Document:

EXHIBIT
      10.3

     

    WAIVER,
      dated
      as
      of November 10, 2006 (“Waiver”), executed in connection with the Credit
      Agreement, dated as of November 23, 2005, and entered into by and among MTM
      Technologies, Inc., a New York corporation ("MTM"), MTM Technologies
      (California), Inc., a Delaware corporation ("MTM-CA"), MTM Technologies (TEXAS),
      Inc., a Delaware corporation ("MTM-TX"), MTM Technologies (US), Inc., a Delaware
      corporation ("MTM-US"), MTM Technologies (Massachusetts), LLC, a Delaware
      limited liability company ("MTM-MA") and Info Systems, Inc., a Delaware
      corporation ("ISI", MTM, MTM-CA, MTM-TX, MTM-US, MTM-MA and ISI being
      collectively, the "Borrowers" and each a "Borrower"); Columbia Partners, L.L.C.
      Investment Management, as Investment Manager; and National Electrical Benefit
      Fund, as Lender. Terms which are capitalized in this Waiver and not otherwise
      defined shall have the meanings ascribed to such terms in the Credit
      Agreement.

     

    WHEREAS,
      in a
      Waiver Letter dated August 10, 2006 (the “August Waiver Letter”) the Investment
      Manager and the Lender waived compliance by the Borrowers with the financial
      covenant contained in Section 6.3(a) of the Credit Agreement (the “Consolidated
      Senior Leverage Ratio”) and the financial covenant contained in Section 6.3(b)
      of the Credit Agreement (the “Consolidated Fixed Charge Coverage Ratio”) until
      the end of the four fiscal quarters ending on September 30, 2007;

     

    WHEREAS,
      the
      Borrowers have requested that the Investment Manager and the Lender extend
      the
      waiver of compliance by the Borrowers with the Consolidated Senior Leverage
      Ratio and Consolidated Fixed Charge Coverage Ratio until the end of the four
      fiscal quarters ending on March 31, 2008, and the Investment Manager and the
      Lender have agreed to the foregoing request on the terms contained in this
      Waiver;

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises contained herein, and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto hereby agree as follows:

     

    Section
      One. Waiver. 

     

    (a) The
      Borrowers have requested that the Investment Manager and the Lender waive
      compliance by the Borrowers with the provisions of Sections 6.3(a) and 6.3(b)
      of
      the Credit Agreement and the Consolidated Senior Leverage Ratio and the
      Consolidated Fixed Charge Coverage Ratio until the end of the four fiscal
      quarters ending on March 31, 2008. The Investment Manager and the Lender hereby
      waive compliance by the Borrowers with the provisions of Sections 6.3(a) and
      6.3(b) of the Credit Agreement and the Consolidated Senior Leverage Ratio and
      the Consolidated Fixed Charge Coverage Ratio until the end of the four fiscal
      quarters ending on March 31, 2008. 

     

    (b) Notwithstanding
      the foregoing waivers, nothing contained herein shall constitute a waiver by
      the
      Investment Manager or the Lender of any other Event of Default, whether or
      not
      they have any knowledge thereof, nor shall anything contained herein constitute
      a waiver of any future Event of Default whatsoever, except to the extent
      provided for in Section One (a) above.

     

    Section
      Two. General Provisions.

     

    (a)
      Except
      as
      herein expressly amended, the Credit Agreement, the August Waiver Letter, the
      Waiver Letter, dated July 14, 2006, between Borrowers, Investment Manager,
      and
      Lender (the “July Waiver Letter”), the Waiver Letter, dated June 26, 2006,
      between Borrower, Investment Manager and Lender (the “June Waiver Letter”), and
      all other agreements, documents, instruments and certificates executed in
      connection therewith, are ratified and confirmed in all respects and shall
      remain in full force and effect in accordance with their respective
      terms.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
      To
      induce
      the Investment Manager and the Lender to enter into this Waiver, the Borrowers,
      jointly and severally, represent and warrant to the Investment Manager and
      the
      Lender that except for the Events of Default set forth in the August Waiver
      Letter, June Waiver Letter and the July Waiver Letter, no other Event of Default
      has occurred.

     

    (c)
      This
      Waiver embodies the entire agreement between the parties hereto with respect
      to
      the subject matter hereof and supersedes all prior agreements, commitments,
      arrangements, negotiations or understandings, whether written or oral, of the
      parties with respect thereto.

     

    (d)
      This
      Waiver shall be governed by and construed in accordance with the internal laws
      of the State of New York, without regard to the conflicts of law principles
      thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the
      parties to this Waiver have signed below to indicate their agreement with the
      foregoing and their intent to be bound thereby.

     

    
      	 	 	 
	 	
              COLUMBIA
                PARTNERS, L.L.C. INVESTMENT

              MANAGEMENT,

              as
Investment
                Manager

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Jason A. Crist
	 	
              

              Name: Jason
                A. Crist

              Title: Managing
                Director

            

    

    
       

      
        	 	 	 
	 	
                
                  NATIONAL
                    ELECTRICAL BENEFIT FUND,

                  as
                    Lender

                

              
	 
 	 
 	 
 
	
              	By:  	/s/
                Jason A. Crist
	 	
                

                
                  Name: Jason
                    A. Crist

                  Title: Managing
                    Director

                

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	 	 
	 	
                
                  MTM
                    TECHNOLOGIES, INC.,

                  
                    For
                      itself and as borrowing Agent, and as successor by

                    Merger
                      with each of MTM Technologies (California),

                    Inc.,
                      and MTM Technologies (Texas), Inc.

                  

                

              
	 
 	 
 	 
 
	
              	By:  	/s/ J.W. Braukman III
	 	
                

                
                  Name: J.W.
                    Braukman III

                  Title: Senior
                    Vice President and

                  Chief
                    Financial Officer

                

              

      

      
         

        
          	 	 	 
	 	
                  
                    MTM
                      TECHNOLOGIES (US), INC.

                  

                
	 
 	 
 	 
 
	
                	By:  	/s/ J.W. Braukman III
	 	
                  

                  
                    
                      Name: J.W.
                        Braukman III

                      Title: Senior
                        Vice President and

                      Chief
                        Financial Officer

                    

                  

                

        

      

       

      
        
          	 	 	 
	 	
                  
                    INFO
                      SYSTEMS, INC.

                  

                
	 
 	 
 	 
 
	
                	By:  	/s/ J.W. Braukman III
	 	
                  

                  
                    
                      Name: J.W.
                        Braukman III

                      Title: Senior
                        Vice President and

                      Chief
                        Financial
                        Officer

                    

                  

                

        

      

    

    
       

      
        
          	 	 	 
	 	
                  
                    
                      MTM
                        TECHNOLOGIES (MASSACHUSETTS), 

                      LLC

                    

                  

                
	 
 	 
 	 
 
	
                	By:  	/s/ J.W. Braukman III
	 	
                  

                  
                    
                      
                        Name: J.W.
                          Braukman III

                        Title: Senior
                          Vice President and

                        Chief
                          Financial
                          OfficerEXHIBIT
        4(a)(4)

       

    

    
      

      

    

     

    THE
      BEAR
      STEARNS COMPANIES INC.

     

    TO

     

    THE
      BANK
      OF NEW YORK

     

    TRUSTEE

     

    _____

     

    INDENTURE

    
      _____

       

    

    Dated
      as
      of November 14, 2006

     

    Subordinated
      Debt Securities

     

    
 

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Reconciliation
      and tie between

    Trust
      Indenture Act of 1939

    and
      Indenture

    
      
        	
                 Trust
                  Indenture Act Section

              	 	
                 

                Indenture
                  Section

              
	
                §310

              	
                (a)(1)

              	 	
                6.9

              
	 	
                (a)(2)

              	 	
                6.9

              
	 	
                (a)(3)

              	 	
                Not
                  Applicable

              
	 	
                (a)(4)

              	 	
                Not
                  Applicable

              
	 	
                (b)

              	 	
                6.8,
                  6.10

              
	
                §311

              	
                (a)

              	 	
                6.13(a),
                  (c)

              
	 	
                (b)

              	 	
                6.13(b),
                  (c)

              
	 	
                (b)(2)

              	 	
                7.3(a)(ii),
                  7.3(b)

              
	
                §312

              	
                (a)

              	 	
                7.1,
                  7.2(a)

              
	 	
                (b)

              	 	
                7.2(b)

              
	 	
                (c)

              	 	
                7.2(c)

              
	
                §313

              	
                (a)

              	 	
                7.3(a)

              
	 	
                (b)(1)

              	 	
                Not
                  Applicable

              
	 	
                (b)(2)

              	 	
                7.3(b)

              
	 	
                (c)

              	 	
                7.3(c)

              
	 	
                (d)

              	 	
                7.3(d)

              
	
                §314

              	
                (a)

              	 	
                7.4

              
	 	
                (b)

              	 	
                Not
                  Applicable

              
	 	
                (c)(1)

              	 	
                1.2

              
	 	
                (c)(2)

              	 	
                1.2

              
	 	
                (c)(3)

              	 	
                Not
                  Applicable

              
	 	
                (d)

              	 	
                Not
                  Applicable

              
	 	
                (e)

              	 	
                1.2

              
	
                §315

              	
                (a)

              	 	
                6.1(a)

              
	 	
                (b)

              	 	
                6.2,
                  7.3(a)(6)

              
	 	
                (c)

              	 	
                6.1(b)

              
	 	
                (d)

              	 	
                6.1(c)

              
	 	
                (d)(1)

              	 	
                6.1(a)(i),
                  (c)(i)

              
	 	
                (d)(2)

              	 	
                6.1(c)(ii)

              
	 	
                (d)(3)

              	 	
                6.1(c)(iii)

              
	 	
                (e)

              	 	
                5.14

              
	
                §316

              	
                (a)

              	 	
                1.1

              
	 	
                (a)(1)(A)

              	 	
                5.2,
                  5.12

              
	 	
                (a)(1)(B)

              	 	
                5.13

              
	 	
                (a)(2)

              	 	
                Not
                  Applicable

              
	 	
                (b)

              	 	
                5.8

              
	
                §317

              	
                (a)(1)

              	 	
                5.3

              
	 	
                (a)(2)

              	 	
                5.4

              
	 	
                (b)

              	 	
                10.3

              
	
                §318

              	
                (a)

              	 	
                1.8

              

      

    

    _____________________

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    Page

    
      
        
          
            
              	 
	
                      ARTICLE
                        1

                       

                      Definitions
                        and Other Provisions

                      of
                        General Application

                    
	 
	
                      Section 1.1

                    	
                      Definitions.

                    	
                      1

                    
	
                      Section 1.2

                    	
                      Compliance
                        Certificates and Opinions.

                    	
                      8

                    
	
                      Section 1.3

                    	
                      Form
                        of Documents Delivered to Trustee.

                    	
                      8

                    
	
                      Section 1.4

                    	
                      Acts
                        of Holders.

                    	
                      9

                    
	
                      Section 1.5

                    	
                      Notices,
                        Etc., to Trustee and Company.

                    	
                      10

                    
	
                      Section 1.6

                    	
                      Notice
                        to Holders of Securities; Waiver.

                    	
                      11

                    
	
                      Section 1.7

                    	
                      Language
                        of Notices, Etc.

                    	
                      11

                    
	
                      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

                    
	 
	
                      ARTICLE
                        2

                       

                      Security
                        Forms

                    
	 
	
                      Section 2.1

                    	
                      Forms
                        Generally.

                    	
                      13

                    
	
                      Section 2.2

                    	
                      Form
                        of Trustee’s Certificate of Authentication.

                    	
                      13

                    
	
                      Section 2.3

                    	
                      Securities
                        in Global Form.

                    	
                      13

                    
	 
	
                      ARTICLE
                        3

                       

                      The
                        Securities

                    
	 
	
                      Section 3.1

                    	
                      Amount
                        Unlimited; Issuable in Series.

                    	
                      14

                    
	
                      Section 3.2

                    	
                      Denominations.

                    	
                      16

                    
	
                      Section 3.3

                    	
                      Execution,
                        Authentication, Delivery and Dating.

                    	
                      17

                    
	
                      Section 3.4

                    	
                      Temporary
                        Securities.

                    	
                      18

                    
	
                      Section 3.5

                    	
                      Registration,
                        Transfer and Exchange.

                    	
                      19

                    
	
                      Section 3.6

                    	
                      Mutilated,
                        Destroyed, Lost and Stolen Securities.

                    	
                      23

                    
	
                      Section 3.7

                    	
                      Payment
                        of Interest; Interest Rights Preserved.

                    	
                      24

                    
	
                      Section 3.8

                    	
                      Persons
                        Deemed Owners.

                    	
                      26

                    
	
                      Section 3.9

                    	
                      Cancellation.

                    	
                      26

                    
	
                      Section 3.10

                    	
                      Computation
                        of Interest.

                    	
                      26

                    

            

          

        

      

       

       

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

       

      
        	 
	
                ARTICLE
                  4

                 

                SATISFACTION
                  AND DISCHARGE

              
	 
	
                Section 4.1

              	
                Satisfaction
                  and Discharge of Indenture.

              	
                27

              
	
                Section 4.2

              	
                Application
                  of Trust Money.

              	
                28

              
	
                Section 4.3

              	
                Subordination
                  Provisions Inapplicable.

              	
                28

              
	 
	
                ARTICLE
                  5

                 

                
                  REMEDIES

                

              
	
              
	
                Section 5.1

              	
                Events
                  of Default.

              	
                28

              
	
                Section 5.2

              	
                Acceleration
                  of Maturity; Rescission and Annulment.

              	
                29

              
	
                Section 5.3

              	
                Defaults; Collection
                  of Indebtedness and Suits for Enforcement by Trustee.

              	
                30

              
	
                Section 5.4

              	
                Trustee
                  May File Proofs of Claim.

              	
                31

              
	
                Section 5.5

              	
                Trustee
                  May Enforce Claims Without Possession of Securities or
                  Coupons.

              	
                32

              
	
                Section 5.6

              	
                Application
                  of Money Collected.

              	
                32

              
	
                Section 5.7

              	
                Limitation
                  on Suits.

              	
                32

              
	
                Section 5.8

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

              	
                33

              
	
                Section 5.9

              	
                Restoration
                  of Rights and Remedies.

              	
                33

              
	
                Section 5.10

              	
                Rights
                  and Remedies Cumulative.

              	
                33

              
	
                Section 5.11

              	
                Delay
                  or Omission Not Waiver.

              	
                34

              
	
                Section 5.12

              	
                Control
                  by Holders of Securities.

              	
                34

              
	
                Section 5.13

              	
                Waiver
                  of Past Defaults.

              	
                34

              
	
                Section 5.14

              	
                Undertaking
                  for Costs.

              	
                35

              
	
                Section 5.15

              	
                Waiver
                  of Stay or Extension Laws.

              	
                35

              
	 
	
                ARTICLE
                  6

                 

                THE
                  TRUSTEE

              
	 
	
                Section 6.1

              	
                Certain
                  Duties and Responsibilities.

              	
                35

              
	
                Section 6.2

              	
                Notice
                  of Default.

              	
                36

              
	
                Section 6.3

              	
                Certain
                  Rights of Trustee.

              	
                37

              
	
                Section 6.4

              	
                Not
                  Responsible for Recitals or Issuance of Securities.

              	
                37

              
	
                Section 6.5

              	
                May
                  Hold Securities.

              	
                38

              
	
                Section 6.6

              	
                Money
                  Held in Trust.

              	
                38

              
	
                Section 6.7

              	
                Compensation
                  and Reimbursement.

              	
                38

              
	
                Section 6.8

              	
                Disqualifications;
                  Conflicting Interests.

              	
                39

              
	
                Section 6.9

              	
                Corporate
                  Trustee Required; Eligibility.

              	
                39

              
	
                Section 6.10

              	
                Resignation
                  and Removal; Appointment of Successor.

              	
                39

              
	
                Section 6.11

              	
                Acceptance
                  of Appointment by Successor.

              	
                40

              
	
                Section 6.12

              	
                Merger,
                  Conversion, Consolidation or Succession to Business.

              	
                42

              

      

       

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

      
        	
                Section 6.13

              	
                Appointment
                  of Authenticating Agent.

              	
                42

              
	 
	
                ARTICLE
                  7

                 

                HOLDERS’
                  LISTS AND REPORTS BY TRUSTEE AND COMPANY

              
	 
	
                Section 7.1

              	
                Company
                  to Furnish Trustee Names and Addresses of Holders.

              	
                44

              
	
                Section 7.2

              	
                Preservation
                  of Information; Communications to Holders.

              	
                44

              
	
                Section 7.3

              	
                Reports
                  by Trustee.

              	
                45

              
	
                Section 7.4

              	
                Reports
                  by the Company.

              	
                46

              
	 
	
                ARTICLE
                  8

                 

                CONSOLIDATION,
                  MERGER, SALE LEASE OR CONVEYANCE

              
	 
	
                Section 8.1

              	
                Consolidations
                  and Mergers of Company and Sales, Leases and Conveyances Permitted
                  Subject
                  to Certain Conditions.

              	
                46

              
	
                Section 8.2

              	
                Rights
                  and Duties of Successor Person.

              	
                47

              
	
                Section 8.3

              	
                Officers’
                  Certificate and Opinion of Counsel.

              	
                47

              
	 
	
                ARTICLE
                  9

                 

                SUPPLEMENTAL
                  INDENTURES

              
	 
	
                Section 9.1

              	
                Supplemental
                  Indentures without Consent of Holders.

              	
                47

              
	
                Section 9.2

              	
                Supplemental
                  Indentures with Consent of Holders.

              	
                49

              
	
                Section 9.3

              	
                Execution
                  of Supplemental Indentures.

              	
                50

              
	
                Section 9.4

              	
                Effect
                  of Supplemental Indentures.

              	
                50

              
	
                Section 9.5

              	
                Conformity
                  with Trust Indenture Act.

              	
                50

              
	
                Section 9.6

              	
                Reference
                  in Securities to Supplemental Indentures.

              	
                50

              
	
                Section 9.7

              	
                Subordination
                  Unimpaired.

              	
                50

              
	 
	
                ARTICLE
                  10

                 

                COVENANTS

              
	 
	
                Section 10.1

              	
                Payment
                  of Principal, Premium, if any, and Interest.

              	
                51

              
	
                Section 10.2

              	
                Maintenance
                  of Office or Agency.

              	
                51

              
	
                Section 10.3

              	
                Money
                  for Securities Payments to Be Held in Trust.

              	
                52

              
	
                Section 10.4

              	
                Additional
                  Amounts.

              	
                53

              
	
                Section 10.5

              	
                Statement
                  as to Compliance; Notice of Certain Defaults.

              	
                54

              
	
                Section 10.6

              	
                Waiver
                  of Certain Covenants.

              	
                54

              
	 
	
                ARTICLE
                  11

                 

                REDEMPTION
                  OF SECURITIES

              
	 
	
                Section 11.1

              	
                Applicability
                  of Article.

              	
                55

              

      

       

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

      
        	
                Section 11.2

              	
                Election
                  to Redeem; Notice to Trustee.

              	
                55

              
	
                Section 11.3

              	
                Selection
                  by Trustee of Securities to be Redeemed.

              	
                55

              
	
                Section 11.4

              	
                Notice
                  of Redemption.

              	
                56

              
	
                Section 11.5

              	
                Deposit
                  of Redemption Price.

              	
                57

              
	
                Section 11.6

              	
                Securities
                  Payable on Redemption Date.

              	
                57

              
	
                Section 11.7

              	
                Securities
                  Redeemed in Part.

              	
                58

              
	 
	
                ARTICLE
                  12

                 

                SINKING
                  FUNDS

              
	 
	
                Section 12.1

              	
                Applicability
                  of Article.

              	
                58

              
	
                Section 12.2

              	
                Satisfaction
                  of Sinking Fund Payments with Securities.

              	
                58

              
	
                Section 12.3

              	
                Redemption
                  of Securities for Sinking Fund.

              	
                59

              
	 
	
                ARTICLE
                  13

                 

                REPAYMENT
                  AT THE OPTION OF HOLDERS

              
	 
	
                Section 13.1

              	
                Applicability
                  of Article.

              	
                59

              
	
                Section 13.2

              	
                Repayment
                  of Securities.

              	
                59

              
	
                Section 13.3

              	
                Exercise
                  of Option; Notice.

              	
                60

              
	
                Section 13.4

              	
                Election
                  of Repayment by Remarketing Entities.

              	
                61

              
	
                Section 13.5

              	
                Securities
                  Payable on the Optional Repayment Date.

              	
                61

              
	
                Section 13.6

              	
                Notice
                  to Company of Option to be Repaid.

              	
                61

              
	
                Section 13.7

              	
                Deposit
                  of Repayment Price.

              	
                61

              
	 
	
                ARTICLE
                  14

                 

                MEETINGS
                  OF HOLDERS OF SECURITIES

              
	 
	
                Section 14.1

              	
                Purposes
                  for Which Meetings May Be Called.

              	
                62

              
	
                Section 14.2

              	
                Call,
                  Notice and Place of Meetings.

              	
                62

              
	
                Section 14.3

              	
                Persons
                  Entitled To Vote at Meetings.

              	
                62

              
	
                Section 14.4

              	
                Quorum;
                  Action.

              	
                62

              
	
                Section 14.5

              	
                Determination
                  of Voting Rights; Conduct and Adjournment of Meetings.

              	
                63

              
	
                Section 14.6

              	
                Counting
                  Votes and Recording Action of Meetings.

              	
                64

              
	 
	
                ARTICLE
                  15

                 

                DEFEASANCE

              
	 
	
                Section 15.1

              	
                Applicability
                  of Article.

              	
                65

              
	
                Section 15.2

              	
                Defeasance
                  Upon Deposit of Moneys or U.S. Government Obligations.

              	
                65

              
	
                Section 15.3

              	
                Deposited
                  Moneys and U.S. Government Obligations to be Held in
                  Trust.

              	
                66

              

      

       

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

      
        	
                Section 15.4

              	
                Repayment
                  to Company.

              	
                66

              
	
                Section 15.5

              	
                Subordination
                  Provisions Inapplicable.

              	
                67

              
	 
	
                ARTICLE
                  16

                 

                SUBORDINATION

              
	 
	
                Section 16.1

              	
                Agreement
                  to Subordinate.

              	
                67

              
	
                Section 16.2

              	
                Obligation
                  of the Company Unconditional and Payment Permitted if no
                  Default.

              	
                69

              
	
                Section 16.3

              	
                Limitations
                  on Duties to Holders of Senior Indebtedness.

              	
                69

              
	
                Section 16.4

              	
                Notice
                  to Trustee of Facts Prohibiting Payments.

              	
                70

              
	
                Section 16.5

              	
                Application
                  by Trustee of Moneys Deposited With It.

              	
                70

              
	
                Section 16.6

              	
                Subrogation.

              	
                70

              
	
                Section 16.7

              	
                Subordination
                  Rights Not Impaired by Acts or Omissions of Bank or Holders of
                  Senior
                  Indebtedness.

              	
                71

              
	
                Section 16.8

              	
                Authorization
                  of Trustee to Effectuate Subordination of Securities.

              	
                71

              
	
                Section 16.9

              	
                Right
                  of Trustee to Hold Senior Indebtedness.

              	
                71

              
	
                Section 16.10

              	
                Article
                  16 Not to Prevent Defaults (Including Events of Default).

              	
                71

              
	
                Section 16.11

              	
                Article
                  Applicable to Paying Agents.

              	
                71

              
	
                Section 16.12

              	
                Trustee
                  Not Fiduciary for Holders of Senior Indebtedness.

              	
                72

              

      

    

    
      	
              ARTICLE
                17

               

              MISCELLANEOUS
                PROVISIONS

            
	 
	
              Section 17.1

            	
              Securities
                in Foreign Currencies

            	
              72

            
	 	 	 
	
              Exhibit
                A-1

            	
              Form
                of Certificate of Beneficial Ownership by a Non-United States Person
                or by
                a Qualifying Foreign Branch

              of
                a United States Financial Institution

            	
              A-1

            
	 	 	 
	
              Exhibit
                A-2

            	
              Form
                of Certificate of Status as a Qualifying Foreign Branch of a United
                States
                Financial Institution

            	
              A-2

            

    

     

     

    
      
        
          
          

        

        
          -v-

          
            

          

        

        
          
          

        

      

      
         

        INDENTURE,
          dated as of November 14, 2006 between The Bear Stearns Companies Inc.,
          a
          Delaware corporation (hereinafter called the “Company”), having its principal
          office at 383 Madison Avenue, New York, New York 10179, and The Bank of
          New
          York, a banking corporation organized under the laws of New York (hereinafter
          called the “Trustee”).

         

        Recitals
          of The Company

         

        The
          Company has duly authorized the execution and delivery of this Inden-ture
          to
          provide for the issuance from time to time of its unsecured and subordinated
          debentures, notes or other evidences of indebtedness (hereinafter called
          the
“Securities”), unlimited as to principal amount, to bear such rates of interest,
          to mature at such time or times, to be issued in one or more series and
          to have
          such other provisions as shall be fixed as hereinafter provided.

         

        The
          Company has duly authorized the execution and delivery of this Indenture
          and all
          things necessary to make this Indenture a valid agreement of the Company,
          in
          accordance with its terms, have been done.

         

        NOW,
          THEREFORE,
          in
          consideration of the premises and the sum of one dollar duly paid by the
          Company
          to the Trustee, the receipt of which is hereby acknowledged, it is mutually
          covenanted and agreed, for the equal and proportionate benefit of all Holders,
          as follows:

         

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

         

        ARTICLE
          1

         

        DEFINITIONS
          AND
          OTHER PROVISIONS

        OF
          GENERAL APPLICATION

         

        
          	 	
                  Section 1.1

                	
                  Definitions.

                

        

         

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

         

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

         

        (b) 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;

         

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

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        (d) 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.

         

        Certain
          terms, used principally in Article Six, are defined in that
          Article.

         

        “Act”
when
          used with respect to any Holders has the meaning specified in Section
          1.4.

         

        “Additional
          Amounts”
means
          any additional amounts which are required by a Security or by or pursuant
          to a
          Board Resolution, under circumstances specified therein, to be paid by
          the
          Company in respect of certain taxes imposed on certain Holders and which
          are
          owing to such Holders.

         

        “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 the meanings correlative to the foregoing.

         

        “Authenticating
          Agent”
means
          any Person authorized by the Trustee pursuant to Section 6.14 to act on
          behalf
          of the Trustee to authenticate Securities of one or more series.

         

        “Authorized
          Newspaper”
means
          a
          newspaper, in an official language of the country of publication or in
          the
          English language, 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
          the Board of Directors of the Company, an Executive Committee of such Board
          of
          Directors or any Executive Committee of the Company, or, with respect to
          any
          series of Securities, any other committee of such Board of Directors to
          which
          such Board of Directors has delegated the authority to establish the terms
          and
          provisions of such series of Securities.

         

        “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.

         

        “Business
          Day,”
except
          as may otherwise be provided in the form of Securities of any particular
          series
          pursuant to the provisions of this Indenture, with respect to any Place
          of
          Payment means any day that is not Saturday or Sunday, and that is neither
          a
          legal holiday nor a day on which banking institutions or trust companies
          in that
          Place of Payment are generally authorized or obligated by law, regulation
          or
          executive order to close.

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        “Commission”
means
          the Securities and Exchange Commission, as from time to time constituted,
          created under the Securities Exchange Act of 1934, as amended, or if at
          any time
          after the execution of this instrument such Commission is not existing
          and
          performing the duties now assigned to it under the Trust Indenture Act,
          then the
          body performing such duties at such time.

         

        “Company”
means
          the Person named as the “Company” in the first paragraph of this instrument
          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”
and
          “Company
          Order”
mean,
          respectively, a written request or order signed in the name of the Company
          by
          the Chairman, the President, any Executive Vice President or the Treasurer,
          and
          by the Secretary, an Assistant Treasurer or an Assistant Secretary of the
          Company, and delivered to the Trustee.

         

        “Corporate
          Trust Office”
means
          the principal office of the Trustee, at which at any particular time its
          corporate trust business shall be administered, which office at the date
          of
          original execution of this Indenture is located at 4 New York Plaza,
          15th
          Floor,
          New York, New York 10004.

         

        “Corporation”
          includes corporations, associations, companies and business trusts.

         

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

         

        “Default”
          has the
          meaning specified in Section 5.3.

         

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

         

        “Depositary”
means
          with respect to the Securities of any series issuable or issued in whole
          or in
          part in global form, the Person designated as Depositary by the Company
          pursuant
          to Section 3.1 until a successor Depositary shall have become such pursuant
          to
          the applicable provisions of this Indenture, and thereafter “Depositary” shall
          mean or include each Person who is then a Depositary hereunder, and if
          at any
          time there is more than one such Person, “Depositary” as used with respect to
          the Securities of any such series shall mean the “Depositary” with respect to
          the Securities of that series.

         

        “Discharged”
has
          the
          meaning specified in Section 15.2.

         

        “Dollars”
or
          “$”
or
          any
          similar reference shall mean the currency of the United States which at
          the time
          shall be legal tender for the payment of public and private debts, except
          as may
          otherwise be provided in the form of Securities of any particular series
          pursuant to the provisions of this Indenture.

         

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

         

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

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

        “Indebtedness
          for Money Borrowed”
means,
          when used with respect to the Company, (a) any obligation of, or any obligation
          guaranteed by, the Company, as the case may be, for the repayment of borrowed
          money, whether or not evidenced by bonds, debentures, notes or other written
          instruments, (b) similar obligations arising from off- balance sheet guarantees
          and direct credit substitutes, (c) obligations associated with derivative
          products such as interest rate and foreign exchange rate contracts, commodity
          contracts and similar arrangements and (d) any deferred obligations for
          the
          payment of the purchase price of property or assets.

         

        “Indebtedness
          Ranking Junior to the Securities”
means
          any Indebtedness for Money Borrowed of the Company, whether outstanding
          on the
          date of execution of this Indenture or thereafter created, assumed or incurred,
          which specifically by its terms ranks junior to and not equally with or
          prior to
          the Securities (and any other Indebtedness Ranking on a Parity with the
          Securities) in right of payment upon the happening of any event of the
          kind
          specified in the first sentence of the second paragraph of Section
          16.1.

         

        “Indebtedness
          Ranking on a Parity with the Securities”
means
          Indebtedness for Money Borrowed of the Company, whether outstanding on
          the date
          of execution of the Indenture or thereafter created, assumed or incurred,
          which
          specifically by its terms ranks equally with and not prior to the Securities
          in
          the right of payment upon the happening of any event of the kind specified
          in
          the first sentence of the second paragraph of Section 16.1. 

         

        “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.

         

        “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,
          and,
          when used with respect to a Security which provides for the payment of
          Additional Amounts pursuant to Section 10.4, includes such Additional
          Amounts.

         

        “Interest
          Payment Date”
means
          the Stated Maturity of an installment of interest on the applicable
          Securities.

         

        “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, notice of redemption, request for repayment or
          otherwise.

         

        “Officers’
          Certificate”
means
          a
          certificate signed by the Chairman of the Board, the President, any Executive
          Vice President, the Senior Vice President—Finance or the Treasurer, and by the
          Secretary, Assistant Treasurer or an Assistant Secretary of the Company,
          and
          delivered to the Trustee. Each such certificate shall include the statements
          provided for in Section 12.

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        “Opinion
          of Counsel”
means
          a
          written opinion of counsel, who may (except as otherwise expressly provided
          in
          this Indenture) be an employee of or counsel for the Company, or other
          counsel,
          any of whom shall be acceptable to the Trustee. Each such opinion shall
          include
          the statements provided for in Section 1.2.

         

        “Optional
          Repayment Date”
when
          used with respect to any Security to be repaid upon exercise of option
          for
          repayment by the Holder means the date fixed for such repayment pursuant
          to this
          Indenture.

         

        “Original
          Issue Discount Security”
means
          a
          Security issued pursuant to this Indenture which provides for declaration
          of an
          amount less than the principal thereof to be due and payable upon acceleration
          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 thereto appertaining, provided
          that, if
          such Securities are to be redeemed, notice of such redemption has been
          duly
          given pursuant to this Indenture or provision therefore satisfactory to
          the
          Trustee has been made; and

         

        (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 protected 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
          Outstanding Securities have given any request, demand, authorization, direction,
          notice, consent or waiver hereunder or are present at a meeting of Holders
          of
          Securities for quorum purposes, the principal amount of an Original Issue
          Discount Security that may be counted in making such determination and
          that
          shall be deemed to be Outstanding for such purposes shall be equal to the
          amount
          of the principal thereof that could be declared to be due and payable pursuant
          to the terms of such Original Issue Discount Security at the time the taking
          of
          such action by the Holders of such requisite principal amount is evidenced
          to
          the Trustee as provided in Section 1.4(a), and, provided,
          further,
          that
          Securities owned beneficially by the Company or any other obligor upon
          the
          Securities or any Affiliate (other than officers or directors of the Company)
          of
          the Company or such other obligor, shall be disregarded and deemed not
          to be
          Outstanding, except that, in determining whether the Trustee shall be protected
          in relying upon any such request, demand, authorization, direction, notice,
          consent or waiver, only Securities which the Trustee knows to be so owned
          shall
          be so disregarded. Securities so owned which have been pledged in good
          faith may
          be regarded as Outstanding if the pledgee establishes to the satisfaction
          of the
          Trustee the pledgee’s right so to act with respect to such Securities and that
          the pledgee is not the Company or any other obligor upon the Securities
          or any
          Affiliate of the Company or such other obligor.

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

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

         

        “Person”
means
          any individual, Corporation, partnership, limited liability company, joint
          venture, association, joint-stock company, trust, unincorporated organization
          or
          any other entity 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
          premium,
          if any) and interest on the Securities of that series are payable as specified
          as provided pursuant to 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 lost, destroyed, mutilated
          or stolen
          Security or a Security to which a mutilated, destroyed, lost or stolen
          coupon
          appertains shall be deemed to evidence the same debt as the lost, destroyed,
          mutilated or stolen Security or the Security to which a mutilated, destroyed,
          lost or stolen coupon appertains.

         

        “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 as determined pursuant to the provisions of this
          Indenture.

         

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

         

        “Regular
          Record Date”
for
          the
          interest payable on a Registered Security on any Interest Payment Date
          means the
          date, if any, specified in such Security as the “Regular Record Date.”

         

        “Remarketing
          Entity”
when
          used with respect to Securities of any series which are repayable at the
          option
          of the Holder thereof before their Stated Maturity means any Person designated
          by the Company to purchase any such Securities.

         

        “Repayment
          Price”
when
          used with respect to any Security to be repaid upon exercise of option
          for
          repayment by the Holder means the price at which it is to be repaid pursuant
          to
          this Indenture.

         

        “Responsible
          Officer”
when
          used with respect to the Trustee means any vice president (whether or not
          designated by a number or a word or words added before or after the title
“vice
          president”), any assistant secretary, any senior trust officer or trust officer,
          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.

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

        “Security”
or
          “Securities”
means
          any Security or Securities, as the case may be, authenticated and delivered
          under this Indenture.

         

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

         

        “Senior
          Indebtedness”
means
          all Indebtedness for Money Borrowed of the Company, whether outstanding
          on the
          date of execution of the Indenture or thereafter created, assumed or incurred,
          except Indebtedness Ranking on a Parity with the Securities or Indebtedness
          Ranking Junior to the Securities, and any deferrals, renewals or extensions
          of
          such Senior Indebtedness.

         

        “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 Person of which at the time of determination the Company and/or one
          or more
          Subsidiaries owns or controls directly or indirectly more than 50% of the
          shares
          of Voting Stock. “Wholly-owned,” when used wish reference to a Subsidiary, means
          a Subsidiary of which all of the outstanding capital stock (except for
          qualifying shares) is owned by the Company or by one or more wholly-owned
          Subsidiaries.

         

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

         

        “Trust
          Indenture Act”
means
          the Trust Indenture Act of 1939 as amended and as in force at the date
          as of
          which this instrument was executed, except as provided in Section
          9.5.

         

        “United
          States”
or
          “U.S.”
means,
          the United States of America (including the States and the District of
          Columbia), its territories and 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 non-resident alien fiduciary
          of foreign estate or trust.

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

         

        “U.S.
          Government Obligations”
has
          the
          meaning set forth in Section 15.2.

         

        “Voting
          Stock”
means
          stock 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 Person, provided
          that,
          for the purposes hereof, stock which carries only the right to vote
          conditionally on the happening of an event shall not be considered voting
          stock
          whether or not such event shall have happened.

         

        
          	 	
                  Section 1.2

                	
                  Compliance
                    Certificates and Opinions.

                

        

         

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

         

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

         

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

         

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

         

        (c) a
          statement that, in the opinion of 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 condition or covenant has been
          compiled with; and

         

        (d) 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 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.

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

         

        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 by this Indenture to be given or taken by Holders may be
          embodied in and evidenced by one or more instruments of substantially similar
          tenor signed by such Holders in person or by agent duly appointed in writing.
          If, but only if, Securities of a series are issuable Bearer Securities,
          any
          request, demand, authorization, direction, notice, consent, waiver or other
          action provided by this Indenture to be given or taken by Holders of Securities
          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
          Fourteen, 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
          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 and any agent of the Trustee or 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 14.6.

         

        (b) The
          fact
          and date of the execution by any Person of any such instrument or writing
          may be
          proved in any reasonable manner which the Trustee deems sufficient and
          in
          accordance with such reasonable rules as the Trustee may determine, and
          the
          Trustee may in any instance require further proof with respect to any of
          the
          matters referred to in this Section.

         

        (c) The
          ownership of Registered Securities and 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 reasonably acceptable to the Company,
          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) If
          the
          Company shall solicit from the Holders of any Registered Securities any
          request,
          demand, authorization, direction, notice, consent, waiver or other Act,
          the
          Company may, at its option, by Board Resolution, fix in advance a record
          date
          for the determination of Holders of Registered Securities entitled to give
          such
          request, demand, authorization, direction, notice, consent, waiver or other
          Act,
          but the Company shall have no obligation to do so. If such a record date
          is
          fixed, such request, demand, authorization, direction, notice, consent,
          waiver
          or other Act may be given before or after such record date, but only the
          Holders
          of Registered Securities of record at the close of business on such record
          date
          shall be deemed to be Holders for the purposes of determining whether Holders
          of
          the requisite proportion of Outstanding Securities have authorized or agreed
          or
          consented to such request, demand, authorization, direction, notice, consent,
          waiver or other Act, and for that purpose the Outstanding Securities shall
          be
          computed as of such record date; provided that no such authorization, agreement
          or consent by the Holders on such record date shall be deemed effective
          unless
          it shall become effective pursuant to the provisions of this Indenture
          not later
          than six months after the record date.

         

        (f) Any
          request, demand, authorization, direction, notice, consent, waiver or other
          action by 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 or suffered to be done by the Trustee, any Security Registrar,
          any
          Paying Agent or the Company in reliance thereon, whether or not notation
          of such
          action is made upon such Security.

         

        
          	 	
                  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,

         

        (a) 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: Global Corporate Trust,
          or

         

        (b) 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 the attention
          of its
          Treasurer at the address of its principal office specified in the first
          paragraph of this instrument or at any other address previously furnished
          in
          writing to the Trustee by the Company.

         

        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 1.6

                	
                  Notice
                    to Holders of Securities;
                    Waiver.

                

        

         

        Except
          as
          otherwise expressly provided herein or in the form of Securities of any
          particular series pursuant to the provisions of this Indenture, where this
          Indenture provides for notice to Holders of Securities of any
          event,

         

        (a) 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 his address as it appears in the Security
          Register, not later than the latest date, and not earlier than the earliest
          date, prescribed for the giving of such Notice; and

         

        (b) such
          notice shall be sufficiently given to Holders of Bearer Securities, if
          any, if
          published in an Authorized Newspaper in The City of New York and, if the
          Securities of such series are then listed on any stock exchange outside
          the
          United States, in an Authorized Newspaper in such city as the Company shall
          advise the Trustee that such stock exchange so requires, 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
          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 so 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.
          In the
          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 by mail, then
          such
          notification as shall be made with the approval of the Trustee shall constitute
          a sufficient notification for every purpose hereunder.

         

        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 to Holders of Bearer Securities as shall be given with
          the
          approval of the Trustee shall constitute sufficient notice to such Holders
          for
          every purpose hereunder. Neither 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 mailed to Holders
          of
          Registered Securities as provided above.

         

        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, election or
          waiver
          required or permitted under this Indenture shall be in the English language,
          except that, if the company so elects, any published notice may be in an
          official language of the country of publication.

         

        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 1.8

                	
                  Conflict
                    with Trust Indenture Act.

                

        

         

        If
          any
          provision hereof limits, qualifies or conflicts with another provision
          which is
          required or deemed to be included in this Indenture by any of the provisions
          of
          the Trust Indenture Act or otherwise conflicts with any provision of the
          Trust
          Indenture Act, such required or deemed provision or such other provision
          of the
          Trust Indenture Act 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 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 in the Securities or coupons, express or implied,
          shall
          give to any Person, other than the parties hereto, any Security Registrar,
          any
          Paying Agent, any Authenticating Agent and their successors hereunder and
          the
          Holders of Securities or 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 the rights and obligations of each of
          the
          holders, the Company and the Trustee shall be governed by and construed
          in
          accordance with the laws or the State of New York without reference to
          its
          conflicts of laws provisions (other than Section 5-1401 of the General
          Obligations Law).

         

        
          	 	
                  Section 1.14

                	
                  Legal
                    Holidays.

                

        

         

        In
          any
          case where any Interest Payment Date, Redemption Date or Stated Maturity
          of any
          Security shall not be a Business Day at any Place of Payment, then
          (notwithstanding any other provision of this Indenture or the Securities
          or
          coupons other than a provision in the Securities which specifically states
          that
          such provision shall apply in lieu of this Section) payment of interest
          or any
          Additional Amounts 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, and
          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.

         

        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          2

         

        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, if any, and Securities in global form,
          if
          any, shall be in the form established by or pursuant to a Board Resolution
          or in
          one or more indentures supplemental hereto, shall have appropriate insertions,
          omissions, substitutions and other variations as are required or permitted
          by
          this Indenture or any indenture supplemental hereto and may have such letters,
          numbers or other marks of identification and such legends or endorsements
          placed
          thereon as may, consistently herewith, be determined by the officers of
          the
          Company executing such Securities, as evidenced by their execution of such
          Securities. If the forms of the Securities of any series are established
          by
          action taken pursuant to a Board Resolution, a copy of an appropriate record
          of
          such action shall be certified by the Secretary or an Assistant Secretary
          of the
          Company and delivered to the Trustee at or prior to the delivery of the
          Company
          Order contemplated by Section 3.3 for the authentication and delivery of
          such
          Securities.

         

        Unless
          otherwise provided as contemplated by Section 3.1 with respect to any series
          of
          Securities, the Securities of each series shall be issuable in registered
          form
          without coupons. If so provided as contemplated by Section 3.1, the Securities
          of a series also shall be issuable in bearer form, with or without interest
          coupons attached.

         

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

         

        
          	 	
                  Section 2.2

                	
                  Form
                    of Trustee’s Certificate of
                    Authentication.

                

        

         

        The
          Trustee’s Certificate 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.

         

        THE
          BANK
          OF NEW YORK, as Trustee

         

        By:                            

        Authorized
          Signature

         

        
          	 	
                  Section 2.3

                	
                  Securities
                    in Global Form.

                

        

         

        If
          Securities of a series are issuable in whole or in part in global form,
          any such
          Security may provide that it shall represent the aggregate amount of Outstanding
          Securities from time to time endorsed thereon and may also provide that
          the
          aggregate amount of Outstanding Securities represented thereby may from
          time to
          time be reduced to reflect exchanges or increased to reflect the issuance
          of
          additional Securities. 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 in such manner and by such Person or
          Persons,
          as shall be specified therein or in the Company Order delivered to the
          Trustee
          pursuant to Section 3.3.

         

        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          3

         

        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 set forth in an Officers’ Certificate, or
          established in one or more indentures supplemental hereto prior to the
          issuance
          of Securities of any series:

         

        (a) the
          title
          of the Securities and the series in which such Securities shall be
          included;

         

        (b) the
          limit, if any, upon the aggregate principal amount of the Securities of
          such
          title and the Securities of such 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);

         

        (c) whether
          Securities of the series are to be issuable as Registered Securities, Bearer
          Securities (with or without coupons) or both, any restrictions applicable
          to the
          offer, sale or delivery of Bearer Securities and the terms upon which Bearer
          Securities of the series may be exchanged for Registered Securities of
          the
          series and vice versa;

         

        (d) whether
          Securities of the series may be issued in whole or in part in global form
          and,
          if so, the identity of the Depositary for such Securities in global form,
          and
          the terms and conditions, if any, upon which interests in such Securities
          in
          global form may be exchanged, in whole or in part, for the individual Securities
          represented thereby;

         

        (e) the
          date
          as of which any Bearer Securities of the series and any temporary Security
          in
          global form representing Outstanding Securities of the series shall be
          dated if
          other than the date of original issuance of the first Security of the series
          to
          be issued;

         

        (f) if
          Securities of the series are to be issuable as Bearer Securities, whether
          interest in respect of any portion of a temporary Bearer Security in global
          form
          (representing all of the Outstanding Bearer Securities of the series) payable
          in
          respect of an Interest Payment Date prior to the exchange of such temporary
          Bearer Security for definitive Securities of the series shall be paid to
          any
          clearing organization with respect to the portion of such temporary Bearer
          Security held for its account and, in such event, the terms and conditions
          (including any certification requirements) upon which any such interest
          payment
          received by a clearing organization will be credited to the Persons entitled
          to
          interest payable on such Interest Payment Date;

        
          
            
            

          

          
            14

            
              

            

          

          
            
            

          

        

         

        (g) the
          date
          or dates on which the principal of such Securities is payable;

         

        (h) the
          rate
          or rates at which such Securities shall bear interest, if any, or method
          by
          which such rate or rates are determined, the date or dates from which such
          interest shall accrue, the Interest Payment Dates on which such interest
          shall
          be payable and the Regular Record Date for the interest payable on Registered
          Securities on any Interest Payment Date, whether and under what circumstances
          Additional Amounts on such securities shall be payable in respect of specified
          taxes, assessments or other governmental charges withheld or deducted and,
          if
          so, whether the Company has the option to redeem the affected Securities
          rather
          than pay such Additional Amounts, and the basis upon which interest shall
          be
          calculated if other than that of a 360-day year of twelve 30-day
          months;

         

        (i) the
          place
          or places, if any, in addition to or other than the Borough of Manhattan,
          The
          City of New York, where the principal of (and premium, if any) and interest
          on
          or Additional Amounts, if any, payable in respect of such Securities shall
          be
          payable, where such Securities may be surrendered for registration of transfer,
          where such Securities may be surrendered for exchange and where notice
          and
          demands to or upon the Company, in respect of such Securities, and this
          Indenture may be served and where notices to Holders pursuant to Section
          1.6
          will be published;

         

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

         

        (k) the
          obligation, if any, of the Company to redeem, repay or purchase such Securities
          pursuant to any sinking fund 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, and any provisions for the
          remarketing of such Securities;

         

        (l) the
          denominations in which Registered Securities of the series, if any, shall
          be
          issuable if other than denominations of $1,000 and any integral multiple
          thereof
          and the denominations in which Bearer Securities of the series, if any,
          shall be
          issuable if other than the denomination of $5,000;

         

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

         

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

        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (q) if
          the
          Securities of such series are to be issuable in definitive form (whether
          upon
          original issue or upon exchange of a temporary Security of such series)
          only
          upon receipt of certain certificates or other documents or satisfaction
          of other
          conditions, then the form and terms of such certificates, documents or
          conditions;

         

        (r) whether,
          and under what conditions, Additional Amounts will be payable to Holders
          of
          Securities of such series pursuant to Section 10.4;

         

        (s) any
          Events of Default or Defaults with respect to Securities of such series,
          if not
          otherwise set forth herein;

         

        (t) provisions,
          if any, for the defeasance of Securities of the series; and

         

        (u) any
          other
          terms of such Securities (which terms shall not be inconsistent with the
          provisions of this Indenture).

         

        All
          Securities of any one series and coupons appertaining to Bearer Securities
          of
          such series, if any, shall be substantially identical except as to denomination
          and the rate or rates of interest, if any, and Stated Maturity, the date
          from
          which interest, if any, shall accrue and except as may otherwise be provided
          in
          or pursuant to such Board Resolution and set forth in such Officers’ Certificate
          or in any such indenture supplemental hereto. All Securities of any one
          series
          need not 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 Securities of any series were established by action taken
          pursuant to a Board Resolution, a copy of an appropriate record of such
          action
          shall be certified by the Secretary or an Assistant Secretary of the Company
          and
          delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of such series.

         

        
          	 	
                  Section 3.2

                	
                  Denominations.

                

        

         

        Unless
          other denominations and amounts may from time to time be fixed by or pursuant
          to
          a Board Resolution, the Registered Securities of each series, if any, shall
          be
          issuable in registered form without coupons in denominations of $1,000
          and any
          integral multiple thereof, and the Bearer Securities of each series, if
          any,
          shall be issuable in the denomination of $5,000.

         

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 3.3

                	
                  Execution,
                    Authentication, Delivery and
                    Dating.

                

        

         

        The
          Securities shall be executed on behalf of the Company by its Chairman of
          the
          Board, President, Vice President serving as Chief Financial Officer or
          its
          Treasurer. The signature of any of these officers on the Securities may
          be
          manual or facsimile. Coupons shall bear the facsimile signature of the
          Treasurer
          or any Assistant 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 the Board Resolution and Officers’ Certificate or supplemental
          indenture with respect to such Securities referred to in Section 3.1 and
          a
          Company Order for the authentication and delivery of such Securities, and
          the
          Trustee in accordance with the Company Order and subject to the provisions
          hereof shall authenticate and deliver such Securities. In authenticating
          such
          Securities, and accepting the additional responsibilities under this Indenture
          in relation to such Securities, the Trustee shall be entitled to receive,
          and
          (subject to Section 6.1) shall be fully protected in relying upon, an Opinion
          of
          Counsel stating,

         

        (a) that
          the
          form and terms of such Securities and coupons, if any, have been established
          in
          conformity with the provision of this Indenture;

         

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

         

        (c) that
          all
          laws and requirements in respect of the execution and delivery by the Company
          of
          such Securities and coupons, if any, have been complied with; and

         

        (d) as
          to
          such other matters as the Trustee may reasonably request;

         

        provided,
          however, that if all the Securities of any series are not to be issued
          at one
          time, it shall not be necessary to deliver an Opinion of Counsel at the
          time of
          issuance of each Security, but such Opinion of Counsel, with appropriate
          modifications, may instead be delivered at or prior to the time of the
          first
          issuance of Securities of such series and such Opinion of Counsel covers
          such
          subsequent issuances.

        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

        

         

        The
          Trustee shall not be required to authenticate such Securities if the issue
          of
          such Securities pursuant to this Indenture will affect the Trustee’s own rights,
          duties or immunities under the Securities and this Indenture or otherwise
          in a
          manner which is not reasonably acceptable to the Trustee or if the Trustee,
          being advised by counsel, determines that such action may not lawfully
          be
          taken.

         

        If
          the
          Company shall establish pursuant to Section 3.1 that Securities of a series
          may
          be issued in whole or in part in global form, then the Company shall execute
          and
          the Trustee shall, in accordance with this Section and the Company Order
          with
          respect to such series, authenticate and deliver one or more Securities
          in
          global form that (i) shall represent and shall be denominated in an
          authorized aggregate amount equal to the aggregate principal amount of
          the
          Outstanding Securities of such series and tenor to be represented by one
          or more
          Securities in global form, (ii) shall be registered, if in registered form,
          in the name of the Depositary for such Security or Securities in global
          form or
          the nominee of such Depositary, (iii) shall be delivered to such Depositary
          or pursuant to such Depositary’s instruction and (iv) shall bear a legend
          substantially to the following effect: “Unless and until it is exchanged in
          whole or in part for Notes in certificated form, this Note may not be
          transferred except as a whole by the Depositary to a nominee of the Depositary
          or by a nominee of the Depositary to the Depositary or another nominee
          of the
          Depositary or by the Depositary or any such nominee to a successor Depositary
          or
          a nominee of such successor Depositary. Unless this certificate is presented
          by
          an authorized representative of the Depository Trust Company (55 Water
          Street,
          New York, New York) to the issuer or its agent for registration of transfer,
          exchange or payment, and any certificate issued is registered in the name
          of
CEDE&
Co.
          or such other name as requested by an authorized representative of the
          Depository Trust Company and any payment is made to CEDE&
          Co., any transfer, pledge or other use hereof for value or otherwise by
          or to
          any person is wrongful since the registered owner hereof, CEDE&
          Co., has an interest herein.” Each Depositary designated pursuant to Section 3.1
          for a Registered Security in global form must, at the time of its designation
          and at all times while it serves as Depositary, be a clearing agency registered
          under the Securities Exchange Act of 1934 and any other applicable statute
          or
          regulation.

         

        Each
          Registered Security shall be dated the date of its authentication. Each
          Bearer
          Security and any temporary Bearer Security in global form shall be dated
          as of
          the date specified as contemplated by Section 3.1.

         

        No
          Security or coupon appertaining thereto shall be entitled to any benefit
          under
          this Indenture or be valid or obligatory for any purpose, unless there
          appears
          on such Security a certificate of authentication substantially in the form
          provided for in Section 2.2 or 6.14 executed by or on behalf of the Trustee
          by
          the manual signature of one of its authorized signatories, and such certificate
          upon any Security shall be conclusive evidence, and the only evidence,
          that such
          Security has been duly authenticated and delivered hereunder. Except as
          permitted by Section 3.6 or 3.7, the Trustee shall not authenticate and
          deliver
          any Bearer Security unless all appurtenant coupons for interest then matured
          have been detached and cancelled.

         

        
          	 	
                  Section 3.4

                	
                  Temporary
                    Securities.

                

        

         

        Pending
          the preparation of definitive Securities of any series, the Company may
          execute
          and deliver to the Trustee, and upon Company Order the Trustee shall
          authenticate and deliver, in the manner provided in Section 3.3, temporary
          Securities of such series 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 of the Company executing
          such
          Securities may determine, as evidenced by their execution of such Securities.
          In
          the case of Securities of any series, such temporary Securities may be
          in global
          form, representing all of the Outstanding Securities of such
          series.

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

        

         

        Except
          in
          the case of temporary Securities in global form, which shall be exchanged
          in
          accordance with the provisions thereof, 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, the temporary Securities of such series shall be exchangeable
          upon
          request for definitive Securities of such series containing identical terms
          and
          provisions upon surrender of the temporary Securities of such series at
          an
          office or agency of the Company maintained for such purpose pursuant to
          Section
          10.2, 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 principal amount of
          definitive Securities of authorized denominations of the same series containing
          identical terms and provisions; provided,
          however,
          that no
          definitive Bearer Security, except as provided pursuant to Section 3.1,
          shall be
          delivered in exchange for a temporary Registered Security; and provided
          further,
          that a
          definitive Bearer Security shall be delivered in exchange for a temporary
          Bearer
          security only in compliance with the conditions set forth in Section 3.5.
          Unless
          otherwise specified as contemplated by Section 3.1 with respect to a temporary
          Security in global form, until so exchanged the temporary Securities of
          any
          series shall in all respects be entitled to the same benefits under this
          Indenture as definitive Securities of such series.

         

        
          	 	
                  Section 3.5

                	
                  Registration,
                    Transfer and Exchange.

                

        

         

        With
          respect to the Registered Securities of each series, if any, the Company
          shall
          cause to be kept, at an office or agency of the Company maintained pursuant
          to
          Section 10.2, a register (herein sometimes referred to as the “Security
          Register”) in which, subject to such reasonable regulations as it may prescribe,
          the Company shall provide for the registration of the Registered Securities
          of
          each series and of transfers of the Registered Securities of each series.
          The
          Trustee is hereby appointed “Security Registrar” for the purpose of registering
          Registered Securities and transfers and exchanges of Registered Securities
          as
          herein provided; provided, that the Company may, from time to time, designate
          (or change any designation of) any other Person or Persons to act as Security
          Registrar or co-Security Registrars with respect to the Securities of one
          or
          more series, with notice to the Trustee and as provided in Section 1.6
          to the
          Holders. At all reasonable times the Security Register shall be open for
          inspection by the Company. In the event that the Trustee shall not be the
          Security Registrar, it shall have the right to examine the Security Register
          at
          all reasonable times.

         

        Upon
          surrender for registration of transfer of any Registered Security of any
          series
          at any office or agency of the Company maintained for that series pursuant
          to
          Section 10.2, the Company shall execute, and the Trustee, upon receipt
          of a
          Company Order, 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, of a like aggregate principal amount
          beating a number not contemporaneously outstanding and containing identical
          terms and provisions.

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

         

        Notwithstanding
          any other provision of this Section, unless and until it is exchanged in
          whole
          or in part for the individual Securities represented thereby, in definitive
          form, a Security in global form representing all or a portion of the Securities
          of a series may not be transferred except as a whole by the Depositary
          for such
          series to a nominee of such Depositary or by a nominee of such Depositary
          to
          such Depositary or another nominee of such Depositary or by such Depositary
          or
          any such nominee to a successor Depositary for such series or a nominee
          of such
          successor Depositary.

         

        At
          the
          option of the Holder, Registered Securities of any series may be exchanged
          for
          other Registered Securities of the same series containing identical terms
          and
          provisions, in any authorized denominations, and of a like aggregate principal
          amount, upon surrender of the Securities to be exchanged at any such office
          or
          agency of the Company maintained for that series pursuant to Section 10.2.
          Whenever any Registered Securities are so surrendered for exchange, the
          Company
          shall execute, and, upon receipt of a Company Order, the Trustee shall
          authenticate and deliver, the Registered Securities which the Holder making
          the
          exchange is entitled to receive.

         

        If
          at any
          time the Depositary for the Securities of a series notifies the Company
          that it
          is unwilling or unable to continue as Depositary for the Securities of
          such
          series or if at any time the Depositary for the Securities of such series
          shall
          no longer be eligible under Section 3.3, the Company, by Company Order,
          shall
          appoint a successor Depositary with respect to the Securities of such series.
          If
          a successor Depositary for the Securities of such series is not appointed
          by the
          Company within 90 days after the Company receives such notice or becomes
          aware
          of such ineligibility, the Company’s election pursuant to Section 3.1(d) shall
          no longer be effective with respect to the Securities of such series and
          the
          Company will execute, and the Trustee, upon receipt of a Company Order
          for the
          authentication and delivery of definitive Securities of such series, will
          authenticate and deliver, Securities of such series in definitive form
          in an
          aggregate principal amount and like terms and tenor equal to the principal
          amount of the Security or Securities in global form representing such series
          in
          exchange for such Security or Securities in global form.

         

        The
          Company may at any time and in its sole discretion determine that individual
          Securities of any series issued in global form shall no longer be represented
          by
          such Security or Securities in global form. In such event the Company will
          execute, and the Trustee, upon receipt of a Company Order for the authentication
          and delivery of individual definitive Securities of such series and of
          the same
          terms and tenor, will authenticate and deliver individual Securities of
          such
          series in definitive form in authorized denominations and in an aggregate
          principal amount equal to the principal amount of the Security or Securities
          in
          global form representing such series in exchange for such Security or Securities
          in global form.

         

        If
          specified by the Company pursuant to Section 3.1 with respect to a series
          of
          Securities, the Depositary for such series of Securities may surrender
          a
          Security in global form for such series of Securities in exchange in whole
          or in
          part for individual Securities of such series in definitive form and of
          like
          terms and tenor on such terms as are acceptable to the Company, the Trustee
          and
          such Depositary. Thereupon, the Company shall execute, and the Trustee
          upon
          receipt of a Company Order for the authentication and delivery of individual
          definitive Securities of such series, shall authenticate and deliver, without
          service charge:

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

         

        (a) to
          the
          Depositary or to each Person specified by such Depositary a new individual
          Security or Securities of the same series and of the same tenor, of authorized
          denominations, in aggregate principal amount equal to and in exchange for
          such
          Person’s beneficial interest in the Security in global form; and

         

        (b) to
          such
          Depositary a new Security in global form in a denomination equal to the
          difference, if any, between the principal amount of the surrendered Security
          in
          global form and the aggregate principal amount of the individual Securities
          delivered to Holders thereof.

         

        In
          any
          exchange provided for in any of the preceding three paragraphs, the Company
          will
          execute and the Trustee pursuant to a Company Order will authenticate and
          deliver individual Securities (i) in definitive registered form in
          authorized denominations if the Securities of such series are issuable
          as
          Registered Securities, (ii) in definitive bearer form in authorized
          denominations, with coupons attached, if the Securities of such series
          are
          issuable as Bearer Securities or (iii) as either Registered or Bearer
          Securities, if the Securities of such series are issuable in either form:
provided,
          however,
          that no
          definitive Bearer Security shall be delivered in exchange for a temporary
          Security in global form unless the Company or its agent shall have received
          from
          the Person entitled to receive the definitive Bearer Security a certificate
          substantially in the form set forth in Exhibit A-1 and, if applicable,
          A-2
          hereto; and provided
          further
          that
          delivery of a Bearer Security shall occur only outside the United States;
          and
provided
          further
          that no
          definitive Bearer Security will be issued if the Company knows or has reason
          to
          know that any such certificate is false.

         

        Upon
          the
          exchange of a Security in global form for Securities in definitive form,
          such
          Security in global form shall be cancelled by the Trustee. Registered Securities
          issued in exchange for a Security in global form pursuant to this Section
          shall
          be registered in such names and in such authorized denominations as the
          Depositary for such Security in global form, pursuant to instructions from
          its
          direct or indirect participants or otherwise, shall instruct the Trustee
          in
          writing. The Trustee shall deliver such Registered Securities to the persons
          in
          whose names such Securities are so registered or to the Depositary. The
          Trustee
          shall deliver Bearer Securities issued in exchange for a Security in global
          form
          pursuant to this Section to the Depositary or to the persons, and in such
          authorized denominations, the Depositary for such Security in global form,
          pursuant to instructions from its direct or indirect participants or otherwise,
          shall instruct the Trustee in writing; provided, however, that no definitive
          Bearer Security shall be delivered in exchange for a temporary Security
          in
          global form unless the Company or its agent shall have received from the
          Person
          entitled to receive the definitive Bearer Security a certificate substantially
          in the form set forth in Exhibit A-1 and, if applicable, A-2 hereto; and
          provided further that delivery of a Bearer Security shall occur only outside
          the
          United States; and provided
          further
          that no
          definitive Bearer Security will be issued if the Company knows or has reason
          to
          know that any such certificate is false.

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

         

        At
          the
          option of the Holder, except as otherwise specified as contemplated by
          Section
          3.1(d) and 3.1(f) with respect to a Security in global form representing
          Bearer
          Securities, Bearer Securities of any series may be exchanged for Registered
          Securities (if the Securities of such series are issuable as Registered
          Securities) or Bearer Securities of the same series containing identical
          terms
          and provisions, of any authorized denominations of like tenor and aggregate
          principal amount, upon surrender of the Bearer Securities to be exchanged
          at the
          office or agency of the Company maintained for such purpose, with all unmatured
          coupons and all matured coupons in default thereto appertaining provided,
          however,
          that
          delivery of a Bearer Security shall occur only outside the United States.
          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 and the Trustee 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 Security shall surrender
          to any
          Paying Agent any 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
          on or
          after the Interest Payment Date of those coupons at an office or agency
          maintained for such purpose pursuant to Section 10.2 and 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 date for payment of Defaulted Interest,
          such
          Bearer Security shall be surrendered without the coupon relating to such
          Interest Payment Date or proposed date of payment, as the case may be (or,
          if
          such coupon is so surrendered with such Bearer Security, such coupon shall
          be
          returned to the person so surrendering the Bearer Security), 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.

         

        If
          expressly provided pursuant to Section 3.1 with respect to the Securities
          of any
          series, at the option of the Holder, Registered Securities of such series
          may be
          exchanged for Bearer Securities upon such terms and conditions as may be
          provided with respect to such series.

         

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

         

        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.

        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

         

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

         

        No
          service charge shall be made for any registration of transfer or exchange
          of
          Securities, but the Company may require payment of a sum sufficient to
          cover any
          tax or other governmental charge that may be imposed in connection with
          any
          registration of transfer or exchange of Securities, other than exchanges
          pursuant to 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 any Securities of any series during a period beginning at the
          opening
          of business 15 days before the day of the selection for redemption of Securities
          of that series under Section 11.3 and ending at the close of business on
          the day
          of such selection, or (ii) to register the transfer of or exchange any
          Registered Security so selected for redemption in whole or in part, except
          in
          the case of any Security to be redeemed in part, the portion thereof not
          to be
          redeemed, 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, provided
          that
          such Registered Security shall be immediately surrendered for redemption
          with
          written instruction for payment consistent with the provisions of this
          Indenture.

         

        
          	 	
                  Section 3.6

                	
                  Mutilated,
                    Destroyed, Lost and Stolen
                    Securities.

                

        

         

        If
          any
          mutilated Security or a Security with a mutilated coupon appertaining to
          it is
          surrendered to the Trustee, the Company shall execute and the Trustee shall,
          upon receipt of a Company Order, authenticate and deliver in exchange therefor
          a
          new Security of the same series containing identical terms and of like
          principal
          amount and bearing a number not contemporaneously outstanding, with coupons
          corresponding to the coupons, if any, appertaining to the surrendered
          Security.

         

        If
          there
          be delivered to the Company and to 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 to save each
          of them
          and any agent of either of them harmless, then, in the absence of notice
          to the
          Company or the Trustee that such Security or coupon has been acquired by
          a
          protected purchaser, the Company shall execute and upon its request the
          Trustee
          shall authenticate and deliver, in exchange for or in lieu of any such
          mutilated, 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
          containing identical terms and of like 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
          payment of principal of (and premium, if any) and any 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 and, unless otherwise
          specified as contemplated by Section 3.1, any interest on Bearer Securities
          shall be payable only upon presentation and surrender of the coupons
          appertaining thereto.

        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

        

         

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

         

        Every
          new
          Security of any series, with its coupons, if any, 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 its coupons, if any,
          or the
          destroyed, lost or stolen coupon shall be at any time enforceable by anyone,
          and
          shall be entitled to all the benefits of this Indenture equally and
          proportionately with any and all other Securities of that series 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.

                

        

         

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

         

        (a) The
          Company may elect to make payment of any Defaulted Interest to the Persons
          in
          whose names the Registered Securities affected (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 such Registered Security
          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 such Registered Securities
          at his
          address as it appears in the Security Register not less than 10 days prior
          to
          such Special Record Date. The Trustee may, in its discretion, in the name
          and at
          the expense of the Company, cause a similar notice to be published at least
          once
          in a newspaper, customarily published in the English language on each Business
          Day and of general circulation in the Borough of Manhattan, The City of
          New
          York, but such publication shall not be a condition precedent to the
          establishment of such Special Record Date. Notice of the proposed payment
          of
          such Defaulted Interest and the Special Record Date therefor having been
          mailed
          as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
          names such Registered Securities (or their respective Predecessor Securities)
          are registered at the close of business on such Special Record Date and
          shall no
          longer be payable pursuant to the following clause (b). In case a Bearer
          Security of any series is surrendered at the office or agency in a Place
          of
          Payment for such series in exchange for a Registered Security of such series
          after the close of business at such office or agency on 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 proposed date of payment
          and
          Defaulted Interest will not be payable on such proposed date of payment
          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.

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

         

        (b) The
          Company may make payment of any Defaulted Interest in any other lawful
          manner
          not inconsistent with the requirements of any securities exchange on which
          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 payment shall be deemed practicable
          by the
          Trustee.

         

        At
          the
          option of the Company, interest on Registered Securities of any series
          that bear
          interest may be paid by mailing a check to the address of the person entitled
          thereto as such address shall appear in the Security Register or by wire
          transfer to an account designated in writing not less than sixteen days
          prior to
          the date of such payment by any such person holding $10,000,000 in principal
          amount of Registered Securities or such other principal amount specified
          in the
          Registered Security reasonably satisfactory to 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.

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  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) interest on and
          Additional Amounts with respect to, such Registered Security and for all
          other
          purposes whatsoever, whether or not such Registered Security 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.

         

        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
          Bearer Security or coupon 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.

         

        None
          of
          the Company, the Trustee, any Authenticating Agent, any Paying Agent, the
          Security Registrar or any Co-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 Security in global form or for
          maintaining, supervising or reviewing any records relating to such beneficial
          ownership interests and each of them may act or refrain from acting without
          liability on any information relating to such records provided by the
          Depositary.

         

        
          	 	
                  Section 3.9

                	
                  Cancellation.

                

        

         

        All
          Securities and coupons surrendered for payment, redemption, repayment,
          registration of transfer or exchange or for credit against any sinking
          fund
          payment, if surrendered to any Person other than the Trustee, shall be
          delivered
          to the Trustee, and any such Securities and coupons and Securities and
          coupons
          surrendered directly to the Trustee for any such purpose shall be promptly
          cancelled by it. The Company may at any time deliver to the Trustee for
          cancellation any Securities previously authenticated and delivered hereunder
          which the Company may have acquired in any manner whatsoever, and all Securities
          so delivered shall be promptly cancelled by the Trustee. No Securities
          shall be
          authenticated in lieu of or in exchange for any Securities cancelled as
          provided
          in this Section, except as expressly permitted by this Indenture. All cancelled
          Securities and coupons held by the Trustee shall be destroyed by it unless
          by a
          Company Order the Company directs their return to it.

         

        
          	 	
                  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.

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          4

         

        SATISFACTION
          AND DISCHARGE

         

        
          	 	
                  Section 4.1

                	
                  Satisfaction
                    and Discharge of Indenture.

                

        

         

        Upon
          the
          direction of the Company by a Company Order, this Indenture shall 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, on demand
          of
          and at the expense of the Company, shall execute proper instruments
          acknowledging satisfaction and discharge of this Indenture, when

         

        (a) either

         

        (i) all
          Securities theretofore authenticated and delivered and all coupons appertaining
          thereto (other than (i) coupons appertaining to Bearer Securities
          surrendered in 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 or
          surrendered for repayment and maturing after the relevant Redemption Date
          or
          Optional Repayment Date, as appropriate, 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; or

         

        (ii) all
          such
          Securities and, in the case of (1) or (2) below, any such coupons appertaining
          thereto not theretofore delivered to the Trustee for cancellation

         

        (1) have
          become due and payable, or

         

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

         

        (3) if
          redeemable at the option of the Company, 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 (1), (2) or (3) above, has irrevocably 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 interest, and any
          Additional Amounts with respect thereto, 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 and all Optional Repayment Dates
          (in the
          case of Securities repayable at the option of the Holders thereof);

         

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

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

         

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

         

        In
          the
          event there are Securities of two or more series hereunder, the Trustee
          shall be
          required to execute an instrument acknowledging satisfaction and discharge
          of
          this Indenture only if requested to do so with respect to Securities of
          all
          series as to which it is Trustee and it the other conditions thereto are
          met. In
          the event there are two or more Trustees hereunder, then the effectiveness
          of
          any such instrument shall be conditioned upon receipt of such instruments
          from
          all Trustees hereunder.

         

        Notwithstanding
          the satisfaction and discharge of this Indenture, the obligations of the
          Company
          to the Trustee under Section 6.7 and, if money shall have been deposited
          with
          the Trustee pursuant to subclause (ii) of clause (a) of this Section, the
          obligations of the Trustee under Section 4.2 and the last paragraph of
          Section
          10.3 shall survive.

         

        
          	 	
                  Section 4.2

                	
                  Application
                    of Trust Money.

                

        

         

        Subject
          to the provisions of the last paragraph of Section 10.3, all money deposited
          with the Trustee pursuant to Section 4.1 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 and Additional Amounts for whose payment such money
          has
          been deposited with the Trustee; but such money need not be segregated
          from
          other funds except to the extent required by law.

         

        
          	 	
                  Section 4.3

                	
                  Subordination
                    Provisions Inapplicable. 

                

        

         

        Notwithstanding
          anything contained herein to the contrary, any money or other property
          that
          shall have been deposited by the Company with the Trustee pursuant to Section
          4.1 shall not be subject to the provisions of Article 16 of this Indenture
          respecting subordination of the Securities; provided, however, that said
          provisions respecting subordination shall continue to apply to such money
          or
          other property, if any, that has been returned to the Company or its legal
          representative pursuant to an order or judgment of a court or governmental
          authority but only to the extent that all obligations of the Company under
          this
          Indenture and the Securities shall be in full force and effect.

         

        ARTICLE
          5

         

        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 (whatever the reason for such Event of
          Default
          and whether it shall be voluntary or involuntary or be effected by operation
          of
          law pursuant to any judgment, decree or order of any court or any order,
          rule or
          regulation of any administrative or governmental body), unless it is
          inapplicable to a particular series:

        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

        

         

        (a) 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 or Section 5.3 specifically
          dealt with or which has been expressly 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

         

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

         

        (c) the
          entry
          by a court having jurisdiction in the premises of (1) 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 similar
          law or (2) a decree or order under any applicable federal or state law
          appointing a receiver or similar official of the Company or of substantially
          all
          its property, and the continuance in the case of any proceedings under
          clause
          (1) above 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

         

        (d) the
          commencement by the Company of a voluntary case under any applicable federal
          or
          state bankruptcy, insolvency, reorganization or other similar law of any
          other
          case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
          by
          the Company 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 similar law or to the
          commencement of any bankruptcy or insolvency case or proceeding against
          it, or
          the filing by the Company of a petition or answer or consent seeking
          reorganization or relief under any applicable federal or state law, or
          the
          consent by the Company to the filing of such petition or to the appointment
          of
          or taking possession by a custodian, receiver, liquidator, assignee, trustee
          sequestrator or similar official of the Company or of substantially all
          its
          property.

         

        
          	 	
                  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 and 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 of all the Securities
          of
          that series, or such lesser amount as may be provided for in 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 the Holders), and upon any such
          declaration such principal or such lesser amount shall become immediately
          due
          and payable.

        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (ii) all
          overdue installments of interest on and any Additional Amounts payable
          in
          respect of all Securities of that series,

         

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

         

        (iv) to
          the
          extent that payment of such interest is lawful, interest upon overdue
          installments of interest and Additional Amounts at the rate or rates borne
          by or
          provided for in such Securities, and

         

        (v) 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

         

        (b) all
          Defaults with respect to Securities of that series have been
          remedied.

         

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

         

        
          	 	
                  Section 5.3

                	
                  Defaults; Collection
                    of Indebtedness and Suits for Enforcement by
                    Trustee.

                

        

         

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

         

        (a) an
          Event
          of Default has occurred with respect to such Securities specified in
Section 5.1,

         

        (b) the
          Company fails to pay the principal of (or premium, if any, on) any Security
          of
          such series at the Maturity thereof and such failure is continued for seven
          days, whether or not such payment is prohibited by Article 16 hereof;
          or

         

        the
          Company fails to pay any installment of interest on or any Additional Amounts
          payable in respect of any Security when such interest or Additional Amounts
          shall have become due and payable and such failure is continued for 30
          days,
          whether or not such payment is prohibited by Article 16 hereof.

         

        The
          Company covenants that, if a Default shall occur with respect to the Securities
          of a particular series, it will, upon demand of the Trustee, pay to it,
          for the
          benefit of the Holders of such Securities and coupons, the whole amount
          then due
          and payable on such Securities and coupons for principal (and premium,
          if any)
          and interest and Additional Amounts, if any, with interest upon the overdue
          principal (and premium, if any) and, to the extent that payment of such
          interest
          shall be legally enforceable, upon overdue installments of interest or
          any
          Additional Amounts, at the rate or rates borne by or provided for in such
          Securities, 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.

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

         

        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, and 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
          a
          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 related coupons
          by
          such appropriate judicial proceedings as the Trustee shall deem most effectual
          to protect and enforce any such rights, whether for the specific enforcement
          of
          any covenant or agreement in this Indenture or in aid of the exercise of
          any
          power granted herein, or to enforce any other proper remedy.

         

        
          	 	
                  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,

         

        (a) to
          file
          and prove a claim for the whole amount or such lesser amount as may be
          provided
          for in the Securities of that series, of principal (and premium, if any)
          and
          interest and any Additional Amounts 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 or counsel) and of the Holders allowed in such judicial
          proceeding, and

         

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

         

        and
          any
          receiver, assignee, trustee, liquidator, 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
          to 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.

        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

        

         

        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 any of 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
          or
          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 by the Trustee and, in case
          of the
          distribution of such money on account of principal (and premium, if any),
          interest or any Additional Amounts, 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; and

         

        SECOND:
          Subject
          to Article 16, to the payment of the amounts then due and unpaid upon the
          Securities and coupons for principal (and premium, if any) and interest
          and any
          Additional Amounts payable 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 aggregate amounts due and payable on such Securities and
          coupons for principal (and premium, if any), interest and Additional Amounts,
          respectively; and

         

        THIRD:
          The
          balance, if any, to the Person or Persons entitled thereto.

         

        
          	 	
                  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

         

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

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

         

        (b) 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 Default in its own name as Trustee
          hereunder;

         

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

         

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

         

        (e) 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 such
          Holders
          or Holders of any other series, or to obtain or to seek to obtain priority
          or
          preference over any other Holders or to enforce any right under this Indenture,
          except in the manner herein provided and for the equal and ratable benefit
          of
          all such Holders.

         

        
          	 	
                  Section 5.8

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

                

        

         

        Subject
          only to the provisions of Article 16, the Holder of any Security or coupon
          shall
          have the right, which is absolute and unconditional, to receive payment
          of the
          principal of (and premium, if any) and (subject to Sections 3.5 and 3.7)
          interest on and any Additional Amounts in respect of such Security or payment
          of
          such coupon on the respective Stated Maturity or Maturities expressed in
          such
          Security or coupon (or, in the case of redemption or repayment, on the
          Redemption Date or the Optional Repayment Date, as the case may be) and
          to
          institute suit for the enforcement of any such payment, and such right
          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 the Company,
          the
          Trustee and the Holders of Securities and coupons shall, subject to any
          determination in such proceeding, 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.

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  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 Default or Event of Default
          shall
          impair any such right or remedy or constitute a waiver of any such Default
          or
          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

         

        (a) such
          direction shall not be in conflict with any rule of law or with this Indenture
          or expose the Trustee to personal liability,

         

        (b) the
          Trustee may take any other action deemed proper by the Trustee which is
          not
          inconsistent with such direction, and

         

        (c) such
          direction is not unduly prejudicial to the rights of other Holders of Securities
          of such series.

         

        
          	 	
                  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 related coupons waive any past default hereunder with
          respect to such series and its consequences, except a default

         

        (a) in
          the
          payment of the principal of (and premium, if any) or interest on or Additional
          Amounts payable in respect of any Security of such series, or

         

        (b) in
          respect of a covenant or provision hereof which under Article Nine 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 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.

         

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  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 require, in any suit for the enforcement of any right or remedy
          under
          this Indenture, or in any suit against the Trustee for any action taken,
          suffered or omitted by it as Trustee, the filing by any party litigant
          in such
          suit, other than the Trustee, of an undertaking to pay the costs of such
          suit,
          and that such court may in its discretion assess reasonable costs, including
          reasonable attorneys’ fees, against any party litigant in such suit, including
          the Trustee, 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, the Trustee or 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 (and premium, if any) or interest on or any Additional Amounts
          in
          respect of any Security or the payment of any coupon on or after the respective
          Stated Maturity or Maturities expressed in such Security (or, in the case
          of
          redemption or repayment, on or after the Redemption Date or Optional Repayment
          Date, as the case may be) or interest on any overdue principal of any
          Security.

         

        
          	 	
                  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 binder, 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
          6

         

        THE
          TRUSTEE

         

        
          	 	
                  Section 6.1

                	
                  Certain
                    Duties and Responsibilities.

                

        

         

        (a) Except
          during the continuance of an Event of Default or Default,

         

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

         

        (iii) in
          the
          absence of bad faith on its part, the Trustee may conclusively rely, as
          to the
          truth of the statements and the correctness of the opinions expressed therein,
          upon certificates or opinions furnished to the Trustee and conforming to
          the
          requirements of this Indenture; but in the case of any such certificates
          or
          opinions which by any provisions 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.

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

         

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

         

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

         

        (i) this
          subsection shall not be construed to limit the effect of subsection (a)
          of this
          Section;

         

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

         

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

         

        (iv)
          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.

         

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

         

        
          	 	
                  Section 6.2

                	
                  Notice
                    of Default.

                

        

         

        Within
          90
          days after the occurrence of any default hereunder with respect to the
          Securities of any series, the Trustee shall transmit by mail to all Holders
          of
          Securities of such series entitled to receive reports pursuant to Section
          7.3(c), notice of such default hereunder known to the Trustee, unless such
          default shall have been cured or waived; provided,
          however,
          that,
          except in the case of a default in the payment of the principal of (and
          premium,
          if any) or interest on, or any Additional Amounts with respect to, any
          Security
          of such series or in the payment of any sinking fund installment with respect
          to
          Securities of such series, the Trustee shall be protected in withholding
          such
          notice if and so long as the board of directors, the executive committee
          or a
          trust committee of directors and/or Responsible Officers of the Trustee
          in good
          faith determine that the withholding of such notice is in the interests
          of the
          Holders of Securities and coupons of such series; and provided
          further,
          that in
          the case of any default of the character specified in Section 5.1(a) 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, a Default, with respect to Securities of
          such
          series.

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 6.3

                	
                  Certain
                    Rights of Trustee.

                

        

         

        Except
          as
          otherwise provided in Section 6.1:

         

        (a) the
          Trustee may rely and shall be protected in acting or refraining from acting
          upon
          any resolution, certificate, statement, instrument, opinion, report, notice,
          request, direction, consent, order, bond, debenture, note, or other paper
          or
          document reasonably 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 (other than delivery of
          any
          Security to the Trustee for authentication and delivery pursuant to Section
          3.3
          which shall be sufficiently evidenced as provided therein) 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 bed faith on its part, rely upon an
          Officers’
Certificate;

         

        (d) the
          Trustee may consult with counsel and the written 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 reasonable security
          or
          indemnity against the costs, expenses and liabilities which might be incurred
          by
          it in compliance with such request or direction;

         

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

         

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

         

        
          	 	
                  Section 6.4

                	
                  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. The Trustee or any Authenticating Agent shall not be accountable
          for
          the use or application by the Company of Securities or the proceeds
          thereof.

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 6.5

                	
                  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 Sections
          6.8 and 6.13, 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 6.6

                	
                  Money
                    Held in Trust.

                

        

         

        Money
          held by the Trustee or any Paying Agent in trust hereunder need not be
          segregated from other funds except to the extent required by law. Neither
          the
          Trustee nor any Paying Agent shall be under any liability for interest
          on any
          money received by it hereunder except as otherwise agreed with the
          Company.

         

        
          	 	
                  Section 6.7

                	
                  Compensation
                    and Reimbursement.

                

        

         

        The
          Company agrees:

         

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

         

        (b) except
          as
          otherwise expressly provided herein, to reimburse the 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
          reasonable compensation and the expenses and disbursements of its agents
          and
          counsel), except any such expense, disbursement or advance as may be
          attributable to its negligence or bad faith; and

         

        (c) to
          indemnify the Trustee and its agents for, and to hold them harmless against,
          any
          loss, liability or expense incurred without negligence or bad faith on
          their
          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
          themselves against any claim or liability in connection with the exercise
          or
          performance of any of their powers or duties hereunder.

         

        The
          obligations of the Company under this Section 6.7 shall not be subordinated
          to
          the payment of Senior Indebtedness pursuant to Article 16. As security
          for the
          performance of the obligations of the Company under this Section, the Trustee
          shall have a lien prior to the Securities of any series upon all property
          and
          funds held or collected by the Trustee as such, except funds held in trust
          for
          the payment of principal of (or premium, if any) or interest on particular
          Securities.

         

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 6.8

                	
                  Disqualifications;
                    Conflicting Interests.

                

        

         

        The
          Trustee shall comply with the terms of Section 310(b) of the Trust Indenture
          Act; provided, however, that there shall be excluded from the operation
          of
          Section 310(b)(1) of the Trust Indenture Act any indenture or indentures
          under
          which other securities or certificates of interest or participation in
          other
          securities of the Company are outstanding if the requirements for such
          exclusion
          set forth in Section 310(b)(1) of the Trust Indenture Act are met. 

         

        
          	 	
                  Section 6.9

                	
                  Corporate
                    Trustee Required; Eligibility.

                

        

         

        There
          shall at all times be a Trustee hereunder which shall be a Person organized
          and
          doing business under the laws of the United States of America, any State
          or the
          District of Columbia, authorized under such laws to exercise corporate
          trust
          powers, having a combined capital and surplus of at least $5,000.000 and
          subject
          to supervision or examination by Federal or State authority. 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 hereinafter specified in this
          Article.

         

        
          	 	
                  Section 6.10

                	
                  Resignation
                    and Removal; Appointment of
                    Successor.

                

        

         

        (a) No
          resignation or removal of the Trustee and no appointment of a successor
          Trustee
          pursuant to this Article shall become effective until the acceptance of
          appointment by the successor Trustee under Section 6.11.

         

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

         

        (d) If
          at any
          time:

         

        (i) the
          Trustee shall fail to comply with Section 6.8 after written request therefor
          by
          the Company or by any Holder of a Security who has been a protected Holder
          of a
          Security for at least six months, or

         

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

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

         

        (iii) 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 protected Holder of a Security of any series
          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 of such series and the appointment of a successor
          Trustee or Trustees.

         

        (e) If
          the
          Trustee shall resign, be removed or become incapable of acting, or if a
          vacancy
          shall occur in the office of Trustee for any cause, with respect to the
          Securities of one or more series, the Company, by a Board Resolution, shall
          promptly appoint a successor Trustee or Trustees with respect to the Securities
          of that or those series (it being understood that any such successor Trustee
          may
          be appointed with respect to the Securities of one or more or all of such
          series
          and that at any time there shall be only one Trustee with respect to the
          Securities of any particular series) and shall comply with the applicable
          requirements of Section 6.11. If, within one year after such resignation,
          removal or incapability, or the occurrence of such vacancy, a successor
          Trustee
          with respect to the Securities of any series shall not have been appointed
          by
          Act of the Holders of a majority in principal amount of the Outstanding
          Securities of such series delivered to the Company and the retiring Trustee,
          the
          successor Trustee so appointed shall, forthwith upon its acceptance of
          such
          appointment in accordance with the applicable requirements of Section 6.11,
          become the successor Trustee with respect to the Securities of such series
          and
          to that extent supersede the successor 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 and accepted
          appointment in the manner required by Section 6.11, any Holder of a Security
          who
          has been a protected 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 by mailing written
          notice
          of such event by first-class mail, postage prepaid, to the Holders of Registered
          Securities, if any, of such series as their names and addresses appear
          in the
          Security Register and, if Securities of such series are issued as Bearer
          Securities, by publishing notice of such event in an Authorized Newspaper
          in
          each Place of Payment located outside the United States. Each notice shall
          include the name of the successor Trustee with respect to the Securities
          of such
          series and the address of its Corporate Trust Office.

         

        
          	 	
                  Section 6.11

                	
                  Acceptance
                    of Appointment by Successor.

                

        

         

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

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

        

         

        (b) In
          case
          of the appointment hereunder of a successor Trustee with respect to the
          Securities of one or more (but not all) series, the Company, the retiring
          Trustee and each successor Trustee with respect to the Securities of one
          or more
          series shall execute and deliver an indenture supplemental hereto wherein
          each
          successor Trustee shall accept such appointment and which (1) shall contain
          such
          provisions as shall be necessary or desirable to transfer and confirm to,
          and to
          vest in, each successor Trustee all the rights, powers, trusts and duties
          of the
          retiring Trustee with respect to the Securities of that or those series
          to which
          the appointment of such successor Trustee relates, (2) if the retiring
          Trustee
          is not retiring with respect to all Securities, shall contain such provisions
          as
          shall be deemed necessary or desirable to confirm that all the rights,
          powers,
          trusts and duties of the retiring Trustee with respect to the Securities
          of that
          or those series as to which the retiring Trustee is not retiring shall
          continue
          to be vested in the retiring Trustee, and (3) shall add to or change any of
          the provisions of this Indenture as shall be necessary to provide for or
          facilitate the administration of the trusts hereunder by more than one
          Trustee,
          it being understood that nothing herein or in such supplemental indenture
          shall
          constitute such Trustees co-trustees of the same trust, 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 that
          no
          Trustee shall be responsible for any notice given to, or received by, or
          any act
          or failure to act on the part of any other Trustee hereunder, 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,
          such retiring Trustee shall with respect to the Securities of that or those
          series to which the appointment of such successor Trustee relates have
          no
          further responsibility for the exercise of rights and powers or for the
          performance of the duties and obligations vested in the Trustee under this
          Indenture other than as hereinafter expressly set forth, 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, to the extent contemplated by such supplemental indenture,
          the property and money held by such retiring Trustee hereunder with respect
          to
          the Securities of that or those series to which the appointment of such
          successor Trustee relates.

         

        (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.

         

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 6.12

                	
                  Merger,
                    Conversion, Consolidation or Succession to
                    Business.

                

        

         

        Any
          Person into which the Trustee may be merged or converted or with which
          it may be
          consolidated, or any Person resulting from any merge, conversion or
          consolidation to which the Trustee shall be a party, or any Person succeeding
          to
          all or substantially all of the corporate trust business of the Trustee,
          shall
          be the successor of the Trustee hereunder, provided such Person 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
          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 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 and shall at all times be a corporation organized
          and
          doing business under the laws of the United States of America, any State
          thereof
          or the District of Columbia, authorized under such laws to act as Authenticating
          Agent, having a combined capital and surplus of not less that $5,000,000
          and
          subject to supervision or examination by Federal or State authority. 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
          Person into which an Authenticating Agent may be merged or converted or
          with
          which it may be consolidated, or any Person resulting from any merger,
          conversion or consolidation to which such Authenticating Agent shall be
          a party,
          or any Person succeeding to the corporate agency or corporate trust business
          of
          an Authenticating Agent, shall continue to be an Authenticating Agent,
          provided
          such Person 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 the 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 (i) mail written
          notice of such appointment by first-class mail, postage prepaid, to all
          Holders
          of Registered Securities, if any, of the series with respect to which such
          Authenticating Agent will serve, as their names and addresses appear in
          the
          Security Register, and (ii) if Securities of the series are issued as
          Bearer Securities, publish notice of such appointment at least once in
          an
          Authorized Newspaper in the place where such successor Authenticating Agent
          has
          its principal office if such office is located outside the United States.
          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.

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

        

         

        The
          Trustee agrees to pay each Authenticating Agent from time to time reasonable
          compensation for its services under this Section, and the Trustee shall
          be
          entitled to be reimbursed for such payments, subject to the provisions
          of
          Section 6.7.

         

        The
          provisions of Sections 3.8, 6.4 and 6.5 shall be applicable to each
          Authenticating Agent.

         

        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 alternate 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.

         

        [NAME
          OF
          TRUSTEE]

         

        By_______________________________

        As
          Trustee

         

        By                         

        As
          Authenticating Agent

        
           

          By                         

        

        Authorized
          Signatory

         

        If
          all of
          the Securities of any series may not be originally issued at one time,
          and if
          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 in writing (which writing need not comply with Section 1.2)
          by the
          Company, shall appoint in accordance with this Section 6.14 an Authenticating
          Agent having an office in a Place of Payment designated by the Company
          with
          respect to such series of Securities.

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          7

         

        HOLDERS’
          LISTS AND REPORTS BY TRUSTEE AND COMPANY

         

        
          	 	
                  Section 7.1

                	
                  Company
                    to Furnish Trustee Names and Addresses of
                    Holders.

                

        

         

        The
          Company will furnish or cause to be furnished to the Trustee:

         

        (a) semi-annually,
          not later than April 15 and October 15 each year, a list, in such form
          as the Trustee may reasonably require, of the names and addresses of the
          Holders
          of Registered Securities of such series as of the April 1 and
          October 1 preceding such April 15 or October 15, and

         

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

         

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

         

        
          	 	
                  Section 7.2

                	
                  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 for each series as provided in Section
          7.1,
          (ii) received by the Trustee for each series in the capacity of Security
          Registrar if the Trustee is then acting in such capacity and (iii) filed
          with it within the two preceding years pursuant to Section 7.3(c)(ii).
          The
          Trustee may destroy any list furnished to it as provided in Section 7.1
          upon
          receipt of a new list so furnished, and may destroy, not earlier than two
          years
          after filing, any information filed with it pursuant to Section
          7.3(c)(ii).

         

        (b) If
          three
          or more Holders of Securities of any series (hereinafter 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 of such
          series
          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 of such series 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 7.2(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 7.2(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.

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

        

         

        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 7.2(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 interests 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
          Paying Agent nor any Security Registrar 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 7.2(b), regardless of
          the
          source from which such information was derived, and that the Trustee shall
          not
          be held accountable by reason of mailing any material pursuant to a request
          made
          under Section 7.2(b).

         

        
          	 	
                  Section 7.3

                	
                  Reports
                    by Trustee.

                

        

         

        (a) Within
          60
          days after May 15 in each year, the Trustee shall transmit by mail to all
          Holders, as their names and addresses appear in the Security Register,
          a brief
          report dated as of such May 15, in accordance with and to the extent required
          under Section 313 of the Trust Indenture Act.

         

        (b) Reports
          pursuant to this Section shall be transmitted by mail:

         

        (i) to
          all
          Holders of Registered Securities, as the names and addresses of such Holders
          appear in the Security Register;

         

        (ii) to
          such
          Holders of Bearer Securities as have, within the two years preceding such
          transmission, filed their names and addresses with the Trustee for that
          purpose;
          and

         

        (iii) except
          in
          the case of reports pursuant to subsection (b) of this Section, to each
          Holder
          of a Security whose name and address is preserved at the time by the Trustee,
          as
          provided in Section 1.2(a).

         

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

         

        
          
            
              
              

            

            
              45

              
                

              

            

            
              
              

            

          

        

        

        
          	 	
                  Section 7.4

                	
                  Reports
                    by the Company.

                

        

         

        The
          Company shall:

         

        (a) 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 Securities Exchange Act of 1934; or, if the Company
          is not
          required to file information, documents or reports pursuant to either of
          said
          Sections, then it shall file with the Trustee and the Commission, in accordance
          with rules and regulations prescribed from time to time by the Commission,
          such
          of the supplementary and periodic information, documents and reports which
          may
          be required pursuant to Section 13 of the Securities Exchange Act of 1934
          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;

         

        (b) 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 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

         

        (c) transmit
          within 30 days after the filing thereof with the Trustee, in the manner
          and to
          the extent provided in Section 7.3(c), with respect to reports pursuant
          to
          Section 7.3(a), such summaries of any information, documents and reports
          required to be filed by the Company pursuant to paragraphs (a) and (b)
          of this
          Section as may be required by rules and regulations prescribed from time
          to time
          by the Commission.

         

        ARTICLE
          8

         

        CONSOLIDATION,
          MERGER, SALE LEASE OR CONVEYANCE

         

        
          	 	
                  Section 8.1

                	
                  Consolidations
                    and Mergers of Company and Sales, Leases and Conveyances Permitted
                    Subject
                    to Certain Conditions.

                

        

         

        The
          Company may consolidate with, or sell, lease or convey all or substantially
          all
          of its assets to, or merge with or into any other Person, provided
          that in
          any such case, (i) either the Company shall be the continuing Person, or
          the successor Person shall be a Person organized and existing under the
          laws of
          the United States of America or a State thereof and such successor Person
          shall
          expressly assume the due and punctual payment of the principal of (and
          premium,
          if any), any interest on, and any Additional Amounts payable pursuant to
          Section
          10.4 with respect to, all the Securities, according to their tenor, and
          the due
          and punctual performance and observance of all of the covenants and conditions
          of this Indenture to be performed by the Company by supplemental Indenture
          satisfactory to the Trustee, executed and delivered to the Trustee by such
          successor Person and (ii) the Company or such successor Person, as the case
          may be, shall not, immediately after such merger or consolidation, or such
          sale,
          lease or conveyance, be in default in the performance of any such covenant
          or
          condition.

         

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 8.2

                	
                  Rights
                    and Duties of Successor
                    Person.

                

        

         

        In
          case
          of any such consolidation, merger, sale, lease or conveyance and upon any
          such
          assumption by the successor Person, such successor Person shall succeed
          to and
          be substituted for the Company, with the same effect as if it had been
          named
          herein as the party of the first part, and the Company, or such predecessor
          Person, shall be relieved of any further obligation under this Indenture
          and the
          Securities and coupons. Such successor Person thereupon may cause to be
          signed,
          and may issue either in its own name or in the name of the Company, any
          or all
          of the Securities and coupons issuable hereunder which theretofore shall
          not
          have been signed by the Company and delivered to the Trustee; and, upon
          the
          order of such successor Person, instead of the Company, and subject to
          all the
          terms, conditions and limitations in this Indenture prescribed, the Trustee
          shall authenticate and shall deliver any Securities or coupons which previously
          shall have been signed and delivered by the officers of the Company to
          the
          Trustee for authentication, and any Securities and coupons which such successor
          Person thereafter shall cause to be signed and delivered to the Trustee
          for that
          purpose. All the Securities and coupons so issued shall in all respects
          have the
          same legal rank and benefit under this Indenture as the Securities and
          coupons
          theretofore or thereafter issued in accordance with the terms of this Indenture
          as though all of such Securities and coupons had been issued at the date
          of the
          execution hereof.

         

        In
          case
          of any such consolidation, merger, sale, lease or conveyance, such changes
          in
          phraseology and form (but not in substance) may be made in the Securities
          and
          coupons thereafter to be issued as may be appropriate.

         

        
          	 	
                  Section 8.3

                	
                  Officers’
                    Certificate and Opinion of
                    Counsel.

                

        

         

        The
          Trustee, subject to the provisions of Sections 6.1 and 6.3, may receive
          an
          Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any
          such consolidation, merger, sale, lease or conveyance, and any such assumption
          and any such supplemental indenture, if any, complies with the provisions
          of
          this Article and that all conditions precedent herein provided relating
          to such
          transactions have been complied with.

         

        ARTICLE
          9

         

        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:

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

        

         

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

         

        (b) 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

         

        (c) to
          add to
          or change any of the provisions of this Indenture to provide that Bearer
          Securities may be registrable as to principal, to change or eliminate any
          restrictions on the payment of principal (or premium, if any) on Registered
          Securities or of principal (or premium, if any) or any interest on Bearer
          Securities, to permit Registered Securities to be exchanged for Bearer
          Securities or to permit or facilitate the issuance of Securities in uncertified
          form, provided
          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

         

        (d) to
          change
          or eliminate any provision of this Indenture, provided
          that any
          such change or elimination (i) 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
          (ii) shall not apply to any Security Outstanding; or

         

        (e) to
          establish the form or terms of Securities of any series as permitted by
          Sections 2.5 and 3.1; or

         

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

         

        (g) to
          cure
          any ambiguity, to correct or supplement any provision herein which may
          be
          defective or inconsistent with any other provision herein, or to make any
          other
          provisions with respect to matters or questions arising under this Indenture
          which shall not adversely affect the interest of the Holders of Securities
          of
          any series or any related coupons in any material respect; or

         

        (h) to
          add
          to, delete from or revise the conditions, limitations and restrictions
          on the
          authorized amount, terms or purposes of issue, authentication and delivery
          of
          Securities, as herein set forth; or

         

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

         

        (j) to
          add to
          or change or eliminate any provision of this Indenture as shall be necessary
          or
          desirable in accordance with any amendments to the Trust Indenture Act,
          provided
          such action shall not adversely affect the interest of the Holders of the
          Securities of any series or any appurtenant coupons in any material
          respects.

         

        
          
            
            

          

          
            48

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 9.2

                	
                  Supplemental
                    Indentures with Consent of
                    Holders.

                

        

         

        With
          the
          consent of the Holders of not less than 662⁄3% 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 under this Indenture; provided,
          however,
          that no
          such supplemental Indenture shall, without the consent of the Holder of
          each
          Outstanding Security affected thereby,

         

        (a) change
          the Stated Maturity of the principal of, or any installment of interest
          on, any
          Security, or reduce the principal amount thereof or the rate of interest
          thereon
          or any Additional Amounts payable in respect thereof, or any premium payable
          upon the redemption thereof, or change the obligation of the Company to
          pay
          Additional Amounts pursuant to Section 10.4 (except as contemplated by
          Section
          8.1(i) and permitted by Section 9.1(i)), 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 any Place of Payment where, or the coin or currency in which, any
          Security or any premium or the interest thereon is payable, or impair the
          right
          to institute suit for the enforcement of any such payment an or after the
          Stated
          Maturity thereof (or, in the case of redemption or repayment, on or after
          the
          Redemption Date or Optional Repayment Date, as the case may be), or

         

        (b) 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 compliance
          with
          certain provisions of this Indenture or certain defaults hereunder and
          their
          consequences) provided for in this Indenture, or reduce the requirements
          of
          Section 14.4 for quorum or voting, or

         

        (c) modify
          any of the provisions of this Section, or Section 5.13, or Section 10.6, 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, or

         

        (d) adversely
          affect the right to repayment, if any, of Securities of any series at the
          option
          of the Holders thereof.

         

        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.

        
          
            
            

          

          
            49

            
              

            

          

          
            
            

          

        

         

        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 Art 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
          trust
          created by this Indenture, the Trustee shall be entitled to receive, and
          (subject to Section 6.1) shall be fully protected in relying upon, an Opinion
          of
          Counsel 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 as then in effect.

         

        
          	 	
                  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 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.

         

        
          	 	
                  Section 9.7

                	
                  Subordination
                    Unimpaired.

                

        

         

        No
          supplemental indenture entered into under this Article 9 shall modify,
          directly or indirectly, the provisions of Article 16 or the definition
          of Senior
          Indebtedness in Section 1.1 in any manner that might alter or impair the
          subordination of the Securities with respect to Senior Indebtedness then
          outstanding unless each holder of such Senior Indebtedness has consented
          thereto
          in writing.

         

        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          10

         

        COVENANTS

         

        
          	 	
                  Section 10.1

                	
                  Payment
                    of Principal, Premium, if any, and
                    Interest.

                

        

         

        The
          Company covenants and agrees for the benefit of the Holders of each series
          of
          Securities that it will duly and punctually pay the principal of (and premium,
          if any), interest on and any Additional Amounts payable in respect of the
          Securities of that series in accordance with the terms of such series of
          Securities, any coupons appertaining thereto and this Indenture. Any interest
          due on and any Additional Amounts payable in respect of Bearer Securities
          on or
          before Maturity, other than Additional Amounts, if any, payable as provided
          in
          Section 10.4 in respect of principal of (or premium, if any, on) such a
          Security, shall be payable only upon presentation and surrender of the
          several
          coupons for such interest installments as are evidenced thereby as they
          severally mature.

         

        
          	 	
                  Section 10.2

                	
                  Maintenance
                    of Office or Agency.

                

        

         

        The
          Company will maintain in each Place of Payment for any series of Securities
          an
          office or agency where Securities of that series (but not Bearer Securities,
          except as otherwise provided below, unless such Place of Payment is located
          outside the United Stases) may be presented or surrendered for payment,
          where
          Securities of that series may be surrendered for registration of transfer
          or
          exchange and where notices and demands to or upon the Company in respect
          of the
          Securities of that series and this Indenture may be served. If Securities
          of a
          series are issuable as Bearer Securities, the Company will maintain, subject
          to
          any laws or regulations applicable thereto, an office or agency in a Place
          of
          Payment for such series which is located outside the United States where
          Securities of such series and the related coupons may be presented and
          surrendered for payment (including payment of any Additional Amounts payable
          on
          Securities of such series pursuant to Section 10.4); provided,
          however,
          that if
          the Securities of such series are listed on The International Stock Exchange
          of
          the United Kingdom and the Republic of Ireland Limited or 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
          in
          London, Luxembourg or any other required city located outside the United
          States,
          as the case may be, so long as the Securities of such series are listed
          on such
          exchange. The Company will give prompt written notice to the Trustee of
          the
          location, and any change in the location, of such office or agency. If
          at any
          time the Company shall fail to maintain any such required office or agency
          or
          shall fail to furnish the Trustee with the address thereof, such presentations,
          surrenders, notices and demands may be made or served at the Corporate
          Trust
          Office of the Trustee, 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 place specified for the purpose pursuant to Section
          3.1,
          and the Company hereby appoints the Trustee as its agent to receive all
          such
          presentations, surrenders, notices and demands.

         

        Except
          as
          otherwise provided in the form of Bearer Security of any particular series
          pursuant to the provisions of this Indenture, 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 an account maintained with a bank located in the
          United
          States; provided,
          however,
          payment
          of principal of and any premium and interest in U.S. dollars (including
          Additional Amounts payable in respect thereof) on any Bearer Security may
          be
          made at the Corporate Trust Office of the Trustee in the Borough of Manhattan,
          The City of New York if (but only if) payment of the full amount of such
          principal, premium, interest or Additional Amounts at all offices 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.

        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

        

         

        The
          Company may also from time to time designate one or more other offices
          or
          agencies where the Securities of one or more series and any related coupons
          may
          be presented or surrendered for any or all such purposes and may from time
          to
          time rescind such designations; provided,
          however,
          that no
          such designation or rescission shall in any manner relieve the Company
          of its
          obligation to maintain an office or agency in each Place of Payment for
          Securities of any series for such purposes. The Company will give prompt
          written
          notice to the Trustee of any such designation or rescission and of any
          change in
          the location of any such other office or agency. Unless otherwise set forth
          in a
          Board Resolution or indenture supplemental hereto with respect to a series
          of
          Securities, the Company hereby designates as the Place of Payment for each
          series of Securities the Borough of Manhattan, The City of New York, and
          initially appoints the Trustee at its Corporate Trust Office as the Company’s
          office or agency for each of such purposes in such city.

         

        
          	 	
                  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
          premium, if any), or interest on, any of the Securities of that series,
          segregate and hold in trust for the benefit of the Person entitled thereto
          a sum
          sufficient to pay the principal (and premium, if any) or interest so becoming
          due until such sums shall be paid to such Persons or otherwise disposed
          of as
          herein provided, and will promptly notify the Trustee of its action or
          failure
          so to act.

         

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

         

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

         

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

        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

        

         

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

         

        (c) 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
          terms 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.

         

        Except
          as
          otherwise provided in the form of Securities of any particular series pursuant
          to the provisions of this Indenture, any money deposited with the Trustee
          or any
          Paying Agent, or then held by the Company, in trust for the payment of
          the
          principal of (and premium, if any) or interest on any Security of any series
          or
          any appurtenant coupons or any money on deposit with the Trustee or any
          Paying
          Agent representing amounts deducted from the Redemption Price or Repayment
          Price
          with respect to unmatured coupons not presented upon redemption or exercise
          of
          the Holder’s option for repayment pursuant to Section 11.6 or 13.3 and remaining
          unclaimed for two years after such principal (and premium, if any) or interest
          has become due and payable shall be paid to the Company on Company Request,
          or
          (if then held by the Company) shall be discharged from such trust; and the
          Holder of such Security 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 or to be mailed to Holders
          of
          Registered Securities, or both, notice that such money remains unclaimed
          and
          that, after a date specified therein, which shall not be less than 30 days
          from
          the date of such publication or mailing, 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 any 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 premium, if any) or interest on, or in respect of, any Security of
          any
          series or 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 the terms
          of such
          Security and this Section to the extent that, in such context, Additional
          Amounts are, were or would be payable in respect 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 made.

        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

        

         

        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 premium, if
          any) is
          made, and at least 10 days prior to each date of payment of principal (and
          premium, if any) 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
          (and premium, if any) or interest on the Securities of that series shall
          be made
          to Holders of Securities of that series or the 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 the terms of such
          Security and the first paragraph of 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 bad faith 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

                	
                  Statement
                    as to Compliance; Notice of Certain
                    Defaults.

                

        

         

        (a) The
          Company will deliver to the Trustee, within 120 days after the end of each
          fiscal year (which on the date hereof ends on June 30), a written statement,
          which need not comply with Section 1.2, signed by the principal executive
          officer, principal financial officer or principal accounting officer of
          the
          Company, that

         

        (i) a
          review
          of the activities of the Company and its subsidiaries during such year
          and of
          performance under this Indenture has been made under his supervision,
          and

         

        (ii) to
          the
          best of his knowledge, based on such review, (a) the Company has fulfilled
          all of its obligations under this Indenture throughout such year, or, if
          there
          has been a default in the fulfillment of any such obligation, specifying
          each
          such default known to him and the nature and status thereof, and (b) no
          event has occurred and is continuing which is, or after notice or lapse
          of time
          or both would become, a Default or an Event of Default, or, if such an
          event has
          occurred and is continuing, specifying each such event known to him and
          the
          nature and status thereof.

         

        (b) The
          Company will deliver to the Trustee, within five days after the occurrence
          thereof, written notice of any event which after notice or lapse of time
          or both
          would become an Event of Default pursuant to clause (a) of Section
          5.1.

         

        
          	 	
                  Section 10.6

                	
                  Waiver
                    of Certain Covenants.

                

        

         

        The
          Company may omit in any particular instance to comply with any term, provision
          or condition set forth in Sections 10.4 to 10.6, inclusive, with respect
          to the
          Securities of any series if before the time for such compliance the Holders
          of
          at least a majority in principal amount of the Outstanding Securities of
          such
          series shall, by Act of such Holders, either waive such compliance in such
          instance or generally waive compliance with such term, provision or condition,
          but no such waiver shall extend to or affect such term, provision or condition
          except to the extent so expressly waived, and, until such waiver shall
          become
          effective, the obligations of the Company and the duties of the Trustee
          in
          respect of any such term, provision or condition shall remain in full force
          and
          effect.

         

        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          11

         

        REDEMPTION
          OF SECURITIES

         

        
          	 	
                  Section 11.1

                	
                  Applicability
                    of Article.

                

        

         

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

         

        
          	 	
                  Section 11.2

                	
                  Election
                    to Redeem; Notice to Trustee.

                

        

         

        The
          election of the Company to redeem any Securities shall be evidenced by
          a Board
          Resolution. In case of any redemption at the election of the Company of
          the
          Securities of any series, 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,
          the
          principal amount of Securities of such series to be redeemed and the relevant
          terms of the Securities to be redeemed.

         

        
          	 	
                  Section 11.3

                	
                  Selection
                    by Trustee of Securities to be
                    Redeemed.

                

        

         

        If
          less
          than all the Securities of any series having the same terms 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 having such terms 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 such series or any integral multiple thereof
          which is also an authorized denomination) of the principal amount of Registered
          Securities on Dearer Securities (if issued in more than one authorized
          denomination) of such series of a denomination larger than the minimum
          authorized denomination for Securities of such series.

         

        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.

         

        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 of such Securities which has been or is to be redeemed.

         

        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 11.4

                	
                  Notice
                    of Redemption.

                

        

         

        Notice
          of
          redemption shall be given in the manner provided in Section 1.6, not less
          than
          30 nor more than 60 days prior to the Redemption Date, unless a shorter
          period
          is specified in the Securities to be redeemed (which shatter period shall
          be
          acceptable to the Trustee), to the Holders of Securities to be redeemed.
          Failure
          to give notice by mailing in the manner herein provided to the Holder of
          any
          Registered Securities designated for redemption as a whole or in past,
          or any
          defect in the notice to any such Holder, shall not affect the validity
          of the
          proceedings for the redemption of any other Securities or portion
          thereof.

         

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

         

        All
          notices of redemption shall state:

         

        (a) the
          Redemption Date,

         

        (b) the
          Redemption Price and accrued interest, if any,

         

        (c) if
          less
          than all Outstanding Securities of any series are to be redeemed, the
          Identification (and, in the case of par in redemption, the principal amount)
          of
          the particular Securities to be redeemed,

         

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

         

        (e) 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
          shall
          cease to accrue on and after said date,

         

        (f) the
          Place
          or Places of Payment where such Securities, together, in the case of Bearer
          Securities with all coupons appertaining thereto, it any, maturing after
          the
          Redemption Date, are to be surrendered for payment of the Redemption Price,
          and

         

        (g) that
          the
          redemption is for a sinking fund, if such is the case.

         

        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.

         

        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 11.5

                	
                  Deposit
                    of Redemption Price.

                

        

         

        On
          or
          prior to any Redemption Date, the Company shall deposit with the Trustee
          or with
          a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
          and hold in trust as provided in Section 10.3) an amount of money sufficient
          to
          pay the Redemption Price of, and (except if the Redemption Date shall be
          an
          Interest Payment Date) accrued interest on and any Additional Amounts with
          respect thereto, all the Securities or portions thereof which are to be
          redeemed
          on that date; provided,
          however,
          that
          deposits with respect to Bearer Securities shall be made with a Paying
          Agent or
          Paying Agents located outside the United States except as otherwise provided
          in
          Section 10.2, unless otherwise specified as contemplated by Section
          3.1.

         

        
          	 	
                  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
          (and
          any Additional Amounts) 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 upon presentation and
          surrender of coupons for such interest (at an office or agency located
          outside
          the United States except as otherwise provided in Section 10.2), and
provided,
          further,
          that
          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 Regular 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 (and any Additional Amounts) represented by coupons shall be payable
          only upon presentation and surrender of those coupons at an office or agency
          located outside of the United States except as otherwise provided in Section
          10.2.

         

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

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 11.7

                	
                  Securities
                    Redeemed in Part.

                

        

         

        Any
          Registered Security which is to be redeemed only in part shall be surrendered
          at
          any office or agency of the Company maintained for that purpose pursuant
          to
          Section 10.2 (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, upon receipt
          of
          a Company Order, authenticate and deliver to the Holder of such Security,
          without service charge, a new Registered Security or Securities of the
          same
          series, containing identical terms and provisions, 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
          12

         

        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 otherwise specified as contemplated
          by Section 3.1 for Securities of such series or as otherwise permitted
          or
          required by any form of Security of such series issued pursuant to this
          Indenture.

         

        The
          minimum amount of may 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 such 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 may, in satisfaction of all or any part of any sinking fund payment
          with
          respect to the Securities of a series to be made pursuant to the terms
          of such
          Securities as provided for by the teams of such series, (1) deliver
          Outstanding Securities of such series (other than any of such Securities
          previously called for redemption), together in the case of any Bearer Securities
          of such series with all unmatured coupons appertaining thereto, and
          (2) apply as a credit Securities of such series which have been redeemed
          either at the election of the Company pursuant to the terms of such series
          of
          Securities or through the application of permitted optional sinking fund
          payments pursuant to the terms of such Securities, 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.
          If, as a result of the delivery or credit of Securities of any series in
          lieu of
          cash payments pursuant to this Section 12.2, the principal amount of Securities
          of such series to be redeemed in order to exhaust the aforesaid cash payment
          shall be less than $100,000, the Trustee need not call Securities of such
          series
          for redemption, except upon Company Request, and such cash payment shall
          be held
          by the Trustee or a Paying Agent and applied to the next succeeding sinking
          fund
          payment, provided,
          however,
          that
          the Trustee or such Paying Agent shall at the request of the Company from
          time
          to time pay over and deliver to the Company any cash payment so being held
          by
          the Trustee or such Paying Agent upon delivery by the Company to the Trustee
          of
          Securities of that series purchased by the Company having an unpaid principal
          amount equal to the cash payment requested to be released to the
          Company.

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  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 mandatory 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 of Securities of that
          series pursuant to Section 12.2, and the optional amount, if any, to be
          added in
          cash to the next ensuing mandatory sinking fund payment, and will also
          deliver
          to the Trustee any Securities to be so credited and not theretofore delivered.
          If such Officers’ Certificate shall specify an optional amount to be added in
          cash to the next ensuing mandatory sinking fund payment, the Company shall
          thereupon be obligated to pay the amount therein specified. Not less than
          30
          days before each such sinking fund payment date the Trustee shall select
          the
          Securities to be redeemed upon such sinking fund 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 bees 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
          13

         

        REPAYMENT
          AT THE OPTION OF HOLDERS

         

        
          	 	
                  Section 13.1

                	
                  Applicability
                    of Article.

                

        

         

        Securities
          of any series which are repayable at the option of the Holders thereof
          before
          their Stated Maturity shall be repaid in accordance with their terms and
          (except
          as otherwise specified pursuant to Section 3.1 for Securities of such series)
          in
          accordance with this Article.

         

        
          	 	
                  Section 13.2

                	
                  Repayment
                    of Securities.

                

        

         

        Each
          Security which is subject to repayment in whole or in part at the option
          of the
          Holder thereof on an Optional Repayment Date shall be repaid at the applicable
          Repayment Price together with interest accrued to such Optional Repayment
          Date
          as specified pursuant to Section 3.1.

         

        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 13.3

                	
                  Exercise
                    of Option; Notice.

                

        

         

        Each
          Holder desiring to exercise his option for repayment shall, as conditions
          to
          such repayment, surrender the Security to be repaid in whole or in part
          together
          with written notice of the exercise of such option at any office or agency
          of
          the Company in a Place of Payment, not less than 30 nor more than 60 days
          prior
          to the Optional Repayment Date, provided,
          however,
          that
          surrender of Bearer Securities together with written notice of exercise
          of such
          option shall be made at an office or agency located outside the United
          States
          except as otherwise provided in Section 10.2. Such notice, which shall
          be
          irrevocable, shall specify the principal amount of such Security to be
          repaid,
          which shall be equal to the minimum authorized denomination for such Security
          or
          an integral multiple thereof, and shall identify the Security to be repaid
          and,
          in the case of a partial repayment of the Security, shall specify the
          denomination or denominations of the Security or Securities of the same
          series
          to be issued to the Holder for the portion of the principal of the Security
          surrendered which is not to be repaid.

         

        If
          any
          Bearer Security surrendered for repayment shall not be accompanied by all
          unmatured coupons and all matured coupons in default, such Bearer Security
          may
          be paid after deducting from the Repayment 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 anti 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 Bearer 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 Repayment Price, such
          Holder
          shall be entitled to receive the amount so deducted without interest thereon;
          provided,
          however,
          that
          interest represented by coupons shall be payable only upon presentation
          and
          surrender of such coupons at an office or agency located outside the United
          States except as otherwise provided in Section 10.2.

         

        The
          Company shall execute and the Trustee shall, upon receipt of a Company
          Order,
          authenticate and deliver without service charge to the Holder of any Registered
          Security so surrendered a new Registered Security or Securities of the
          same
          series, of like terms and tenor and of any authorized denomination as specified
          in the foregoing notice, in an aggregate principal amount equal to any
          portion
          of the principal of the Registered Security so surrendered which is not
          to be
          repaid.

         

        The
          Company shall execute and the Trustee shall, upon receipt of a Company
          Order,
          authenticate and deliver without service charge to the Holder of any Bearer
          Security so surrendered a new Registered Security or Securities or new
          Bearer
          Security or Securities (and all appurtenant unmatured coupons and matured
          coupons in default) or any combination thereof of the same series of like
          terms
          and tenor and of any authorized denomination or denominations as specified
          in
          the foregoing notice, in an aggregate principal amount equal to any portion
          of
          the principal of the Security so surrendered which is not to be paid;
provided,
          however,
          that
          the issuance of a Registered Security therefor shall be subject to applicable
          laws and regulations, including provisions of the United States federal
          income
          tax laws and regulations in effect at the time of the exchange neither
          the
          Company, the Trustee nor the Security Registrar shall issue Registered
          Securities for Bearer Securities if it has received an Opinion of Counsel
          that
          ass result of such issuance the Company would suffer adverse consequences
          under
          the United States federal income tax laws then in effect and the Company
          has
          delivered to the Trustee a Company Order directing the Trustee not to make
          such
          issuances thereafter unless and until the Trustee receives a subsequent
          Company
          Order to the contrary. The Company shall deliver copies of such Company
          Order to
          the Security Registrar.

        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

        

         

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

         

        
          	 	
                  Section 13.4

                	
                  Election
                    of Repayment by Remarketing
                    Entities.

                

        

         

        The
          Company may elect, in such manner which is reasonably satisfactory to the
          Trustee, with respect to Securities of any series which are repayable at
          the
          option of the Holders thereof before their Stated Maturity, at any time
          prior to
          any Optional Repayment Date to designate one or more Remarketing Entities
          to
          purchase, at a price equal to the Repayment Price, Securities of such series
          from the Holders thereof who give notice and surrender their Securities
          in
          accordance with Section 13.3.

         

        
          	 	
                  Section 13.5

                	
                  Securities
                    Payable on the Optional Repayment
                    Date.

                

        

         

        Notice
          of
          exercise of the option of repayment having been given and the Securities
          so to
          be repaid having been surrendered as aforesaid, such Securities shall,
          unless
          purchased in accordance with Section 13.4, on the Optional Repayment Date
          become
          due and payable at the price the therein specified and from and after Optional,
          Repayment Date such Securities shall cease to bear interest and shall be
          paid on
          the Optional Repayment Date, and the coupons for such interest appertaining
          to
          Bearer Securities so to be repaid, except to the extent provided above,
          shall be
          void, unless the Company shall default in the payment of such price, in
          which
          case the Company shall continue to be obligated for the principal amount
          of such
          Securities and shall be obligated to pay interest on such principal amount
          at
          the rate borne by such Securities from time to time until payment in full
          of
          such principal amount.

         

        
          	 	
                  Section 13.6

                	
                  Notice
                    to Company of Option to be
                    Repaid.

                

        

         

        Notice
          of
          exercise of the option for repayment having been given and the Securities
          so to
          be repaid having been surrendered as aforesaid, the Trustee shall give
          notice to
          the Company in the manner provided in Section 1.5 not less than 25 days
          prior to
          the Optional Repayment Date of such Optional Repayment Dale and of the
          principal
          amount of Securities to be repaid.

         

        
          	 	
                  Section 13.7

                	
                  Deposit
                    of Repayment Price.

                

        

         

        On
          or
          prior to any Optional Repayment 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
          money
          sufficient to pay the Repayment Price of and (except if the Optional Repayment
          Date shall be an Interest Payment Date) accrued interest on and any Additional
          Amounts with respect thereto, all the Securities or portions thereof which
          are
          to be repaid on that date, provided,
          however,
          the
          deposits with respect to Bearer Securities shall be made with a Paying
          Agent or
          Paying Agents located outside the United States except as otherwise provided
          in
          Section 10.2, unless otherwise specified as contemplated by Section
          3.1.

         

        
          
            
            

          

          
            61

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          14

         

        MEETINGS
          OF HOLDERS OF SECURITIES

         

        
          	 	
                  Section 14.1

                	
                  Purposes
                    for Which Meetings May Be
                    Called.

                

        

         

        If
          Securities of a series are issuable in whole or in part 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 14.2

                	
                  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 14.1, to be held at such tune 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.

         

        (b) In
          case
          at any time the Company, pursuant to a Board Resolution, or the Holders
          of at
          least 10% 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 14.1, 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 14.3

                	
                  Persons
                    Entitled To Vote at Meetings.

                

        

         

        To
          be
          entitled to vote at any meeting of Holders of Securities of any series,
          a Person
          shall be (1) a Holder of one or more Outstanding Securities of such series,
          or (2) a Person appointed by an instrument in writing as proxy for a Holder
          or Holders of one or more Outstanding Securities of such series by such
          Holder
          or Holders. The only Persons who shall be entitled to be present or to
          speak at
          any meeting of Holders of Securities of any series shall be the Persons
          entitled
          to vote at such meeting and their counsel, any representatives of the Trustee
          and its counsel and any representatives of the Company and its
          counsel.

         

        
          	 	
                  Section 14.4

                	
                  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
          not less
          than 662⁄3% in principal amount of the Outstanding Securities of a series, the
          Persons entitled to vote 662⁄3% 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 14.2(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.

        
          
            
            

          

          
            62

            
              

            

          

          
            
            

          

        

         

        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 only 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 not less than 662⁄3% 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 662⁄3% in principal amount of the Outstanding Securities of
          that series; and provided,
          further,
          that,
          except as limited by the proviso to Section 9.2, any resolution with respect
          to
          any request, demand, authorization, direction, notice, consent, waiver
          or other
          action which this Indenture expressly provides may be made, given or taken
          by
          the Holders of a specified percentage, which is less than a majority, in
          principal amount of the Outstanding Securities of a series may be adopted
          at a
          meeting or an adjourned meeting duly reconvened and at which a quorum is
          present
          as aforesaid 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 Securities of such series and the related coupons, whether or
          not
          present or represented at the meeting.

         

        
          	 	
                  Section 14.5

                	
                  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
          such 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.

        
          
            
            

          

          
            63

            
              

            

          

          
            
            

          

        

         

        (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 14.2(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 Securities of such series
          held or
          represented by him (calculation of such amount shall take into account
          (1) the provisions of clause (iii) of the definition of the term
“Outstanding”, and (2) the amount, if any, established with respect to such
          Security pursuant to Section 3.1(m)); 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
          14.2 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 14.6

                	
                  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 verified written reports in triplicate of
          all
          votes cast at the meeting. A record, at least in triplicate, 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 14.2 and, if applicable, Section 14.4. 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 at the matters therein stated.

         

        
          
            
            

          

          
            64

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          15

         

        DEFEASANCE

         

        
          	 	
                  Section 15.1

                	
                  Applicability
                    of Article.

                

        

         

        If
          pursuant to Section 3.1 provision is made for the defeasance of Securities
          of a
          series and if the Securities of such series are Registered Securities and
          denominated and payable only in Dollars (except as provided pursuant to
          Section
          3.1) then the provisions of this Article shall be applicable except as
          otherwise
          specified pursuant to Section 3.1 for Securities of such series. Defeasance
          provisions, if any, for Bearer Securities may be specified pursuant to
          Section 3
          1.

         

        
          	 	
                  Section 15.2

                	
                  Defeasance
                    Upon Deposit of Moneys or U.S. Government
                    Obligations.

                

        

         

        At
          the
          Company’s option, written notice of which shall be provided to the Trustee by
          the Company, either (a) the Company shall be deemed to have been Discharged
          (as defined below) from its obligations with respect to Securities of any
          series
          on the 91st day after the applicable conditions set forth below have been
          satisfied or (b) the Company shall cease to be under any obligation to
          comply with any term, provision or condition set forth in Section 8.1 with
          respect to Securities of any series (and, if so specified pursuant to Section
          3.1, any other restrictive covenant added for the benefit of such series
          pursuant to Section 3.1) at any time after the applicable conditions set
          forth
          below have been satisfied:

         

        (1) the
          Company shall have deposited or caused to be deposited irrevocably with
          the
          Trustees trust funds in trust, specifically pledged as security for, and
          dedicated solely to, the benefit of the Holders of the Securities of such
          series
          (i) money in an amount, or (ii) U.S. Government Obligations (as
          defined below) that through the payment of interest and principal in respect
          thereof in accordance with their terms will provide, not later than one
          day
          before the due date of any payment, money in an amount or (iii) a
          combination of (i) and (ii), sufficient, in the opinion (with respect to
          (ii)
          and (iii)) of a nationally recognized firm of independent public accountants
          expressed in a written certification thereof delivered to the Trustee,
          to pay
          and discharge each installment of principal (including any mandatory sinking
          fund payments) of and premium, if any, and interest an, the Outstanding
          Securities of such series on the dates such installments of interest or
          principal and premium are due;

         

        (2) if
          the
          Securities of such series are then listed on the New York Stock Exchange,
          the
          Company shall have delivered to the Trustee an Opinion of Counsel to the
          effect
          that the Company’s exercise of its option under this Section would not cause
          such Securities to be delisted;

         

        (3) the
          Company shall have delivered to the Trustee an Officers’ Certificate to the
          effect that no Default or event (including such deposit) that, with notice
          or
          lapse of time, or both, would become a Default with respect to the Securities
          of
          such series shall have occurred and be continuing on the date of such
          deposit;

         

        (4) the
          Company shall have delivered to the Trustee an Opinion of Counsel to the
          effect
          that Holders of the Securities of such series will not recognize income,
          gain or
          loss for Federal income tax purposes as a result of the Company’s exercise of
          its option under this Section and will be subject to Federal income tax
          on the
          same amounts and in the same manner and at the same times as would have
          been the
          case if such option bad not been exercised; and

        
          
            
            

          

          
            65

            
              

            

          

          
            
            

          

        

         

        (5) the
          Company shall have delivered to the Trustee an Officers’ Certificate and an
          Opinion of Counsel, each stating that all conditions precedent herein provided
          relating to defeasance of Securities under this Indenture have been complied
          with.

         

        “Discharged”
          means that the Company shall be deemed to have paid and discharged the
          entire
          indebtedness represented by, and obligations wider, the Securities of such
          series and to have satisfied all the obligations under this Indenture relating
          to the Securities of such series (and the Trustee, upon the request of
          and at
          the expense of the Company, shall execute proper instruments acknowledging
          the
          same), except (A) the rights of Holders of Securities of such series to
          receive, from the trust fund described in clause (1) above, payment of
          the
          principal of (and premium, if any) and interest on such Securities when
          such
          payments are due, (B) the Company’s obligations with respect to the
          Securities of such series under Sections 3.4, 3.5, 3.6, 10.2, 15.3 and
          15.4 and
          (C) the obligations of the Company to the Trustee under Section 6.7 and,
          the obligations of the Trustee under Section 4.2 and the last paragraph
          of
          Section 10.3.

         

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

         

        
          
            	 	
                    Section 15.3

                  	
                    Deposited
                      Moneys and U.S. Government Obligations to be Held in
                      Trust.

                  

          

        

         

        Subject
          to the provisions of the last paragraph of Section 10.3, all moneys and
          U.S.
          Government Obligations deposited with the Trustee pursuant to Section 15.2
          in
          respect of Securities of a series shall be held in trust and applied by
          it, in
          accordance with the provisions of such Securities and this Indenture, to
          the
          payment, either directly or through any Paying Agent (including the Company
          acting as its own Paying Agent) as the Trustee may determine, to the Holders
          of
          such Securities, of all sums due and to become due thereon for principal
          (and
          premium, if any) and interest if any, but such money need not be segregated
          from
          other funds except to the extent required by law.

         

        
          	 	
                  Section 15.4

                	
                  Repayment
                    to Company.

                

        

         

        The
          Trustee and any Paying Agent shall promptly pay or return to the Company
          upon
          Company Request any moneys or U.S. Government Obligation held by them at
          any
          time that are not required for the payment of the principal of (and premium,
          if
          any) and interest on the Securities of any series for which money or U.S.
          Government Obligations have been deposited pursuant to Section
          15.2.

        
          
            
            

          

          
            66

            
              

            

          

          
            
            

          

        

         

        The
          provisions of the last paragraph of Section 10.3, shall apply to any money
          held
          by the Trustee or any Paying Agent under this Article that remains unclaimed
          for
          two years after the Maturity of any Securities for which money or US. Government
          Obligations have been deposited pursuant to Section 15.2.

         

        
          	 	
                  Section 15.5

                	
                  Subordination
                    Provisions Inapplicable. 

                

        

         

        Notwithstanding
          anything contained herein by the contrary, any money or other property
          that
          shall have been deposited by the Company with the Trustee pursuant to this
          Article 15 shall not be subject to the provisions of Article 16 of this
          Indenture respecting subordination of the Securities.

         

        ARTICLE
          16

         

        SUBORDINATION

         

        
          	 	
                  Section 16.1

                	
                  Agreement
                    to Subordinate.

                

        

         

        The
          Company, for itself, its successors and assigns, covenants and agrees,
          and each
          Holder of a Security likewise covenants and agrees by his or her acceptance
          thereof, that the obligation of the Company to make any payment on account
          of
          the principal of (and premium, if any) and interest on each and all of
          the
          Securities shall be subordinate and junior in right of payment to the Company’s
          obligations to the holders of Senior Indebtedness.

         

        In
          the
          event of any insolvency, bankruptcy, receivership, conservatorship,
          reorganization, readjustment of debt, marshaling of assets and liabilities
          or
          similar proceedings or any liquidation, dissolution or winding-up of or
          relating
          to the Company as a whole, whether voluntary or involuntary, all obligations
          of
          the Company to holders of Senior Indebtedness shall be entitled to be paid
          in
          full before any payment, whether in cash, property or otherwise, shall
          be made
          on any account of the principal of (or premium, if any) or interest on
          any of
          the Securities. In the event of any such proceeding, after payment in full
          of
          all sums owing with respect to Senior Indebtedness, the Holders, together
          with
          the holders of Indebtedness Ranking on a Parity with the Securities, shall
          be
          entitled ratably to be paid from the remaining assets of the Company the
          amounts
          at the time due and owing on account of unpaid principal of (and premium,
          if
          any) and interest, if any, on the Securities before any payment or other
          distribution, whether in cash, property or otherwise, shall be made on
          account
          of any Indebtedness Ranking Junior to the Securities or any capital stock.
          In
          addition, in the event of any such proceeding, if any payment or distribution
          of
          assets of the Company of any kind or character, whether in cash, property
          or
          securities (other than securities of the Company or any other corporation
          provided for by a plan of reorganization or readjustment the payment of
          which is
          subordinate, at least to the extent provided in these subordination provisions
          with respect to the indebtedness evidenced by the Securities, to the payment
          of
          all Senior Indebtedness at the time outstanding and to any securities issued
          in
          respect thereof under any such plan of reorganization or readjustment),
          including any such payment or distribution that may be payable or deliverable
          by
          reason of the payment of any other indebtedness of the Company being
          subordinated to the payment of the Securities, shall be received by the
          Trustee
          or the Holders before all Senior Indebtedness is paid in full, such payment
          or
          distribution shall be held (in trust if received by such Holders) for the
          benefit of and shall be paid over to the trustee in bankruptcy, receiver,
          liquidating trustee or custodian for application to the payment of all
          Senior
          Indebtedness remaining unpaid until all such Senior Indebtedness shall
          have been
          paid in full, after giving effect to any concurrent payment or distribution
          to
          the holders of such Senior Indebtedness.

        
          
            
            

          

          
            67

            
              

            

          

          
            
            

          

        

         

        The
          subordination provisions of the foregoing paragraph shall not be applicable
          to
          amounts at the time due and owing on the Securities of any series on account
          of
          the unpaid principal of (or premium, if any) or interest, if any, on the
          Securities for the payment of which funds have been deposited in trust
          with the
          Trustee or any Paying Agent or have been set aside by the Company in trust
          in
          accordance with the provisions of this Indenture; nor shall such provisions
          impair any rights, interests, remedies or powers of any secured creditor
          of the
          Company in respect of any security the creation of which is not prohibited
          by
          the provisions of this Indenture.

         

        The
          Holders of Securities and the Trustee, in respect of any claims of such
          Holders
          to payment of any principal, premium or interest in respect of any Securities,
          by their acceptance thereof will be deemed to have waived any right of
          set-off
          or counterclaim that such Holders or (subject to Section 6.7) the Trustee,
          respectively, in such respect, might otherwise have.

         

        The
          securing of any Indebtedness Ranking on a Parity with the Securities or
          Indebtedness Ranking Junior to the Securities shall not be deemed to prevent
          such Indebtedness from constituting Indebtedness Ranking on a Parity with
          the
          Securities or Indebtedness Ranking Junior to the Securities, respectively.
          The
          securing of any Indebtedness for Money Borrowed of the Company otherwise
          constituting Indebtedness Ranking on a Parity with the Securities shall
          not be
          deemed to prevent such Indebtedness for Money Borrowed from constituting
          Indebtedness Ranking on a Parity with the Securities. The securing of any
          Indebtedness for Money Borrowed of the Company otherwise constituting
          Indebtedness Ranking Junior to the Securities shall not be deemed to prevent
          such Indebtedness for Money Borrowed from constituting Indebtedness Ranking
          Junior to the Securities.

         

        The
          Company shall give prompt written notice to the Trustee of any insolvency,
          bankruptcy, receivership, conservatorship, reorganization, readjustment
          of debt,
          marshaling of assets and liabilities or similar proceedings or any liquidation,
          dissolution or winding-up or relating to the Company as a whole, whether
          voluntary or involuntary, or of any default with respect to any Senior
          Indebtedness that would prevent the Trustee from making any payment in
          respect
          of the Securities under this Section. The Trustee, subject to the provisions
          of
          Section 6.1, shall be entitled to assume that, and may act as if, no such
          event
          has occurred unless a Responsible Officer of the Trustee assigned to the
          Corporate Trust Office has received at the Corporate Trust Office of the
          Trustee
          from the Company or any one or more holders of Senior Indebtedness or any
          trustee therefor (who shall have been certified or otherwise established
          to the
          satisfaction of the Trustee to be such a holder or trustee) written notice
          thereof. Upon any distribution of assets of the Company referred to in
          this
          Article 16, the Trustee and Holders shall be entitled to rely conclusively
          upon
          a certificate of the liquidating trustee or agent, or any order or decree
          entered by a court of competent jurisdiction, or other Person making any
          distribution to the Trustee or to the Holders for the purpose of ascertaining
          the Persons entitled to participate in such distribution, the holders of
          the
          Senior Indebtedness, the amount thereof or payable thereon, the amount
          or
          amounts paid or distributed thereon and all other facts pertinent thereto
          or to
          this Article, and the Trustee, subject to the provisions of Article 6,
          and the
          Holders of the Securities shall be entitled to rely upon a certificate
          of the
          liquidating trustee or agent or other Person making any distribution to
          the
          Trustee or to the Holders of the Securities for the purpose of ascertaining
          the
          Persons entitled to participate in such distribution, the holders of the
          Senior
          Indebtedness of the Company, the amount thereof or payable thereon, the
          amount
          or amounts paid or distributed thereon and all other facts pertinent to
          this
          Article 16. In the absence of any such liquidating trustee, agent or other
          Person, the Trustee, subject to Section 6.1, shall be entitled to rely
          conclusively upon a written notice by a Person representing himself or
          herself
          to be a holder of Senior Indebtedness (or a trustee or representative on
          behalf
          of such holder) as evidence that such Person is a holder of such Senior
          Indebtedness (or is such a trustee or representative). In the event that
          the
          Trustee determines, in its discretion, that further evidence is required
          with
          respect to the right of any Person, as a holder of Senior Indebtedness,
          to
          participate in any payment or distribution pursuant to this Section 16.1,
          the
          Trustee may request such Person to furnish evidence to the reasonable
          satisfaction of the Trustee as to the amount of such Senior Indebtedness
          held by
          such Person, as to the extent to which such Person is entitled to participate
          in
          such payment or distribution, and as to other facts pertinent to the rights
          of
          such Person under this Section 16.1, and if such evidence is not furnished,
          the
          Trustee may defer any payment to such Person pending judicial determination
          as
          to the right of such Person to receive such payment.

         

        
          
            
            

          

          
            68

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 16.2

                	
                  Obligation
                    of the Company Unconditional and Payment Permitted if no
                    Default.

                

        

         

        Subject
          to the provisions of this Article 16 and the terms of the Securities, nothing
          contained in this Article 16 or elsewhere in this Indenture is intended
          to or
          shall impair, as between the Company and the Holders, the obligation of
          the
          Company, which is absolute and unconditional, to pay to such Holders the
          principal of (and premium, if any) and interest on the Securities when,
          where
          and as the same shall become due and payable, all in accordance with the
          terms
          of the Securities, or is intended to or shall affect the relative rights
          of such
          Holders and creditors of the Company other than the holders of Senior
          Indebtedness, nor shall anything herein or therein prevent the Trustee
          or the
          Holder of any Security from exercising all remedies otherwise permitted
          by
          applicable law upon default under this Indenture, subject to the rights,
          if any,
          under this Article 16 of the holders of Senior Indebtedness in respect
          of cash,
          property or securities of the Company received upon the exercise of any
          such
          remedy.

         

        
          	 	
                  Section 16.3

                	
                  Limitations
                    on Duties to Holders of Senior
                    Indebtedness.

                

        

         

        In
          the
          event and during the continuation of any default in the payment of principal
          of,
          or premium, if any, or interest on, any Senior Indebtedness beyond any
          applicable period of grace, or in the event that any event of default with
          respect to any Senior Indebtedness shall have occurred and be continuing,
          or
          would occur as a result of the payment referred to hereinafter, permitting
          the
          holders of such Senior Indebtedness (or a trustee on behalf of the holders
          thereof) to accelerate the maturity thereof, then, unless and until such
          default
          or event of default shall have been cured or waived or shall have ceased
          to
          exist, no payment of principal of, or premium (if any) or interest, if
          any, on
          the Securities, or in respect of any redemption, exchange, retirement,
          purchase
          or other acquisition of any of the Securities, shall be made by the
          Company.

         

        
          
            
            

          

          
            69

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 16.4

                	
                  Notice
                    to Trustee of Facts Prohibiting
                    Payments.

                

        

         

        Notwithstanding
          any of the provisions of this Article 16 or any other provision of this
          Indenture, the Trustee shall not at any time be charged with knowledge
          of the
          existence of any facts that would prohibit the making of any payment of
          funds to
          or by the Trustee unless and until a Responsible Officer of the Trustee
          assigned
          to its Corporate Trust Division shall have received at the Corporate Trust
          Office written notice thereof from the Company or from one or more holders
          of
          Senior Indebtedness or from any trustee therefor who shall have been certified
          by the Company or otherwise established to the reasonable satisfaction
          of the
          Trustee to be such a holder or trustee; and, prior to the receipt of such
          written notice, the Trustee, subject to the provisions of Section 6.1,
          shall be entitled in all respects to assume that no such facts exist;
provided,
          however,
          that if
          prior to the fifth Business Day preceding the date upon which by the terms
          hereof any such funds may become payable, or if prior to the third Business
          Day
          preceding the date of the execution of instruments pursuant to Section 4.1
          acknowledging satisfaction and discharge of this Indenture, the Trustee
          shall
          not have received with respect to such funds the notice provided for in
          this
          Section 16.4, then, anything herein contained to the contrary
          notwithstanding, the Trustee shall have full power and authority to receive
          such
          moneys and/or apply the same to the purpose for which they were received
          and
          shall not be affected by any notice to the contrary that may be received
          by it
          on or after such date; provided,
          however,
          no such
          application shall affect the obligations under this Article 16 of the Persons
          receiving such moneys from the Trustee.

         

        
          	 	
                  Section 16.5

                	
                  Application
                    by Trustee of Moneys Deposited With
                    It.

                

        

         

        Anything
          in this Indenture to the contrary notwithstanding, any deposit of a sum
          by the
          Company with the Trustee or any agent (whether or not in trust) for any
          payment
          of the principal of (and premium, if any) or interest on any Securities
          shall,
          except as provided in Section 16.4, be subject to the provisions of Section
          16.1.

         

        
          	 	
                  Section 16.6

                	
                  Subrogation.

                

        

         

        Subject
          to the payment in full of all Senior Indebtedness, the Holders of the Securities
          shall be subrogated to the rights of the holders of such Senior Indebtedness
          to
          receive payments or distributions of assets of the Company applicable to
          such
          Senior Indebtedness until the Securities shall be paid in full, and none
          of the
          payments or distributions to the holders of such Senior Indebtedness to
          which
          the Holders of the Securities or the Trustee would be entitled except for
          the
          provisions of this Article 16 or of payments over, pursuant to the provisions
          of
          this Article 16, to the holders of such Senior Indebtedness by the Holders
          of
          such Securities or the Trustee shall, as among the Company, its creditors
          other
          than the holders of such Senior Indebtedness, and the Holders of such
          Securities, be deemed to be a payment by the Company to or on account of
          such
          Senior Indebtedness; it being understood that the provisions of this Article
          are
          and are intended solely for the purpose of defining the relative rights
          of the
          Holders of such Securities, on one hand, and the holders of the Senior
          Indebtedness, on the other hand.

         

        
          
            
            

          

          
            70

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 16.7

                	
                  Subordination
                    Rights Not Impaired by Acts or Omissions of Bank or Holders of
                    Senior
                    Indebtedness.

                

        

         

        No
          right
          of any present or future holders of any Senior Indebtedness to enforce
          subordination as herein provided shall at any time in any way be prejudiced
          or
          impaired by any act or failure to act on the part of the Company or by
          any act
          or failure to act, in good faith, by any such holder, or by any noncompliance
          by
          the Company with the terms, provisions and covenants of this Indenture,
          regardless of any knowledge thereof with which any such holder may have
          or be
          otherwise charged. The holders of Senior Indebtedness may, at any time
          or from
          time to time and in their absolute discretion, change the manner, place
          or terms
          of payment, change or extend the time of payment of, or renew or alter,
          any such
          Senior Indebtedness, or amend or supplement any instrument pursuant to
          which any
          such Senior Indebtedness is issued or by which it may be secured, or release
          any
          security therefor, or exercise or refrain from exercising any other of
          their
          rights under the Senior Indebtedness including, without limitation, the
          waiver
          of default thereunder, all without notice to or assent from the Holders
          or the
          Trustee and without affecting the obligations of the Company, the Trustee
          or the
          Holders under this Article 16.

         

        
          	 	
                  Section 16.8

                	
                  Authorization
                    of Trustee to Effectuate Subordination of
                    Securities.

                

        

         

        Each
          Holder of a Security, by his or her acceptance thereof, authorizes and
          expressly
          directs the Trustee on his or her behalf to take such action as may be
          necessary
          or appropriate to effectuate, as between the Holders and the holders of
          Senior
          Indebtedness, the subordination provided in this Article 16. If, in the
          event of
          any proceeding or other action relating to the Company referred to in the
          second
          paragraph of Section 16.1, a proper claim or proof of debt in the form
          required
          in such proceeding or action is not filed by or on behalf of the Holders
          prior
          to fifteen days before the expiration of the time to file such claim or
          claims,
          then the holder or holders of Senior Indebtedness shall have the right
          to file
          and are hereby authorized to file an appropriate claim for and on behalf
          of the
          Holders.

         

        
          	 	
                  Section 16.9

                	
                  Right
                    of Trustee to Hold Senior
                    Indebtedness.

                

        

         

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

         

        
          	 	
                  Section 16.10

                	
                  Article
                    16 Not to Prevent Defaults (Including Events of
                    Default).

                

        

         

        The
          failure to make a payment pursuant to the terms of the Securities by reason
          of
          any provision in this Article 16 shall not be construed as preventing the
          occurrence of a Default (including an Event of Default, if any).

         

        
          	 	
                  Section 16.11

                	
                  Article
                    Applicable to Paying Agents.

                

        

         

        The
          term
“Trustee” as used in this Article 16 shall (unless the context shall otherwise
          require) be construed as extending to and including each Paying Agent appointed
          by the Company and acting hereunder within its meaning as fully for all
          intents
          and purposes as if the Paying Agent were named in this Article 16 in addition
          to
          or in place of the Trustee; provided, however, that Sections 16.4 and 16.9
          shall
          not apply to the Company or any Affiliate of the Company if the Company
          or such
          Affiliate acts as Paying Agent.

         

        
          
            
            

          

          
            71

            
              

            

          

          
            
            

          

        

         

        
          	 	
                  Section 16.12

                	
                  Trustee
                    Not Fiduciary for Holders of Senior
                    Indebtedness.

                

        

         

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

         

        ARTICLE
          17

         

        MISCELLANEOUS
          PROVISIONS

         

        
          	 	
                  Section 17.1

                	
                  Securities
                    in Foreign Currencies

                

        

         

        Whenever
          this Indenture provides for (i) any action by, or the determination of any
          of the rights of, Holders of Securities of any series in which not all
          of such
          Securities are denominated in the same currency, or (ii) any distribution
          to Holders of Securities, in the absence of any provision to the contrary
          in the
          form of Security of any particular series, any amount in respect of any
          Security
          denominated in a currency other than United States dollars shall be treated
          for
          any such action or distribution as that amount of United States dollars
          that
          could be obtained for such amount on such reasonable basis of exchange
          and as of
          the record date with respect to Registered Securities of such series (if
          any)
          for such action, determination of rights or distribution (or, if there
          shall be
          no applicable record date, such other date reasonably proximate to the
          date of
          such action, determination of rights or distribution) as the Company may
          specify
          in a written notice to the Trustee.

         

        *   *   *   *   *

         

        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.

        
          
            
            

          

          
            72

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the
          parties hereto have caused this Indenture to be duly executed, and their
          respective corporate seals to be hereunto affixed and attested, all as
          of the
          day and year first above written.

         

        
          	 	 	 
	 	
                  THE
                    BEAR STEARNS COMPANIES INC.

                
	 
 	 
 	 
 
	[SEAL]	By:  	/s/ Kenneth L. Edlow
	 	
                  

                  Kenneth
                    L. Edlow

                  Secretary

                
	 	 

          	 	 	 
	 	THE
                  BANK OF NEW
                  YORK
	 
 	 
 	 
 
	[SEAL]	By:  	/s/ Ming Ryan
	 	
                  

                  Ming
                    Ryan

                  Vice
                    President

                
	 	 

          
            
              
              

            

            
              73

              
                

              

            

            
              
              

            

          

        EXHIBIT
          A-1

         

        [Form
          of
          Certificate of Beneficial Ownership by a Non-United States Person

        or
          by a
          Qualifying Foreign Branch of a United States Financial Institution]

        Certificate

        THE
          BEAR
          STEARNS COMPANIES INC.

        [Insert
          title or sufficient description of

        Securities
          to be delivered]

         

        Reference
          is hereby made to the Indenture dated as of November 14, 2006 (the “Indenture”)
          between The Bear Stearns Companies Inc. and The Bank of New York, as trustee
          (the “Trustee”), covering the above-captioned Securities. This is to certify
          that as of the date hereof, [except
          as
          provided in the following paragraph hereof]* ,
          none of
          __________ principal amount of Securities credited to you for our account
          is
          being acquired by or on behalf of United States Persons, as defined below,
          or
          persons who have purchased such Securities for offer to resell or for resale
          to
          United States Persons, other than a Qualifying Foreign Branch of a United
          States
          Financial Institution, as defined below that is not purchasing for offer
          to
          resell or for resale inside the United States. If we are a Qualifying Foreign
          Branch of a United States Financial Institution holding securities for
          our own
          account, we enclose herewith a certificate in the form of Exhibit A-2 to
          the
          Indenture. We undertake to advise you by tested telex followed by written
          confirmation if the above statement as to beneficial ownership is not correct
          on
          the date of delivery of the above-captioned Securities in bearer form as
          to all
          of such Securities with respect to such of said Securities as then appear
          in
          your books as being held for our account. We understand that this certificate
          is
          required in connection with United States tax laws. We irrevocably authorize
          you
          to produce this certificate or a copy hereof to any interested party in
          any
          administrative or legal proceedings with respect to the matter covered
          by this
          certificate. “United States Person” shall mean a citizen or resident of the
          United Stares of America (including the States and the District of Columbia),
          its territories and possessions and other areas subject to its jurisdiction
          (the
“United States”), a corporation, partnership or other entity created or
          organized in or under the laws of the United States or any political subdivision
          thereof or an estate or trust that is subject to United Slates federal
          income
          taxation regardless of the source of its income. A “Qualifying Foreign Branch of
          a United States Financial Institution” shall mean a branch located outside the
          United States of a United States securities clearing organization, bank
          or other
          financial institution that holds customers’ securities in the ordinary course of
          its trade or business that agrees to comply with the requirements of Section
          165(j)(3)(A), (B) or (C) or the United States Internal Revenue Code of
          1986 and
          the regulations thereunder.

        
          _______________________

          *
            Delete
            if inappropriate

        

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

         

        [This
          certificate excepts and does not relate to __________ principal amount
          of
          Securities credited to you for our account and to which we are not now
          able to
          make the certification set forth above. We understand that definitive Securities
          cannot be delivered until we are able to so certify with respect to such
          principal amount of Securities.]* 

         

        
          	
                  Dated:

                	
                  ___________,
                    20__

                

        

         

        [To
          be
          dated on or after

        ___________,
          20__ (the

        date
          determined as provided

        in
          the
          Indenture)]

         

        
          	 	 	 
	 	 	 
                  [Name
                    of Person Entitled to Receive Bearer

                  Security]

                
	 
 	 
 	 
 
	 	 	 
	 	
                  ________________________________________

                  (Authorized
                    Signatory)

                
	 	 
	 	
                  Name                            

                   

                  Title                            

                

        

         

        
          _______________________

          *
            Delete
            if inappropriate

        

        
          
            
            

          

          
            A-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A-2

         

        [Form
          of
          Certificate of Status as a

        Qualifying
          Foreign Branch of a United States Financial Institution]

         

        Certificate

         

        THE
          BEAR
          STEARNS COMPANIES INC.

         

        [Insert
          title or sufficient description of Securities to be delivered]

         

        Reference
          is hereby made to the Indenture dated as of November 14, 2006 (the “Indenture”),
          between The Bear Stearns Companies Inc. and The Bank of New York, as trustee,
          relating to the offering of the above-captioned Securities (the “Securities”).
          Unless herein defined, terms used herein have the same meaning as given
          to them
          in the Indenture.

         

        The
          Securities are intended to be obligations “targeted to foreign markets” for
          purposes of the United States Internal Revenue Code of 1986 and the regulations
          thereunder. Accordingly, the undersigned represents that it is a branch
          located
          outside the United States of a United States securities clearing organization,
          bank or other financial institution that holds customers’ securities in the
          ordinary course of its trade or business and agrees that it will comply
          with the
          requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
          Code of
          1986 and the regulations thereunder and is not purchasing for offer to
          resell or
          for resale inside the United States. We undertake to advise you by tested
          telex
          followed by written confirmation if the statement in the immediately preceding
          sentence is not correct on the date of delivery of the above-captioned
          Securities in bearer form.

         

        We
          understand that this certificate is required in connection with the United
          States tax laws. We irrevocably authorize you to produce this certificate
          or a
          copy hereof to any interested party in any administrative or legal proceeding
          with respect to the matters covered by this certificate.

         

        
          	
                  Dated:

                	
                  __________,
                    20__

                

        

        [To
          be
          dated on or after

        __________,
          20__ (the

        date
          determined as provided in the Indenture)]

         

        
          
            	 	 	 
	 	 	 
                    [Name
                      of Person Entitled to Receive Bearer Security]

                  
	 
 	 
 	 
 
	 	 	 
	 	
                    ________________________________________

                    (Authorized
                      Signatory)

                  
	 	 
	 	
                    Name                            

                     

                    Title

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