Document:

ex4-6b.htm

    Exhibit
4.6(b)

    

    

    

    

    
      

      

    

    

    

     

     

     

    
 

    

    

    THE
BLACK & DECKER CORPORATION

    

    AND

    

    THE
BANK OF NEW YORK MELLON,

    AS
TRUSTEE

    

    8.950%
Senior Notes Due 2014

    

    SECOND
SUPPLEMENTAL INDENTURE

    

    Dated
as of April 3, 2009

    

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    

    

    TABLE
OF CONTENTS

    

    

    
      	
               

            	
              
Page

            
	
               

            	
               

            
	
              ARTICLE
      I. DEFINITIONS; INCORPORATION BY REFERENCE

            	
               

            
	
              SECTION
      1.1 Definitions.

            	
              1

            
	
              SECTION
      1.2 Incorporation by Reference of Trust Indenture Act.

            	
              2

            
	
              SECTION
      1.3Rules of Construction.

            	
              2

            
	
              ARTICLE
      II. THE NOTES

            	
               

            
	
              SECTION
      2.1 Designation.

            	
              3

            
	
              SECTION
      2.2 Principal Amount; Series Treatment.

            	
              3

            
	
              SECTION
      2.3 Payment of Principal and Interest.

            	
              3

            
	
              SECTION
      2.4 Form.

            	
              5

            
	
              SECTION
      2.5 Transfer Restrictions.

            	
              6

            
	
              SECTION
      2.6Sinking Fund.

            	
              7

            
	
              ARTICLE
      III. OPTIONAL REDEMPTION OF THE NOTES; CHANGE OF CONTROL REPURCHASE
      EVENT

            	
               

            
	
              ARTICLE
      IV. EXECUTION OF THE NOTES

            	
               

            
	
              ARTICLE
      V. MISCELLANEOUS

            	
               

            
	
              SECTION
      5.1 Ratification.

            	
              7

            
	
              SECTION
      5.2 Trustee.

            	
              7

            
	
              SECTION
      5.3 Governing Law.

            	
              7

            
	
              SECTION
      5.4 Table of Contents; Headings.

            	
              8

            
	
              SECTION
      5.5Multiple Originals.

            	
              8

            
	
              SECTION
      5.6Severability.

            	
              8

            
	
              SECTION
      5.7Effective Date.

            	
              8

            

    

    

    Exhibit A
– Form of Note

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    SECOND SUPPLEMENTAL INDENTURE, dated as
of April 3, 2009 (this “Supplemental
Indenture”), between THE BLACK & DECKER CORPORATION, a Maryland
corporation (the “Company”), and THE
BANK OF NEW YORK MELLON (formerly known as The Bank of New York), as trustee
(the “Trustee”).

    

    RECITALS

    

    A.           The
Company and the Trustee have executed an indenture, dated as of November16, 2006
(the “Indenture”), to
provide for, among other things, the issuance from time to time of the Company’s
Debt Securities in one or more series as might be authorized under the
Indenture.

    

    B.           The
Indenture provides that the Company and the Trustee may enter into an indenture
supplemental thereto to establish the form and terms of any series of Debt
Securities as provided by Sections 2.1 and
2.3 of the
Indenture.

    

    C.           The
Company and the Trustee have executed a supplemental indenture, dated as of
November16, 2006 (the “First Supplemental
Indenture”), to provide for the issuance of an aggregate principal amount
of $300,000,000 of Debt Securities known as 5.750% Senior Notes due
2016.

    

    D.           The
Company has duly authorized and desires to enter into this Supplemental
Indenture to provide for the establishment of Debt Securities to be known as the
8.950% Senior Notes due 2014 (the “Notes”), the form,
substance, terms, provisions and conditions of which shall be set forth in the
Indenture and this Supplemental Indenture.

    

    E.           The
Company has requested that the Trustee execute and deliver this Supplemental
Indenture and satisfy all requirements necessary to make (i)this Supplemental
Indenture a valid instrument in accordance with its terms and (ii) the Debt
Securities provided for hereby, when executed and delivered by the Company and
authenticated by the Trustee, the valid obligations of the Company.

    

    NOW
THEREFORE, each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders of the Notes:

    

    ARTICLE
I

    Definitions; Incorporation
by Reference

    

    SECTION
1.1  Definitions.

    

    “DTC” means The
Depository Trust Company, its nominees and their respective successors and
assigns, or such other depository institution hereinafter appointed by the
Company.

    

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

    

    “First Supplemental
Indenture” shall have the meaning set forth in the third
recital.

    

    “Global Notes” shall
have the meaning set forth in Section
2.4(b).

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

    
 

    “Indenture” shall have
the meaning set forth in the first recital.

    

    “Initial Notes” shall
have the meaning set forth in Section
2.2(a).

    

    “Moody’s” means
Moody’s Investor Services, Inc.

    

    “Notes” shall have the
meaning set forth in the fourth recital.

    

    “Rating Agency” means
(1) each of Moody’s and S&P and (2) if either of Moody’s and S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside the control of the Company, a Substitute Rating Agency in lieu
thereof.

    

    “S&P” means
Standard& Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.

    

    “Substitute Rating
Agency” means a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected
by the Company (as certified by the Board of Directors of the Company) as a
replacement agency for Moody’s or S&P, or both, as the case may
be.

    

    “Supplemental
Indenture” shall have the meaning set forth in the introductory
paragraph.

    

    SECTION
1.2  Incorporation by Reference
of Trust Indenture Act. This Supplemental Indenture is subject to the
mandatory provisions of the TIA, which are incorporated by reference in and made
a part of this Supplemental Indenture. All TIA terms used in this Supplemental
Indenture that are defined by the TIA, defined in the TIA by reference to
another statute or defined by SEC rule have the meanings assigned to them by
such definitions.

    

    SECTION
1.3  Rules
of Construction.

    

    (a)           Unless
otherwise indicated, capitalized terms that are not defined herein shall have
the meanings given to them in the Indenture.

    

    (b)           Unless
the context otherwise requires:

    

    
      	
               

            	
              (i)

            	
              a
      term has the meaning assigned to
it;

            

    

    

    
      	
               

            	
              (ii)

            	
              an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with U.S. GAAP;

            

    

    

    
      	
               

            	
              (iii)

            	
              “or”
      is not exclusive;

            

    

    

    
      	
               

            	
              (iv)

            	
              “including”
      means including without limitation;

            

    

    

    
      	
               

            	
              (v)

            	
              words
      in the singular include the plural and words in the plural include the
      singular;

            

    

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    
 

    
      	
               

            	
              (vi)

            	
              the
      principal amount of any noninterest bearing or other discount security at
      any date shall be the principal amount thereof that would be shown on a
      balance sheet of the issuer dated such date prepared in accordance with
      U.S. GAAP; and

            

    

    

    
      	
               

            	
              (vii)

            	
              unless
      otherwise indicated, all references to Articles or Sections refer to
      Articles or Sections of this Supplemental
  Indenture.

            

    

    

    ARTICLE
II

    The
Notes

    

    SECTION
2.1  Designation.  The
Company hereby establishes a series of Debt Securities designated the “8.950%
Senior Notes due 2014” for issuance under the Indenture.

    

    SECTION
2.2  Principal Amount; Series
Treatment.

    

    (a)           The
Notes shall initially be limited to an aggregate principal amount of
$350,000,000 (the “Initial
Notes”).  The Company may, from time to time without the
consent of the Holders of the outstanding Notes, issue additional Notes, so that
such additional Notes and the outstanding Notes shall be consolidated together
and form a single series of Debt Securities under the Indenture, as supplemented
by this Supplemental Indenture.  For all purposes of the Indenture and
this Supplemental Indenture, all Notes, whether Initial Notes or additional
Notes, shall constitute one series of Debt Securities and shall vote together as
one series of Debt Securities.

    

    (b)           Any
additional Notes issued under Section 2.2(a)
shall have the same terms in all respects as the corresponding series of Notes,
except that interest will accrue on the additional Notes from the most recent
date to which interest has been paid on the Notes of such series (other than the
additional Notes) or if no interest has been paid on the outstanding Notes of
such series from the first date that the outstanding Notes were originally
issued under the Indenture, as supplemented by this Supplemental
Indenture.

    

    (c)           The
Notes shall be issued only in fully registered form, without coupons, and only
in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

    

    SECTION
2.3  Payment
of Principal and Interest.

    

    (a)           The
principal amount of each Note shall be due and payable on April 15,
2014.

    

    (b)           Subject
to adjustment under Section 2.3(c), the
Notes will bear interest at the rate of 8.950% per annum from April 3, 2009
until the principal thereof becomes due and payable or to the date of redemption
(if any) of the Notes, such interest to be payable semi-annually in arrears on
April 15 and October 15 of each year, to the Holders of record of the Notes as
of the close of business on the April 1 and October 1 preceding such
interest payment dates, commencing, in the case of the Initial Notes or any
additional Notes issued prior to such date, on October 15, 2009.

    

    (c)           The
interest rate payable on the Notes shall be subject to adjustments from time to
time if either Moody’s or S&P (or, in either case, any Substitute Rating
Agency thereof) downgrades (or subsequently upgrades) the debt rating assigned
to the Notes, in the manner described below.

     

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    
 

    If the
rating of the Notes from Moody’s (or any Substitute Rating Agency thereof) is
decreased to a rating set forth in the immediately following table, the interest
rate on the Notes shall increase from the interest rate payable on the Notes on
the date of their initial issuance by the percentage set forth opposite that
rating:

    

    
      	 	
              Moody’s
      Rating*

            	 
      	
              Percentage

            
	 	
              Ba1

            	 
      	 
      	
              0.25

            	
              %

            
	 	
              Ba2

            	 
      	 
      	
              0.50

            	
              %

            
	 	
              Ba3

            	 
      	 
      	
              0.75

            	
              %

            
	 	
              B1
      or below

            	 
      	 
      	
              1.00

            	
              %

            

    

    

    *             Including
the equivalent ratings of any Substitute Rating Agency.

    

    If the
rating of the Notes from S&P (or any Substitute Rating Agency thereof) is
decreased to a rating set forth in the immediately following table, the interest
rate on the Notes shall increase from the interest rate payable on the Notes on
the date of their initial issuance by the percentage set forth opposite that
rating:

    

    
      	 	
              S&P
      Rating*

            	 
      	
              Percentage

            
	 	
              BB+

            	 
      	 
      	
              0.25

            	
              %

            
	 	
              BB

            	 
      	 
      	
              0.50

            	
              %

            
	 	
              BB-

            	 
      	 
      	
              0.75

            	
              %

            
	 	
              B+
      or below

            	 
      	 
      	
              1.00

            	
              %

            

    

    

    *             Including
the equivalent ratings of any Substitute Rating Agency.

     

    If at any
time the interest rate on the Notes has been adjusted upward as a result of a
decrease in a rating by either Moody’s or S&P (or, in either case, any
Substitute Rating Agency thereof), as the case may be, and subsequently such
Rating Agency increases its rating of the Notes to any of the threshold ratings
set forth above, the interest rate on the Notes shall be decreased such that the
interest rate for the Notes equals the interest rate payable on the Notes on the
date of their initial issuance plus the percentages set forth opposite the
applicable ratings from the tables above in effect immediately following the
increase in rating.  If Moody’s (or any Substitute Rating Agency
thereof) subsequently increases its rating of the Notes to Baa3 or higher (or an
equivalent rating of such Substitute Rating Agency), and S&P (or any
Substitute Rating Agency thereof) increases its rating to BBB- or higher (or an
equivalent rating of such Substitute Rating Agency), the interest rate on the
Notes shall be decreased to the interest rate payable on the Notes on the date
of their initial issuance. In addition, the interest rate on the Notes shall
permanently cease to be subject to any adjustment described above
(notwithstanding any subsequent decrease in the ratings by either or both Rating
Agencies) if the Notes become rated A3 and A- or higher by Moody’s and S&P,
respectively (or, in either case, the equivalent ratings of any Substitute
Rating Agency, or one of these ratings if the Notes are only rated by one Rating
Agency).

    

    Each
adjustment required by any decrease or increase in a rating set forth above,
whether occasioned by the action of Moody’s or S&P (or, in either case, any
Substitute Rating Agency thereof), shall be made independent of any and all
other adjustments. In no event shall (1) the interest rate payable for the
Notes be reduced to below the interest rate payable on the Notes on the date of
their initial issuance or (2) the total increase in the interest rate on
the Notes exceed 2.00% above the interest rate payable on the Notes on the date
of their initial issuance.

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

     

    
 

    For so
long as only one Rating Agency provides a rating on the Notes, any subsequent
increase or decrease in the interest rate of the Notes necessitated by a
reduction or increase in the rating by the agency continuing to provide the
rating shall be twice the percentage set forth in the applicable table above. No
adjustments in the interest rate of the Notes shall be made solely as a result
of a Rating Agency ceasing to provide a rating. For so long as no Rating Agency
provides a rating of the Notes, the interest rate on the Notes shall increase
to, or remain at, as the case may be, 2.00% above the interest rate payable on
the Notes on the date of their initial issuance.

    

    Any
interest rate increase or decrease described above shall take effect on the next
business day after the rating change has occurred.  The Company shall
be responsible for delivering an Officer’s Certificate to the Trustee on the
date of any increase or decrease in the ratings of the Notes notifying the
Trustee (i) of any such change in the rating of the Notes; (ii) specifying the
new interest rate payable on the Notes; and (iii) setting forth the effective
date of any change in the interest rate payable on the Notes.  The
Trustee shall not be responsible for monitoring the ratings of the Notes to
determine whether there has been any increase or decrease in such rating or for
calculating the new interest rate payable on the Notes in the event of any
increase or decrease in the ratings of the Notes.

    

    If the
interest rate payable on the Notes is increased as described in this Section 2.3(c),
then the term “interest”, as used in the Indenture and the Notes, shall be
deemed to include any such additional interest unless the context otherwise
requires.

    

    (d)           Any
payment of principal or interest required to be made on a day that is not a
Business Day need not be made on such day, but may be made on the next
succeeding Business Day with the same force and effect as if made on such day
and no interest shall accrue as a result of such delayed payment.

    

    SECTION
2.4  Form.

    

    (a)           The
Notes shall contain the terms set forth in, and shall be substantially in the
form of, Exhibit A.
 The terms and provisions contained in the form of Notes set forth in Exhibit A shall
constitute, and are hereby expressly made, a part of the Indenture, as
supplemented by this Supplemental Indenture.

    

    The Notes
shall have such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by the Indenture, as supplemented by
this Supplemental Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements imprinted or otherwise
reproduced thereon, not inconsistent with the provisions of the Indenture, as
supplemented by this Supplemental Indenture, as may be required to comply with
any law, or with any rules of any securities exchange, all as may, consistently
herewith, be determined by the Officers executing the Notes as evidenced by
their execution of the Notes.

     

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
 

    (b)           The
Company initially appoints DTC to act as Depositary with respect to the Notes
issued in the form of Global Securities.

    

    So long
as the Notes are eligible for book-entry settlement with DTC, or unless
otherwise required by law, or otherwise contemplated herein, all of the Notes
shall be represented by one or more Notes in global form registered in the name
of DTC or its nominee.

    

    The Notes
shall be issued initially in the form of one or more permanent Global Securities
in registered form, substantially in the form set forth in Exhibit A (the
“Global
Notes”), registered in the name of Cede & Co., the nominee of DTC,
upon Company Order, deposited with the Trustee, as custodian for DTC or its
nominee, duly executed by the Company and authenticated by the Trustee as
hereinafter provided. The aggregate principal amount of the Global Notes may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for DTC or its nominee, in accordance with the
instructions given by the Holder thereof, as hereinafter provided.

    

    The
transfer and exchange of beneficial interests in any such Global Notes shall be
effected through DTC in accordance with this Supplemental Indenture, the
Indenture and DTC’s applicable procedures.  Except as provided in the
Indenture, beneficial owners of a Global Note shall not be entitled to have
certificates registered in their names, will not receive or be entitled to
receive physical delivery of certificates in definitive form and will not be
considered Holders of such Global Note.

    

    Any
Global Note shall represent such of the outstanding Notes as shall be specified
therein and shall provide that it shall represent the aggregate amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
amount of outstanding Notes represented thereby may from time to time be
increased or reduced to reflect redemptions, transfers or exchanges permitted
hereby.  Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the amount of outstanding Notes represented thereby
shall be made by the Trustee in such manner and upon written instructions given
by the Holder of such Notes in accordance with the Indenture and this
Supplemental Indenture.  Payment of principal of and interest and premium,
if any, on any Global Note shall be made to the Holder of such
Note.

    

    SECTION
2.5  Transfer
Restrictions.  The following provisions shall apply only to the
Global Notes:

    

    (a)           Each
Global Note authenticated under this Supplemental Indenture shall be registered
in the name of DTC or its nominee and delivered to DTC or its nominee or to the
Trustee if the Trustee is acting as custodian for DTC or its nominee with
respect to such Global Note, and each such Global Note shall constitute a single
Note for all purposes of the Indenture and this Supplemental
Indenture.

    

    (b)           Notwithstanding
any other provision in this Supplemental Indenture, no Global Note may be
exchanged in whole or in part for Notes registered, and no transfer of a Global
Note in whole or in part may be registered, in the name of any Person other than
DTC or its nominee except as provided in Section 2.4 of the Indenture.
 Any Note issued in exchange for a Global Note or any portion thereof shall
be a Global Note; provided that any such Note so issued that is registered in
the name of a Person other than DTC or its nominee shall not be a Global
Note.

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    
 

    (c)           Notes
issued in exchange for a Global Note or any portion thereof pursuant to clause
(b) above shall be issued pursuant to Section 2.4 of the Indenture.

    

    (d)           At
such time as all interests in a Global Note have been redeemed, repurchased,
converted, canceled or exchanged for Notes in definitive form, such Global Note
shall, upon receipt thereof, be canceled by the Trustee in accordance with
standing procedures and instructions existing between DTC and the Trustee.
 At any time prior to such cancellation, if any interest in a Global Note
is redeemed, repurchased, converted, canceled or exchanged for Notes in
definitive form, the principal amount of such Global Note shall, in accordance
with the standing procedures and instructions existing between DTC and the
Trustee, be appropriately reduced, and an endorsement shall be made on such
Global Note, by the Trustee, at the written direction of the Company, to reflect
such reduction.

    

    SECTION
2.6  Sinking
Fund.  The Notes shall not be subject to a sinking
fund.

    

    ARTICLE
III

    Optional Redemption of the
Notes; Change of Control Repurchase Event

    

    The Notes
may be redeemed at the option of the Company on the terms and conditions set
forth in the form of Note set forth in Exhibit A.  In
the event of a Change of Control Repurchase Event (as defined in Exhibit A) the
Company will offer to repurchase the Notes on the terms and conditions set forth
in the form of Note set forth in Exhibit
A.

    

    ARTICLE
IV

    Execution of the
Notes

    

    The
Notes, the Company Order, any Opinion of Counsel and any Officers’ Certificates
to be delivered under the Indenture in connection with the authentication and
delivery of the Notes shall be executed and delivered as set forth in the
Indenture.

    

    ARTICLE
V

    Miscellaneous

    

    SECTION
5.1  Ratification.  The
Indenture, as supplemented by the First Supplemental Indenture, as supplemented
by this Supplemental Indenture, is in all respects ratified and confirmed, and
this Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided.

    

    SECTION
5.2  Trustee.  The
Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by the
Company.

    

    SECTION
5.3  Governing
Law.  THIS
SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     

     

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
 

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

    

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

    

    SECTION
5.6  Severability.  A
determination that any provision of this Supplemental Indenture is unenforceable
or invalid shall not affect the enforceability or validity of any other
provision hereof.

    

    SECTION
5.7  Effective
Date.  This Supplemental Indenture shall be effective pursuant
to Section 9.1 of the Indenture immediately upon execution by the Company and
delivery to and execution by the Trustee of this Supplemental
Indenture.

    

    [signatures appear on the following
page]

     

     

    
 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

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

    

    

    
      	 
      	
              THE
      BLACK & DECKER CORPORATION

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      MARK M. ROTHLEITNER

            	 
      
	 
      	
              Name:

            	
              Mark
      M. Rothleitner

            	 
      
	 
      	
              Title:

            	
              Vice
      President – Investor Relations

            	 
      
	 
      	 
      	
              and
      Treasurer

            	 
      

    

    

    
      	 
      	
              THE
      BANK OF NEW YORK MELLON, as Trustee

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      CHERYL L. CLARKE

            	 
      
	 
      	
              Name:

            	
              Cheryl
      L. Clarke

            	 
      
	 
      	
              Title:

            	
              Vice
      President

            	 
      

    

    

     

    

      (signature page to Second
Supplemental Indenture)

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
 

    EXHIBIT
A

    

    [FORM OF
FACE OF NOTE]

    

    [Global
Notes shall bear the following legend]

    

    [THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
(“DTC”), AS DEPOSITARY, OR A NOMINEE OF DTC.  TRANSFERS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC
OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OF PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER
NAME AS REQUESTED BY THE AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

    

    

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

     

    

     

    

    
      	
              No.
      ___

            	
              Principal
      Amount $350,000,000,

            
	 
      	
              as
      revised by the Schedule of

            
	 
      	
              Increases
      and Decreases in

            
	 
      	
              Global
      Security attached hereto

            

    

     

    CUSIP NO.
____________

    ISIN:
____________

    8.950%
Senior Notes Due 2014

    

    The Black
& Decker Corporation, a Maryland corporation, promises to pay to Cede &
Co., or registered assigns, the principal sum of $350,000,000 Dollars, as
revised by the Schedule of Increases and Decreases in Global Security attached
hereto, on April 15, 2014.

     

    Interest
Payment Dates:  April 15 and October 15

    Record
Dates:  April 1 and October 1

     

    Additional
provisions of this Note are set forth on the other side of this
Note.

     

     

    
      

      
        	 
      	
                THE
      BLACK & DECKER CORPORATION

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      

              	 
      
	 
      	
                 

              	
                
                  Name:

                

              	 
      
	 	 	Title: 	 

      

       

    

    

    

    TRUSTEE’S
CERTIFICATE OF

    AUTHENTICATION

    

    The Bank
of New York Mellon, as Trustee,

    certifies
that this is one of the Debt

    Securities
referred to in the Indenture.

    

    
      	
              By:

            	
              _____________________________

            
	 
      	
              Authorized
      Signatory

            
	 
      	
              Date:

            

    

    

    

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

     

    
 

    

    [FORM OF
REVERSE SIDE OF NOTE]

    

    8.950%
Senior Notes Due 2014

    

    This Note
is one of a duly authorized issue of Debt Securities of The Black & Decker
Corporation, a Maryland corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the
“Company”), of
the series hereinafter specified, all issued or to be issued pursuant to an
indenture, dated as of November 16, 2006, as amended and supplemented by the
Second Supplemental Indenture, dated as of April 3, 2009 (together referred to
herein as the “Indenture”), between
the Company and The Bank of New York Mellon (formerly known as The Bank of New
York), a New York banking corporation, as trustee (the “Trustee,” which term
includes any successor Trustee under the Indenture), to which the Indenture and
all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Debt Securities.
To the extent terms of the Indenture and this Note are inconsistent, the terms
of the Indenture shall govern.  This Note is one of a series of Debt
Securities of the Company designated as the 8.950% Senior Notes due 2014 (the
“Notes”),
initially limited in aggregate principal amount of $350,000,000, subject to the
issuance of additional Notes as provided in the Indenture. Terms used but not
defined herein shall have the respective meanings set forth in the
Indenture.

    

    1.           Interest.

    

    (a)           Subject
to adjustment under Section 1.3(c), the Company promises to pay interest on the
principal amount of this Debt Security at the rate per annum shown
above.

    

    (b)           The
Company will pay interest semiannually on April 15 and October 15 of each
year commencing October 15, 2009.  Interest on the Notes will
accrue from the most recent date to which interest has been paid on the Notes
or, if no interest has been paid, from April 3, 2009.  The Company
shall pay interest on overdue principal or premium, if any (plus interest on
such interest to the extent lawful), at the rate borne by the Notes to the
extent lawful.  Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

    

    (c)           The
interest rate payable on the Notes shall be subject to adjustments from time to
time if either Moody’s or S&P (or, in either case, any Substitute Rating
Agency thereof) downgrades (or subsequently upgrades) the debt rating assigned
to the Notes, in the manner described below.

    

    If the
rating of the Notes from Moody’s (or any Substitute Rating Agency thereof) is
decreased to a rating set forth in the immediately following table, the interest
rate on the Notes shall increase from the interest rate payable on the Notes on
the date of their initial issuance by the percentage set forth opposite that
rating:

    

    
      	 	
              Moody’s
      Rating*

            	 
      	
              Percentage

            
	 	
              Ba1

            	 
      	 
      	
              0.25

            	
              %

            
	 	
              Ba2

            	 
      	 
      	
              0.50

            	
              %

            
	 	
              Ba3

            	 
      	 
      	
              0.75

            	
              %

            
	 	B1
      or below   	 	 	1.00 	% 

    

    

    *             Including
the equivalent ratings of any Substitute Rating Agency.

    

    

     

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    
 

    

    If the
rating of the Notes from S&P (or any Substitute Rating Agency thereof) is
decreased to a rating set forth in the immediately following table, the interest
rate on the Notes shall increase from the interest rate payable on the Notes on
the date of their initial issuance by the percentage set forth opposite that
rating:

    

    
      	 	
              S&P
      Rating*

            	 
      	
              Percentage

            
	 	
              BB+

            	 
      	 
      	
              0.25

            	
              %

            
	 	
              BB

            	 
      	 
      	
              0.50

            	
              %

            
	 	
              BB-

            	 
      	 
      	
              0.75

            	
              %

            
	 	
              B+
      or below

            	 
      	 
      	
              1.00

            	
              %

            

    

     

    

    *             Including
the equivalent ratings of any Substitute Rating Agency.

     

    If at any
time the interest rate on the Notes has been adjusted upward as a result of a
decrease in a rating by either Moody’s or S&P (or, in either case, any
Substitute Rating Agency thereof), as the case may be, and subsequently such
Rating Agency increases its rating of the Notes to any of the threshold ratings
set forth above, the interest rate on the Notes shall be decreased such that the
interest rate for the Notes equals the interest rate payable on the Notes on the
date of their initial issuance plus the percentages set forth opposite the
applicable ratings from the tables above in effect immediately following the
increase in rating.  If Moody’s (or any Substitute Rating Agency
thereof) subsequently increases its rating of the Notes to Baa3 or higher (or an
equivalent rating of such Substitute Rating Agency), and S&P (or any
Substitute Rating Agency thereof) increases its rating to BBB- or higher (or an
equivalent rating of such Substitute Rating Agency), the interest rate on the
Notes shall be decreased to the interest rate payable on the Notes on the date
of their initial issuance. In addition, the interest rate on the Notes shall
permanently cease to be subject to any adjustment described above
(notwithstanding any subsequent decrease in the ratings by either or both Rating
Agencies) if the Notes become rated A3 and A- or higher by Moody’s and S&P,
respectively (or, in either case, the equivalent ratings of any Substitute
Rating Agency, or one of these ratings if the Notes are only rated by one Rating
Agency).

    

    Each
adjustment required by any decrease or increase in a rating set forth above,
whether occasioned by the action of Moody’s or S&P (or, in either case, any
Substitute Rating Agency thereof), shall be made independent of any and all
other adjustments. In no event shall (1) the interest rate payable for the
Notes be reduced to below the interest rate payable on the Notes on the date of
their initial issuance or (2) the total increase in the interest rate on
the Notes exceed 2.00% above the interest rate payable on the Notes on the date
of their initial issuance.

    

    For so
long as only one Rating Agency provides a rating on the Notes, any subsequent
increase or decrease in the interest rate of the Notes necessitated by a
reduction or increase in the rating by the agency continuing to provide the
rating shall be twice the percentage set forth in the applicable table above. No
adjustments in the interest rate of the Notes shall be made solely as a result
of a Rating Agency ceasing to provide a rating. For so long as no Rating Agency
provides a rating of the Notes, the interest rate on the Notes shall increase
to, or remain at, as the case may be, 2.00% above the interest rate payable on
the Notes on the date of their initial issuance.

    

     

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    
 

    

    Any
interest rate increase or decrease described above shall take effect on the next
business day after the rating change has occurred.  The Company shall
be responsible for delivering an Officer’s Certificate to the Trustee on the
date of any increase or decrease in the ratings of the Notes notifying the
Trustee (i) of any such change in the rating of the Notes; (ii) specifying the
new interest rate payable on the Notes; and (iii) setting forth the effective
date of any change in the interest rate payable on the Notes.  The
Trustee shall not be responsible for monitoring the ratings of the Notes to
determine whether there has been any increase or decrease in such rating or for
calculating the new interest rate payable on the Notes in the event of any
increase or decrease in the ratings of the Notes.

    

    If the
interest rate payable on the Notes is increased as described in this
Section 1.3(c), then the term “interest”, as used in the Indenture and the
Notes, shall be deemed to include any such additional interest unless the
context otherwise requires.

    

    2.            
Method of
Payment.  By at least 10:00 a.m. (New York City time) on the
date on which any principal of or interest on any Note is due and payable, the
Company shall deposit with the Trustee or the Paying Agent money sufficient to
pay such principal, premium, if any, and/or interest when due.  The
Company will pay interest (except Defaulted Interest) to the Persons who are
registered Holders of Notes at the close of business on April 1 or October
1 next preceding the interest payment date even if Notes are cancelled,
repurchased or redeemed after the record date and on or before the interest
payment date.  Holders must surrender Notes to a Paying Agent to
collect principal payments.  The Company will pay principal and
interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts.  Except as described
in the succeeding two sentences, the principal of, premium, if any, and interest
on the Notes shall be payable at the office or agency of the Company maintained
for such purpose pursuant to Section 3.4 of the Indenture; provided, however, that, at
the option of the Company, each installment of interest may be paid by check
mailed to addresses of the Persons entitled thereto as such addresses shall
appear on the Security Register.  Payments in respect of Notes
represented by a Global Note (including principal, premium, if any, and
interest) will be made by wire transfer of immediately available funds to the
accounts specified by the Depositary.  Payments in respect of Notes
represented by definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least $1,000,000 aggregate principal amount of
Notes represented by definitive Notes will be made by wire transfer to a U.S.
dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 15
days immediately preceding the relevant due date for payment (or such other date
as the Trustee may accept in its discretion).

    

    Any
payment of principal or interest required to be made on a day that is not a
Business Day need not be made on such day, but may be made on the next
succeeding Business Day with the same force and effect as if made on such day
and no interest shall accrue as a result of such delayed payment.  As
used in this Note, the term “Business Day” means a
day other than a Saturday, Sunday or other day on which commercial banking
institutions are authorized or required by law to close in the City of New
York.

     

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

     

    
 

    3.           Paying Agent and
Registrar.  Initially, the Trustee will act as Trustee, Paying
Agent and Registrar.  The Company may appoint and change any Paying
Agent, Registrar or co-registrar without notice to any Holder.  The
Company or any of its Subsidiaries may act as Paying Agent, Registrar or
co-registrar.

    

    4.           Indenture.  The
Company issued the Notes under the Indenture.  The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”).  Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture.  The Notes are subject to all such terms, and Holders
are referred to the Indenture and the Act for a statement of those
terms.  In the event of any inconsistency between the terms of this
Note and the terms of the Indenture, the terms of the Indenture shall
control.

    

    The Notes
are general unsecured and unsubordinated obligations of the Company initially
limited to $350,000,000 aggregate principal amount of Notes and will rank
equally with all of the Company’s existing and future unsecured and
unsubordinated indebtedness.  The Company may at any time issue
additional Notes under the Indenture in unlimited amounts having the same terms
as and treated as a single class with the Notes for all purposes under the
Indenture and will vote together as one class with respect to the
Notes.  This Note is one of the Debt Securities referred to in the
Indenture.  The Indenture imposes certain limitations on, among other
things the incurrence of certain liens and sale-leaseback transactions by the
Company or its Subsidiaries and consolidations, mergers and sales of assets of
the Company.

    

    5.           Redemption; Change of
Control Repurchase Event.  The Notes will be redeemable, in
whole or in part, at any time, at the option of the Company, upon not less than
30 and not more than 60 days prior notice mailed by first-class mail to each
Holder of Notes to be so redeemed at such Holder’s registered address, at a
redemption price equal to the greater of

    

    ●            100%
of the principal amount of the Notes to be redeemed; or

    

    ●            the
sum of the present values of the remaining scheduled payments of principal of
and interest on the Notes to be redeemed, exclusive of interest accrued to the
redemption date, discounted to the redemption date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate (as defined below), plus 50 basis points, as calculated by an
Independent Investment Banker;

     

                                 
plus, in either case, accrued and unpaid interest on the principal amount of the
Notes to be redeemed to the redemption date.

    

                                 
For purposes of determining the optional redemption price, the following
definitions are applicable:

     

     

     

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    
 

                                 
“Adjusted Treasury
Rate” means, with respect to any redemption date for the
Notes,

    

    ●            the
yield, under the heading that represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication that is published weekly by
the Board of Governors of the Federal Reserve System and that establishes yields
on actively traded U.S. Treasury securities adjusted to constant maturity under
the caption “Treasury Constant Maturities,” for the maturity corresponding to
the Comparable Treasury Issue (if no maturity is within three months before or
after the applicable maturity date, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue shall be determined and
the Adjusted Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month); or

    

    ●            if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

     

                                 
The Adjusted Treasury Rate shall be calculated on the third business day
preceding the redemption date.

    

                                 
“Comparable Treasury
Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such
Notes.

     

                                 
“Comparable Treasury
Price” means, with respect to any redemption date applicable to the Notes
(1) the average of four Reference Treasury Dealer Quotations obtained by the
Trustee for such redemption date, after excluding the highest and lowest of such
Reference Treasury Dealer Quotations; or (2) if the Trustee obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations obtained by the Trustee.

     

                                 
“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed
by the Trustee after consultation with the Company; provided that the Trustee
will not be liable for any errors and omissions of the Independent Investment
Banker.

     

                                 
“Reference Treasury
Dealer” means (1) Citigroup Global Markets Inc., Banc of America
Securities LLC, and J.P. Morgan Securities Inc. (or their respective
successors); provided,
however, that if any of the foregoing shall cease to be a primary U.S.
government securities dealer in New York City (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer; and (2) one
other Primary Treasury Dealer appointed by the Trustee after consultation with
the Company; provided that the Trustee will not be liable for any errors and
omissions of such Primary Treasury Dealer.

    

     

     

     

     

    
 

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    

    

    “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue for the Notes, expressed in each case
as a percentage of its principal amount, quoted in writing to the Trustee by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding such redemption date.

     

    In the
case of any partial redemption, selection of the Notes for redemption will be
made by the Trustee at least 30 and not more than 60 days prior to the
redemption date and by such method as the Trustee shall deem to be fair and
appropriate (and in such manner as complies with applicable legal requirements)
provided that (i) the Notes and portions thereof that the Trustee selects shall
be in amounts of $2,000 or an integral multiple of $1,000 in excess thereof and
(ii) no such partial redemption shall reduce the portion of the principal amount
of a Note not redeemed to less than $2,000.  Notice of such redemption
will be given within this period of time in accordance with the
Indenture.  If any Note is to be redeemed in part only, the notice of
redemption relating to such Note shall state the portion of the principal amount
thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof upon
cancellation of the original Note.  On and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for
redemption as long as the Company has deposited with the Trustee or with a
Paying Agent (or, if applicable, segregated and held in trust) money sufficient
to pay the redemption price of, and accrued interest on, all the Notes that are
to be redeemed on such date.

     

    If a
Change of Control Repurchase Event (defined below) occurs, unless the Company
has previously exercised its right to redeem the Notes as described above, the
Company will make an offer to each Holder of Notes to repurchase all or any part
(in amounts of $2,000 or in integral multiples of $1,000 in excess thereof) of
that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased plus any accrued and unpaid interest on
the Notes repurchased to the date of purchase. Within 30 days following any
Change of Control Repurchase Event or, at the Company’s option, prior to any
Change of Control (defined below), but after the public announcement of the
Change of Control, the Company will mail a notice to each Holder, with a copy to
the Trustee, describing the transaction or transactions that constitute or may
constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier
than 30 days and no later than 60 days from the date such notice is mailed. The
notice shall, if mailed prior to the date of consummation of the Change of
Control, state that the offer to purchase is conditioned on the Change of
Control Repurchase Event occurring on or prior to the payment date specified in
the notice. The Company will comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations under the
Exchange Act to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control Repurchase Event provisions
herein, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the
Change of Control Repurchase Event provisions herein by virtue of such
conflict.

    

     

     

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

     

     

    

    On the
Change of Control Repurchase Event payment date, the Company will, to the extent
lawful:

    

    
      	
              ●

            	 
      	
              accept
      for payment all Notes or portions of Notes properly tendered pursuant to
      the Company’s offer;

            

    

    

    
      	
              ●

            	 
      	
              deposit
      with the Paying Agent an amount equal to the aggregate purchase price in
      respect of all Notes or portions of Notes properly tendered;
      and

            

    

    

    
      	
              ●

            	 
      	
              deliver
      or cause to be delivered to the Trustee the Notes properly accepted,
      together with an Officers’ Certificate stating the aggregate principal
      amount of Notes being purchased by the
Company.

            

    

    

    The
Paying Agent will promptly mail to each Holder of Notes properly tendered the
purchase price for the Notes, and the Trustee will promptly authenticate and
mail (or cause to be transferred by book-entry) to each Holder a new Note equal
in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note
will be in a principal amount of $2,000 or an integral multiple of $1,000 in
excess thereof.

    

    The
Company will not be required to make an offer to repurchase the Notes upon a
Change of Control Repurchase Event if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for an
offer made by the Company and such third party purchases all Notes properly
tendered and not withdrawn under its offer.

    

    For
purposes of the Notes:

     

    “Below Investment Grade
Rating Event” means the Notes are rated below Investment Grade (defined
below) by both Rating Agencies on any date from the date of the public notice of
an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of a Change of Control
(which period shall be extended so long as the rating of the Notes is under
publicly announced consideration for possible downgrade by either of the Rating
Agencies); provided
that a Below Investment Grade Rating Event otherwise arising by virtue of
a particular reduction in rating shall not be deemed to have occurred in respect
of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of
Control Repurchase Event) if the Rating Agencies making the reduction in rating
to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at the Company’s request that the
reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change
of Control (whether or not the applicable Change of Control shall have occurred
at the time of the Below Investment Grade Rating Event).

    

    “Change of Control”
means the consummation of any transaction (including, without limitation, any
merger or consolidation) the result of which is that any “person” (as that term
is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner,
directly or indirectly, of more than 50% of the Company’s Voting Stock (defined
below), measured by voting power rather than number of
shares.  Notwithstanding the foregoing, a transaction will not be
deemed to involve a Change of Control if (1) the Company becomes a wholly owned
subsidiary of a holding company and (2) the holders of the Voting Stock of such
holding company immediately following that transaction are substantially the
same as the holders of the Company’s Voting Stock immediately prior to that
transaction.

    

     

     

     

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

     

     

    
 

    

    “Change of Control Repurchase
Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event.

    

    “Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating categories of Moody's); a rating of BBB- or better by S&P
(or its equivalent under any successor rating categories of S&P); and the
equivalent Investment Grade credit rating from any additional Rating Agency or
Rating Agencies selected by the Company.

    

    “Voting Stock” of any
specified “person” (as that term is used in Section 13(d)(3) of the Exchange
Act) as of any date means the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such
person.

     

    6.             
Denominations;
Transfer; Exchange.  The Notes are in registered form without
coupons in denominations of principal amount of $2,000 and whole multiples of
$1,000 in excess thereof.  A Holder may transfer or exchange Notes in
accordance with the Indenture.  The Registrar may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents
and to pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not (A) issue, register the transfer of
or exchange any Note during a period beginning at the opening of 15 days before
the day of any selection of Notes for redemption and ending at the close of
business on the day of selection, (B) register the transfer of or to exchange
any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part, or (C) register the transfer of or
to exchange a Note between a record date and the next succeeding interest
payment date.

     

    7.             
Persons Deemed
Owners.  The registered Holder of this Note will be treated as
the owner of it for all purposes.

     

    8.            
 Unclaimed
Money.  If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the money
back to the Company at its written request unless an abandoned property law
designates another Person.  After any such payment, Holders entitled
to the money must look only to the Company and not to the Trustee or Paying
Agent for payment.

     

    9.            
 Defeasance.  Subject
to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Securities for
the payment of principal, premium, if any, and interest on the Notes to
redemption or maturity, as the case may be.

    

    10.           
Amendment,
Waiver.  Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Notes may be amended with the written
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes and (ii) any default (other than with respect to nonpayment or
in respect of a provision that cannot be amended without the written consent of
each Holder affected thereby) or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount of the
then outstanding Notes.  Subject to certain exceptions set forth in
the Indenture, without the consent of any Holder, the Company and the Trustee
may amend the Indenture or the Notes to cure any ambiguity, omission, defect or
inconsistency, or to comply with Article IV of the
Indenture, or to add guarantees with respect to the Notes, or to secure the
Notes, or to add additional covenants of the Company, or surrender rights and
powers conferred on the Company, or to comply with any request of the SEC in
connection with qualifying the Indenture under the Act, or to make any change
that does not adversely affect the rights of any Holder, or to establish the
form or terms of the Notes as permitted under the Indenture, or to evidence and
provide for the acceptance of appointment under the Indenture by a successor
Trustee with respect to the Notes and as shall be necessary to provide for or
facilitate the administration of the trusts under the Indenture by more than one
Trustee.

     

     

     

     

     

     

    
      
        
        

      

      
        A-10

        
          

        

      

      
        
        

      

    

     

     

     

    11.          
 Defaults and
Remedies.  Under the Indenture, Events of Default include (i)
default in any payment of interest or additional interest on any Note when due,
and continuing for 30 days; (ii) default in the payment of principal or premium,
if any, on any Note when due at its Stated Maturity, upon optional redemption,
upon declaration or otherwise; (iii) default by the Company in the
performance of or breaches by the Company of any covenant or agreement in the
Indenture or under the Notes, other than those referred to in (i) or (ii), where
such default continues for 60 days after written notice to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the outstanding Notes; (iv) (a) failure by the Company or
any of its Subsidiaries to pay, in accordance with its terms and when payable,
any of the principal, premium, if any, interest or additional amounts, if any,
on any Debt (including the Notes, but other than the Notes, if any, with respect
to which the failure to pay principal, premium, if any, interest or additional
interest is also an Event of Default under clauses (i), (ii) or both) having, in
the aggregate, a then outstanding principal amount in excess of $50,000,000, at
the later of final maturity or the expiration of any applicable grace period or
(b) acceleration of the maturity of Debt in an aggregate principal amount in
excess of $50,000,000, if that acceleration results from a default under the
instrument giving rise to or securing such Debt; or (v) certain events of
bankruptcy, insolvency or reorganization of the Company.

     

    If an
Event of Default described in clauses (i), (ii), (iii) and (iv) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25%
in outstanding principal amount of the Notes by notice to the Company and the
Trustee, may, and the Trustee at the request of such Holders shall, declare the
principal of, premium, if any, and accrued and unpaid interest, if any, on all
the Notes to be due and payable.  Upon such a declaration, such
principal, premium and accrued and unpaid interest shall be immediately due and
payable.  If an Event of Default described in clause (v) above occurs
and is continuing, the principal of, premium, if any, and accrued and unpaid
interest on all the Notes will become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any
Holders.

    

    Holders
may not enforce the Indenture or the Notes except as provided in the
Indenture.  The Trustee may refuse to enforce the Indenture or the
Notes unless it receives reasonable indemnity or security satisfactory to
it.  Subject to certain limitations, Holders of a majority in
principal amount of the Notes may direct the Trustee in its exercise of any
trust or power.  The Trustee may withhold from Holders notice of any
continuing Default or Event of Default (except a Default or Event of Default in
payment of principal of, premium, if any, or interest on any Note) if it
determines in good faith that withholding notice is in the interests of
Holders.

     

     

     

     

     

    
      
        
        

      

      
        A-11

        
          

        

      

      
        
        

      

    

     

     

     

     

    12.           Trustee Dealings with the
Company.  Subject to certain limitations set forth in the
Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its affiliates and may
otherwise deal with the Company or its affiliates with the same rights it would
have if it were not Trustee.

     

    13.          No Recourse Against
Others.  An incorporator, director, officer, employee,
affiliate or stockholder, of the Company, solely by reason of this status, shall
not have any liability for any obligations of the Company under the Notes or the
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  By accepting a Note, each Holder
waives and releases all such liability.  The waiver and release are
part of the consideration for the issue of the Notes.

     

    14.         Authentication.  This
Note shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication on the other side of this Note.

     

    15.          Abbreviations.  Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

     

    16.         CUSIP
Numbers.  Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Company has caused
CUSIP numbers to be printed on the Notes and has directed the Trustee to use
CUSIP numbers in notices of redemption as a convenience to
Holders.  No representation is made by the Company or the Trustee as
to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

     

    17.         
Governing
Law.  This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.

     

    The
Company will furnish to any Holder upon written request and without charge to
the Holder a copy of the Indenture which has in it the text of this
Note.  Requests may be made to:

     

    The Black
& Decker Corporation

    701 East
Joppa Road

    Towson,
Maryland  21286

    Attention:  Treasurer

    

     

     

    
      
        
        

      

      
        A-12

        
          

        

      

      
        
        

      

    

    
 

    

    ASSIGNMENT
FORM

     

    To assign
this Note, fill in the form below:

     

    I or we
assign and transfer this Note to

     

    
      ______________________________________________________

    

     

    (Print or
type assignee’s name, address and zip code)

     

    ______________________________________________________

     

     

    (Insert
assignee’s soc. sec. or tax I.D. No.)

    

    and
irrevocably appoint _________________________ agent to transfer this Note on the
books of the Company.  The agent may substitute another to act for
him.

    

    ________________________________________________________________________________________________

    

    Date:_____________________________                                                                
 Your Signature:_______________________

    

    Signature
Guarantee:________________________________________________________________________________

    (Signature
must be guaranteed)

    

    ________________________________________________________________________________________________

    Sign
exactly as your name appears on the other
side of this Note.

    

    The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC Rule
17Ad-15.

     

     

     

     

     

    
      
        
        

      

      
        A-13

        
          

        

      

      
        
        

      

    

     

    
 

    

    

    

    

    

    [TO BE
ATTACHED TO GLOBAL SECURITIES]

    SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

    (i) The
following increases or decreases in this Global Security have been
made:

     

     

    
      	
              Date
      of Exchange

            	 
      	
              Amount
      of decrease in Principal Amount of this Global Security

            	 
      	
              Amount
      of increase in Principal Amount of this Global Security

            	 
      	
              Principal
      Amount of this Global Security following such decrease or
      increase

            	 
      	
              Signature
      of authorized signatory of Trustee or Securities
  Custodian

            
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

    

    

     

     

     

     

     

     

     

     

     

     

     

    A-14ex4-7.htm

    Exhibit
4.7

    
      

       

       

       

       

      THE BLACK
& DECKER CORPORATION

       

      AND

       

      THE BANK
OF NEW YORK,

       

      AS
TRUSTEE

       

      4 3/4%
Senior Notes Due 2014

       

      INDENTURE

       

      Dated as
of October 18, 2004

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      TABLE OF
CONTENTS

       

      
        	
                Page

              
	 
      
	
                ARTICLE
      I DEFINITIONS AND INCORPORATION BY REFERENCE

              
	 
      
	
                SECTION
      1.1

              	
                Definitions

              	
                1

              
	
                SECTION
      1.2

              	
                Other
      Definitions

              	
                5

              
	
                SECTION
      1.3

              	
                Incorporation
      by Reference of Trust Indenture Act

              	
                6

              
	
                SECTION
      1.4

              	
                Rules
      of Construction

              	
                6

              
	 
      	 
      	 
      
	
                ARTICLE
      II THE SECURITIES

              
	 
      	 
      	 
      
	
                SECTION
      2.1

              	
                Form,
      Dating and Terms

              	
                7

              
	
                SECTION
      2.2

              	
                Execution
      and Authentication

              	
                13

              
	
                SECTION
      2.3

              	
                Registrar
      and Paying Agent

              	
                14

              
	
                SECTION
      2.4

              	
                Paying
      Agent To Hold Money in Trust

              	
                15

              
	
                SECTION
      2.5

              	
                Securityholder
      Lists

              	
                15

              
	
                SECTION
      2.6

              	
                Transfer
      and Exchange

              	
                15

              
	
                SECTION
      2.7

              	
                Form
      of Certificate to be Delivered in Connection with Transfers to
      Institutional Accredited Investors

              	
                18

              
	
                SECTION
      2.8

              	
                Form
      of Certificate to be Delivered in Connection with Transfers Pursuant to
      Regulation S

              	
                20

              
	
                SECTION
      2.9

              	
                Mutilated,
      Destroyed, Lost or Stolen Securities

              	
                21

              
	
                SECTION
      2.10

              	
                Outstanding
      Securities

              	
                22

              
	
                SECTION
      2.11

              	
                Temporary
      Securities

              	
                22

              
	
                SECTION
      2.12

              	
                Cancellation

              	
                23

              
	
                SECTION
      2.13

              	
                Payment
      of Interest; Defaulted Interest

              	
                23

              
	
                SECTION
      2.14

              	
                Computation
      of Interest

              	
                24

              
	
                SECTION
      2.15

              	
                CUSIP
      and ISIN Numbers

              	
                24

              
	 
      	 
      	 
      
	
                ARTICLE
      III COVENANTS

              
	 
      	 
      	 
      
	
                SECTION
      3.1

              	
                Payment
      of Securities

              	
                24

              
	
                SECTION
      3.2

              	
                Limitation
      on Liens

              	
                25

              
	
                SECTION
      3.3

              	
                Limitation
      on Sale Leaseback Transactions

              	
                26

              
	
                SECTION
      3.4

              	
                Maintenance
      of Office or Agency

              	
                26

              
	
                SECTION
      3.5

              	
                Compliance
      Certificate

              	
                26

              
	
                SECTION
      3.6

              	
                Statement
      by Officers as to Default

              	
                27

              
	
                SECTION
      3.7

              	
                Further
      Instruments and Acts

              	
                27

              
	 
      	 
      	 
      
	
                ARTICLE
      IV SUCCESSOR COMPANY

              
	 
      	 
      	 
      
	
                SECTION
      4.1

              	
                Merger,
      Consolidation or Sale of All or Substantially All Assets of the
      Company

              	
                27

              
	 
      	 
      	 
      
	
                ARTICLE
      V REDEMPTION OF SECURITIES

              
	 
      	 
      	 
      
	
                SECTION
      5.1

              	
                Optional
      Redemption

              	
                27

              
	
                SECTION
      5.2

              	
                Applicability
      of Article

              	
                28

              
	
                SECTION
      5.3

              	
                Election
      to Redeem; Notice to Trustee

              	
                28

              
	
                SECTION
      5.4

              	
                Selection
      by Trustee of Securities to Be Redeemed

              	
                28

              

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        	
                SECTION
      5.5

              	Notice
      of Redemption	 28
	
                SECTION
      5.6

              	Deposit
      of Redemption Price	 29
	SECTION
      5.7	Securities
      Payable on Redemption Date	 29
	SECTION
      5.8	Securities
      Redeemed in Part	 30
	 
	ARTICLE
      VI DEFAULTS AND REMEDIES
	
                SECTION
      6.1

              	
                Events
      of Default

              	
                30

              
	
                SECTION
      6.2

              	
                Acceleration

              	
                31

              
	
                SECTION
      6.3

              	
                Other
      Remedies

              	
                32

              
	
                SECTION
      6.4

              	
                Waiver
      of Past Defaults

              	
                32

              
	
                SECTION
      6.5

              	
                Control
      by Majority

              	
                32

              
	
                SECTION
      6.6

              	
                Limitation
      on Suits

              	
                32

              
	
                SECTION
      6.7

              	
                Rights
      of Holders to Receive Payment

              	
                33

              
	
                SECTION
      6.8

              	
                Collection
      Suit by Trustee

              	
                33

              
	
                SECTION
      6.9

              	
                Trustee
      May File Proofs of Claim

              	
                33

              
	
                SECTION
      6.10

              	
                Priorities

              	
                33

              
	
                SECTION
      6.11

              	
                Undertaking
      for Costs

              	
                34

              
	 
      	 
      	 
      
	
                ARTICLE
      VII TRUSTEE

              
	 
      	 
      	 
      
	
                SECTION
      7.1

              	
                Duties
      of Trustee

              	
                34

              
	
                SECTION
      7.2

              	
                Rights
      of Trustee

              	
                36

              
	
                SECTION
      7.3

              	
                Individual
      Rights of Trustee

              	
                37

              
	
                SECTION
      7.4

              	
                Trustee’s
      Disclaimer

              	
                37

              
	
                SECTION
      7.5

              	
                Notice
      of Defaults

              	
                37

              
	
                SECTION
      7.6

              	
                Reports
      by Trustee to Holders

              	
                37

              
	
                SECTION
      7.7

              	
                Compensation
      and Indemnity

              	
                37

              
	
                SECTION
      7.8

              	
                Replacement
      of Trustee

              	
                38

              
	
                SECTION
      7.9

              	
                Successor
      Trustee by Merger

              	
                39

              
	
                SECTION
      7.10

              	
                Eligibility;
      Disqualification

              	
                39

              
	
                SECTION
      7.11

              	
                Preferential
      Collection of Claims Against Company

              	
                40

              
	 
      	 
      	 
      
	
                ARTICLE
      VIII SATISFACTION AND DISCHARGE OF INDENTURE

              
	 
      	 
      	 
      
	
                SECTION
      8.1

              	
                Option
      to Effect Legal Defeasance or Covenant Defeasance

              	
                40

              
	
                SECTION
      8.2

              	
                Legal
      Defeasance and Discharge

              	
                40

              
	
                SECTION
      8.3

              	
                Covenant
      Defeasance

              	
                40

              
	
                SECTION
      8.4

              	
                Conditions
      to Legal or Covenant Defeasance

              	
                41

              
	
                SECTION
      8.5

              	
                Satisfaction
      and Discharge of Indenture

              	
                42

              
	
                SECTION
      8.6

              	
                Survival
      of Certain Obligations

              	
                43

              
	
                SECTION
      8.7

              	
                Acknowledgement
      of Discharge by Trustee

              	
                43

              
	
                SECTION
      8.8

              	
                Application
      of Trust Moneys

              	
                43

              
	
                SECTION
      8.9

              	
                Repayment
      to the Company; Unclaimed Money

              	
                43

              
	
                SECTION
      8.10

              	
                Reinstatement

              	
                44

              
	 
      	 
      	 
      
	
                ARTICLE
      IX AMENDMENTS

              
	 
      	 
      	 
      
	
                SECTION
      9.1

              	
                Without
      Consent of Holders

              	
                44

              
	
                SECTION
      9.2

              	
                With
      Consent of Holders

              	
                44

              
	
                SECTION
      9.3

              	
                Compliance
      with Trust Indenture Act

              	
                45

              

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        	SECTION
      9.4	Revocation
      and Effect of Consents and Waivers	 45
	SECTION
      9.5	Notation
      on or Exchange of Securities	 46
	SECTION
      9.6	Trustee
      To Sign Amendments	 46
	 
	ARTICLE
      X MISCELLANEOUS
	
                SECTION
      10.2

              	
                Notices

              	
                46

              
	
                SECTION
      10.3

              	
                Communication
      by Holders with other Holders

              	
                47

              
	
                SECTION
      10.4

              	
                Certificate
      and Opinion as to Conditions Precedent

              	
                47

              
	
                SECTION
      10.5

              	
                Statements
      Required in Certificate or Opinion

              	
                48

              
	
                SECTION
      10.6

              	
                When
      Securities Disregarded

              	
                48

              
	
                SECTION
      10.7

              	
                Rules
      by Trustee, Paying Agent and Registrar

              	
                48

              
	
                SECTION
      10.8

              	
                Legal
      Holidays

              	
                48

              
	
                SECTION
      10.9

              	
                Governing
      Law; Waiver of Jury Trial

              	
                49

              
	
                SECTION
      10.10

              	
                No
      Recourse Against Others

              	
                49

              
	
                SECTION
      10.11

              	
                Successors

              	
                49

              
	
                SECTION
      10.12

              	
                Multiple
      Originals

              	
                49

              
	
                SECTION
      10.13

              	
                Variable
      Provisions

              	
                49

              
	
                SECTION
      10.14

              	
                Table
      of Contents; Headings

              	
                49

              
	
                SECTION
      10.15

              	
                Force
      Majeure

              	
                49

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                EXHIBIT
      A

              	
                Form
      of the Initial Security and Additional Security

              	 
      
	
                EXHIBIT
      B

              	
                Form
      of the Exchange Security

              	 
      

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      CROSS-REFERENCE
TABLE

       

      
        	
                TIA
      Section

              	 
      Indenture
      Section
	
                310

              	
                (a)(1)

              	 	
                7.10

              
	 
      	
                (a)(2)

              	 	
                7.10

              
	 
      	
                (a)(3)

              	 	
                N.A.

              
	 
      	
                (a)(4)

              	 	
                N.A.

              
	 
      	
                (b)

              	 	
                7.8;
      7.10

              
	 
      	
                (c)

              	 	
                N.A.

              
	
                311

              	
                (a)

              	 	
                7.11

              
	 
      	
                (b)

              	 	
                7.11

              
	 
      	
                (c)

              	 	
                N.A.

              
	
                312

              	
                (a)

              	 	
                2.5

              
	 
      	
                (b)

              	 	
                10.3

              
	 
      	
                (c)

              	 	
                10.3

              
	
                313

              	
                (a)

              	 	
                7.6

              
	 
      	
                (b)(1)

              	 	
                N.A.

              
	 
      	
                (b)(2)

              	 	
                7.6

              
	 
      	
                (c)

              	 	
                7.6

              
	 
      	
                (d)

              	 	
                7.6

              
	
                314

              	
                (a)

              	 	
                3.5;
      10.2; 10.5

              
	 
      	
                (b)

              	 	
                N.A.

              
	 
      	
                (c)(1)

              	 	
                10.4

              
	 
      	
                (c)(2)

              	 	
                10.4

              
	 
      	
                (c)(3)

              	 	
                N.A.

              
	 
      	
                (d)

              	 	
                N.A.

              
	 
      	
                (e)

              	 	
                10.5

              
	
                315

              	
                (a)

              	 	
                7.1

              
	 
      	
                (b)

              	 	
                7.5;
      10.2

              
	 
      	
                (c)

              	 	
                7.1

              
	 
      	
                (d)

              	 	
                7.1

              
	 
      	
                (e)

              	 	
                6.11

              
	
                316

              	
                (a)(last
      sentence)

              	 	
                10.6

              
	 
      	
                (a)(1)(A)

              	 	
                6.5

              
	 
      	
                (a)(1)(B)

              	 	
                6.4

              
	 
      	
                (a)(2)

              	 	
                N.A.

              
	 
      	
                (b)

              	 	
                6.7

              
	
                317

              	
                (a)(1)

              	 	
                6.8

              
	 
      	
                (a)(2)

              	 	
                6.9

              
	 
      	
                (b)

              	 	
                2.4

              
	
                318

              	
                (a)

              	 	
                10.1

              

      

      

      N.A.
means Not Applicable.

       

      Note:  This
Cross-Reference Table shall not, for any purpose, be deemed to be part of this
Indenture.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      INDENTURE,
dated as of October 18, 2004, between THE BLACK & DECKER CORPORATION, a
Maryland corporation, and THE BANK OF NEW YORK, a New York banking corporation,
as Trustee.

       

      Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of (i) the Company’s 4 3/4% Senior Notes Due 2014
issued on the date hereof (the “Initial Securities”), (ii) if and when issued,
additional 4 3/4% Senior Notes Due 2014 that may be offered from time to time
subsequent to the Issue Date (the  “Additional Securities”), and (iii)
if and when issued pursuant to a Registered Exchange Offer from time to time for
Initial Securities or any Additional Securities as provided in an Exchange and
Registration Rights Agreement, the Company’s 4 3/4% Senior Notes Due 2014 (the
“Exchange Securities”).

       

      ARTICLE
I

       

      Definitions
and Incorporation by Reference

       

      SECTION
1.1    Definitions.

       

      “Additional
Securities” has the meaning ascribed to it in the second introductory paragraph
of this Indenture.

       

      “Attributable
Debt” for a lease means the carrying value of the capitalized rental obligation
determined under generally accepted accounting principles whether or not such
obligation is required to be shown on the balance sheet as a long-term
liability.  The carrying value may be reduced by the capitalized value
of the rental obligations, calculated on the same basis, that any sublessee has
for all or part of the same property.

       

      “Board of
Directors” means, as to any Person, the board of directors of such Person or any
duly authorized committee thereof.

       

      “Board
Resolution” means, with respect to any Person, a resolution of the Board of
Directors or of a committee or person to which or to whom the Board of Directors
has properly delegated the appropriate authority, a copy of which has been
certified by the Secretary or an Assistant Secretary of the Person to have been
duly adopted by the Board of Directors and to be in full force and effect on the
date of such certification and delivered to the Trustee.

       

      “Business
Day” means a day other than a Saturday, Sunday or other day on which commercial
banking institutions are authorized or required by law to close in New York
City.

       

      “Company”
means The Black & Decker Corporation or its successor.

       

      “Consolidated
Net Tangible Assets” means total assets less (1) total current liabilities
(excluding any Debt which, at the option of the borrower, is renewable or
extendible to a term exceeding 12 months and which is included in current
liabilities and further excluding any deferred income taxes which are included
in current liabilities) and (2) goodwill, patents, trademarks and other like
intangibles, all as stated on the Company’s most recent quarter-end consolidated
balance sheet preceding the date of determination.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      “Debt”
means any debt for borrowed money  (including the Securities),
capitalized lease obligations and purchase money obligations, or any guarantee
of such debt, in any such case that would appear on the consolidated balance
sheet of the Company as a liability.

       

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

       

      “Definitive
Securities” means certificated Securities.

       

      “DTC”
means The Depository Trust Company, its nominees and their respective successors
and assigns, or such other depository institution hereinafter appointed by the
Company.

       

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

       

      “Exchange
and Registration Rights Agreement” means (i) the Exchange and Registration
Rights Agreement dated the Issue Date among the initial purchasers named therein
and the Company, as the same may be amended, supplemented or modified from time
to time and (ii) any similar exchange and/or registration rights agreement
entered into with respect to any Additional Securities, as any such agreement
may be amended, supplemented or modified from time to time.

       

      “Exchange
Securities” has the meaning ascribed to it in the second introductory paragraph
of this Indenture.

       

      “Exempted
Debt” means the sum, without duplication, of the following items outstanding as
of the date Exempted Date is being determined:  (i) Debt incurred
after the date of the Indenture and secured by liens created or assumed or
permitted to exist pursuant to paragraph  (b) of Section 3.2
and  (ii) Attributable Debt of the Company and its Subsidiaries in
respect of all sale and lease-back transactions with regard to any Principal
Property entered into pursuant to paragraph (b) of Section 3.3.

       

      “Fiscal
Year” means the fiscal year of the Company.

       

      “Funded
Debt” means all Debt having a maturity of more than one year from the date of
its creation or having a maturity of less than one year but by its terms being
renewable or extendible, at the option of the obligor in respect thereof, beyond
one year from its creation.

       

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

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

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

       

      “Initial
Securities” has the meaning ascribed to it in the second introductory paragraph
of this Indenture.

       

      “Issue
Date” means the date on which the Initial Securities are originally
issued.

       

      “Legal
Holiday” has the meaning ascribed to it in Section 10.8.

       

      “Non-U.S.  Person”
means a person who is not a U.S.  person, as defined in Regulation
S.

       

      “Note
Register” has the meaning ascribed to it in Section 2.3.

       

      “Officer”
means the Chairman of the Board, any Vice Chairman of the Board, the President,
the Chief Financial Officer, any Senior Vice President, any Vice President, the
Treasurer or the Secretary of the Company.

       

      “Officers’
Certificate” means a certificate signed by two Officers or by an Officer and
either an Assistant Treasurer or an Assistant Secretary of the Company and
delivered to the Trustee.  An Officers’ Certificate given pursuant to
Section 3.5 shall be signed by any of the principal executive officer, the
principal financial officer or the principal accounting officer of the Company
and any other Officer.

       

      “Opinion
of Counsel” means a written opinion  (subject to customary
assumptions, qualifications and exceptions) from legal counsel that is
reasonably acceptable to the Trustee.  Unless otherwise required by
the TIA, the counsel may be an employee of or counsel to the
Company.

       

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

       

      “principal”
of any Debt (including the Securities) means the principal amount of such Debt
plus the premium, if any, on such Debt.

       

      “Principal
Property” means land, land improvements, buildings and associated factory and
laboratory equipment owned or leased pursuant to a capital lease and used by the
Company or any Subsidiary primarily for manufacturing, assembling, processing,
producing, packaging or storing its products, raw materials, inventories or
other materials and supplies located in the United States and having an
acquisition cost plus capitalized improvements in excess of 2%  of
Consolidated Net Tangible Assets as of the date of determination, but shall not
include any such property financed through the issuance of tax exempt
governmental obligations, or any such property that has been determined by Board
Resolution of the Company not to be of material importance to the respective
businesses conducted by the Company and its Subsidiaries taken as a whole,
effective as of the date such resolution is adopted.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      “QIB”
means any “qualified institutional buyer” (as defined in Rule
144A).

       

      “Redemption
Date” means, with respect to any redemption of Securities, the date of
redemption with respect thereto.

       

      “Registered
Exchange Offer” means the offer which may be made by the Company pursuant to an
Exchange and Registration Rights Agreement to exchange Initial Securities or
Additional Securities for Exchange Securities.

       

      “Regulation
S” means Regulation S under the Securities Act.

       

      “Restricted
Period” means the 40 consecutive days beginning on and including the later of
(1) the day on which the Initial Securities are offered to Persons other than
distributors  (as defined in Regulation S under the Securities Act)
and (2) the Issue Date.

       

      “Restricted
Securities Legend” means the Private Placement Legend set forth in clause (i) of
Section 2.1(c) or the Regulation S Legend set forth in clause (ii) of Section
2.1(c), as applicable.

       

      “Rule
144A” means Rule 144A under the Securities Act.

       

      “SEC”
means the Securities and Exchange Commission.

       

      “Securities”
means the collective reference to the Initial Securities, Additional Securities,
and Exchange Securities.

       

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

       

      “Securities
Custodian” means the custodian with respect to the Global Security (as appointed
by DTC), or any successor Person thereto and shall initially be the
Trustee.

       

      “Stated
Maturity” means, with respect to any security, the date specified in such
security as the fixed date on which the payment of principal of such security is
due and payable, including pursuant to any mandatory redemption provision, but
shall not include any contingent obligations to repay, redeem or repurchase any
such principal prior to the date originally scheduled for the payment
thereof.

       

      “Subsidiary”
means any corporation, limited liability company or other business entity of
which more than 50% of the total voting power of the equity interests entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof or any partnership of which more than
50% of the partners’ equity interests (considering all partners’ equity
interests as a single class) is, in each case, at the time owned or controlled,
directly or indirectly, by the Company, one or more of the Subsidiaries of the
Company, or combination thereof.

       

      “TIA” or
“Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C.
ss.ss.  77aaa-77bbbb), as in effect on the date of this Indenture
except as provided in Section 9.3.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      “Trustee”
means the party named as such in this Indenture until a successor replaces it
and, thereafter, means the successor.

       

      “Trust
Officer” shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such Person’s
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture.

       

      “U.S.
GAAP” means generally accepted accounting principles in the United States as
have been approved by a significant segment of the United States accounting
profession, which are in effect at the time of each application for purposes of
determining compliance with Article III and Article IV. For the purposes of this
Indenture, the term “consolidated” with respect to any Person shall mean such
Person consolidated with its Subsidiaries.

       

      “U.S.
Government Securities” means securities that are (a) direct obligations of the
United States of America for the timely payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America the
timely payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such
U.S.  Government Securities or a specific payment of principal of or
interest on any such U.S.  Government Securities held by such
custodian for the account of the holder of such depository receipt, provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the
U.S.  Government Securities or the specific payment of principal of or
interest on the U.S. Government Securities evidenced by such depository
receipt.

       

      SECTION
1.2            Other
Definitions.

       

      
        	
                Term

              	
                 

              	
                Defined in Section

              
	
                “Agent
      Members”

              	
                 

              	2.1(d)
	
                “Authenticating
      Agent”

              	
                 

              	2.2
	
                “Bankruptcy
      Law”

              	
                 

              	6.1
	
                “Company
      Order”

              	
                 

              	2.2
	
                “Corporate
      Trust Office”

              	
                 

              	3.4
	
                “Covenant
      Defeasance”

              	
                 

              	8.3
	
                “Custodian”

              	
                 

              	6.1
	
                “Defaulted
      Interest”

              	
                 

              	2.13
	
                “Event
      of Default”

              	
                 

              	6.1
	
                “Exchange
      Global Note”

              	
                 

              	2.1(a)

         

         

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

         

         

        	
                “Global
      Securities”

              	
                 

              	2.1(a)
	
                “IAI”

              	
                 

              	2.1(a)
	
                “Institutional
      Accredited Investor Global Note”

              	
                 

              	2.1(a)
	
                “Legal
      Defeasance”

              	
                 

              	8.2
	
                “Note
      Register”

              	
                 

              	2.3
	
                “Notice
      of Default”

              	
                 

              	6.1
	
                “Paying
      Agent”

              	
                 

              	2.3
	
                “Private
      Placement Legend”

              	
                 

              	2.1(c)
	
                “Registrar”

              	
                 

              	2.3
	
                “Regulation
      S Global Note”

              	
                 

              	2.1(a)
	
                “Regulation
      S Legend”

              	
                 

              	2.1(c)
	
                “Resale
      Restriction Termination Date”

              	
                 

              	2.6
	
                “Rule
      144A Global Note”

              	
                 

              	2.1(a)
	
                “Special
      Interest Payment Date”

              	
                 

              	2.13
	
                “Special
      Record Date”

              	
                 

              	2.13
	
                “Successor
      Company”

              	
                 

              	4.1

      

      

      SECTION
1.3    Incorporation by
Reference of Trust Indenture Act.

       

      This
Indenture is subject to the mandatory provisions of the TIA which are
incorporated by reference in and made a part of this Indenture.  The
following TIA terms have the following meanings:

       

      “Commission”
means the SEC.

       

      “indenture
securities” means the Securities.

       

      “indenture
security holder” means a Securityholder.

       

      “indenture
to be qualified” means this Indenture.

       

      “indenture
trustee” or “institutional trustee” means the Trustee.

       

      “obligor”
on the indenture securities means the Company and any other obligor on the
indenture securities.

       

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

       

      SECTION
1.4    Rules of
Construction.

       

      Unless
the context otherwise requires:

       

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

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

       

      (b) an
accounting term not otherwise defined has the meaning assigned to it in
accordance with U.S. GAAP;

       

      (c) “or”
is not exclusive;

       

      (d)
“including” means including without limitation;

       

      (e) words
in the singular include the plural and words in the plural include the singular;
and

       

      (f) the
principal amount of any noninterest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance
sheet of the issuer dated such date prepared in accordance with U.S.
GAAP.

       

      ARTICLE
II

       

      The
Securities

       

      SECTION
2.1    Form, Dating and
Terms.

       

      (a)  The
Initial Securities and the Additional Securities shall be in substantially the
form set forth in Exhibit A hereto, which is hereby incorporated by reference
and made a part of this Indenture, and the Exchange Securities shall be in
substantially the form set forth in Exhibit B hereto, which is hereby
incorporated by reference and made a part of this Indenture.

       

      Initial
Securities and Additional Securities offered, sold, and resold to QIBs in the
United States of America in reliance on Rule 144A will be issued initially in
the form of a permanent global Security, including appropriate legends as set
forth in Section 2.1(c) below (each, a “Rule 144A Global Note”), deposited with
the Trustee, as custodian for DTC, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  A Rule 144A
Global Note may be represented by more than one certificate, if so required by
DTC’s rules regarding the maximum principal amount to be represented by a single
certificate.  The aggregate principal amount of a Rule 144A Global
Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for DTC or its nominee, as hereinafter
provided.

       

      Initial
Securities and Additional Securities offered, sold and resold outside the United
States of America to Non-U.S.  Persons in reliance on Regulation S
will be issued initially in the form of a permanent global Security, including
appropriate legends as set forth in Section 2.1(c) below (each, a “Regulation S
Global Note”), deposited with the Trustee, as custodian for DTC, duly executed
by the Company and authenticated by the Trustee as hereinafter
provided.  A Regulation S Global Note may be represented by more than
one certificate, if so required by DTC’s rules regarding the maximum principal
amount to be represented by a single certificate.  The aggregate
principal amount of a Regulation S Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as
custodian for DTC or its nominee, as hereinafter provided.

       

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

       

      Initial
Securities or Additional Securities resold after an initial resale thereof to
QIBs in reliance on Rule 144A or an initial resale thereof in reliance on
Regulation S to institutional “accredited investors” (as defined in Rules
501(a)(1), (2), (3) or (7) under the Securities Act) who are not QIBs (each, an
“IAI”) in the United States of America in accordance with the procedure
described herein will be initially issued in the form of a permanent global
Security (each, an “Institutional Accredited Investor Global Note”) deposited
with the Trustee, as custodian for DTC, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  An
Institutional Accredited Investor Global Note may be represented by more than
one certificate, if so required by DTC’s rules regarding the maximum principal
amount to be represented by a single certificate.  The aggregate
principal amount of an Institutional Accredited Investor Global Note may from
time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for DTC or its nominee, as hereinafter
provided.

       

      Exchange
Securities exchanged for interests in a Rule 144A Global Note, a Regulation S
Global Note or an Institutional Accredited Investor Note will be issued
initially in the form of a permanent global Security, deposited with the Trustee
as hereinafter provided, including the appropriate legend set forth in Section
2.1(c) below (each, an “Exchange Global Note”).  An Exchange Global
Note may be represented by more than one certificate, if so required by DTC’s
rules regarding the maximum principal amount to be represented by a single
certificate.

       

      The Rule
144A Global Notes, the Regulation S Global Notes, the Institutional Investor
Global Notes and the Exchange Global Notes are sometimes collectively herein
referred to as the “Global Securities.”

       

      Except as
described in the succeeding two sentences, the principal of and interest on the
Securities shall be payable at the office or agency of the Company maintained
for such purpose in The City of New York, or at such other office or agency of
the Company as may be maintained for such purpose pursuant to Section 2.3;
provided, however, that, at the option of the Company, each installment of
interest may be paid by check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Note Register.  Payments
in respect of Securities represented by a Global Security (including principal
and interest) will be made by wire transfer of immediately available funds to
the accounts specified by DTC. Payments in respect of Securities represented by
Definitive Securities (including principal and interest) held by a Holder of at
least $1,000,000 aggregate principal amount of Securities represented by
Definitive Securities will be made by wire transfer to a U.S.  dollar
account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

       

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      The
Securities may have notations, legends or endorsements required by law, stock
exchange rule or usage, in addition to those set forth in Section 2.1(c)
below.  The Company and the Trustee shall approve the forms of the
Securities and any notation, endorsement or legend on them.  Each
Security shall be dated the date of its authentication.  The terms of
the Securities set forth in Exhibit A and Exhibit B are part of the terms of
this Indenture and, to the extent applicable, the Company and the Trustee, by
their execution and delivery of this Indenture, expressly agree to be bound by
such terms.

       

      (b)  Denominations.  The
Securities shall be issuable only in fully registered form, without coupons, and
only in denominations of $1,000 and any integral multiple thereof.

       

      (c)  Restrictive
Legends.  The following legends shall appear on the face of all Global
Securities and Definitive Securities issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this
Indenture:

       

      (i)  Each
Rule 144A Global Note and Institutional Accredited Investor Global Note shall
bear the following legend (the “Private Placement Legend”) on the face
thereof:

       

      “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

       

      THE
HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES, ON ITS OWN BEHALF AND
ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE
COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT, PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRANSFEROR
FURNISHES TO THE COMPANY AND THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN
REPRESENTATIONS RELATING TO THE PROPOSED TRANSFER BEING EFFECTED PURSUANT TO AND
IN ACCORDANCE WITH REGULATION S (THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED
FROM THE TRUSTEE), (E) INSIDE THE UNITED STATES, TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR
FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT AND THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE COMPANY AND
THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.”

       

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

       

      (ii)  Each
Regulation S Global Note shall bear the following legend (the “Regulation S
Legend”) on the face thereof:

       

      “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.  BY ITS ACQUISITION
HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS NOT A U.S.  PERSON NOR IS
IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT
(“REGULATION S”), AND (2) BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE  (THE  “RESALE RESTRICTION TERMINATION DATE”) THAT IS
TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY
(OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO
A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS
A  “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S, PROVIDED THAT
PRIOR TO SUCH TRANSFER, THE TRANSFEROR FURNISHES TO THE COMPANY AND THE TRUSTEE
A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS RELATING TO THE PROPOSED
TRANSFER BEING EFFECTED PURSUANT TO AND IN ACCORDANCE WITH REGULATION S (THE
FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), (E) INSIDE THE
UNITED STATES, TO AN INSTITUTIONAL  “ACCREDITED INVESTOR” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A
MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION
IN VIOLATION OF THE SECURITIES ACT AND THAT, PRIOR TO SUCH TRANSFER, FURNISHES
TO THE COMPANY AND THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS
AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS
SECURITY  (THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE
TRUSTEE), OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES  (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED AFTER 40 CONSECUTIVE DAYS BEGINNING ON AND INCLUDING
THE LATER OF (A) THE DAY ON WHICH THE SECURITIES ARE OFFERED TO PERSONS OTHER
THAN DISTRIBUTORS  (AS DEFINED IN REGULATION S) AND (B) THE DATE OF
THE CLOSING OF THE ORIGINAL OFFERING.  AS USED HEREIN, THE
TERMS  “OFFSHORE TRANSACTION,” “UNITED STATES” AND
“U.S.  PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER
THE SECURITIES ACT.”

       

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      (iii)  The
Global Securities shall bear the following legend on the face
thereof:

       

      “UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO.  OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

       

      TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF.”

       

      (d)  Book-Entry
Provisions.

       

      (i)  This
Section 2.1(d) shall apply only to Global Securities deposited with the Trustee,
as custodian for DTC.

       

      (ii)  Each
Global Security initially shall (A) be registered in the name of DTC or the
nominee of DTC, (B) be delivered to the Trustee as custodian for DTC and (C)
bear legends as set forth in Section 2.1(c).

       

      (iii)  Members
of, or participants in, DTC (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Security held on their behalf by DTC or by
the Trustee as the custodian of DTC or under such Global Security, and DTC may
be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes
whatsoever.  Notwithstanding the foregoing, nothing herein shall
prevent the Company, the Trustee or any agent of the Company or the Trustee from
giving effect to any written certification, proxy or other authorization
furnished by DTC or impair, as between DTC and its Agent Members, the operation
of customary practices of DTC governing the exercise of the rights of a Holder
of a beneficial interest in any Global Security.

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      (iv)  In
connection with any transfer of a portion of the beneficial interest in a Global
Security pursuant to paragraph (e) of this Section 2.1 to beneficial owners who
are required to hold Definitive Securities, the Securities Custodian shall
reflect on its books and records the date and a decrease in the principal amount
of such Global Security in an amount equal to the principal amount of the
beneficial interest in the Global Security to be transferred, and the Company
shall execute, and the Trustee shall authenticate and deliver, one or more
Definitive Securities of like tenor and amount.

       

      (v)  In
connection with the transfer of an entire Global Security to beneficial owners
pursuant to paragraph (e) of this Section 2.1, such Global Security shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by DTC in exchange for its beneficial interest in such Global
Security, an equal aggregate principal amount of Definitive Securities of
authorized denominations.

       

      (vi)  The
registered Holder of a Global Security may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Securities.

       

      (e)  Definitive
Securities.

       

      (i)  Except
as provided below, owners of beneficial interests in Global Securities will not
be entitled to receive Definitive Securities.  If required to do so
pursuant to any applicable law or regulation, beneficial owners may obtain
Definitive Securities in exchange for their beneficial interests in a Global
Security upon written request in accordance with DTC’s and the Registrar’s
procedures.  In addition, Definitive Securities shall be transferred
to all beneficial owners in exchange for their beneficial interests in a Global
Security if (A) DTC notifies the Company that it is unwilling or unable to
continue as depositary for such Global Security or DTC ceases to be a clearing
agency registered under the Exchange Act, at a time when DTC is required to be
so registered in order to act as depositary, and in each case a successor
depositary is not appointed by the Company within 90 days of such notice, (B)
the Company executes and delivers to the Trustee and Registrar an Officers’
Certificate stating that such Global Security shall be so exchangeable or (C) an
Event of Default has occurred and is continuing and the Registrar has received a
request from DTC.

       

      (ii)  Any
Definitive Security delivered in exchange for an interest in a Global Security
pursuant to Section 2.1(c)(iv) or (v) shall, except as otherwise provided by
Section 2.6(c), bear the applicable legend regarding transfer restrictions
applicable to the Definitive Security set forth in Section 2.1(c).

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

       

      (iii)  In
connection with the exchange of a portion of a Definitive Security for a
beneficial interest in a Global Security, the Trustee shall cancel such
Definitive Security, and the Company shall execute, and the Trustee shall
authenticate and deliver, to the transferring Holder a new Definitive Security
representing the principal amount not so transferred.

       

      SECTION
2.2    Execution and
Authentication.  One Officer shall sign the Securities for the Company
by manual or facsimile signature.  If an Officer whose signature is on
a Security no longer holds that office at the time the Trustee authenticates the
Security, the Security shall be valid nevertheless.

       

      A
Security shall not be valid until an authorized signatory of the Trustee
manually authenticates the Security.  The signature of the Trustee on
a Security shall be conclusive evidence that such Security has been duly and
validly authenticated and issued under this Indenture.  A Security
shall be dated the date of its authentication.

       

      At any
time and from time to time after the execution and delivery of this Indenture,
the Trustee shall authenticate and make available for delivery:  (1)
Initial Securities for original issue on the Issue Date initially in an
aggregate principal amount of $300,000,000, (2) if and when issued, the
Additional Securities and (3) Exchange Securities for issue pursuant to an
Exchange and Registration Rights Agreement in exchange for Initial Securities or
Additional Securities of an equal principal amount, in each case upon a written
order of the Company signed by two Officers or by an Officer and either an
Assistant Treasurer or an Assistant Secretary of the Company (the “Company
Order”).  Such Company Order shall specify the amount of the
Securities to be authenticated and the date on which the original issue of such
Securities is to be authenticated and whether the Securities are to be Initial
Securities, Additional Securities or Exchange Securities.  The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is limited to $300,000,000 principal amount of
Initial Securities and such additional principal amount of Additional Securities
as may be authorized from time to time by resolution adopted by the Company’s
Board of Directors, except for Securities authenticated and delivered upon
registration or transfer of, or in exchange for, or in lieu of, other Securities
pursuant to Section 2.6, Section 2.9, Section 2.11, Section 5.8, Section 9.5 and
except for Exchange Securities.  All Securities issued on the Issue
Date and all Additional Securities shall be identical in all respects other than
issue dates, the date from which interest accrues and any changes relating
thereto.  Notwithstanding anything to the contrary contained in this
Indenture, the Holders of all Securities issued under this Indenture shall vote
and consent together on all matters as one class, and the Holders of any Initial
Securities, Additional Securities or Exchange Securities will not have the right
to vote or consent as a separate class on any matter.

       

      The
Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable
to the Company to authenticate the Securities.  Unless limited by the
terms of such appointment, any such Authenticating Agent may authenticate
Securities whenever the Trustee may do so.  Each reference in this
Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent.  An Authenticating Agent has the same rights as
a Paying Agent to deal with Holders or an Affiliate of the Company.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

      In case
the Company, pursuant to Article IV, shall be consolidated or merged with or
into any other Person or shall convey, transfer, lease or otherwise dispose of
its properties and assets substantially as an entirety to any Person, and the
successor Person resulting from such consolidation, or surviving such merger, or
into which the Company shall have been merged, or the Person which shall have
received a conveyance, transfer, lease or other disposition as aforesaid, shall
have executed an indenture supplemental hereto with the Trustee pursuant to
Article IV, any of the Securities authenticated or delivered prior to such
consolidation, merger, conveyance, transfer, lease or other disposition may,
from time to time, at the request of the successor Person, be exchanged for
other Securities executed in the name of the successor Person with such changes
in phraseology and form as may be appropriate, but otherwise in substance of
like tenor as the Securities surrendered for such exchange and of like principal
amount; and the Trustee, upon Company Order of the successor Person, shall
authenticate and deliver Securities as specified in such order for the purpose
of such exchange.  If Securities shall at any time be authenticated
and delivered in any new name of a successor Person pursuant to this Section 2.2
in exchange or substitution for or upon registration of transfer of any
Securities, such successor Person, at the option of the Holders but without
expense to them, shall provide for the exchange of all Securities at the time
outstanding for Securities authenticated and delivered in such new
name.

       

      SECTION
2.3    Registrar and Paying
Agent.  The Company shall maintain an office or agency where
Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Securities may be presented for
payment (the “Paying Agent”).  The Company shall cause each of the
Registrar and the Paying Agent to maintain an office or agency in the Borough of
Manhattan, The City of New York.  The Registrar shall keep a register
of the Securities and of their transfer and exchange (the “Note
Register”).  The Company may have one or more co-registrars and one or
more additional paying agents.  The term “Paying Agent” includes any
additional paying agent.

       

      The
Company shall enter into an appropriate agency agreement with any Registrar,
Paying Agent or co-registrar not a party to this Indenture, which shall
incorporate the terms of the TIA.  The agreement shall implement the
provisions of this Indenture that relate to such agent.  The Company
shall promptly notify the Trustee in writing of the name and address of each
such agent.  If the Company fails to maintain a Registrar or Paying
Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to Section 7.7.  The Company or any of
its Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer
agent.

       

      The
Company initially appoints DTC to act as depository with respect to the Global
Securities.  The Trustee is authorized to enter into a letter of
representations with DTC in the form provided to the Trustee by the Company and
to act in accordance with such letter.

       

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

       

      
        The
Company initially appoints the Trustee as Registrar and Paying Agent for the
Securities.

      

       

      SECTION
2.4    Paying Agent To Hold
Money in Trust.  By at least 10:00 a.m. (New York City time) on the
date on which any principal of or interest on any Security is due and payable,
the Company shall deposit with the Paying Agent a sum sufficient to pay such
principal or interest when due.  The Company shall require each Paying
Agent (other than the Trustee) to agree in writing that such Paying Agent shall
hold in trust for the benefit of Securityholders or the Trustee all money held
by such Paying Agent for the payment of principal of or interest on the
Securities and shall promptly notify the Trustee in writing of any default by
the Company in making any such payment.  If the Company or a
Subsidiary acts as Paying Agent, it shall segregate the money held by it as
Paying Agent and hold it as a separate trust fund.  The Company at any
time may require a Paying Agent (other than the Trustee) to pay all money held
by it to the Trustee and to account for any funds disbursed by such Paying
Agent.  Upon complying with this Section 2.4, the Paying Agent (if
other than the Company or a Subsidiary) shall have no further liability for the
money delivered to the Trustee.  Upon any bankruptcy, reorganization
or similar proceeding with respect to the Company, the Trustee shall serve as
Paying Agent for the Securities.

       

      SECTION
2.5    Securityholder
Lists.  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Securityholders and shall otherwise comply with TIA section 312(a).
If the Trustee is not the Registrar, or to the extent otherwise required under
the TIA, the Company shall furnish to the Trustee, in writing at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Securityholders and
the Company shall otherwise comply with TIA section 312(a).

       

      SECTION
2.6    Transfer and
Exchange. (a)  The following provisions shall apply with respect to
any proposed transfer of a beneficial interest in a Rule 144A Global Note or in
an Institutional Accredited Investor Global Note or any Definitive Security
issued in exchange therefor prior to the date which is two years after the later
of the date of its original issue and the last date on which the Company or any
Affiliate of the Company was the owner of such Securities (or any predecessor
thereto) (the “Resale Restriction Termination Date”):

       

      (i) a
transfer thereof to a QIB in reliance on Rule 144A shall be made upon the
representation of the transferee in the form as set forth on the reverse of the
Security that it is purchasing for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a QIB and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the proposed transferee has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A;

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

       

      (ii) a
transfer thereof to an IAI shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth in Section 2.7 from
the proposed transferee and, if requested by the Company or the Trustee, the
delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them; and

       

      (iii) a
transfer thereof to a Non-U.S.  Person in reliance on Regulation S
shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.8 from the proposed transferee
and, if requested by the Company or the Trustee, the delivery of an opinion of
counsel, certification and/or other information satisfactory to each of
them.

       

      (b)  The
following provisions shall apply with respect to any proposed transfer of a
beneficial interest in a Regulation S Global Note or any Definitive Securities
issued in exchange therefor prior to the expiration of the Restricted
Period:

       

      (i) a
transfer thereof to a QIB in reliance on Rule 144A shall be made upon the
representation of the transferee, in the form of assignment set forth on the
reverse of the Securities, that it is purchasing the Security for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB and is aware that the sale
to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as the proposed transferee has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration
provided by Rule 144A;

       

      (ii) a
transfer thereof to an IAI shall be made upon receipt by the Trustee or its
agent of a certificate substantially in the form set forth in Section 2.7 from
the proposed transferee and, if requested by the Company or the Trustee, the
delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them; and

       

      (iii) a
transfer thereof to a Non-U.S.  Person in reliance on Regulation S
shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.8 hereof from the proposed
transferee and, if requested by the Company or the Trustee, receipt by the
Trustee or its agent of an opinion of counsel, certification and/or other
information satisfactory to each of them.

       

      After the
expiration of the Restricted Period, beneficial interests in the Regulation S
Global Note or Definitive Securities issued in exchange therefor may be
transferred without requiring the certification set forth in Section 2.7 or
Section 2.8 or any additional certification.

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

       

      (c)  Restricted
Securities Legend.  Upon the transfer, exchange or replacement of
Securities not bearing a Restricted Securities Legend, the Registrar shall
deliver Securities that do not bear a Restricted Securities
Legend.  Upon the transfer, exchange or replacement of Securities
bearing a Restricted Securities Legend, the Registrar shall deliver only
Securities that bear a Restricted Securities Legend unless such Securities are
Exchange Securities issued in a Registered Exchange Offer or are otherwise sold
under an effective registration statement under the Securities Act or there is
delivered to the Registrar an Opinion of Counsel to the effect that neither such
legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act.

       

      (d)  The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.1 or this Section 2.6. The Company
shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of
reasonable prior written notice to the Registrar.

       

      (e)  Obligations
with Respect to Transfers and Exchanges of Securities.

       

      (i)  To
permit registrations of transfers and exchanges, the Company shall, subject to
the other terms and conditions of this Article II, execute, and the Trustee
shall authenticate, Definitive Securities and Global Securities at the
Registrar’s or co-registrar’s request.

       

      (ii)  No
service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company may require from a Holder payment of a sum sufficient
to cover any transfer tax, assessments or similar governmental charge payable in
connection therewith (other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to Section
9.5).

       

      (iii)  The
Registrar or co-registrar shall not be required (A) to issue, to register the
transfer of or to exchange any Security during a period beginning at the opening
of 15 days before the day of mailing of a notice of redemption of Securities for
redemption and ending at the close of business on the day of such mailing, (B)
to register the transfer of or to exchange any Security so selected for
redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part, or (C) to register the transfer of or to exchange a
Security between a record date and the next succeeding interest payment
date.

       

      (iv)  Prior
to the due presentation for registration of transfer of any Security, the
Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may
deem and treat the Person in whose name a Security is registered as the absolute
owner of such Security for the purpose of receiving payment of principal of and
interest on such Security and for all other purposes whatsoever, whether or not
such Security is overdue, and neither the Company, the Trustee, the Paying
Agent, the Registrar nor any co-registrar shall be affected by notice to the
contrary.

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

       

      (v)  Any
Definitive Security delivered in exchange for an interest in a Global Security
pursuant to Section 2.1(d) shall, except as otherwise provided by Section
2.6(c), bear the applicable legend regarding transfer restrictions applicable to
the Definitive Security set forth in Section 2.1(c).

       

      (vi)  All
Securities issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same
benefits under this Indenture as the Securities surrendered upon such transfer
or exchange.

       

      (f)  No
Obligation of the Trustee.

       

      (i)  The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in, DTC or other Person with
respect to the accuracy of the records of DTC or its nominee or of any
participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than DTC) of any notice (including any
notice of redemption) or the payment of any amount or delivery of any Securities
(or other security or property) under or with respect to such
Securities.  All notices and communications to be given to the Holders
and all payments to be made to Holders in respect of the Securities shall be
given or made only to or upon the order of the registered Holders (which shall
be DTC or its nominee in the case of a Global Security).  The rights
of beneficial owners in any Global Security shall be exercised only through DTC
subject to the applicable rules and procedures of DTC.  The Trustee
may conclusively rely and shall be fully protected in relying upon information
furnished by DTC with respect to its members, participants and any beneficial
owners.

       

      (ii)  The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among DTC participants, members or
beneficial owners in any Global Security) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by, the terms of this Indenture, and
to examine the same to determine substantial compliance as to form with the
express requirements hereof.

       

      SECTION
2.7    Form
of Certificate to be Delivered in Connection with Transfers to Institutional
Accredited Investors.

       

      [Date]

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

       

      The Black
& Decker Corporation

      c/o The
Bank of New York

      101
Barclay Street, 8W

      New York,
New York 10286

      Attention:  Corporate
Trust Administration

       

      Ladies
and Gentlemen:

       

      This
certificate is delivered to request a transfer of $_________ principal amount of
the 4 3/4% Senior Notes Due 2014 (the “Notes”) of The Black & Decker
Corporation (the “Company”).

       

      Upon
transfer, the Notes would be registered in the name of the new beneficial owner
as follows:

              

      
        
          	 
      	
                  Name:

                	 

        

                

        
          
            
              	 	Address:	 

            

                    

            
              
                
                  	 	Taxpayer
      ID Number:	 

                

                 

              

            

          

        

      

      The
undersigned represents and warrants to you that:

       

      1.  We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”))
purchasing for our own account or for the account of such an institutional
“accredited investor” at least $250,000 principal amount of the Notes, and we
are acquiring the Notes not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act.  We have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risk of our investment in the Notes and we invest
in or purchase securities similar to the Notes in the normal course of our
business.  We and any accounts for which we are acting are each able
to bear the economic risk of our or its investment.

       

      2.  We
understand that the Notes have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following
sentence.  We agree on our own behalf and on behalf of any investor
account for which we are purchasing Notes to offer, sell or otherwise transfer
such Notes prior to the date which is two years after the later of the date of
original issue and the last date on which the Company or any affiliate of the
Company was the owner of such Notes (or any predecessor thereto)  (the
“Resale Restriction Termination Date”) only (a) to the Company, (b) pursuant to
a registration statement which has been declared effective under the Securities
Act, (c) in a transaction complying with the requirements of Rule 144A under the
Securities Act (“Rule 144A”), to a person we reasonably believe is a qualified
institutional buyer under Rule 144A (a “QIB”) that purchases for its own account
or for the account of a QIB and to whom notice is given that the transfer is
being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur
outside the United States within the meaning of Regulation S under the
Securities Act, (e) to an institutional “accredited investor” within the meaning
of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing
for its own account or for the account of such an institutional “accredited
investor,” in each case in a minimum principal amount of Notes of $250,000 or
(f) pursuant to any other available exemption from the registration requirements
of the Securities Act, subject in each of the foregoing cases to any requirement
of law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in
compliance with any applicable state securities laws.  The foregoing
restrictions on resale will not apply subsequent to the Resale Restriction
Termination Date.  If any resale or other transfer of the Notes is
proposed to be made pursuant to clause (e) above prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to the Company and the Trustee, which
shall provide, among other things, that the transferee is an institutional
“accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act) that is acquiring such Notes for investment purposes
and not for distribution in violation of the Securities Act.  Each
purchaser acknowledges that the Company and the Trustee reserve the right prior
to any offer, sale or other transfer prior to the Resale Restriction Termination
Date of the Notes pursuant to clauses (d), (e) or (f) above to require the
delivery of an opinion of counsel, certifications and/or other information
satisfactory to the Company and the Trustee.

       

      
        
          	
                  TRANSFEREE:

                	 
      
	 	 
	
                  BY:

                	 
      

        

        
           

           

        

      

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

       

      
        SECTION
2.8    Form
of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S.

         

      

       

      [Date]

       

      The Black
& Decker Corporation

      c/o The
Bank of New York

      101
Barclay Street, 8W

      New York,
New York 10286

      Attention:  Corporate
Trust Administration

       

      
        	
                 
      

              	
                Re:

              	
                The
      Black & Decker Corporation

                
                  4
      3/4%  Senior Notes Due 2014 (the
    “Securities”)

                

              

      

       

      Ladies
and Gentlemen:

       

      In
connection with our proposed sale of $________ aggregate principal amount of the
Securities, we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, we represent
that:

       

      (a) the
offer of the Securities was not made to a person in the United
States;

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

       

      (b)
either (i) at the time the buy order was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States or (ii) the transaction was
executed in, on or through the facilities of a designated off-shore securities
market and neither we nor any person acting on our behalf knows that the
transaction has been pre-arranged with a buyer in the United
States;

       

      (c) no
directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as
applicable; and

       

      (d) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

       

      In
addition, if the sale is made during a distribution compliance period and the
provisions of Rule 903(b)(2) or Rule 904(b)(1) of Regulation S are applicable
thereto, we confirm that such sale has been made in accordance with the
applicable provisions of Rule 903(b)(2) or Rule 904(b)(1), as the case may
be.

       

      You and
the Company are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.  Terms used in this certificate have the
meanings set forth in Regulation S.

       

      
        	
                Very
      truly yours,

              
	 
      
	
                [Name
      of Transferor]

              
	 
      
	
                By:

              	 
      
	 
      	
                Authorized
      Signature

              

      

      

      SECTION
2.9    Mutilated, Destroyed,
Lost or Stolen Securities.  If a mutilated Security is surrendered to
the Registrar or if the Holder of a Security claims that the Security has been
lost, destroyed or wrongfully taken, the Company shall issue and the Trustee
shall authenticate a replacement Security if the requirements of Section 8-405
of the Uniform Commercial Code are met and the Holder satisfies any other
reasonable requirements of the Trustee.  Such Holder shall furnish an
indemnity bond sufficient in the judgment of the Company and the Trustee to
protect the Company, the Trustee, the Paying Agent, the Registrar and any
co-registrar from any loss which any of them may suffer if a Security is
replaced, and, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute
and upon Company Order the Trustee shall authenticate and make available for
delivery, in exchange for any such mutilated Security or in lieu of any such
destroyed, lost or stolen Security, a new Security of like tenor and principal
amount, bearing a number not contemporaneously outstanding.

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

       

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

       

      Upon the
issuance of any new Security under this Section 2.9, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) in connection therewith.

       

      Every new
Security issued pursuant to this Section 2.9 in lieu of any mutilated,
destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company and any other obligor upon the Securities,
whether or not the mutilated, destroyed, lost or stolen Security shall be at any
time enforceable by anyone, and shall be entitled to all benefits of this
Indenture equally and proportionately with any and all other Securities duly
issued hereunder.

       

      The
provisions of this Section 2.9 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities.

       

      SECTION
2.10          Outstanding
Securities.  Securities outstanding at any time are all Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those paid pursuant to Section 2.9 and those described in
this Section 2.10 as not outstanding.  A Security ceases to be
outstanding in the event the Company or a Subsidiary holds the Security;
provided, however, that (a) for purposes of determining which are outstanding
for consent or voting purposes hereunder, Securities shall cease to be
outstanding in the event the Company or an Affiliate of the Company holds the
Security and (b) in determining whether the Trustee shall be protected in making
a determination whether the Holders of the requisite principal amount of
outstanding Securities are present at a meeting of Holders of Securities for
quorum purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification
hereunder, or relying upon any such quorum, consent or vote, only Securities
which a Trust Officer of the Trustee actually knows to be held by the Company or
an Affiliate of the Company shall not be considered outstanding.

       

      If a
Security is replaced pursuant to Section 2.9, it ceases to be outstanding unless
the Trustee and the Company receive proof satisfactory to them that the replaced
Security is held by a bona fide purchaser.

       

      If the
Paying Agent segregates and holds in trust, in accordance with this Indenture,
on a Redemption Date or maturity date money sufficient to pay all principal and
interest payable on that date with respect to the Securities (or portions
thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is
not prohibited from paying such money to the Securityholders on that date
pursuant to the terms of this Indenture, then on and after that date such
Securities (or portions thereof) cease to be outstanding and interest on them
ceases to accrue.

       

       

      
        
          
          

        

        
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      SECTION
2.11          Temporary
Securities.  Until Definitive Securities are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary
Securities.  Temporary Securities shall be substantially in the form
of Definitive Securities but may have variations that the Company considers
appropriate for temporary Securities.  Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate Definitive
Securities.  After the preparation of Definitive Securities, the
temporary Securities shall be exchangeable for Definitive Securities upon
surrender of the temporary Securities at any office or agency maintained by the
Company for that purpose and such exchange shall be without charge to the
Holder.  Upon surrender for cancellation of any one or more temporary
Securities, the Company shall execute, and the Trustee shall authenticate and
make available for delivery in exchange therefor, one or more Definitive
Securities representing an equal principal amount of
Securities.  Until so exchanged, the Holder of temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as a
holder of Definitive Securities.

       

      SECTION
2.12         
Cancellation.  The Company at any time may deliver Securities to the
Trustee for cancellation.  The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment.  The Trustee and no one else shall
cancel and return to the Company all Securities surrendered for registration of
transfer, exchange, payment or cancellation.  The Company may not
issue new Securities to replace Securities it has paid or delivered to the
Trustee for cancellation for any reason other than in connection with a transfer
or exchange.

       

      SECTION
2.13          Payment of Interest;
Defaulted Interest.  Interest on any Security which is payable, and is
punctually paid or duly provided for, on any interest payment date shall be paid
to the Person in whose name such Security (or one or more predecessor
Securities) is registered at the close of business on the regular record date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 2.3.

       

      Any
interest on any Security which is payable, but is not paid when the same becomes
due and payable and such nonpayment continues for a period of 30 days shall
forthwith cease to be payable to the Holder on the regular record date by virtue
of having been such Holder, and such defaulted interest and (to the extent
lawful) interest on such defaulted interest at the rate borne by the Securities
(such defaulted interest and interest thereon herein collectively called
“Defaulted Interest”) shall be paid by the Company, at its election in each
case, as provided in clause (a) or (b) below:

       

      (a)  The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective predecessor Securities) are
registered at the close of business on a Special Record Date (as defined below)
for the payment of such Defaulted Interest, which shall be fixed in the
following manner.  The Company shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each Security and the
date (not less than 30 days after such notice) of the proposed payment (the
“Special Interest Payment Date”), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause
provided.  Thereupon the Trustee shall fix a record date (the “Special
Record Date”) for the payment of such Defaulted Interest which shall be not more
than 15 days and not less than 10 days prior to the Special Interest Payment
Date and not less than 10 days after the receipt by the Trustee of the notice of
the proposed payment.  The Trustee shall promptly notify the Company
of such Special Record Date, and in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor to be given in
the manner provided for in Section 10.2, not less than 10 days prior to such
Special Record Date.  Notice of the proposed payment of such Defaulted
Interest and the Special Record Date and Special Interest Payment Date therefor
having been so given, such Defaulted Interest shall be paid on the Special
Interest Payment Date to the Persons in whose names the Securities (or their
respective predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the
following clause (b).

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

       

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

       

      Subject
to the foregoing provisions of this Section 2.13, each Security delivered under
this Indenture upon registration of, transfer of or in exchange for or in lieu
of any other Security shall carry the rights to interest accrued and unpaid, and
to accrue, which were carried by such other Security.

       

      SECTION
2.14          Computation of
Interest.  Interest on the Securities shall be computed on the basis
of a 360-day year of twelve 30-day months.

       

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

       

       

      
        
          
          

        

        
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      ARTICLE
III

       

      Covenants

       

      SECTION
3.1            Payment of
Securities.  The Company shall promptly pay the principal of and
interest on the Securities on the dates and in the manner provided in the
Securities and in this Indenture.  Principal and interest shall be
considered paid on the date due if on such date the Trustee or the Paying Agent
holds in accordance with this Indenture money sufficient to pay all principal
and interest then due and the Trustee or the Paying Agent, as the case may be,
is not prohibited from paying such money to the Securityholders on that
date.

       

      The
Company shall pay interest on overdue principal at the rate specified therefor
in the Securities, and it shall pay interest on overdue installments of interest
at the same rate to the extent lawful.

       

      Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the
extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or interest
payments hereunder.

       

      SECTION
3.2            Limitation
on Liens.

       

      (a)  The
Company will not, and will not permit any Subsidiary to, directly or indirectly,
as security for any Debt, mortgage, pledge or create or permit to exist any lien
on any shares of stock, indebtedness or other obligations of a Subsidiary or any
Principal Property, whether such shares of stock, indebtedness or other
obligations of a Subsidiary or Principal Property are owned at the date of the
Indenture or hereafter acquired, unless the Company secures or causes to be
secured any outstanding Securities equally and ratably with all Debt secured by
such mortgage, pledge or lien, so long as that Debt shall be secured; provided,
however, that the foregoing limitation shall not apply in the case of (i) the
creation of any mortgage, pledge or other lien on any shares of stock,
indebtedness or other obligations of a Subsidiary or a Principal Property
hereafter acquired (including acquisitions by way of merger or consolidation) by
the Company or a Subsidiary contemporaneously with such acquisition, or within
120 days thereafter, to secure or provide for the payment or financing of any
part of the purchase price thereof, or the assumption of any mortgage, pledge or
other lien upon any shares of stock, indebtedness or other obligations of a
Subsidiary or a Principal Property hereafter acquired existing at the time of
such acquisition, or the acquisition of any shares of stock, indebtedness or
other obligations of a Subsidiary or a Principal Property subject to any
mortgage, pledge or other lien without the assumption thereof, provided that any
mortgage, pledge or lien referred to in this clause (i) shall attach only to the
shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property so acquired and fixed improvements thereon, (ii) any
mortgage, pledge or other lien on any shares of stock, indebtedness or other
obligations of a Subsidiary or a Principal Property existing on the date that
the Securities are first issued, (iii) any mortgage, pledge or other lien on any
shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property in favor of the Company or any Subsidiary, (iv) any mortgage,
pledge or other lien on a Principal Property being constructed or improved
securing Debt incurred to finance the construction or improvements, (v) any
mortgage, pledge or other lien on shares of stock, indebtedness or other
obligations of a Subsidiary or a Principal Property incurred in connection with
the issuance by a state or political subdivision thereof of any securities the
interest on which is exempt from federal income taxes by virtue of Section 103
of the United States Internal Revenue Code of 1986, as amended, or any other
laws and regulations in effect at the time of such issuance and (vi) any renewal
of or substitution for any mortgage, pledge or other lien permitted by any of
the preceding clauses (i) through (v), provided, in the case of a mortgage,
pledge or other lien permitted under clause (i), (ii) or (iv), the Debt secured
is not increased nor the lien extended to any additional assets.

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

       

      (b)  Notwithstanding
the foregoing paragraph (a), the Company or any Subsidiary may create or assume
liens in addition to those permitted by the foregoing paragraph (a), and renew,
extend or replace such liens, provided that at the time of such creation,
assumption, renewal, extension or replacement, and after giving effect thereto,
Exempted Debt does not exceed 10% of Consolidated Net Tangible
Assets.

       

      SECTION
3.3            Limitation
on Sale Leaseback Transactions. (a)  The Company will not, and will
not permit, any Subsidiary to, sell or transfer, directly or indirectly, except
to the Company or a Subsidiary, a Principal Property as an entirety, or any
substantial portion thereof, with the intention of taking back a lease of all or
part of such property except a lease for a period of three years or less at the
end of which it is intended that the use of such property by the lessee will be
discontinued, provided that, notwithstanding the foregoing, the Company or any
Subsidiary may sell a Principal Property and lease it back for a longer period
(i) if the Company or such Subsidiary would be entitled, pursuant to Section
3.2, to create a mortgage on the property to be leased securing Debt in an
amount equal to the Attributable Debt with respect to the sale and lease-back
transaction without equally and ratably securing the outstanding Securities or
(ii) if (A) the Company promptly informs the Trustee of such transactions, (B)
the net proceeds of such transaction are at least equal to the fair value (as
determined by a Board Resolution) of such property and (C) the Company causes an
amount equal to the net proceeds of the sale to be applied to the retirement
(whether by redemption, cancellation after open-market purchases, or otherwise),
within 120 days after receipt of such proceeds, of Funded Debt having an
outstanding principal amount equal to the net proceeds.

       

      (b)  Notwithstanding
the foregoing paragraph (a), the Company or any Subsidiary may enter into sale
and lease-back transactions in addition to those permitted by the foregoing
paragraph (a), and without any obligation to retire any outstanding Funded Debt,
provided that at the time of entering into such sale and lease-back transactions
and after giving effect thereto, Exempted Debt does not exceed 10% of
Consolidated Net Tangible Assets.

       

      SECTION
3.4           
Maintenance of Office or Agency.  The Company shall maintain in The
City of New York an office or agency where the Securities may be presented or
surrendered for payment, where, if applicable, the Securities may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities and this Indenture may be
served.  The principal corporate trust office (the “Corporate Trust
Office”) of the Trustee located in The City of New York shall be such office or
agency of the Company, unless the Company shall designate and maintain some
other office or agency for one or more of such purposes.  The Company
will give prompt written notice to the Trustee of any change in the location of
any such office or agency.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

       

      
         

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

         

      

       

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

       

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

       

      SECTION
3.6            Statement
by Officers as to Default.  The Company shall deliver to the Trustee
within 10 days after the Company becomes aware of the occurrence of any Event of
Default or an event which, with notice or the lapse of time or both, would
constitute an Event of Default, an Officers’  Certificate setting
forth the details of such Default or Event of Default and the action which the
Company proposes to take with respect thereto.

       

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

       

       

      
        
          
          

        

        
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      ARTICLE
IV

       

      Successor
Company

       

      SECTION
4.1            Merger,
Consolidation or Sale of All or Substantially All Assets of the
Company.  The Company shall not consolidate with or merge into, or
transfer, directly or indirectly, all or substantially all of its assets to
another corporation or other Person unless (a) the resulting, surviving or
transferee corporation or other Person assumes by supplemental indenture all the
obligations of the Company under the Securities and this Indenture, (b)
immediately after giving effect to such transaction, no Event of Default, and no
circumstances that, after notice or lapse of time or both, would become an Event
of Default, shall have happened and be continuing, and (c) the Company shall
have delivered to the Trustee an Officers’  Certificate and an Opinion
of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture comply with this Indenture, and thereafter all such
obligations of the Company shall terminate.

       

      ARTICLE
V

       

      Redemption
of Securities

       

      SECTION
5.1            Optional
Redemption.  The Securities may be redeemed, at the option of the
Company, at any time in whole, or from time to time in part, subject to the
conditions and at the redemption prices specified in the form of Securities set
forth in Exhibit A and Exhibit B hereto, which are hereby incorporated by
reference and made a part of this Indenture, together with accrued and unpaid
interest to the Redemption Date.

       

      SECTION
5.2           
Applicability of Article.  Redemption of Securities at the election of
the Company or otherwise, as permitted by any provision of this Indenture, shall
be made in accordance with such provision and this Article V.

       

      SECTION
5.3            Election
to Redeem; Notice to Trustee.  The election of the Company to redeem
any Securities pursuant to Section 5.1 shall be evidenced by a Board
Resolution.  In case of any redemption at the election of the Company,
the Company shall, upon not later than the earlier of the date that is 30 days
prior to the Redemption Date fixed by the Company or the date on which notice is
given to the Holders (except as provided in Section 5.5 or unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities to be redeemed and
shall deliver to the Trustee such documentation and records as shall enable the
Trustee to select the Securities to be redeemed pursuant to Section
5.4.

       

      SECTION
5.4            Selection
by Trustee of Securities to Be Redeemed.  If less than all the
Securities are to be redeemed at the option of the Company at any time pursuant
to Section 5.1, the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee from the
outstanding Securities not previously called for redemption, in compliance with
the requirements of the principal national securities exchange, if any, on which
such Securities are listed, or, if such Securities are not so listed, then on a
pro rata basis, by lot or by such other method as the Trustee shall deem fair
and appropriate (and in such manner as complies with applicable legal
requirements) and which may provide for the selection for redemption of portions
of the principal of the Securities; provided, however, that (a) Securities and
portions thereof that the Trustee selects shall be in amounts of $1,000 or an
integral multiple of $1,000 and (b) no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than
$1,000.

       

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

       

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

       

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

       

      SECTION
5.5            Notice of
Redemption.  Notice of redemption shall be given in the manner
provided for in Section 10.2 not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed.  The
Trustee shall give notice of redemption in the Company’s name and at the
Company’s expense; provided, however, that the Company shall deliver to the
Trustee, at least 15 days prior to the date on which such notice is to be given,
an Officers’  Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in the
following items.

       

      All
notices of redemption shall state:

       

      (a) the
Redemption Date;

       

      (b) the
redemption price and the amount of accrued interest to the Redemption Date
payable as provided in Section 5.7 if any;

       

      (c) if
less than all outstanding Securities are to be redeemed, the identification of
the particular Securities (or portion thereof) to be redeemed, as well as the
aggregate principal amount of Securities to be redeemed and the aggregate
principal amount of Securities to be outstanding after such partial
redemption;

       

      (d) in
case any Security is to be redeemed in part only, the notice which relates to
such Security shall state that on and after the Redemption Date, upon surrender
of such Security, the Holder will receive, without charge, a new Security or
Securities of authorized denominations for the principal amount thereof
remaining unredeemed;

       

      (e) that
on the Redemption Date the redemption price (and accrued interest, if any, to
the Redemption Date payable as provided in Section 5.7) will become due and
payable upon each such Security, or the portion thereof, to be redeemed, and,
unless the Company defaults in making the redemption payment, that interest on
Securities called for redemption (or the portion thereof) will cease to accrue
on and after said date;

       

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

       

      (f) the
place or places where such Securities are to be surrendered for payment of the
redemption price and accrued interest, if any;

       

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

       

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

       

      (i) the
CUSIP and ISIN numbers, and that no representation is made as to the accuracy or
correctness of the CUSIP and ISIN numbers, if any, listed in such notice or
printed on the Securities; and

       

      (j) the
paragraph of the Securities pursuant to which the Securities are to be
redeemed.

       

      SECTION
5.6            Deposit of
Redemption Price.  Prior to any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in Section 2.4) an
amount of money sufficient to pay the redemption price of, and accrued interest
on, all the Securities which are to be redeemed on that date.

       

      SECTION
5.7            Securities
Payable on Redemption Date.  Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date,
become due and payable at the redemption price therein specified (together with
accrued interest, if any, to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the redemption price and
accrued interest) such Securities shall cease to bear interest.  Upon
surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the redemption price, together
with accrued interest, if any, to the Redemption Date (subject to the rights of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

       

      If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid, bear interest from the Redemption
Date at the rate borne by the Securities.

       

      SECTION
5.8            Securities
Redeemed in Part.  Any Security which is to be redeemed only in part
pursuant to the provisions of this Article V shall be surrendered at the office
or agency of the Company maintained for such purpose pursuant to Section 3.4
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Security at
the expense of the Company, a new Security or Securities, of any authorized
denomination as requested by such Holder, in an aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security
so surrendered, provided that each such new Security will be in a principal
amount of $1,000 or integral multiple thereof.

       

       

      
        
          
          

        

        
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      ARTICLE
VI

       

      Defaults
and Remedies

       

      SECTION
6.1            Events of
Default.  An “Event of Default” occurs if:

       

      (a) the
Company defaults in any payment of interest or additional interest (as required
by the Exchange and Registration Rights Agreement) on any Security when the same
becomes due and payable, and such default continues for a period of 30
days;

       

      (b) the
Company defaults in the payment of the principal on any Security when the same
becomes due and payable at its Stated Maturity, upon optional redemption, upon
declaration or otherwise;

       

      (c) the
Company defaults in the performance of or breaches any covenant or agreement in
this Indenture or under the Securities, other than those referred to in
paragraph (a) or (b) above, and such default continues for 30 days after written
notice (which notice must specify the default, demand that it be remedied and
state that the notice is a “Notice of Default”) from the Trustee or the Holders
of at least 25% in principal amount of the outstanding Securities;

       

      (d) the
Company or any of its Subsidiaries fails to pay, in accordance with its terms
and when payable, any of the principal, interest or additional amounts, if any,
on any Debt (including the Securities, other than the Securities, if any, with
respect to which the failure to pay principal, interest or additional interest
is also an Event of Default under Section 6.1(a), 6.1(b) or both) having, in the
aggregate, a then-outstanding principal amount in excess of $50,000,000, at the
later of final maturity or the expiration of any applicable grace period or (ii)
the maturity of Debt in an aggregate principal amount in excess of $50,000,000
is accelerated, if such acceleration results from a default under the instrument
giving rise to or securing such Debt;

       

      (e) the
Company pursuant to or within the meaning of any Bankruptcy Law (as defined
below):

       

      (i)
commences a voluntary case;

       

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

       

      (iii)
consents to the appointment of a Custodian (as defined below) of it or for any
substantial part of its property; or

       

       

      
        
          
          

        

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

       

      or

       

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

       

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

       

      (ii)
appoints a Custodian of the Company for all or substantially all of the
Company’s property; or

       

      (iii)
orders the winding up or liquidation of the Company; and in each case the order
or decree remains unstayed and in effect for 60 days.

       

      The
foregoing will constitute Events of Default whatever the reason for any such
Event of Default and whether it is voluntary or involuntary or is 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.

       

      The term
“Bankruptcy Law” means Title 11, United States Code, or any similar federal or
state law for the relief of debtors.  The term “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any
Bankruptcy Law.

       

      SECTION
6.2           
Acceleration.  If an Event of Default described in clauses (a), (b),
(c) and (d) of Section 6.1 occurs and is continuing, the Trustee, or the Holders
of at least 25% in outstanding principal amount of the Securities, by notice to
the Company, may, and the Trustee at the written request of such Holders shall,
declare the principal of and accrued and unpaid interest, if any, on all the
Securities to be due and payable.  Upon such a declaration, such
principal and accrued and unpaid interest shall be immediately due and
payable.  If an Event of Default described in clauses (e) and (f)
above occurs and is continuing, the principal of and accrued and unpaid interest
on all the Securities will become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders.

       

      SECTION
6.3            Other
Remedies.  If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of
or interest on the Securities or to enforce the performance of any provision of
the Securities or this Indenture.

       

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

       

       

      
        
          
          

        

        
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      SECTION
6.4            Waiver of
Past Defaults.  The Holders of a majority in principal amount of the
outstanding Securities by notice to the Trustee may (a) waive, by their consent
(including, without limitation consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities), an existing Default or
Event of Default and its consequences except (i) a Default or Event of Default
in the payment of the principal of or interest on a Security or (ii) a Default
or Event of Default in respect of a provision that under Section 9.2 cannot be
amended without the consent of each Securityholder affected and (b) rescind any
such acceleration with respect to the Securities and its consequences if (i)
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction and (ii) all existing Events of Default, other than the
nonpayment of the principal of and interest on the Securities that have become
due solely by such declaration of acceleration, have been cured or
waived.  When a Default or Event of Default is waived, it is deemed
cured, but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any consequent right.

       

      SECTION
6.5            Control by
Majority.  The Holders of a majority in principal amount of the
outstanding Securities may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee.  However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture or, subject to
Section 7.1 and Section 7.2, that the Trustee determines is unduly prejudicial
to the rights of other Securityholders or would involve the Trustee in personal
liability; provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such
direction.  Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action.

       

      SECTION
6.6            Limitation
on Suits.  Subject to Section 6.7, a Securityholder may not pursue any
remedy with respect to this Indenture or the Securities unless:

       

      (a) the
Holder gives to the Trustee written notice stating that an Event of Default is
continuing;

       

      (b) the
Holders of at least 25% in outstanding principal amount of the Securities make a
request to the Trustee to pursue the remedy;

       

      (c) such
Holder or Holders offer to the Trustee commercially reasonable security or
indemnity satisfactory to the Trustee against any loss, liability or
expense;

       

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

       

      (e) the
Holders of a majority in principal amount of the Securities do not give the
Trustee a direction that, in the opinion of the Trustee, is inconsistent with
such request during such 60-day period.

       

       

      
        
          
          

        

        
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      A
Securityholder may not use this Indenture to prejudice the rights of another
Securityholder or to obtain a preference or priority over another
Securityholder, it being understood and intended that no one or more of such
Securityholders will have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb, or prejudice
the rights of any other of such Securityholders (it being understood that the
Trustee does not have an affirmative duty to ascertain whether or not such
actions or forbearances are unduly prejudicial to such
Securityholders).

       

      SECTION
6.7            Rights of
Holders to Receive Payment.  Notwithstanding any other provision of
this Indenture (including, without limitation, Section 6.6), the right of any
Holder to receive payment of principal of or interest on the Securities held by
such Holder, on or after the respective due dates expressed in the Securities,
or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such
Holder.

       

      SECTION
6.8            Collection
Suit by Trustee.  If an Event of Default specified in Section 6.1(a)
or (b) occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company for the whole amount
then due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 7.7.

       

      SECTION
6.9            Trustee
May File Proofs of Claim.  The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Securityholders allowed in any judicial proceedings relative to the Company,
its Subsidiaries or its or their respective creditors or properties and may vote
on behalf of the Holders in any election of a trustee in bankruptcy or other
Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section
7.7.

       

      SECTION
6.10         
 Priorities.  If the Trustee collects any money or property
pursuant to this Article VI, it shall pay out the money or property in the
following order:

       

      FIRST:  to
the Trustee for amounts due under Section 7.7;

       

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

       

      THIRD:  to
the Company.

       

       

      
        
          
          

        

        
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      The
Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10.  At least 15 days
before such record date, the Company shall mail to each Securityholder and the
Trustee a notice that states the record date, the payment date and amount to be
paid.

       

      SECTION
6.11          Undertaking for
Costs.  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by
the party litigant.  This Section 6.11 does not apply to a suit by the
Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.7 or a
suit by Holders of more than 10% in outstanding principal amount of the
Securities.

       

      ARTICLE
VII

       

      Trustee

       

      SECTION
7.1            Duties of
Trustee.  (a)  If an Event of Default has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in its exercise as a
prudent Person would exercise or use under the circumstances in the conduct of
such Person’s own affairs, provided that if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the
rights or powers under this Indenture at the request or direction of any of the
Holders unless such Holders have offered to the Trustee commercially reasonable
indemnity or security satisfactory to it against any loss, liability or expense
(other than as provided in clause (c) below).

       

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

       

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

       

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

       

       

      
        
          
          

        

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

       

      (i) this
paragraph does not limit the effect of paragraph (b) of this Section
7.1;

       

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

       

      (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section
6.5.

       

      (d)  Every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.1.

       

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

       

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

       

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

       

      (h)  Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section 7.1 and to the provisions of the TIA.

       

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

       

      (j)  The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
unless such Holders shall have offered to the Trustee commercially reasonable
security or indemnity satisfactory to it against any loss, liability or expense
(including reasonable attorneys’  fees and expenses) that might be
incurred by it in compliance with such request or direction.

       

      SECTION
7.2            Rights of
Trustee.  Subject to Section 7.1,

       

      (a)  The
Trustee may conclusively rely on any document (whether in its original or
facsimile form) reasonably believed by it to be genuine and to have been signed
or presented by the proper Person.  The Trustee need not investigate
any fact or matter stated in the document.

       

       

      
        
          
          

        

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

       

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

       

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

       

      (e)  The
Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the
Securities shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such
counsel.

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      SECTION
7.3            Individual
Rights of Trustee.  The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.  Any Paying Agent, Registrar, co-registrar or co-paying
agent may do the same with like rights.  However, the Trustee must
comply with Section 7.10 and Section 7.11.  In addition, the Trustee
shall be permitted to engage in transactions with the Company; provided,
however, that if the Trustee acquires any conflicting interest the Trustee must
(a) eliminate such conflict within 90 days of acquiring such conflicting
interest, (b) apply to the SEC for permission to continue acting as Trustee or
(c) resign.

       

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

       

      SECTION
7.5            Notice of
Defaults.  If a Default or Event of Default occurs and is continuing
and if a Trust Officer has actual knowledge thereof, the Trustee shall mail to
each Securityholder at the address set forth in the Note Register notice of the
Default or Event of Default within 90 days after it occurs.  Except in
the case of a Default or Event of Default in payment of principal of or interest
on any Security (including payments pursuant to the optional redemption
provisions of such Security), the Trustee may withhold the notice if and so long
as its Board of Directors, a committee of its Board of Directors or a committee
of its Trust Officers in good faith determines that withholding the notice is in
the interests of Securityholders.

       

      SECTION
7.6            Reports by
Trustee to Holders.  As promptly as practicable after each May 15
beginning with the May 15 following the date of this Indenture, and in any event
prior to July 15 in each year, the Trustee shall mail to each Securityholder a
brief report dated as of such May 15 that complies with TIA section 313(a) if
such report is required by such section.  The Trustee also shall
comply with TIA section 313(b).  The Trustee shall also transmit by
mail all reports required by TIA section 313(c).

       

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

       

      SECTION
7.7           
Compensation and Indemnity.  The Company shall pay to the Trustee from
time to time such compensation for its acceptance of this Indenture and services
hereunder as the Company and the Trustee shall from time to time agree in
writing.  The Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust.  The Company shall
reimburse the Trustee upon request for all reasonable out-of- pocket expenses
incurred or made by it, including costs of collection, costs of preparing and
reviewing reports, certificates and other documents, costs of preparation and
mailing of notices to Securityholders and reasonable costs of counsel retained
by Trustee in connection with the delivery of an Opinion of Counsel or
otherwise, in addition to the compensation for its services.  Such
expenses shall include the reasonable compensation and expenses, disbursements
and advances of the Trustee’s agents, counsel, accountants and
experts.  The Company shall indemnify the Trustee against any and all
loss, liability, damages, claims or expense (including reasonable attorneys’
fees and expenses) incurred by it without negligence or bad faith on its part in
connection with the acceptance or administration of this trust and the
performance of its duties hereunder, including the costs and expenses of
enforcing this Indenture (including this Section 7.7) and of defending itself
against any claims (whether asserted by any Securityholder, the Company or
otherwise).  The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity.  Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations
hereunder.  The Company shall defend the claim and the Trustee shall
provide reasonable cooperation in the defense.  The Trustee may have
separate counsel and the Company shall pay the fees and expenses of such
counsel, provided that the Company shall not be required to pay such fees and
expenses if it assumes the Trustee’s defense, and, in the reasonable judgment of
counsel to the Trustee, there is no conflict of interest between the Company and
the Trustee in connection with such defense.  The Company need not
reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee’s own willful misconduct, negligence
or bad faith.

       

       

      
        
          
          

        

        
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      To secure
the Company’s payment obligations in this Section 7.7 the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the
Trustee, other than money or property held in trust to pay principal of and
interest on particular Securities.  The Trustee’s right to receive
payment of any amounts due under this Section 7.7 shall not be subordinate to
any other liability or Debt of the Company.

       

      The
Company’s payment obligations pursuant to this Section 7.7 shall survive the
discharge of this Indenture.  When the Trustee incurs expenses after
the occurrence of a Default specified in Section 6.1(e) or (f) with respect to
the Company, the expenses are intended to constitute expenses of administration
under any Bankruptcy Law.

       

      SECTION
7.8           
Replacement of Trustee.  The Trustee may resign at any time by so
notifying the Company.  The Holders of a majority in principal amount
of the Securities may remove the Trustee by so notifying the Trustee and may
appoint a successor Trustee.  The Company shall remove the Trustee
if:

       

      (a) the
Trustee fails to comply with Section 7.10;

       

      (b) the
Trustee is adjudged bankrupt or insolvent;

       

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

       

      (d) the
Trustee otherwise becomes incapable of acting.

       

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

       

       

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

       

       

      A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture.  The successor Trustee shall mail a notice of its
succession to Securityholders.  The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to
the lien provided for in Section 7.7.

       

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

       

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

       

      Notwithstanding
the replacement of the Trustee pursuant to this Section 7.8, the Company’s
obligations under Section 7.7 shall continue for the benefit of the retiring
Trustee.

       

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

       

      In case
at the time such successor or successors by merger, conversion or consolidation
to the Trustee shall succeed to the trusts created by this Indenture, any of the
Securities shall have been authenticated but not delivered, any such successor
to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Securities so authenticated; and in case at that time
any of the Securities shall not have been authenticated, any successor to the
Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee, provided that the
right to adopt the certificate of authentication of any predecessor Trustee or
authenticate Securities in the name of any predecessor Trustee shall only apply
to its successor or successors by merger, consolidation or
conversion.

       

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

       

       

      
        
          
          

        

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

       

      ARTICLE
VIII

       

      Satisfaction
and Discharge of Indenture

       

      SECTION
8.1            Option To
Effect Legal Defeasance or Covenant Defeasance.  The Company may, at
the option of its Board of Directors evidenced by a Board Resolution, at any
time, elect to have either Section 8.2 or Section 8.3 be applied to all
outstanding Securities upon compliance with the conditions set forth below in
this Article VIII.

       

      SECTION
8.2            Legal
Defeasance and Discharge.  Upon the Company’s exercise under Section
8.1 of the option applicable to this Section 8.2, the Company shall be deemed to
have been discharged from its obligations under this Indenture with respect to
all outstanding Securities on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”).  For this purpose, such
Legal Defeasance means that the Company shall be deemed to have paid and
discharged all the obligations relating to the outstanding Securities and such
Securities shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.6 and Section 8.8, and to have satisfied all of its other
obligations under such Securities and this Indenture and cured all then existing
Events of Default with respect to such Securities (and the Trustee, on demand of
and at the expense of the Company shall execute proper instruments acknowledging
the same), except for the following which shall survive until otherwise
terminated or discharged hereunder:  (a) the rights of Holders of
outstanding Securities to receive payments in respect of the principal and
accrued interest on such Securities when such payments are due or on the
Redemption Date solely out of the trust created pursuant to this Indenture; (b)
the rights, powers, trusts, duties and immunities of the Trustee, and the
Company’s obligations in connection therewith; and (c) this Article VIII and the
obligations set forth in Section 8.6 hereof.

       

      SECTION
8.3            Covenant
Defeasance.  Upon the Company’s exercise under Section 8.1 of the
option applicable to this Section 8.3, the Company shall be released from any
obligations under the covenants contained in Section 3.2 and Section 3.3 hereof
with respect to the outstanding Securities on and after the date the conditions
set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the
Securities shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Securities shall not be deemed outstanding for accounting
purposes).  For this purpose, such Covenant Defeasance means that,
with respect to the outstanding Securities, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in
any such covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a Default or Event of Default with
respect to the Securities under Section 6.1(c), nor shall any event referred to
in Section 6.1(d) thereafter constitute a Default or Event of Default with
respect to the Securities, but, except as specified above, the remainder of this
Indenture and such Securities shall be unaffected thereby.

       

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

       

       

      SECTION
8.4            Conditions
to Legal or Covenant Defeasance.  The following shall be the
conditions to the application of either Section 8.2 or Section 8.3 to the
outstanding Securities:

       

      (a) in
the case of Legal Defeasance, either (i) all Securities theretofore
authenticated and delivered under the Indenture must have been delivered to the
Trustee for cancellation or (ii) the Company must irrevocably deposit, or cause
to be irrevocably deposited, with the Trustee, in trust, for the benefit of the
Holders, cash in U.S. dollars, non-callable U.S. Government Securities or a
combination thereof in such amounts (and, in the case of U.S. Government
Securities, together with the predetermined and certain income to accrue
thereon, without consideration of any reinvestment thereof) as will be
sufficient to pay the principal of and accrued interest due on the outstanding
Securities on the Stated Maturity date or on the applicable Redemption Date, as
the case may be, of such principal of and accrued interest on the outstanding
Securities;

       

      (b) in
the case of Covenant Defeasance, the Company must irrevocably deposit, or cause
to be irrevocably deposited, with the Trustee, in trust, for the benefit of the
Holders, cash in U.S. dollars, non-callable U.S. Government Securities or a
combination thereof in such amounts (and, in the case of U.S. Government
Securities, together with the predetermined and certain income to accrue
thereon, without consideration of any reinvestment thereof) as will be
sufficient to pay the principal of and accrued interest due on the outstanding
Securities on the Stated Maturity date or on the applicable Redemption Date, as
the case may be, of such principal of and accrued interest on the outstanding
Securities;

       

      (c) in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject
to customary assumptions and exclusions, (i) the Company has received from, or
there has been published by, the U.S.  Internal Revenue Service a
ruling or (ii) since the Issue Date, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the Holders will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Legal Defeasance had not
occurred;

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

       

       

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

       

      (e) such
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under any material agreement or instrument to which the Company is a
party or by which the Company is bound;

       

      (f) in
the case of Legal Defeasance, 91 days shall have passed during which no Event of
Default under Section 6.1(e) or Section 6.1(f) has occurred;

       

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

       

      (h) the
Company shall have delivered to the Trustee a certificate from a nationally
recognized firm of independent accountants expressing their opinion that the
payments of principal and accrued interest when due and without reinvestment on
the deposited U.S.  Government Securities plus any deposited money
without investment will provide cash at such times and in such amounts as will
be sufficient to pay principal and accrued interest when due on all the
Securities to maturity.

       

      SECTION
8.5           
Satisfaction and Discharge of Indenture.  This Indenture will be
discharged with respect of the Securities and will cease to be of further effect
as to all Securities issued thereunder, when either (a) all such Securities
theretofore authenticated and delivered (except lost, stolen or destroyed
Securities which have been replaced or paid and Securities for whose payment
money has theretofore been deposited in trust and thereafter repaid to the
Company) have been delivered to the Trustee for cancellation; or (b)(i) all such
Securities not theretofore delivered to the Trustee for cancellation have become
due and payable by reason of the mailing of a notice of redemption or otherwise
or will become due and payable within one year and the Company has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an
amount of money in U.S. dollars or U.S. Government Securities or any combination
thereof sufficient to pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for cancellation for
principal and accrued and unpaid interest to the date of maturity or redemption;
(ii) no Default with respect to the Securities shall have occurred within 91
days of such deposit or shall occur as a result of such deposit and such deposit
will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company is a party or by which it is bound; (iii)
the Company has paid or caused to be paid all sums payable by it with respect to
the Securities under this Indenture; and (iv) the Company has delivered
irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of such Securities at maturity or the
Redemption Date, as the case may be.  In addition, with respect to
clause (b) of the preceding sentence, the Company shall have delivered to the
Trustee an Officers’  Certificate and an Opinion of Counsel, stating
that all conditions precedent specified herein relating to the satisfaction and
discharge of this Indenture have been complied with.

       

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

       

       

      SECTION
8.6            Survival
of Certain Obligations.  Notwithstanding the satisfaction and
discharge of this Indenture referred to in Section 8.1, Section 8.2, Section
8.3, Section 8.4 or Section 8.5, the respective obligations of the Company and
the Trustee under Section 2.2, Section 2.3, Section 2.4, Section 2.5, Section
2.6, Section 2.9, Section 2.10, Section 2.11, Section 2.12, Section 3.4, Section
3.5, Section 3.6, Section 3.7, Section 6.7, Section 7.7, Section 7.8 and this
Article VIII shall survive until the Securities are no longer
outstanding.  Nothing contained in this Article VIII shall abrogate
any of the obligations or duties of the Trustee under this
Indenture.

       

      SECTION
8.7           
Acknowledgment of Discharge by Trustee.  Subject to Section 8.10,
after (a) the conditions of Section 8.4 or Section 8.5 have been satisfied, (b)
the Company has paid or caused to be paid all other sums payable hereunder by
the Company and (c) the Company has delivered to the Trustee an
Officers’  Certificate and an Opinion of Counsel, each stating that
all conditions precedent referred to in clause (a) above relating to the
satisfaction and discharge of this Indenture have been complied with, the
Trustee upon written request shall acknowledge in writing the discharge of all
of the Company’s obligations under this Indenture except for those surviving
obligations specified in this Article VIII.

       

      SECTION
8.8           
Application of Trust Moneys.  All cash in U.S. dollars and
U.S.  Government Securities deposited with the Trustee pursuant to
Section 8.4 or Section 8.5 shall be held in trust and applied by the Trustee, in
accordance with the provisions of this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders, of all sums due and
to become due thereon for principal and accrued interest but such money need not
be segregated from other funds except to the extent required by
law.  The Holder of any Security replaced pursuant to Section 2.9
shall not be entitled to any such payment and shall look only to the Company for
any payment which such Holder may be entitled to collect.  In
connection with the satisfaction and discharge of this Indenture or the
defeasance of certain obligations under this Indenture, the Company may direct
the Trustee to (a) invest any money received by the Trustee in the U.S.
Government Securities deposited in trust in additional
U.S.  Government Securities, and (b) deliver or pay to the Company
from time to time upon the request of the Company any money or U.S. Government
Securities held by it, which, as evidenced by a certificate from a nationally
recognized firm of independent accountants, are in excess of the amount thereof
which would then have been required to be deposited for the purpose for which
such money or U.S.  Government Securities were deposited or
received.

       

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

       

      The
Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S.  Government Securities
deposited pursuant to Section 8.4 or Section 8.5 or the principal or interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders.

       

      SECTION
8.9            Repayment
to the Company; Unclaimed Money.  The Trustee and any Paying Agent
shall promptly pay or return to the Company upon written request any cash or
U.S.  Government Securities held by them at any time that are not
required for the payment of the principal and interest on the Securities for
which cash or U.S. Government Securities have been deposited pursuant to Section
8.4 or Section 8.5.

       

      SECTION
8.10         
Reinstatement.  If the Trustee or Paying Agent is unable to apply any
cash or U.S.  Government Securities in accordance with Section 8.2,
Section 8.3, Section 8.4 or Section 8.5 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.2, Section
8.3, Section 8.4 or Section 8.5 until such time as the Trustee or Paying Agent
is permitted to apply all such cash or U.S. Government Securities in accordance
with Section 8.2, Section 8.3, Section 8.4 or Section 8.5; provided, however,
that if the Company has made any payment of principal of or interest on any
Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such
payment from the money or U.S.  Government Securities held by the
Trustee or Paying Agent.

       

      ARTICLE
IX

       

      Amendments

       

      SECTION
9.1            Without
Consent of Holders.  The Company and the Trustee may amend this
Indenture or the Securities without notice to or consent of any
Securityholder:

       

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

       

      (b) to
comply with Article IV in respect of the assumption by a Successor Company of an
obligation of the Company under this Indenture;

       

      (c) to
add guarantees with respect to the Securities;

       

      (d) to
secure the Securities;

       

      (e) to
add to the covenants of the Company for the benefit of the Holders or to
surrender any right or power herein conferred upon the Company;

       

      (f) to
make any change that does not adversely affect the rights of any Securityholder;
or

       

       

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

       

       

      (g) to
comply with any requirement of the SEC in connection with the qualification of
this Indenture under the TIA.

       

      After an
amendment under this Section 9.1 becomes effective, the Company shall mail to
Securityholders a notice briefly describing such amendment.  The
failure to give such notice to all Securityholders at the address set forth in
the Note Register, or any defect therein, shall not impair or affect the
validity of an amendment under this Section 9.1.

       

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

       

      (a)
reduce the amount of Securities whose Holders must consent to an
amendment;

       

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

       

      (c)
reduce the principal of or extend the Stated Maturity of any
Security;

       

      (d)
reduce the premium payable upon the redemption of any Security or change the
time at which any Security may or shall be redeemed as described above under
Article V or any similar provision, whether through an amendment to or waiver of
Article V, a definition or otherwise;

       

      (e) make
any Security payable in money other than that stated in the
Security;

       

      (f)
impair the right of any Holder to receive payment of principal of and interest
on such Holder’s Securities on or after the due dates therefor or to institute
suit for the enforcement of any payment on or with respect to such Holder’s
Securities; or

       

      (g) make
any change to the amendment provisions which require each Holder’s consent or
the waiver provisions in Section 6.4 which require each Holder’s
consent.

       

      It shall
not be necessary for the consent of the Holders under this Section 9.2 to
approve the particular form of any proposed amendment, but it shall be
sufficient if such consent approves the substance thereof.

       

      After an
amendment under this Section 9.2 becomes effective, the Company shall mail to
Securityholders a notice briefly describing such amendment.  The
failure to give such notice to all Securityholders, or any defect therein, shall
not impair or affect the validity of an amendment under this Section
9.2.

       

       

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

       

       

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

       

      SECTION
9.4            Revocation
and Effect of Consents and Waivers.  A consent to an amendment or a
waiver by a Holder of a Security shall bind the Holder and every subsequent
Holder of that Security or portion of the Security that evidences the same debt
as the consenting Holder’s Security, even if notation of the consent or waiver
is not made on the Security.  However, any such Holder or subsequent
Holder may revoke the consent or waiver as to such Holder’s Security or portion
of the Security if the Trustee receives the notice of revocation before the date
the amendment or waiver becomes effective or otherwise in accordance with any
related solicitation documents.  After an amendment or waiver becomes
effective, it shall bind every Securityholder.  An amendment or waiver
shall become effective upon receipt by the Trustee of the requisite number of
written consents under Section 9.1 or Section 9.2 as applicable.

       

      The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Securityholders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Securityholders at such
record date (or their duly designated proxies), and only those Persons, shall be
entitled to give such consent or to revoke any consent previously given or to
take any such action, whether or not such Persons continue to be Holders after
such record date.  No such consent or action shall be valid or
effective if given or taken more than 120 days after such record
date.

       

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

       

      SECTION
9.6            Trustee To
Sign Amendments.  The Trustee shall sign any amendment authorized
pursuant to this Article IX if the amendment does not adversely affect the
rights, duties, liabilities or immunities of the Trustee.  If it does,
the Trustee may but need not sign it.  In signing such amendment the
Trustee shall receive indemnity reasonably satisfactory to it and receive, and
(subject to Section 7.1 and Section 7.2) shall be fully protected in relying
upon, an Officers’  Certificate and an Opinion of Counsel stating that
such amendment is authorized or permitted by this Indenture and that such
amendment is the legal, valid and binding obligation of the Company, enforceable
against it in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof (including Section 9.3).

       

       

      
        
          
          

        

        
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      ARTICLE
X

       

      Miscellaneous

       

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

       

      SECTION
10.2         
Notices.  Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as
follows:

       

      if to the
Company:

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21286

      Attention:  Treasurer

       

      with
copies to:

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21286

      Attention:  General
Counsel

       

      Miles
& Stockbridge, P.C.

      10 Light
Street

      Baltimore,
Maryland 21202

      Attention:  J.W.
Thompson Webb, Esq.

       

      if to the
Trustee:

       

      The Bank
of New York

      101
Barclay Street, 8W

      New York,
New York 10286

      Attention:  Corporate
Trust Administration

       

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

       

      Any
notice or communication mailed to a registered Securityholder shall be mailed by
first-class mail to the Securityholder at the Securityholder’s address as it
appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed.

       

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

       

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

       

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

       

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

       

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

       

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

       

      SECTION
10.5          Statements Required
in Certificate or Opinion.  Each certificate or opinion with respect
to compliance with a covenant or condition provided for in this Indenture shall
include:

       

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

       

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

       

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

       

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

       

      In giving
such Opinion of Counsel, counsel may rely as to factual matters on an Officers’
Certificate or on certificates of public officials.

       

      SECTION
10.6          When Securities
Disregarded.  In determining whether the Holders of the required
principal amount of Securities have concurred in any direction, waiver or
consent, Securities owned by the Company or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Company shall be disregarded and deemed not to be outstanding, except that, for
the purpose of determining whether the Trustee shall be protected in relying on
any such direction, waiver or consent, only Securities which a Trust Officer of
the Trustee actually knows are so owned shall be so
disregarded.  Also, subject to the foregoing, only Securities
outstanding at the time shall be considered in any such
determination.

       

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

       

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

       

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

       

      SECTION
10.9          GOVERNING LAW; WAIVER
OF JURY TRIAL.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

       

      SECTION
10.10        No Recourse Against
Others.  An incorporator, director, officer, employee, Affiliate or
stockholder of the Company, solely by reason of this status, shall not have any
liability for any obligations of the Company under the Securities or this
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  By accepting a Security, each
Securityholder shall waive and release all such liability.  The waiver
and release shall be part of the consideration for the issue of the
Securities.

       

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

       

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

       

      SECTION
10.13        Variable
Provisions.  The Company initially appoints the Trustee as Paying
Agent and Registrar and custodian with respect to any Global
Securities.

       

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

       

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

       

       

      SECTION
10.15        Force Majeure.  In no
event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation strikes,
work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable
efforts that are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

       

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

       

      
        
           

          
            
              	 	THE
      BLACK & DECKER CORPORATION	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/
      Michael D. Mangan	 
	 	 	Michael
      D. Mangan	 
	 	 	Senior
      Vice President and Chief Financial Officer	 
	 	 	 	 

            

          

           

          
             

            
              
                	 	THE
      BANK OF NEW YORK, as Trustee	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/
      Geovanni Barris	 
	 	 	Geovanni
      Barris	 
	 	 	Vice
      President	 
	 	 	 	 

              

            

             

          

        

      

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
A

       

      [FORM OF
FACE OF INITIAL SECURITY AND ADDITIONAL SECURITY]

       

      [Applicable
Restricted Securities Legend]

       

      [Depository
Legend, if applicable]

       

      
        	
                No.
      ___

              	
                Principal
      Amount $__________, as revised by the Schedule of Increases and Decreases
      in Global Security attached hereto

              
	 	 
	 
      	
                CUSIP
      NO. ____________

              
	 	 
	 
      	
                          
      ISIN: ____________

              

      

      

      4 3/4%
Senior Notes Due 2014

       

      The Black
& Decker Corporation, a Maryland corporation, promises to pay to __________,
or registered assigns, the principal sum of _______________ Dollars, as revised
by the Schedule of Increases and Decreases in Global Security attached hereto,
on November 1, 2014.

       

      Interest
Payment Dates:  May 1 and November 1

      Record
Dates:  April 15 and October 15

       

      Additional
provisions of this Security are set forth on the other side of this
Security.

       

      

      
        	
                THE
      BLACK & DECKER CORPORATION

              
	 
	 
      
	
                By:

              	 
      

      

      

      

      
        	
                TRUSTEE’S
      CERTIFICATE OF

                    
      AUTHENTICATION

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                The
      Bank of New York,

                as
      Trustee, certifies that this

                is
      one of the Securities referred

                to
      in the Indenture.

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                By

              	 
      	 
      	 
      	 
      
	 
      	
                Authorized
      Signatory

              	 
      	
                Date:  October
      __, 2004

              	 
      

      

       

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      

      [FORM OF
REVERSE SIDE OF INITIAL SECURITY AND ADDITIONAL SECURITY]

       

      4 3/4%
Senior Note Due 2014

       

      1.  Interest

       

      The Black
& Decker Corporation, a Maryland corporation (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being herein
called the “Company”), promises to pay interest on the principal amount of this
Security at the rate per annum shown above.

       

      The
Company will pay interest semiannually on May 1 and November 1 of each year
commencing May 1, 2005.  Interest on the Securities will accrue from
the most recent date to which interest has been paid on the Securities or, if no
interest has been paid, from October 18, 2004. The Company shall pay interest on
overdue principal or premium, if any (plus interest on such interest to the
extent lawful), at the rate borne by the Securities to the extent
lawful.  Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

       

      If (i)
the Registered Exchange Offer is not consummated, or the Shelf Registration
Statement, if required, is not declared effective, on or prior to 210 days after
the Issue Date or (ii) the Shelf Registration Statement is filed and declared
effective within 210 days after the Issue Date but shall thereafter cease to be
effective (at any time that the Company is obligated to maintain the
effectiveness thereof) without being succeeded within 30 days by an additional
Registration Statement filed and declared effective (each such event referred to
in clauses (i) and (ii), a “Registration Default”), the annual interest rate
borne by this Security shall be increased by 0.25% from the rate shown above
during the period of one or more such Registration Defaults until (a) the
Registered Exchange Offer is consummated or (b) the Shelf Registration Statement
is declared effective or again becomes effective, as the case may
be.  Following the cure of all Registration Defaults, the accrual of
additional interest will cease.  Capitalized terms used in this
paragraph, but not otherwise defined herein shall have the meanings ascribed to
such terms in the Exchange and Registration Rights Agreement, dated as of
October 18, 2004 (the “Registration Rights Agreement”), among the Company, J.P.
Morgan Securities Inc., Banc of America Securities LLC, Citigroup Global Markets
Inc. and the other Initial Purchasers named therein.  The Holder of
this Security is entitled to the benefits of the Registration Rights
Agreement.

       

      2.  Method
of Payment

       

      By at
least 10:00 a.m.  (New York City time) on the date on which any
principal of or interest on any Security is due and payable, the Company shall
deposit with the Trustee or the Paying Agent money sufficient to pay such
principal, premium, if any, and/or interest when due.  The Company
will pay interest (except Defaulted Interest) to the Persons who are registered
Holders of Securities at the close of business on April 15 or October 15 next
preceding the interest payment date even if Securities are cancelled,
repurchased or redeemed after the record date and on or before the interest
payment date.  Holders must surrender Securities to a Paying Agent to
collect principal payments.  The Company will pay principal and
interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts.  Except as described
in the succeeding two sentences, the principal of, premium, if any, and interest
on the Securities shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section
2.3 of the Indenture; provided, however, that, at the option of the Company,
each installment of interest may be paid by check mailed to addresses of the
Persons entitled thereto as such addresses shall appear on the Note
Register.  Payments in respect of Securities represented by a Global
Security (including principal, premium, if any, and interest) will be made by
wire transfer of immediately available funds to the accounts specified by The
Depository Trust Company.  Payments in respect of Securities
represented by Definitive Securities (including principal, premium, if any, and
interest) held by a Holder of at least $1,000,000 aggregate principal amount of
Securities represented by Definitive Securities will be made by wire transfer to
a U.S.  dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its
discretion).

       

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

       

      3.  Paying
Agent and Registrar

       

      Initially,
The Bank of New York (the “Trustee”), will act as Trustee, Paying Agent and
Registrar.  The Company may appoint and change any Paying Agent,
Registrar or co-registrar without notice to any Securityholder.  The
Company or any of its Subsidiaries may act as Paying Agent, Registrar or
co-registrar.

       

      4.  Indenture

       

      The
Company issued the Securities under an Indenture dated as of October 18, 2004
(as it may be amended or supplemented from time to time in accordance with the
terms thereof, the “Indenture”), between the Company and the
Trustee.  The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C.  ss.ss.  77aaa-77bbbb) as
in effect on the date of the Indenture (the “Act”).  Capitalized terms
used herein and not defined herein have the meanings ascribed thereto in the
Indenture.  The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the Act for a statement of
those terms.  In the event of any inconsistency between the terms of
this Security and the terms of the Indenture, the terms of the Indenture shall
control.

       

      The
Securities are general unsecured senior obligations of the Company, including
(a)  $300,000,000 aggregate principal amount of Securities being
offered on the Issue Date (subject to Section 2.9 of the Indenture) and (b) any
Additional Securities.  This Security is one of the Securities
referred to in the Indenture.  The Initial Securities, Additional
Securities and Exchange Securities will be treated as a single class of
securities under the Indenture.  The Indenture imposes certain
limitations on, among other things: the incurrence of certain liens and
sale-leaseback transactions by the Company or its Subsidiaries and
consolidations, mergers and sales of assets of the Company.

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

       

       

      5.  Redemption

       

      The
Securities will be redeemable, in whole or in part, at any time, at the option
of the Company, upon not less than 30 and not more than 60 days prior notice
mailed by first-class mail to each Holder of Securities to be so redeemed at
such Holder’s registered address, at a redemption price equal to the greater
of

       

      
        	
                 
      

              	
                o

              	
                100%
      of the principal amount of the Securities to be redeemed;
    or

              

      

       

      
        	
                 
      

              	
                o

              	
                the
      sum of the present values of the remaining scheduled payments of principal
      of and interest on the Securities to be redeemed, exclusive of interest
      accrued to the redemption date, discounted to the redemption date on a
      semiannual basis (assuming a 360-day year consisting of twelve 30-day
      months) at the Adjusted Treasury Rate (as defined below), plus 15 basis
      points as calculated by an Independent Investment
  Banker;

              

      

       

      plus, in
either case, accrued and unpaid interest on the principal amount of the
Securities to be redeemed to the redemption date.

       

      For
purposes of determining the optional redemption price, the following definitions
are applicable:

       

      “Adjusted
Treasury Rate” means, with respect to any redemption date for the
Securities,

       

      
        	
                 
      

              	
                o

              	
                the
      yield, under the heading that represents the average for the immediately
      preceding week, appearing in the most recently published statistical
      release designated “H.15(519)” or any successor publication that is
      published weekly by the Board of Governors of the Federal Reserve System
      and that establishes yields on actively traded U.S. Treasury securities
      adjusted to constant maturity under the caption “Treasury Constant
      Maturities,” for the maturity corresponding to the Comparable Treasury
      Issue (if no maturity is within three months before or after the
      applicable maturity date, yields for the two published maturities most
      closely corresponding to the Comparable Treasury Issue shall be determined
      and the Adjusted Treasury Rate shall be interpolated or extrapolated from
      such yields on a straight line basis, rounding to the nearest month);
      or

              

      

       

      
        	
                 
      

              	
                o

              	
                if
      such release (or any successor release) is not published during the week
      preceding the calculation date or does not contain such yields, the rate
      per annum equal to the semi-annual equivalent yield to maturity of the
      Comparable Treasury Issue, calculated using a price for the Comparable
      Treasury Issue (expressed as a percentage of its principal amount) equal
      to the Comparable Treasury Price for such redemption
  date.

              

      

       

       

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

       

       

      The
Adjusted Treasury Rate shall be calculated on the third business day preceding
the redemption date.

       

      “Comparable
Treasury Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such
Securities.

       

      “Comparable
Treasury Price” means, with respect to any redemption date (1) the average of
five Reference Treasury Dealer Quotations obtained by the Trustee for that
redemption date, after excluding the highest and lowest of such reference
Treasury Dealer Quotations; or (2) if the Trustee obtains fewer than five such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury
Dealer Quotations obtained by the Trustee.

       

      “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the
Trustee after consultation with the Company.

       

      “Reference
Treasury Dealer” means (1) J.P. Morgan Securities Inc., Banc of America
Securities LLC, Citigroup Global Markets Inc. (or their successors); provided,
however, that if any of the foregoing shall cease to be a primary
U.S.  government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary
Treasury Dealer; and (2) any other Primary Treasury Dealer appointed by the
Trustee in consultation with the Company.

       

      “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue for the Securities,
expressed in each case as a percentage of its principal amount, quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third business day preceding such redemption
date.

       

      In the
case of any partial redemption, selection of the Securities for redemption will
be made by the Trustee not more than 60 days prior to the redemption date and by
such method as the Trustee shall deem to be fair and appropriate (and in such
manner as complies with applicable legal requirements) provided that (i)
Securities and portions thereof that the Trustee selects shall be in amounts of
$1,000 or an integral multiple of $1,000 and (ii) no such partial redemption
shall reduce the portion of the principal amount of a Security not redeemed to
less than $1,000.  If any Security is to be redeemed in part only, the
notice of redemption relating to such Security shall state the portion of the
principal amount thereof to be redeemed.  A new Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of the original Security.  On and
after the redemption date, interest will cease to accrue on Securities or
portions thereof called for redemption as long as the Company has deposited with
the Trustee or with a Paying Agent (or, if applicable, segregated and held in
trust) money sufficient to pay the redemption price of, and accrued interest on,
all the Securities which are to be redeemed on such date.

       

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

       

       

      6.  Denominations;
Transfer; Exchange

       

      The
Securities are in registered form without coupons in denominations of principal
amount of $1,000 and whole multiples of $1,000. A Holder may transfer or
exchange Securities in accordance with the Indenture.  The Registrar
may require a Holder, among other things, to furnish appropriate endorsements or
transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture.  The Registrar need not (A) issue, register the
transfer of or exchange any Security during a period beginning at the opening of
15 days before the day of any selection of Securities for redemption and ending
at the close of business on the day of selection, (B) register the transfer of
or to exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part, or (C)
register the transfer of or to exchange a Security between a record date and the
next succeeding interest payment date.

       

      7.  Persons
Deemed Owners

       

      The
registered Holder of this Security will be treated as the owner of it for all
purposes.

       

      8.  Unclaimed
Money

       

      If money
for the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent shall pay the money back to the Company at its request
unless an abandoned property law designates another Person.  After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.

       

      9.  Defeasance

       

      Subject
to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S.  Government
Securities for the payment of principal, premium, if any, and interest on the
Securities to redemption or maturity, as the case may be.

       

      10.  Amendment,
Waiver

       

      Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the
Securities may be amended with the written consent of the Holders of at least a
majority in principal amount of the then outstanding Securities and (ii) any
default (other than with respect to nonpayment or in respect of a provision that
cannot be amended without the written consent of each Securityholder affected)
or noncompliance with any provision may be waived with the written consent of
the Holders of a majority in principal amount of the then outstanding
Securities.  Subject to certain exceptions set forth in the Indenture,
without the consent of any Securityholder, the Company and the Trustee may amend
the Indenture or the Securities to cure any ambiguity, omission, defect or
inconsistency, or to comply with Article IV of the Indenture, or to add
guarantees with respect to the Securities, or to secure the Securities, or to
add additional covenants of the Company, or surrender rights and powers
conferred on the Company, or to comply with any request of the SEC in connection
with qualifying the Indenture under the Act, or to make any change that does not
adversely affect the rights of any Securityholder.

       

       

      
        
          
          

        

        
          A-6

          
            

          

        

        
          
          

        

      

       

       

      11.  Defaults
and Remedies

       

      Under the
Indenture, Events of Default include (i) default in any payment of interest or
additional interest on any Security when due, continued for 30 days; (ii)
default in the payment of principal or premium, if any, on any Security when due
at its Stated Maturity, upon optional redemption, upon declaration or otherwise;
(iii) default by the Company in the performance of or breaches by the Company of
any covenant or agreement in the Indenture or under the Securities, other than
those referred to in (i) or (ii), where such default continues for 60 days after
written notice from the Trustee or the Holders of at least 25%  in
principal amount of the outstanding Securities; (iv) (a) failure by the Company
or any of its Subsidiaries to pay, in accordance with its terms and when
payable, any of the principal, premium, if any, interest or additional amounts,
if any, on any Debt (including the Securities, other than the Securities, , if
any, with respect to which the failure to pay principal, premium, if any,
interest or additional interest is also an Event of Default under clauses (i),
(ii) or both) having, in the aggregate, a then outstanding principal amount in
excess of $50,000,000, at the later of final maturity or the expiration of any
applicable grace period or (b) acceleration of the maturity of Debt in an
aggregate principal amount in excess of $50,000,000, if that acceleration
results from a default under the instrument giving rise to or securing such
Debt; or (v) certain events of bankruptcy, insolvency or reorganization of the
Company.

       

      If an
Event of Default described in clauses (i), (ii), (iii) and (iv) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25%
in outstanding principal amount of the Securities by notice to the Company and
the Trustee, may, and the Trustee at the request of such Holders shall, declare
the principal of, premium, if any, and accrued and unpaid interest, if any, on
all the Securities to be due and payable.  Upon such a declaration,
such principal, premium and accrued and unpaid interest shall be immediately due
and payable.  If an Event of Default described in clause (v) above
occurs and is continuing, the principal of, premium, if any, and accrued and
unpaid interest on all the Securities will become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holders.

       

      Securityholders
may not enforce the Indenture or the Securities except as provided in the
Indenture.  The Trustee may refuse to enforce the Indenture or the
Securities unless it receives reasonable indemnity or security satisfactory to
it.  Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any
trust or power.  The Trustee may withhold from Securityholders notice
of any continuing Default or Event of Default (except a Default or Event of
Default in payment of principal of, premium, if any, or interest on any
Security) if it determines in good faith that withholding notice is in the
interests of Securityholders.

       

       

      
        
          
          

        

        
          A-7

          
            

          

        

        
          
          

        

      

       

       

      12.  Trustee
Dealings with the Company

       

      Subject
to certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed
to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not
Trustee.

       

      13.  No
Recourse Against Others

       

      An
incorporator, director, officer, employee, Affiliate or stockholder, of the
Company, solely by reason of this status, shall not have any liability for any
obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation.  By accepting a Security, each Securityholder waives and
releases all such liability.  The waiver and release are part of the
consideration for the issue of the Securities.

       

      14.  Authentication

       

      This
Security shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication on the other side of this Security.

       

      15.  Abbreviations

       

      Customary
abbreviations may be used in the name of a Securityholder or an assignee, such
as TEN COM  (=tenants in common), TEN ENT  (=tenants by the
entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants
in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors
Act).

       

      16.  CUSIP
Numbers

       

      Pursuant
to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures the Company has caused CUSIP numbers to be printed on
the Securities and has directed the Trustee to use CUSIP numbers in notices of
redemption as a convenience to Securityholders.  No representation is
made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

       

      17.  Governing
Law

       

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

       

       

      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

       

       

      The
Company will furnish to any Securityholder upon written request and without
charge to the Securityholder a copy of the Indenture which has in it the text of
this Security.  Requests may be made to:

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21286

      Attention:  Treasurer

       

       

      
        
          
          

        

        
          A-9

          
            

          

        

        
          
          

        

      

       

       

      ASSIGNMENT
FORM

       

      To assign
this Security, fill in the form below:

       

      I or we
assign and transfer this Security to

       

      ___________________________________________

                     
(Print or type assignee’s name, address and zip code)

       

      ___________________________________________

                     
(Insert assignee’s soc. sec. or tax I.D. No.)

       

      and
irrevocably appoint ___________ agent to transfer this Security on the books of
the Company.  The agent may substitute another to act for
him.

       

      Date: ____________________                                                                       Your
Signature: ___________________________

       

      Signature
Guarantee:_________________________________________________________________________________________________

      (Signature
must be guaranteed)

       

      __________________________________________________________________________________________________________________

      Sign
exactly as your name appears on the other side of this Security.

       

      The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC Rule
17Ad-15.

       

      In
connection with any transfer or exchange of any of the Securities evidenced by
this certificate occurring prior to the date that is two years after the later
of the date of original issuance of such Securities and the last date, if any,
on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

       

      CHECK ONE
BOX BELOW:

       

      
        	
                __
      1

              	
                acquired
      for the undersigned’s own account, without transfer;
  or

              

      

       

      
        	
                __
      2

              	
                transferred
      to the Company; or

              

      

       

      
        	
                __
      3

              	
                transferred
      pursuant to and in compliance with Rule 144A under the Securities Act of
      1933, as amended (the “Securities Act”);
or

              

      

       

      
        	
                __
      4

              	
                transferred
      pursuant to an effective registration statement under the Securities Act;
      or

              

      

       

      
        	
                __
      5

              	
                transferred
      pursuant to and in compliance with Regulation S under the Securities Act;
      or

              

      

       

       

      
        
          
          

        

        
          A-10

          
            

          

        

        
          
          

        

      

       

       

      
        	
                __
      6

              	
                transferred
      to an institutional “accredited investor” (as defined in Rule 501(a)(1),
      (2), (3) or (7) under the Securities Act), that has furnished to the
      Trustee a signed letter containing certain representations and agreements
      (the form of which letter appears as Section 2.7 of the Indenture);
      or

              

      

       

      
        	
                __
      7

              	
                transferred
      pursuant to another available exemption from the registration requirements
      of the Securities Act.

              

      

       

      Unless
one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than
the registered Holder thereof; provided, however, that if box (5), (6) or (7) is
checked, the Trustee or the Company may require, prior to registering any such
transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144
under such Act.

       

      
        
          	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  Signature

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  Signature
      Guarantee:

                	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  (Signature
      must be guaranteed)

                	 
      	
                  Signature

                
	 
      	 
      	 
      
	 
      

        

         

      

      The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC Rule
17Ad-15.

       

      TO BE
COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

       

      The
undersigned represents and warrants that it is purchasing this Security for its
own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

       

      
        
          	 
      
	
                  Dated:

                

        

        
 

        
          
            
            

          

          
            A-11

            
              

            

          

          
            
            

          

        

         

         

      

      [TO BE
ATTACHED TO GLOBAL SECURITIES]

       

      SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

       

      The
following increases or decreases in this Global Security have been
made:

       

      
        
          	
                  Date
      of

                  Exchange

                	 
      	
                  Amount
      of

                  decrease
      in

                  Principal
      Amount

                  of
      this Global

                  Security

                	 
      	
                  Amount
      of

                  increase
      in

                  Principal
      Amount

                  of
      this Global

                  Security

                	 
      	
                  Principal
      Amount

                  of
      this Global

                  Security
      following

                  such
      decrease or

                  increase

                	 
      	
                  Signature
      of

                  authorized

                  signatory
      of

                  Trustee
      or

                  Securities

                  Custodian

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

        

      

       

       

       

      
        
          
          

        

        
          A-12

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
B

       

      [FORM OF
FACE OF EXCHANGE SECURITY]

       

      [Depository
Legend, if applicable]

       

      
         

        
          	
                  No.
      ___

                	
                  Principal
      Amount $__________, as revised by the Schedule of Increases and Decreases
      in Global Security attached hereto

                
	 	 
	 
      	
                  CUSIP
      NO. ____________

                
	 	 
	 
      	
                            
      ISIN: ____________

                

        

        
4 3/4%
Senior Notes Due 2014

      

       

      The Black
& Decker Corporation, a Maryland corporation, promises to pay to
____________, or registered assigns, the principal sum of _______________
Dollars, as revised by the Schedule of Increases and Decreases in Global
Security attached hereto, on November 1, 2014.

       

      Interest
Payment Dates: May 1 and November 1

       

      Record
Dates: April 15 and October 15

       

      Additional
provisions of this Security are set forth on the other side of this
Security.

       

      
         

        

        
          	
                  THE
      BLACK & DECKER CORPORATION

                
	 
	 
      
	
                  By:

                	 
      

        

        

        

        
          	
                  TRUSTEE’S
      CERTIFICATE OF

                      
      AUTHENTICATION

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  The
      Bank of New York,

                  as
      Trustee, certifies that this

                  is
      one of the Securities referred

                  to
      in the Indenture.

                	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                  By

                	 
      	 
      	 
      	 
      
	 
      	
                  Authorized
      Signatory

                	 
      	
                  Date:  October
      __, 2004

                	 
      

        

         

      

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

       

       

      [FORM OF
REVERSE SIDE OF EXCHANGE SECURITY]

       

      4 3/4%
Senior Note Due 2014

       

      1.  Interest

       

      The Black
& Decker Corporation, a Maryland corporation (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being herein
called the  “Company”), promises to pay interest on the principal
amount of this Security at the rate per annum shown above.

       

      The
Company will pay interest semiannually on May 1 and November 1 of each year
commencing May 1, 2005.  Interest on the Securities will accrue from
the most recent date to which interest has been paid on the Securities or, if no
interest has been paid, from October 18, 2004. The Company shall pay interest on
overdue principal or premium, if any (plus interest on such interest to the
extent lawful), at the rate borne by the Securities to the extent
lawful.  Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

       

      2.  Method
of Payment

       

      By at
least 10:00 a.m.  (New York City time) on the date on which any
principal of or interest on any Security is due and payable, the Company shall
deposit with the Trustee or the Paying Agent money sufficient to pay such
principal, premium, if any, and/or interest when due.  The Company
will pay interest (except Defaulted Interest) to the Persons who are registered
Holders of Securities at the close of business on the April 15 or October 15
next preceding the interest payment date even if Securities are cancelled,
repurchased or redeemed after the record date and on or before the interest
payment date.  Holders must surrender Securities to a Paying Agent to
collect principal payments.  The Company will pay principal and
interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts.  Except as described
in the succeeding two sentences, the principal of, premium, if any, and interest
on the Securities shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section
2.3 of the Indenture; provided, however, that, at the option of the Company,
each installment of interest may be paid by check mailed to addresses of the
Persons entitled thereto as such addresses shall appear on the Note
Register.  Payments in respect of Securities represented by a Global
Security  (including principal, premium, if any, and interest) will be
made by wire transfer of immediately available funds to the accounts specified
by The Depository Trust Company.  Payments in respect of Securities
represented by Definitive Securities (including principal, premium, if any, and
interest) held by a Holder of at least  $1,000,000 aggregate principal
amount of Securities represented by Definitive Securities will be made by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its
discretion).

       

       

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

       

       

      3.  Paying
Agent and Registrar

       

      Initially,
The Bank of New York  (the  “Trustee”), will act as Trustee,
Paying Agent and Registrar.  The Company may appoint and change any
Paying Agent, Registrar or co-registrar without notice to any
Securityholder.  The Company or any of its Subsidiaries may act as
Paying Agent, Registrar or co-registrar.

       

      4.  Indenture

       

      The
Company issued the Securities under an Indenture dated as of October 18, 2004
(as it may be amended or supplemented from time to time in accordance with the
terms thereof, the “Indenture”), between the Company and the
Trustee.  The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C.  ss.ss.  77aaa-77bbbb) as
in effect on the date of the
Indenture  (the  “Act”).  Capitalized terms used
herein and not defined herein have the meanings ascribed thereto in the
Indenture.  The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the Act for a statement of
those terms.  In the event of any inconsistency between the terms of
this Security and the terms of the Indenture, the terms of the Indenture shall
control.

       

      The
Securities are general unsecured senior obligations of the Company,
including  (a)  $300,000,000 aggregate principal amount of
Securities being offered on the Issue Date (subject to Section 2.9 of the
Indenture) and (b) any Additional Securities.  The Security is one of
the Securities referred to in the Indenture.  The Initial Securities,
Additional Securities and Exchange Securities will be treated as a single class
of securities under the Indenture.  The Indenture imposes certain
limitations on, among other things: the incurrence of certain liens and
sale-leaseback transaction by the Company or its Subsidiaries and
consolidations, mergers and sales of assets of the Company.

       

      5.  Redemption

       

      The
Securities will be redeemable, in whole or in part, at any time, at the option
of the Company, upon not less than 30 and not more than 60 days prior notice
mailed by first-class mail to each Holder of Securities to be so redeemed at
such Holder’s registered address, at a redemption price equal to the greater
of

       

      
        	
                 
      

              	
                o

              	
                100%
      of the principal amount of the Securities to be redeemed;
    or

              

      

       

      
        	
                 
      

              	
                o

              	
                the
      sum of the present values of the remaining scheduled payments of principal
      of and interest on the Securities to be redeemed, exclusive of interest
      accrued to the redemption date, discounted to the redemption date on a
      semiannual basis (assuming a 360-day year consisting of twelve 30-day
      months) at the Adjusted Treasury Rate (as defined below), plus 15 basis
      points as calculated by an Independent Investment
  Banker;

              

      

       

       

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

       

       

      plus, in
either case, accrued and unpaid interest on the principal amount of the
Securities to be redeemed to the redemption date.

       

      For
purposes of determining the optional redemption price, the following definitions
are applicable:

       

      “Adjusted
Treasury Rate” means, with respect to any redemption date for the
Securities,

       

      
        	
                 
      

              	
                o

              	
                the
      yield, under the heading that represents the average for the immediately
      preceding week, appearing in the most recently published statistical
      release designated  “H.15(519)” or any successor publication
      that is published weekly by the Board of Governors of the Federal Reserve
      System and that establishes yields on actively traded U.S. Treasury
      securities adjusted to constant maturity under the
      caption  “Treasury Constant Maturities,” for the maturity
      corresponding to the Comparable Treasury Issue (if no maturity is within
      three months before or after the applicable maturity date, yields for the
      two published maturities most closely corresponding to the Comparable
      Treasury Issue shall be determined and the Adjusted Treasury Rate shall be
      interpolated or extrapolated from such yields on a straight line basis,
      rounding to the nearest month); or

              

      

       

      
        	
                 
      

              	
                o

              	
                if
      such release (or any successor release) is not published during the week
      preceding the calculation date or does not contain such yields, the rate
      per annum equal to the semi-annual equivalent yield to maturity of the
      Comparable Treasury Issue, calculated using a price for the Comparable
      Treasury Issue (expressed as a percentage of its principal amount) equal
      to the Comparable Treasury Price for such redemption
  date.

              

      

       

      The
Adjusted Treasury Rate shall be calculated on the third business day preceding
the redemption date.

       

      “Comparable
Treasury Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such
Securities.

       

      “Comparable
Treasury Price” means, with respect to any redemption date (1) the average of
five Reference Treasury Dealer Quotations obtained by the Trustee for that
redemption date, after excluding the highest and lowest of such reference
Treasury Dealer Quotations; or (2) if the Trustee obtains fewer than five such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury
Dealer Quotations obtained by the Trustee.

       

      “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the
Trustee after consultation with the Company.

       

       

      
        
          
          

        

        
          B-4

          
            

          

        

        
          
          

        

      

       

       

      “Reference
Treasury Dealer” means (1) J.P. Morgan Securities Inc., Banc of America
Securities LLC, Citigroup Global Markets Inc. (or their successors); provided,
however, that if any of the foregoing shall cease to be a primary U.S.
government securities dealer in New York City (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer; and (2) any
other Primary Treasury Dealer appointed by the Trustee in consultation with the
Company.

       

      “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue for the Securities,
expressed in each case as a percentage of its principal amount, quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third business day preceding such redemption
date.

       

      In the
case of any partial redemption, selection of the Securities for redemption will
be made by the Trustee not more than 60 days prior to the redemption date and by
such method as the Trustee shall deem to be fair and appropriate (and in such
manner as complies with applicable legal requirements) provided that (i)
Securities and portions thereof that the Trustee selects shall be in amounts of
$1,000 or an integral multiple of $1,000 and (ii) no such partial redemption
shall reduce the portion of the principal amount of a Security not redeemed to
less than $1,000.  If any Security is to be redeemed in part only, the
notice of redemption relating to such Security shall state the portion of the
principal amount thereof to be redeemed.  A new Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of the original Security.  On and
after the redemption date, interest will cease to accrue on Securities or
portions thereof called for redemption as long as the Company has deposited with
the Trustee or with a Paying Agent (or, if applicable, segregated and held in
trust) money sufficient to pay the redemption price of, and accrued interest on,
all the Securities which are to be redeemed on such date.

       

      6.  Denominations;
Transfer; Exchange

       

      The
Securities are in registered form without coupons in denominations of principal
amount of $1,000 and whole multiples of $1,000. A Holder may transfer or
exchange Securities in accordance with the Indenture.  The Registrar
may require a Holder, among other things, to furnish appropriate endorsements or
transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture.  The Registrar need not (A) issue, register the
transfer of or exchange any Security during a period beginning at the opening of
15 days before the day of any selection of Securities for redemption and ending
at the close of business on the day of selection, (B) register the transfer of
or to exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part, or (C)
register the transfer of or to exchange a Security between a record date and the
next succeeding interest payment date.

       

       

      
        
          
          

        

        
          B-5

          
            

          

        

        
          
          

        

      

       

       

      7.  Persons
Deemed Owners

       

      The
registered Holder of this Security will be treated as the owner of it for all
purposes.

       

      8.  Unclaimed
Money

       

      If money
for the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent shall pay the money back to the Company at its request
unless an abandoned property law designates another Person.  After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.

       

      9.  Defeasance

       

      Subject
to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S.  Government
Securities for the payment of principal, premium, if any, and interest on the
Securities to redemption or maturity, as the case may be.

       

      10.  Amendment,
Waiver

       

      Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the
Securities may be amended with the written consent of the Holders of at least a
majority in principal amount of the then outstanding Securities and (ii) any
default  (other than with respect to nonpayment or in respect of a
provision that cannot be amended without the written consent of each
Securityholder affected) or noncompliance with any provision may be waived with
the written consent of the Holders of a majority in principal amount of the then
outstanding Securities.  Subject to certain exceptions set forth in
the Indenture, without the consent of any Securityholder, the Company and the
Trustee may amend the Indenture or the Securities to cure any ambiguity,
omission, defect or inconsistency, or to comply with Article IV of the
Indenture, or to add guarantees with respect to the Securities, or to secure the
Securities, or to add additional covenants of the Company, or surrender rights
and powers conferred on the Company, or to comply with any request of the SEC in
connection with qualifying the Indenture under the Act, or to make any change
that does not adversely affect the rights of any Securityholder.

       

      11.  Defaults
and Remedies

       

      Under the
Indenture, Events of Default include (i) default in any payment of interest or
additional interest on any Security when due, continued for 30 days; (ii)
default in the payment of principal or premium, if any, on any Security when due
at its Stated Maturity, upon optional redemption, upon declaration or otherwise;
(iii) default by the Company in the performance of or breaches by the Company of
any covenant or agreement in the Indenture or under the Securities, other than
those referred to in (i) or (ii), where such default continues for 60 days after
written notice from the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities; (iv) (a) failure by the Company or any of
its Subsidiaries to pay, in accordance with its terms and when payable, any of
the principal, premium, if any, interest or additional amounts, if any, on any
Debt  (including the Securities, other than the Securities, if any,
with respect to which the failure to pay principal, premium, if any, interest or
additional interest is also an Event of Default under clauses  (i),
(ii) or both) having, in the aggregate, a then outstanding principal amount in
excess of $50,000,000, at the later of final maturity or the expiration of any
applicable grace period or (b) acceleration of the maturity of Debt in an
aggregate principal amount in excess of  $50,000,000, if that
acceleration results from a default under the instrument giving rise to or
securing such Debt; or  (v) certain events of bankruptcy, insolvency
or reorganization of the Company.

       

       

      
        
          
          

        

        
          B-6

          
            

          

        

        
          
          

        

      

       

       

      If an
Event of Default described in clauses  (i), (ii), (iii) and (iv)
occurs and is continuing, the Trustee by notice to the Company, or the Holders
of at least 25% in outstanding principal amount of the Securities by notice to
the Company and the Trustee, may, and the Trustee at the request of such Holders
shall, declare the principal of, premium, if any, and accrued and unpaid
interest, if any, on all the Securities to be due and payable.  Upon
such a declaration, such principal, premium and accrued and unpaid interest
shall be immediately due and payable.  If an Event of Default
described in clause (v) above occurs and is continuing, the principal of,
premium, if any, and accrued and unpaid interest on all the Securities will
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders.

       

      Securityholders
may not enforce the Indenture or the Securities except as provided in the
Indenture.  The Trustee may refuse to enforce the Indenture or the
Securities unless it receives reasonable indemnity or
security.  Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any
trust or power.  The Trustee may withhold from Securityholders notice
of any continuing Default or Event of Default  (except a Default or
Event of Default in payment of principal of, premium, if any, or interest on any
Security) if it determines in good faith that withholding notice is in the
interests of Securityholders.

       

      12.  Trustee
Dealings with the Company

       

      Subject
to certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed
to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not
Trustee.

       

      13.  No
Recourse Against Others

       

      An
incorporator, director, officer, employee, Affiliate or stockholder of the
Company, solely by reason of this status, shall not have any liability for any
obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation.  By accepting a Security, each Securityholder waives and
releases all such liability.  The waiver and release are part of the
consideration for the issue of the Securities.

       

       

      
        
          
          

        

        
          B-7

          
            

          

        

        
          
          

        

      

       

       

      14.  Authentication

       

      This
Security shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication on the other side of this Security.

       

      15.  Abbreviations

       

      Customary
abbreviations may be used in the name of a Securityholder or an assignee, such
as TEN COM  (=tenants in common), TEN ENT  (=tenants by the
entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants
in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors
Act).

       

      16.  CUSIP
Numbers

       

      Pursuant
to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures the Company has caused CUSIP numbers to be printed on
the Securities and has directed the Trustee to use CUSIP numbers in notices of
redemption as a convenience to Securityholders.  No representation is
made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

       

                     
17.  Governing Law

       

      This
Security shall be governed by, and construed in accordance with, the laws of the
State of New York without giving effect to conflicts of laws principles
thereof.

       

      The
Company will furnish to any Securityholder upon written request and without
charge to the Securityholder a copy of the Indenture which has in it the text of
this Security.  Requests may be made to:

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21286

      Attention:  Treasurer

       

       

      
        
          
          

        

        
          B-8

          
            

          

        

        
          
          

        

      

       

       

      ASSIGNMENT
FORM

       

      
        To assign
this Security, fill in the form below:

         

        I or we
assign and transfer this Security to

         

        ___________________________________________

                       
(Print or type assignee’s name, address and zip code)

         

        ___________________________________________

                       
(Insert assignee’s soc. sec. or tax I.D. No.)

         

        and
irrevocably appoint ___________ agent to transfer this Security on the books of
the Company.  The agent may substitute another to act for
him.

         

        
          __________________________________________________________________________________________________________________

        

         

        Date: ____________________                                                                       Your
Signature: ___________________________

         

        Signature
Guarantee:_________________________________________________________________________________________________

        (Signature
must be guaranteed)

         

        __________________________________________________________________________________________________________________

        Sign
exactly as your name appears on the other side of this
Security.

      

       

      The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC Rule
17Ad-15.

       

       

      
        
          
          

        

        
          B-9

          
            

          

        

        
          
          

        

      

       

       

      [TO BE
ATTACHED TO GLOBAL SECURITIES]

       

      SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

       

      The
following increases or decreases in this Global Security have been
made:

       

      
        
          
            	
                    Date
      of

                    Exchange

                  	 
      	
                    Amount
      of

                    decrease
      in

                    Principal
      Amount

                    of
      this Global

                    Security

                  	 
      	
                    Amount
      of

                    increase
      in

                    Principal
      Amount

                    of
      this Global

                    Security

                  	 
      	
                    Principal
      Amount

                    of
      this Global

                    Security
      following

                    such
      decrease or

                    increase

                  	 
      	
                    Signature
      of

                    authorized

                    signatory
      of

                    Trustee
      or

                    Securities

                    Custodian

                  
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

          

        

         

      

       

       

    

     

    B-10

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