Document:

Exhibit 4(a)

 

LEGG MASON, INC.

 

TO

 

THE BANK OF NEW YORK

Trustee

 

Indenture

 

Dated as of May [    ],
2008

 

Senior Debt Securities

 

TABLE OF CONTENTS(1)

 

RECITALS OF THE COMPANY

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

	
   

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
  SECTION 1.2

  	
  Compliance Certificates and Opinions

  	
  7

  
	
  SECTION 1.3

  	
  Form of Documents Delivered to Trustee

  	
  8

  
	
  SECTION 1.4

  	
  Acts of Holders

  	
  8

  
	
  SECTION 1.5

  	
  Notices, Etc., to Trustee and Company

  	
  11

  
	
  SECTION 1.6

  	
  Notice to Holders of Securities; Waiver

  	
  11

  
	
  SECTION 1.7

  	
  Language of Notices, Etc

  	
  12

  
	
  SECTION 1.8

  	
  Conflict with Trust Indenture Act

  	
  12

  
	
  SECTION 1.9

  	
  Effect of Headings and Table of Contents

  	
  12

  
	
  SECTION 1.10

  	
  Successors and Assigns

  	
  12

  
	
  SECTION 1.11

  	
  Separability Clause

  	
  12

  
	
  SECTION 1.12

  	
  Benefits of
  Indenture

  	
  12

  
	
  SECTION 1.13

  	
  Governing Law

  	
  12

  
	
  SECTION 1.14

  	
  Legal Holidays

  	
  12

  
	
  SECTION 1.15

  	
  Judgment Currency

  	
  13

  
	
  SECTION 1.16

  	
  Immunity of Incorporators, Shareholders, Officers, Directors and
  Employees

  	
  13

  
	
  SECTION 1.17

  	
  Waiver of Jury Trial

  	
  14

  
	
  SECTION 1.18

  	
  Force Majeure

  	
  14

  

 

	
  ARTICLE II

  	
   

  
	
   

  	
   

  
	
  SECURITY FORMS

  	
   

  
	
   

  	
   

  
	
  SECTION 2.1

  	
  Forms Generally

  	
  14

  
	
  SECTION 2.2

  	
  Form of Trustee’s Certificate of Authentication

  	
  14

  
	
  SECTION 2.3

  	
  Securities in Global Form

  	
  15

  
	
  SECTION 2.4

  	
  Form of Legend for Book-Entry Securities

  	
  15

  
	
  SECTION 2.5

  	
  Form of Conversion Notice

  	
  16

  

 

	
  ARTICLE III

  	
   

  
	
   

  	
   

  
	
  THE SECURITIES

  	
   

  
	
   

  	
   

  
	
  SECTION 3.1

  	
  Amount Unlimited; Issuable in Series

  	
  16

  
	
  SECTION 3.2

  	
  Denominations

  	
  19

  

 

(1)           NOTE:  This table of contents shall not, for any
purpose, be deemed to be a part of the Indenture.

 

i

 

	
  SECTION 3.3

  	
  Execution,
  Authentication, Delivery and Dating

  	
  19

  
	
  SECTION 3.4

  	
  Temporary Securities

  	
  21

  
	
  SECTION 3.5

  	
  Registration, Registration of Transfer and Exchange

  	
  23

  
	
  SECTION 3.6

  	
  Mutilated, Destroyed, Lost and Stolen Securities and Coupons

  	
  26

  
	
  SECTION 3.7

  	
  Payment of Interest; Interest Rights Preserved

  	
  27

  
	
  SECTION 3.8

  	
  Persons Deemed Owners

  	
  29

  
	
  SECTION 3.9

  	
  Cancellation

  	
  30

  
	
  SECTION 3.10

  	
  Computation of Interest

  	
  30

  
	
  SECTION 3.11

  	
  Electronic Security
  Issuance

  	
  30

  
	
  SECTION 3.12

  	
  CUSIP Numbers

  	
  30

  

 

	
  ARTICLE IV

  	
   

  
	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  
	
  SECTION 4.1

  	
  Satisfaction and Discharge of Indenture

  	
  31

  
	
  SECTION 4.2

  	
  Application of Trust Money

  	
  32

  
	
  SECTION 4.3

  	
  Company’s Option
  to Effect Defeasance or Covenant Defeasance

  	
  32

  
	
  SECTION 4.4

  	
  Discharge and Defeasance

  	
  32

  
	
  SECTION 4.5

  	
  Covenant Defeasance

  	
  33

  
	
  SECTION 4.6

  	
  Conditions to Defeasance or Covenant Defeasance

  	
  33

  

 

	
  ARTICLE V

  	
   

  
	
   

  	
   

  
	
  REMEDIES

  	
   

  
	
   

  	
   

  
	
  SECTION 5.1

  	
  Events of Default

  	
  35

  
	
  SECTION 5.2

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  37

  
	
  SECTION 5.3

  	
  Collection of Indebtedness and Suits for Enforcement by Trustee

  	
  38

  
	
  SECTION 5.4

  	
  Trustee May File Proofs of Claim

  	
  39

  
	
  SECTION 5.5

  	
  Trustee May Enforce Claims Without Possession of Securities or
  Coupons

  	
  39

  
	
  SECTION 5.6

  	
  Application of Money Collected

  	
  39

  
	
  SECTION 5.7

  	
  Limitation on Suits

  	
  40

  
	
  SECTION 5.8

  	
  Unconditional Right of Holders to Receive Principal, Premium and
  Interest

  	
  40

  
	
  SECTION 5.9

  	
  Restoration of Rights and Remedies

  	
  41

  
	
  SECTION 5.10

  	
  Rights and Remedies Cumulative

  	
  41

  
	
  SECTION 5.11

  	
  Delay or
  Omission Not Waiver

  	
  41

  
	
  SECTION 5.12

  	
  Control by Holders of Securities

  	
  41

  
	
  SECTION 5.13

  	
  Waiver of Past Defaults

  	
  41

  
	
  SECTION 5.14

  	
  Undertaking for Costs

  	
  42

  
	
  SECTION 5.15

  	
  Waiver of Stay or Extension Laws

  	
  42

  

 

ii

 

	
  ARTICLE VI

  	
   

  
	
   

  	
   

  
	
  THE TRUSTEE

  	
   

  
	
   

  	
   

  
	
  SECTION 6.1

  	
  Duties and Responsibilities of the Trustee; During Default; Prior to
  Default

  	
  42

  
	
  SECTION 6.2

  	
  Certain Rights of Trustee

  	
  43

  
	
  SECTION 6.3

  	
  Not Responsible for Recitals or Issuance of Securities

  	
  44

  
	
  SECTION 6.4

  	
  May Hold Securities

  	
  45

  
	
  SECTION 6.5

  	
  Money Held in Trust

  	
  45

  
	
  SECTION 6.6

  	
  Compensation and Reimbursement

  	
  45

  
	
  SECTION 6.7

  	
  Resignation and Removal; Appointment of Successor

  	
  45

  
	
  SECTION 6.8

  	
  Acceptance of Appointment by Successor

  	
  47

  
	
  SECTION 6.9

  	
  Disqualification; Conflicting Interests

  	
  48

  
	
  SECTION 6.10

  	
  Corporate Trustee Required; Eligibility

  	
  48

  
	
  SECTION 6.11

  	
  Preferential Collection of Claims Against Company

  	
  48

  
	
  SECTION 6.12

  	
  Merger,
  Conversion Consolidation or Succession to Business

  	
  48

  
	
  SECTION 6.13

  	
  Appointment of
  Authenticating Agent

  	
  48

  
	
  SECTION 6.14

  	
  Notice of Defaults

  	
  50

  

 

	
  ARTICLE VII

  	
   

  
	
   

  	
   

  
	
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
  COMPANY

  	
   

  
	
   

  	
   

  
	
  SECTION 7.1

  	
  Preservation of Information; Communications to Holders

  	
  50

  
	
  SECTION 7.2

  	
  Reports by Trustee

  	
  52

  
	
  SECTION 7.3

  	
  Reports by Company

  	
  52

  

 

	
  ARTICLE VIII

  	
   

  
	
   

  	
   

  
	
  CONSOLIDATION, MERGER, SALE, LEASE,

  	
   

  
	
  TRANSFER OR OTHER DISPOSITION

  	
   

  
	
   

  	
   

  
	
  SECTION 8.1

  	
  Company May Consolidate, Etc. Only on Certain Terms

  	
  53

  
	
  SECTION 8.2

  	
  Successor Substituted

  	
  53

  

 

	
  ARTICLE IX

  	
   

  
	
   

  	
   

  
	
  SUPPLEMENTAL INDENTURES

  	
   

  
	
   

  	
   

  
	
  SECTION 9.1

  	
  Supplemental Indentures Without Consent of Holders

  	
  54

  
	
  SECTION 9.2

  	
  Supplemental Indentures with Consent of Holders

  	
  55

  
	
  SECTION 9.3

  	
  Execution of Supplemental Indentures

  	
  56

  
	
  SECTION 9.4

  	
  Effect of Supplemental Indentures

  	
  56

  
	
  SECTION 9.5

  	
  Conformity with Trust Indenture Act

  	
  56

  
	
  SECTION 9.6

  	
  Reference in Securities to Supplemental Indentures

  	
  56

  

 

iii

 

	
  ARTICLE X

  	
   

  
	
   

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  SECTION 10.1

  	
  Payment of Principal, Premium and Interest

  	
  57

  
	
  SECTION 10.2

  	
  Maintenance of Office or Agency

  	
  57

  
	
  SECTION 10.3

  	
  Money for Securities Payments to Be Held in Trust

  	
  58

  
	
  SECTION 10.4

  	
  Additional Amounts

  	
  59

  
	
  SECTION 10.5

  	
  Existence

  	
  60

  
	
  SECTION 10.6

  	
  Purchase of
  Securities by Company or Subsidiary

  	
  60

  
	
  SECTION 10.7

  	
  Statement by
  Officers as to Default

  	
  60

  
	
  SECTION 10.8

  	
  Calculation of
  Original Issue Discount

  	
  60

  

 

	
  ARTICLE XI

  	
   

  
	
   

  	
   

  
	
  REDEMPTION OF SECURITIES

  	
   

  
	
   

  	
   

  
	
  SECTION 11.1

  	
  Applicability of Article

  	
  61

  
	
  SECTION 11.2

  	
  Election to Redeem; Notice to Trustee

  	
  61

  
	
  SECTION 11.3

  	
  Selection by Trustee of Securities to Be Redeemed

  	
  61

  
	
  SECTION 11.4

  	
  Notice of Redemption

  	
  62

  
	
  SECTION 11.5

  	
  Deposit of Redemption Price

  	
  62

  
	
  SECTION 11.6

  	
  Securities Payable on Redemption Date

  	
  63

  
	
  SECTION 11.7

  	
  Securities Redeemed in Part

  	
  64

  

 

	
  ARTICLE XII

  	
   

  
	
   

  	
   

  
	
  SINKING FUNDS

  	
   

  
	
   

  	
   

  
	
  SECTION 12.1

  	
  Applicability of Article

  	
  64

  
	
  SECTION 12.2

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
  64

  
	
  SECTION 12.3

  	
  Redemption of
  Securities for Sinking Fund

  	
  64

  

 

	
  ARTICLE XIII

  	
   

  
	
   

  	
   

  
	
  MEETINGS OF HOLDERS OF SECURITIES

  	
   

  
	
   

  	
   

  
	
  SECTION 13.1

  	
  Purposes for Which Meetings May be Called

  	
  65

  
	
  SECTION 13.2

  	
  Call, Notice and Place of Meetings

  	
  65

  
	
  SECTION 13.3

  	
  Persons Entitled to Vote at Meetings

  	
  65

  
	
  SECTION 13.4

  	
  Quorum; Action

  	
  66

  
	
  SECTION 13.5

  	
  Determination of Voting Rights; Conduct and Adjournment of Meetings

  	
  67

  
	
  SECTION 13.6

  	
  Counting Votes and Recording Action of Meetings

  	
  67

  

 

iv

 

	
  ARTICLE XIV

  	
   

  
	
   

  	
   

  
	
  CONVERSION OF SECURITIES

  	
   

  
	
   

  	
   

  
	
  SECTION 14.1

  	
  Applicability of Article

  	
  68

  
	
  SECTION 14.2

  	
  Exercise of Conversion Privilege

  	
  68

  
	
  SECTION 14.3

  	
  No Fractional Shares

  	
  69

  
	
  SECTION 14.4

  	
  Adjustment of Conversion Price

  	
  70

  
	
  SECTION 14.5

  	
  Notice of Certain Corporate Actions

  	
  70

  
	
  SECTION 14.6

  	
  Reservation of Shares of Common Stock

  	
  71

  
	
  SECTION 14.7

  	
  Payment of Certain Taxes upon Conversion

  	
  71

  
	
  SECTION 14.8

  	
  Nonassessability

  	
  71

  
	
  SECTION 14.9

  	
  Effect of Consolidation or Merger on Conversion Privilege

  	
  71

  
	
  SECTION 14.10

  	
  Duties of Trustee Regarding Conversion

  	
  72

  
	
  SECTION 14.11

  	
  Repayment of Certain Funds upon Conversion

  	
  72

  

 

Exhibit A
- Forms of Certification

 

v

 

Reconciliation and tie between this Indenture and
the Trust

Indenture Act of 1939:

 

	
  Trust Indenture Act Section

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Indenture Section

  	
   

  
	
  Section

  	
   

  	
  310

  	
   

  	
  (a)(1)

  	
   

  	
  6.10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)(2)

  	
   

  	
  6.10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)(3)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)(4)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  6.8, 6.10

  	
   

  
	
  Section

  	
   

  	
  311

  	
   

  	
  (a)

  	
   

  	
  6.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  6.11

  	
   

  
	
  Section

  	
   

  	
  312

  	
   

  	
  (a)

  	
   

  	
  7.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  7.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c)

  	
   

  	
  7.1

  	
   

  
	
  Section

  	
   

  	
  313

  	
   

  	
  (a)

  	
   

  	
  7.2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  7.2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c)

  	
   

  	
  7.2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (d)

  	
   

  	
  7.2

  	
   

  
	
  Section

  	
   

  	
  314

  	
   

  	
  (a)

  	
   

  	
  7.3

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a) (4)

  	
   

  	
  1.1, 10.8

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c) (1)

  	
   

  	
  1.2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c) (2)

  	
   

  	
  1.2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c) (3)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (d)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (e)

  	
   

  	
  1.2

  	
   

  
	
  Section

  	
   

  	
  315

  	
   

  	
  (a)

  	
   

  	
  6.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  6.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c)

  	
   

  	
  6.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (d)

  	
   

  	
  6.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (e)

  	
   

  	
  5.14

  	
   

  
	
  Section

  	
   

  	
  316

  	
   

  	
  (a)

  	
   

  	
  1.1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a) (1) (A)

  	
   

  	
  5.2, 5.12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a) (1) B)

  	
   

  	
  5.13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a) (2)

  	
   

  	
  Not Applicable

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  5.8

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (c)

  	
   

  	
  1.4

  	
   

  
	
  Section

  	
   

  	
  317

  	
   

  	
  (a) (1)

  	
   

  	
  5.3

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a) (2)

  	
   

  	
  5.4

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)

  	
   

  	
  10.3

  	
   

  
	
  Section

  	
   

  	
  318

  	
   

  	
  (a)

  	
   

  	
  1.8

  	
   

  

 

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

 

vi

 

INDENTURE, dated as of May [    ],
2008, between LEGG MASON, INC., a corporation duly organized and existing under
the laws of the State of Maryland (herein called the “Company”), having
its principal office at 100 Light Street, Baltimore, Maryland 21202, and THE
BANK OF NEW YORK, a New York banking corporation, as Trustee (herein called the
“Trustee”).

 

RECITALS OF THE COMPANY

 

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

 

WHEREAS, all things necessary to make this
Indenture a valid and legally binding agreement of the Company, in accordance
with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

SECTION 1.1         Definitions.

 

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

 

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

 

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

 

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

 

(4)           The words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.

 

 

“Act”,
when used with respect to any Holder of a Security, has the meaning specified
in Section 1.4.

 

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

 

“Authenticating Agent” means any Person
authorized by the Trustee pursuant to Section 6.12 to act on behalf of the
Trustee to authenticate Securities of one or more series.

 

“Authorized Newspaper” means a newspaper,
in the English language or in an official language of the country of
publication, customarily published on each Business Day, whether or not published
on Saturdays, Sundays or holidays, and of general circulation in the place, in
connection with which the term is used, or in the financial community of such
place.  Where successive publications are
required to be made in Authorized Newspapers, the successive publications may
be made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day.

 

“Bearer Security” means any Security in the
form established pursuant to Section 2.1 which is payable to bearer.

 

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

 

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

 

“Book-Entry Security” means a Security
bearing the legend specified in Section 2.4, evidencing all or part of a
series of Securities, issued to the Depository for such series or its nominee,
and registered in the name of such Depository or nominee.  Book-Entry Securities shall not be deemed to
be securities in global form for purposes of Sections 2.1 and 2.3 and Article III
of the Indenture.

 

“Business Day”, when used with respect to
any Place of Payment or any other particular location referred to in this
Indenture or in the Securities, means each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions in that Place of
Payment or other location are authorized or obligated by law or executive order
to close.

 

“Clearstream” means Clearstream Banking, Société Anonyme,
or its successor.

 

“Commission” means the Securities and
Exchange Commission, as from time to time constituted, created under the
Securities Exchange Act of 1934, or, if at any time after the execution and
delivery of this Indenture such Commission is not existing and performing the 

 

2

 

duties now assigned to it
under the Trust Indenture Act, then the body performing such duties on such
date.

 

“Common Depository” has the meaning
specified in Section 3.4.

 

“Common Stock” includes any stock of any
class of the Company which has no preference in respect of dividends or of
amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Company and which is not subject to redemption
by the Company.

 

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

 

“Company Request” or “Company Order”
means a written request or order signed in the name of the Company by its
Chairman of the Board, its Vice Chairman of the Board, its President or a Vice
President, and it’s Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust Office” means the
principal office of the Trustee at which at any time its corporate trust
business shall be administered, which office at the dated hereof is located at
101 Barclay Street, Floor 8 West, New York, New York 10286, Attention:  Corporate Trust Administration, or such other
address as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from
time to time by notice to the Holders and the Company).

 

“Corporation” means a corporation,
association, company, partnership, joint-stock company or business trust.

 

“Coupon” means any interest coupon
appertaining to a Bearer Security.

 

“Defaulted Interest” has the meaning
specified in Section 3.7.

 

“Depository” means, with respect to the
Securities of any series issuable or issued in whole or in part in the form of
one or more Book-Entry Securities, the clearing agency registered under the
Securities Exchange Act of 1934, as amended specified for that purpose as
contemplated by Section 3.1.

 

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

 

“Euroclear” means Euroclear Bank S.A./N.V.

 

“Event of Default” has the meaning
specified in Section 5.1.

 

“Exchange Date” has the meaning specified
in Section 3.4.

 

“Holder”, when used with respect to any
Security, means in the case of a Registered Security, the Person in whose name
the Security is registered in the Security Register 

 

3

 

and in the case of a Bearer
Security the bearer thereof and, when used with respect to any Coupon, means
the bearer thereof.

 

“Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series
of Securities established as contemplated by Section 3.1.

 

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

 

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

 

“Lien” means any mortgage, pledge, lien,
encumbrance, and charge or security interest.

 

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

 

“Officers’ Certificate” means a certificate
signed by the Company’s Chairman of the Board, its Vice Chairman of the Board,
its President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, and delivered to the
Trustee.

 

“Opinion of Counsel” means a written
opinion of counsel, who may be counsel for the Company.

 

“Original Issue Discount Security” means
any Security which provides for an amount less than the principal amount
thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.

 

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

 

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

 

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

 

4

 

(iii)          Securities which have been paid pursuant to Section 3.6
or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in
respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in
whose hands such Securities are valid obligations of the Company; provided, however,
that in determining whether the Holders of the requisite principal amount of
the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or whether a quorum is present
at a meeting of Holders of Securities (i) the principal amount of an
Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the
date of such determination upon acceleration of the Maturity thereof pursuant
to Section 5.2, (ii) the principal amount of a Security denominated
in a foreign currency or currencies shall be the U.S. dollar equivalent,
determined on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent on the date of original issuance of such Security of the amount
determined as provided in (i) above) of such Security, and (iii) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, or upon any such determination as to the presence of
a quorum, only Securities which the Trustee knows to be so owned shall be so
disregarded.  Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such
other obligor; and (iv) Securities as to which Defeasance has been
effected pursuant to Section 4.4.

 

“Paying Agent” means any Person authorized
by the Company to pay the principal of and any premium and interest on any
Securities or any Coupons appertaining thereto on behalf of the Company.

 

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

 

“Place of Payment”, when used with respect
to the Securities of any series, means the place or places where, subject to
the provisions of Section 10.2, the principal of and any premium and
interest on the Securities of that series are payable as specified as
contemplated by Section 3.1.

 

“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of
this definition, any Security authenticated and delivered under Section 3.6
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security
or a Security to which a mutilated, destroyed, lost or stolen Coupon appertains
shall be deemed to evidence the same debt 

 

5

 

as the mutilated, destroyed,
lost or stolen Security or the Security to which the mutilated, destroyed, lost
or stolen Coupon appertains, as the case may be.

 

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

 

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

 

“Registered Security” means any Security in
the form established pursuant to Section 2.1 which is registered in the
Security Register.

 

“Regular Record Date” for the interest
payable on any Interest Payment Date on the Registered Securities of any series
means the date specified for that purpose as contemplated by Section 3.1.,
whether or not such day is a Business Day.

 

“Responsible Officer”, when used with
respect to the Trustee, means the Chairman of the board of directors, the executive
committee of the board of directors, the chairman of the trust committee, the
president, any vice president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, the cashier, any assistant cashier, any
trust officer or assistant trust officer, the controller or any assistant
controller or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity
with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

 

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

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.

 

“Special Record Date” for the payment of
any Defaulted Interest on the Registered Securities of any series means a date
fixed by the Trustee pursuant to Section 3.7.

 

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

 

“Subsidiary” means any corporation,
partnership or other entity of which at the time of determination the Company
owns or controls directly or indirectly more than 50% of the shares of Voting
Securities or equivalent interest.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939 as in force at the date as of which this instrument was
executed, provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, “Trust Indenture Act” means, to the extent required
by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

6

 

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

 

“United States” means the United States of
America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

 

“United States Alien” means any Person who,
for United States Federal income tax purposes, is a foreign corporation, a
non-resident alien individual, a non-resident alien fiduciary of a foreign
estate or trust, or a foreign partnership one or more of the members of which
is, for United States Federal income tax purposes, a foreign corporation, a
non-resident alien individual or a nonresident alien fiduciary of a foreign
estate or trust.

 

“U.S. Government Obligations” means direct
obligations of the United States for the payment of which its full faith and
credit is pledged, or obligations of a person controlled or supervised by and
acting as an agency or instrumentality of the United States and the payment of
which is unconditionally guaranteed as a full faith and credit obligation by
the United States 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
of 1933, as amended) as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S.
Government Obligations 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 Obligations or the specific payment of principal
of or interest on the U.S. Government Obligations evidenced by such depository
receipt.

 

“Voting Security” means securities of the
class or classes having general voting power under ordinary circumstances to
elect at least a majority of the board of directors, managers or trustees of
such corporation, provided that, for the purposes hereof, securities which
carry only the right to vote conditionally on the happening of an event shall
not be considered Voting Securities whether or not such event shall have
happened.

 

“Yield to Maturity” means the yield to
maturity on a series of Securities, calculated at the time of issuance of such
series, or, if applicable, at the most recent redetermination of interest on
such series, and calculated in accordance with accepted financial practice.

 

SECTION 1.2         Compliance Certificates and Opinions. 
Except as otherwise expressly provided by this Indenture, upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee an
Officers’ Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have 

 

7

 

been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

Every certificate or opinion by or on behalf of
the Company with respect to compliance with a condition or covenant provided
for in this Indenture, except for certificates provided for in Section 10.8,
shall include:

 

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

 

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

 

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

 

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

 

SECTION 1.3         Form of Documents Delivered to Trustee.  In
any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

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

 

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

 

SECTION 1.4         Acts of Holders.  (a) Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given or taken by Holders
may be embodied in and evidenced by one or more instruments of 

 

8

 

substantially
similar tenor signed by such Holders in person or by agent duly appointed in
writing.  If Securities of a series are
issuable as Bearer Securities, any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture
to be given or taken by Holders of such series may, alternatively, be embodied
in and evidenced by the record of Holders of Securities of such series voting
in favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of Article XIII, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company.  Such
instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the
Holders signing such instrument or instruments and so voting at any such
meeting.  Proof of execution of any such
instrument or of a writing appointing any such agent or proxy, or of the holding
by any Person of a Security, shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.  The record of any meeting of Holders of
Securities shall be proved in the manner provided in Section 13.6.

 

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

 

(c)           The principal amount and serial numbers of Registered Securities held by
any Person, and the date of holding the same, shall be proved by the Security
Register.

 

(d)           The principal amount and serial numbers of Bearer Securities held by any
Person, and the date of holding the same, may be proved by the production of
such Bearer Securities or by a certificate executed, as depositary, by any
trust company, bank, banker or other depositary, wherever situated, if such
certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be
proved by the certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by the Trustee to be
satisfactory. The Trustee and the Company may assume that such ownership of any
Bearer Security continues until (1) another certificate or affidavit
bearing a later date issued in respect of the same Bearer Security is produced,
or (2) such Bearer Security is produced to the Trustee by some other
Person, or (3) such Bearer Security is surrendered in exchange for a
Registered Security, or (4) such Bearer Security is no longer
Outstanding.  The principal amount and
serial numbers of Bearer Securities held by any Person, and the date of holding
the same, may also be proved in any other manner which the Trustee deems
sufficient.

 

9

 

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

 

(f)            With respect to the Securities of any Series, upon receipt by the Trustee
of (i) any written notice directing the time, method or place of
conducting any proceeding or exercising any trust or power pursuant to Section 5.12
with respect to Securities of such series or (ii) any written demand,
request or notice with respect to any matter on which the Holders of Securities
of such series are entitled to act under this Indenture, in each case from
Holders of less than, or proxies representing less than, the requisite
principal amount of Outstanding Securities or such series entitled to give such
demand, request or notice, the Trustee shall establish a record date for
determining Holders of Outstanding Securities of such series entitled to join
in such demand, request or notice, which record date shall be the close of
business on the day the Trustee received such demand, request or notice. The
Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to join in such demand, request or notice whether or
not such Holders remain Holders after such record date; provided, however, that
unless the Holders of the requisite principal amount of Outstanding Securities
of such series shall have joined in such demand, request or notice prior to the
day which is the ninetieth day after such record date, such demand, request or
notice shall automatically and without further action by any Holder be canceled
and of no further effect. Nothing in this paragraph shall prevent a Holder, or
a proxy of a Holder, from giving, (i) after the expiration of such 90-day
period, a new demand, request or notice identical to a demand, request or
notice which has been canceled pursuant to the proviso to the preceding
sentence or (ii) during any such 90-day period, a new demand, request or
notice which has been canceled pursuant to the proviso to the preceding
sentence or

 

(g)           during any such 90-day period, a new demand, request or notice contrary
to or different from such demand, request or notice, in either of which events
a new record date shall be established pursuant to the provisions of this
clause.

 

(h)           The Company may set any day as the record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to
give or take any request, demand, authorization, direction, notice, consent,
waiver or other action provided or permitted by this Indenture to be given or
taken by Holders of Securities of such series. 
With regard to any record date set pursuant to this paragraph, the
Holders of Outstanding Securities of the relevant series on such record date
(or their duly appointed agents), and only such Persons, shall be entitled to
give or take the relevant action, whether or not such Holders remain Holders
after such record date.  With regard to
any action that may be given or taken hereunder only by Holders of a requisite
principal amount of Outstanding Securities of any series (or their duly
appointed agents) and for which a record date is set pursuant to this
paragraph, the Company may, at its option, set an expiration date after which
no such action purported to be given or taken by any Holder shall be effective
hereunder unless given or taken on or prior to such expiration date by Holders
of the requisite principal amount of Outstanding Securities of such series on
such record date (or their duly appointed agents). On or prior to any
expiration date set 

 

10

 

pursuant to this paragraph, the Company may, on one or more occasions at
its option, extend such date to any later date. 
Nothing in this paragraph shall prevent any Holder (or any duly
appointed agent thereof) from giving or taking, after any expiration date, any
action identical to, or, at any time, contrary to or different from, any action
given or taken, or purported to have been given or taken, hereunder by a Holder
on or prior to such date, in which event the Company may set a record date in
respect thereof pursuant to this paragraph. 
Notwithstanding the foregoing or the Trust Indenture Act, the Company
shall not set a record date for, and the provisions of this paragraph shall not
apply with respect to, any action to be given or taken by Holders pursuant to Section 5.1,
5.2 or 5.12.

 

SECTION 1.5         Notices, Etc., to Trustee and Company.  Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

 

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

 

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

 

SECTION 1.6         Notice to Holders of Securities; Waiver. 
Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of Securities of any event:

 

(1)           such notice shall be sufficiently given to Holders
of Registered Securities if in writing and mailed, first-class postage prepaid,
to each Holder of a Registered Security affected by such event, at the address
of such Holder as it appears in the Security Register, not earlier than the
earliest date, and not later than the latest date, prescribed for the giving of
such notice; and

 

(2)           such notice shall be sufficiently given to Holders
of Bearer Securities if published in an Authorized Newspaper in The City of New
York, The City of London and in such other city or cities as may be specified
in such Securities on a Business Day at least twice, the first such publication
to be not earlier than the earliest date, and not later than the latest date,
prescribed for the giving of such notice.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give
such notice to Holders of Registered Securities by mail, then such notification
as shall be made with the approval of the Trustee shall constitute sufficient
notice to such Holders for every purpose hereunder.  In any case where notice to Holders of
Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice mailed to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect to
other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein.

 

11

 

In case by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other
cause it shall be impracticable to publish any notice to Holders of Bearer
Securities as provided above, then such notification as shall be given with the
approval of the Trustee shall constitute sufficient notice to such Holders for
every purpose hereunder.  Neither the
failure to give notice by publication to Holders of Bearer Securities as
provided above, nor any defect in any notice so published, shall affect the
sufficiency of any notice to Holders of Registered Securities given as provided
herein.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the
equivalent of such notice.  Waivers of
notice by Holders of Securities shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

SECTION 1.7             Language of Notices, Etc.  Any
request, demand, authorization, direction, notice, consent or waiver required
or permitted under this Indenture shall be in the English language, except that
any published notice may be in an official language of the country of
publication.

 

SECTION 1.8             Conflict with Trust Indenture Act.  If
and to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision (an “incorporated
provision”) included in this Indenture by operation of Sections 310 to
318, inclusive, of the Trust Indenture Act, such imposed duties of incorporated
provision shall control.

 

SECTION 1.9             Effect of Headings and Table of Contents.  The Article and
Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

 

SECTION 1.10           Successors and Assigns.  All
covenants and agreements in this Indenture by the Company shall bind its successors
and assigns, whether so expressed or not.

 

SECTION 1.11           Separability Clause.  In
case any provision in this Indenture or the Securities or Coupons shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 1.12           Benefits of Indenture. 
Nothing in this Indenture or the Securities or Coupons, express or
implied, shall give to any Person, other than the parties hereto, any
Authenticating Agent, any Paying Agent, any Securities Registrar and their
successors hereunder and the Holders of Securities and Coupons, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 1.13           Governing Law.  This
Indenture and the Securities and Coupons shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts
of laws.

 

SECTION 1.14           Legal Holidays.  In
any case where any Interest Payment Date, Redemption Date, sinking fund payment
date, Maturity or Stated Maturity of any Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this 

 

12

 

Indenture
or of the Securities or Coupons other than a provision in the Securities of any
series which specifically states that such provision shall apply in lieu of
this Section) payment of interest or principal (and premium, if any) need not
be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity, provided that no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be, to such succeeding Business Day.

 

SECTION 1.15           Judgment Currency.  The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due on the Securities of any series
from the currency in which such sum is payable in accordance with the terms of
such Securities (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of
exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding that
on which a final unappealable judgment is rendered and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall
not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in
any currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in respect of such
payments, (ii) shall be enforceable as an alternative or additional cause
of action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the
Required Currency so expressed to be payable and (iii) shall not be
affected by judgment being obtained for any other sum due under this Indenture.
For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York or a day
on which banking institutions in The City of New York are authorized or
required by law or executive order to close.

 

SECTION 1.16           Immunity of Incorporators, Shareholders,
Officers, Directors and Employees.  No recourse under or upon any
obligation, covenant or agreement of this Indenture, or of any Security, or for
any claim based thereon or otherwise in respect thereof, shall be had against
any incorporator, shareholder, officer, director or employee, as such, past,
present or future, of the Company or of any successor corporation, either
directly or through the Company, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the
obligations issued hereunder are solely corporate obligations of the Company,
and that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, shareholders, officers, directors or employees,
as such, of the Company or of any successor corporation, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations or agreements contained in this Indenture or in any
of the Securities or implied there from; and that any and all such personal
liability, either at common law or in equity or by constitution or statute, of,
and any and all such rights and claims against, every such incorporator,
shareholder, officer, director or employee, as such, because of the creation of
the indebtedness hereby authorized, or under of by reason of the obligations or

 

13

 

agreements
contained in this Indenture or in any of the Securities or implied therefrom,
are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of such
Securities.

 

All payments of interest and other amounts, if
any, to be made by the Trustee hereunder shall be made only from the money
deposited with the Trustee and only to the extent that the Trustee shall have
sufficient income or proceeds to make such payments in accordance with the
terms of this Indenture, and each holder hereof, by its acceptance of a
Security, agrees that it will look solely to the income and proceeds deposited
with the Trustee to the extent available for distribution to the holder hereof
as provided and that the Trustee is not personally liable in any manner to the
holder hereof for any amounts payable or any liability under this Indenture or
any Security.

 

SECTION 1.17.          Waiver
of Jury
Trial.  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 1.18.          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 which are
consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

 

ARTICLE II

SECURITY FORMS

 

SECTION 2.1             Forms Generally.  The
Registered Securities, if any, of each series and the Bearer Securities, if
any, of each series and related Coupons shall be in such form (including
temporary or permanent global form) as shall be established by or pursuant to a
Board Resolution or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities or Coupons, as evidenced by their execution
of the Securities or Coupons. If temporary Securities of any series are issued
in global form as permitted by Section 3.4, the form thereof shall be
established as provided in the preceding sentence.  If the forms of Securities or Coupons of any
series (or any such temporary global Security) are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3
for the authentication and delivery of such Securities (or any such temporary
global Security) or Coupons.

 

Unless otherwise specified as contemplated by Section 3.1,
Bearer Securities shall have interest Coupons attached.

 

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

 

SECTION 2.2             Form of Trustee’s Certificate of
Authentication.  The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

14

 

	
   

  	
  The Bank of New
  York,

  
	
   

  	
  As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
       Authorized
  Signatory

  

 

SECTION 2.3             Securities in Global Form.  If
Securities of a series are issuable in global form, as specified as
contemplated by Section 3.1, then, notwithstanding clause (12) of Section 3.1
and the provisions of Section 3.2, any such Security shall represent such
of the Outstanding Securities of such series as shall be specified therein and
may provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and that the aggregate amount of
Outstanding Securities represented thereby may from time to time be reduced to
reflect exchanges. Any endorsement of a Security in global form to reflect the
amount, or any increase or decrease in the amount, of Outstanding Securities
represented thereby shall be made by the Trustee in such manner and upon
instructions given by such Person or Persons as shall be specified therein or
in the Company Order to be delivered to the Trustee pursuant to Section 3.3
or Section 3.4.  Subject to the
provisions of Section 3.3 and, if applicable, Section 3.4, the
Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. 
If a Company Order pursuant to Section 3.3 or 3.4 has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 1.2 and need not be accompanied
by an Opinion of Counsel.

 

The provisions of the last sentence of Section 3.3
shall apply to any Security represented by a Security in global form if such
Security was never issued and sold by the Company and the Company delivers to
the Trustee the Security in global form together with written instructions
(which need not comply with Section 1.2 and need not be accompanied by an
Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 3.3.

 

Notwithstanding the provisions of
Sections 2.1 and 3.7, unless otherwise specified as contemplated by Section 3.1,
payment of principal of and any premium and interest on any Security in
permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 3.8
and except as provided in the preceding paragraph, the Company, the Trustee and
any agent of the Company and the Trustee shall treat a Person as the Holder of
such principal amount of Outstanding Securities represented by a permanent
global Security as shall be specified in a written statement of the Holder of
such permanent global Security or, in the case of a permanent global Security
in bearer form, of Euroclear or Clearstream which is provided to the Trustee by
such Person.

 

SECTION 2.4             Form of Legend for Book-Entry Securities.  Any
Book-Entry Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

15

 

“This Security is a Book-Entry Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depository
or a nominee of a Depository.  This
Security is exchangeable for Securities registered in the name of a Person
other than the Depository or its nominee only in the limited circumstances
described in the Indenture, and no transfer of this Security (other than a
transfer of this Security as a whole by the Depository to a nominee of the
Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository) may be registered except in such limited
circumstances.”

 

SECTION 2.5             Form of Conversion Notice.  The
form of conversion notice for the conversion of Securities into shares of
Common Stock or other securities of the Company shall be in substantially the
form included with the applicable form of Securities as shall be established
pursuant to Section 2.1 hereinabove.

 

ARTICLE III

THE SECURITIES

 

SECTION 3.1             Amount Unlimited; Issuable in Series.  The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series.  There shall be established in or
pursuant to a Board Resolution and, subject to Section 3.3, set forth, or
determined in the manner provided, in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series:

 

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

 

(2)           any limit upon the aggregate principal amount of
the Securities of the series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7
and except for any Securities which, pursuant to Section 3.3, are deemed
never to have been authenticated and delivered hereunder);

 

(3)           whether Securities of the series are to be
issuable as Registered Securities, Bearer Securities or both, whether any
Securities of the series are to be issuable initially in temporary global form
and whether any Securities of the series are to be issuable in permanent global
form with or without Coupons and, if so, whether beneficial owners of interests
in any such permanent global Security may exchange such interests for
Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 3.5;

 

(4)           the Person to whom any interest on any Registered
Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date 

 

16

 

for such interest, the manner
in which, or the Person to whom, any interest on any Bearer Security of the
series shall be payable, if otherwise than upon presentation and surrender of
the Coupons appertaining thereto as they severally mature, and the extent to
which, or the manner in which, any interest payable on a temporary global
Security on an Interest Payment Date will be paid if other than in the manner
provided in Section 3.4;

 

(5)           the date or dates, or the method by which such
date or dates will be determined or extended, on which the principal of the
Securities of the series is payable;

 

(6)           the rate or rates at which the Securities of the
series shall bear interest, if any, or the formula pursuant to which such rate
or rates shall be determined, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be
payable, and the Regular Record Date for any interest payable on any Registered
Securities on any Interest Payment Date and the basis upon which interest shall
be calculated if other than that of a 360-day year consisting of twelve 30-day
months;

 

(7)           the place or places where, subject to the
provisions of Sections 11.4 and 10.2, the principal of and any premium and
interest on Securities of the series shall be payable, any Registered Securities
of the series may be surrendered for registration of transfer, Securities of
the series may be surrendered for conversion or exchange, notices and demands
to or upon the Company in respect of the Securities of the series and this
Indenture may be served and where notices to Holders of Bearer Securities
pursuant to Section 1.6 will be published;

 

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

 

(9)           the period or periods within which, the price or
prices at which and the terms and conditions upon which Securities of the
series may be redeemed, in whole or in part, or such terms and conditions as
shall be set forth in an Officers’ Certificate or supplemental indenture;

 

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

 

(11)         the terms of any right to convert or exchange
Securities of the series, either at the option of the Holder thereof or the
Company, into or for shares of Common Stock of the Company or other securities
or property, including without limitation the period or periods within which
and the price or prices (including adjustments thereto) at which any Securities
of the series shall be converted or exchanged, in whole or in part;

 

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

 

17

 

denomination or denominations
in which any Bearer Securities of the series shall be issuable, if other than
the denomination of $5,000;

 

(13)         the currency or currencies, including composite
currencies, in which payment of the principal of and any premium and interest
on the Securities of the series shall be payable if other than the currency of
the United States of America;

 

(14)         if the principal of and any premium or interest on
the Securities of the series are to be payable, at the election of the Company
or a Holder thereof, in a currency or currencies, including composite
currencies, other than that or those in which the Securities are stated to be
payable, the currency or currencies in which payment of the principal of and
any premium and interest on Securities of such series as to which such election
is made shall be payable, and the periods within which and the terms and
conditions upon which such election is to be made;

 

(15)         if the amount of payments of principal of and any
premium or interest on the Securities of the series may be determined with
reference to an index, the manner in which such amounts shall be determined;

 

(16)         if other than the principal amount thereof, the
portion of the principal amount of any Securities of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(17)         the Person who shall be the Security Registrar, if
other than the Trustee;

 

(18)         whether the Securities of the series shall be
issued upon original issuance in whole or in part in the form of one or more
Book-Entry Securities and, in such case, (a) the Depository with respect
to such Book-Entry Security or Securities; and (b) the circumstances under
which any such Book-Entry Security may be exchanged for Securities registered
in the name of, and any transfer of such Book-Entry Security may be registered
to, a Person other than such Depository or its nominee, if other than as set
forth in Section 3.5;

 

(19)         if the provisions of Section 4.4 or 4.5 are
applicable to the Securities of such series;

 

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

 

(21)         any deletions from, modifications of or additions
to the Events of Default or covenants of the Company with respect to Securities
of the series, whether or not such Events of Default or covenants are
consistent with the Events of Default or covenants set forth herein;

 

(22)         whether and under what conditions additional
amounts will be payable to Holders of Securities of the series pursuant to Section 10.4;
and

 

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

 

18

 

All Securities of any one series and the Coupons
appertaining to any Bearer Securities of such series shall be substantially
identical except, in the case of Registered Securities, as to denomination and
except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth in, or determined
in the manner provided in, the Officers’ Certificate referred to above or in
any such indenture supplemental hereto. 
Not all Securities of any one series need be issued at the same time,
and, unless otherwise provided, a series may be reopened for issuances of
additional Securities of such series.

 

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

 

SECTION 3.2             Denominations. 
Unless otherwise provided as contemplated by Section 3.1 with
respect to any series of Securities, any Registered Securities of a series
shall be issuable in denominations of $1,000 and any integral multiple thereof
and any Bearer Securities of a series shall be issuable in the denomination of
$5,000.

 

SECTION 3.3             Execution, Authentication, Delivery and
Dating.  The Securities shall be executed on behalf of
the Company by its Chairman of the Board, its Vice Chairman of the Board, its
President or one of its Vice Presidents. The signature of any of these officers
on the Securities may be manual or facsimile. 
Coupons shall bear the facsimile signature of the Treasurer of the
Company.

 

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

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of
any series, together with any Coupons appertaining thereto executed by the
Company to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities, and the Trustee in
accordance with the Company Order shall authenticate and deliver such
Securities; provided, however, that, in connection with its original issuance,
no Bearer Security shall be mailed or otherwise delivered to any location in
the United States; and provided, further, that a Bearer Security may be
delivered in connection with its original issuance only if the Person entitled
to receive such Bearer Security shall have furnished a certificate in the form
specified in such Security as to certain tax matters in respect of United
States citizens, dated no earlier than 15 days prior to the earlier of the
date on which such Bearer Security is delivered and the date on which any
temporary global Security first becomes exchangeable for such Bearer Security
in accordance with the terms of such temporary global Security and this
Indenture. If any Security shall be represented by a permanent global Bearer
Security, then, for purposes of this Section and Section 3.4, the notation
of a beneficial owner’s interest therein upon original issuance of 

 

19

 

such Security or upon
exchange of a portion of a temporary global Security shall be deemed to be
delivery in connection with its original issuance of such beneficial owner’s
interest in such permanent global Security. 
Except as permitted by Section 3.6, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant Coupons for
interest then matured have been detached and cancelled.

 

If all the Securities of any series are not to be
issued at one time and if the Board Resolution and indenture supplement
establishing such series shall so permit, such Company Order may set forth
procedures acceptable to the Trustee for the issuance of such Securities and
determining the terms of particular Securities of such series, such as interest
rate, maturity date, date of issuance and date from which interest shall
accrue.

 

If the forms or terms of the Securities of the
series and any related Coupons have been established in or pursuant to one or
more Board Resolutions as permitted by Sections 2.1 and 3.1, in
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be provided
with, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating:

 

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

 

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

 

(c)           that such Securities, together with any Coupons
appertaining thereto, when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute valid and legally binding obligations
of the Company, enforceable in accordance with their terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting the enforcement of creditors’
rights and to general equity principles; and 
(d) that all applicable laws and requirements in respect of the
execution and delivery by the Company of such Securities have been complied
with.

 

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

 

Notwithstanding the provisions of Section 3.1
and of the two preceding paragraphs, if all Securities of a series are not to
be originally issued at one time, it shall not be necessary to deliver the
Officers’ Certificate otherwise required pursuant to Section 3.1 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraphs at or prior to the time of authentication of each Security of such
series if such documents are delivered at or prior to the authentication upon
original issuance of the first Security of such series to be issued.

 

20

 

Each Registered Security shall be dated the date
of its authentication; and each Bearer Security shall be dated as of the date
of authentication of the first Security of such series to be issued.

 

No Security or Coupon shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless
there appears on such Security, or the Security to which such Coupon
appertains, a certificate of authentication substantially in the form provided
for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that
such Security has been duly authenticated and delivered hereunder.  Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 3.9 together with a
written statement (which need not comply with Section 1.2 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.

 

SECTION 3.4             Temporary Securities. 
Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more Coupons or without Coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities or Coupons may determine, as evidenced by their execution of such
Securities or Coupons. In the case of any series issuable as Bearer Securities,
such temporary Securities may be in global form.  A temporary Bearer Security shall be
delivered only in compliance with the conditions set forth in Section 3.3.

 

Except in the case of temporary Securities in
global form (which shall be exchanged in accordance with the provisions of the
following paragraphs), if temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay.  After the
preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or
agency of the Company maintained pursuant to Section 10.2 in a Place of
Payment for such series for the purpose of exchanges of Securities of such
series, without charge to the Holder. 
Upon surrender for cancellation of any one or more temporary Securities
of any series (accompanied by any unmatured Coupons appertaining thereto) the
Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like aggregate principal amount of definitive Securities of
the same series and of like tenor of authorized denominations; provided,
however, that no definitive Bearer Security shall be delivered in exchange for
a temporary Registered Security.

 

If temporary Securities of any series are issued
in global form, any such temporary global Security shall, unless otherwise
provided therein, be delivered to the London 

 

21

 

office of a depositary or
common depositary (the “Common Depositary”), for the benefit of Euroclear
and Clearstream, for credit to the respective accounts of the beneficial owners
of such Securities (or to such other accounts as they may direct).

 

Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any
such temporary global Security (the “Exchange Date”), the Company shall
deliver to the Trustee definitive Securities of that series, in aggregate
principal amount equal to the principal amount of such temporary global
Security, executed by the Company.  On or
after the Exchange Date such temporary global Security shall be surrendered by
the Common Depositary to the Trustee, as the Company’s agent for such purpose,
to be exchanged, in whole or from time to time in part, for definitive Securities
of such series without charge and the Trustee shall authenticate and deliver,
in exchange for each portion of such temporary global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such temporary
global Security to be exchanged; provided, however, that, unless otherwise
specified in such temporary global Security, upon such presentation by the
Common Depositary, such temporary global Security is accompanied by a
certificate dated the Exchange Date or a subsequent date and signed by
Euroclear as to the portion of such temporary global Security held for its
account then to be exchanged and a certificate dated the Exchange Date or a
subsequent date and signed by Clearstream as to the portion of such temporary
global Security held for its account then to be exchanged, each in the form or
in such form as shall be specified in such Security. The definitive Securities
to be delivered in exchange for any such temporary global Security shall be in
bearer form, registered form, permanent global bearer form or permanent global
registered form, or any combination thereof, as specified as contemplated by Section 3.1,
and, if any combination thereof is so specified, as requested by the beneficial
owner thereof; provided, however, that definitive Bearer Securities shall be
delivered in exchange for a portion of a temporary global Security only in
compliance with the requirements of Section 3.3.

 

Unless otherwise specified in such temporary
global Security, the interest of a beneficial owner of Securities of a series
in a temporary global Security shall be exchanged for definitive Securities of
the same series and of like tenor following the Exchange Date when the account
holder instructs Euroclear or Clearstream, as the case may be, to request such
exchange on his behalf and delivers to Euroclear or Clearstream, as the case
may be, a certificate in such form as shall be specified in such Security,
dated no earlier than 15 days prior to the Exchange Date, copies of which
certificate shall be available from the offices of Euroclear and Clearstream,
the Trustee, any Authenticating Agent appointed for such series of Securities
and each Paying Agent. Unless otherwise specified in such temporary global
Security, any such exchange shall be made free of charge to the beneficial
owners of such temporary global Security, except that a Person receiving
definitive Securities must bear the cost of insurance, postage, transportation and
the like in the event that such Person does not take delivery of such
definitive Securities in person at the offices of Euroclear or Clearstream
Definitive Securities in bearer form to be delivered in exchange for any
portion of a temporary global Security shall be delivered only outside the
United States.

 

Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities of the same series
and of like tenor authenticated and delivered hereunder, except that, 

 

22

 

unless otherwise specified as
contemplated by Section 3.1, interest payable on a temporary global
Security on an Interest Payment Date for Securities of such series occurring
prior to the applicable Exchange Date shall be payable to Euroclear and
Clearstream on such Interest Payment Date upon delivery by Euroclear and
Clearstream to the Trustee of a certificate or certificates in such form as
shall be specified in such Security, for credit with out further interest on or
after such Interest Payment Date to the respective accounts of the Persons who
are the beneficial owners of such temporary global Security on such Interest
Payment Date and who have each delivered to Euroclear or Clearstream, as the
case may be, a certificate in such form as shall be specified in such Security.
Any interest so received by Euroclear and Clearstream and not paid as herein
provided shall be returned to the Trustee immediately prior to the expiration
of two years after such Interest Payment Date in order to be repaid to the Company
in accordance with Section 10.3.

 

SECTION 3.5             Registration, Registration of
Transfer and Exchange.  The Company
shall cause to be kept at an office or agency to be maintained by the Company
in accordance with Section 10.2 a register (the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of Registered Securities and the
registration of transfers of Registered Securities.  The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Registered Securities and transfers
of Registered Securities as herein provided.

 

Upon due surrender for registration of transfer of
any Registered Security of any series at the office or agency of the Company
maintained pursuant to Section 10.2 for such purpose in a Place of Payment
for such series, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or
more new Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor.

 

At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same
series of any authorized denominations and of a like aggregate principal amount
and tenor, upon surrender of the Securities to be exchanged at any such office
or agency.  Whenever any Securities are
so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange
is entitled to receive.  Registered
Securities may not be exchanged for Bearer Securities.

 

At the option of the Holder, Bearer Securities of
any series may be exchanged for Registered Securities of the same series of any
authorized denominations and of a like aggregate principal amount and tenor,
upon surrender of the Bearer Securities to be exchanged at any such office or
agency, with all unmatured Coupons, and all matured Coupons in default
appertaining thereto.  If the Holder of a
Bearer Security is unable to produce any such unmatured Coupon or Coupons or
matured Coupon or Coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company
in an amount equal to the face amount of such missing Coupon or Coupons, or the
surrender of such missing Coupon or Coupons may be waived by the Company and
the Trustee if there is furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If thereafter
the Holder of such Securities shall surrender to any Paying Agent any 

 

23

 

such missing Coupon in respect of which such a payment
shall have been made, such Holder shall be entitled to receive the amount of
such payment; provided, however, that, except as otherwise provided in Section 10.2,
interest represented by Coupons shall be payable only upon presentation and
surrender of those Coupons at an office or agency located outside the United
States.  Notwithstanding the foregoing,
in case a Bearer Security of any series is surrendered at any such office or
agency in exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular
Record Date and before the opening of business at such office or agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such office or agency on the related proposed date
for payment of Defaulted Interest, such Bearer Security shall be surrendered
without the Coupon relating to such Interest Payment Date or proposed date for
payment, as the case may be, and interest or Defaulted Interest, as the case
may be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such Coupon when due in accordance with the provisions of this Indenture.

 

Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to
receive.

 

Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 3.1, any permanent global Security
shall be exchangeable only as provided in this paragraph.  If the beneficial owners of interests in a
permanent global Security are entitled to exchange such interests for
Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as specified as contemplated by Section 3.1,
then without unnecessary delay but in any event not later than the earliest
date on which such interests may be so exchanged, the Company shall deliver to
the Trustee definitive Securities of that series in aggregate principal amount
equal to the principal amount of such permanent global Security, executed by
the Company. On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered by the Common
Depositary or such other depositary or Common Depositary as shall be specified
in the Company Order with respect thereto to the Trustee, as the Company’s
agent for such purpose, to be exchanged, in whole or from time to time in part,
for definitive Securities of such series without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, a like aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of
such permanent global Security to be exchanged which, unless the Securities of
the series are not issuable both as Bearer Securities and as Registered
Securities, as specified as contemplated by Section 3.1, shall be in the
form of Bearer Securities or Registered Securities, or any combination thereof,
as shall be specified by the beneficial owner thereof; provided, however, that
no Bearer Security delivered in exchange for a portion of a permanent global
Security shall be mailed or otherwise delivered to any location in the United
States. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency
where such exchange occurs on (i) any Regular Record Date and before the
opening of business at such office or agency on the relevant Interest Payment
Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on 

 

24

 

such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but will
be payable on such Interest Payment Date or proposed date for payment, as the
case may be, only to the Person to whom interest in respect of such portion of
such permanent global Security is payable in accordance with the provisions of
this Indenture.

 

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

 

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

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not
involving any transfer.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange Securities of any series during a
period beginning at the opening of business 15 days before any selection
of Securities of that series to be redeemed and ending at the close of business
on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B) if
Securities of the series are issuable as Bearer Securities, the day of the
first publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption, (ii) to register the
transfer of or exchange any Registered Security so selected for redemption, in
whole or in part, except the unredeemed portion of any Security being redeemed
in part, or (iii) to exchange any Bearer Security so selected for
redemption except that such a Bearer Security may be exchanged for a Registered
Security of that series and like tenor, provided that such Registered Security
shall be simultaneously surrendered for redemption.

 

Notwithstanding the foregoing and except as
otherwise specified or contemplated by Section 3.1, any Book-Entry
Security shall be exchangeable pursuant to this Section 3.5 or
Sections 3.4, 9.6 and 11.7 for Securities registered in the name of, and a
transfer of a Book-Entry Security or any series may be registered to, any
Person other than the Depository for such Security or its nominee only if (i) such
Depository notifies the Company that it is unwilling or unable to continue as
Depository for such Book-Entry Security or if at any time such Depository
ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended, (ii) the Company executes and delivers to the Trustee a
Company Order that such Book-Entry Security shall be so exchangeable and the
transfer thereof so registerable or (iii) there shall have occurred and be
continuing an Event of Default, or an event which after notice or lapse of time
would be an Event of Default, with respect to the Securities of such series. 

 

25

 

Upon the occurrence in respect of any Book-Entry
Security of any series of any one or more of the conditions specified in
clauses (i), (ii) or (iii) or the preceding sentence or such other
conditions as may be specified as contemplated by Section 3.1 for such
series, such Book-Entry Security may be exchanged for Securities registered in
the names of, and the transfer of such Book-Entry Security may be registered
to, such Persons (including Persons other than the Depository with respect to
such series and its nominees) as such Depository shall direct. Notwithstanding
any other provision of this Indenture, any Security authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, any
Book-Entry Security shall also be a Book-Entry Security and shall bear the
legend specified in Section 2.4 except for any Security authenticated and
delivered in exchange for, or upon registration of transfer of, Book-Entry
Security pursuant to the preceding sentence.

 

Notwithstanding anything in this Indenture or in
the terms of a Security to the contrary, the exchange of Bearer Securities for
Registered Securities will be subject to satisfaction of the provisions of the
United States Federal income tax laws in effect at the time of such
exchange.  None of the Company, the
Trustee or any Authenticating Agent of the Company or the Trustee (any of
which, other than the Company, shall rely on an Officers’ Certificate and an
Opinion of Counsel) shall be required to exchange any Bearer Security for a
Registered Security if as a result thereof and in the Company’s reasonable judgment,
the Company would incur adverse consequences under then applicable United
States Federal income tax laws.

 

SECTION 3.6             Mutilated, Destroyed, Lost and
Stolen Securities and Coupons.  If
any mutilated Security or a Security with a mutilated Coupon appertaining
thereto is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with Coupons corresponding to the Coupons, if
any, appertaining to the surrendered Security and such mutilated Security or a
Security with a mutilated Coupon, if any, shall be cancelled by the Trustee in
accordance with the Indenture.

 

If there shall be delivered to the Company and the
Trustee (i) evidence to their satisfaction of the destruction, loss or
theft of any Security or Coupon and (ii) such security or indemnity as may
be required by them, then, in the absence of notice to the Company or the
Trustee that such Security or Coupon has been acquired by a bona fide
purchaser, the Company shall, subject to the following paragraph, execute, and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost
or stolen Security or in exchange for the Security to which a destroyed, lost
or stolen Coupon appertains (with all appurtenant Coupons not destroyed, lost
or stolen), a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding, with Coupons
corresponding to the Coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
Coupon appertains.

 

In case any such mutilated, destroyed, lost or stolen
Security or Coupon 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 or Coupon; provided, however, that principal of and any premium and
interest on Bearer Securities shall, except as otherwise provided in Section 10.2,
be payable only at an office or agency located outside the United States.

 

26

 

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

 

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

 

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

 

SECTION 3.7             Payment of Interest; Interest
Rights Preserved.  Unless otherwise
provided as contemplated by Section 3.1 with respect to any series of
Securities, interest on any Registered Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest; provided, however, that each installment of interest on any
Registered Security may at the Company’s option be paid by mailing a check for
such interest, payable to or upon the written order of the Person entitled
thereto pursuant to Section 3.8, to the address of such Person as it
appears on the Security Register or (ii) transfer to an account maintained
by the payee located inside the United States.

 

Unless otherwise provided as contemplated by Section 3.1
with respect to the Securities of any series, payment of interest may be made,
in the case of a Bearer Security, by transfer to an account maintained by the
payee with a bank located outside the United States.

 

Unless otherwise provided as contemplated by Section 3.1,
every permanent global Security will provide that interest, if any, payable on
any Interest Payment Date will be paid to DTC, Euroclear and/or Clearstream, as
the case may be, with respect to that portion of such permanent global Security
held for its account by Cede & Co. or the Common Depositary, as the
case may be, for the purpose of permitting such party to credit the interest
received by it in respect of such permanent global Security to the accounts of
the beneficial owners thereof.

 

In case a Bearer Security of any series is
surrendered in exchange for a Registered Security of such series after the
close of business (at an office or agency in a Place of Payment for such
series) on any Regular Record Date and before the opening of business (at such
office or agency) on the next succeeding Interest Payment Date, such Bearer
Security shall be surrendered without the Coupon relating to such Interest
Payment Date and interest will not be payable on such Interest Payment Date in
respect of the Registered Security issued in exchange for such 

 

27

 

Bearer Security, but will be payable only to the
Holder of such Coupon when due in accordance with the provisions of this
Indenture.

 

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

 

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

 

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

 

Subject to the foregoing provisions of this Section and
Section 3.5, 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.

 

28

 

In the case of any Security which is converted
into Common Stock of the Company after any Regular Record Date and on or prior
to the next succeeding Interest Payment Date (other than any Security whose
Maturity is prior to such Interest Payment Date), interest whose Stated
Maturity is on such Interest Payment Date shall be payable on such Interest
Payment Date notwithstanding such conversion, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the
close of business on such Regular Record Date. 
Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any Security which is converted, interest whose Stated
Maturity is after the date of conversion of such Security shall not be payable.

 

SECTION 3.8             Persons Deemed Owners.  Prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of (and premium, if any) and
(subject to Sections 3.5 and 3.7) any interest on such Security and for
all other purposes whatsoever, whether or not such Security shall be overdue,
and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary.

 

Title to any Bearer Security and any Coupons
appertaining thereto shall pass by delivery. 
The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security and the Bearer of any Coupon as the
absolute owner of such Security or Coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Security or Coupon shall be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

 

Except as provided in Section 3.5, owners of
beneficial interests in a Global Security shall not be entitled to have
Securities represented by such Global Security registered in their names, shall
not receive or be entitled to receive physical delivery of Securities in
certificated form and shall not be considered the Holders thereof for any
purpose under this Indenture.  Members or
participants in the Depository shall have no rights under this Indenture with
respect to any Global Security held on their behalf by the Depository, and such
Depository may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the Holder of such Global Security under this
Indenture.  Notwithstanding the
foregoing, with respect to any Global Security, 
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 the Depository, as a Holder, with
respect to such Global Security or impair, as between the Depository and owners
of beneficial interests in such Global Security, the operation of customary
practices governing the exercise of the rights of the Depository (or its
nominee) as Holder of such Global Security.

 

None of the Company, the Trustee, any Paying Agent
or the Security Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests or for
the 

 

29

 

delivery to any member of or participants in the
Depository of any notice permitted or required to be given to the Holders of
the Securities under this Indenture.

 

SECTION 3.9             Cancellation.  All Securities and Coupons surrendered for
payment, redemption, registration of transfer or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee. 
All Registered Securities and matured Coupons so delivered shall be
promptly cancelled by the Trustee.  All
Bearer Securities and unmatured Coupons so delivered shall be cancelled.  All Bearer Securities and unmatured Coupons held
by the Trustee pending such cancellation or reissuance shall be deemed to be
delivered for cancellation for all purposes of this Indenture and the
Securities.  The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee.  No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture.  All cancelled Securities and Coupons held by
the Trustee shall be disposed of by it in its customary manner or shall be
returned to the Company upon its request therefor.

 

Notwithstanding the foregoing, with respect to any
Book-Entry Security, 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 a Depository or
impair, as between a Depository and holders of beneficial interests in any
Book-Entry Security, the operation of customary practices governing the
exercise of the rights of the Depositary (or its nominee) as Holder of such
Book-Entry Security.

 

SECTION 3.10           Computation of Interest.  Except as otherwise specified as contemplated
by Section 3.1 for Securities of any series, interest on the Securities of
each series shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

SECTION 3.11           Electronic Security Issuance.  The Securities may, pursuant to a Board
Resolution and Officers’ Certificate complying with Section 3.1 hereof, be
issued by means of an electronic issuance system.  Any such Security issuance instructions may
specify the name, address and taxpayer identification number of the Holder, the
principal amount and Maturity of the Security, the interest rate to be borne by
the Security and any other terms not inconsistent with such Board Resolution
and Officers’ Certificate.  Nothing in
this Section 3.11 shall be construed as prohibiting the Company from
issuing Securities by any means not inconsistent with the provisions of this
Indenture.

 

SECTION 3.12           CUSIP Numbers.  The Company in issuing the Securities may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided
that 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

 

30

 

not be affected by any
defect in or omission of such numbers. 
The Company will promptly notify the Trustee of any change in the CUSIP
numbers.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

SECTION 4.1             Satisfaction and Discharge of
Indenture.  This Indenture shall upon
Company Request cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Securities herein expressly
provided for, and any right to receive additional amounts, as provided in Section 10.4),
and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when:

 

(1)           either

 

(A)          all Securities
theretofore authenticated and delivered and all Coupons, if any, appertaining
thereto (other than (i) Coupons appertaining to Bearer Securities
surrendered for exchange for Registered Securities and maturing after such
exchange, whose surrender is not required or has been waived as provided in Section 3.5,
(ii) Securities and Coupons which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 3.6, (iii) Coupons
appertaining to Securities called for redemption and maturing after the
relevant Redemption Date, whose surrender has been waived as provided in Section 11.6,
and (iv) Securities and Coupons for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3)
have been delivered to the Trustee for cancellation;

 

(B)           all such Securities
and, in the case of (i) or (ii) below, any Coupons appertaining
thereto not theretofore delivered to the Trustee for cancellation,

 

 (i)           have become due and payable, or

 

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

 

 (iii)         are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company, in
the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose, an amount
sufficient to pay and discharge the entire indebtedness on such Securities and
Coupons not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and any interest to the date of such deposit
(in the case of Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be;

 

31

 

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

 

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

 

Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Company to the Trustee under Section 6.5,
the obligations of the Company to any Authenticating Agent under Section 6.12
and, if money shall have been deposited with the Trustee pursuant to
clause (1) (B) of this Section, the obligations of the Trustee
under Section 4.2 and the last paragraph of Section 10.3 shall
survive such satisfaction and discharge.

 

SECTION 4.2             Application of Trust Money.  Subject to the provisions of the last
paragraph of Section 10.3, all money and U.S. Government Obligations
deposited with the Trustee pursuant to Section 4.1 or 4.3 and all money
received by the Trustee in respect of such U.S. Government Obligations shall be
held in trust and applied by it, in accordance with the provisions of the
Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal
(and premium, if any) and any interest for whose payment such money and U.S.
Government Obligations has been deposited with or received by the Trustee.

 

SECTION 4.3             Company’s Option to Effect
Defeasance or Covenant Defeasance. 
If applicable to a particular series of Securities, the Company may
elect, at its option at any time, to have Section 4.4 or Section 4.5
applied to any such series of Securities or any Securities of such series, as
the case may be, designated pursuant to Section 3.1 as being defeasible
pursuant to such Section 4.4 or 4.5, in accordance with any applicable
requirements provided pursuant to Section 3.1 and upon compliance with the
conditions set forth below in this Article. 
Any such election shall be evidenced by a Board Resolution or in another
manner specified as contemplated by Section 3.1 for such Securities.

 

SECTION 4.4             Discharge and Defeasance.  If this Section 4.4 is specified, as
contemplated by Section 3.1, to be applicable to Securities of any series,
then notwithstanding Section 4.1 and upon compliance with the applicable
conditions set forth in 4.6: (1) the Company shall be deemed to have paid
and discharged the entire indebtedness on all the Outstanding Securities of any
such series (“Defeasance”); and (ii) the provisions of this
Indenture as it relates to such Outstanding Securities shall no longer be in
effect (except as to the rights of Holders of Securities to receive, solely
from the trust fund described in Section 4.6, payment of (x) the
principal of (and premium, if any) and any installment of principal of (and
premium, if any) or interest on such Securities on the Stated Maturity of such
principal (and premium, if any) or installment of principal (and premium, if
any) or interest or upon optional redemption and/or (y) any mandatory
sinking fund payments or analogous payments applicable to the Securities of
that series on that day on which such payments are due and payable in accordance
with the terms of the Indenture and of such Securities, the Company’s
obligations with respect to such Securities under Sections 3.4, 3.5, 3.6,
10.2, 10.3, and 10.4 and the rights, powers, trusts, duties and immunities of
the Trustee hereunder, including those under Section 6.7 hereof);

 

32

 

SECTION 4.5                                        Covenant Defeasance.  If
this Section 4.5 is specified, as contemplated by Section 3.1, to be
applicable to any series of Securities or any Securities of such series, as the
case may be, (1) the Company shall be released from its obligations under
Section 8.1(3) and Sections 10.4 through 10.9, inclusive, and
any covenants provided pursuant to Section 3.1(21), 9.1(2) or
9.1(6) for the benefit of the Holders of such Securities that pursuant to
the terms of such Securities are defeasible pursuant to this Section 4.5
and (2) the occurrence of any event specified in
Sections 5.1(4) (with respect to any of Section 8.1(3),
Sections 10.4 through 10.9, inclusive, and any such covenants provided
pursuant to Section 3.1(21), 9.1(2), or 9.1(6) and 5.1(9) (if
pursuant to the terms of such Securities this Section 4.5 is applicable to
any such event specified in Section 5.1(9)) shall be deemed not to be or
result in an Event of Default, in each case with respect to such Securities as
provided in this Section on and after the date the conditions set forth in
Section 4.6 are satisfied (hereinafter called “Covenant Defeasance”).  For this purpose, such Covenant Defeasance
means that, with respect to such 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 specified Section (to the extent so
specified in the case of Section 5.1(4) and 5.1(9)), whether directly
or indirectly by reason of any reference elsewhere herein to any such
Section or by reason of any reference in any such Section to any
other provision herein or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected thereby.

 

SECTION 4.6                                        Conditions to Defeasance or Covenant Defeasance.  The
following shall be the conditions to the application of Section 4.4 or
Section 4.5 to any applicable series of Securities or any Securities of
such series, as the case may be.

 

(1)                                  either

 

(A)                              with respect to all Outstanding Securities of such
series or such Securities of such Series, as the case may be, with reference to
this Section 4.6, the Company has deposited or caused to be deposited with
the Trustee irrevocably (but subject to the provisions of Section 4.2 and
the last paragraph of Section 10.3), as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of
such Securities, (X) lawful money of the United States in an amount, or
(Y) U.S. Government Obligations which through the payment of interest and
principal in respect thereof in accordance with their terms will provide not
later than the opening of business on the due dates of any payment referred to
in clause (i) or (ii) of this subparagraph (1)(A) lawful
money of the United States in an amount, or (Z) a combination thereof,
sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge (i) the principal of (and premium, if
any) and each installment of principal of (and premium, if any) and interest on
such Securities at the Stated Maturity of such principal or installment of
principal or interest or upon optional redemption and (ii) any mandatory
sinking fund payments or analogous payments applicable to such Securities on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities;

 

33

 

(B)                                the Company has properly fulfilled such other
means of satisfaction and discharge as is specified, as contemplated by
Section 3.1, to be applicable to the Securities of such series;

 

(2)                                the Company has paid or caused to be paid all
other sums payable with respect to such Securities;

 

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

 

(4)                                no Event of Default or event which with the giving
of notice or lapse of time, or both, would become an Event of Default with
respect to such Securities shall have occurred and be continuing on the date of
such deposit and no Event of Default under Section 5.1(5) or Section 5.1(6) or
event which with the giving of notice or lapse of time, or both, would become
an Event of Default under Section 5.1(5) or
Section 5.1(6) shall have occurred and be continuing on the 91st day
after such date;

 

(5)                                in the event of an election to have Section 4.4
apply to any series of Securities, the Company has delivered to the Trustee an
Opinion of Counsel to the effect that (a) the Company has received from,
or there has been published by, the Internal Revenue Service a ruling, or
(b) since the date of this Indenture there has been a change in applicable
Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of Securities of such
series will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit, defeasance and discharge and will be subject to
Federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such deposit, defeasance and discharge had
not occurred;

 

(6)                                in the event of an election to have
Section 4.5 apply to any series of Securities, the Company shall have
delivered to the Trustee an Opinion of Counsel, to the effect that the Holders
of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Securities and will be subject to Federal income tax on the
same amount, in the same manner and at the same times as would be the case if
such deposit and Covenant Defeasance were not to occur;

 

(7)                                if the Securities of that series are then listed
on any domestic or foreign securities exchange, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that such deposit,
defeasance and discharge will not cause such Securities to be desisted;

 

(8)                                the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the Defeasance or Covenant
Defeasance with respect to such Securities of any such series have been
complied with and an Opinion of Counsel to the effect that either (i) as a
result of such deposit and the related exercise of the Company’s option under
this Article, registration is not required under the Investment Company Act of
1940, as amended, by 

 

34

 

the Company, the trust funds
representing such deposit or the Trustee or (ii) all necessary
registrations under said Act have been effected.

 

Any deposits with the Trustee referred to in
Section 4.6(1)(A) above shall be irrevocable and shall be made under
the terms of an escrow/trust agreement in form and substance satisfactory to
the Trustee.  If any Outstanding
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption provisions or in accordance with
any mandatory sinking fund requirement, the applicable escrow trust agreement
shall provide therefor and the Company shall make such arrangements as are
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

 

Upon Defeasance with respect to all the Securities
of a series, the terms and conditions of such Securities, including the terms
and conditions with respect thereto set forth in this Indenture, shall no
longer be binding upon, or applicable to, the Company; provided that the
Company shall not be discharged from any payment obligations in respect of
Securities which are deemed not to be Outstanding under
clause (iii) of the definition thereof if such obligations continue
to be valid obligations of the Company under applicable law.

 

Notwithstanding the cessation, termination and
discharge of all obligations, covenants and agreements (except as provided
above in this Section 4.6) of the Company under this Indenture with
respect to any series of Securities, the obligations of the Company to the
Trustee under Section 6.5, and the obligations of the Trustee under
Section 4.2 and the last paragraph of Section 10.3 shall survive with
respect to such series of Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request any money or U.S. Government Obligations held by it
as provided in this Section 4.6 with respect to any Securities which, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 4.1 or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of Outstanding
Securities.

 

ARTICLE V

REMEDIES

 

SECTION 5.1                                        Events of Default.  “Event
of Default”, wherever used herein with respect to Securities of any series,
means any one of the following events which shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

 

35

 

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

 

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

 

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

 

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

 

(5)                                  failure by the Company to make any payment at
maturity, including any applicable grace period, in respect of indebtedness,
which term as used herein means obligations 
(other than the Securities of such series or non-recourse obligations)
of, or guaranteed or assumed by, the Company for borrowed money or evidenced by
bonds, debentures, notes or other similar instruments (“Indebtedness”)
in an amount in excess of $50,000,000 or the equivalent thereof in any other
currency or composite currency and such failure shall have continued for a
period of 30 days after written notice thereof shall have been given by
registered or certified mail, return receipt requested, to the Company by the
Trustee, or to the Company and the Trustee by the Holders of not less than 25%
in aggregate principal amount of the Outstanding Securities of that series; or

 

(6)                                  a default with respect to any Indebtedness, which
default results in the acceleration of Indebtedness in an amount in excess of
$50,000,000 or the equivalent thereof in any other currency or composite
currency without such Indebtedness having been discharged or such acceleration
having been cured, waived, rescinded or annulled for a period of 30 days
after written notice thereof shall have been given by registered or certified
mail, return receipt requested, to the Company by the Trustee, or to the
Company and the Trustee by the Holders of not less than 25% in aggregate principal
amount of the Outstanding Securities of that series;

 

(7)                                  the entry by a court having jurisdiction in the
premises of (A) a decree or order for relief in respect of the Company in
an involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company under any applicable Federal or State law, or
appointing a custodian, receiver, liquidation, assignee, trustee, sequestrator
or other similar official 

 

36

 

of the Company or of any
substantial part of their property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60
consecutive days; or

 

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

 

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

 

SECTION 5.2                                        Acceleration of Maturity; Rescission and
Annulment.  If an Event of Default with respect to
Securities of any series at the time Outstanding occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal
amount (or, if any of the Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified in the terms thereof) of all of the Securities of that series to be
due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable.

 

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

 

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

 

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

 

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

 

37

 

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

 

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

 

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

 

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

 

SECTION 5.3                                        Collection of Indebtedness and Suits for
Enforcement by Trustee.  The Company covenants that if,

 

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

 

(2)                                  default is made in the payment of the principal of
(or premium, if any, on) any Security of any series at the Maturity thereof,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities of that series and any Coupons appertaining thereto,
the whole amount then due and payable on such Securities of that series and
Coupons for principal and any premium and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal and on the premium, if any, and overdue interest, at the rate or
rates prescribed therefor in such Securities of that series and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

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

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the Holders of
Securities of such series and any Coupons appertaining thereto by such
appropriate judicial proceedings as the Trustee shall deem necessary to protect
and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this 

 

38

 

Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

 

SECTION 5.4                                        Trustee May File Proofs of Claim.  In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

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

 

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

 

and any custodian, receiver, assignee, trustee,
liquidation, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder of Securities and Coupons to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders of Securities and Coupons, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 6.7.

 

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

 

SECTION 5.5                                        Trustee May Enforce Claims Without
Possession of Securities or Coupons.  All rights of action and
claims under this Indenture or the Securities or Coupons may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or
Coupons or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities and Coupons in respect of
which such judgment has been recovered.

 

SECTION 5.6                                        Application of Money Collected.  Any
money collected by the Trustee pursuant to this Article shall be applied
in the following order, at the date or dates fixed 

 

39

 

by
the Trustee and, in case of the distribution of such money on account of
principal or any premium or interest, upon presentation of the Securities or
Coupons, or both, as the case may be, and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the
Trustee under Section 6.7;

 

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

 

THIRD: To the payment of the remainder, if any, to the Company.

 

SECTION 5.7                                        Limitation on Suits.  No
Holder of any Security of any series or any related Coupons shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless;

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 5.8                                        Unconditional Right of Holders to Receive
Principal, Premium and Interest.  Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon shall have the right, which is
absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.7) interest on such Security, and any
additional amounts contemplated by Section 10.4 in respect of such
Security or payment of such Coupon on the Stated Maturity or Maturities
expressed in such Security or Coupon (or, in the 

 

40

 

case
of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

SECTION 5.9                                        Restoration of Rights and Remedies.  If
the Trustee or any Holder of a Security or Coupon has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders of
Securities and Coupons shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

 

SECTION 5.10                                  Rights and Remedies Cumulative. 
Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or Coupons in the last
paragraph of Section 3.6, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders of Securities or Coupons is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

SECTION 5.11                                  Delay or Omission Not Waiver.  No
delay or omission of the Trustee or of any Holder of any Security or Coupon to
exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein.  Every right and
remedy given by this Article or by law to the Trustee or to the Holders of
Securities or Coupons may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders of Securities or Coupons,
as the case may be.

 

SECTION 5.12                                  Control by Holders of Securities.  The
Holders of a majority in principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such
series, provided that,

 

(1)                                  such direction shall not be in conflict with any
rule of law or with this Indenture, and

 

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

 

SECTION 5.13                                  Waiver of Past Defaults.  The
Holders of not less than a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series and any Coupons appertaining thereto waive any past default
hereunder with respect to the Securities of such series and its consequences,
except a default

 

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

 

41

 

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

 

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

 

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

 

SECTION 5.15                                  Waiver of Stay or Extension Laws.  The Company
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

 

ARTICLE VI

THE TRUSTEE

 

SECTION 6.1                                        Duties and Responsibilities of the Trustee;
During Default; Prior to Default.  With respect to the Holders of
any series of Securities issued hereunder, the Trustee, prior to the occurrence
of an Event of Default with respect to the Securities of a particular series
and after the curing or waiving of all Events of Default which may have
occurred with respect to such series, undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture.  In case an Event of Default with respect to
the Securities of a series has occurred (which has not been cured or waived),
the Trustee shall exercise with respect to such series of Securities such of
the rights and powers vested in it by this Indenture, and shall use the same
degree of care and skill in their exercise, as a prudent man would exercise or
use under the circumstances in the conduct of his own affairs.

 

42

 

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

 

(a)                                  prior to the occurrence of an Event of Default
with respect to the Securities of any series and after the curing or waiving of
all such Events of Default with respect to such series which may have occurred:

 

(i)                                     the duties and obligations of the Trustee with respect to the Securities
of any series shall be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable except for the performance of
such duties and obligations 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 the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such statements, certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein;

 

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

 

(c)                                  the Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders pursuant to Section 5.12 relating to the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture.

 

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

 

SECTION 6.2                                        Certain Rights of Trustee. 
Subject to the provisions of the Trust Indenture Act:

 

(a)                                  the Trustee may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, Coupon, other evidence of indebtedness or other 

 

43

 

paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

 

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

 

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

 

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

 

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

 

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

 

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

 

(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 Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event
which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this
Indenture; and

 

(j)            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.

 

SECTION 6.3                                        Not Responsible for Recitals or Issuance of
Securities.  The recitals contained herein and in the
Securities (except the Trustee’s certificate of authentication) and in any
Coupons shall be taken as the statements of the Company, and the Trustee or any
Authenticating Agent assumes no responsibility for their correctness.  The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities or Coupons,
except that the Trustee represents that it is duly authorized to execute and
deliver this Indenture, authenticate the Securities and perform its obligations
hereunder and that the statements made by it in its Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate.  The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof.

 

44

 

SECTION 6.4                                        May Hold Securities.  The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or
any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and Coupons and, subject to Section 6.8
and 6.10, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

 

SECTION 6.5                                        Money Held in Trust. 
Money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law.  The Trustee shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed in
writing with the Company.

 

SECTION 6.6                                        Compensation and Reimbursement.  The
Company agrees:

 

(1)                                  to pay to the Trustee or any predecessor Trustee
from time to time such compensation as shall be agreed to between the Company
and the Trustee for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

 

(2)                                  except as otherwise expressly provided herein, to
reimburse the Trustee or any predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Indenture (including the compensation and
the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as shall be determined to have been caused by the
Trustee’s negligence or willful misconduct; and

 

(3)                                  to indemnify the Trustee and any predecessor
Trustee for, and to hold it harmless against, any and all loss, damage, claim,
liability or expense, including taxes (other than taxes based on the income of
the Trustee) incurred without negligence or willful misconduct on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of defending itself
against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 5.1(7) or
Section 5.1(8), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable Federal or State
bankruptcy, insolvency or other similar law.

 

The provisions of this Section shall survive
the termination of this Indenture and the resignation and removal of the
Trustee.

 

SECTION 6.7                                        Resignation and Removal; Appointment of
Successor.

 

(a)                                  No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.8.

 

45

 

(b)                                 The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Company.  If the instrument of acceptance
by a successor Trustee required by Section 6.8 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition at the expense of the Company any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

 

(c)                                  The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Trustee and to the Company.  If the
instrument of acceptance by a successor Trustee required by Section 6.8
shall not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition at the
expense of the Company any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

(d)                                 If at any time:

 

(1)                                  the Trustee shall fail to comply with Section 310(b) of
the Trust Indenture Act after written request therefor by the Company or by any
Holder of a Security who has been a bona fide Holder of a Security for at least
six months, or

 

(2)                                  the Trustee shall cease to be eligible under Section 6.9
and Section 310(a) of the Trust Indenture Act and shall fail to
resign after written request therefor by the Company or by any such Holder, or

 

(3)                                  the Trustee shall become incapable of acting or
shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (i) the
Company by a Board Resolution may remove the Trustee with respect to all
Securities, or (ii) subject to Section 5.14 any Holder of a Security
who has been a bona fide Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

 

(e)                                  If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company,
by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood
that any such successor Trustee may be appointed with respect to the Securities
of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series) and shall
comply with the applicable requirements of Section 6.8. If, within one
year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of Outstanding
Securities of such series delivered to the Company and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 6.8,
become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company or the Holders of Securities of that series and
accepted appointment in the manner required by 

 

46

 

Section 6.8, any
Holder of a Security who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

(f)                                    The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of
any series in the manner provided in Section 1.6.  Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office.

 

SECTION 6.8                                        Acceptance of Appointment by Successor.  (a) In
case of the appointment hereunder of a successor Trustee with respect to all
Securities every such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but on the request of the Company or
the successor Trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

 

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

 

47

 

held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

 

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

 

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

 

SECTION 6.9                                        Disqualification; Conflicting Interests.  If
the Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Indenture.

 

SECTION 6.10                                  Corporate Trustee Required; Eligibility. 
There shall be at all times a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such and has a
combined capital and surplus of at least $50,000,000.  If such Person publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising
or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so
published.  If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereunder
specified in this Article.

 

SECTION 6.11                                  Preferential Collection of Claims Against
Company.  If and when the Trustee shall be or become a
creditor of the Company (or any other obligor upon the Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against the Company (or any such other obligor).

 

SECTION 6.12                                  Merger, Conversion Consolidation or
Succession to Business.  Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

 

SECTION 6.13                                  Appointment of Authenticating Agent.  The
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon original issue or
upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture 

 

48

 

and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery
of Securities by the Trustee or the Trustee’s certificate of authentication
such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be acceptable
to the Company.  If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to
the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.  If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

 

Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which
such Authenticating Agent shall be a party, or any corporation succeeding to
the corporate agency or corporate trust business of such Authenticating Agent,
shall continue to be an Authenticating Agent provided such corporation shall be
otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or such Authenticating
Agent.

 

An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company.  The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. 
Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall promptly give notice of such appointment to all Holders of Securities
pursuant to Section 1.6.  Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder with like effect as if originally named as an Authenticating
Agent.  No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this
Section.

 

If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 

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

 

49

 

	
   

  	
  The Bank of New York,

  
	
   

  	
  As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Authorized Signatory

  

 

If all of the Securities of a series may not be
originally issued at one time, and if the Company has an Affiliate eligible to
be appointed as an Authenticating Agent hereunder or the Trustee does not have
an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such
series authenticated upon original issuance, the Trustee, if so requested by
the Company in writing (which writing need not comply with Section 1.2 and
need not be accompanied by an Opinion of Counsel), shall appoint in accordance
with this Section an Authenticating Agent (which if so requested by the
Company, shall be such Affiliate of the Company) having an office in a Place of
Payment designated by the Company with respect to such series of Securities.

 

SECTION 6.14                                  Notice of Defaults.  If a
default occurs hereunder with respect to Securities of any series, the Trustee
shall, within 90 days of such occurrence, give the Holders of Securities
of such series notice of such default known to it as and to the extent provided
by the Trust Indenture Act; provided, however, that in the case of any default
of the character specified in Section 5.1(4) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 30 days after the occurrence thereof.  For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.

 

ARTICLE
VII

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 7.1                                        Preservation of Information; Communications
to Holders.

 

(a)                                  The Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of Holders of Securities (i) contained
in the most recent list furnished to the Trustee as provided in Section 312(a) of
the Trust Indenture Act, (ii) received by the Trustee in its capacity as
Security Registrar and (iii) filed with it within the two preceding years
pursuant to Section 313(c)(2) of the Trust Indenture Act.  The Trustee may destroy any list furnished to
it as provided in Section 312(a) of the Trust Indenture Act upon
receipt of a new list so furnished, (ii) destroy any information received
by it as Paying Agent (if so acting) hereunder upon delivering to itself as
Trustee, not earlier than March 20 or September 20 of each year, a
list containing the names and addresses of the Holders of Securities obtained
from such information since the delivery of the next previous list, if any, (iii) destroy
any list delivered to itself as Trustee which was compiled from information
received by it as Paying Agent (if so acting) hereunder upon the receipt of a
new list so delivered and (iv) destroy not earlier than two years 

 

50

 

after filing, any information filed with it pursuant to Section 313(c)(2) of
the Trust Indenture Act. For purposes of Section 312(a) of the Trust
Indenture Act, the term “stated intervals” shall mean January 15 and July 15.

 

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

 

(i)                                     afford such applicants access to the information preserved at the time by
the Trustee in accordance with Section 7.1(a), or

 

(ii)                                  inform such applicants as to the approximate number of Holders of
Securities whose names and addresses appear in the information preserved at the
time by the Trustee in accordance with Section 7.1(a), and as to the
approximate cost of mailing to such Holders the form of proxy or other
communication, if any, specified in such application.

 

If the Trustee shall elect not to afford such
applicants access to such information, the Trustee shall, upon the written
request of such applicants, mail to each Holder of Securities whose name and
address appears in the information preserved at the time by the Trustee in
accordance with Section 7.1(a) a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment of the reasonable expenses of mailing, unless within
five days after such tender the Trustee shall mail to such applicants and
file with the Commission, together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders of Securities or
would be in violation of applicable law. Such written statement shall specify
the basis of such opinion.  If the
Commission, after opportunity for a hearing upon the objections specified in
the written statement so filed, shall enter an order refusing to sustain any of
such objections or if after the entry of an order sustaining one or more of
such objections, the Commission shall find, after notice and opportunity for
hearing that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Holders of Securities with reasonable promptness after the entry of such order
and the renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

 

(c)                                  Every Holder of Securities or Coupons, by
receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any agent of either of them shall be
held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with Section 7.1(b),
regardless of the source from which such information was derived and that the 

 

51

 

Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 7.1(b).

 

SECTION 7.2                                        Reports by Trustee.  The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant thereto.  If required by Section 313(a) of
the Trust Indenture Act, the Trustee shall, within sixty days after each May 15
following the date of this Indenture (beginning May 15, 2009) deliver to
Holders a report, dated as of such May 15, which complies with the
provisions of such Section 313(a).

 

A copy of each such report shall, at the time of
such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the
Company.  The Company will promptly
notify the Trustee when any Securities are listed on any stock exchange or
market center.

 

SECTION 7.3                                        Reports by Company.  The
Company shall:

 

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

 

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

 

(3)                                  transmit to all Holders, in the manner and to the
extent provided in Trust Indenture Act Section 313(c), within 30 days
after the filing thereof with the Trustee, such summaries of any information,
documents and reports required to be filed by the Company pursuant to
paragraphs (1) and (2) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

 

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

 

52

 

ARTICLE
VIII

 

CONSOLIDATION,
MERGER, SALE, LEASE,

TRANSFER
OR OTHER DISPOSITION

 

SECTION 8.1                                        Company May Consolidate, Etc.  Only on Certain Terms.  The
Company shall not consolidate with or merge with or into any other Person or
sell, lease, transfer or otherwise dispose of its assets substantially as an
entirety to any Person, and the Company shall not permit any Person to
consolidate with or merge with or into the Company or to sell, lease, transfer
or otherwise dispose of its assets substantially as an entirety to the Company,
unless:

 

(1)                                  either the Company shall be the continuing
corporation, or, in case the Company shall consolidate with or merge with or
into another Person or sell, lease, transfer or otherwise dispose of its assets
substantially as an entirety to any Person, the Person formed by such
consolidation or into which the Company is merged or the Person which acquires
by sale, lease, transfer or otherwise, the assets of the Company substantially
as an entirety shall be a corporation, partnership or trust, shall be organized
and validly existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
and any premium and interest (including all additional amounts, if any, payable
pursuant to Section 10.4) on all the Securities and the performance of
every covenant of this Indenture on the part of the Company to be performed or
observed;

 

(2)                                  immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Company or a Subsidiary as a result of such transaction as having been incurred
by the Company or such Subsidiary at the time of such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have happened and be continuing;

 

(3)                                  if as a result of any such consolidation or merger
or such sale, lease, transfer or other disposition of the assets of the Company
would become subject to a mortgage, pledge, lien, security interest or other
encumbrance which would not be permitted by this Indenture, the Company or such
successor Person, as the case may be shall take such steps as shall be
necessary effectively to secure the Securities equally and ratably with (or
prior to) all indebtedness secured thereby;

 

(4)                                  the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, sale, lease, transfer or other disposition and, if a
supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied
with.

 

SECTION 8.2                                        Successor Substituted.  Upon
any consolidation or merger of the Company with or into any other Person or any
sale, lease, transfer or other disposition of the 

 

53

 

assets of the Company substantially as an entirety in accordance with Section 8.1,
the successor Person formed by such consolidation or into which the Company is
merged or to which sale, lease, transfer or other disposition is made shall
assume the obligations of the Company on the Securities and under this
Indenture with the same effect as if such successor Person had been named as
the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities and Coupons.

 

ARTICLE
IX

 

SUPPLEMENTAL
INDENTURES

 

SECTION 9.1                                        Supplemental Indentures Without Consent of
Holders.  Without the consent of any Holders of
Securities or Coupons, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:

 

(1)                                  to evidence the succession of another Person to
the Company and the assumption by any such successor of the covenants of the
Company herein and in the Securities; or

 

(2)                                  to add to the covenants of the Company for the
benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company;
or

 

(3)                                  to add any additional Events of Default (and if
such Events of Default are to be for the benefit of less than all series of
Securities, stating that such Events of Default are expressly being included
solely for the benefit of such series); or

 

(4)                                  to add to or change any of the provisions of this
Indenture to provide that Bearer Securities may be registerable as to
principal, to change or eliminate any restrictions on the payment of principal
of or any premium or interest on Bearer Securities, to permit Bearer Securities
to be issued in exchange for Registered Securities, to permit Bearer Securities
to be issued in exchange for Bearer Securities of other authorized
denominations or to permit or facilitate the issuance of Securities in uncertificated
form, provided that any such action shall not adversely affect the interests of
the Holders of Securities of any series or any related Coupons in any material
respect; or

 

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

 

(6)                                  to secure the Securities pursuant to the
requirements of Section 10.7 or otherwise; or

 

54

 

(7)                                  to establish the form or terms of Securities of
any series and any related Coupons as permitted by Sections 2.1 and 3.1;
or

 

(8)                                  to evidence and provide for the acceptance of
appointment thereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.8(b); or

 

(9)                                  to make provision with respect to the conversion
rights of Holders pursuant to the requirements of Article XIV, including
providing for the conversion of the Securities into any security or property
(other than the Common Stock of the Company); or

 

(10)                            to cure any ambiguity, to correct or supplement
any provision herein which may be inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising
under this Indenture, provided that such action shall not adversely affect the
interests of the Holders of Securities of any series or any related Coupons in
any material respect.

 

SECTION 9.2                                        Supplemental Indentures with Consent of
Holders.  With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series
and any related Coupons under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

 

(1)                                  change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable
upon the redemption thereof, or change any obligation of the Company to pay
additional amounts pursuant to Section 10.4 (except as contemplated by Section 8.1(1) and
permitted by Section 9.1(1)), or reduce the amount of the principal of an
Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2
or change the coin or currency in which any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or

 

(2)                                  reduce the percentage in principal amount of the
Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is
required for any waiver of certain defaults hereunder and their consequences
provided for in this Indenture, or reduce the requirements of Section 13.4
for quorum or voting, or

 

55

 

(3)                                  change any obligation of the Company to maintain
an office or agency in the places and for the purposes specified in Section 10.2,
or

 

(4)                                  modify any of the provisions of this Section or
Section 5.13, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent of any
Holder of a Security or Coupon with respect to changes in the references to
“the Trustee” and concomitant changes in this Section or the deletion of
this proviso, in accordance with the requirements of Sections 6.8(b) and
9.1(8), or

 

(5)                                  make any change that adversely affects the right
to convert any Security as provided in Article XIV or pursuant to Section 3.1
(except as permitted by Section 9.1) or decrease the conversion rate or
increase the conversion price of any such Security.

 

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

 

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

 

SECTION 9.3                                        Execution of Supplemental Indentures.  In
executing or accepting the additional trusts created by any supplemental
indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be provided with, and
(subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel and an Officers’ Certificate each stating that the execution
of such supplemental indenture is authorized or permitted by this
Indenture.  The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

 

SECTION 9.4                                        Effect of Supplemental Indentures.  Upon
the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of
Securities theretofore or thereafter authenticated and delivered hereunder and
of any Coupons appertaining thereto shall be bound thereby.

 

SECTION 9.5                                        Conformity with Trust Indenture Act. 
Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act of 1939, as amended, in
effect on such date.

 

SECTION 9.6                                        Reference in Securities to Supplemental
Indentures.  Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may,
and shall if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture.  If the 

 

56

 

Company shall so determine, new Securities of any series so modified as
to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

 

ARTICLE X

 

COVENANTS

 

SECTION 10.1                                  Payment of Principal, Premium and Interest.  The
Company covenants and agrees for the benefit of each series of Securities that
it will duly and punctually pay or cause to be paid the principal of and any
premium and interest on the Securities of that series in accordance with the
terms of the Securities, any Coupons appertaining thereto and this
Indenture.  Unless otherwise specified as
contemplated by Section 3.1 with respect to any series of Securities, any
interest due on Bearer Securities on or before Maturity shall be payable only
upon presentation and surrender outside the United States of the several
Coupons for such interest installments as are evidenced thereby as they
severally mature.

 

SECTION 10.2                                  Maintenance of Office or Agency.  If
Securities of a series are issuable only as Registered Securities, the Company
will maintain in each Place of Payment for such series an office or agency
where Securities of that series may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of
transfer, exchange, or conversion and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be
served.  If Securities of a series are
issuable as Bearer Securities, the Company will maintain (A) in The City
of New York, an office or agency where any Registered Securities of that series
may be presented or surrendered for payment, where any Registered Securities of
that series may be surrendered for registration of transfer, where Securities
of that series may be surrendered for conversion or exchange, where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served and where Bearer Securities of that series and
related Coupons may be presented or surrendered for payment in the
circumstances described in the following paragraph (and not otherwise), (B) subject
to any laws or regulations applicable thereto, in a Place of Payment for that
series which is located outside the United States, an office or agency where
Securities of that series and related Coupons may be presented and surrendered
for payment (including payment of any additional amounts payable on Securities
of that series pursuant to Section 10.4); provided, however, that if the
Securities of that series are listed on The Stock Exchange of the United
Kingdom and the Republic of Ireland, the Luxembourg Stock Exchange or any other
stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that
series in London, Luxembourg or any other required city located outside the
United States, as the case may be, so long as the Securities of that series are
listed on such exchange, and (C) subject to any laws or regulations
applicable thereto in a Place of Payment for that series located outside the
United States an office or agency where any Registered Securities of that
series may be surrendered for registration of transfer, where Securities of
that series may be surrendered for conversion or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served. The Company will give prompt notice to the
Trustee and to the Holders as provided in Sections 1.5 and 1.6,
respectively, of the location and 

 

57

 

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 in respect of any series of
Securities or shall fail to furnish the Trustee with the address thereof, such
presentations and surrenders of Securities of that series may be made and
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, except that Bearer Securities of that series and the related Coupons
may be presented and surrendered for payment (including payment of any
additional amounts payable on Bearer Securities of that series pursuant to Section 10.4)
at the office of the Trustee for such series located outside the United States,
and the Company hereby appoints the same as its agent to receive such
respective presentations, surrenders, notices and demands.

 

No payment of principal, premium or interest on
Bearer Securities shall be made at any office or agency of the Company in the
United States or by check mailed to any address in the United States or by
transfer to any account maintained with a bank located in the United States;
provided, however, that if the Securities of a series are denominated and
payable in Dollars, payment of principal of and any premium and interest on any
Bearer Security (including any additional amounts payable on Securities of such
series pursuant to Section 10.4) shall be made at the office of the
Company’s Paying Agent in The City of New York, if (but only if) payment in
Dollars of the full amount of such principal, premium, interest or additional
amounts, as the case may be, at all offices or agencies outside the United
States maintained for the purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.

 

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

 

SECTION 10.3                                  Money for Securities Payments to Be Held in
Trust.  If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or
before each due date of the principal of and any premium or interest on any of
the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal and any
premium or interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of its action or failure to act.

 

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

 

58

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 10.4                                  Additional Amounts.  If
the Securities of a series provide for the payment of additional amounts, the
Company will pay to the Holder of any Security of such series or any Coupon
appertaining thereto additional amounts as provided therein.  Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of or any premium or
interest on, or in respect of any Security of any series or payment of any
related Coupon or the net proceeds received on the sale or exchange of any
Security of any series, such mention shall be deemed to include mention of the
payment of additional amounts provided for in this Section to the extent
that, in such context additional amounts are, were or would be payable in
respect 

 

59

 

thereof pursuant to the
provisions of this Section and express mention of the payment of
additional amounts (if applicable) in any provisions hereof shall not be
construed as excluding additional amounts in those provisions hereof where such
express mention is not If the Securities of a series provide for the payment of
additional amounts, at least 10 days prior to the first Interest Payment
Date with respect to that series of Securities (or if the Securities of that
series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least 10 days prior
to each date of payment of principal and any premium or interest if there has
been any change with respect to the matters set forth in the below-mentioned
Officers’ Certificate, the Company will furnish the Trustee and the Company’s
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers’ Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
or any related Coupons who are United States Aliens without withholding for or
on account of any tax assessment or other governmental charge described in the
Securities of that series. If any such withholding shall be required, then such
Officers’ Certificate shall specify by country the amount, if any, required to
be withheld on such payments to such Holders of Securities or Coupons and the
Company will pay to the Trustee or such Paying Agent the additional amounts
required by this Section.  The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
negligence or willful misconduct on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section.

 

SECTION 10.5                                  Existence.  Subject to Article VIII,
the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, rights (charter and statutory) and
franchises; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and that the loss thereof is not disadvantageous in any
material respect to the Holders.

 

SECTION 10.6                                  Purchase of Securities by Company or
Subsidiary.  If and so long as the Securities of a series
are listed on The Stock Exchange of the United Kingdom and the Republic of
Ireland and such stock exchange shall so require, the Company will not, and
will not permit any of its Subsidiaries to, purchase any Securities of that
series by private treaty at a price (exclusive of expenses and accrued
interest) which exceeds 120% of the mean of the nominal quotations of the
Securities of that series as shown in The Stock Exchange Daily Official List
for the last trading day preceding the date of purchase.

 

SECTION 10.7                                  Statement by Officers as to Default.  The
Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, an Officers’
Certificate signed by its principal executive officer, principal financial
officer or principal accounting officer stating whether or not to the best
knowledge of the signer thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this
Indenture, and if the Company shall be in default, specifying all such defaults
and the nature and status thereof of which they may have knowledge.

 

SECTION 10.8                                  Calculation of Original Issue Discount.  The
Company shall file with the Trustee promptly at the end of each calendar year a
written notice specifying the amount 

 

60

 

of original issue
discount (including daily rates and accrual periods) accrued on Outstanding
Securities as of the end of such year.

 

ARTICLE
XI

 

REDEMPTION
OF SECURITIES

 

SECTION 11.1                                  Applicability of Article. 
Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 3.1 for Securities of any
series) in accordance with this Article.

 

SECTION 11.2                                  Election to Redeem; Notice to Trustee.  The
election of the Company to redeem any Securities shall be evidenced by an
Officers’ Certificate.  In the case of
any redemption at the election of the Company, the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series
to be redeemed.  In the case of any
redemption of Securities (i) prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (ii) pursuant to an election of the Company which is subject
to a condition specified in the terms of such Securities, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with
such restriction or condition.

 

SECTION 11.3                                  Selection by Trustee of Securities to Be
Redeemed.  If less than all the Securities of any series
and of like tenor are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series and of like tenor
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection, for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Registered
Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series. If so specified in the Securities
of a series, partial redemptions must be in an amount not less than $1,000,000
principal amount of Securities.

 

If any Security selected for partial redemption is
converted in part before termination of the conversion right with respect to
the portion of the Security so selected, the converted portion of such Security
shall be deemed (so far as may be) to be the portion selected for
redemption.  Securities (or portions
thereof) which have been converted during a selection of Securities to be
redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.  In any case where more than
one Security is registered in the same name, the Trustee in its discretion may
treat the aggregate principal amount so registered as if it were represented by
one Security.

 

The Trustee shall promptly notify the Company and
the Security Registrar (if other than itself) 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.

 

61

 

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

 

SECTION 11.4                                  Notice of Redemption. 
Notice of redemption shall be given in the manner provided in Section 1.6
to the Holders of Securities to be redeemed not less than 30 nor more than
60 days prior to the Redemption Date.

 

Any notice that is mailed to Holders of Registered
Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice.

 

All notices of redemption shall state:

 

(1)                                  the Redemption Date;

 

(2)                                  the Redemption Price;

 

(3)                                  if less than all the Outstanding Securities of any
series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed,
and a statement to the effect that on or after the Redemption Date upon
surrender of such Security a new Security in the principal amount equal to the
unredeemed portion will be issued;

 

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

 

(5)                                  the place or places where such Securities,
together in the case of Bearer Securities with all Coupons appertaining
thereto, if any maturing after the Redemption Date, are to be surrendered for
payment of the Redemption Price;

 

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

 

(7)                                  if applicable, the conversion rate or price, the
date on which the right to convert the Securities to be redeemed will terminate
and the place or places where such Securities may be surrendered for
conversion; and

 

(8)                                  the
applicable CUSIP number, if any.

 

A notice of redemption published as contemplated
by Section 1.6 need not identify particular Registered Securities to be
redeemed.

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the
Company’s request, by the Trustee in the name and at the expense of the Company;
provided that in the latter scenario the Company shall give the Trustee at
least five Business Days prior notice of the date on which the Company wishes
the Trustee to give such notice.

 

SECTION 11.5                                  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 10.3) an amount of 

 

62

 

money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on, all the
Securities which are to be redeemed on that date.

 

If any Security called for redemption is converted
into Common Stock of the Company, any money deposited with the Trustee or with
any Paying Agent or so segregated and held in trust for the redemption of such
Security shall (subject to any right of the Holder of such Security or any
Predecessor Security to receive interest as provided in the last paragraph of Section 3.7)
be paid to the Company upon Company Request or, if then held by the Company,
shall be discharged from such trust.

 

SECTION 11.6                                  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, 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 and the Coupons for such
interest appertaining to any Bearer Securities so to be redeemed except to the
extent provided below, shall be void. 
Upon surrender of any such Security for redemption in accordance with
said notice together with all Coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price together with accrued interest to the Redemption Date;
provided, however, that installments of interest on Bearer Securities whose
Stated Maturity is on or prior to the Redemption Date shall be payable only at
an office or agency located outside the United States (except as otherwise
provided in Section 10.2) and, unless otherwise specified as contemplated
by Section 3.1, only upon presentation and surrender of Coupons for such
interest; and provided, further, that, unless otherwise specified as
contemplated by Section 3.1, installments of interest on Registered
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 3.7.

 

If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the
Redemption Date, such Security may be paid after deducting from the Redemption
Price an amount equal to the face amount of all such missing Coupons, or the
surrender of such missing Coupon or Coupons may be waived by the Company and
the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing Coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by Coupons shall be payable only at an
office or agency located outside the United States (except as otherwise
provided in Section 10.2) and unless otherwise specified as contemplated
by Section 3.1 only upon presentation and surrender of those Coupons.

 

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

 

63

 

SECTION 11.7                                  Securities Redeemed in Part.  Any
Registered Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Registered Security or Securities of the
same series and of like tenor of any authorized denomination as requested by
such Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE
XII

 

SINKING
FUNDS

 

SECTION 12.1                                  Applicability of Article.  The
provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as contemplated
by Section 3.1 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as
a “mandatory sinking fund payment”, and any payment in excess of such minimum
amount provided for by the terms of Securities of any series is herein referred
to as an “optional sinking fund payment”. 
If provided for by the terms of Securities of any series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.  Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of
Securities of such series.

 

SECTION 12.2                                  Satisfaction of Sinking Fund Payments with
Securities.  The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption),
together in the case of any Bearer Securities of such series with all unmatured
Coupons appertaining thereto, and (2) may apply as a credit Securities of
a series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities, as provided for by the terms of such
series; provided that such Securities have not been previously so credited.
Such Securities shall be received and credited for such purpose by the Trustee
at the Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

 

SECTION 12.3                                  Redemption of Securities for Sinking Fund.  Not
less than 60 days prior to each sinking fund payment date for any series
of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 12.2
and will also deliver to the Trustee any Securities to be so delivered. Not
less than 45 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund 

 

64

 

payment date in the manner specified in Section 11.3 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 11.4.  Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 11.6 and 11.7.

 

ARTICLE
XIII

 

MEETINGS
OF HOLDERS OF SECURITIES

 

SECTION 13.1                                  Purposes for Which Meetings May be Called.  If
Securities of a series are issuable as Bearer Securities, a meeting of Holders
of Securities of such series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.

 

SECTION 13.2                                  Call, Notice and Place of Meetings.

 

(a)                                  The Trustee may at any time call a meeting of Holders of Securities of
any series for any purpose specified in Section 13.1, to be held at such
time and at such place in the Borough of Manhattan, The City of New York, or in
London as the Trustee shall determine. 
Notice of every meeting of Holders of Securities of any series, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in
Section 1.6, not less than
21 nor more than 180 days prior to the date
fixed for the meeting (or, in the case of a meeting of Holders with respect to
Securities of a series all or part of which are represented by a Book-Entry Security, not less than 20 nor more than 40 days).

 

(b)                                 In case at any time the Company, pursuant to a
Board Resolution, or the Holders of at least 25% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a
meeting of the Holders of Securities of such series for any purpose specified
in Section 13.1, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have made
the first publication of the notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting to
be held as provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may determine
the time and the place in the Borough of Manhattan, The City of New York or in
London for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in subsection (a) of this Section.

 

SECTION 13.3                                  Persons Entitled to Vote at Meetings.  Upon
the calling of a meeting of Holders with respect to the Securities of a series
all or part of which are represented by a Book-Entry Security, a record date
shall be established for determining Holders of Outstanding Securities of such
series entitled to vote at such meeting, which record date shall be the close of
business on the day the notice of the meeting of Holders is given in accordance
with Section 13.2.  The Holders on
such record date, and their designated proxies, and only such Persons, shall be
entitled to vote at any meeting of Holders. 
To be entitled to vote at any meeting of Holders a Person shall (a) be
a Holder of one or more Outstanding Securities or (b) be a Person
appointed by an instrument in writing as proxy by a Holder of one or more
Securities; 

 

65

 

provided, however, that in the case of any meeting of Holders with
respect to the Securities of a series all or part of which are represented by a
Book-Entry Security, only Holders, or their designated proxies, of record on
the record date established pursuant to Section 13.3 hereof shall be
entitled to vote at such meeting. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders shall be the Persons entitled to
vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel.

 

SECTION 13.4                                  Quorum; Action.  The
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of a series shall constitute a quorum for a meeting of Holders of
Securities of such series; provided, however, that if any action is to be taken
at such meeting with respect to a consent or waiver which this Indenture
expressly provides may be given by the Holders of a specified percentage in aggregate
principal amount of Outstanding Securities of a series that is less or greater
than a majority in principal amount of the Outstanding Securities of a series,
then, with respect to such action (and only such action) the Persons entitled
to vote such lesser or greater percentage in principal amount of the
Outstanding Securities of such series shall constitute a quorum. In the absence
of a quorum within 30 minutes of the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved.  In any other case
the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting.  In the absence of a quorum at
any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such adjourned meeting.  Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 13.2 (a), except that such
notice need be given only once not less than five days prior to the date
on which the meeting is scheduled to be reconvened.  Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the
principal amount of the outstanding Securities of such series which shall
constitute a quorum.  Notwithstanding the
foregoing, no meeting of Holders with respect to Securities of any Series which
is represented in whole or in part by a Book-Entry Security, shall be adjourned
to a date more than 90 days after the record date for such meeting unless
the Trustee shall send out a new notice of meeting and establish, in accordance
with Section 13.3, a new record date for Holders entitled to vote at such
meeting.

 

Except as limited by the proviso to Section 9.2,
any resolution presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted by the affirmative vote
of the Holders of a majority in principal amount of the Outstanding Securities
of that series; provided, however, that, except as limited by the proviso to Section 9.2
any resolution with respect to any consent or waiver which this Indenture expressly
provides may be given by the Holders of a specified percentage in aggregate
principal amount of Outstanding Securities of a series that is less or greater
than a majority in principal amount of the Outstanding Securities of a series
may be adopted at a meeting or an adjourned meeting duly convened and at which
a quorum is present as aforesaid only by the affirmative vote of the Holders of
such specified percentage in principal amount of the Outstanding Securities of
that series.

 

Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with
this Section shall be binding on all the Holders of 

 

66

 

Securities of such series and the related Coupons, whether or not present
or represented at the meeting.

 

SECTION 13.5                                  Determination of Voting Rights; Conduct and
Adjournment of Meetings.

 

(a)                                  Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities of a series in regard to
proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as
it shall deem appropriate. Except as otherwise permitted or required by any
such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.4 and the appointment of any proxy shall be proved
in the manner specified in Section 1.4 or by having the signature of the
person executing the proxy witnessed or guaranteed by any trust company, bank
or banker authorized by Section 1.4 to certify to the holding of Bearer
Securities.  Such regulations may provide
that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 1.4 or
other proof.

 

(b)                                 The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been
called by the Company or by Holders of Securities as provided in Section 13.2(b),
in which case the Company or the Holders of Securities of the series calling
the meeting, as the case may be, shall in like manner appoint a temporary
chairman.  A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

(c)                                  At any meeting each Holder of a Security of such
series or proxy shall be entitled to one vote for each $1,000 principal amount
of the Outstanding Securities of such series held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. 
The chairman of the meeting shall have no right to vote, except as a
Holder of a Security of such series or proxy.

 

(d)                                 Any meeting of Holders of Securities of any series
duly called pursuant to Section 13.2 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the meeting;
and the meeting may be held as so adjourned without further notice.

 

SECTION 13.6                                  Counting Votes and Recording Action of
Meetings.  The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities of such
series or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Securities of such series held or represented
by them.  The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their 

 

67

 

verified written reports in duplicate of all votes cast at the
meeting.  A record, at least in duplicate,
of the proceedings of each meeting of Holders of Securities of any series shall
be prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that said
notice was given as provided in Section 13.2 and, if applicable, Section 13.4.
Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to
the Company, and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting.  Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

 

ARTICLE
XIV

 

CONVERSION
OF SECURITIES

 

SECTION 14.1                                  Applicability of Article.  The
provisions of this Article shall be applicable to the Securities of any
series which are convertible into shares of Common Stock of the Company, and
the issuance of such shares of Common Stock upon the conversion of such
Securities, except as otherwise specified as contemplated by Section 3.1
for the Securities of such series.  The
terms and provisions applicable to the conversion of Securities of any series
into securities of the Company (other than Common Stock) shall, if applicable,
be set forth in an Officers’ Certificate or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of such
series in accordance with Section 3.1.

 

SECTION 14.2                                  Exercise of Conversion Privilege.  In
order to exercise a conversion privilege, the Holder of a Security of a series
with such a privilege shall surrender such Security to the Company at the
office or agency maintained for that purpose pursuant to Section 10.2,
accompanied by written notice to the Company that the Holder elects to convert
such Security or a specified portion thereof. 
Such notice shall also state, if different from the name and address of
such Holder, the name or names (with address) in which the certificate or
certificates for shares of Common Stock which shall be issuable on such
conversion shall be issued.  Securities
surrendered for conversion shall (if so required by the Company or the Trustee)
be duly endorsed by or accompanied by instruments of transfer in forms
satisfactory to the Company and the Trustee duly executed by the registered
Holder or its attorney duly authorized in writing; and Securities so
surrendered for conversion during the period from the close of business on any
Regular Record Date to the opening of business on the next succeeding Interest
Payment Date (excluding Securities or portions thereof called for redemption during
such period) shall also be accompanied by payment in funds acceptable to the
Company of an amount equal to the interest payable on such Interest Payment
Date on the principal amount of such Security then being converted, and such
interest shall be payable to such registered Holder notwithstanding the
conversion of such Security, subject to the provisions of Section 3.7
relating to the payment of Defaulted Interest by the Company. As promptly as
practicable after the receipt of such notice and of any payment required
pursuant to a Board Resolution and, subject to Section 3.1, set forth, or
determined in the manner provided, in an Officers’ Certificate, or established
in one or more indentures supplemental hereto setting forth the terms of such
series of Security, and the surrender of such Security in accordance with such
reasonable regulations as the Company may prescribe, the Company shall issue
and shall deliver, at the office or agency at 

 

68

 

which such Security is surrendered, to such Holder or on its written
order, a certificate or certificates for the number of full shares of Common
Stock issuable upon the conversion of such Security (or specified portion
thereof), in accordance with the provisions of such Board Resolution, Officers’
Certificate or supplemental indenture, and cash as provided therein in respect
of any fractional share of such Common Stock otherwise issuable upon such
conversion. Such conversion shall be deemed to have been effected immediately
prior to the close of business on the date on which such notice and such
payment, if required, shall have been received in proper order for conversion
by the Company and such Security shall have been surrendered as aforesaid
(unless such Holder shall have so surrendered such Security and shall have
instructed the Company to effect the conversion on a particular date following
such surrender and such Holder shall be entitled to convert such Security on
such date, in which case such conversion shall be deemed to be effected
immediately prior to the close of business on such date) and at such time the
rights of the Holder of such Security as such Security Holder shall cease and
the person or persons in whose name or names any certificate or certificates
for shares of Common Stock of the Company shall be issuable upon such
conversion shall be deemed to have become the holder or holders of record of
the shares represented thereby. Except as set forth above and subject to the
final paragraph of Section 3.7, no payment or adjustment shall be made
upon any conversion on account of any interest accrued on the Securities
surrendered for conversion or on account of any dividends on the Common Stock
of the Company issued upon such conversion.

 

In the case of any Security which is converted in
part only, upon such conversion the Company shall execute and the Trustee shall
authenticate and deliver to or on the order of the Holder thereof, at the
expense of the Company, a new Security or Securities of the same series, of
authorized denominations, in aggregate principal amount equal to the
unconverted portion of such Security.

 

SECTION 14.3                                  No Fractional Shares.  No
fractional share of Common Stock of the Company shall be issued upon
conversions of Securities of any series. 
If more than one Security shall be surrendered for conversion at one
time by the same Holder, the number of full shares which shall be issuable upon
conversion shall be computed on the basis of the aggregate principal amount of
the Securities (or specified portions thereof to the extent permitted hereby)
so surrendered.  If, except for the
provisions of this Section 14.3, any Holder of a Security or Securities
would be entitled to a fractional share of Common Stock of the Company upon the
conversion of such Security or Securities, or specified portions thereof, the
Company shall pay to such Holder an amount in cash equal to the current market
value of such fractional share computed, (i) if such Common Stock is
listed or admitted to unlisted trading privileges on a national securities
exchange, on the basis of the last reported sale price regular way on such
exchange on the last trading day prior to the date of conversion upon which
such a sale shall have been effected, or (ii) if such Common Stock is not
at the time so listed or admitted to unlisted trading privileges on a national
securities exchange, on the basis of the average of the bid and asked prices of
such Common Stock in the over-the-counter market, on the last trading day prior
to the date of conversion, as reported by the National Quotation Bureau,
Incorporated or similar organization if the National Quotation Bureau,
Incorporated is no longer reporting such information, or if not so available,
the fair market price as determined by the Board of Directors. For purposes of
this Section, “trading day” shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday other than any day on which the Common Stock is not traded 

 

69

 

on the New York Stock Exchange, or if the Common Stock is not traded on
the New York Stock Exchange, on the principal exchange or market on which the
Common Stock is traded or quoted.

 

SECTION 14.4                                  Adjustment of Conversion Price.  The
conversion price of Securities of any series that is convertible into Common
Stock of the Company shall be adjusted for any stock dividends, stock splits,
reclassification, combinations or similar transactions in accordance with the
terms of the supplemental indenture or Board Resolutions setting forth the
terms of the Securities of such series.

 

Whenever the conversion price is adjusted, the
Company shall compute the adjusted conversion price in accordance with terms of
the applicable Board Resolution or supplemental indenture and shall prepare an
Officers’ Certificate setting forth the adjusted conversion price and showing
in reasonable detail the facts upon which such adjustment is based, and such
certificate shall forthwith be filed at each office or agency maintained for
the purpose of conversion of Securities pursuant to Section 10.2 and, if
different, with the Trustee. The Company shall forthwith cause a notice setting
forth the adjusted conversion price to be mailed, first class postage prepaid,
to each Holder of Securities of such series at its address appearing on the
Security Register and to any conversion agent other than the Trustee.

 

SECTION 14.5                                  Notice of Certain Corporate Actions.

 

In case:

 

(a)                                  the Company shall declare a dividend (or any other
distribution) on its Common Stock payable otherwise than in cash out of its
retained earnings (other than a dividend for which approval of any shareholders
of the Company is required); or

 

(b)                                 the Company shall authorize the granting to the
holders of its Common Stock of rights, options or warrants to subscribe for or
purchase any shares of capital stock of any class or of any other rights (other
than any such grant for which approval of any shareholders of the Company is
required); or

 

(c)                                  of any reclassification of the Common Stock of the
Company (other than a subdivision or combination of its outstanding shares of
Common Stock) or of any consolidation, merger or share exchange to which the
Company is a party and for which approval of any shareholders of the Company is
required, or of the sale of all or substantially all of the assets of the
Company; or

 

(d)                                 of the voluntary or involuntary dissolution,
liquidation or winding up of the Company; then the Company shall cause to be
filed with the Trustee, and shall cause to be mailed to all Holders at their
last addresses as they shall appear in the Security Register, at least
20 days (or 10 days in any case specified in clause (a) or (b) above)
prior to the applicable record date hereinafter specified, a notice stating (i) the
date on which a record is to be taken for the purpose of such dividend,
distribution, rights, options or warrants, or, if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution, rights, options or warrants are to be determined,
or (ii) the date on which such reclassification, consolidation, merger,
share exchange, sale, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders 

 

70

 

of Common Stock of record shall be entitled to exchange their shares of
Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the
conversion agent, a copy of such notice shall also forthwith be filed by the
Company with the Trustee.

 

SECTION 14.6                                  Reservation of Shares of Common Stock.  The
Company shall at all times reserve and keep available, free from preemptive
rights, out of its authorized but unissued Common Stock or treasury shares, for
the purpose of effecting the conversion of Securities, the full number of
shares of Common Stock of the Company then issuable upon the conversion of all
outstanding Securities of any series that has conversion rights.

 

SECTION 14.7                                  Payment of Certain Taxes upon Conversion.  The
Company will pay any and all taxes that may be payable in respect of the issue
or delivery of shares of its Common Stock on conversion of Securities pursuant
hereto.  The Company shall not, however,
be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares of its Common Stock in a name
other than that of the Holder of the Security or Securities to be converted,
and no such issue or delivery shall be made unless and until the person
requesting such issue has paid to the Company the amount of any such tax, or
has established, to the satisfaction of the Company, that such tax has been
paid.

 

SECTION 14.8                                  Nonassessability.  The
Company covenants that all shares of its Common Stock which may be issued upon
conversion of Securities will upon issue in accordance with the terms hereof be
duly and validly issued and fully paid and nonassessable.

 

SECTION 14.9                                  Effect of Consolidation or Merger on
Conversion Privilege.  In case of any consolidation of the Company
with, or merger of the Company into or with any other Person, or in case of any
sale of all or substantially all of the assets of the Company, the Company or
the Person formed by such consolidation or the Person into which the Company
shall have been merged or the Person which shall have acquired such assets, as
the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the Holder of each Security then outstanding of any
series that is convertible into Common Stock of the Company shall have the
right, which right shall be the exclusive conversion right thereafter available
to said Holder (until the expiration of the conversion right of such Security),
to convert such Security into the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such consolidation,
merger or sale by a holder of the number of shares of Common Stock of the
Company into which such Security might have been converted immediately prior to
such consolidation, merger or sale, subject to compliance with the other
provisions of this Indenture, such Security and such supplemental indenture.
Such supplemental indenture shall provide for adjustments which shall be as
nearly equivalent as may be practicable to the adjustments provided for in such
Security.  The above provisions of this Section shall
similarly apply to successive consolidations, mergers or sales.  It is expressly agreed and understood that
anything in this Indenture to the contrary notwithstanding, if, pursuant to
such merger, consolidation or sale, holders of outstanding shares of Common
Stock of the Company do not receive shares of common stock of the surviving
corporation but receive other securities, cash or other property or any
combination thereof, Holders of Securities shall not have the right to
thereafter convert their Securities into common stock of the surviving
corporation or the 

 

71

 

corporation which shall have acquired such assets, but rather, shall
have the right upon such conversion to receive the other securities, cash or
other property receivable by a holder of the number of shares of Common Stock
of the Company into which the Securities held by such holder might have been
converted immediately prior to such consolidation, merger or sale, all as more
fully provided in the first sentence of this Section 14.9. Anything in
this Section 14.9 to the contrary notwithstanding, the provisions of this Section 14.9
shall not apply to a merger or consolidation of another corporation with or
into the Company pursuant to which both of the following conditions are
applicable: (i) the Company is the surviving corporation and (ii) the
outstanding shares of Common Stock of the Company are not changed or converted
into any other securities or property (including cash) or changed in number or
character or reclassified pursuant to the terms of such merger or
consolidation.

 

As evidence of the kind and amount of shares of
stock or other securities or property (including cash) into which Securities
may properly be convertible after any such consolidation, merger or sale, or as
to the appropriate adjustments of the conversion prices applicable with respect
thereto, the Trustee shall be furnished with and may accept the certificate or
opinion of an independent certified public accountant with respect thereto;
and, in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely thereon, and shall not be responsible or accountable to any
Holder of Securities for any provision in conformity therewith or approved by
such independent certified accountant which may be contained in said
supplemental indenture.

 

SECTION 14.10                            Duties of Trustee Regarding Conversion. 
Neither the Trustee nor any conversion agent shall at any time be under
any duty or responsibility to any Holder of Securities of any series that is
convertible into Common Stock of the Company to determine whether any facts
exist which may require any adjustment of the conversion price, or with respect
to the nature or extent of any such adjustment when made, or with respect to
the method employed, whether herein or in any supplemental indenture, any
resolutions of the Board of Directors or written instrument executed by one or
more officers of the Company provided to be employed in making the same.
Neither the Trustee nor any conversion agent shall be accountable with respect
to the validity or value (or the kind or amount) of any shares of Common Stock
of the Company, or of any securities or property, which may at any time be
issued or delivered upon the conversion of any Securities and neither the
Trustee nor any conversion agent makes any representation with respect
thereto.  Neither the Trustee nor any
conversion agent shall be responsible for any failure of the Company to issue,
transfer or deliver any shares of its Common Stock or stock certificates or
other securities or property upon the surrender of any Security for the purpose
of conversion or to comply with any of the covenants of the Company contained
in this Article XIV or in the applicable supplemental indenture,
resolutions of the Board of Directors or written instrument executed by one or
more duly authorized officers of the Company. All Securities delivered for
conversion shall be delivered to the Trustee to be cancelled by or at the
direction of the Trustee, which shall dispose of the same as provided in Section 3.9.

 

SECTION 14.11                            Repayment of Certain Funds upon Conversion.  Any
funds which at any time shall have been deposited by the Company or on its
behalf with the Trustee or any other paying agent for the purpose of paying the
principal of, and premium, if any, and interest, if any, on any of the
Securities (including funds deposited for the sinking fund referred 

 

72

 

to in Article III hereof) and which shall not be required for such
purposes because of the conversion of such Securities as provided in this Article XIV
shall after such conversion be repaid to the Company by the Trustee upon the
Company’s written request.

 

*               *               *               *               *

 

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

 

73

 

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

 

	
   

  	
   

  	
  LEGG MASON, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   Name

  
	
   

  	
   

  	
   Title

  

 

 

	
   

  	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   Name

  
	
   

  	
   

  	
   Title

  

 

74QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.1    
    

 
 

THE EXECUTIVE NONQUALIFIED EXCESS PLAN
  PLAN DOCUMENT    
    

 

 

 
 

THE EXECUTIVE NONQUALIFIED EXCESS PLAN    
    

 Section 1.    Purpose:  

        By execution of the Adoption Agreement, the Employer has adopted the Plan set forth herein, and in the Adoption Agreement, to provide a means by which certain
management Employees or Independent Contractors of the Employer may elect to defer receipt of current Compensation from the Employer in order to provide retirement and other benefits on behalf of such
Employees or Independent Contractors of the Employer, as selected in the Adoption Agreement. The Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of
Section 409A of the Internal Revenue Code (the "Code"). The Plan is also intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits for a
select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(l) of the Employee Retirement Income Security Act of 1974 ("ERISA") and independent
contractors. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions. 

 Section 2.    Definitions:  

        As used in the Plan, including this Section 2, references to one gender shall include the other, unless otherwise indicated by the context: 

        2.1    "Active Participant" means, with respect to any day or date, a Participant who is in Service on such day or date;
provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent
Contractor, or (ii) at the end of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan. 

        2.2    "Adoption Agreement" means the written agreement pursuant to which the Employer adopts the Plan. The Adoption Agreement
is a part of the Plan as applied to the Employer. 

        2.3    "Beneficiary" means the person, persons, entity or entities designated or determined pursuant to the provisions of
Section 13 of the Plan. 

        2.4    "Board" means the Board of Directors of the Company, if the Company is a corporation. If the Company is not a
corporation, "Board" shall mean the Company. 

        2.5    "Change in Control Event" means an event described in Section 409A(a)(2)(A)(v) of the Code (or any successor
provision thereto) and the regulations thereunder. 

        2.6    "Committee" means the persons or entity designated in the Adoption Agreement to administer the Plan. If the Committee
designated in the Adoption Agreement is unable to serve, the Employer shall satisfy the duties of the Committee provided for in Section 9. 

        2.7    "Company" means the company designated in the Adoption Agreement as such. 

        2.8    "Compensation" shall have the meaning designated in the Adoption Agreement. 

        2.9    "Crediting Date" means the date designated in the Adoption Agreement for crediting the amount of any Participant Deferral
Credits to the Deferred Compensation Account of a Participant. Employer Credits may be credited to the Deferred Compensation Account of a Participant on any day that securities are traded on a
national securities exchange. 

        2.10    "Deferred Compensation Account" means the account maintained with respect to each Participant under the Plan. The
Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses, and 

1

 

adjusted
for payments in accordance with the rules and elections in effect under Section 8. The Deferred Compensation Account of a Participant shall include any In-Service or
Education Account of the Participant, if applicable. 

        2.11    "Disabled" means Disabled within the meaning of Section 409A of the Code and the regulations thereunder.
Generally, this means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident
and health plan covering Employees of the Employer. 

        2.12    "Education Account" is an In-Service Account which will be used by the Participant for educational purposes. 

        2.13    "Effective Date" shall be the date designated in the Adoption Agreement. 

        2.14    "Employee" means an individual in the Service of the Employer if the relationship between the individual and the
Employer is the legal relationship of employer and employee. An individual shall cease to be an Employee upon the Employee's separation from Service. 

        2.15    "Employer" means the Company, as identified in the Adoption Agreement, and any Participating Employer which adopts this
Plan. An Employer may be a corporation, a limited liability company, a partnership or sole proprietorship. 

        2.16    "Employer Credits" means the amounts credited to the Participant's Deferred Compensation Account by the Employer
pursuant to the provisions of Section 4.2. 

        2.17    "Grandfathered Amounts" means, if applicable, the amounts that were deferred under the Plan and were earned and vested
within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the terms designated in the Adoption
Agreement. 

        2.18    "Independent Contractor" means an individual in the Service of the Employer if the relationship between the individual
and the Employer is not the legal relationship of employer and employee. An individual shall cease to be an Independent Contractor upon the termination of the Independent Contractor's Service. An
Independent Contractor shall include a director of the Employer who is not an Employee. 

        2.19    "In-Service Account" means a separate account to be kept for each Participant that has elected to take
in-service distributions as described in Section 5.4. The In-Service Account shall be adjusted in the same manner and at the same time as the Deferred Compensation
Account under Section 8 and in accordance with the rules and elections in effect under Section 8. 

        2.20    "Normal Retirement Age" of a Participant means the age designated in the Adoption Agreement. 

        2.21    "Participant" means with respect to any Plan Year an Employee or Independent Contractor who has been designated by the
Committee as a Participant and who has entered the Plan or who has a Deferred Compensation Account under the Plan; provided that if the Participant is an Employee, the individual must be a highly
compensated or management employee of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

2

 

        2.22    "Participant Deferral Credits" means the amounts credited to the Participant's Deferred Compensation Account by the
Employer pursuant to the provisions of Section 4.1. 

        2.23    "Participating Employer" means any trade or business (whether or not incorporated) which adopts this Plan with the
consent of the Company identified in the Adoption Agreement. 

        2.24    "Participation Agreement" means a written agreement entered into between a Participant and the Employer pursuant to the
provisions of Section 4.1. 

        2.25    "Performance-Based Compensation" means compensation where the amount of, or entitlement to, the compensation is
contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve months. Organizational or
individual performance criteria are considered preestablished if established in writing within 90 days after the commencement of the period of service to which the criteria relates, provided
that the outcome is substantially uncertain at the time the criteria are established. Performance-based compensation may include payments based upon subjective performance criteria as provided in
regulations and administrative guidance promulgated under Section 409A of the Code. 

        2.26    "Plan" means The Executive Nonqualified Excess Plan, as herein set out and as set out in the Adoption Agreement, or as
duly amended. The name of the Plan as applied to the Employer shall be designated in the Adoption Agreement. 

        2.27    "Plan-Approved Domestic Relations Order" shall mean a judgment, decree, or order (including the approval of
a settlement agreement) which is: 

        2.27.1    Issued
pursuant to a State's domestic relations law; 

        2.27.2    Relates
to the provision of child support, alimony payments or marital property rights to a Spouse, former Spouse, child or other dependent of the Participant; 

        2.27.3    Creates
or recognizes the right of a Spouse, former Spouse, child or other dependent of the Participant to receive all or a portion of the Participant's benefits
under the Plan; 

        2.27.4    Requires
payment to such person of their interest in the Participant's benefits in an immediate lump payment; and 

        2.27.5    Meets
such other requirements established by the Committee. 

        2.28    "Plan Year" means the twelve-month period ending on the last day of the month designated in the Adoption Agreement;
provided that the initial Plan Year may have fewer than twelve months. 

        2.29    "Qualifying Distribution Event" means (i) the Separation from Service of the Participant, (ii) the date
the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service or Education Distribution, (v) a
Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5. 

        2.30    "Seniority Date" shall have the meaning designated in the Adoption Agreement. 

        2.31    "Separation from Service" or "Separates from Service" means a
"separation from service" within the meaning of Section 409A of the Code. 

        2.32    "Service" means employment by the Employer as an Employee. For purposes of the Plan, the employment relationship is
treated as continuing intact while the Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as
the Employee's right to reemployment is provided either by statute or contract. If the Participant is an Independent Contractor, "Service" shall mean the period during which the 

3

 

contractual
relationship exists between the Employer and the Participant. The contractual relationship is not terminated if the Participant anticipates a renewal of the contract or becomes an
Employee. 

        2.33    "Service Bonus" means any bonus paid to a Participant by the Employer which is not Performance-Based Compensation. 

        2.34    "Specified Employee" means an employee who meets the requirements for key employee treatment under
Section 416(i)(l)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations thereunder and without regard to Section 416(i)(5) of the Code) at any time
during the twelve month period ending on December 31 of each year (the "identification date"). Unless binding corporate action is taken to establish different rules for determining Specified
Employees for all plans of the Company and its controlled group members that are subject to Section 409A of the Code, the foregoing rules and the other default rules under the regulations of
Section 409A of the Code shall apply. If the person is a key employee as of any identification date, the person is treated as a Specified Employee for the twelve-month period beginning on the
first day of the fourth month following the identification date. 

        2.35    "Spouse" or "Surviving Spouse" means, except as otherwise provided in
the Plan, a person who is the legally married spouse or surviving spouse of a Participant. 

        2.36    "Unforeseeable Emergency" means an "unforeseeable emergency" within the meaning of Section 409A of the Code. 

        2.37    "Years of Service" means each Plan Year of Service completed by the Participant. For vesting purposes, Years of Service
shall be calculated from the date designated in the Adoption Agreement and Service shall be based on service with the Company and all Participating Employers. 

 Section 3.    Participation:  

        The Committee in its discretion shall designate each Employee or Independent Contractor who is eligible to participate in the Plan. A Participant who separates
from Service with the Employer and who later returns to Service will not be an Active Participant under the Plan except upon satisfaction of such terms and conditions as the Committee shall establish
upon the Participant's return to Service, whether or not the Participant shall have a balance remaining in the Deferred Compensation Account under the Plan on the date of the return to Service. 

 Section 4.    Credits to Deferred Compensation Account:  

        4.1    Participant Deferral Credits.    To the extent provided in the Adoption Agreement, each Active Participant may
elect, by entering into a Participation Agreement with the Employer, to defer the receipt of Compensation from the Employer by a dollar amount or percentage specified in the Participation Agreement.
The amount of Compensation the Participant elects to defer, the Participant Deferral Credit, shall be credited by the Employer to the Deferred Compensation Account maintained for the Participant
pursuant to Section 8. The following special provisions shall apply with respect to the Participant Deferral Credits of a Participant: 

        4.1.1    The
Employer shall credit to the Participant's Deferred Compensation Account on each Crediting Date an amount equal to the total Participant Deferral Credit for the
period ending on such Crediting Date. 

        4.1.2    An
election pursuant to this Section 4.1 shall be made by the Participant by executing and delivering a Participation Agreement to the Committee. Except as
otherwise provided in this Section 4.1, the Participation Agreement shall become effective with respect to such Participant as of the first day of January following the date such Participation
Agreement is received by the Committee. A Participant's election may be changed at any time prior to the last permissible date 

4

 

for
making the election as permitted in this Section 4.1, and shall thereafter be irrevocable. The election of a Participant shall continue in effect for subsequent years until modified by the
Participant as permitted in this Section 4.1. 

        4.1.3    A
Participant may execute and deliver a Participation Agreement to the Committee within 30 days after the date the Participant first becomes eligible to
participate in the Plan to be effective as of the first payroll period next following the date the Participation Agreement is fully executed. Whether a Participant is treated as newly eligible for
participation under this Section shall be determined in accordance with Section 409A of the Code and the regulations thereunder, including (i) rules that treat all elective deferral
account balance plans as one plan, and (ii) rules that treat a previously eligible employee as newly eligible if his benefits had been previously distributed or if he has been ineligible for
24 months. For Compensation that is earned based upon a specified performance period (for example, an annual bonus), where a deferral election is made under this Section but after the beginning
of the performance period, the election will only apply to the portion of the Compensation equal to the total amount of the Compensation for the service period multiplied by the ratio of the number of
days remaining in the performance period after the election over the total number of days in the performance period. 

        4.1.4    A
Participant may unilaterally modify a Participation Agreement (either to terminate, increase or decrease the portion of his future Compensation which is subject to
deferral within the percentage limits set forth in Section 4.1 of the Adoption Agreement) by providing a written modification of the Participation Agreement to the Committee. The modification
shall become effective as of the first day of January following the date such written modification is received by the Committee. 

        4.1.5    If
the Participant performed services continuously from the later of the beginning of the performance period or the date upon which the performance criteria are
established through the date upon which the Participant makes an initial deferral election, a Participation Agreement relating to the deferral of Performance-Based Compensation may be executed and
delivered to the Committee no later than the date which is 6 months prior to the end of the performance period, provided that in no event may an election to defer Performance-Based Compensation
be made after such Compensation has become readily ascertainable. 

        4.1.6    If
the Employer has a fiscal year other than the calendar year, Compensation relating to Service in the fiscal year of the Employer (such as a bonus based on the
fiscal year of the Employer), of which no amount is paid or payable during the fiscal year, may be deferred at the Participant's election if the election to defer is made not later than the close of
the Employer's fiscal year next preceding the first fiscal year in which the Participant performs any services for which such Compensation is payable. 

        4.1.7    Compensation
payable after the last day of the Participant's taxable year solely for services provided during the final payroll period containing the last day of the
Participant's taxable year (i.e., December 31) is treated for purposes of this Section 4.1 as Compensation for services performed in the subsequent taxable year. 

        4.1.8    The
Committee may from time to time establish policies or rules consistent with the requirements of Section 409A of the Code to govern the manner in which
Participant Deferral Credits may be made. 

        4.1.9    If
a Participant becomes Disabled or applies for and is eligible for a distribution on account of an Unforeseeable Emergency during a Plan Year, his deferral election
for such Plan Year shall be cancelled. 

        4.2    Employer Credits.    If designated by the Employer in the Adoption Agreement, the Employer shall cause the
Committee to credit to the Deferred Compensation Account of each Active Participant 

5

 

an
Employer Credit as determined in accordance with the Adoption Agreement. A Participant must make distribution elections with respect to any Employer Credits credited to his Deferred Compensation
Account by the deadline that would apply under Section 4.1 for distribution elections with respect to Participant Deferral Credits credited at the same time, on a Participation Agreement that
is timely executed and delivered to the Committee pursuant to Section 4.1. 

        4.3    Deferred Compensation Account.    All Participant Deferral Credits and Employer Credits shall be credited to
the Deferred Compensation Account of the Participant as provided in Section 8. 

 Section 5.    Qualifying Distribution Events:  

        5.1    Separation from Service.    If the Participant Separates from Service with the Employer, the vested balance in
the Deferred Compensation Account shall be paid to the Participant by the Employer as provided in Section 7. Notwithstanding the foregoing, no distribution shall be made earlier than six months
after the date of Separation from Service (or, if earlier, the date of death) with respect to a Participant who as of the date of Separation from Service is a Specified Employee of a corporation the
stock in which is traded on an established securities market or otherwise. Any payments to which such Specified Employee would be entitled during the first six months following the date of Separation
from Service shall be accumulated and paid on the first day of the seventh month following the date of Separation from Service. 

        5.2    Disability.    If the Employer designates in the Adoption Agreement that distributions are permitted under the
Plan when a Participant becomes Disabled, and the Participant becomes Disabled while in Service, the vested balance in the Deferred Compensation Account shall be paid to the Participant by the
Employer as provided in Section 7. 

        5.3    Death.    If the Participant dies while in Service, the Employer shall pay a benefit to the Participant's
Beneficiary in the amount designated in the Adoption Agreement. Payment of such benefit shall be made by the Employer as provided in Section 7. 

        5.4    In-Service or Education Distributions.    If the Employer designates in the Adoption Agreement that
in-service or education distributions are permitted under the Plan, a Participant may designate in the Participation Agreement to have a specified amount credited to the Participant's
In-Service or Education Account for in-service or education distributions at the date specified by the Participant. In no event may an in-service or education
distribution of an amount be made before the date that is two years after the first day of the year in which such amount was credited to the In-Service or Education Account.
Notwithstanding the foregoing, if a Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance in the In-Service or Education Account has been
distributed, then the balance in the In-Service or Education Account on the date of the Qualifying Distribution Event shall be paid as provided under Section 7.1 for payments on
such Qualifying Distribution Event. 

        5.5    Change in Control Event.    If the Employer designates in the Adoption Agreement that distributions are
permitted under the Plan upon the occurrence of a Change in Control Event, the Participant may designate in the Participation Agreement to have the vested balance in the Deferred Compensation Account
paid to the Participant upon a Change in Control Event by the Employer as provided in Section 7. 

        5.6    Unforeseeable Emergency.    If the Employer designates in the Adoption Agreement that distributions are
permitted under the Plan upon the occurrence of an Unforeseeable Emergency event, 

6

 

a
distribution from the Deferred Compensation Account may be made to a Participant in the event of an Unforeseeable Emergency, subject to the following provisions: 

        5.6.1    A
Participant may, at any time prior to his Separation from Service for any reason, make application to the Committee to receive a distribution in a lump sum of all or
a portion of the vested balance in the Deferred Compensation Account (determined as of the date the distribution, if any, is made under this Section 5.6) because of an Unforeseeable Emergency.
A distribution because of an Unforeseeable Emergency shall not exceed the amount required to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result
of such distribution, after taking into account the extent to which the Unforeseeable Emergency may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant's assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by stopping current deferrals under the Plan pursuant to Section 4.1.9. 

        5.6.2    The
Participant's request for a distribution on account of Unforeseeable Emergency must be made in writing to the Committee. The request must specify the nature of the
financial hardship, the total amount requested to be distributed from the Deferred Compensation Account, and the total amount of the actual expense incurred or to be incurred on account of the
Unforeseeable Emergency. 

        5.6.3    If
a distribution under this Section 5.6 is approved by the Committee, such distribution will be made as soon as practicable following the date it is approved.
The processing of the request shall be completed as soon as practicable from the date on which the Committee receives the properly completed written request for a distribution on account of an
Unforeseeable Emergency. If a Participant's Separation from Service occurs after a request is approved in accordance with this Section 5.6.3, but prior to distribution of the full amount
approved, the approval of the request shall be automatically null and void and the benefits which the Participant is entitled to receive under the Plan shall be distributed in accordance with the
applicable distribution provisions of the Plan. 

        5.6.4    The
Committee may from time to time adopt additional policies or rules consistent with the requirements of Section 409A of the Code to govern the manner in
which such distributions may be made so that the Plan may be conveniently administered. 

 Section 6.    Vesting:  

        A Participant shall be fully vested in the portion of his Deferred Compensation Account attributable to Participant Deferral Credits, and all income, gains and
losses attributable thereto. A Participant shall become fully vested in the portion of his Deferred Compensation Account attributable to Employer Credits, and income, gains and losses attributable
thereto, in accordance with the vesting schedule and provisions designated by the Employer in the Adoption Agreement. If a Participant's Deferred Compensation Account is not fully vested upon
Separation from Service, the portion of the Deferred Compensation Account that is not fully vested shall thereupon be forfeited. 

 Section 7.    Distribution Rules:  

        7.1    Payment Options.    The Employer shall designate in the Adoption Agreement the payment options which may be
elected by the Participant (lump sum, annual installments, or a combination of both). Different payment options may be made available for each Qualifying Distribution Event, and different payment
options may be available for different types of Separations from Service, all as designated in the Adoption Agreement. The Participant shall elect in the Participation Agreement the method under which
the vested balance in the Deferred Compensation Account will be distributed 

7

 

from
among the designated payment options. The Participant may at such time elect a different method of payment for each Qualifying Distribution Event as specified in the Adoption Agreement. If the
Participant is permitted by the Employer in the Adoption Agreement to elect different payment options and does not make a valid election, the vested balance in the Deferred Compensation Account will
be distributed as a lump sum. 

        Notwithstanding
the foregoing, if certain Qualifying Distribution Events occur prior to the date on which the vested balance of a Participant's Deferred Compensation Account is
completely paid pursuant to this Section 7.1 following the occurrence of certain initial Qualifying Distribution Events, the following rules apply: 

        7.1.1    If
the initial Qualifying Distribution Event is a Separation from Service or Disability, and the Participant subsequently dies, the remaining unpaid vested balance of
a Participant's Deferred Compensation Account shall be paid as a lump sum. 

        7.1.2    If
the initial Qualifying Distribution Event is a Change in Control Event, and any subsequent Qualifying Distribution Event occurs (except an In-Service or
Education Distribution described in Section 2.29(iv)), the remaining unpaid vested balance of a Participant's Deferred Compensation Account shall be paid as provided under Section 7.1
for payments on such subsequent Qualifying Distribution Event. 

        7.2    Timing of Payments.    Payment shall be made in the manner elected by the Participant and shall commence as
soon as practicable after (but no later than 60 days after) the distribution date elected for the Qualifying Distribution Event. In the event the Participant fails to make a valid election of
the payment method, the distribution will be made in a single lump sum payment as soon as practicable after (but no later than 60 days after) the Qualifying Distribution Event. A payment may be
further delayed to the extent permitted in accordance with regulations and guidance under Section 409A of the Code. 

        7.3    Installment Payments.    If the Participant elects to receive installment payments upon a Qualifying
Distribution Event, the payment of each annual installment shall be made on the anniversary of the date of the first installment payment, and the amount of the annual installment shall be adjusted on
such anniversary for credits or debits to the Participant's account pursuant to Section 8 of the Plan. Such adjustment shall be made by dividing the balance in the Deferred Compensation Account
on such
date by the number of annual installments remaining to be paid hereunder; provided that the last annual installment due under the Plan shall be the entire amount credited to the Participant's account
on the date of payment. 

        7.4    De Minimis Amounts.    Notwithstanding any payment election made by the Participant, if the Employer designates
a pre-determined de minimis amount in the Adoption Agreement, the vested balance in the Deferred Compensation Account of the Participant will be distributed in a single lump sum payment if
at the time of a permitted Qualifying Distribution Event the vested balance does not exceed such pre-determined de minimis amount; provided, however, that such distribution will be made
only where the Qualifying Distribution Event is a Separation from Service, death, Disability (if applicable) or Change in Control Event (if applicable). Such payment shall be made on or before the
later of (i) December 31 of the calendar year in which the Qualifying Distribution Event occurs, or (ii) the date that is 21/2 months after the Qualifying
Distribution Event occurs. In addition, the Employer may distribute a Participant's vested balance at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and
results in the termination of the Participant's entire interest in the Plan as provided under Section 409A of the Code. 

8

 

          7.5    Subsequent Elections.    With the consent of the Committee, a Participant may delay or change the method
 of
payment of the Deferred Compensation Account subject to the following requirements: 

        7.5.1    The
new election may not take effect until at least 12 months after the date on which the new election is made. 

        7.5.2    If
the new election relates to a payment for a Qualifying Distribution Event other than the death of the Participant, the Participant becoming Disabled, or an
Unforeseeable Emergency, the new election must provide for the deferral of the payment for a period of at least five years from the date such payment would otherwise have been made. 

        7.5.3    If
the new election relates to a payment from the In-Service or Education Account, the new election must be made at least 12 months prior to the
date of the first scheduled payment from such account. 

        For
purposes of this Section 7.5 and Section 7.6, a payment is each separately identified amount to which the Participant is entitled under the Plan; provided, that
entitlement to a series of installment payments is treated as the entitlement to a single payment. 

        7.6    Acceleration Prohibited.    The acceleration of the time or schedule of any payment due under the Plan is
prohibited except as expressly provided in regulations and administrative guidance promulgated under Section 409A of the Code (such as accelerations for domestic relations orders and employment
taxes). It is not an acceleration of the time or schedule of payment if the Employer waives or accelerates the vesting requirements applicable to a benefit under the Plan. 

 Section 8.    Accounts; Deemed Investment; Adjustments to Account:  

        8.1    Accounts.    The Committee shall establish a book reserve account, entitled the "Deferred Compensation
Account," on behalf of each Participant. The Committee shall also establish an In-Service or Education Account as a part of the Deferred Compensation Account of each Participant, if
applicable. The amount credited to the Deferred Compensation Account shall be adjusted pursuant to the provisions of Section 8.3. 

        8.2    Deemed Investments.    The Deferred Compensation Account of a Participant shall be credited with an investment
return determined as if the account were invested in one or more investment funds made available by the Committee. The Participant shall elect the investment funds in which his Deferred Compensation
Account shall be deemed to be invested. Such election shall be made in the manner prescribed by the Committee and shall take effect upon the entry of the Participant into the Plan. The investment
election of the Participant shall remain in effect until a new election is made by the Participant. In the event the Participant fails for any reason to make an effective election of the investment
return to be credited to his account, the investment return shall be determined by the Committee. 

        8.3    Adjustments to Deferred Compensation Account.    With respect to each Participant who has a Deferred
Compensation Account under the Plan, the amount credited to such account shall be adjusted by the following debits and credits, at the times and in the order stated: 

        8.3.1    The
Deferred Compensation Account shall be debited each business day with the total amount of any payments made from such account since the last preceding business day
to him or for his benefit. 

        8.3.2    The
Deferred Compensation Account shall be credited on each Crediting Date with the total amount of any Participant Deferral Credits and Employer Credits to such
account since the last preceding Crediting Date. 

9

 

        8.3.3    The
Deferred Compensation Account shall be credited or debited on each day securities are traded on a national stock exchange with the amount of deemed investment gain
or loss resulting from the performance of the investment funds elected by the Participant in accordance with Section 8.2. The amount of such deemed investment gain or loss shall be determined
by the Committee and such determination shall be final and conclusive upon all concerned. 

 Section 9.    Administration by Committee:  

        9.1    Membership of Committee.    If the Committee consists of individuals appointed by the Board, they will serve at
the pleasure of the Board. Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board. 

        9.2    General Administration.    The Committee shall be responsible for the operation and administration of the Plan
and for carrying out its provisions. The Committee shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of
this Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with this Plan. Any such action taken by the Committee shall be final and
conclusive on any party. To the extent the Committee has been granted discretionary authority under the Plan, the Committee's prior exercise of such authority shall not obligate it to exercise its
authority in a like fashion thereafter. The Committee shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant,
controller, counsel or other person employed or engaged by the Employer with respect to the Plan. The Committee may, from time to time, employ agents and delegate to such agents, including employees
of the Employer, such administrative or other duties as it sees fit. 

        9.3    Indemnification.    To the extent not covered by insurance, the Employer shall indemnify the Committee, each
employee, officer, director, and agent of the Employer, and all persons formerly serving in such capacities, against any and all liabilities or expenses, including all legal fees relating thereto,
arising in connection with the exercise of their duties and responsibilities with respect to the Plan, provided however that the Employer shall not indemnify any person for liabilities or expenses due
to that person's own gross negligence or willful misconduct 

 Section 10.    Contractual Liability:  

        10.1    Contractual Liability.    Unless otherwise elected in the Adoption Agreement, the Company shall be obligated
to make all payments hereunder. This obligation shall constitute a contractual liability of the Company to the Participants, and such payments shall be made from the general funds of the Company. The
Company shall not be required to establish or maintain any special or separate fund, or
otherwise to segregate assets to assure that such payments shall be made, and the Participants shall not have any interest in any particular assets of the Company by reason of its obligations
hereunder. To the extent that any person acquires a right to receive payment from the Company, such right shall be no greater than the right of an unsecured creditor of the Company. 

        10.2    Trust.    The Employer may establish a trust to assist it in meeting its obligations under the Plan. Any such
trust shall conform to the requirements of a grantor trust under Revenue Procedures 92-64 and 92-65 and at all times during the continuance of the trust the principal and
income of the trust shall be subject to claims of general creditors of the Employer under federal and state law. The establishment of such a trust would not be intended to cause Participants to
realize current income on amounts contributed thereto, and the trust would be so interpreted and administered. 

10

 

 Section 11.    Allocation of Responsibilities:  

        The persons responsible for the Plan and the duties and responsibilities allocated to each are as follows: 

        11.1    Board.    

	(i)
	To
amend the Plan;

	(ii)
	To
appoint and remove members of the Committee; and

	(iii)
	To
terminate the Plan as permitted in Section 14. 

        11.2    Committee.    

	(i)
	To
designate Participants;

	(ii)
	To
interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 16
relating to claims procedure;

	(iii)
	To
administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as
provided in the Plan;

	(iv)
	To
account for the amount credited to the Deferred Compensation Account of a Participant;

	(v)
	To
direct the Employer in the payment of benefits;

	(vi)
	To
file such reports as may be required with the United States Department of Labor, the Internal Revenue Service and any other government agency to which reports may be
required to be submitted from time to time; and

	(vii)
	To
administer the claims procedure to the extent provided in Section 16. 

 Section 12.    Benefits Not Assignable; Facility of Payments:  

        12.1    Benefits Not Assignable.    No portion of any benefit credited or paid under the Plan with respect to any
Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign,
pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts,
liabilities, engagements or torts. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former Spouse of the Participant incident
to a divorce, the Committee shall maintain such amount for the benefit of the former Spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and
the former Spouse shall be entitled to the same rights as the Participant with respect to such benefit. 

        12.2    Plan-Approved Domestic Relations Orders.    The Committee shall establish procedures for
determining whether an order directed to the Plan is a Plan-Approved Domestic Relations Order. If the Committee determines that an order is a Plan-Approved Domestic Relations
Order, the Committee shall cause the payment of amounts pursuant to or segregate a separate account as provided by (and to prevent any payment or act which might be inconsistent with) the
Plan-Approved Domestic Relations Order. 

        12.3    Payments to Minors and Others.    If any individual entitled to receive a payment under the Plan shall be
physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence
that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or
institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof. 

11

 

 Section 13.    Beneficiary:  

        The Participant's beneficiary shall be the person, persons, entity or entities designated by the Participant on the beneficiary designation form provided by and
filed with the Committee or its designee. If the Participant does not designate a beneficiary, the beneficiary shall be his Surviving Spouse. If the Participant does not designate a beneficiary and
has no Surviving Spouse, the beneficiary shall be the Participant's estate. The designation of a beneficiary may be changed or revoked only by filing a new beneficiary designation form with the
Committee or its designee. If a beneficiary (the "primary beneficiary") is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the
balance to which he is entitled shall be paid to the contingent beneficiary, if any, named in the Participant's current beneficiary designation form. If there is no contingent beneficiary, the balance
shall be paid to the estate of the primary beneficiary. Any
beneficiary may disclaim all or any part of any benefit to which such beneficiary shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be
made. Such a disclaimer shall be made in a form satisfactory to the Committee and shall be irrevocable when filed. Any benefit disclaimed shall be payable from the Plan in the same manner as if the
beneficiary who filed the disclaimer had predeceased the Participant. 

 Section 14.    Amendment and Termination of Plan:  

        The Company may amend any provision of the Plan or terminate the Plan at any time; provided, that in no event shall such amendment or termination reduce the
balance in any Participant's Deferred Compensation Account as of the date of such amendment or termination, nor shall any such amendment affect the terms of the Plan relating to the payment of such
Deferred Compensation Account. Notwithstanding the foregoing, the following special provisions shall apply: 

        14.1    Termination in the Discretion of the Employer.    Except as otherwise provided in Sections 14.2, the
Company in its discretion may terminate the Plan and distribute benefits to Participants subject to the following requirements and any others specified under Section 409A of the Code: 

        14.1.1    All
arrangements sponsored by the Employer that would be aggregated with the Plan under Section 1.409A-l(c) of the Treasury Regulations are
terminated. 

        14.1.2    No
payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the
termination date. 

        14.1.3    All
benefits under the Plan are paid within 24 months of the termination date. 

        14.1.4    The
Employer does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations
providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan. 

        14.1.5    The
termination does not occur proximate to a downturn in the financial health of the Employer. 

        14.2    Termination Upon Change in Control Event.    If the Company terminates the Plan within thirty days preceding
or twelve months following a Change in Control Event, the Deferred Compensation Account
of each Participant shall become fully vested and payable to the Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of
the Code. 

 Section 15.    Communication to Participants:  

        The Employer shall make a copy of the Plan available for inspection by Participants and their beneficiaries during reasonable hours at the principal office of the
Employer. 

12

 

 Section 16.    Claims Procedure:  

        The following claims procedure shall apply with respect to the Plan: 

        16.1    Filing of a Claim for Benefits.    If a Participant or Beneficiary (the "claimant") believes that he is
entitled to benefits under the Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefore with the Committee. 

        16.2    Notification to Claimant of Decision.    Within 90 days after receipt of a claim by the Committee (or
within 180 days if special circumstances require an extension of time), the Committee shall notify the claimant of the decision with regard to the claim. In the event of such special
circumstances requiring an extension of time, there shall be furnished to the claimant prior to expiration of the initial 90-day period written notice of the extension, which notice shall
set forth the special circumstances and the date by which the decision shall be furnished. If such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner
calculated to be understood by the claimant, and shall set forth: (i) the specific reason or reasons for the denial; (ii) specific reference to pertinent provisions of the Plan on which
the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is
necessary; and (iv) an explanation of the procedure for review of the denial and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil
action under ERISA following an adverse benefit determination on review. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee shall
notify the claimant of the decision within 45 days (which may be extended for an additional 30 days if required by special circumstances). 

        16.3    Procedure for Review.    Within 60 days following receipt by the claimant of notice denying his claim,
in whole or in part, or, if such notice shall not be given, within 60 days following the latest date on which such notice could have been timely given, the claimant may appeal denial of the
claim by filing a written application for review with the Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the
decision of the Committee, the claimant shall be given an opportunity to review pertinent documents and to submit issues and comments in writing. 

        16.4    Decision on Review.    The decision on review of a claim denied in whole or in part by the Committee shall be
made in the following manner: 

        16.4.1    Within
60 days following receipt by the Committee of the request for review (or within 120 days if special circumstances require an extension of time),
the Committee shall notify the claimant in writing of its decision with regard to the claim. In the event of such special circumstances requiring an extension of time, written notice of the extension
shall be furnished to the claimant prior to the commencement of the extension. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee shall notify the
claimant of the decision within 45 days (which may be extended for an additional 45 days if required by special circumstances). 

        16.4.2    With
respect to a claim that is denied in whole or in part, the decision on review shall set forth specific reasons for the decision, shall be written in a manner
calculated to be understood by the claimant, and shall set forth: 

	(i)
	the
specific reason or reasons for the adverse determination;

	(ii)
	specific
reference to pertinent Plan provisions on which the adverse determination is based;

	(iii)
	a
statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant's claim for benefits; and 

13

 

	(iv)
	a
statement describing any voluntary appeal procedures offered by the Plan and the claimant's right to obtain the information about such procedures, as well as a
statement of the claimant's right to bring an action under ERISA section 502(a). 

        16.4.3    The
decision of the Committee shall be final and conclusive. 

        16.5    Action by Authorized Representative of Claimant.    All actions set forth in this Section 16 to be
taken by the claimant may likewise be taken by a representative of the claimant duly authorized by him to act in his behalf on such matters. The Committee may require such evidence as either may
reasonably deem necessary or advisable of the authority to act of any such representative. 

 Section 17.    Miscellaneous Provisions:  

        17.1    Set off.    Notwithstanding any other provision of this Plan, the Employer may reduce the amount of any
payment otherwise payable to or on behalf of a Participant hereunder (net of any required withholdings) at the time payment is due by the amount of any loan, cash advance, extension of credit or other
obligation of the Participant to the Employer that is then due and payable, and the Participant shall be deemed to have consented to such reduction. In addition, the Employer may at any time offset a
Participant's Deferral Compensation Account by an amount up to $5,000 to collect any such amount in accordance with the requirements of Section 409A of the Code. 

        17.2    Notices.    Each Participant who is not in Service and each Beneficiary shall be responsible for furnishing
the Committee or its designee with his current address for the mailing of notices and benefit payments. Any notice required or permitted to be given to such Participant or Beneficiary shall be deemed
given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such address is returned as undeliverable to the addressee, mailing of
checks will be suspended until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification otherwise
permitted to be given by posting or by other publication. 

        17.3    Lost Distributees.    A benefit shall be deemed forfeited if the Committee is unable to locate the Participant
or Beneficiary to whom payment is due on or before the fifth anniversary of the date payment is to be made or commence; provided, that the deemed investment rate of return pursuant to
Section 8.2 shall cease to be applied to the Participant's account following the first anniversary of such date; provided further, however, that such benefit shall be reinstated if a valid
claim is made by or on behalf of the Participant or Beneficiary for all or part of the forfeited benefit. 

        17.4    Reliance on Data.    The Employer and the Committee shall have the right to rely on any data provided by the
Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer and the Committee shall have no
obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary. 

        17.5    Receipt and Release for Payments.    Subject to the provisions of Section 17.1, any payment made from
the Plan to or with respect to any Participant or Beneficiary, or pursuant to a disclaimer by a Beneficiary, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the
Plan and the Employer with respect to the Plan. The recipient of any payment from the Plan may be required by the Committee, as a condition precedent to such payment, to execute a receipt and release
with respect thereto in such form as shall be acceptable to the Committee. 

        17.6    Headings.    The headings and subheadings of the Plan have been inserted for convenience of reference and are
to be ignored in any construction of the provisions hereof. 

        17.7    Continuation of Employment.    The establishment of the Plan shall not be construed as conferring any legal or
other rights upon any Employee or any persons for continuation of 

14

 

employment,
nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the effect thereof under the Plan. 

        17.8    Merger or Consolidation; Assumption of Plan.    No Employer shall consolidate or merge into or with another
corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entity (a "Successor Entity") unless such Successor Entity shall assume
the rights, obligations and liabilities of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. Nothing
herein shall prohibit the assumption of the obligations and liabilities of the Employer under the Plan by any Successor Entity. 

        17.9    Construction.    The Employer shall designate in the Adoption Agreement the state according to whose laws the
provisions of the Plan shall be construed and enforced, except to the extent that such laws are superseded by ERISA and the applicable requirements of the Code. 

        17.10    Taxes.    The Employer or other payor may withhold a benefit payment under the Plan or a Participant's wages,
or the Employer may reduce a Participant's Account balance, in order to meet any federal, state, or local or employment tax withholding obligations with respect to Plan benefits, as permitted under
Section 409A of the Code. The Employer or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under
applicable laws. 

 Section 18.    Transition Rules:  

        This Section 18 does not apply to plans newly established on or after January 1, 2009. 

        18.1    2005 Election Termination.    Notwithstanding Section 4.1.4, at any time during 2005, a Participant may
terminate a Participation Agreement, or modify a Participation Agreement to reduce the amount of Compensation subject to the deferral election, so long as the Compensation subject to the terminated or
modified Participation Agreement is includible in the income of the Participant in 2005 or, if later, in the taxable year in which the amounts are earned and vested. 

        18.2    2005 Deferral Election.    The requirements of Section 4.1.2 relating to the timing of the
Participation Agreement shall not apply to any deferral elections made on or before March 15, 2005, provided that (a) the amounts to which the deferral election relate have not been paid
or become payable at the time of the election, (b) the Plan was in existence on or before December 31, 2004, (c) the election to defer compensation is made in accordance with the
terms of the Plan as in effect on December 31, 2005 (other than a requirement to make a deferral election after March 15, 2005), and (d) the Plan is otherwise operated in
accordance with the requirements of Section 409A of the Code. 

        18.3    2005 Termination of Participation; Distribution.    Notwithstanding anything in this Plan to the contrary, at
any time during 2005, a Participant may terminate his or her participation in the Plan and receive a distribution of his Deferred Compensation Account balance on account of that termination, so long
as the full amount of such distribution is includible in the Participant's income in 2005 or, if later, in the taxable year of the Participant in which the amount is earned and vested. 

        18.4    Payment Elections.    Notwithstanding the provisions of Sections 7.1 or 7.5 of the Plan, a Participant
may elect on or before December 31, 2008, the time or form of payment of amounts subject to Section 409A of the Code provided that such election applies only to amounts that would not
otherwise
be payable in the year of the election and does not cause an amount to paid in the year of the election that would not otherwise be payable in such year. 

15

QuickLinks

Exhibit 10.1

THE EXECUTIVE NONQUALIFIED EXCESS PLAN PLAN DOCUMENT

THE EXECUTIVE NONQUALIFIED EXCESS PLAN

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