (b) affect
the relative rights against the Company of the Holders of the Debentures and
creditors of the Company other than the holders of Senior Indebtedness; or (c)
prevent the Trustee or the Holder of any Debenture from exercising all remedies
otherwise permitted by applicable law upon default under the Indenture, subject
to the rights, if any, under this Article of

 32
 

the holders of Senior Indebtedness to receive
cash, property and securities otherwise payable or deliverable to the Trustee
or such Holder.

SECTION 7.7.                        Trustee to
Effectuate Subordination. 
Each Holder of a Debenture by his acceptance thereof authorizes and
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes,
including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Company whether in bankruptcy, insolvency, receivership
proceedings, or otherwise, the timely filing of a claim for the unpaid balance
of the Indebtedness of the Company owing to such Holder in the form required in
such proceedings and the causing of such claim to be approved.  If the Trustee does not file a proper claim
at least 30 days before the expiration of the time to file such claim, then the
holders of the Senior Indebtedness and their agents, trustees or other
representatives are authorized to do so (but shall in no event be liable for
any failure to do so) for and on behalf of the Holders of the Debentures.

SECTION 7.8.                        No Waiver of Subordination Provisions.

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

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

SECTION 7.9.                        Notice to Trustee.

(a)           The Company shall give prompt
written notice to the Trustee of any fact known to the Company which would
prohibit the making of any payment to or by the Trustee in respect of the
Debentures. Notwithstanding the provisions of this Article or any other
provision of the Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment to or
by the Trustee in respect of the

 33
 

Debentures, unless and until a Responsible Officer of the Trustee shall
have received written notice thereof from the Company, any holder of Senior
Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to
the receipt of any such written notice, the Trustee, subject to the provisions
of Section 601 of the Base Indenture, shall be entitled in all respects to
assume that no such facts exist; provided, however,
that if the Trustee shall not have received the notice provided for in this
Section at least three Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of or interest on any Debenture),
then, anything herein contained to the contrary notwithstanding, but without
limiting the rights and remedies of the holders of Senior Indebtedness or any
trustee, fiduciary or agent therefor, the Trustee shall have full power and
authority to receive such money and to apply the same to the purpose for which
such money was received and shall not be affected by any notice to the contrary
which may be received by it within two Business Days prior to such date. Any
notice required or permitted to be given to the Trustee by a holder of Senior
Indebtedness or by any agent, trustee or representative thereof shall be in
writing and shall be sufficient for every purpose hereunder if in writing and
either (i) sent via facsimile to the Trustee, the receipt of which shall be
confirmed via telephone, or (ii) mailed, first class postage prepaid, or sent
by overnight carrier, to the Trustee addressed to its Corporate Trust Office or to any other address furnished in
writing to such holder of Senior Indebtedness for such purpose by the Trustee.

(b)           Subject to the
provisions of Section 601 of the Base Indenture, the Trustee shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee, fiduciary or agent
therefor to establish that such notice has been given by a holder of Senior
Indebtedness or a trustee, fiduciary or agent therefor).  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article, and if such evidence
is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment.

(c)           Notwithstanding
anything else contained herein, no notice, request or other communication to or
with the Trustee shall be deemed given unless received by a Responsible Officer
at the Corporate Trust Office.

SECTION 7.10.                      Reliance on Judicial Order or Certificate of
Liquidating Agent.  Upon
any payment or distribution of assets of the Company referred to in this
Article, the Trustee, subject to the provisions of Section 601 of the Base
Indenture, and the Holders of the Debentures shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such
Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other Person making such payment or distribution, delivered to the Trustee or
to the Holders of Debentures, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the
Senior Indebtedness and other Indebtedness of the Company, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all
other facts

 34
 

pertinent thereto or to this Article, provided that the foregoing shall
apply only if such court has been apprised of the provisions of this Article.

SECTION 7.11.                      Trustee Not
Fiduciary for Holders of Senior Indebtedness.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness and shall not be liable to
any such holders if it shall in good faith mistakenly pay over or distribute to
Holders of Debentures or to the Company or to any other Person cash, property
or securities to which any holders of Senior Indebtedness shall be entitled by
virtue of this Article or otherwise.

SECTION 7.12.                      Rights of Trustee as Holder of Senior Indebtedness;
Preservation of Trustee’s Rights.

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

(b)           Nothing in this
Article shall apply to claims of, or payments to, the Trustee under or pursuant
to Section 607 of the Base Indenture.

SECTION 7.13.                      Article
Applicable to Paying Agents. 
In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided,
however, that Section 7.11 hereof shall not apply to the Company or any
Affiliate of the Company if it or such Affiliate acts as Paying Agent.

ARTICLE
VIII

MISCELLANEOUS

SECTION 8.1.                        Effectiveness.  This
Sixth Supplemental Indenture will become effective upon its execution and
delivery.

SECTION 8.2.                        Successors and Assigns.  All covenants and agreements in the Base
Indenture, as supplemented and amended by this Sixth Supplemental Indenture, by
the Company shall bind its successors and assigns, whether so expressed or not.

SECTION 8.3.                        Effect of Recitals.  The recitals contained herein and in the
Debentures, except the Trustee’s certificates of authentication, shall be taken
as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to
the validity or sufficiency of this Sixth Supplemental Indenture or of the
Debentures.  Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Debentures or the proceeds thereof.

 35
 

SECTION 8.4.                        Ratification of Indenture; Conflicts.  The Base Indenture as supplemented by this
Sixth Supplemental Indenture, is in all respects ratified and confirmed, and
this Sixth Supplemental Indenture shall be deemed part of the Base Indenture in
the manner and to the extent herein and therein provided.  To the extent permitted by applicable law and
the Base Indenture, in the event of any conflicts between this Sixth
Supplemental Indenture and the Base Indenture or the provisions set forth in
the Debenture certificates, as the case may be, this Sixth Supplemental
Indenture shall control.

SECTION 8.5.                        Governing Law.  This
Sixth Supplemental Indenture and the Debentures shall be governed by and
construed in accordance with the laws of the State of New York.

SECTION 8.6.                        Jury Trial Waiver.  Each party hereto, and each Holder of any
Debentures by acceptance thereof, hereby waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in
respect of any litigation directly or indirectly arising out of, under or in
connection with the Indenture.

SECTION 8.7.                        Severability.  If
any provision of the Base Indenture, as supplemented and amended by this Sixth
Supplemental Indenture, shall be held or deemed to be or shall, in fact, be
illegal, inoperative or unenforceable, the same shall not affect any other
provision or provisions herein contained or render the same invalid,
inoperative or unenforceable to any extent whatever.

SECTION 8.8.                        Counterparts.  This
instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

SECTION 8.9.                        Amendments.  Notwithstanding anything to the contrary
contained in the Base Indenture or this Sixth Supplemental Indenture, the
consent of Holders of the Debentures shall not be required to effect any
amendment required in order to make any changes to the Base Indenture or this
Sixth Supplemental Indenture in order to conform the Base Indenture and this
Sixth Supplemental Indenture to the description of the Debentures contained in
the Prospectus, dated May 18, 2006, as supplemented by the Prospectus
Supplement, dated May 3, 2007, relating to the Debentures.

SECTION 8.10.                      Tax Treatment.  The Company agrees, and by acquiring an
interest in a Debenture each beneficial owner of a Debenture agrees, to treat
the Debentures as indebtedness for U.S. federal income tax purposes and all
payments made thereunder as payments made in respect of indebtedness.

 36

IN
WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental
Indenture to be duly executed, on the date or dates indicated in the
acknowledgements and as of the day and year first above written.

	
  

  	
  THE ALLSTATE CORPORATION,

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven C. Verney

  	
   

  
	
   

  	
   

  	
  Name: Steven C. Verney

  	
   

  
	
   

  	
   

  	
  Title:  
  Treasurer

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Jennifer M. Hager

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION,

  
	
   

  	
  as Trustee, Calculation Agent and Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gary Dougherty

  	
   

  
	
   

  	
   

  	
  Name: Gary Dougherty

  	
   

  
	
   

  	
   

  	
  Title:   Vice
  President

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Andrew Sinasky

  	
   

  	
   

  

 

 

SIXTH SUPPLEMENTAL INDENTURE

EXHIBIT A

FORM OF SECURITY CERTIFICATE REPRESENTING
DEBENTURES

THE ALLSTATE CORPORATION

Series B 6.125% Fixed-to-Floating Rate Junior Subordinated
Debentures due 2067

No. 1

CUSIP No. 020002 AV3

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF.  THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED IN THE
NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

The Allstate
Corporation, a Delaware corporation (the “Company,”
which term includes any successor corporation under the Indenture, as defined
on the reverse hereof), for value received, hereby promises to pay to Cede
& Co. or registered assigns, the principal sum of Five-Hundred Million
Dollars ($500,000,000) as may be revised from time to time on Schedule I hereto
and all accrued and unpaid interest thereon on May 15, 2037, or if such day is
not a Business Day, the following Business Day (the “Scheduled Maturity Date”) or any subsequent Interest Payment
Date (as hereafter defined) to the extent set forth in the Indenture.  If that amount is not paid in full on the
Scheduled Maturity Date or any subsequent Interest Payment Date, the remaining
amount, if any, together with accrued and unpaid interest, will be due and
payable on May 15, 2067, or if such day is not a Business Day, the following
Business Day (the “Final Maturity Date”).

The Company further promises to pay interest on said
principal sum from and including May 10, 2007, or from and including the most
recent interest payment date on which interest has been paid or duly provided
for, semi-annually (subject to deferral as set forth herein) in arrears

 1
 

on May 15 and November 15
of each year, commencing November 15, 2007, at the rate of 6.125% per annum (computed
on the basis of a 360-day year comprised of twelve 30-day months) to but
excluding May 15, 2017 (each such date, a “Semi-Annual
Interest Payment Date”), and, from and including May 15, 2017, to
pay interest on said outstanding principal sum quarterly (subject to deferral
as set forth herein) in arrears on February 15, May 15, August 15, and November
15 of each year (each such date, a “Quarterly
Interest Payment Date” and, together with the Semi-Annual Interest
Payment Dates, each, an “Interest Payment
Date”), commencing on August 15, 2037, at a floating annual rate
equal to Three-Month LIBOR plus 1.935% (computed on the basis of a 360-day year
and the actual number of days elapsed), until the principal hereof shall have
become due and payable, plus Additional Interest, if any, subject to applicable
law, until the principal hereof is paid or duly provided for or made available
for payment.  Accrued interest that is
not paid on the applicable Interest Payment Date, including interest deferred
pursuant to Section 2.5 of the Sixth Supplemental Indenture, will bear
Additional Interest, to the extent permitted by law, at the interest rate in
effect from time to time, from the relevant Interest Payment Date, compounded
on each subsequent Interest Payment Date. 
In the event that any Semi-Annual Interest Payment Date on which
interest is payable on the Debentures is not a Business Day, then a payment of
the interest payable on such date will be made on the next succeeding day that
is a Business Day (and, in the case of payments on or prior to May 15, 2017,
without any interest or other payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally
payable.  In the event that any Quarterly
Interest Payment Date on which interest is payable on the Debentures is not a
Business Day, then a payment of the interest payable on such date shall be
postponed to the next succeeding day that is a Business Day, provided that if
such Business Day is in the next succeeding calendar month, such Interest
Payment Date shall be the immediately preceding Business Day, and interest will
accrue to but excluding the date that interest is actually paid.  A “Business
Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a
day on which banking institutions in The City of New York are authorized or
required by law or executive order to remain closed or (iii) a day on which the
corporate trust office of the Trustee, is closed for business, and, on or after
May 15, 2017, a day which is not a London Banking Day.

The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name the Debentures (or one or more Predecessor
Securities) are registered at the close of business on the Regular Record Date
for such interest installment, which shall be May 1 or November 1, as the case
may be, immediately preceding such Interest Payment Date until May 15, 2017
(whether or not a Business Day), and the 15th day preceding the Relevant
Interest Payment Date after May 15, 2017. 
Any such interest installment not so punctually paid or duly provided
for shall forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name the Debentures
represented hereby (or one or more Predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of the Debentures not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Debentures may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

 2
 

So long as no Event of Default has occurred and is
continuing, the Company shall have the right at any time or from time to time
during the term of the Debentures to defer payment of interest on the
Debentures for one or more consecutive interest payment periods that do not
exceed 10 successive years, during which Deferral Periods the Company shall
have the right, subject to Sections 2.5 and 2.6 of the Sixth Supplemental
Indenture, to make partial payments of interest on any Interest Payment Date,
and at the end of which the Company shall pay all interest then accrued and
unpaid (together with Additional Interest thereon to the extent permitted by applicable
law); provided, however, that no
Deferral Period shall extend beyond the earlier of: (A) the Final Maturity
Date, (B) the repayment or redemption in full of the Debentures, and (C) the
date on which the Debentures become due and payable pursuant to Section 502 of
the Base Indenture (as amended by Section 2.7(a)(i) of the Sixth Supplemental
Indenture).  Upon the termination of any
Deferral Period and upon the payment of all deferred interest then due, the
Company may elect to begin a new Deferral Period, subject to the above
requirements.  Deferred interest on the
Security will bear interest at the then applicable interest rate, compounded on
each Interest Payment Date, subject to applicable law.  Additional limitations may apply, pursuant to
Section 3.2 of the Sixth Supplemental Indenture, if any Deferral Period lasts
longer than one year.

So long as any Debentures remain outstanding, if the
Company has given notice of its election to defer interest payments on the
Debentures but the related Deferral Period has not yet commenced or a Deferral
Period is continuing, the Company shall not, and shall not permit any
Subsidiary of the Company to: (i) declare or pay any dividends or
distributions, or redeem, purchase, acquire or make a liquidation payment with
respect to any shares of the Company’s capital stock, (ii) make any payment of
principal of, or interest or premium, if any, on or repay, purchase or redeem
any debt securities of the Company that rank upon the Company’s liquidation on
a parity with the Debentures (including the Debentures, the “Pari Passu Securties”),
or junior in interest to the Debentures or (iii) make any payments under any
guarantee issued by the Company of the securities of any Subsidiary if the
guarantee ranks upon liquidation on a parity with or junior to the Debentures
(other than: (a) any purchase, redemption or other acquisition of shares of the
Company’s capital stock in connection with: (1) any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more of its employees, officers, directors, consultants or independent
contractors, (2) the satisfaction of the Company’s obligations pursuant to any
contract entered into in the ordinary course of business prior to the beginning
of the applicable Deferral Period, (3) a dividend reinvestment or shareholder
purchase plan, or (4) the issuance of the Company’s capital stock, or
securities convertible into or exercisable for such capital stock, as
consideration in an acquisition transaction entered into prior to the
applicable Deferral Period, (b) any exchange, redemption or conversion of any
class or series of the Company’s capital stock, or the capital stock of one of
its Subsidiaries, for any other class or series of its capital stock, or of any
class or series of its indebtedness for any class or series of its capital
stock, (c) any purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the securities being converted or exchanged, (d) any declaration of a
dividend in connection with any shareholder rights plan, or the issuance of
rights, stock or other property under any shareholder rights plan, or the
redemption or purchase of rights pursuant thereto, (e) any dividend in the form
of stock, warrants, options or other rights where the dividend stock or stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks equally with or
junior to such stock, (f) any payment of

 3
 

current or deferred
interest on Pari Passu
Securities that is made pro rata to the amounts due on such Pari Passu Securities (including the
Debentures); provided that such payments are made in accordance with Section
2.6(c) of the Sixth Supplemental Indenture to the extent it applies, and any
payments of deferred interest on Pari
Passu Securities that, if not made, would cause the Company to breach
the terms of the instrument governing such Pari Passu Securities; or (g) any payment of principal in
respect of Pari Passu
Securities having the same scheduled maturity date as the Debentures, as
required under a provision of such other Pari
Passu Securities that is substantially the same as the provisions in
Section 2.2 of the Sixth Supplemental Indenture, and that is made on a pro rata
basis among one or more series of Pari
Passu Securities (including the Debentures) having such a
provision.  In addition, if any Deferral
Period lasts longer than one year, the restrictions on the Company’s ability to
redeem or purchase any of its Qualifying APM Securities or any of its
securities that on its bankruptcy or liquidation rank pari passu or junior to such Qualifying
APM Securities will continue until the first anniversary of the date on which
all deferred interest on the Debentures has been paid.

The Company shall give written notice of its election
to begin or extend any Deferral Period, to the Trustee and the Holders of the
Debentures at least one Business Day and not more than sixty Business Days
before the next Interest Payment Date. 
Notice of the Company’s election of a Deferral Period shall be given to
the Trustee and each Holder of Debentures at such Holder’s address appearing in
the Security Register by first-class mail, postage prepaid.

Payment of the principal of (and premium, if any) and
interest on the Debentures will be made at the office or agency of the Company
maintained for that purpose in the United States, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided,
however, that at the option of the Company payment of interest may
be made (i) by check mailed to the address of the Person entitled thereto as
such address shall appear in the Securities Register or (ii) by wire transfer
in immediately available funds at the bank account number as may be designated
by the Person entitled thereto as specified in the Securities Register in
writing not less than ten days before the relevant Interest Payment Date.

The indebtedness evidenced by this Global Certificate
in respect of the Debentures is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all
Senior Indebtedness.  Each Holder of
Debentures, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes.  Each Holder hereof, by his
acceptance hereof, waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

The Company and, by acceptance of the Debentures or a
beneficial interest in the Debentures, each Holder hereof and any person
acquiring a beneficial interest herein, agree to treat the Debentures as
indebtedness for United States federal, state and local tax purposes and all
payments made thereunder as payments made in respect of indebtedness.

 4
 

Reference is hereby made to the further provisions of
the Debentures set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, the Debentures represented by
this Global Certificate shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 5
 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated: May 10,
2007

THE ALLSTATE CORPORATION,

as Issuer

 

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

CERTIFICATE
OF AUTHENTICATION

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

Dated: May 10,
2007

U.S. BANK NATIONAL
ASSOCIATION,

as Trustee

 

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 6
 

REVERSE OF GLOBAL CERTIFICATE

This Global Certificate is one of the Global
Certificates in respect of a duly authorized issue of Series B 6.125%
Fixed-to-Floating Rate Junior Subordinated Debentures of the Company (the “Debentures”), issued under a Subordinated
Indenture, dated as of November 25, 1996 (the “Base Indenture”), between the Company and U.S. Bank National
Association (as successor in interest to State Street Bank and Trust Company),
as trustee (the “Trustee”), as
amended and supplemented by (i) the Third Supplemental Indenture, dated as of
July 23, 1999 (the “Third Supplemental
Indenture”), (ii) the Fourth Supplemental Indenture, dated as of
June 12, 2000 (the “Fourth Supplemental
Indenture”), and (iii) the Sixth Supplemental Indenture, dated as of
May 10, 2007 (the “Sixth Supplemental
Indenture” and together with the Base Indenture, the Third
Supplemental Indenture and the Fourth Supplemental Indenture, the “Indenture”), between the Company and the
Trustee, to which Indenture and all other indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Debentures, and of the terms upon which the Debentures are, and
are to be, authenticated and delivered.

All terms used in this Global Certificate which are
not otherwise defined herein shall have the meanings assigned to them in the
Indenture.

The Debentures shall be redeemable at the option of
the Company in accordance with the terms of the Indenture.  In particular, the Debentures are redeemable
at the option of the Company (a) in whole or in part, at any time, prior to May
15, 2017, in cases not involving a Tax Event or Rating Agency Event, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of
the Debentures being redeemed plus accrued and unpaid interest to the
Redemption Date or (ii) the applicable Make-Whole Redemption Price; (b) in
whole, but not in part, at any time prior to May 15, 2017, within 90 days
following the occurrence and during the continuation of a Tax Event or a Rating
Agency Event, at a Redemption Price equal to the greater of (i) 100% of the
principal amount of the Debentures being redeemed plus accrued and unpaid
interest to the Redemption Date or (ii) the applicable Make-Whole Redemption
Price; and (c) in whole or in part, at any time on or after May 15, 2017, a
Redemption Price equal to 100% of the principal amount of the Debentures being
redeemed plus accrued and unpaid interest to the Redemption Date; provided that
if the Debentures are not redeemed in whole, the Company may not affect such
redemption unless at least $25 million aggregate principal amount of the
Debentures, excluding any Debentures held by the Company or any of its
affiliates, remains outstanding after giving effect to such redemption.

No sinking fund is provided for the Debentures.

The Indenture contains provisions for satisfaction and
discharge of the entire indebtedness on the Debentures upon compliance by the
Company with certain conditions set forth in the Indenture.

The Indenture permits, with certain exceptions as
therein provided, the Company and the Trustee at any time to enter into a
supplemental indenture or indentures for the purpose of modifying in any manner
the rights and obligations of the Company and of the Holders of the

 7
 

Securities, with the
consent of the Holders of not less than a majority in principal amount of the
Debentures to be affected by such supplemental indenture.  The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the
Debentures at the time Outstanding, on behalf of the Holders of all Debentures,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of
Debentures shall be conclusive and binding upon such Holder and upon all future
Holders of Debentures and of any Security Certificate issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon such Security Certificate.

As provided in and subject to the provisions of the
Indenture, if an Event of Default with respect to the Debentures at the time
Outstanding occurs and is continuing, then and in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Debentures may declare the entire principal amount and all accrued but unpaid
interest in respect of all the Debentures to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders),
provided that the payment of principal and interest (including any Additional
Interest, subject to applicable law) on such Debentures shall remain
subordinated to the extent provided in Article Seven of the Sixth Supplemental
Indenture.

No reference herein to the Indenture and no provision
of the Debentures or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on the Debentures at the times, place and rate or
rates, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of Debentures is registrable in the
Securities Register, upon surrender of this Global Certificate for registration
of transfer at the office or agency of the Company maintained under Section
1002 of the Base Indenture duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Securities
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities Certificates, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.  No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

Prior to due presentment of this Global Certificate
for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee shall treat the Person in whose name the Debentures
represented hereby are registered as the owner hereof for all purposes, whether
or not the Debentures be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

The Debentures are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiples of $1,000
in excess thereof.

THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 8

SCHEDULE
I

SERIES B 6.125% FIXED-TO-FLOATING
RATE

JUNIOR SUBORDINATED DEBENTURES DUE 2067

SCHEDULE OF PRINCIPAL AMOUNT
REDUCTIONS

Principal amount of Debentures outstanding represented
by this Global Certificate as of May 10, 2007: $500,000,000

Thereafter, the following decreases have been made:

	
  Date of

  Redemption or

  Repurchase

  	
   

  	
  Principal Amount

  Redeemed or

  Repurchased

  	
   

  	
  Principal Amount

  Remaining

  	
   

  	
  Notation Made by

  or on Behalf of

  the Trustee

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