Document:

Form of Subordinated Indenture - FPL Group Capital

     

    Exhibit
      4(ax)

    

    _____________________________________________________

     

     

    FPL
      GROUP CAPITAL INC,

    Issuer

     

    AND

     

    FPL
      GROUP, INC.,

    Guarantor

     

    TO

     

    The
      Bank of New York,

    Trustee

     

    _________

     

    Indenture

    (For
      Unsecured Subordinated Debt Securities

     

    [1relating
      to Trust Securities])

     

    Dated
      as of _______, 20__

     

    

    

    

    

    _____________________________________________________

    

    

      
        _______________________________________

         

        1
          For use in connection with subordinated debt securities relating to trust
          securities.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    

    TABLE
      OF
      CONTENTS

     

    
      	
              RECITAL
                OF THE COMPANY

            	
               
                1

            
	 
	
              RECITAL
                OF THE GUARANTOR

            	
               
                1

            
	 
	
              ARTICLE
                ONE         
                Definitions
                and Other Provisions of General Application

            	
               
                1

            
	 
	 	
              SECTION
                101.

            	
              Definitions

            	
                1

            
	 	 	
              “Act”

            	
                2

            
	 	 	
              [1“Additional
                Interest”]

            	
                2

            
	 	 	
              “Affiliate”

            	
                2

            
	 	 	
              “Authenticating
                Agent”

            	
                2

            
	 	 	
              “Authorized
                Officer”

            	
                2

            
	 	 	
              “Board
                of Directors”

            	
                2

            
	 	 	
              “Board
                Resolution”

            	
                2

            
	 	 	
              “Business
                Day”

            	
                3

            
	 	 	
              “Commission”

            	
                3

            
	 	 	
              [1“Common
                Securities”]

            	
                3

            
	 	 	
              “Company”

            	
                3

            
	 	 	
              “Company
                Request” or “Company Order”

            	
                3

            
	 	 	
              “Corporate
                Trust Office”

            	
                3

            
	 	 	
              “Corporation”

            	
                3

            
	 	 	
              “Defaulted
                Interest”

            	
                3

            
	 	 	
              “Discount
                Security”

            	
                3

            
	 	 	
              “Dollar”
                or “$”

            	
                3

            
	 	 	
              “Eligible
                Obligations”

            	
                3

            
	 	 	
              “Event
                of Default”

            	
                3

            
	 	 	
              “Exchange
                Act”

            	
                4

            
	 	 	
              “Governmental
                Authority”

            	
                4

            
	 	 	
              “Government
                Obligations”

            	
                4

            
	 	 	
              “Guarantee”

            	
                4

            
	 	 	
              “Guarantor”

            	
                4

            
	 	 	
              “Guarantor
                Order” or “Guarantor Request”

            	
                4

            
	 	 	
              “Holder”

            	
                4

            
	 	 	
              “Indenture”

            	
                4

            
	 	 	
              “Interest
                Payment Date”

            	
                4

            
	 	 	
              “Maturity”

            	
                5

            
	 	 	
              “Notice
                of Default”

            	
                5

            
	 	 	
              “Officer’s
                Certificate”

            	
                5

            
	 	 	
              “Opinion
                of Counsel”

            	
                5

            
	 	 	
              “Outstanding”

            	
                5

            
	 	 	
              “Paying
                Agent”

            	
                6

            
	 	 	
              “Periodic
                Offering”

            	
                6

            
	 	 	
              “Person”

            	
                6

            
	 	 	
              “Place
                of Payment”

            	
                6

            
	 	 	
              “Predecessor
                Security”

            	
                6

            
	 	 	
              [1“Preferred
                Securities”]

            	
                6

            
	 	 	
              “Redemption
                Date”

            	
                7

            
	 	 	
              “Redemption
                Price”

            	
                7

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	
              “Regular
                Record Date”

            	
               
                7

            
	 	 	
              “Required
                Currency”

            	
               
                7

            
	 	 	
              “Responsible
                Officer”

            	
               
                7

            
	 	 	
              “Securities”

            	
               
                7

            
	 	 	
              “Securities
                Act”

            	
               
                7

            
	 	 	
              “Security
                Register” and “Security Registrar”

            	
               
                7

            
	 	 	
              “Senior
                Indebtedness” - to be inserted

            	
               
                7

            
	 	 	
              “Special
                Record Date”

            	
               
                7

            
	 	 	
              “Stated
                Interest Rate”

            	
               
                7

            
	 	 	
              “Stated
                Maturity”

            	
               
                7

            
	 	 	
              “Tranche”

            	
               
                7

            
	 	 	
              [1“Trust”]

            	
               
                8

            
	 	 	
              [1“Trust
                Agreement”]

            	
               
                8

            
	 	 	
              “Trust
                Indenture Act”

            	
               
                8

            
	 	 	
              [1“Trust
                Securities Guarantee”]

            	
               
                8

            
	 	 	
              “Trustee”

            	
               
                8

            
	 	 	
              “United
                States”

            	
               
                8

            
	 	
              SECTION
                102.

            	
              Compliance
                Certificates and Opinions

            	
               
                8

            
	 	
              SECTION
                103.

            	
              Form
                of Documents Delivered to Trustee

            	
               
                9

            
	 	
              SECTION
                104.

            	
              Acts
                of Holders

            	
               
                9

            
	 	
              SECTION
                105.

            	
              Notices,
                etc. to Trustee, Company and Guarantor

            	
              11

            
	 	
              SECTION
                106.

            	
              Notice
                to Holders of Securities; Waiver

            	
              12

            
	 	
              SECTION
                107.

            	
              Conflict
                with Trust Indenture Act

            	
              12

            
	 	
              SECTION
                108.

            	
              Effect
                of Headings and Table of Contents

            	
              12

            
	 	
              SECTION
                109.

            	
              Successors
                and Assigns

            	
              13

            
	 	
              SECTION
                110.

            	
              Separability
                Clause

            	
              13

            
	 	
              SECTION
                111.

            	
              Benefits
                of Indenture

            	
              13

            
	 	
              SECTION
                112.

            	
              Governing
                Law

            	
              13

            
	 	
              SECTION
                113.

            	
              Legal
                Holidays

            	
              13

            
	 
	
              ARTICLE
                TWO         Security
                Forms

            	
              14

            
	 
	 	
              SECTION
                201.

            	
              Forms
                Generally

            	
              14

            
	 	
              SECTION
                202.

            	
              Form
                of Trustee’s Certificate of Authentication

            	
              14

            
	 
	
              ARTICLE
                THREE           
                The
                Securities

            	
              14

            
	 
	 	
              SECTION
                301.

            	
              Amount
                Unlimited; Issuable in Series

            	
              14

            
	 	
              SECTION
                302.

            	
              Denominations

            	
              18

            
	 	
              SECTION
                303.

            	
              Execution,
                Authentication, Delivery and Dating

            	
              18

            
	 	
              SECTION
                304.

            	
              Temporary
                Securities

            	
              21

            
	 	
              SECTION
                305.

            	
              Registration,
                Registration of Transfer and Exchange

            	
              21

            
	 	
              SECTION
                306.

            	
              Mutilated,
                Destroyed, Lost and Stolen Securities

            	
              22

            
	 	
              SECTION
                307.

            	
              Payment
                of Interest; Interest Rights Preserved

            	
              23

            
	 	
              SECTION
                308.

            	
              Persons
                Deemed Owners

            	
              24

            
	 	
              SECTION
                309.

            	
              Cancellation
                by Security Registrar

            	
              24

            
	 	
              SECTION
                310.

            	
              Computation
                of Interest

            	
              24

            
	 	
              SECTION
                311.

            	
              Payment
                to Be in Proper Currency

            	
              25

            
	 	
              SECTION
                312.

            	
              [1Extension
                of Interest Payment]

            	
              25

            
	 	
              SECTION
                313.

            	
              [1Additional
                Interest]

            	
              25

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE FOUR             
                Redemption
                of Securities

            	
              25

            
	 
	 	
              SECTION
                401.

            	
              Applicability
                of Article

            	
              25

            
	 	
              SECTION
                402.

            	
              Election
                to Redeem; Notice to Trustee

            	
              26

            
	 	
              SECTION
                403.

            	
              Selection
                of Securities To Be Redeemed

            	
              26

            
	 	
              SECTION
                404.

            	
              Notice
                of Redemption

            	
              26

            
	 	
              SECTION
                405.

            	
              Securities
                Payable on Redemption Date

            	
              27

            
	 	
              SECTION
                406.

            	
              Securities
                Redeemed in Part

            	
              28

            
	 
	
              ARTICLE
                FIVE         Sinking
                Funds

            	
              28

            
	 
	 	
              SECTION
                501.

            	
              Applicability
                of Article

            	
              28

            
	 	
              SECTION
                502.

            	
              Satisfaction
                of Sinking Fund Payments with Securities

            	
              28

            
	 	
              SECTION
                503.

            	
              Redemption
                of Securities for Sinking Fund

            	
              29

            
	 
	
              ARTICLE
                SIX         
                Covenants

            	
              29

            
	 
	 	
              SECTION
                601.

            	
              Payment 
                of Principal, Premium and Interest

            	
              29

            
	 	
              SECTION
                602.

            	
              Maintenance
                of Office or Agency

            	
              29

            
	 	
              SECTION
                603.

            	
              Money
                for Securities Payments to Be Held in Trust

            	
              30

            
	 	
              SECTION
                604.

            	
              Corporate
                Existence

            	
              31

            
	 	
              SECTION
                605.

            	
              Maintenance
                of Properties

            	
              31

            
	 	
              SECTION
                606.

            	
              Annual
                Officer’s Certificate as to Compliance

            	
              32

            
	 	
              SECTION
                607.

            	
              Waiver
                of Certain Covenants

            	
              32

            
	 	
              SECTION
                608.

            	
              [1Restrictions
                on Dividends and Debt Payments]

            	
              32

            
	 	
              SECTION
                609.

            	
              [1Maintenance
                of Trust Existence]

            	
              33

            
	 	
              SECTION
                610.

            	
              [1Rights
                of Holders of Preferred Securities]

            	
              33

            
	 
	
              ARTICLE
                SEVEN     
                 Satisfaction
                and Discharge

            	
              34

            
	 
	 	
              SECTION
                701.

            	
              Satisfaction
                and Discharge of Securities

            	
              34

            
	 	
              SECTION
                702.

            	
              Satisfaction
                and Discharge of Indenture

            	
              36

            
	 	
              SECTION
                703.

            	
              Application
                of Trust Money

            	
              36

            
	 
	
              ARTICLE
                EIGHT            
                Events
                of Default; Remedies

            	
              37

            
	 
	 	
              SECTION
                801.

            	
              Events
                of Default

            	
              37

            
	 	
              SECTION
                802.

            	
              Acceleration
                of Maturity; Rescission and Annulment

            	
              38

            
	 	
              SECTION
                803.

            	
              Collection
                of Indebtedness and Suits for Enforcement by Trustee

            	
              39

            
	 	
              SECTION
                804.

            	
              Trustee
                May File Proofs of Claim

            	
              40

            
	 	
              SECTION
                805.

            	
              Trustee
                May Enforce Claims Without Possession of Securities

            	
              40

            
	 	
              SECTION
                806.

            	
              Application
                of Money Collected

            	
              41

            
	 	
              SECTION
                807.

            	
              Limitation
                on Suits

            	
              41

            
	 	
              SECTION
                808.

            	
              Unconditional
                Right of Holders to Receive Principal, Premium and
                Interest

            	
              42

            
	 	
              SECTION
                809.

            	
              Restoration
                of Rights and Remedies

            	
              42

            
	 	
              SECTION
                810.

            	
              Rights
                and Remedies Cumulative

            	
              42

            
	 	
              SECTION
                811.

            	
              Delay
                or Omission Not Waiver

            	
              42

            
	 	
              SECTION
                812.

            	
              Control
                by Holders of Securities

            	
              42

            
	 	
              SECTION
                813.

            	
              Waiver
                of Past Defaults

            	
              43

            
	 	
              SECTION
                814.

            	
              Undertaking
                for Costs

            	
              43

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              SECTION
                815.

            	
              Waiver
                of Usury, Stay or Extension Laws

            	
              44

            
	 
	
              ARTICLE
                NINE              
                The
                Trustee

            	
              44

            
	 
	 	
              SECTION
                901.

            	
              Certain
                Duties and Responsibilities

            	
              44

            
	 	
              SECTION
                902.

            	
              Notice
                of Defaults

            	
              45

            
	 	
              SECTION
                903.

            	
              Certain
                Rights of Trustee

            	
              45

            
	 	
              SECTION
                904.

            	
              Not
                Responsible for Recitals or Issuance of Securities

            	
              46

            
	 	
              SECTION
                905.

            	
              May
                Hold Securities

            	
              46

            
	 	
              SECTION
                906.

            	
              Money
                Held in Trust

            	
              47

            
	 	
              SECTION
                907.

            	
              Compensation
                and Reimbursement

            	
              47

            
	 	
              SECTION
                908.

            	
              Disqualification;
                Conflicting Interests

            	
              48

            
	 	
              SECTION
                909.

            	
              Corporate
                Trustee Required; Eligibility

            	
              48

            
	 	
              SECTION
                910.

            	
              Resignation
                and Removal; Appointment of Successor

            	
              48

            
	 	
              SECTION
                911.

            	
              Acceptance
                of Appointment by Successor

            	
              50

            
	 	
              SECTION
                912.

            	
              Merger,
                Conversion, Consolidation or Succession to Business

            	
              51

            
	 	
              SECTION
                913.

            	
              Preferential
                Collection of Claims Against Company

            	
              51

            
	 	
              SECTION
                914.

            	
              Co-Trustees
                and Separate Trustees

            	
              52

            
	 	
              SECTION
                915.

            	
              Appointment
                of Authenticating Agent

            	
              53

            
	 
	
              ARTICLE
                TEN                
                Holders’
                Lists and Reports by Trustee, Company and Guarantor

            	
              54

            
	 
	 	
              SECTION
                1001.

            	
              Lists
                of Holders

            	
              54

            
	 	
              SECTION
                1002.

            	
              Reports
                by Trustee, Company and Guarantor

            	
              55

            
	 
	
              ARTICLE
                ELEVEN     
                Consolidation,
                Merger, Conveyance or Other Transfer

            	
              55

            
	 
	 	
              SECTION
                1101.

            	
              Company
                or Guarantor May Consolidate, etc., Only on Certain Terms

            	
              55

            
	 	
              SECTION
                1102.

            	
              Successor
                Entity Substituted

            	
              55

            
	 	
              SECTION
                1103.

            	
              Limitation

            	
              56

            
	 
	
              ARTICLE
                TWELVE     Supplemental
                Indentures

            	
              56

            
	 
	 	
              SECTION
                1201.

            	
              Supplemental
                Indentures Without Consent of Holders

            	
              56

            
	 	
              SECTION
                1202.

            	
              Supplemental
                Indentures With Consent of Holders

            	
              58

            
	 	
              SECTION
                1203.

            	
              Execution
                of Supplemental Indentures

            	
              59

            
	 	
              SECTION
                1204.

            	
              Effect
                of Supplemental Indentures

            	
              59

            
	 	
              SECTION
                1205.

            	
              Conformity
                with Trust Indenture Act

            	
              60

            
	 	
              SECTION
                1206.

            	
              Reference
                in Securities to Supplemental Indentures

            	
              60

            
	 	
              SECTION
                1207.

            	
              Modification
                Without Supplemental Indenture

            	
              60

            
	 
	
              ARTICLE
                THIRTEEN     Meetings
                of Holders; Action Without Meeting

            	
              60

            
	 
	 	
              SECTION
                1301.

            	
              Purposes
                for Which Meetings May Be Called

            	
              60

            
	 	
              SECTION
                1302.

            	
              Call,
                Notice and Place of Meetings

            	
              60

            
	 	
              SECTION
                1303.

            	
              Persons
                Entitled to Vote at Meetings

            	
              61

            
	 	
              SECTION
                1304.

            	
              Quorum;
                Action

            	
              61

            
	 	
              SECTION
                1305.

            	
              Attendance
                at Meetings; Determination of Voting Rights; Conduct and Adjournment
                of Meetings

            	
              62

            
	 	
              SECTION
                1306.

            	
              Counting
                Votes and Recording Action of Meetings

            	
              63

            
	 	
              SECTION
                1307.

            	
              Action
                Without Meeting

            	
              63

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                FOURTEEN    Guarantee

            	
              63

            
	 
	 	
              SECTION
                1401.

            	
              Guarantee

            	
              63

            
	 	
              SECTION
                1402.

            	
              Guarantee
                Subordinate to Senior Indebtedness of the Guarantor

            	
              65

            
	 	
              SECTION
                1403.

            	
              Payment
                Over of Proceeds of Securities

            	
              65

            
	 	
              SECTION
                1404.

            	
              Disputes
                with Holders of Certain Senior Indebtedness of the
                Guarantor

            	
              66

            
	 	
              SECTION
                1405.

            	
              Subrogation

            	
              67

            
	 	
              SECTION
                1406.

            	
              Obligation
                of the Guarantor Unconditional

            	
              67

            
	 	
              SECTION
                1407.

            	
              Priority
                of Senior Indebtedness of the Guarantor Upon Maturity

            	
              68

            
	 	
              SECTION
                1408.

            	
              Trustee
                as Holder of Senior Indebtedness of the Guarantor

            	
              68

            
	 	
              SECTION
                1409.

            	
              Notice
                to Trustee to Effectuate Subordination

            	
              68

            
	 	
              SECTION
                1410.

            	
              Modification,
                Extension, etc. of Senior Indebtedness of the
                Guarantor

            	
              69

            
	 	
              SECTION
                1411.

            	
              Trustee
                Has No Fiduciary Duty to Holders of Senior Indebtedness of the
                Guarantor

            	
              69

            
	 	
              SECTION
                1412.

            	
              Paying
                Agents Other Than The Trustee

            	
              69

            
	 	
              SECTION
                1413.

            	
              Rights
                of Holders Oof Senior Indebtedness of the Guarantor Not
                Impaired

            	
              69

            
	 	
              SECTION
                1414.

            	
              Effect
                of Subordination Provisions; Termination

            	
              69

            
	 	
              SECTION
                1415.

            	
              Execution
                and Delivery of Guarantee

            	
              70

            
	 
	
              ARTICLE
                FIFTEEN        
                Subordination
                of Securities

            	
              70

            
	 
	 	
              SECTION
                1501.

            	
              Securities
                Subordinate to Senior Indebtedness of the Company

            	
              70

            
	 	
              SECTION
                1502.

            	
              Payment
                Over of Proceeds of Securities

            	
              70

            
	 	
              SECTION
                1503.

            	
              Disputes
                with Holders of Certain Senior Indebtedness of the Company

            	
              72

            
	 	
              SECTION
                1504.

            	
              Subrogation

            	
              72

            
	 	
              SECTION
                1505.

            	
              Obligation
                of the Company Unconditional

            	
              73

            
	 	
              SECTION
                1506.

            	
              Priority
                of Senior Indebtedness of the Company Upon Maturity

            	
              73

            
	 	
              SECTION
                1507.

            	
              Trustee
                as Holder of Senior Indebtedness of the Company

            	
              74

            
	 	
              SECTION
                1508.

            	
              Notice
                to Trustee to Effectuate Subordination

            	
              74

            
	 	
              SECTION
                1509.

            	
              Modification,
                Extension, etc. of Senior Indebtedness of the Company

            	
              74

            
	 	
              SECTION
                1510.

            	
              Trustee
                Has No Fiduciary Duty to Holders of Senior Indebtedness of the
                Company

            	
              74

            
	 	
              SECTION
                1511.

            	
              Paying
                Agents Other Than the Trustee

            	
              75

            
	 	
              SECTION
                1512.

            	
              Rights
                of Holders of Senior Indebtedness of the Company Not
                Impaired

            	
              75

            
	 	
              SECTION
                1513.

            	
              Effect
                of Subordination Provisions; Termination

            	
              75

            
	 
	
              ARTICLE
                SIXTEEN       
                Immunity
                of Incorporators, Stockholders, Officers and Directors

            	
              75

            
	 
	 	
              SECTION
                1601.

            	
              Liability
                Solely Corporate

            	
              75

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

FPL
        GROUP CAPITAL INC

    

     

    Reconciliation
      and tie between Trust Indenture Act of 1939

    and
      Indenture, dated as of _______, 20__

     

    Trust
      Indenture Act SectionIndenture
      Section

     

    
      	
              §310

            	
              (a)(1)

            	 	
              909

            
	 	
              (a)(2)

            	 	
              909

            
	 	
              (a)(3)

            	 	
              914(b)

            
	 	
              (a)(4)

            	 	
              Not
                Applicable

            
	 	
              (b)

            	 	
              908

            
	 	 	 	
              910

            
	
              §311

            	
              (a)

            	 	
              913

            
	 	
              (b)

            	 	
              913

            
	 	
              (c)

            	 	
              913

            
	
              §312

            	
              (a)

            	 	
              1001

            
	 	
              (b)

            	 	
              1001

            
	 	
              (c)

            	 	
              1001

            
	
              §313

            	
              (a)

            	 	
              1002

            
	 	
              (b)

            	 	
              1002

            
	 	
              (c)

            	 	
              1002

            
	 	
              (d)

            	 	
              1002

            
	
              §314

            	
              (a)

            	 	
              1002

            
	 	
              (a)(4)

            	 	
              606

            
	 	
              (b)

            	 	
              Not
                Applicable

            
	 	
              (c)(1)

            	 	
              102

            
	 	
              (c)(2)

            	 	
              102

            
	 	
              (c)(3)

            	 	
              Not
                Applicable

            
	 	
              (d)

            	 	
              Not
                Applicable

            
	 	
              (e)

            	 	
              102

            
	
              §315

            	
              (a)

            	 	
              901

            
	 	 	 	
              903

            
	 	
              (b)

            	 	
              902

            
	 	
              (c)

            	 	
              901

            
	 	
              (d)

            	 	
              901

            
	 	
              (e)

            	 	
              814

            
	
              §316

            	
              (a)

            	 	
              812

            
	 	 	 	
              813

            
	 	
              (a)(1)(A)

            	 	
              802

            
	 	 	 	
              812

            
	 	
              (a)(1)(B)

            	 	
              813

            
	 	
              (a)(2)

            	 	
              Not
                Applicable

            
	 	
              (b)

            	 	
              808

            
	
              §317

            	
              (a)(1)

            	 	
              803

            
	 	
              (a)(2)

            	 	
              804

            
	 	
              (b)

            	 	
              603

            
	
              §318

            	
              (a)

            	 	
              107

            

    

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SUBORDINATED
      INDENTURE,
      dated
      as of _______, 20__, among FPL
      Group Capital Inc,
      a
      corporation duly organized and existing under the laws of the State of Florida
      (herein called the “Company”), having its principal office at 700 Universe
      Boulevard, Juno Beach, Florida 33408, FPL
      Group, Inc.,
      a
      corporation duly organized and existing under the laws of the State of Florida
      (herein called the “Guarantor”), having its principal office at 700 Universe
      Boulevard, Juno Beach, Florida 33408, and The
      Bank of New York,
      a New
      York banking corporation having its principal corporate trust office at 101
      Barclay Street, Floor 8W, New York, New York 10286, as Trustee (herein called
      the “Trustee”).

     

    RECITAL
      OF THE COMPANY

     

    The
      Company has duly authorized the execution and delivery of this Indenture to
      provide for the issuance from time to time of its unsecured subordinated
      debentures, notes or other evidences of indebtedness (herein called the
“Securities”), in an unlimited aggregate principal amount to be issued in one or
      more series as contemplated herein, with Guarantees endorsed thereon; and all
      acts necessary to make this Indenture a valid agreement of the Company, in
      accordance with its terms, have been performed and all acts necessary to make
      this Indenture a valid agreement of the Company have been
      performed.

     

    RECITAL
      OF THE GUARANTOR

     

    The
      Guarantor has duly authorized the execution and delivery of this Indenture
      to
      provide for the guarantee of the Securities provided for herein; and all acts
      necessary to make this Indenture a valid agreement of the Guarantor, in
      accordance with its terms, have been performed.

     

    For
      all
      purposes of this Indenture, except as otherwise expressly provided or unless
      the
      context otherwise requires, capitalized terms used herein shall have the
      meanings assigned to them in Article One of this Indenture.

     

    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 any series thereof,
      as follows:

     

    ARTICLE
      ONE

     

    Definitions
      and Other Provisions of General Application

     

    
      	
              SECTION
                101. 

            	
              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
      terms
      used herein without definition 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 in the United
      States, and, except as otherwise herein expressly provided, the term “generally
      accepted accounting principles” with respect to any computation required or
      permitted hereunder shall mean such accounting principles as are generally
      accepted in the United States at the date of such computation or, at the
      election of the Company from time to time, at the date of the execution and
      delivery of this Indenture; provided, however, that in determining generally
      accepted accounting principles applicable to the Company, the Company shall,
      to
      the extent required, conform to any order, rule or regulation of any
      administrative agency, regulatory authority or other governmental body having
      jurisdiction over the Company;

     

    (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; and

     

    (e)
       unless
      the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this
      Indenture.

     

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

     

    “Act,”
      when
      used
      with respect to any Holder of a Security, has the meaning specified in Section
      104.

     

    [1“Additional
      Interest” has
      the
      meaning specified in Section 313.]

     

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

     

    “Authenticating
      Agent” means
      any
      Person (other than the Company or an Affiliate of the Company) authorized by
      the
      Trustee pursuant to Section 915 to act on behalf of the Trustee to authenticate
      one or more series of Securities.

     

    “Authorized
      Officer” means
      the
      Chairman of the Board, the President, any Vice President, the Treasurer, any
      Assistant Treasurer, the Secretary, any Assistant Secretary or any other officer
      or agent of the Company or the Guarantor, as the case requires, duly authorized
      by their respective Board of Directors to act in respect of matters relating
      to
      this Indenture.

    

    “Board
      of Directors” means
      either the board of directors of the Company or the Guarantor, as the case
      requires, or any committee of that board duly authorized to act in respect
      of
      matters relating to this Indenture, or the equivalent governing body of an
      entity, or any committee, corporation, individual or group of individuals duly
      authorized to act for such entity in respect of matters relating to this
      Indenture.

     

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

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    “Business
      Day,” when
      used
      with respect to a Place of Payment or any other particular location specified
      in
      the Securities or this Indenture, means any day, other than a Saturday or
      Sunday, which is not a day on which banking institutions or trust companies
      in
      such Place of Payment or other location are generally authorized or required
      by
      law, regulation or executive order to remain closed, except as may be otherwise
      specified as contemplated by Section 301.

     

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

     

    [1“Common
      Securities” means
      any
      common trust interests issued by a Trust or similar securities issued by
      permitted successors to such Trust in accordance with the Trust Agreement
      pertaining to such Trust.]

     

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

     

    “Company
      Request”
      or “Company Order” means
      a
      written request or order signed in the name of the Company by an Authorized
      Officer and delivered to the Trustee.

     

    “Corporate
      Trust Office” means
      the
      corporate trust office of the Trustee at which, at any particular time, its
      corporate trust business shall be principally administered, which office at
      the
      date hereof is located at 101 Barclay Street, 8W, New York, New York
      10286.

     

    “Corporation”
      means
      a
      corporation, association, bank, company, limited liability company, joint stock
      company, statutory trust, or other business entity, and references to
“corporate” and other derivations of “corporation” herein shall be deemed to
      include appropriate derivations of such entities.

     

    “Defaulted
      Interest” has
      the
      meaning specified in Section 307.

     

    “Discount
      Security” means
      any
      Security which provides for an amount less than the principal amount thereof
      to
      be due and payable upon a declaration of acceleration of the Maturity thereof
      pursuant to Section 802. The term “interest”
with
      respect to a Discount Security means interest, if any, borne by such Security
      at
      a Stated Interest Rate.

     

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

     

    “Eligible
      Obligations” means:

     

    (a)
       with
      respect to Securities denominated in Dollars, Government Obligations;
      or

     

    (b)
       with
      respect to Securities denominated in a currency other than Dollars or in a
      composite currency, such other obligations or instruments as shall be specified
      with respect to such Securities, as contemplated by Section 301.

     

    “Event
      of Default” has
      the
      meaning specified in Section 801.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    “Exchange
      Act” means
      the
      Securities Exchange Act of 1934 and the rules and regulations promulgated
      thereunder, as amended from time to time, or any successor
      legislation.

     

    “Governmental
      Authority” means
      the
      government of the United States or of any State or Territory thereof or of
      the
      District of Columbia or of any county, municipality or other political
      subdivision of any of the foregoing, or any department, agency, authority or
      other instrumentality of any of the foregoing.

     

    “Government
      Obligations” means:

     

    (a)
       direct
      obligations of, or obligations the principal of and interest on which are
      unconditionally guaranteed by, the United
               
      States
      and entitled to the benefit of the full faith and credit thereof;
      and

     

    (b)
       certificates,
      depositary receipts or other instruments which evidence a direct ownership
      interest in obligations described in clause (a) above or in any specific
      interest or principal payments due in respect thereof; provided, however, that
      the custodian of such obligations or specific interest or principal payments
      shall be a bank or trust company (which may include the Trustee or any Paying
      Agent) subject to Federal or state supervision or examination with a combined
      capital and surplus of at least $50,000,000; and provided, further, that except
      as may be otherwise required by law, such custodian shall be obligated to pay
      to
      the holders of such certificates, depositary receipts or other instruments
      the
      full amount received by such custodian in respect of such obligations or
      specific payments and shall not be permitted to make any deduction
      therefrom.

     

    “Guarantee”
      means
      any
      guarantee of the Guarantor endorsed on a Security authenticated and delivered
      pursuant to this Indenture and shall include the guarantee set forth in Section
      1401.

     

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

     

    “Guarantor
      Order” or
      “Guarantor
      Request” mean,
      respectively, a written order or request, as the case may be, signed in the
      name
      of the Guarantor by an Authorized Officer of the Guarantor and delivered to
      the
      Trustee.

     

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

     

    “Indenture”
      means
      this instrument as originally executed and delivered and as it may from time
      to
      time be supplemented or amended by one or more indentures or other instruments
      supplemental hereto entered into pursuant to the applicable provisions hereof,
      including, for all purposes of this instrument and any such supplemental
      indenture or other instrument, the provisions of the Trust Indenture Act that
      are deemed to be a part of and govern this Indenture and any such supplemental
      indenture or such other instrument, respectively. The term “Indenture” shall
      also include the terms of particular series of Securities established as
      contemplated by Section 301.

     

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

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    “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 provided
      in
      such Security or in this Indenture, whether at the Stated Maturity, by
      declaration of acceleration, upon call for redemption or otherwise.

     

    “Notice
      of Default,” means
      a
      written notice of the kind specified in Section 801(c).

     

    “Officer’s
      Certificate” means
      a
      certificate signed by an Authorized Officer of the Company or the Guarantor,
      as
      the case requires, and delivered to the Trustee. An Officer’s Certificate of the
      Company may be combined with an Officer’s Certificate of the Guarantor if signed
      by Authorized Officers of the Company and the Guarantor.

     

    “Opinion
      of Counsel” means
      a
      written opinion of counsel, who may be counsel for the Company or the Guarantor
      or an Affiliate of the Company or the Guarantor, or an employee of any thereof,
      and who shall be reasonably acceptable to the Trustee.

     

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

     

    (a)
       Securities
      theretofore canceled or delivered to the Security Registrar for
      cancellation;

     

    (b)
       Securities
      deemed to have been paid for all purposes of this Indenture in accordance with
      Section 701 (whether or not the Company’s indebtedness in respect thereof shall
      be satisfied and discharged for any other purpose); and

     

    (c)
       Securities
      which have been paid pursuant to Section 306 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 and the Company that
      such
      Securities are held by a bona fide purchaser or purchasers in whose hands such
      Securities are valid obligations of the Company;

     

    provided,
      however, that in determining whether or not the Holders of the requisite
      principal amount of the Securities Outstanding under this Indenture, or the
      Outstanding Securities of any series or Tranche, have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder or whether or
      not
      a quorum is present at a meeting of Holders of Securities,

     

    (x)
      Securities owned by the Company or any other obligor upon the Securities or
      any
      Affiliate of the Company or of such other obligor (unless the Company, such
      Affiliate or such obligor owns all Securities Outstanding under this Indenture,
      or all Outstanding Securities of each such series and each such Tranche, as
      the
      case may be, determined without regard to this clause (x)) shall be disregarded
      and deemed not to be Outstanding, except that, in determining whether the
      Trustee shall be protected in relying upon
      any
      such request, demand, authorization, direction, notice, consent or waiver or
      upon any such determination as to the presence of a quorum, only Securities
      which the Trustee knows to be so owned shall be so disregarded; provided,
      however, that Securities so owned which have been pledged in good faith may
      be
      regarded as Outstanding if the pledgee establishes to the satisfaction of the
      Trustee the pledgee’s right so to act with respect to such Securities and that
      the pledgee is not the Company or any other obligor upon the Securities or
      any
      Affiliate of the Company or of such other obligor;

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (y)
      the
      principal amount of a Discount Security that shall be deemed to be Outstanding
      for such purposes shall be the amount of the principal thereof that would be
      due
      and payable as of the date of such determination upon a declaration of
      acceleration of the Maturity thereof pursuant to Section 802; and

     

    (z)
      the
      principal amount of any Security which is denominated in a currency other than
      Dollars or in a composite currency that shall be deemed to be Outstanding for
      such purposes shall be the amount of Dollars which could have been purchased
      by
      the principal amount (or, in the case of a Discount Security, the Dollar
      equivalent on the date determined as set forth below of the amount determined
      as
      provided in (y) above) of such currency or composite currency evidenced by
      such
      Security, in each such case certified to the Trustee in an Officer’s Certificate
      of the Company, based (i) on the average of the mean of the buying and selling
      spot rates quoted by three banks which are members of the New York Clearing
      House Association selected by the Company in effect at 11:00 A.M. (New York
      time) in The City of New York on the fifth Business Day preceding any such
      determination or (ii) if on such fifth Business Day it shall not be possible
      or
      practicable to obtain such quotations from such three banks, on such other
      quotations or alternative methods of determination which shall be as consistent
      as practicable with the method set forth in (i) above;

     

    provided,
      further, that, in the case of any Security the principal of which is payable
      from time to time without presentment or surrender, the principal amount of
      such
      Security that shall be deemed to be Outstanding at any time for all purposes
      of
      this Indenture shall be the original principal amount thereof less the aggregate
      amount of principal thereof theretofore paid.

     

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

     

    “Periodic
      Offering” means
      an
      offering of Securities of a series from time to time any or all of the specific
      terms of which Securities, including without limitation the rate or rates of
      interest or formula for determining the rate or rates of interest, if any,
      thereon, the Stated Maturity or Maturities thereof and the redemption
      provisions, if any, with respect thereto, are to be determined by the Company
      or
      its agents upon the issuance of such Securities.

     

    “Person”
      means
      a
      legal person, including any individual, Corporation, estate, partnership, joint
      venture, unincorporated association or government, or any agency or political
      subdivision thereof or any other entity of whatever nature.

     

    “Place
      of Payment,” when
      used
      with respect to the Securities of any series, or any Tranche thereof, means
      the
      place or places, specified as contemplated by Section 301, at which, subject
      to
      Section 602, principal of and premium, if any, and interest, if any, on the
      Securities of such series or Tranche are payable.

     

    “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 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
      Security shall be deemed (to the extent lawful) to evidence the same debt as
      the
      mutilated, destroyed, lost or stolen Security.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    [1“Preferred
      Securities” means
      any
      preferred trust interests issued by a Trust or similar securities issued by
      permitted successors to such Trust in accordance with the Trust Agreement
      pertaining to such Trust.]

     

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

     

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

     

    “Regular
      Record Date” for
      the
      interest payable on any Interest Payment Date on the Securities of any series
      means the date specified for that purpose as contemplated by Section
      301.

     

    “Required
      Currency” has
      the
      meaning specified in Section 311.

     

    “Responsible
      Officer,” when
      used
      with respect to the Trustee, means any vice-president, any assistant
      vice-president, any assistant secretary, any assistant treasurer, any 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 that officer’s knowledge of and
      familiarity with the particular subject and who shall have direct responsibility
      for the administration of this Indenture.

     

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

     

    “Securities
      Act” means
      the
      Securities Act of 1933, and the rules and regulations promulgated thereunder,
      as
      amended from time to time, or any successor legislation.

     

    “Security
      Register”
      and “Security Registrar” have
      the
      respective meanings specified in Section 305.

     

    “Senior
      Indebtedness” - to be inserted 

     

    “Special
      Record Date” for
      the
      payment of any Defaulted Interest on the Securities of any series means a date
      fixed by the Trustee pursuant to Section 307.

     

    “Stated
      Interest Rate” means
      a
      rate (whether fixed or variable) at which an obligation by its terms is stated
      to bear simple interest. Any calculation or other determination to be made
      under
      this Indenture by reference to the Stated Interest Rate on a Security shall
      be
      made without regard to the effective interest cost to the Company of such
      Security and without regard to the Stated Interest Rate on, or the effective
      cost to the Company of, any other indebtedness in respect of which the Company’s
      obligations are evidenced or secured in whole or in part by such
      Security.

     

    “Stated
      Maturity,”
      when
      used
      with respect to any Security or any obligation or any installment of principal
      thereof or interest thereon, means the date on which the principal of such
      obligation or such installment of principal or interest is stated in such
      Security to be due and payable (without regard to any provisions for redemption,
      prepayment, acceleration, purchase or extension).

     

    “Tranche”
      means
      a
      group of Securities which (a) are of the same series and (b) have identical
      terms except as to principal amount and/or date of issuance.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    [1“Trust”
      means
      FPL
      Group Capital Trust _, a statutory trust formed under the laws of the State
      of
      Delaware, or any other trust designated pursuant to Section 301 hereof or any
      permitted successor under the Trust Agreement pertaining to such
      Trust.]

     

    [1“Trust
      Agreement” means
      the
      Amended and Restated Trust Agreement, dated as of ________, 20__, relating
      to
      FPL Group Capital Trust _, or an Amended and Restated Trust Agreement relating
      to a Trust designated pursuant to Section 301 hereof, in each case, among FPL
      Group, Inc., as Depositor, the trustees
      named therein and the several holders referred to therein, as such agreement
      or
      agreements, as the case may be, may be amended from time to time.]

     

    “Trust
      Indenture Act” means,
      as
      of any time, the Trust Indenture Act of 1939, as amended, or any successor
      statute, as in effect at such time.

     

    [1“Trust
      Securities Guarantee” means
      the
      Preferred Trust Securities Guarantee Agreement between FPL Group, Inc., as
      guarantor, and a guarantee trustee for the benefit of the holders of Preferred
      Securities issued by such Trust.]

     

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

     

    “United
      States” means
      the
      United States of America, its Territories, its possessions and other areas
      subject to its political jurisdiction.

     

    
      	
              SECTION
                102. 

            	
              Compliance
                Certificates and Opinions.

            

    

     

    Except
      as
      otherwise expressly provided in this Indenture, upon any application or request
      by the Company or the Guarantor to the Trustee to take any action under any
      provision of this Indenture, the Company and the Guarantor shall each, furnish
      to the Trustee an Officer’s 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 Person signing such certificate or opinion has read such
      covenant or condition 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 Person, such Person has made such
      examination or investigation as is necessary to enable such Person to express
      an
      informed opinion as to whether or not such covenant or condition has been
      complied with; and

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              SECTION
                103. 

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

     

    Where
      (i)
      any Person is required to make, give or execute two or more applications,
      requests, consents, certificates, statements, opinions or other instruments
      under this Indenture, or (ii) two or more Persons are each required to make,
      give or execute any such application, request, consent, certificate, statement,
      opinion or other instrument under this Indenture, any such applications,
      requests, consents, certificates, statements, opinions or other instruments
      may,
      but need not, be consolidated and form one instrument.

     

    Whenever,
      subsequent to the receipt by the Trustee of any Board Resolution, Officer’s
      Certificate, Opinion of Counsel or other document or instrument, a clerical,
      typographical or other inadvertent or unintentional error or omission shall
      be
      discovered therein, a new document or instrument may be substituted therefor
      in
      corrected form with the same force and effect as if originally filed in the
      corrected form and, irrespective of the date or dates of the actual execution
      and/or delivery thereof, such substitute document or instrument shall be deemed
      to have been executed and/or delivered as of the date or dates required with
      respect to the document or instrument for which it is substituted. Anything
      in
      this Indenture to the contrary notwithstanding, if any such corrective document
      or instrument indicates that action has been taken by or at the request of
      the
      Company or the Guarantor which could not have been taken had the original
      document or instrument not contained such error or omission, the action so
      taken
      shall not be invalidated or otherwise rendered ineffective but shall be and
      remain in full force and effect, except to the extent that such action was
      a
      result of willful misconduct or bad faith. Without limiting the generality
      of
      the foregoing, any Securities issued under the authority of such defective
      document or instrument shall nevertheless be the valid obligations of the
      Company entitled to the benefits of this Indenture equally and ratably with
      all
      other Outstanding Securities, except as aforesaid.

     

    
      	
              SECTION
                104. 

            	
              Acts
                of Holders.

            

    

     

    (a)
       Any
      request, demand, authorization, direction, notice, consent, election, waiver
      or
      other action provided by this Indenture to be made, 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 an agent duly appointed
      in
      writing or, alternatively, may be

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    embodied
      in and evidenced by the record of Holders voting in favor thereof, either in
      person or by proxies duly appointed in writing, at any meeting of Holders duly
      called and held in accordance with the provisions of Article Thirteen, 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 and the Guarantor. 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 901) conclusive in favor of the
      Trustee, the Company and the Guarantor, if made in the manner provided in this
      Section. The record of any meeting of Holders shall be proved in the manner
      provided in Section 1306.

     

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

     

    (c)
       The
      principal amount (except as otherwise contemplated in clause (y) of the first
      proviso to the definition of Outstanding) and serial numbers of Securities
      held
      by any Person, and the date of holding the same, shall be proved by the Security
      Register;

     

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

     

    (e)
       Until
      such time as written instruments shall have been delivered to the Trustee with
      respect to the requisite percentage of principal amount of Securities for the
      action contemplated by such instruments, any such instrument executed and
      delivered by or on behalf of a Holder may be revoked with respect to any or
      all
      of such Securities by written notice by such Holder or any subsequent Holder,
      proven in the manner in which such instrument was proven.

     

    (f)
       Securities
      of any series, or any Tranche thereof, authenticated and delivered after any
      Act
      of Holders may, and shall if required by the Trustee, bear a notation in form
      approved by the Trustee as to any action taken by such Act of Holders. If the
      Company shall so determine, new Securities of any series, or any Tranche
      thereof, so modified as to conform, in the opinion of the Trustee and the
      Company, to such action may be prepared and executed by the Company and the
      Guarantor and authenticated and delivered by the Trustee in exchange for
      Outstanding Securities of such series or Tranche.

     

    (g)
       If
      the
      Company or the Guarantor shall solicit from Holders any request, demand,
      authorization, direction, notice, consent, waiver or other Act, the Company
      or
      the Guarantor, as the case may be, may, at its option, by Company Order or
      Guarantor Order, as appropriate, fix in advance a record date for the
      determination of Holders entitled to give such request, demand,

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

    authorization,
      direction, notice, consent, waiver or other Act, but neither the Company nor
      the
      Guarantor shall have any 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
      record at the close of business on the record date shall be deemed to be Holders
      for the purposes of determining whether Holders of the requisite proportion
      of
      the 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 the
      record date. Any such Act, given as aforesaid, shall be effective whether or
      not
      the Holders which authorized or agreed or consented to such Act remain Holders
      after such record date and whether or not the Securities held by such Holders
      remain Outstanding after such record date.

     

    
      	
              SECTION
                105. 

            	
              Notices,
                etc. to Trustee, Company and
                Guarantor.

            

    

     

    Any
      request, demand, authorization, direction, notice, consent, election, 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, the Trustee by any Holder
      or by
      the Company or the Guarantor, or the Company or the Guarantor by the Trustee
      or
      by any Holder, shall be sufficient for every purpose hereunder (unless otherwise
      herein expressly provided) if in writing and delivered personally to an officer
      or other responsible employee of the addressee, or transmitted by facsimile
      transmission or other direct written electronic means to such telephone number
      or other electronic communications address as the parties hereto shall from
      time
      to time designate, or transmitted by registered mail, charges prepaid, to the
      applicable address set opposite such party’s name below or to such other address
      as such party hereto may from time to time designate:

     

    If
      to the
      Trustee, to:

     

    The
      Bank
      of New York

    101
      Barclay Street, Floor 8W

    New
      York,
      New York 10286

     

    Attention:
      

    Telephone:

    Facsimile:
      

     

    With
      a
      copy to:

     

    The
      Bank
      of New York Trust Company, N.A.

    10161
      Centurion Parkway 

    Jacksonville,
      FL 32256

     

    Attention:
      

    Telephone:

    Facsimile:
      

     

    If
      to the
      Company, to:

     

    FPL
      Group
      Capital Inc

    700
      Universe Boulevard

    Juno
      Beach, Florida 33408

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    

    Attention:
      Treasurer

    Telephone:
      

    Facsimile:
      

     

    If
      to the
      Guarantor, to:

     

    FPL
      Group, Inc.

    700
      Universe Boulevard

    Juno
      Beach, Florida 33408

     

    Attention:
      Treasurer

    Telephone:
      

    Facsimile:
      

     

    Any
      communication contemplated herein shall be deemed to have been made, given,
      furnished and filed if personally delivered, on the date of delivery, if
      transmitted by facsimile transmission or other direct written electronic means,
      on the date of transmission, and if transmitted by registered mail, on the
      date
      of receipt.

     

    
      	
              SECTION
                106. 

            	
              Notice
                to Holders of Securities;
                Waiver.

            

    

     

    Except
      as
      otherwise expressly provided herein, where this Indenture provides for notice
      to
      Holders of any event, such notice shall be sufficiently given, and shall be
      deemed given, to Holders if in writing and mailed, first-class postage prepaid,
      to each Holder affected by such event, at the address of such Holder 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.

     

    In
      case
      by reason of the suspension of regular mail service or by reason of any other
      cause it shall be impracticable to give such notice to Holders 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 any case
      where notice to Holders is given by mail, neither the failure to mail such
      notice, nor any defect in any notice so mailed, to any particular Holder shall
      affect the sufficiency of such notice with respect to other
      Holders.

     

    Any
      notice required by this Indenture may be waived in writing by the Person
      entitled to receive such notice, either before or after the event otherwise
      to
      be specified therein, and such waiver shall be the equivalent of such notice.
      Waivers of notice by Holders 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
                107. 

            	
              Conflict
                with Trust Indenture Act.

            

    

     

    If
      any
      provision of this Indenture limits, qualifies or conflicts with another
      provision hereof which is required or deemed to be included in this Indenture
      by, or is otherwise governed by, any of the provisions of the Trust Indenture
      Act, such other provision shall control; and if any provision hereof otherwise
      conflicts with the Trust Indenture Act, the Trust Indenture Act shall
      control.

     

    
      	
              SECTION
                108. 

            	
              Effect
                of Headings and Table of
                Contents.

            

    

     

    The
      Article and Section headings in this Indenture and the Table of Contents are
      for
      convenience only and shall not affect the construction hereof.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

    
       

      
        	
                SECTION
                  109. 

              	
                Successors
                  and Assigns.

              

      

       

    

    All
      covenants and agreements in this Indenture by the Company, the Guarantor and
      Trustee shall bind their respective successors and assigns, whether so expressed
      or not.

     

    
      	
              SECTION
                110. 

            	
              Separability
                Clause.

            

    

     

    In
      case
      any provision in this Indenture or the Securities or the Guarantees shall be
      held to 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
                111. 

            	
              Benefits
                of Indenture.

            

    

     

    Nothing
      in this Indenture, the Securities or the Guarantees, express or implied, shall
      give to any Person, other than the parties hereto, their successors hereunder,
      the Holders and, so long as the notice described in Section 1513 hereof has
      not
      been given, the holders of Senior Indebtedness, any benefit or any legal or
      equitable right, remedy or claim under this Indenture[1,
      provided, however, that for so long as any Preferred Securities remain
      outstanding, the holders of such Preferred Securities, subject to certain
      limitations set forth in this Indenture, may enforce the Company’s and the
      Guarantor’s obligations hereunder, directly against the Company or the
      Guarantor, as the case may be, as third party beneficiaries of this Indenture
      without proceeding against the Trust issuing such Preferred
      Securities].

     

    
      	
              SECTION
                112. 

            	
              Governing
                Law.

            

    

     

    This
      Indenture, the Securities and the Guarantees shall be governed by and construed
      in accordance with the laws of the State of New York, without regard to conflict
      of laws principles thereunder, except to the extent that the law of any other
      jurisdiction shall be mandatorily applicable.

     

    
      	
              SECTION
                113. 

            	
              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 of the Securities
      other than a provision in Securities of any series, or any Tranche thereof,
      or
      in an indenture supplemental hereto, or in the Board Resolution or Officer’s
      Certificate which establishes the terms of the Securities of such series or
      Tranche, which specifically states that such provision shall apply in lieu
      of
      this Section) payment of interest or principal and premium, if any, need not
      be
      made at such Place of Payment on such date, but may be made on the next
      succeeding Business Day at such Place of Payment, except that if such Business
      Day is in the next succeeding calendar year, such payment shall be made on
      the
      immediately preceding Business Day, in each case with the same force and effect,
      and in the same amount, as if made on the Interest Payment Date or Redemption
      Date, or at the Stated Maturity, as the case may be, and, if such payment is
      made or duly provided for on such Business Day, no interest shall accrue on
      the
      amount so payable for the period from and after such Interest Payment Date,
      Redemption Date or Stated Maturity, as the case may be, to such Business
      Day.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      TWO

     

    Security
      Forms

     

    
      	
              SECTION
                201. 

            	
              Forms
                Generally.

            

    

     

    The
      definitive Securities of each series and the Guarantees to be endorsed thereon
      as contemplated by Article Fourteen shall be in substantially the form or forms
      thereof established in the indenture supplemental hereto establishing such
      series or in a Board Resolution establishing such series, or in an Officer’s
      Certificate pursuant to such supplemental indenture or Board Resolution, in
      each
      case with such appropriate terms, insertions, omissions, substitutions and
      other
      variations as are required or permitted by this Indenture, and may have such
      letters, numbers or other marks of identification and such legends or
      endorsements placed thereon as may be required to comply with the rules of
      any
      securities exchange or as may, consistently herewith, be determined by the
      officers executing such Securities or the Guarantees endorsed thereon, as the
      case may be, as evidenced by their execution thereof. If the form or forms
      of
      Securities of any series or the Guarantees endorsed thereon are established
      in a
      Board Resolution or in an Officer’s Certificate pursuant to a Board Resolution,
      such Board Resolution and Officer’s Certificate, if any, shall be delivered to
      the Trustee at or prior to the delivery of the Company Order contemplated by
      Section 303 for the authentication and delivery of such Securities.

     

    Unless
      otherwise specified as contemplated by Sections 301 or 1201(g), the Securities
      of each series shall be issuable in registered form without coupons. The
      definitive Securities and Guarantees endorsed thereon shall be produced in
      such
      manner as shall be determined by the officers executing such Securities or
      Guarantees, as evidenced by their execution thereof.

     

    
      	
              SECTION
                202. 

            	
              Form
                of Trustee’s Certificate of
                Authentication.

            

    

     

    The
      Trustee’s certificate of authentication shall be in substantially the form set
      forth below:

     

    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
                Signatory

            

    

     

    ARTICLE
      THREE

     

    The
      Securities

     

    
      	
              SECTION
                301. 

            	
              Amount
                Unlimited; Issuable in
                Series.

            

    

     

    The
      aggregate principal amount of Securities which may be authenticated and
      delivered under this Indenture is unlimited [1;
      provided, however, that all Securities shall be issued to a Trust to evidence
      the acquisition of Securities by a Trust with the proceeds of the issuance
      of
      Preferred Securities and Common Securities of such Trust].

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    The
      Securities may be issued in one or more series. Subject to the last paragraph
      of
      this Section, prior to the authentication and delivery of Securities of any
      series there shall be established by specification in a supplemental indenture
      or in a Board Resolution of the Company, or in an Officer’s Certificate of the
      Company (which need not comply with Section 102) pursuant to a supplemental
      indenture or a Board Resolution:

     

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

     

    (b)
       any
      limit
      upon the aggregate principal amount of 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 such series pursuant to Section 304,
      305, 306, 406 or 1206 and, except for any Securities which, pursuant to Section
      303, are deemed never to have been authenticated and delivered
      hereunder);

     

    (c)
       the
      Person or Persons (without specific identification) to whom interest on
      Securities of such series, or any Tranche thereof, shall be payable on any
      Interest Payment Date, if other than the Persons in whose names such Securities
      (or one or more Predecessor Securities) are registered at the close of business
      on the Regular Record Date for such interest;

     

    (d)
       the
      date
      or dates on which the principal of the Securities of such series or any Tranche
      thereof, is payable or any formulary or other method or other means by which
      such date or dates shall be determined, by reference to an index or other fact
      or event ascertainable outside of this Indenture or otherwise (without regard
      to
      any provisions for redemption, prepayment, acceleration, purchase or
      extension);

     

    (e)
       the
      rate
      or rates at which the Securities of such series, or any Tranche thereof, shall
      bear interest, if any (including the rate or rates at which overdue principal
      shall bear interest, if different from the rate or rates at which such
      Securities shall bear interest prior to Maturity, and, if applicable, the rate
      or rates at which overdue premium or interest shall bear interest, if any),
      or
      any formulary or other method or other means by which such rate or rates shall
      be determined, by reference to an index or other fact or event ascertainable
      outside of this Indenture or otherwise; 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, if any, for the interest payable on
      such
      Securities on any Interest Payment Date; the right of the Company, if any,
      to
      extend the interest payment periods and the duration of any such extension
      as
      contemplated by Section 312; and the basis of computation of interest, if other
      than as provided in Section 310;

     

    (f)
       the
      place
      or places at which or methods (if other than as provided elsewhere in this
      Indenture) by which (1) the principal of and premium, if any, and interest,
      if
      any, on Securities of such series, or any Tranche thereof, shall be payable,
      (2)
      registration of transfer of Securities of such series, or any Tranche thereof,
      may be effected, (3) exchanges of Securities of such series, or any Tranche
      thereof, may be effected and (4) notices and demands to or upon the Company
      in
      respect of the Securities of such series, or any Tranche thereof, and this
      Indenture may be served; the Security Registrar and any Paying Agent or Agents
      for such series or Tranche; and if such is the case, that the principal of
      such
      Securities shall be payable without presentment or surrender
      thereof;

     

    (g)
       the
      period or periods within which, or the date or dates on which, the price or
      prices at which and the terms and conditions upon which the Securities of such
      series, or any

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    Tranche
      thereof, may be redeemed, in whole or in part, at the option of the Company
      and
      any restrictions on such redemptions, including but not limited to a restriction
      on a partial redemption by the Company of the Securities of any series, or
      any
      Tranche thereof, resulting in delisting of such Securities from any national
      exchange, the Nasdaq national market or such other interdealer quotation system
      or self-regulatory organization upon which Securities are listed or
      traded;

     

    (h)
       the
      obligation or obligations, if any, of the Company to redeem or purchase or
      repay
      the Securities of such series, or any Tranche thereof, pursuant to any sinking
      fund or other mandatory redemption provisions or at the option of a Holder
      thereof and the period or periods within which or the date or dates on which,
      the price or prices at which and the terms and conditions upon which such
      Securities shall be redeemed or purchased or repaid, in whole or in part,
      pursuant to such obligation, and applicable exceptions to the requirements
      of
      Section 404 in the case of mandatory redemption or redemption or repayment
      at
      the option of the Holder;

     

    (i)
       the
      denominations in which Securities of such series, or any Tranche thereof, shall
      be issuable if other than denominations of [$1,000][$25] and any integral
      multiple thereof;

     

    (j)
       the
      currency or currencies, including composite currencies, in which payment of
      the
      principal of and premium, if any, and interest, if any, on the Securities of
      such series, or any Tranche thereof, shall be payable (if other than in Dollars)
      and the manner in which the equivalent of the principal amount thereof in
      Dollars is to be determined for any purpose, including for the purpose of
      determining the principal amount deemed to be Outstanding at any
      time;

     

    (k)
       if
      the
      principal of or premium, if any, or interest, if any, on the Securities of
      such
      series, or any Tranche thereof, are to be payable, at the election of the
      Company or a Holder thereof, in a coin or currency 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;

     

    (l)
       if
      the
      principal of or premium, if any, or interest, if any, on the Securities of
      such
      series, or any Tranche thereof, are to be payable, or are to be payable at
      the
      election of the Company or a Holder thereof, in securities or other property,
      the type and amount of such securities or other property, or the formulary
      or
      other method or other means by which such amount shall be determined, and the
      period or periods within which, and the terms and conditions upon which, any
      such election may be made;

     

    (m)
       if
      the
      amount payable in respect of principal of or premium, if any, or interest,
      if
      any, on the Securities of such series, or any Tranche thereof, may be determined
      with reference to an index or other fact or event ascertainable outside of
      this
      Indenture, the manner in which such amounts shall be determined to the extent
      not established pursuant to clause (e) of this paragraph;

     

    (n)
       if
      other
      than the entire principal amount thereof, the portion of the principal amount
      of
      Securities of such series, or any Tranche thereof, which shall be payable upon
      declaration of acceleration of the Maturity thereof pursuant to Section
      802;

     

    (o)
       any
      Events of Default, in addition to those specified in Section 801, or any
      exceptions to those specified in Section 801 with respect to the Securities
      of
      such series, and any covenants of the Company or the Guarantor for the benefit
      of the Holders of the Securities of such
      series, or any Tranche thereof, in addition to those set forth in Article Six,
      or any exceptions to those set forth in Article Six, and in Article
      Fourteen;

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    (p)
       the
      terms, if any, pursuant to which the Securities of such series, or any Tranche
      thereof, may be converted into or exchanged for shares of capital stock or
      other
      securities of the Company or any other Person;

     

    (q)
       the
      obligations or instruments, if any, which shall be considered to be Eligible
      Obligations in respect of the Securities of such series, or any Tranche thereof,
      denominated in a currency other than Dollars or in a composite currency, and
      any
      additional or alternative provisions for the reinstatement of the Company’s
      indebtedness in respect of such Securities after the satisfaction and discharge
      thereof as provided in Sections 701 and 702 (or any exceptions to those set
      forth in Sections 701 and 702);

     

    (r)
       if
      the
      Securities of such series, or any Tranche thereof, are to be issued in global
      form, (i) any limitations on the rights of the Holder or Holders of such
      Securities to transfer or exchange the same or to obtain the registration of
      transfer thereof, (ii) any limitations on the rights of the Holder or Holders
      thereof to obtain certificates therefor in definitive form in lieu of global
      form and (iii) any and all other matters incidental to such
      Securities;

     

    (s)
       if
      the
      Securities of such series, or any Tranche thereof, are to be issuable as bearer
      securities, any and all matters incidental thereto which are not specifically
      addressed in a supplemental indenture as contemplated by clause (g) of Section
      1201;

     

    (t)
       to
      the
      extent not established pursuant to clause (r) of this paragraph, any limitations
      on the rights of the Holders of the Securities of such Series, or any Tranche
      thereof, to transfer or exchange such Securities or to obtain the registration
      of transfer thereof; and if a service charge will be made for the registration
      of transfer or exchange of Securities of such series, or any Tranche thereof,
      the amount or terms thereof;

     

    (u)
       any
      exceptions to Section 113, or variation in the definition of Business Day,
      with
      respect to the Securities of such series, or any Tranche thereof;

     

    (v)
       any
      collateral security, assurance or guarantee for the Securities of such series,
      or any Tranche thereof in addition to those set forth in Section 1401, or any
      exceptions to those set forth in Section 1401);

     

    (w)
       [1the
      designation of the Trust to which Securities of such series are to be
      issued;]

     

    (x)
       [1the
      terms, if any, relating to any Additional Interest that may limit or restrict
      payments of Additional Interest;] and

     

    (y)
       any
      other
      terms of the Securities of such series, or any Tranche thereof, not inconsistent
      with the provisions of this Indenture.

     

    With
      respect to Securities of a series subject to a Periodic Offering, the indenture
      supplemental hereto or the Board Resolution which establishes such series,
      or
      the Officer’s Certificate pursuant to such supplemental indenture or Board
      Resolution, as the case may be, may provide general terms or parameters for
      Securities of such series and provide either that the specific terms of
      Securities of such series, or any Tranche thereof, shall be specified in a
      Company Order or that such terms shall be determined
      by the Company or its agents in accordance with procedures specified in a
      Company Order as contemplated by clause (b) of Section 303.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    All
      Securities of any one series shall be substantially identical, except as to
      principal amount and date of issue and except as may be set forth in the terms
      of such series as contemplated above. The Securities of each series shall be
      subordinated in right of payment to Senior Indebtedness of the Company as
      provided in Article Fifteen. The Guarantees relating to such Securities shall
      be
      subordinated in right of payment to Senior Indebtedness of the Guarantor as
      provided in Article Fourteen.

     

    Unless
      otherwise provided with respect to a series of Securities as contemplated in
      Section 301(b), the aggregate principal amount of a series of Securities may
      be
      increased and additional Securities of such series may be issued up to the
      maximum aggregate principal amount authorized with respect to such series as
      increased.

     

    
      	
              SECTION
                302. 

            	
              Denominations.

            

    

     

    Unless
      otherwise provided as contemplated by Section 301 with respect to any series
      of
      Securities, or any Tranche thereof, the Securities of each series shall be
      issuable in denominations of $25 and any integral multiple thereof.

     

    
      	
              SECTION
                303. 

            	
              Execution,
                Authentication, Delivery and
                Dating.

            

    

     

    Unless
      otherwise provided as contemplated by Section 301 with respect to any series
      of
      Securities, or any Tranche thereof, the Securities shall be executed on behalf
      of the Company by an Authorized Officer of the Company and may have the
      corporate seal of the Company affixed thereto or reproduced thereon and attested
      by any other Authorized Officer of the Company. The signature of any or all
      of
      these officers on the Securities may be manual or facsimile.

     

    Unless
      otherwise provided as contemplated by Section 301, with respect to any series
      of
      Securities or any Tranche thereof, Guarantees to be endorsed on any Securities
      shall be executed and delivered in accordance with the provisions of Section
      1402.

     

    Securities
      bearing the manual or facsimile signatures of individuals who were at the time
      of execution Authorized 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.

     

    The
      Trustee shall authenticate and deliver Securities of a series, with the
      Guarantees endorsed thereon, for original issue, at one time or from time to
      time in accordance with the Company Order referred to below, upon receipt by
      the
      Trustee of:

     

    (a)
       the
      instrument or instruments establishing the form or forms and terms of the
      Securities of such series and the Guarantees to be endorsed thereon, as provided
      in Sections 201 and 301;

     

    (b)
       a
      Company
      Order requesting the authentication and delivery of such Securities with the
      Guarantees endorsed thereon and to the extent that the terms of such Securities
      and Guarantees shall not have been established in an indenture supplemental
      hereto or in a Board Resolution, or in an Officer’s Certificate pursuant to a
      supplemental indenture or Board Resolution, all as contemplated by Sections
      201
      and 301, either (i) establishing such terms or (ii) in the case of Securities
      of
      a series subject to a Periodic Offering, specifying procedures, acceptable
      to the Trustee, by which such terms are to be established (which procedures
      may
      provide, to the extent acceptable to the Trustee, for authentication and
      delivery pursuant to oral or electronic instructions from the Company or any
      agent or agents thereof, which oral instructions

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    are
      to be
      promptly confirmed electronically or in writing), in either case in accordance
      with the instrument or instruments delivered pursuant to clause (a)
      above;

     

    (c)
       a
      Guarantor Order (which may be combined with a Company Order hereunder) approving
      the terms and delivery of the Guarantees to be endorsed on such Securities
      as
      contemplated by the Company Order delivered pursuant to clause (b)
      above;

     

    (d)
       the
      Securities of such series, each executed on behalf of the Company by an
      Authorized Officer of the Company and having a Guarantee endorsed thereon
      executed on behalf of the Guarantor by an Authorized Officer of the
      Guarantor;

     

    (e)
       an
      Opinion of Counsel to the effect that:

     

    (i) (A)
      the
      form or forms of such Securities have been duly authorized by the Company,
      (B)
      the form or forms of such Guarantees have been duly authorized by the Guarantor,
      and (C) the form or forms of the Securities and the Guarantees have been
      established in conformity with the provisions of this Indenture;

     

    (ii) (A)
      the
      terms of such Securities have been duly authorized by the Company, (B) the
      terms
      of such Guarantees have been duly authorized by the Guarantor and (C) the terms
      of the Securities and the Guarantees have been established in conformity with
      the provisions of this Indenture; and

     

    (iii) such
      Securities and the Guarantees endorsed thereon, when authenticated and delivered
      by the Trustee and issued and delivered by the Company and the Guarantor in
      the
      manner and subject to any conditions specified in such Opinion of Counsel,
      will
      have been duly issued under this Indenture and will constitute valid and legally
      binding obligations of the Company and the Guarantor, respectively, entitled
      to
      the benefits provided by this Indenture, and enforceable in accordance with
      their terms, subject, as to enforcement, to laws relating to or affecting
      generally the enforcement of creditors’ rights, including, without limitation,
      bankruptcy and insolvency laws and to general principles of equity (regardless
      of whether such enforceability is considered in a proceeding in equity or at
      law);

     

    provided,
      however, that, with respect to Securities of a series subject to a Periodic
      Offering, the Trustee shall be entitled to receive such Opinion of Counsel
      only
      once at or prior to the time of the first authentication and delivery of
      Securities of such series, and the Guarantees endorsed thereon, and that in
      lieu
      of the opinions described in clauses (ii) and (iii) above such Opinion of
      Counsel may, alternatively, state, respectively,

     

    (x) that,
      when the terms of such Securities and the Guarantees to be endorsed thereon
      shall have been established pursuant to a Company Order or Orders and, if
      applicable, a Guarantor Order or Orders or pursuant to such procedures
      (acceptable to the Trustee) as may be specified from time to time by a Company
      Order or Orders, and, if applicable, a Guarantor Order or Orders all as
      contemplated by and in accordance with the instrument or instruments delivered
      pursuant to clause (a) above, such terms will have been duly authorized by
      the
      Company and the Guarantor, respectively, and will have been established in
      conformity with the provisions of this Indenture; and

     

    (y) that
      such
      Securities, and the Guarantees endorsed thereon, when (1) executed by the
      Company and the Guarantor, as the case may be, (2) authenticated
      and

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    delivered
      by the Trustee in accordance with this Indenture, (3) issued and delivered
      by
      the Company and the Guarantor in the manner and subject to any conditions
      specified in such Opinion of Counsel and (4) in the case of Securities, paid
      for, all as contemplated by and in accordance with the aforesaid Company Order
      or Orders and, if applicable, a Guarantor Order or Orders or specified
      procedures referred to in paragraph (x) above, as the case may be, will have
      been duly issued under this Indenture and will constitute valid and legally
      binding obligations of the Company and the Guarantor, respectively, entitled
      to
      the benefits provided by the Indenture, and enforceable in accordance with
      their
      terms, subject, as to enforcement, to laws relating to or affecting generally
      the enforcement of creditors’ rights, including, without limitation, bankruptcy
      and insolvency laws and to general principles of equity (regardless of whether
      such enforceability is considered in a proceeding in equity or at
      law).

     

    With
      respect to Securities of a series subject to a Periodic Offering, the Trustee
      may conclusively rely, as to the authorization by the Company and the Guarantor
      of any of such Securities and Guarantees, the forms and terms thereof and the
      legality, validity, binding effect and enforceability thereof, upon the Opinion
      of Counsel and other documents delivered pursuant to Sections 201 and 301 and
      this Section, as applicable, at or prior to the time of the first authentication
      of Securities of such series, with the Guarantees endorsed thereon, unless
      and
      until such opinion or other documents have been superseded or revoked or expire
      by their terms. In connection with the authentication and delivery of Securities
      of a series, with the Guarantees endorsed thereon, pursuant to a Periodic
      Offering, the Trustee shall be entitled to assume that the Company’s
      instructions to authenticate and deliver such Securities and the Guarantor’s
      approval of the delivery of the Guarantees thereon do not violate any applicable
      law or any applicable rule, regulation or order of any Governmental Authority
      having jurisdiction over the Company or the Guarantor.

     

    If
      the
      forms or terms of the Securities of any series have been established by or
      pursuant to a Board Resolution or an Officer’s Certificate as permitted by
      Sections 201 or 301, the Trustee shall not be required to authenticate such
      Securities if the issuance of such Securities pursuant to this Indenture will
      materially or adversely 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.

     

    Unless
      otherwise specified as contemplated by Section 301 with respect to any series
      of
      Securities, or any Tranche thereof, each Security and any Guarantee endorsed
      thereon shall each be dated the date of its authentication.

     

    Unless
      otherwise specified as contemplated by Section 301 with respect to any series
      of
      Securities, or any Tranche thereof, no Security or Guarantee endorsed thereon
      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 herein executed by the
      Trustee or an Authenticating Agent by manual signature of an authorized officer
      hereof, and such certificate upon any Security shall be conclusive evidence,
      and
      the only evidence, that such Security or Guarantee endorsed thereon has been
      duly authenticated and delivered hereunder and is entitled to the benefits
      of
      this Indenture. Notwithstanding the foregoing, if any Security shall have been
      authenticated and delivered hereunder to the Company, or any Person acting
      on
      its behalf, but shall never have been issued and sold by the Company, and the
      Company shall deliver such Security to the Security Registrar for cancellation
      as provided in Section 309 together with a written statement (which need not
      comply with Section 102 and need not be accompanied by an Officer’s Certificate
      and an Opinion of Counsel) stating that such Security has never been issued
      and
      sold by the Company, for all purposes of this Indenture such Security
      (including any Guarantee endorsed thereon) shall be deemed never to have been
      authenticated and delivered hereunder and shall never be entitled to the
      benefits hereof.

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                304. 

            	
              Temporary
                Securities.

            

    

     

    Pending
      the preparation of definitive Securities of any series, or any Tranche thereof,
      the Company may execute, and upon Company Order and a Guarantor Order the
      Trustee shall authenticate and deliver, temporary Securities which are printed,
      lithographed, typewritten, mimeographed or otherwise produced, in any authorized
      denomination, substantially of the tenor of the definitive Securities in lieu
      of
      which they are issued, having Guarantees endorsed thereon with such appropriate
      insertions, omissions, substitutions and other variations as the officers
      executing such Securities or Guarantees may determine, as evidenced by their
      execution of such Securities or Guarantees; provided, however, that temporary
      Securities need not recite specific redemption, sinking fund, conversion or
      exchange provisions.

     

    Unless
      otherwise specified as contemplated by Section 301 with respect to the
      Securities of any series, or any Tranche thereof, after the preparation of
      definitive Securities of such series or Tranche, the temporary Securities of
      such series or Tranche shall be exchangeable, without charge to the Holder
      thereof, for definitive Securities of such series or Tranche with the definitive
      Guarantee endorsed thereon upon surrender of such temporary Securities at the
      office or agency of the Company maintained pursuant to Section 602 in a Place
      of
      Payment for such Securities. Upon such surrender of temporary Securities, the
      Company shall, except as aforesaid, execute and the Trustee shall authenticate
      and deliver in exchange therefor definitive Securities of the same series and
      Tranche, of authorized denominations and of like tenor and aggregate principal
      amount with the definitive Guarantee endorsed thereon.

     

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

     

    
      	
              SECTION
                305. 

            	
              Registration,
                Registration of Transfer and
                Exchange.

            

    

     

    The
      Company shall cause to be kept in each office designated pursuant to Section
      602, with respect to the Securities of each series or any Tranche thereof,
      a
      register (all registers kept in accordance with this Section being collectively
      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 Securities of such series or Tranche and the registration of transfer
      thereof. The Company shall designate one Person to maintain the Security
      Register for the Securities of each series on a consolidated basis, and such
      Person is referred to herein, with respect to such series, as the “Security
      Registrar.” Anything herein to the contrary notwithstanding, the Company may
      designate one or more of its offices or an office of any Affiliate (including
      the Guarantor) as an office in which a register with respect to the Securities
      of one or more series, or any Tranche or Tranches thereof, shall be maintained,
      and the Company may designate itself or any Affiliate (including the Guarantor)
      as the Security Registrar with respect to one or more of such series. The
      Security Register shall be open for inspection by the Trustee, the Company
      and
      the Guarantor at all reasonable times.

     

    Except
      as
      otherwise specified as contemplated by Section 301 with respect to the
      Securities of any series, or any Tranche thereof, upon surrender for
      registration of transfer of any Security of such series or Tranche at the office
      or agency of the Company maintained pursuant to Section 602 in a Place of
      Payment for such series or Tranche, the Company shall execute, and the Trustee
      shall authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Securities
      of the same series and Tranche, of authorized denominations and of like tenor
      and aggregate principal amount, with the Guarantee endorsed
      thereon.

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    Except
      as
      otherwise specified as contemplated by Section 301 with respect to the
      Securities of any series, or any Tranche thereof, any Security of such series
      or
      Tranche may be exchanged at the option of the Holder, for one or more new
      Securities of the same series and Tranche, of authorized denominations and
      of
      like tenor and aggregate principal amount, upon surrender of the Securities
      to
      be exchanged at any such office or agency. Whenever any Securities are so
      surrendered for exchange, the Company shall execute, and the Trustee shall
      authenticate and deliver, the Securities, with the Guarantee endorsed thereon
      which the Holder making the exchange is entitled to receive.

     

    All
      Securities and Guarantees delivered upon any registration of transfer or
      exchange of Securities and the Guarantees endorsed thereon shall be valid
      obligations of the Company and Guarantor, respectively evidencing the same
      obligation, and entitled to the same benefits under this Indenture, as the
      Securities and Guarantees surrendered upon such registration of transfer or
      exchange.

     

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

     

    Unless
      otherwise specified as contemplated by Section 301 with respect to Securities
      of
      any series, or any Tranche thereof, 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 304, 406 or 1206 not
      involving any transfer.

     

    The
      Company shall not be required to execute or to provide for the registration
      of
      transfer of or the exchange of (a) Securities of any series, or any Tranche
      thereof, during a period of 15 days immediately preceding the date notice is
      to
      be given identifying the serial numbers of the Securities of such series or
      Tranche called for redemption or (b) any Security so selected for redemption
      in
      whole or in part, except the unredeemed portion of any Security being redeemed
      in part.

     

    
      	
              SECTION
                306. 

            	
              Mutilated,
                Destroyed, Lost and Stolen
                Securities.

            

    

     

    If
      any
      mutilated Security is surrendered to the Trustee, the Company shall execute
      and
      the Trustee shall authenticate and deliver in exchange therefor a new Security
      of the same series and Tranche, and of like tenor and principal amount, having
      a
      Guarantee endorsed thereon and bearing a number not contemporaneously
      outstanding.

     

    If
      there
      shall be delivered to the Company, the Guarantor and the Trustee (a) evidence
      to
      their satisfaction of the ownership of and the destruction, loss or theft of
      any
      Security and (b) such security or indemnity as may be reasonably 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, the Guarantor or the Trustee that such
      Security is held by a Person purporting to be the owner of such Security, the
      Company shall execute and the Trustee shall authenticate and deliver, in lieu
      of
      any such destroyed, lost or stolen Security, a new Security of the same series
      and Tranche, and of like tenor and principal amount, having a Guarantee endorsed
      thereon and bearing a number not contemporaneously outstanding.

     

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

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    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 reasonable expenses (including
      the fees and expenses of the Trustee) in connection therewith.

     

    Every
      new
      Security of any series issued pursuant to this Section in lieu of any destroyed,
      lost or stolen Security and any Guarantee endorsed thereon shall constitute
      an
      original additional contractual obligation of the Company and the Guarantor,
      respectively, whether or not the destroyed, lost or stolen Security shall be
      at
      any time enforceable by anyone other than the Holder of such new Security,
      and
      any such new Security shall be entitled to all the benefits of this Indenture
      equally and proportionately with any and all other Securities of such series
      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.

     

    
      	
              SECTION
                307. 

            	
              Payment
                of Interest; Interest Rights
                Preserved.

            

    

     

    Unless
      otherwise specified as contemplated by Section 301 with respect to the
      Securities of any series, or any Tranche thereof, interest on any Security
      which
      is payable, and is punctually paid or duly provided for, on any Interest Payment
      Date shall be paid to the Person in whose name that Security (or one or more
      Predecessor Securities) is registered at the close of business on the Regular
      Record Date for such interest.

     

    Subject
      to Section 312, any interest on any Security of any series which is payable,
      but
      is not punctually paid or duly provided for, on any Interest Payment Date
      (herein called “Defaulted Interest”) shall forthwith cease to be payable to the
      Holder on the related Regular Record Date by virtue of having been such Holder,
      and such Defaulted Interest may be paid by the Company or the Guarantor, at
      its
      election in each case, as provided in clause (a) or (b) below:

     

    (a)
       The
      Company or the Guarantor may elect to make payment of any Defaulted Interest
      to
      the Persons in whose names the Securities of such series (or their respective
      Predecessor Securities) are registered at the close of business on a date
      (herein called a “Special Record Date”) for the payment of such Defaulted
      Interest, which shall be fixed in the following manner. The Company or the
      Guarantor shall notify the Trustee in writing of the amount of Defaulted
      Interest proposed to be paid on each Security of such series and the date of
      the
      proposed payment, and at the same time the Company or the Guarantor, as the
      case
      may be, 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 and the Guarantor of such Special
      Record Date and, in the name and at the expense of the Company, shall promptly
      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 Securities of such series at
      the
      address of such Holder as it appears in the Security Register, not less than
      10
      days prior to such Special Record Date. Notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor having been so mailed,
      such Defaulted Interest shall be paid to the Persons in

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    whose
      names the Securities of such series (or their respective Predecessor Securities)
      are registered at the close of business on such Special Record
      Date.

     

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

     

    Subject
      to the foregoing provisions of this Section and Section 305, each Security
      delivered under this Indenture upon registration of transfer of or in exchange
      for or in lieu of any other Security shall carry the rights to interest accrued
      and unpaid, and to accrue, which were carried by such other
      Security.

     

    
      	
              SECTION
                308. 

            	
              Persons
                Deemed Owners.

            

    

     

    Prior
      to
      the due presentment of a Security for registration of transfer, the Company,
      the
      Guarantor, the Trustee and any agent of the Company, the Guarantor or the
      Trustee may treat the Person in whose name such Security is registered as the
      absolute owner of such Security for the purpose of receiving payment of
      principal of and premium, if any, and (subject to Sections 305 and 307)
      interest, if any, on such Security and for all other purposes whatsoever,
      whether or not such Security be overdue, and none of the Company, the Guarantor
      or Trustee or any agent of the Company, the Guarantor or the Trustee shall
      be
      affected by notice to the contrary.

     

    
      	
              SECTION
                309. 

            	
              Cancellation
                by Security Registrar.

            

    

     

    All
      Securities surrendered for payment, redemption, registration of transfer or
      exchange or credit against any sinking fund payment shall, if surrendered to
      any
      Person other than the Security Registrar, be delivered to the Security Registrar
      and, if not theretofore canceled, shall be promptly canceled by the Security
      Registrar. The Company or the Guarantor may at any time deliver to the Security
      Registrar for cancellation any Securities previously authenticated and delivered
      hereunder which the Company or the Guarantor may have acquired in any manner
      whatsoever or which the Company shall not have issued and sold, and all
      Securities so delivered shall be promptly canceled by the Security Registrar.
      No
      Securities shall be authenticated in lieu of or in exchange for any Securities
      canceled as provided in this Section, except as expressly permitted by this
      Indenture. All canceled Securities held by the Security Registrar shall be
      disposed of in accordance with the customary procedures of the Security
      Registrar as at the time of disposition shall be in effect, and the Security
      Registrar shall promptly deliver a certificate of disposition to the Trustee,
      the Company and the Guarantor unless, by a Company Order delivered to the
      Security Registrar and the Trustee, the Company shall direct that canceled
      Securities be returned to it. The Security Registrar shall promptly deliver
      evidence of any cancellation of a Security in accordance with this Section
      309
      to the Trustee, the Company and the Guarantor.

     

    
      	
              SECTION
                310. 

            	
              Computation
                of Interest.

            

    

     

    Except
      as
      otherwise specified as contemplated by Section 301 for Securities of any series,
      or any Tranche thereof, interest on the Securities of each series shall be
      computed on the basis of a 360 day
      year
      consisting of twelve 30-day months and for any period shorter than a full
      calendar month, on the basis of the actual number of days elapsed during such
      period.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                311. 

            	
              Payment
                to Be in Proper Currency.

            

    

     

    In
      the
      case of the Securities of any series, or any Tranche thereof, denominated in
      any
      currency other than Dollars or in a composite currency (the “Required
      Currency”), except as otherwise specified with respect to such Securities as
      contemplated by Section 301, the obligation of the Company or the Guarantor
      to
      make any payment of the principal thereof, or the premium, if any, or interest,
      if any, thereon, shall not be discharged or satisfied by any tender by the
      Company or the Guarantor, or recovery by the Trustee, in any currency other
      than
      the Required Currency, except to the extent that such tender or recovery shall
      result in the Trustee timely holding the full amount of the Required Currency
      then due and payable. If any such tender or recovery is in a currency other
      than
      the Required Currency, the Trustee may take such actions as it considers
      appropriate to exchange such currency for the Required Currency. The costs
      and
      risks of any such exchange, including without limitation the risks of delay
      and
      exchange rate fluctuation, shall be borne by the Company and the Guarantor,
      the
      Company and the Guarantor shall remain fully liable for any shortfall or
      delinquency in the full amount of Required Currency then due and payable, and
      in
      no circumstances shall the Trustee be liable therefor except in the case of
      its
      negligence or willful misconduct.

     

    
      	
              SECTION
                312. 

            	
              [1Extension
                of Interest Payment.

            

    

     

    The
      Company shall have the right at any time, so long as no Event of Default
      hereunder has occurred and is continuing with respect to the Securities of
      any
      series, to extend interest payment periods from time to time on all Securities
      of such series, if so specified as contemplated by Section 301 with respect
      to
      such Securities and upon such terms as may be specified as contemplated by
      Section 301 with respect to such Securities.]

     

    
      	
              SECTION
                313. 

            	
              [1Additional
                Interest.

            

    

     

    So
      long
      as any Preferred Securities remain outstanding, if the Trust which issued such
      Preferred Securities shall be required to pay, with respect to its income
      derived from the interest payments on the Securities of any series, any amounts
      for or on account of any taxes, duties, assessments or governmental charges
      of
      whatever nature imposed by the United States, or any other taxing authority,
      then, in any such case, the Company will pay as interest on such series such
      additional interest (“Additional Interest”) as may be necessary in order that
      the net amounts received and retained by such Trust after the payment of such
      taxes, duties, assessments or governmental charges shall result in such Trust’s
      having such funds as it would have had in the absence of any such
      payments.

     

    Whenever
      in this Indenture there is mentioned, in any context, the payment of interest
      on
      the Securities, such mention shall be deemed to include the payment of
      Additional Interest to the extent that, in such context, Additional Interest
      is,
      was or would be payable in respect thereof.]

     

    ARTICLE
      FOUR

     

    Redemption
      of Securities

     

    
      	
              SECTION
                401. 

            	
              Applicability
                of Article.

            

    

     

    Securities
      of any series, or any Tranche thereof, which are redeemable before their Stated
      Maturity shall be redeemable in accordance with their terms and (except as
      otherwise specified as contemplated by Section 301 for Securities of such series
      or Tranche) in accordance with this Article.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                402. 

            	
              Election
                to Redeem; Notice to
                Trustee.

            

    

     

    The
      election of the Company to redeem any Securities shall be evidenced by a Board
      Resolution or an Officer’s Certificate of the Company. The Company shall, at
      least 45 days prior to the Redemption Date fixed by the Company (unless a
      shorter notice shall be satisfactory to the Trustee), notify the Trustee
      [1and
      in
      the case of Securities of a series held by a Trust, the Property Trustee under
      the related Trust Agreement], in writing of such Redemption Date and of the
      principal amount of such Securities to be redeemed. In the case of any
      redemption of Securities (a) prior to the expiration of any restriction on
      such
      redemption provided in the terms of such Securities or elsewhere in this
      Indenture or (b) pursuant to an election of the Company which is subject to
      a
      condition specified in the terms of such Securities or elsewhere in this
      Indenture, the Company and the Guarantor, if applicable, shall each furnish
      the
      Trustee with an Officer’s Certificate evidencing compliance with such
      restriction or condition.

     

    
      	
              SECTION
                403. 

            	
              Selection
                of Securities to Be
                Redeemed.

            

    

     

    If
      less
      than all the Securities of any series, or any Tranche thereof, are to be
      redeemed, the particular Securities to be redeemed shall be selected by the
      Trustee from the Outstanding Securities of such series or Tranche not previously
      called for redemption, by such method as shall be provided for any particular
      series or Tranche, or, in the absence of any such provision, by such method
      as
      the Trustee shall deem fair and appropriate and which may, in any case, provide
      for the selection for redemption of portions (equal to the minimum authorized
      denomination for Securities of such series or Tranche or any integral multiple
      thereof) of the principal amount of Securities of such series or Tranche of
      a
      denomination larger than the minimum authorized denomination for Securities
      of
      such series or Tranche; provided, however, that if, as indicated in an Officer’s
      Certificate, the Company shall have offered to purchase all or any principal
      amount of the Securities then Outstanding of any series, or any Tranche thereof,
      and less than all of such Securities as to which such offer was made shall
      have
      been tendered to the Company for such purchase, the Trustee, if so directed
      by
      Company Order, shall select for redemption all or any principal amount of such
      Securities which have not been so tendered.

     

    The
      Trustee shall promptly notify the Company, the Guarantor and the Security
      Registrar in writing of the Securities selected for redemption and, in the
      case
      of any Securities selected to be redeemed in part, 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 amount of such Securities which has been or is to be
      redeemed.

    
       

      
        	
                SECTION
                  404. 

              	
                Notice
                  of Redemption.

              

      

       

    

    Notice
      of
      redemption shall be given in the manner provided in Section 106 to the Holders
      of the Securities to be redeemed not less than 30 nor more than 60 days prior
      to
      the Redemption Date.

     

    Except
      as
      otherwise specified as contemplated by Section 301 for Securities of any series,
      or any Tranche thereof, all notices of redemption shall state:

     

    (a)
       the
      Redemption Date,

     

    (b)
       the
      Redemption Price, or the formula pursuant to which the Redemption Price is
      to be
      determined if the Redemption Price cannot be determined at the time the notice
      is given,

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

    (c)
       if
      less
      than all the Outstanding Securities of any series or Tranche are to be redeemed,
      the identification of the particular Securities to be redeemed and the portion
      of the principal amount of any Security to be redeemed in part,

     

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

     

    (e)
       the
      place
      or places where such Securities are to be surrendered for payment of the
      Redemption Price and accrued interest, if any, unless it shall have been
      specified as contemplated by Section 301 with respect to such Securities that
      such surrender shall not be required,

     

    (f)
       that
      the
      redemption is for a sinking or other fund, if such is the case,

     

    (g)
       the
      CUSIP
      numbers, if any, assigned to such Securities; provided however, that such notice
      may state that no representation is made as to the correctness of CUSIP numbers,
      and the redemption of such Securities shall not be affected by any defect in
      or
      omission of such numbers, and

     

    (h)
       such
      other matters as the Company shall deem desirable or appropriate.

     

    Unless
      otherwise specified with respect to any Securities in accordance with
      Section 301, with respect to any notice of redemption of Securities at the
      election of the Company, unless, upon the giving of such notice, such Securities
      shall be deemed to have been paid in accordance with Section 701, such
      notice may state that such redemption shall be conditional upon the receipt
      by
      the Paying Agent or Agents for such Securities, on or prior to the date fixed
      for such redemption, of money sufficient to pay the principal of and premium,
      if
      any, and interest, if any, on such Securities and that if such money shall
      not
      have been so received such notice shall be of no force or effect and the Company
      shall not be required to redeem such Securities. In the event that such notice
      of redemption contains such a condition and such money is not so received,
      the
      redemption shall not be made and within a reasonable time thereafter notice
      shall be given, in the manner in which the notice of redemption was given,
      that
      such money was not so received and such redemption was not required to be made,
      and the Paying Agent or Agents for the Securities otherwise to have been
      redeemed shall promptly return to the Holders thereof any of such Securities
      which had been surrendered for payment upon such redemption.

     

    Notice
      of
      redemption of Securities to be redeemed at the election of the Company, and
      any
      notice of non-satisfaction of a condition for redemption as aforesaid, 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. Notice of mandatory
      redemption of Securities shall be given by the Trustee in the name and at the
      expense of the Company.

     

    
      	
              SECTION
                405. 

            	
              Securities
                Payable on Redemption
                Date.

            

    

     

    Notice
      of
      redemption having been given as aforesaid, and the conditions, if any, set
      forth
      in such notice having been satisfied, the Securities or portions thereof 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, in
      the
      case of an unconditional notice of redemption, the Company shall default in
      the
      payment of the Redemption Price and accrued interest, if any) such Securities
      or
      portions thereof, if interest-bearing, shall cease to bear interest. Upon
      surrender of any such Security for redemption in accordance with such notice,
      such Security or portion thereof shall be paid by the Company at the Redemption
      Price, together with accrued interest, if any, to the Redemption Date; provided,
      however, that

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

     no
      such surrender shall be a condition to such payment if so specified as
      contemplated by Section 301 with respect to such Security; and provided,
      further, that except as otherwise specified as contemplated by Section 301
      with
      respect to such Security, any installment of interest on any Security the Stated
      Maturity of which installment is on or prior to the Redemption Date shall be
      payable to the Holder of such Security, or one or more Predecessor Securities,
      registered as such at the close of business on the related Regular Record Date
      according to the terms of such Security and subject to the provisions of Section
      307.

     

    
      	
              SECTION
                406. 

            	
              Securities
                Redeemed in Part.

            

    

     

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

     

    ARTICLE
      FIVE

     

    Sinking
      Funds

     

    
      	
              SECTION
                501. 

            	
              Applicability
                of Article.

            

    

     

    The
      provisions of this Article shall be applicable to any sinking fund for the
      retirement of the Securities of any series, or any Tranche thereof, except
      as
      otherwise specified as contemplated by Section 301 for Securities of such series
      or Tranche.

     

    The
      minimum amount of any sinking fund payment provided for by the terms of
      Securities of any series, or any Tranche thereof, is herein referred to as
      a
“mandatory sinking fund payment”, and any payment in excess of such minimum
      amount provided for by the terms of Securities of any series, or any Tranche
      thereof, is herein referred to as an “optional sinking fund payment”. If
      provided for by the terms of Securities of any series, or any Tranche thereof,
      the cash amount of any sinking fund payment may be subject to reduction as
      provided in Section 502. Each sinking fund payment shall be applied to the
      redemption of Securities of the series or Tranche in respect of which it was
      made as provided for by the terms of such Securities.

    
       

      
        	
                SECTION
                  502. 

              	
                Satisfaction
                  of Sinking Fund Payments with
                  Securities.

              

      

       

    

    The
      Company (a) may deliver to the Trustee Outstanding Securities (other than any
      previously called for redemption) of a series or Tranche in respect of which
      a
      mandatory sinking fund payment is to be made and (b) may apply as a credit
      Securities of such series or Tranche which have been (i) redeemed either at
      the
      election of the Company pursuant to the terms of such Securities or through
      the
      application of permitted optional sinking fund payments pursuant to the terms
      of
      such Securities or (ii) repurchased by the Company in the open market, by tender
      offer or otherwise, in each case in satisfaction of all or any part of such
      mandatory sinking fund payment; provided, however, that no Securities shall
      be
      applied in satisfaction of a mandatory sinking fund payment if such Securities
      shall have been previously so applied. Securities so applied 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 mandatory sinking fund payment shall be reduced
      accordingly.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                503. 

            	
              Redemption
                of Securities for Sinking
                Fund.

            

    

     

    Not
      less
      than 45 days prior to each sinking fund payment date for the Securities of
      any
      series, or any Tranche thereof, the Company shall deliver to the Trustee an
      Officer’s Certificate specifying:

     

    (a)
       the
      amount of the next succeeding mandatory sinking fund payment for such series
      or
      Tranche;

     

    (b)
       the
      amount, if any, of the optional sinking fund payment to be made together with
      such mandatory sinking fund payment;

     

    (c)
       the
      aggregate sinking fund payment;

     

    (d)
       the
      portion, if any, of such aggregate sinking fund payment which is to be satisfied
      by the payment of cash; and

     

    (e)
       the
      portion, if any, of such aggregate sinking fund payment which is to be satisfied
      by delivering and crediting Securities of such series or Tranche pursuant to
      Section 502 and stating the basis for such credit and that such Securities
      have not previously been so credited, and the Company shall also deliver to
      the
      Trustee not later than 45 days prior to such sinking fund payment date, any
      Securities to be so delivered.

     

    If
      the
      Company shall not deliver such Officer’s Certificate, the next succeeding
      sinking fund payment for such series or Tranche shall be made entirely in cash
      in the amount of the mandatory sinking fund payment. Not less than 40 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 403 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 404. Such notice having been duly given, the redemption of such
      Securities shall be made upon the terms and in the manner stated in
      Sections 405 and 406.

    
ARTICLE
      SIX

     

    COVENANTS

     

    
      	
              SECTION
                601. 

            	
              Payment
                of Principal, Premium and
                Interest.

            

    

     

    The
      Company shall pay the principal of and premium, if any, and interest, if any
      [1(including
      Additional Interest, if any)], on the Securities of each series in accordance
      with the terms of such Securities and this Indenture.

     

    
      	
              SECTION
                602. 

            	
              Maintenance
                of Office or Agency.

            

    

     

    The
      Company and the Guarantor shall maintain in each Place of Payment for the
      Securities of each series, or any Tranche thereof, an office or agency where
      payment of such Securities shall be made or such Securities shall be surrendered
      for payment, where the registration of transfer or exchange of such Securities
      may be effected and where notices and demands to or upon the Company or the
      Guarantor in respect of such Securities and this Indenture may be served. The
      Company and the Guarantor shall give prompt written notice to the Trustee of
      the
      location, and any change in the location, of each such office or agency and
      prompt notice to the Holders of any such change in the manner specified in
      Section 106. If at any time the Company or the Guarantor shall fail to maintain
      any such

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    required
      office or agency in respect of Securities of any series, or any Tranche thereof,
      or shall fail to furnish the Trustee with the address thereof, payment of such
      Securities may be made, registration of transfer or exchange thereof may be
      effected and notices and demands in respect thereof may be served at the
      Corporate Trust Office of the Trustee, and each of the Company and the Guarantor
      hereby appoints the Trustee as its agent for all such purposes in any such
      event.

     

    The
      Company or the Guarantor may also from time to time designate one or more other
      offices or agencies with respect to the Securities of one or more series, or
      any
      Tranche thereof, for any or all of the foregoing purposes and may from time
      to
      time rescind such designations; provided, however, that, unless otherwise
      specified as contemplated by Section 301 with respect to the Securities of
      such
      series or Tranche, no such designation or rescission shall in any manner relieve
      the Company or the Guarantor of its obligation to maintain an office or agency
      for such purposes in each Place of Payment for such Securities in accordance
      with the requirements set forth above. The Company and the Guarantor shall
      give
      prompt written notice to the Trustee, and prompt notice to the Holders in the
      manner specified in Section 106, of any such designation or rescission and
      of
      any change in the location of any such other office or agency.

     

    Anything
      herein to the contrary notwithstanding, any office or agency required by this
      Section may be maintained at an office of the Company or the Guarantor or any
      Affiliate of either of them, in which event the Company, the Guarantor or such
      Affiliate, as the case may be, shall perform all functions to be performed
      at
      such office or agency.

     

    
      	
              SECTION
                603. 

            	
              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 the
      Securities of any series, or any Tranche thereof, it shall, on or before each
      due date of the principal of and premium, if any, and interest, if any, on
      any
      of such Securities, segregate and hold in trust for the benefit of the Persons
      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. The Company shall promptly notify
      the
      Trustee of any failure by the Company (or any other obligor on such
      Securities) to make any payment of principal of or premium, if any, or interest,
      if any, on such Securities.

     

    Whenever
      the Company shall have one or more Paying Agents for the Securities of any
      series, or any Tranche thereof, it shall, on or before each due date of the
      principal of and premium, if any, and interest, if any, on such Securities,
      deposit with such Paying Agents sums sufficient (without duplication) to pay
      the
      principal and premium or interest so becoming due, such sums 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 shall promptly notify
      the Trustee of any failure by it so to act.

     

    The
      Company shall cause each Paying Agent for the Securities of any series, or
      any
      Tranche thereof, other than the Company or 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
      shall:

     

    (a)
       hold
      all
      sums held by it for the payment of the principal of and premium, if any, or
      interest, if any, on such Securities 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;

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    (b)
       give
      the
      Trustee notice of any failure by the Company (or any other obligor upon such
      Securities) to make any payment of principal of or premium, if any, or interest,
      if any, on such Securities; and

     

    (c)
       at
      any
      time during the continuance of any such failure, upon the written request of
      the
      Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
      Agent and furnish to the Trustee such information as it possesses regarding
      the
      names and addresses of the Persons entitled to such sums.

     

    The
      Company may at any time pay, or by Company Order direct any Paying Agent to
      pay,
      to the Trustee all sums held in trust by the Company or such Paying Agent,
      such
      sums to be held by the Trustee upon the same trusts as those upon which such
      sums were held by the Company or such Paying Agent and, if so stated in a
      Company Order delivered to the Trustee, in accordance with the provisions of
      Article Seven; and, upon such payment by any Paying Agent to the Trustee, such
      Paying Agent shall be released from all further liability with respect to such
      money.

     

    Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Company,
      in
      trust for the payment of the principal of and premium, if any, or interest,
      if
      any, on any Security and remaining unclaimed for two years after such principal
      and premium, if any, or interest, if any, 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, upon such payment or discharge, the Holder
      of such Security shall, as an unsecured general creditor and not as a Holder
      of
      an Outstanding Security, look only to the Company and the Guarantor for payment
      of the amount so due and payable and remaining unpaid, 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
      payment to the Company, may at the expense of the Company cause to be mailed,
      on
      one occasion only, notice to such Holder 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 mailing, any unclaimed balance of such money then remaining
      will be paid to the Company.

    
       

      
        	
                SECTION
                  604. 

              	
                Corporate
                  Existence.

              

      

       

    

    Subject
      to the rights of the Company and the Guarantor under Article Eleven, each of
      the
      Company and the Guarantor shall do or cause to be done all things necessary
      to
      preserve and keep in full force and effect its corporate existence.

     

    
      	
              SECTION
                605. 

            	
              Maintenance
                of Properties.

            

    

     

    Each
      of
      the Company and the Guarantor shall cause (or, with respect to property owned
      in
      common with others, make reasonable effort to cause) all its properties used
      or
      useful in the conduct of its business to be maintained and kept in good
      condition, repair and working order and shall cause (or, with respect to
      property owned in common with others, make reasonable effort to cause) to be
      made all necessary repairs, renewals, replacements, betterments and improvements
      thereof, all as, in the judgment of the Company or the Guarantor, as the case
      may be, may be necessary so that the business carried on in connection therewith
      may be properly conducted; provided, however, that nothing in this Section
      shall
      prevent the Company or the Guarantor from discontinuing, or causing the
      discontinuance of, the operation and maintenance of any of its properties if
      such discontinuance is, in the judgment of the Company or the Guarantor, as
      the
      case may be, desirable in the conduct of its business.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                606. 

            	
              Annual
                Officer’s Certificate as to
                Compliance.

            

    

     

    Not
      later
      than April 1 in each year, commencing April 1, ____, each of the Company and
      the
      Guarantor shall deliver to the Trustee an Officer’s Certificate which need not
      comply with Section 102, executed by its principal executive officer, principal
      financial officer or the principal accounting officer, as to such officer’s
      knowledge of such obligor’s compliance with all conditions and covenants under
      this Indenture, such compliance to be determined without regard to any period
      of
      grace or requirement of notice under this Indenture.

     

    
      	
              SECTION
                607. 

            	
              Waiver
                of Certain Covenants.

            

    

     

    The
      Company or the Guarantor may omit in any particular instance to comply with
      any
      term, provision or condition set forth in (a) Sections 602, 608, 609 or any
      additional covenant or restriction specified with respect to the Securities
      of
      any series, or any Tranche thereof, as contemplated by Section 301 or by clause
      (b) of Section 1201 if before the time for such compliance the Holders of a
      majority in aggregate principal amount of the Outstanding Securities of all
      series and Tranches with respect to which compliance with Section 602, 608,
      609
      or such additional covenant or restriction is to be omitted, considered as
      one
      class, shall, by Act of such Holders, either waive such compliance in such
      instance or generally waive compliance with such term, provision or condition
      and (b) Section 604, 605 or Article Eleven if before the time for such
      compliance the Holders of a majority in aggregate principal amount of Securities
      Outstanding under this Indenture shall, by Act of such Holders, either waive
      such compliance in such instance or generally waive compliance with such term,
      provision or condition; but, in the case of (a) or (b), 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 [1;
      provided, however, so long as a Trust holds Securities of any series, such
      Trust
      may not waive compliance or waive any default in compliance by the Company
      with
      any covenant or other term contained in this Indenture or the Securities of
      such
      series without the approval of the holders of a majority (or such greater
      percentage as shall be required by the Trust Agreement pertaining to such Trust)
      in aggregate liquidation preference of the outstanding Preferred Securities
      issued by such Trust affected, obtained as provided in the Trust Agreement
      pertaining to such Trust].

    
       

      
        	
                SECTION
                  608. 

              	
                [1Restrictions
                  on Dividends and Debt
                  Payments.

              

      

       

    

    So
      long
      as any Preferred Securities of any series remain outstanding, if at such time
      (a) the Guarantor shall be in default with respect to its payment obligations
      under the Trust Securities Guarantee relating to such Preferred Securities,
      (b)
      there shall have occurred and be continuing an Event of Default (whether before
      or after expiration of any period of grace) resulting from a payment default
      hereunder or (c) the Company shall have elected to extend any interest payment
      period as provided in Section 312, and any such period, or any extension
      thereof, shall be continuing, then neither the Guarantor nor the Company shall
      (i) declare or pay any dividends or distributions on its capital stock, (ii)
      redeem, purchase, acquire or make a liquidation payment with respect to any
      of
      its capital stock, (iii) pay any principal, interest or premium on, or repay,
      repurchase or redeem any debt securities that are equal or junior in right
      of
      payment to the Securities or the Guarantees (as the case may be), or (iv) make
      any payments with respect to any guarantee of debt securities if such guarantee
      is equal or junior in right of payment to the Securities or the Guarantees
      (as
      the case may be).

     

    The
      foregoing provisions do not prevent or restrict the Guarantor or the Company
      from making: (1) purchases, redemptions or other acquisitions of its capital
      stock in connection with any employment contract, benefit plan or other similar
      arrangement with or for the benefit of employees, officers, directors or agents
      or a stock purchase or dividend reinvestment plan, or the satisfaction of
      its

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    obligations
      pursuant to any contract or security outstanding on the date that the interest
      payment period is extended requiring it to purchase, redeem or acquire its
      capital stock, (2) any payment, repayment, redemption, purchase, acquisition
      or
      declaration of dividend described in clauses (i) and (ii) above as a result
      of a
      reclassification of its capital stock, or the exchange or conversion of all
      or a
      portion of one class or series of its capital stock for another class or series
      of its capital stock, (3) the purchase of fractional interests in shares of
      its
      capital stock pursuant to the conversion or exchange provisions of its capital
      stock or the security being converted or exchanged, or in connection with the
      settlement of stock purchase contracts, (4) dividends or distributions paid
      or
      made in its capital stock (or rights to acquire its capital stock), or
      repurchases, redemptions or acquisitions of capital stock in connection with
      the
      issuance or exchange of capital stock (or of securities convertible into or
      exchangeable for shares of its capital stock and distributions in connection
      with the settlement of stock purchase contracts), (5) redemptions, exchanges
      or
      repurchases of, or with respect to, any rights outstanding under a shareholder
      rights plan or the declaration or payment thereunder of a dividend or
      distribution of or with respect to rights in the future, (6) payments under
      any
      preferred trust securities guarantee or guarantee of junior subordinated
      debentures executed and delivered by the Guarantor concurrently with the
      issuance by a trust of any preferred trust securities, so long as the amount
      of
      payments made on any preferred trust securities or junior subordinated
      debentures (as the case may be) is paid on all preferred trust securities or
      junior subordinated debentures (as the case may be) then outstanding on a pro
      rata basis in proportion to the full distributions to which each series of
      preferred trust securities or junior subordinated debentures (as the case may
      be) is then entitled if paid in full, (7) dividends or distributions by the
      Company on its capital stock to the extent owned by the Guarantor, or (8)
      redemptions, purchases, acquisitions or liquidation payments by the Company
      with
      respect to its capital stock to the extent owned by the Guarantor.]

     

    
      	
              SECTION
                609. 

            	
              [1Maintenance
                of Trust Existence.

            

    

     

    So
      long
      as Preferred Securities of any series remain outstanding, the Guarantor shall
      (i) maintain direct or indirect ownership of all interests in the Trust which
      issued such Preferred Securities, other than such Preferred Securities, (ii)
      not
      voluntarily (to the extent permitted by law) dissolve, liquidate or wind up
      such
      Trust, except in connection with a distribution of the Securities to the holders
      of the Preferred Securities in liquidation of such Trust, (iii) remain the
      sole
      Depositor under the Trust Agreement (the “Depositor”) of such Trust and timely
      perform in all material respects all of its duties as Depositor of such Trust,
      and (iv) use reasonable efforts to cause such Trust to remain a statutory trust
      and otherwise
      continue to be treated as a grantor trust for Federal income tax purposes,
      provided that any permitted successor to the Guarantor under this Indenture
      may
      succeed to the Guarantor’s duties as Depositor of such Trust; and provided
      further that the Guarantor may permit such Trust to consolidate or merge with
      or
      into another statutory or business trust or other permitted successor under
      the
      Trust Agreement pertaining to such Trust so long as the Guarantor (or such
      permitted successor) agrees to comply with this Section 609 with respect to
      such
      successor statutory or business trust or other permitted
      successor.]

     

    
      	
              SECTION
                610. 

            	
              [1Rights
                of Holders of Preferred Securities.

            

    

     

    The
      Company agrees that, for so long as any Preferred Securities remain outstanding,
      its obligations under this Indenture will also be for the benefit of the holders
      from time to time of Preferred Securities, and the Company acknowledges and
      agrees that such holders will be entitled to enforce this Indenture, as third
      party beneficiaries, directly against the Company to the same extent as if
      such
      holders of Preferred Securities held a principal amount of Securities equal
      to
      the stated liquidation amount of the Preferred Securities held by such
      holders.]

     

    
      
        
        

      

      
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    ARTICLE
      SEVEN

     

    Satisfaction
      and Discharge

     

    
      	
              SECTION
                701. 

            	
              Satisfaction
                and Discharge of
                Securities.

            

    

     

    Any
      Security or Securities, or any portion of the principal amount thereof, shall
      be
      deemed to have been paid for all purposes of this Indenture, and the entire
      indebtedness of the Company and the obligations of the Guarantor in respect
      thereof shall be deemed to have been satisfied and discharged, if there shall
      have been irrevocably deposited with the Trustee or any Paying Agent (other
      than
      the Company or the Guarantor), in trust:

     

    (a)
       money
      in
      an amount which shall be sufficient, or

     

    (b)
       in
      the
      case of a deposit made prior to the Maturity of such Securities or portions
      thereof, Eligible Obligations, which shall not contain provisions permitting
      the
      redemption or other prepayment thereof at the option of the issuer thereof,
      the
      principal of and the interest on which when due, without any regard to
      reinvestment thereof, will provide moneys which, together with the money, if
      any, deposited with or held by the Trustee or such Paying Agent, shall be
      sufficient, or

     

    (c)
       a
      combination of (a) or (b) which shall be sufficient,

     

    to
      pay
      when due the principal of and premium, if any, and interest [1(including
      any Additional Interest)], if any, due and to become due on such Securities
      or
      portions thereof on or prior to Maturity; provided, however, that in the case
      of
      the provision for payment or redemption of less than all the Securities of
      any
      series or Tranche, such Securities or portions thereof shall have been selected
      by the Trustee as provided herein and, in the case of a redemption, the notice
      requisite to the validity of such redemption shall have been given or
      irrevocable authority shall have been given by the Company to the Trustee to
      give such notice, under arrangements satisfactory to the Trustee; and provided,
      further, that the Company shall have delivered to the Trustee and such Paying
      Agent:

     

            
(x)
      if such deposit
      shall have been made prior to the Maturity of such Securities, a Company Order
      stating that the money and Eligible Obligations deposited in accordance with
      this Section shall be held in trust, as provided in Section 703;

     

    (y)
      if
      Eligible Obligations shall have been deposited, an Opinion of Counsel that
      the
      obligations so deposited constitute Eligible Obligations and do not contain
      provisions permitting the redemption or other prepayment at the option of the
      issuer thereof, and an opinion of an independent public accountant of nationally
      recognized standing, selected by the Company, to the effect that the
      requirements set forth in clause (b) above have been satisfied; and

     

    (z)
      if
      such deposit shall have been made prior to the Maturity of such Securities,
      an
      Officer’s Certificate stating the Company’s intention that, upon delivery of
      such Officer’s Certificate, its indebtedness in respect of such Securities or
      portions thereof will have been satisfied and discharged as contemplated in
      this
      Section.

     

    Upon
      the
      deposit of money or Eligible Obligations, or both, in accordance with this
      Section, together with the documents required by clauses (x), (y) and (z) above,
      the Trustee shall, upon receipt of a Company Request, acknowledge in writing
      that the Security or Securities or portions thereof

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

     

    with
      respect to which such deposit was made are deemed to have been paid for all
      purposes of this Indenture and that the entire indebtedness of the Company
      and
      the obligations of the Guarantor in respect thereof have been satisfied and
      discharged as contemplated in this Section. In the event that all of the
      conditions set forth in the preceding paragraph shall have been satisfied in
      respect of any Securities or portions thereof except that, for any reason,
      the
      Officer’s Certificate specified in clause (z) (if otherwise required) shall not
      have been delivered, such Securities or portions thereof shall nevertheless
      be
      deemed to have been paid for all purposes of this Indenture, and the Holders
      of
      such Securities or portions thereof shall nevertheless be no longer entitled
      to
      the benefits of this Indenture or of any of the covenants of the Company under
      Article Six (except the covenants contained in Sections 602 and 603) or any
      other covenants made in respect of such Securities or portions thereof as
      contemplated by Section 301 or Section 1201(b), but the indebtedness of the
      Company and the obligations of the Guarantor in respect of such Securities
      or
      portions thereof shall not be deemed to have been satisfied and discharged
      prior
      to Maturity for any other purpose, and the Holders of such Securities or
      portions thereof shall continue to be entitled to look to the Company for
      payment of the indebtedness represented thereby; and, upon Company Request,
      the
      Trustee shall acknowledge in writing that such Securities or portions thereof
      are deemed to have been paid for all purposes of this Indenture.

     

    If
      payment at Stated Maturity of less than all of the Securities of any series,
      or
      any Tranche thereof, is to be provided for in the manner and with the effect
      provided in this Section, the Trustee shall select such Securities, or portions
      of principal amount thereof, in the manner specified by Section 403 for
      selection for redemption of less than all the Securities of a series or
      Tranche.

     

    In
      the
      event that Securities which shall be deemed to have been paid for purposes
      of
      this Indenture, and, if such is the case, in respect of which the Company’s
      indebtedness and the obligations of the Guarantor in respect thereof shall
      have
      been satisfied and discharged, all as provided in this Section do not mature
      and
      are not to be redeemed within the 60 day period commencing with the date of
      the
      deposit of moneys or Eligible Obligations, as aforesaid, the Company shall,
      as
      promptly as practicable, give a notice, in the same manner as a notice of
      redemption with respect to such Securities, to the Holders of such Securities
      to
      the effect that such deposit has been made and the effect thereof.

     

    Notwithstanding
      that any Securities shall be deemed to have been paid for purposes of this
      Indenture, as aforesaid, the obligations of the Company, the Guarantor and
      the
      Trustee in respect ofsuch
      Securities under Sections 304, 305, 306, 403, 404, 406, 503 (as to notice of
      redemption), 602, 603, 907, 909, 910 and 915 and this Article Seven shall
      survive.

     

    The
      Company shall pay, and shall indemnify the Trustee or any Paying Agent with
      which Eligible Obligations shall have been deposited as provided in this Section
      against, any tax, fee or other charge imposed on or assessed against such
      Eligible Obligations or the principal or interest received in respect of such
      Eligible Obligations, including, but not limited to, any such tax payable by
      any
      entity deemed, for tax purposes, to have been created as a result of such
      deposit.

     

    Anything
      herein to the contrary notwithstanding, (a) if, at any time after a Security
      would be deemed to have been paid for purposes of this Indenture, and, if such
      is the case, the Company’s indebtedness and the obligations of the Guarantor in
      respect thereof would be deemed to have been satisfied or discharged, pursuant
      to this Section (without regard to the provisions of this paragraph), the
      Trustee or any Paying Agent, as the case may be, (i) shall be required to return
      the money or Eligible Obligations, or combination thereof, deposited with it
      as
      aforesaid to the Company or its representative under any applicable Federal
      or
      State bankruptcy, insolvency or other similar law, or (ii) are unable to
      apply any money in accordance with this Article with respect to any Securities
      by reason of any order or judgment of any court or governmental authority
      enjoining, restraining or otherwise prohibiting such application, such Security
      shall thereupon be deemed retroactively not to have been paid and
      any

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    satisfaction
      and discharge of the Company’s indebtedness and the obligations of the Guarantor
      in respect thereof shall retroactively be deemed not to have been effected,
      and
      such Security shall be deemed to remain Outstanding and (b) any satisfaction
      and
      discharge of the Company’s indebtedness and the obligations of the Guarantor in
      respect of any Security shall be subject to the provisions of the last paragraph
      of Section 603.

     

    
      	
              SECTION
                702. 

            	
              Satisfaction
                and Discharge of
                Indenture.

            

    

     

    This
      Indenture shall upon Company Request cease to be of further effect (except
      as
      hereinafter expressly provided), and the Trustee, at the expense of the Company,
      shall execute proper instruments acknowledging satisfaction and discharge of
      this Indenture, when

     

    (a)
       no
      Securities remain Outstanding hereunder; and

     

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

     

    provided,
      however, that if, in accordance with the last paragraph of Section 701, any
      Security, previously deemed to have been paid for purposes of this Indenture,
      shall be deemed retroactively not to have been so paid, this Indenture shall
      thereupon be deemed retroactively not to have been satisfied and discharged,
      as
      aforesaid, and to remain in full force and effect, and the Company shall execute
      and deliver such instruments as the Trustee shall reasonably request to evidence
      and acknowledge the same.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture as aforesaid, the obligations
      of the Company, the Guarantor and the Trustee under Sections 304, 305, 306,
      403,
      404, 406, 503 (as to notice of redemption), 602, 603, 907, 909, 910 and 915
      and
      this Article Seven shall survive.

     

    Upon
      satisfaction and discharge of this Indenture as provided in this Section, the
      Trustee shall assign, transfer and turn over to the Company or to the order
      of
      the Company, subject to the lien provided by Section 907, any and all money,
      securities and other property then held by the Trustee for the benefit of the
      Holders of the Securities other than money and Eligible Obligations held by
      the
      Trustee pursuant to Section 703 and shall execute and deliver to the Company
      and
      the Guarantor such instruments as,
      in
      the judgment of the Company and the Guarantor, shall be necessary, desirable
      or
      appropriate to effect or evidence the satisfaction and discharge of this
      Indenture.

     

    
      	
              SECTION
                703. 

            	
              Application
                of Trust Money.

            

    

     

    Neither
      the Eligible Obligations nor the money deposited pursuant to Section 701, nor
      the principal or interest payments on any such Eligible Obligations, shall
      be
      withdrawn or used for any purpose other than, and such Eligible Obligations
      and
      money deposited and the principal and interest payments on any such Eligible
      Obligations shall be held in trust for, the payment of the principal of and
      premium, if any, and interest, if any, on the Securities or portions of
      principal amount thereof in respect of which such deposit was made, all subject,
      however, to the provisions of Section 603; provided, however, that, so long
      as
      there shall not have occurred and be continuing an Event of Default, any cash
      received from such principal or interest payments on such Eligible Obligations,
      if not then needed for such purpose, shall, to the extent practicable, be
      invested in Eligible Obligations of the type described in clause (b) in the
      first paragraph of Section 701 maturing at such times and in such amounts as
      shall be sufficient, together with any other moneys and the proceeds of any
      other Eligible Obligations then held by the Trustee, to pay when due the
      principal of and premium, if any, and interest, if any, due and to become due
      on
      such Securities or portions thereof on and prior to the Maturity thereof, and
      interest earned from such reinvestment shall be paid over to the Company or
      to
      the order of the Company as received, free and clear

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

     

    of
      any
      trust, lien or pledge under this Indenture except the lien provided by Section
      907; and provided, further, that, so long as there shall not have occurred
      and
      be continuing an Event of Default, any moneys held in accordance with this
      Section on the Maturity of all such Securities in excess of the amount required
      to pay the principal of and premium, if any, and interest, if any, then due
      on
      such Securities shall be paid over to the Company or to the order of the Company
      free and clear of any trust, lien or pledge under this Indenture except the
      lien
      provided by Section 907; and provided, further, that if an Event of Default
      shall have occurred and be continuing, moneys to be paid over to the Company
      or
      to the order of the Company pursuant to this Section shall be held until such
      Event of Default shall have been waived or cured.

     

    ARTICLE
      EIGHT

     

    Events
      of Default; Remedies

     

    
      	
              SECTION
                801. 

            	
              Events
                of Default.

            

    

     

    “Event
      of
      Default,” wherever used herein with respect to Securities of any series, means
      any one of the following events, subject to such additions and exceptions as
      may
      be provided pursuant to Section 301:

     

    (a)
       failure
      to pay interest, [1including
      any Additional Interest], if any, on any Security of such series within 30
      days
      after the same becomes due and payable (whether or not payment is prohibited
      by
      the subordination provisions of Article Fourteen or Article Fifteen hereof)
      [1;
      provided, however, that a valid extension of the interest payment period by
      the
      Company as contemplated in Section 312 of this Indenture shall not constitute
      a
      default in the payment of interest for this purpose]; or

     

    (b)
       failure
      to pay the principal of or premium, if any, on any Security of such series
      when
      it becomes due and payable (whether or not payment is prohibited by the
      subordination provisions of Article Fourteen or Article Fifteen hereof);
      or

     

    (c)
       failure
      to perform, or breach of, any covenant or warranty of the Company or the
      Guarantor in this Indenture (other than a covenant or warranty a default in
      the
      performance of which or breach of which is elsewhere in this Section
      specifically dealt with or which has expressly been included in this Indenture
      solely for the benefit of one or more series of Securities other than such
      series) and the continuance of such default or breach for a period of 90 days
      after there has been given, by registered or certified mail, to the Company
      and
      Guarantor by the Trustee, or to the Company, the Guarantor and the Trustee
      by
      the Holders of at least 33% in principal amount of the Outstanding Securities
      of
      such 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,
      unless the Trustee, or the Trustee and the Holders of a principal amount of
      Securities of such series not less than the principal amount of Securities
      the
      Holders of which gave such notice, as the case may be, shall agree in writing
      to
      an extension of such period prior to its expiration; provided, however, that
      the
      Trustee, or the Trustee and the Holders of such principal amount of Securities
      of such series, as the case may be, shall be deemed to have agreed to an
      extension of such period if corrective action is initiated by the Company or
      the
      Guarantor within such period and is being diligently pursued in good faith;
      or

     

    (d)
       except
      as
      provided by the terms of this Indenture, the Securities of such series and
      the
      Guarantees endorsed thereon, the cessation of effectiveness of the Guarantee
      endorsed on a Security of such series or the finding by any judicial proceeding
      that the Guarantee endorsed on

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

     

    a
      Security of such series is unenforceable or invalid or the denial or
      disaffirmation by the Guarantor of its obligations under the Guarantee endorsed
      on a Security of such series; or

     

    (e)
       the
      entry
      by a court having jurisdiction in the premises of (1) a decree or order for
      relief in respect of the Company or the Guarantor in an involuntary case or
      proceeding under any applicable Federal or State bankruptcy, insolvency,
      reorganization or other similar law or (2) a decree or order adjudging the
      Company or the Guarantor a bankrupt or insolvent, or approving as properly
      filed
      a petition by one or more Persons other than the Company or the Guarantor
      seeking reorganization, arrangement, adjustment or composition of or in respect
      of the Company or the Guarantor under any applicable Federal or State law,
      or
      appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
      or
      other similar official for the Company or the Guarantor or for any substantial
      part of its property, or ordering the winding up or liquidation of its affairs,
      and any such decree or order for relief or any such other decree or order shall
      have remained unstayed and in effect for a period of 90 consecutive days;
      or

     

    (f)
       the
      commencement by the Company or the Guarantor of a voluntary case or proceeding
      under any applicable Federal or State bankruptcy, insolvency, reorganization
      or
      other similar law or of any other case or proceeding to be adjudicated a
      bankrupt or insolvent, or the consent by the Company or the Guarantor to the
      entry of a decree or order for relief in respect of the Company or the Guarantor
      in a case or proceeding under any applicable Federal or State bankruptcy,
      insolvency, reorganization or other similar law or to the commencement of any
      bankruptcy or insolvency case or proceeding against the Company or the
      Guarantor, or the filing by the Company or the Guarantor of a petition or answer
      or consent seeking reorganization or relief under any applicable Federal or
      State law, or the consent by the Company or the Guarantor 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 the Guarantor or of any substantial part of its property, or the making
      by
      the Company or the Guarantor of an assignment for the benefit of creditors,
      or
      the admission by the Company or the Guarantor in writing of its inability to
      pay
      its debts generally as they become due, or the authorization of such action
      by
      the Board of Directors of the Company or the Guarantor; or

     

    (g)
       any
      other
      Event of Default specified with respect to Securities of such
      series.

     

    
      	
              SECTION
                802. 

            	
              Acceleration
                of Maturity; Rescission and
                Annulment.

            

    

     

    If
      an
      Event of Default applicable to the Securities of one or more series, but not
      applicable to all Outstanding Securities, shall have occurred and be continuing,
      either the Trustee or the Holders of not less than 33% in aggregate principal
      amount of the Securities of each such series may then declare the principal
      amount of all Securities of such series (or, if any of the Securities of such
      series are Discount Securities, such portion of the principal amount of such
      Securities as may be specified in the terms thereof as contemplated by Section
      301) and interest accrued thereon to be due and payable immediately (provided
      that the payment of principal and interest on such Securities shall remain
      subordinated to the extent provided in this Indenture), by a notice in writing
      to the Company and the Guarantor (and to the Trustee if given by Holders),
      and,
      upon receipt by the Company and the Guarantor of notice of such declaration
      of
      acceleration, such principal amount (or specified amount) and interest accrued
      thereon shall become immediately due and payable. If an Event of Default
      applicable to all Outstanding Securities shall have occurred and be continuing,
      either the Trustee or the Holders of not less than 33% in principal amount
      of
      all Securities then Outstanding (considered as one class), and not the Holders
      of the Securities of any one of such series, may declare the principal of all
      Securities (or, if any of the Securities of such series are Discount Securities,
      such portion of the principal amount of such Securities as may be specified
      in
      the terms thereof as contemplated by Section 301) and interest
      accrued

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    thereon
      to be due and payable immediately (provided that the payment of principal and
      interest on such Securities shall remain subordinated to the extent provided
      in
      this Indenture), by a notice in writing to the Company and the Guarantor (and
      to
      the Trustee if given by Holders), and, upon receipt by the Company and the
      Guarantor of notice of such declaration of acceleration, such principal amount
      (or specified amount) and interest accrued thereon shall become immediately
      due
      and payable.

     

    At
      any
      time after such a declaration of acceleration with respect to Securities of
      any
      series shall have been made and before a judgment or decree for payment of
      the
      money due shall have been obtained by the Trustee as hereinafter in this Article
      provided, the Event or Events of Default giving rise to such declaration of
      acceleration shall, without further act, be deemed to have been waived, and
      such
      declaration and its consequences shall, without further act, be deemed to have
      been rescinded and annulled, if

     

    (a)
       the
      Company or the Guarantor shall have paid or deposited with the Trustee a sum
      sufficient to pay

     

    (1)
       all
      overdue interest [1(including
      Additional Interest)], if any, on all Securities of such series then
      Outstanding;

     

    (2)
       the
      principal of and premium, if any, on any Securities of such series then
      Outstanding which have become due otherwise than by such declaration of
      acceleration and interest thereon at the rate or rates prescribed therefor
      in
      such Securities;

     

    (3)
       to
      the
      extent that payment of such interest is lawful, interest upon overdue interest
      at the rate or rates prescribed therefor in such Securities;

     

    (4)
       all
      amounts due to the Trustee under Section 907;

     

    and

     

    (b)
       if,
      after
      application of money paid or deposited in accordance with clause (a) of this
      Section 802, Securities of such series would remain Outstanding, any other
      Event
      or Events of Default with respect to Securities of such series, other than
      the
      non-payment of the principal of Securities of such series which shall have
      become due solely by such declaration of acceleration, shall have been cured
      or
      waived as provided in Section 813.

     

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

     

    
      	
              SECTION
                803. 

            	
              Collection
                of Indebtedness and Suits for Enforcement by
                Trustee.

            

    

     

    If
      an
      Event of Default described in clause (a) or (b) of Section 801 shall have
      occurred and be continuing, the Company or the Guarantor shall, upon demand
      of
      the Trustee, pay to it, for the benefit of the Holders of the Securities of
      the
      series with respect to which such Event of Default shall have occurred, the
      whole amount then due and payable on such Securities for principal and premium,
      if any, and interest, if any, and, to the extent permitted by law, interest
      on
      premium, if any, and on any overdue principal and interest, at the rate or
      rates
      prescribed therefor in such Securities, and, in addition thereto, such further
      amount as shall be sufficient to cover any amounts due to the Trustee under
      Section 907. Unless otherwise specified pursuant to Section 301 with respect
      to
      any series of Securities, the rate or rates at which Securities shall bear
      interest on overdue principal, premium, interest [1and
      Additional Interest], if any, shall be, to the extent permitted by law, the
      same
      rate or rates at which such Securities shall bear interest prior to
      Maturity.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

     

    If
      the
      Company shall fail to pay such amounts forthwith upon such demand, the Trustee,
      in its own name and as trustee of an express trust, may institute a judicial
      proceeding for the collection of the sums so due and unpaid, may prosecute
      such
      proceeding to judgment or final decree and may enforce the same against the
      Company and the Guarantor 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 and the Guarantor or any other obligor upon
      such
      Securities, wherever situated.

     

    If
      an
      Event of Default with respect to Securities of any series shall have occurred
      and be 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
      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
                804. 

            	
              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 the Guarantor or any other obligor upon
      the Securities or the property of the Company or Guarantor 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 or the Guarantor 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 of principal, premium, if any, and
      interest, if any, 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 amounts due to the Trustee under Section 907) 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
      custodian, receiver, assignee, trustee, liquidator, sequestrator or other
      similar official in any such judicial proceeding is hereby authorized by each
      Holder to make such payments to the Trustee and, in the event that the Trustee
      shall consent to the making of such payments directly to the Holders, to pay
      to
      the Trustee any amounts due it under Section 907.

     

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

     

    
      	
              SECTION
                805. 

            	
              Trustee
                May Enforce Claims Without Possession of
                Securities.

            

    

     

    All
      rights of action and claims under this Indenture or the Securities or the
      Guarantees endorsed thereon may be prosecuted and enforced by the Trustee
      without the possession of any of the Securities or the production thereof in
      any
      proceeding relating thereto, and any such proceeding instituted by the Trustee
      shall be brought in its own name as trustee of an express trust, and any
      recovery of judgment shall, after provision for the payment of the reasonable
      compensation, expenses, disbursements

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    and
      advances of the Trustee, its agents and counsel, be for the ratable benefit
      of
      the Holders in respect of which such judgment has been recovered.

     

    
      	
              SECTION
                806. 

            	
              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 or premium, if any, or
      interest, if any, upon presentation of the Securities in respect of which or
      for
      the benefit of which such money shall have been collected 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 907;

     

    Second:
      Subject
      to the provisions of Articles Fourteen and Fifteen, the payment of the amounts
      then due and unpaid upon the Securities for principal of and premium, if any,
      and interest [1(including
      Additional Interest)], if any, in respect of which or for the benefit of which
      such money has been collected, ratably, without preference or priority of any
      kind, according to the amounts due and payable on such Securities for principal,
      premium, if any, and interest, if any, respectively; and

     

    Third:
      To the
      Company or the Guarantor, as applicable.

     

    
      	
              SECTION
                807. 

            	
              Limitation
                on Suits.

            

    

     

    No
      Holder
      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 shall have previously given written notice to the Trustee of a continuing
      Event of Default with respect to

                    the
      Securities of such series;

     

    (b)
       the
      Holders of a majority in aggregate principal amount of the Outstanding
      Securities of all series in respect of which an Event of Default shall have
      occurred and be continuing, considered as one class, shall have made written
      request to the Trustee to institute proceedings in respect of such Event of
      Default in its own name as Trustee hereunder;

     

    (c)
       such
      Holder or Holders shall 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 shall have failed to institute any such proceeding; and

     

    (e)
       no
      direction inconsistent with such written request shall have been given to the
      Trustee during such 60-day period by the Holders of a majority in aggregate
      principal amount of the Outstanding Securities of all series in respect of
      which
      an Event of Default shall have occurred and be continuing, considered as one
      class;

     

    it
      being
      understood and intended that no one or more of such Holders shall have any
      right
      in any manner whatever by virtue of, or by availing of, any provision of this
      Indenture to affect, disturb or prejudice the rights of any other of such
      Holders or to obtain or to seek to obtain priority or preference over any
      other

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

     

    of
      such
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided and for the equal and ratable benefit of all of such
      Holders.

     

    
      	
              SECTION
                808. 

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

            

    

     

    Notwithstanding
      any other provision in this Indenture, the Holder of any Security shall have
      the
      right, which is absolute and unconditional, to receive payment of the principal
      of and premium, if any, and (subject to Section 307 and 312) interest
      [1(including
      Additional Interest)], if any, on such Security on the Stated Maturity or
      Maturities expressed in such Security (or, in the case of redemption, on the
      Redemption Date) and to institute suit for the enforcement of any such payment,
      and such rights shall not be impaired without the consent of such
      Holder.

     

    
      	
              SECTION
                809. 

            	
              Restoration
                of Rights and Remedies.

            

    

     

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

     

    
      	
              SECTION
                810. 

            	
              Rights
                and Remedies Cumulative.

            

    

     

    Except
      as
      otherwise provided with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Securities in the last paragraph of Section 306,
      no
      right or remedy herein conferred upon or reserved to the Trustee or to the
      Holders is intended to be exclusive of any other right or remedy, and every
      right and remedy shall, to the extent permitted by law, be cumulative and in
      addition to every other right and remedy given hereunder or now or hereafter
      existing at law or in equity or
      otherwise. The assertion or employment of any right or remedy hereunder, or
      otherwise, shall not prevent the concurrent assertion or employment of any
      other
      appropriate right or remedy.

     

    
      	
              SECTION
                811. 

            	
              Delay
                or Omission Not Waiver.

            

    

     

    No
      delay
      or omission of the Trustee or of any Holder to exercise any right or remedy
      accruing upon any Event of Default shall impair any such right or remedy or
      constitute a waiver of any such Event of Default or an acquiescence therein.
      Every right and remedy given by this Article or by law to the Trustee or to
      the
      Holders may be exercised from time to time, and as often as may be deemed
      expedient, by the Trustee or by the Holders, as the case may be.

     

    
      	
              SECTION
                812. 

            	
              Control
                by Holders of Securities.

            

    

     

    If
      an
      Event of Default shall have occurred and be continuing in respect of a series
      of
      Securities, the Holders of a majority in principal amount of the Outstanding
      Securities of such 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, however, that if an Event of Default shall
      have occurred and be continuing with respect to more than one series of
      Securities, the Holders of a majority in aggregate principal amount of the
      Outstanding Securities of all such series, considered as one class, shall have
      the right to make such direction, and not the Holders of the Securities of
      any
      one of such series; and provided, further, that

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

    (a)
       such
      direction shall not be in conflict with any rule of law or with this Indenture,
      and could not involve the Trustee in personal liability in circumstances where
      indemnity would not, in the Trustee’s sole discretion, be adequate,
      and

     

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

     

    
      	
              SECTION
                813. 

            	
              Waiver
                of Past Defaults.

            

    

     

    The
      Holders of a majority in aggregate principal amount of the Outstanding
      Securities of any series may on behalf of the Holders of all the Securities
      of
      such series waive any past default hereunder with respect to such series and
      its
      consequences, except a default

     

    (a)
       in
      the
      payment of the principal of or premium, if any, or interest [1(including
      Additional Interest)], if any, on any Security of such series, or

     

    (b)
       in
      respect of a covenant or provision hereof which under Section 1202 cannot be
      modified or amended without the consent of the Holder of each Outstanding
      Security of such series affected [1;

     

    provided,
      however, that so long as a Trust holds the Securities of any series, such Trust
      may not waive any past default without the consent of a majority (or such
      greater percentage as shall be required by the Trust Agreement pertaining to
      such Trust) in aggregate liquidation preference of the outstanding Preferred
      Securities issued by such Trust affected, obtained as provided in the Trust
      Agreement pertaining to such Trust. Any such waiver by holders of a majority
      in
      aggregate liquidation preference of outstanding Preferred Securities issued
      by
      any such Trust shall be deemed to be on behalf of all holders of Preferred
      Securities issued by any such Trust].

     

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

     

    
      	
              SECTION
                814. 

            	
              Undertaking
                for Costs.

            

    

     

    The
      Company, the Guarantor and the Trustee agree, and each Holder 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 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, 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
      or the Guarantor, to any suit instituted by the Trustee, to any suit instituted
      by any Holder, or group of Holders, holding in the aggregate more than 10%
      in
      aggregate principal amount of the Outstanding Securities of all series in
      respect of which such suit may be brought, considered as one class, or to any
      suit instituted by any Holder for the enforcement of the payment of the
      principal of or premium, if any, or interest, if any, on any Security on or
      after the Stated Maturity or Maturities expressed in such Security (or, in
      the
      case of redemption, on or after the Redemption Date).

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                815. 

            	
              Waiver
                of Usury, Stay or Extension
                Laws.

            

    

     

    Each
      of
      the Company and the Guarantor 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 usury, 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 each of the
      Company and the Guarantor (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law and covenants that
      it
      will not hinder, delay or impede the execution of any power herein granted
      to
      the Trustee, but will suffer and permit the execution of every such power as
      though no such law had been enacted.

     

    ARTICLE
      NINE

     

    The
      Trustee

     

    
      	
              SECTION
                901. 

            	
              Certain
                Duties and
                Responsibilities.

            

    

     

    (a)
       Except
      during the continuance of an Event of Default with respect to Securities of
      any
      series,

     

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

     

    (ii) in
      the
      absence of bad faith on its part, the Trustee may, with respect to Securities
      of
      such series, 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.

    (b)
       In
      case
      an Event of Default with respect to Securities of any series shall have occurred
      and be continuing, the Trustee shall exercise, with respect to the Securities
      of
      such series, 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 person
      would exercise or use under the circumstances in the conduct of his or her
      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

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

     

    majority
      in principal amount of the Outstanding Securities of any one or more series,
      as
      provided herein, 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
                902. 

            	
              Notice
                of Defaults.

            

    

     

    The
      Trustee shall give notice of any default hereunder with respect to the
      Securities of any series to the Holders of Securities of such series in the
      manner and to the extent required to do so by the Trust Indenture Act, unless
      such default shall have been cured or waived; provided, however, that in the
      case of any default of the character specified in Section 801(c), no such notice
      to Holders shall be given until at least 45 days after the occurrence thereof.
      For the purpose of this Section, the term “default” means any event which is, or
      after notice or lapse of time, or both, would become, an Event of Default with
      respect to the Securities of such series.

     

    
      	
              SECTION
                903. 

            	
              Certain
                Rights of Trustee.

            

    

     

    Subject
      to the provisions of Section 901 and to the applicable provisions of the Trust
      Indenture Act:

     

    (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, other evidence of indebtedness or other paper
      or
      document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

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

     

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

     

    (d)
       the
      Trustee may consult with counsel of its selection 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;

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

     

    (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 Holder
      pursuant to this Indenture, unless such Holder 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, note, other
      evidence of indebtedness or other paper or document, but the Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or
      matters as it may see fit, and, if the Trustee shall determine to make such
      further inquiry or investigation, it shall (subject to applicable legal
      requirements) with prior notice to the Company and the Guarantor be entitled
      to
      examine, during normal business hours, the books, records and premises of the
      Company, personally or by agent or attorney;

     

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

     

    (h)
       except
      as
      otherwise provided in Section 801, the Trustee shall not be charged with
      knowledge of any Event of Default with respect to the Securities of any series
      for which it is acting as Trustee unless either (1) a Responsible Officer of
      the
      Trustee shall have actual knowledge of the Event of Default or (2) written
      notice of such Event of Default shall have been given to the Trustee by the
      Company, Guarantor or any other obligor on such Securities or by any Holder
      of
      such Securities;

     

    (i)
       the
      Trustee shall not be liable for any action taken, suffered, or omitted to be
      taken by it in good faith and reasonably believed by it to be authorized or
      within the discretion or rights or powers conferred upon it by this Indenture;
      and

     

    (j)
       the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities
      hereunder.

     

    
      	
              SECTION
                904. 

            	
              Not
                Responsible for Recitals or Issuance of
                Securities.

            

    

     

    The
      recitals contained herein and in the Securities and the Guarantees endorsed
      thereon (except the Trustee’s certificates of authentication) shall be taken as
      the statements of the Company and the Guarantor, as the case may be, and neither
      the Trustee nor any Authenticating Agent assumes responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Indenture or of the Securities or the Guarantees endorsed
      thereon. Neither the Trustee nor any Authenticating Agent shall be accountable
      for the use or application by the Company of Securities or the proceeds
      thereof.

     

    
      	
              SECTION
                905. 

            	
              May
                Hold Securities.

            

    

     

    Each
      of
      the Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar
      or any other agent of the Company, the Guarantor or the Trustee, in its
      individual or any other capacity, may become the owner or pledgee of Securities
      [1and/or
      Preferred Securities] and, subject to Sections 908

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

     

    and
      913,
      may otherwise deal with the Company or the Guarantor with the same rights it
      would have if it were not the Trustee, Authenticating Agent, Paying Agent,
      Security Registrar or such other agent.

     

    
      	
              SECTION
                906. 

            	
              Money
                Held in Trust.

            

    

     

    Money
      held by the Trustee in trust hereunder need not be segregated from other funds,
      except to the extent required by law. The Trustee shall be under no liability
      for interest on or investment of any money received by it hereunder except
      as
      expressly provided herein or otherwise agreed with, and for the sole benefit
      of,
      the Company or the Guarantor.

     

    
      	
              SECTION
                907. 

            	
              Compensation
                and Reimbursement.

            

    

     

    The
      Company agrees

     

    (a)
       to
      pay to
      the Trustee from time to time such compensation for all services rendered by
      it
      hereunder as the Company and the Trustee shall from time to time agree in
      writing (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 reasonably 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 to the extent that any such expense, disbursement
      or
      advance may be attributable to the Trustee’s negligence, willful misconduct or
      bad faith; and

     

    (c)
       to
      indemnify the Trustee and hold it harmless from and against, any loss, liability
      or expense incurred without negligence or bad faith on its part, arising out
      of
      or in connection with the acceptance or administration of the trust or trusts
      hereunder or the performance of its duties hereunder, including the costs and
      expenses of defending itself against any claim or liability in connection with
      the exercise or performance of any of its powers or duties hereunder,
except
      to
      the extent any such loss, liability or expense may be attributable to its
      negligence, willful misconduct or bad faith.

     

    As
      security for the performance of the obligations of the Company under this
      Section, the Trustee shall have a lien prior to the Securities upon all property
      and funds held or collected by the Trustee as such other than property and
      funds
      held in trust under Section 703 (except as otherwise provided in Section 703).
      “Trustee” for purposes of this Section shall include any predecessor Trustee;
      provided, however, that the negligence, willful misconduct or bad faith of
      any
      Trustee hereunder shall not affect the rights of any other Trustee
      hereunder.

     

    When
      the
      Trustee incurs expenses or renders services in connection with an Event of
      Default specified in Section 801(d) or Section 801(e), the expenses (including
      the reasonable charges and expenses of its counsel) and the compensation for
      the
      services are intended to constitute expenses of administration under any
      applicable Federal or State bankruptcy, insolvency or other similar
      law.

     

    The
      provisions of this Section 907 shall survive the termination of this
      Indenture.

     

    
      
        
        

      

      
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              SECTION
                908. 

            	
              Disqualification;
                Conflicting Interests.

            

    

     

    If
      the
      Trustee shall have or acquire any conflicting interest within the meaning of
      the
      Trust Indenture Act, it shall either eliminate such conflicting interest or
      resign to the extent, in the manner and with the effect, and subject to the
      conditions, provided in the Trust Indenture Act and this Indenture. To the
      extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
      to
      have a conflicting interest by virtue of being a trustee under the Indenture,
      dated as of June 1, 1999, between the Company and The Bank of New York, as
      trustee, the Guarantee Agreement, dated as of June 1, 1999, between the
      Guarantor, as guarantor and The Bank of New York, as guarantee trustee, the
      Indenture (For Unsecured Subordinated Debt Securities relating to Trust
      Securities), dated as of March 1, 2004, among the Company, FPL Group, Inc.,
      as
      guarantor and The Bank of New York, as indenture trustee, the Amended and
      Restated Trust Agreement, dated as of March 15, 2004, among FPL Group, Inc.,
      as
      depositor, The Bank of New York, as property trustee, The Bank of New York
      (Delaware), as Delaware trustee, the administrative trustees named therein
      and
      several holders of trust securities, the Preferred Trust Securities Guarantee
      Agreement, dated as of March 15, 2004, between FPL Group, Inc., as guarantor
      and
      The Bank of New York, as guarantee trustee, [1the
      Trust
      Agreement and the Preferred Trust Securities Guarantee Agreement] and such
      agreements and the Securities of any other series or the Guarantees endorsed
      thereon shall be deemed to be specifically described in this Indenture for
      the
      purposes of clause (i) of the first proviso contained in Section 310(b) of
      the
      Trust Indenture Act.

     

    
      	
              SECTION
                909. 

            	
              Corporate
                Trustee Required;
                Eligibility.

            

    

     

    There
      shall at all times be a Trustee hereunder which shall be

     

    (a)
       a
      Corporation organized and doing business under the laws of the United States,
      any State or Territory thereof or the District of Columbia, authorized under
      such laws to exercise corporate trust powers, having a combined capital and
      surplus of at least $50,000,000 and subject to supervision or examination by
      Federal or State authority, or

     

    (b)
       if
      and to
      the extent permitted by the Commission by rule, regulation or order upon
      application, a Corporation or other Person organized and doing business under
      the laws of a foreign government, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 or the Dollar equivalent of the applicable foreign currency and
      subject to supervision or examination by authority of such foreign government
      or a political subdivision thereof substantially equivalent to supervision
      or
      examination applicable to United States institutional trustees,

     

    and,
      in
      either case, qualified and eligible under this Article and the Trust Indenture
      Act. If such Corporation publishes reports of condition at least annually,
      pursuant to law or to the requirements of such supervising or examining
      authority, then for the purposes of this Section, the combined capital and
      surplus of such Corporation 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 and the Trust Indenture Act, it shall resign
      immediately in the manner and with the effect hereinafter specified in this
      Article.

     

    
      	
              SECTION
                910. 

            	
              Resignation
                and Removal; Appointment of
                Successor.

            

    

     

    (a)
       No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee in accordance with the applicable
      requirements of Section 911.

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

     

    (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 and the Guarantor. If
      the
      instrument of acceptance by a successor Trustee required by Section 911 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 the
      Securities of such series.

     

    (c)
       The
      Trustee may be removed at any time with respect to the Securities of any series
      by Act of the Holders of a majority in principal amount of the Outstanding
      Securities of such series delivered to the Trustee, the Company and the
      Guarantor [1;
      provided that so long as any Preferred Securities remain outstanding, the Trust
      which issued such Preferred Securities shall not execute any Act to remove
      the
      Trustee without the consent of the holders of a majority in aggregate
      liquidation preference of Preferred Securities issued by such Trust outstanding,
      obtained as provided in the Trust Agreement pertaining to such
      Trust].

     

    (d)
       If
      at any
      time:

     

    (1)
       the
      Trustee shall fail to comply with Section 908 after written request therefor
      by
      the Company, the Guarantor or by any Holder who has been a bona fide Holder
      for
      at least six months, or

     

    (2)
       the
      Trustee shall cease to be eligible under Section 909 or Section 310(a) of the
      Trust Indenture Act and shall fail to resign after written request therefor
      by
      the Company, the Guarantor or by any such Holder, or

     

    (3)
       the
      Trustee shall become incapable of acting or shall be adjudged a bankrupt or
      insolvent or a receiver of the Trustee or of its property shall be appointed
      or
      any public officer shall take charge or control of the Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation,

     

    then,
      in
      any such case, (x) the Company and the Guarantor by Board Resolutions may
      remove the Trustee with respect to all Securities or (y) subject to Section
      814, any Holder who has been a bona fide Holder for at least six months may,
      on
      behalf of himself and all others similarly situated, petition any court of
      competent
      jurisdiction for the removal of the Trustee with respect to all Securities
      and
      the appointment of a successor Trustee or Trustees.

     

    (e)
       If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any cause (other than as contemplated
      in clause (y) in subsection (d) of this Section), with respect to the Securities
      of one or more series, the Company and the Guarantor, by Board Resolutions,
      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 (subject to Section 914) there shall be only
      one Trustee with respect to the Securities of any particular series) and shall
      comply with the applicable requirements of Section 911. If, within one year
      after such resignation, removal or incapability, or the occurrence of such
      vacancy, a successor Trustee with respect to the Securities of any series shall
      be appointed by Act of the Holders of a majority in principal amount of 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
      911, become the successor Trustee with respect to the Securities of such series
      and to that extent supersede the successor Trustee appointed by the

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

     

    Company
      and the Guarantor. If no successor Trustee with respect to the Securities of
      any
      series shall have been so appointed by the Company and the Guarantor or the
      Holders and accepted appointment in the manner required by Section 911, any
      Holder who has been a bona fide Holder of a Security of such series for at
      least
      six months may, on behalf of itself 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)
       So
      long
      as no event which is, or after notice or lapse of time, or both, would become,
      an Event of Default shall have occurred and be continuing, and except with
      respect to a Trustee appointed by Act of the Holders of a majority in principal
      amount of the Outstanding Securities pursuant to subsection (e) of this Section,
      if the Company and the Guarantor shall have delivered to the Trustee (i) Board
      Resolutions appointing a successor Trustee, effective as of a date specified
      therein, and (ii) an instrument of acceptance of such appointment, effective
      as
      of such date, by such successor Trustee in accordance with Section 911, the
      Trustee shall be deemed to have resigned as contemplated in subsection (b)
      of
      this Section, the successor Trustee shall be deemed to have been appointed
      by
      the Company and the Guarantor pursuant to subsection (e) of this Section and
      such appointment shall be deemed to have been accepted as contemplated in
      Section 911, all as of such date, and all other provisions of this Section
      and
      Section 911 shall be applicable to such resignation, appointment and acceptance
      except to the extent inconsistent with this subsection (f).

     

    (g)
       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 all Holders of Securities
      of such series as their names and addresses appear in the Security Register.
      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
                911. 

            	
              Acceptance
                of Appointment by
                Successor.

            

    

     

    (a)
       In
      case
      of the appointment hereunder of a successor Trustee with respect to the
      Securities of all series, every such successor Trustee so appointed shall
      execute, acknowledge and deliver to the Company, the Guarantor 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, shall become
      vested with all the rights, powers, trusts and duties of the retiring Trustee;
      but, on the request of the Company, the Guarantor or the successor Trustee,
      such
      retiring Trustee shall, upon payment of all sums owed to it, execute and deliver
      an instrument transferring to such successor Trustee all the rights, powers
      and
      trusts of the retiring Trustee and shall duly assign, transfer and deliver
      to
      such successor Trustee all property and money held by such retiring Trustee
      hereunder.

     

    (b)
       In
      case
      of the appointment hereunder of a successor Trustee with respect to the
      Securities of one or more (but not all) series, the Company, the Guarantor
      the
      retiring Trustee and each successor Trustee with respect to the Securities
      of
      such 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 

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

     

    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 and that each such
      Trustee shall be trustee of a trust or trusts hereunder separate and apart
      from
      any trust or trusts hereunder administered by any other such Trustee; and upon
      the execution and delivery of such supplemental indenture the resignation or
      removal of the retiring Trustee shall become effective to the extent provided
      therein and each such successor Trustee, without any further act, 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, the Guarantor
      or any successor Trustee, such retiring Trustee, upon payment of all sums owed
      to it, shall duly assign, transfer and deliver to such successor Trustee all
      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 and the Guarantor shall
      execute any instruments which fully vest in and confirm to such successor
      Trustee all such rights, powers and trusts referred to in subsection (a) or
      (b)
      of this Section, as the case may be.

     

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

     

    
      	
              SECTION
                912. 

            	
              Merger,
                Conversion, Consolidation or Succession to
                Business.

            

    

     

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

     

    
      	
              SECTION
                913. 

            	
              Preferential
                Collection of Claims Against
                Company.

            

    

     

    If
      the
      Trustee shall be or become a creditor of the Company, the Guarantor or any
      other
      obligor upon the Securities (other than by reason of a relationship described
      in
      Section 311(b) of the Trust Indenture Act), the Trustee shall be subject to
      any
      and all applicable provisions of the Trust Indenture Act regarding the
      collection of claims against the Company, the Guarantor or such other obligor.
      For purposes of Section 311(b) of the Trust Indenture Act:

     

    (a)
       the
      term
“cash transaction” means any transaction in which full payment for goods or
      securities sold is made within seven days after delivery of the goods or
      securities in currency or in checks or other orders drawn upon banks or bankers
      and payable upon demand;

     

    (b)
       the
      term
“self-liquidating paper” means any draft, bill of exchange, acceptance or
      obligation which is made, drawn, negotiated or incurred by the Company, the
      Guarantor or such obligor for the purpose of financing the purchase, processing,
      manufacturing, shipment, storage

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

     

    or
      sale
      of goods, wares or merchandise and which is secured by documents evidencing
      title to, possession of, or a lien upon, the goods, wares or merchandise or
      the
      receivables or proceeds arising from the sale of the goods, wares or merchandise
      previously constituting the security, provided the security is received by
      the
      Trustee simultaneously with the creation of the creditor relationship with
      the
      Company, the Guarantor or such obligor arising from the making, drawing,
      negotiating or incurring of the draft, bill of exchange, acceptance or
      obligation.

     

    
      	
              SECTION
                914. 

            	
              Co-trustees
                and Separate Trustees.

            

    

     

    At
      any
      time or times, for the purpose of meeting the legal requirements of any
      applicable jurisdiction, the Company, the Guarantor and the Trustee shall have
      power to appoint, and, upon the written request of the Trustee or of the Holders
      of at least 33% in principal amount of the Securities then Outstanding, the
      Company and the Guarantor shall for such purpose join with the Trustee in the
      execution and delivery of all instruments and agreements necessary or proper
      to
      appoint, one or more Persons approved by the Trustee either to act as
      co-trustee, jointly with the Trustee, or to act as separate trustee, in either
      case with such powers as may be provided in the instrument of appointment,
      and
      to vest in such Person or Persons, in the capacity aforesaid, any property,
      title, right or power deemed necessary or desirable, subject to the other
      provisions of this Section. If the Company or the Guarantor does not join in
      such appointment within 15 days after the receipt by it of a request so to
      do,
      or if an Event of Default shall have occurred and be continuing, the Trustee
      alone shall have power to make such appointment.

     

    Should
      any written instrument or instruments from the Company or the Guarantor be
      required by any co-trustee or separate trustee to more fully confirm to such
      co-trustee or separate trustee such property, title, right or power, any and
      all
      such instruments shall, on request, be executed, acknowledged and delivered
      by
      the Company or the Guarantor, as the case may be.

     

    Every
      co-trustee or separate trustee shall, to the extent permitted by law, but to
      such extent only, be appointed subject to the following conditions:

     

    (a)
       the
      Securities shall be authenticated and delivered, and all rights, powers, duties
      and obligations hereunder in respect of the custody of securities, cash and
      other personal property held by, or required to be deposited or pledged with,
      the Trustee hereunder, shall be exercised solely, by the Trustee;

     

    (b)
       the
      rights, powers, duties and obligations hereby conferred or imposed upon the
      Trustee in respect of any property covered by such appointment shall be
      conferred or imposed upon and exercised or performed either by the Trustee
      or by
      the Trustee and such co-trustee or separate trustee jointly, as shall be
      provided in the instrument appointing such co-trustee or separate trustee,
      except to the extent that under any law of any jurisdiction in which any
      particular act is to be performed, the Trustee shall be incompetent or
      unqualified to perform such act, in which event such rights, powers, duties
      and
      obligations shall be exercised and performed by such co-trustee or separate
      trustee.

     

    (c)
       the
      Trustee at any time, by an instrument in writing executed by it, with the
      concurrence of the Company and the Guarantor, may accept the resignation of
      or
      remove any co-trustee or separate trustee appointed under this Section, and,
      if
      an Event of Default shall have occurred and be continuing, the Trustee shall
      have power to accept the resignation of, or remove, any such co-trustee or
      separate trustee without the concurrence of the Company or the Guarantor. Upon
      the written request of the Trustee, the Company and the Guarantor shall join
      with the Trustee in the execution and delivery of all instruments and agreements
      necessary or proper to

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

     

    effectuate
      such resignation or removal. A successor to any co-trustee or separate trustee
      so resigned or removed may be appointed in the manner provided in this
      Section;

     

    (d)
       no
      co-trustee or separate trustee hereunder shall be personally liable by reason
      of
      any act or omission of the Trustee, or any other such trustee hereunder, and
      the
      Trustee shall not be personally liable by reason of any act or omission of
      any
      such co-trustee or separate trustee; and

     

    (e)
       any
      Act
      of Holders delivered to the Trustee shall be deemed to have been delivered
      to
      each such co-trustee and separate trustee.

     

    
      	
              SECTION
                915. 

            	
              Appointment
                of Authenticating Agent.

            

    

     

    The
      Trustee may appoint an Authenticating Agent or Agents acceptable to the Company
      with respect to the Securities of one or more series, or any Tranche thereof,
      which shall be authorized to act on behalf of the Trustee to authenticate
      Securities of such series or Tranche, and any Guarantee to be endorsed thereon,
      issued upon original issuance, exchange, registration of transfer or partial
      redemption thereof or pursuant to Section 306, and Securities, and any
      Guarantees endorsed thereon, 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 or the Guarantee
      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 the Guarantor and shall at all times be a
      Corporation organized and doing business under the laws of the United States,
      any State or Territory thereof or the District of Columbia or the Commonwealth
      of Puerto Rico, authorized under such laws to act as Authenticating Agent,
      having a combined capital and surplus of not less than $50,000,000 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
      Corporation into which an Authenticating Agent may be merged or converted or
      with which it may be consolidated, or any Corporation resulting from any merger,
      conversion or consolidation to which such Authenticating Agent shall be a party,
      or any Corporation succeeding to the corporate agency or corporate trust
      business of an Authenticating Agent, shall continue to be an Authenticating
      Agent, provided such Corporation shall be otherwise eligible under this Section,
      without the execution or filing of any paper or any further act on the part
      of
      the Trustee or the Authenticating Agent.

     

    An
      Authenticating Agent may resign at any time by giving written notice thereof
      to
      the Trustee, the Company and the Guarantor. The Trustee may at any time
      terminate the agency of an Authenticating Agent by giving written notice thereof
      to such Authenticating Agent, the Company and the Guarantor. 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 the Guarantor. 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

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

     

    like
      effect as if originally named as an Authenticating Agent. No successor
      Authenticating Agent shall be appointed unless eligible under the provisions
      of
      this Section.

     

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

     

    The
      provisions of Sections 308, 904 and 905 shall be applicable to each
      Authenticating Agent.

     

    If
      an
      appointment with respect to the Securities of one or more series, or any Tranche
      thereof, shall be made pursuant to this Section, the Securities of such series
      or Tranche may have endorsed thereon, in addition to the Trustee’s certificate
      of authentication, an alternative certificate of authentication substantially
      in
      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:
                _______________________________________________

              As
                Authenticating Agent

               

              By:_______________________________________________
                

              Authorized
                Signatory

            

    

     

    If
      all of
      the Securities of a 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 by the Company in writing (which writing need not comply with
      Section 102 and need not be accompanied by an Opinion of Counsel), shall
      appoint, in accordance with this Section and in accordance with such procedures
      as shall be acceptable to the Trustee, an Authenticating Agent having an office
      in a Place of Payment designated by the Company with respect to such series
      of
      Securities.

     

    ARTICLE
      TEN

     

    Holders’
      Lists and Reports by Trustee, Company and Guarantor

     

    
      	
              SECTION
                1001. 

            	
              Lists
                of Holders.

            

    

     

    Semiannually,
      not later than June 1 and December 1 in each year, commencing ____, 20__, and
      at
      such other times as the Trustee may request in writing, the Company shall
      furnish or cause to be furnished to the Trustee information as to the names
      and
      addresses of the Holders, and the Trustee shall preserve such information and
      similar information received by it in any other capacity and afford to the
      Holders access to information so preserved by it, all to such extent, if any,
      and in such manner as shall be required by the Trust Indenture Act; provided,
      however, that no such list need be furnished so long as the Trustee shall be
      the
      Security Registrar.

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1002. 

            	
              Reports
                by Trustee, Company and
                Guarantor.

            

    

     

    Not
      later
      than July 15 in each year, commencing July 15, 20__, the Trustee shall transmit
      to the Holders, the Commission and each securities exchange upon which any
      Securities are listed, a report, dated as of the next preceding April 15, with
      respect to any events and other matters described in Section 313(a) of the
      Trust
      Indenture Act, in such manner and to the extent required by the Trust Indenture
      Act. The Trustee shall transmit to the Holders, the Commission and each
      securities exchange upon which any Securities are listed, and the Company and
      the Guarantor, as the case requires, shall file with the Trustee (within 30
      days
      after filing with the Commission in the case of reports which pursuant to the
      Trust Indenture Act must be filed with the Commission and furnished to the
      Trustee) and transmit to the Holders, such other information, reports and other
      documents, if any, at such times and in such manner, as shall be required by
      the
      Trust Indenture Act. The Company shall notify the Trustee of the listing of
      any
      Securities on any securities exchange or of the delisting thereof.

     

    ARTICLE
      ELEVEN

     

    Consolidation,
      Merger, Conveyance or Other Transfer

     

    
      	
              SECTION
                1101. 

            	
              Company
                or Guarantor May Consolidate, etc., Only on Certain
                Terms.

            

    

     

    Neither
      the Company nor the Guarantor shall consolidate with or merge into any other
      entity, or convey or otherwise transfer or lease its properties and assets
      substantially as an entirety to any Person, unless

     

    (a)
       the
      Person formed by such consolidation or into which the Company or the Guarantor,
      as the case may be, is merged or the Person which acquires by conveyance or
      transfer, or which leases, the properties and assets of the Company or the
      Guarantor, as the case may be, substantially as an entirety shall be a Person
      organized and existing under the laws of the United States, any State thereof
      or
      the District of Columbia, and shall expressly assume, by an indenture
      supplemental hereto, executed and delivered to the Trustee, in form satisfactory
      to the Trustee, the due and punctual payment of the principal of and premium,
      if
      any, and interest, if any, on all Outstanding Securities (or the Guarantees
      endorsed thereon, as the case may be) and the performance of every covenant
      of
      this Indenture on the part of the Company or the Guarantor, as the case may
      be,
      to be performed or observed;

     

    (b)
       immediately
      after giving effect to such transaction, no Event of Default and no event which,
      after notice or lapse of time or both, would become an Event of Default, shall
      have occurred and be continuing; and

     

    (c)
       the
      Company or the Guarantor, as the case may be, shall have delivered to the
      Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
      such consolidation, merger, conveyance, or other transfer or lease and such
      supplemental indenture comply with this Article and that all conditions
      precedent herein provided for relating to such transactions have been complied
      with.

     

    
      	
              SECTION
                1102. 

            	
              Successor
                Entity Substituted.

            

    

     

    Upon
      any
      consolidation by the Company or the Guarantor with or merger by the Company
      or
      the Guarantor into any other Person or any conveyance, or other transfer or
      lease of the properties and assets of the Company or the Guarantor substantially
      as an entirety in accordance with Section 1101, the successor Person formed
      by
      such consolidation or into which the Company or the

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

     

    Guarantor,
      as the case may be, is merged or the Person to which such conveyance, transfer
      or lease is made shall succeed to, and be substituted for, and may exercise
      every right and power of, the Company or the Guarantor, as the case may be,
      under this Indenture with the same effect as if such successor Person had been
      named as the Company or the Guarantor, as the case may be, herein, and
      thereafter, except in the case of a lease, the predecessor Person shall be
      relieved of all obligations and covenants under this Indenture and the
      Securities Outstanding hereunder (or the Guarantees endorsed thereon, as the
      case may be).

     

    
      	
              SECTION
                1103. 

            	
              Limitation.

            

    

     

    Nothing
      in this Indenture shall be deemed to prevent or restrict:

     

    (a)
       any
      consolidation or merger after the consummation of which the Company or the
      Guarantor would be the surviving or resulting entity,

     

    (b)
       any
      consolidation of the Company with the Guarantor or any other Person all of
      the
      outstanding voting securities of which are owned, directly or indirectly, by
      the
      Guarantor; or any merger of any of such Persons into any other of such Persons;
      or any conveyance or other transfer, or lease, of its properties substantially
      as an entirety by any thereof to any other thereof,

     

    (c)
       any
      conveyance or other transfer, or lease, of any part of the properties and/or
      assets of the Company or the Guarantor which does not constitute the entirety,
      or substantially the entirety, of its properties and assets,

     

    (d)
       the
      approval by the Company or the Guarantor of, or the consent by the Company
      or
      the Guarantor to, any consolidation or merger to which any direct or indirect
      subsidiary or affiliate of the Company or the Guarantor, as the case requires,
      may be a party or any conveyance, transfer or lease by any such subsidiary
      or
      affiliate of any of its properties or assets, or

     

    (e)
       any
      other
      transaction not contemplated by Section 1101.

    
ARTICLE
      TWELVE

     

    Supplemental
      Indentures

     

    
      	
              SECTION
                1201. 

            	
              Supplemental
                Indentures Without Consent of
                Holders.

            

    

     

    Without
      the consent of any Holders, the Company, the Guarantor and the Trustee, at
      any
      time and from time to time, may enter into one or more indentures supplemental
      hereto, in form reasonably satisfactory to the Trustee, for any of the following
      purposes:

     

    (a)
       to
      evidence the succession of another Person to the Company or the Guarantor,
      as
      the case may be, and the assumption by any such successor of the covenants
      of
      the Company or the Guarantor, as the case may be, herein and in the Securities
      or the Guarantees endorsed thereon, all as provided in Article Eleven;
      or

     

    (b)
       to
      add
      one or more covenants of the Company or the Guarantor or other provisions for
      the benefit of all Holders or for the benefit of the Holders of, or to remain
      in
      effect only so long as there shall be Outstanding, Securities of one or more
      specified series, or one or 

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

     

    more
      specified Tranches thereof, or to surrender any right or power herein conferred
      upon the Company or Guarantor; or

     

    (c)
       to
      add
      any additional Events of Default with respect to all or any series of Securities
      Outstanding hereunder; or

     

    (d)
       to
      change
      or eliminate any provision of this Indenture or to add any new provision to
      this
      Indenture; provided, however, that if such change, elimination or addition
      shall
      adversely affect the interests of the Holders of Securities of any series or
      Tranche Outstanding on the date of such indenture supplemental hereto in any
      material respect, such change, elimination or addition shall become effective
      (i) with respect to such series or Tranche only pursuant to the provisions
      of
      Section 1202 hereof or (ii) when no Security of such series or Tranche remains
      Outstanding; or

     

    (e)
       to
      provide collateral security for all but not part of the Securities;
      or

     

    (f)
       to
      establish the form or terms of Securities of any series or Tranche or any
      Guarantees as contemplated by Sections 201 and 301; or

     

    (g)
       to
      provide for the authentication and delivery of bearer securities and coupons
      appertaining thereto representing interest, if any, thereon and for the
      procedures for the registration, exchange and replacement thereof and for the
      giving of notice to, and the solicitation of the vote or consent of, the holders
      thereof, and for any and all other matters incidental thereto; or

     

    (h)
       to
      evidence and provide for the acceptance of appointment hereunder by a separate
      or successor Trustee or co-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
      911(b); or

     

    (i)
       to
      provide for the procedures required to permit the Company to utilize, at its
      option, a non-certificated system of registration for all, or any series or
      Tranche of, the Securities; or

     

    (j)
       to
      change
      any place or places where (1) the principal of and premium, if any, and
      interest, if any, on all or any series of Securities, or any Tranche thereof,
      shall be payable, (2) all or any series of Securities, or any Tranche thereof,
      may be surrendered for registration of transfer, (3) all or any series of
      Securities, or any Tranche thereof, may be surrendered for exchange and (4)
      notices and demands to or upon the Company or the Guarantor in respect of all
      or
      any series of Securities, or any Tranche thereof, and this Indenture may be
      served; or

     

    (k)
       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
      changes to the provisions hereof or to add other provisions with respect to
      matters or questions arising under this Indenture, provided that such other
      changes or additions shall not adversely affect the interests of the Holders
      of
      Securities of any series or Tranche in any material respect.

     

    Without
      limiting the generality of the foregoing, if the Trust Indenture Act as in
      effect at the date of the execution and delivery of this Indenture or at any
      time thereafter shall be amended and

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

     

    (x) if
      any
      such amendment shall require one or more changes to any provisions hereof or
      the
      inclusion herein of any additional provisions, or shall by operation of law
      be
      deemed to effect such changes or incorporate such provisions by reference or
      otherwise, this Indenture shall be deemed to have been amended so as to conform
      to such amendment to the Trust Indenture Act, and the Company, the Guarantor
      and
      the Trustee may, without the consent of any Holders, enter into an indenture
      supplemental hereto to effect or evidence such changes or additional provisions;
      or

     

    (y) if
      any
      such amendment shall permit one or more changes to, or the elimination of,
      any
      provisions hereof which, at the date of the execution and delivery hereof or
      at
      any time thereafter, are required by the Trust Indenture Act to be contained
      herein, this Indenture shall be deemed to have been amended to effect such
      changes or elimination, and the Company, the Guarantor and the Trustee may,
      without the consent of any Holders, enter into an indenture supplemental hereto
      to evidence such amendment hereof.

     

    
      	
              SECTION
                1202. 

            	
              Supplemental
                Indentures With Consent of
                Holders.

            

    

     

    With
      the
      consent of the Holders of a majority in aggregate principal amount of the
      Securities of all series then Outstanding under this Indenture, considered
      as
      one class, by Act of said Holders delivered to the Company, the Guarantor and
      the Trustee, the Company and the Guarantor, when authorized by Board
      Resolutions, 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 modifying
      in any manner the rights of the Holders of Securities of such series under
      the
      Indenture; provided, however, that if there shall be Securities of more than
      one
      series Outstanding hereunder and if a proposed supplemental indenture shall
      directly affect the rights of the Holders of Securities of one or more, but
      less
      than all, of such series, then the consent only of the Holders of a majority
      in
      aggregate principal amount of the Outstanding Securities of all series so
      directly affected, considered as one class, shall be required; and provided,
      further, that if the Securities of any series shall have been issued in more
      than one Tranche and if the proposed supplemental indenture shall directly
      affect the rights of the Holders of Securities of one or more, but less than
      all, of such Tranches, then the consent
      only of the Holders of a majority in aggregate principal amount of the
      Outstanding Securities of all Tranches so directly affected, considered as
      one
      class, shall be required; and provided, further, that no such supplemental
      indenture shall:

     

    (a)
       change
      the Stated Maturity of the principal of, or any installment of principal of
      or
      interest on (except as provided in Section 312 hereof), any Security, or reduce
      the principal amount thereof or the rate of interest thereon (or the amount
      of
      any installment of interest thereon) or change the method of calculating such
      rate or reduce any premium payable upon the redemption thereof, or reduce the
      amount of the principal of a Discount Security that would be due and payable
      upon a declaration of acceleration of the Maturity thereof pursuant to
      Section 802, or change the coin or currency (or other property), 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 on or after
      the
      Stated Maturity of any Security (or, in the case of redemption, on or after
      the
      Redemption Date), or impair the right to receive payments under the Guarantee
      or
      to institute suit for the enforcement of any such payment under the Guarantee,
      without, in any such case, the consent of the Holder of such Security,
      or

     

    (b)
       reduce
      the percentage in principal amount of the Outstanding Securities of any series
      or any Tranche thereof, the consent of the Holders of which is required for
      any
      such supplemental indenture, or the consent of the Holders of which is required
      for any waiver of 

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

     

    compliance
      with any provision of this Indenture or of any default hereunder and its
      consequences, or reduce the requirements of Section 1304 for quorum or voting,
      without, in any such case, the consent of the Holders of each Outstanding
      Security of such series or Tranche, or

     

    (c)
       modify
      any of the provisions of this Section, Section 607 or Section 813 with respect
      to the Securities of any series, or any Tranche thereof, or except to increase
      the percentages in principal amount referred to in this Section or such other
      Sections or to provide that other provisions of this Indenture cannot be
      modified or waived without the consent of the Holder of each Outstanding
      Security affected thereby; provided, however, that this clause shall not be
      deemed to require the consent of any Holder with respect to changes in the
      references to “the Trustee” and concomitant changes in this Section, or the
      deletion of this proviso, in accordance with the requirements of Sections
      911(b), 914 and 1201(h).

     

    [1Notwithstanding
      the foregoing, so long as any of the Preferred Securities remain outstanding,
      the Trustee may not consent to a supplemental indenture under this Section
      1202
      without the prior consent, obtained as provided in a Trust Agreement pertaining
      to a Trust which issued such Preferred Securities, of the holders of a majority
      in aggregate liquidation preference of all Preferred Securities issued by such
      Trust affected, considered as one class, or, in the case of changes described
      in
      clauses (a), (b) and (c) above, 100% in aggregate liquidation preference of
      all
      such Preferred Securities then outstanding which would be affected thereby,
      considered as one class.]

     

    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 of one or more
      Tranches thereof, or which modifies the rights of the Holders of Securities
      of
      such series or Tranches 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 or Tranche.

     

    It
      shall
      not be necessary for any Act of Holders under this Section to approve the
      particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof. A waiver by a Holder
      of such Holder’s right to consent under this Section shall be deemed to be a
      consent of such Holder.

    
       

      
        	
                SECTION
                  1203. 

              	
                Execution
                  of Supplemental
                  Indentures.

              

      

       

    

    In
      executing, or accepting the additional trusts created by, any supplemental
      indenture permitted by this Article or the modifications thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to receive, and
      (subject to Section 901) 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, immunities or liabilities under this Indenture or
      otherwise.

     

    
      	
              SECTION
                1204. 

            	
              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 shall be bound
      thereby. Any supplemental indenture permitted by this Article may restate this
      Indenture in its entirety, and, upon the execution and delivery thereof, any
      such restatement shall supersede this Indenture as theretofore in effect for
      all
      purposes.

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1205. 

            	
              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
                1206. 

            	
              Reference
                in Securities to Supplemental
                Indentures.

            

    

     

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

     

    
      	
              SECTION
                1207. 

            	
              Modification
                Without Supplemental
                Indenture.

            

    

     

    If
      the
      terms of any particular series of Securities shall have been established in
      a
      Board Resolution or an Officer’s Certificate pursuant to a Board Resolution as
      contemplated by Section 301, and not in an indenture supplemental hereto,
      additions to, changes in or the elimination of any of such terms may be effected
      by means of a supplemental Board Resolution or Officer’s Certificate, as the
      case may be, delivered to, and accepted in writing by, the Trustee; provided,
      however, that such supplemental Board Resolution or Officer’s Certificate shall
      not be accepted by the Trustee or otherwise be effective unless all conditions
      set forth in this Indenture which would be required to be satisfied if such
      additions, changes or elimination were contained in a supplemental indenture
      shall have been appropriately satisfied. Upon the acceptance thereof by the
      Trustee, any such supplemental Board Resolution or Officer’s Certificate shall
      be deemed to be a “supplemental indenture” for purposes of Sections 1204 and
      1206.

     

    ARTICLE
      THIRTEEN

     

    Meetings
      of Holders; Action Without Meeting

     

    
      	
              SECTION
                1301. 

            	
              Purposes
                for Which Meetings May Be
                Called.

            

    

     

    A
      meeting
      of Holders of Securities of one or more, or all, series, or any Tranche or
      Tranches thereof, 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 or
      Tranches.

     

    
      	
              SECTION
                1302. 

            	
              Call,
                Notice and Place of
                Meetings.

            

    

     

    (a)
       The
      Trustee may at any time call a meeting of Holders of Securities of one or more,
      or all, series, or any Tranche or Tranches thereof, for any purpose specified
      in
      Section 1301, to be held at such time and at such place in the Borough of
      Manhattan, The City of New York, New York as the Trustee shall determine, or,
      with the approval of the Company and the Guarantor, at any other place. Notice
      of every such meeting, 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 106, not less than 21 nor more than
      180
      days prior to the date fixed for the meeting.

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

    (b)
       If
      the
      Trustee shall have been requested to call a meeting of the Holders of Securities
      of one or more, or all, series, or any Tranche or Tranches thereof, by the
      Company, the Guarantor or by the Holders of 33% in aggregate principal amount
      of
      all of such series and Tranches, considered as one class, for any purpose
      specified in Section 1301, by written request setting forth in reasonable detail
      the action proposed to be taken at the meeting, and the Trustee shall not have
      given 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, the Guarantor or the Holders of Securities of such series
      and
      Tranches 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
      such
      other place as shall be determined or approved by the Company or the Guarantor,
      for such meeting and may call such meeting for such purposes by giving notice
      thereof as provided in subsection (a) of this Section.

     

    (c)
       Any
      meeting of Holders of Securities of one or more, or all, series, or any Tranche
      or Tranches thereof, shall be valid without notice if the Holders of all
      Outstanding Securities of such series or Tranches are present in person or
      by
      proxy and if representatives of the Company, the Guarantor and the Trustee
      are
      present, or if notice is waived in writing before or after the meeting by the
      Holders of all Outstanding Securities of such series, or any Tranche or Tranches
      thereof, or by such of them as are not present at the meeting in person or
      by
      proxy, and by the Company, the Guarantor and the Trustee.

     

    
      	
              SECTION
                1303. 

            	
              Persons
                Entitled to Vote at
                Meetings.

            

    

     

    To
      be
      entitled to vote at any meeting of Holders of Securities of one or more, or
      all,
      series, or any Tranche or Tranches thereof, a Person shall be (a) a Holder
      of
      one or more Outstanding Securities of such series or Tranches, or (b) a Person
      appointed by an instrument in writing as proxy for a Holder or Holders of one
      or
      more Outstanding Securities of such series or Tranches by such Holder or
      Holders. The only Persons who shall be entitled to attend any meeting of Holders
      of Securities of any series or Tranche 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, the
      Guarantor and their counsel.

     

    
      	
              SECTION
                1304. 

            	
              Quorum;
                Action.

            

    

     

    The
      Persons entitled to vote a majority in aggregate principal amount of the
      Outstanding Securities of the series and Tranches with respect to which a
      meeting shall have been called as hereinbefore provided, considered as one
      class, shall constitute a quorum for a meeting of Holders of Securities of
      such
      series and Tranches; provided, however, that if any action is to be taken at
      such meeting which this Indenture expressly provides may be taken by the Holders
      of a specified percentage, which is less than a majority, in principal amount
      of
      the Outstanding Securities of such series and Tranches, considered as one class,
      the Persons entitled to vote such specified percentage in principal amount
      of
      the Outstanding Securities of such series and Tranches, considered as one class,
      shall constitute a quorum. In the absence of a quorum within one hour of the
      time appointed for any such meeting, the meeting shall, if convened at the
      request of Holders of Securities of such series and Tranches, be dissolved.
      In
      any other case the meeting may be adjourned for such period as may be 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 such period as may be determined by the chairman of the
      meeting prior to the adjournment of such adjourned meeting. Except as provided
      by Section 1305(e), notice of the reconvening of any meeting adjourned for
      more
      than 30 days shall be given as provided in Section 1302(a) not less than 10
      days
      prior to the date on which the meeting is scheduled to be reconvened. Notice
      of
      the reconvening of an adjourned meeting shall state

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

     

    expressly
      the percentage, as provided above, of the principal amount of the Outstanding
      Securities of such series and Tranches which shall constitute a
      quorum.

     

    Except
      as
      limited by Section 1202, 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 aggregate principal
      amount of the Outstanding Securities of the series and Tranches with respect
      to
      which such meeting shall have been called, considered as one class; provided,
      however, that, except as so limited, any resolution with respect to any action
      which this Indenture expressly provides may be taken by the Holders of a
      specified percentage, which is less than a majority, in principal amount of
      the
      Outstanding Securities of such series and Tranches, considered as one class,
      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 such
      series and Tranches, considered as one class.

     

    Any
      resolution passed or decision taken at any meeting of Holders of Securities
      duly
      held in accordance with this Section shall be binding on all the Holders of
      Securities of the series and Tranches with respect to which such meeting shall
      have been held, whether or not present or represented at the
      meeting.

     

    
      	
              SECTION
                1305. 

            	
              Attendance
                at Meetings; Determination of Voting Rights; Conduct and Adjournment
                of
                Meetings.

            

    

     

    (a)
       Attendance
      at meetings of Holders of Securities may be in person or by proxy; and, to
      the
      extent permitted by law, any such proxy shall remain in effect and be binding
      upon any future Holder of the Securities with respect to which it was given
      unless and until specifically revoked by the Holder or future Holder of such
      Securities before being voted.

     

    (b)
       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
      in
regard
      to
      proof of the holding of such Securities 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
      104
      and the appointment of any proxy shall be proved in the manner specified in
      Section 104. 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 104 or other proof.

     

    (c)
       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 the
      Guarantor or by Holders as provided in Section 1302(b), in which case the
      Company or the Guarantor or the Holders of Securities of the series and Tranches
      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
      aggregate principal amount of the Outstanding Securities of all series and
      Tranches represented at the meeting, considered as one class.

     

    (d)
       At
      any
      meeting each Holder or proxy shall be entitled to one vote for each $1 principal
      amount of Securities held or represented by him; provided, however, that no
      vote
      shall be cast or counted at any meeting in respect of any Security challenged
      as
      not Outstanding and

     

    
      
        
        

      

      
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    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 or
      proxy.

     

    (e)
       Any
      meeting duly called pursuant to Section 1302 at which a quorum is present may
      be
      adjourned from time to time by Persons entitled to vote a majority in aggregate
      principal amount of the Outstanding Securities of all series and Tranches
      represented at the meeting, considered as one class; and the meeting may be
      held
      as so adjourned without further notice.

     

    
      	
              SECTION
                1306. 

            	
              Counting
                Votes and Recording Action of
                Meetings.

            

    

     

    The
      vote
      upon any resolution submitted to any meeting of Holders shall be by written
      ballots on which shall be subscribed the signatures of the Holders or of their
      representatives by proxy and the principal amounts and serial numbers of the
      Outstanding Securities, of the series and Tranches with respect to which the
      meeting shall have been called, 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 of
      all
      votes cast at the meeting. A record in triplicate of the proceedings of each
      meeting of Holders 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 1302 and, if
      applicable, Section 1304. 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 each of the Company, the Guarantor, and the Trustee
      to be preserved by the Trustee, the latter to have attached thereto the ballots
      voted at the meeting. Any record so signed and verified shall be conclusive
      evidence of the matters therein stated.

    
       

      
        	
                SECTION
                  1307. 

              	
                Action
                  Without Meeting.

              

      

    

     

    In
      lieu
      of a vote of Holders at a meeting as hereinbefore contemplated in this Article,
      any request, demand, authorization, direction, notice, consent, waiver or other
      action may be made, given or taken by Holders by written instruments as provided
      in Section 104.

     

    ARTICLE
      FOURTEEN

     

    Guarantee

     

    
      	
              SECTION
                1401. 

            	
              Guarantee.

            

    

     

    Subject
      to the terms of this Article, the Guarantor hereby unconditionally and
      irrevocably guarantees to each Holder of a Security authenticated and delivered
      by the Trustee, and to the Trustee on behalf of such Holder, the due and
      punctual payment of the principal of, and premium, if any, and interest
      [1(including
      any Additional Interest)], if any, on the Securities of such series when and
      as
      the same shall become due and payable, whether at the Stated Maturity, by
      declaration of acceleration, call for redemption, or otherwise, in accordance
      with the terms of such Security and of this Indenture, regardless of any
      defense, right of set-off or counterclaim that the Guarantor may have (except
      the defense of payment). In case of the failure of the Company punctually to
      make any such payment, the Guarantor hereby agrees to cause such payment to
      be
      made punctually when and as the same shall become due and payable, whether
      at
      the Stated Maturity or by declaration of acceleration, call for redemption
      or
      otherwise, and as if such payment were made by the Company. The Guarantor’s
      obligation to make a guarantee payment may be satisfied by direct payment of
      the
      required amounts by the Guarantor to the 

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

     

    Holder
      of
      the Security or to a Paying Agent, or by causing the Company to pay such amount
      to such Holder or a Paying Agent.

     

    The
      Guarantor hereby agrees that its payment obligations hereunder shall be absolute
      and unconditional irrespective of, and shall be unaffected by, any invalidity,
      irregularity or unenforceability of such Security or this Indenture, any failure
      to enforce the provisions of such Security or this Indenture, or any waiver,
      modification or indulgence granted to the Company with respect thereto (except
      that the Guarantor will have the benefit of any waiver, modification or
      indulgence granted to the Company in accordance with this Indenture), by the
      Holder of such Security or the Trustee or any other circumstance which may
      otherwise constitute a legal or equitable discharge or defense of a surety
      or
      guarantor; provided, however, that notwithstanding the foregoing, no such
      waiver, modification or indulgence shall, without the consent of the Guarantor,
      increase the principal amount of such Security, or increase the interest rate
      thereon [1(including
      any Additional Interest)], or change any redemption provisions thereof
      (including any change to increase any premium payable upon redemption thereof),
      or change the Stated Maturity thereof, or increase the principal amount of
      any
      Discount Security that would be due and payable upon a declaration of
      acceleration or the maturity thereof pursuant to Article Eight of this
      Indenture.

     

    The
      Guarantor hereby waives the benefits of diligence, presentment, demand for
      payment, any requirement that the Trustee or any of the Holders exhaust any
      right or take any action against the Company or any other Person, the filing
      of
      claims with a court in the event of insolvency or bankruptcy of the Company,
      any
      right to require a proceeding first against the Company, protest or notice
      with
      respect to any Security or the indebtedness evidenced thereby and all demands
      whatsoever, and covenants that this Guarantee will not be discharged in respect
      of any Security except by complete performance of the payment obligations
      contained in such Security and in this Guarantee. This Guarantee shall
      constitute a guaranty of payment and not of collection. The Guarantor hereby
      agrees that, in the event of a default in payment of principal, or premium,
      if
      any, or interest, if any, on any Security, whether at
      its
      Stated Maturity, by declaration of acceleration, call for redemption, or
      otherwise, legal proceedings may be instituted by the Trustee on behalf of,
      or
      by, the Holder of such Security, subject to the terms and conditions set forth
      in this Indenture, directly against the Guarantor to enforce this Guarantee
      without first proceeding against the Company.

     

    The
      obligations of the Guarantor hereunder with respect to any Security shall be
      continuing and irrevocable until the date upon which the entire principal of,
      premium, if any, and interest [1(including
      Additional Interest)], if any, on such Security has been, or has been deemed
      pursuant to the provisions of Article Seven of this Indenture to have been,
      paid
      in full or otherwise discharged.

     

    The
      Guarantor shall be subrogated to all rights of the Holders of the Securities
      upon which its Guarantee is endorsed against the Company in respect of any
      amounts paid by the Guarantor on account of such Securities pursuant to the
      provisions of its Guarantee or this Indenture; provided, however, that the
      Guarantor shall not be entitled to enforce or to receive any payments arising
      out of, or based upon, such right of subrogation until the principal of, and
      premium, if any, and interest, if any, on all Securities issued hereunder which
      then are due and payable shall have been paid in full.

     

    This
      Guarantee shall remain in full force and effect and continue notwithstanding
      any
      petition filed by or against the Company for liquidation or reorganization,
      the
      Company becoming insolvent or making an assignment for the benefit of creditors
      or a receiver or trustee being appointed for all or any significant part of
      the
      Company’s property and assets, and shall, to the fullest extent permitted by
      law, continue to be effective or reinstated, as the case may be, if at any
      time
      payment of any Security upon which this Guarantee is endorsed, is, pursuant
      to
      applicable law, rescinded or reduced in amount, or must otherwise be restored
      or
      returned by any Holder of such Security, whether as a “voidable

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

     

    preference,”
      “fraudulent transfer,” or otherwise, all as though such payment or performance
      had not been made. In the event that any such payment, or any part thereof,
      is
      rescinded, reduced, restored or returned on a Security, such Security shall,
      to
      the fullest extent permitted by law, be reinstated and deemed paid only by
      such
      amount paid and not so rescinded, reduced, restored or returned.

     

    
      	
              SECTION
                1402. 

            	
              Guarantee
                Subordinate to Senior Indebtedness of the
                Guarantor.

            

    

     

    The
      Guarantor, for itself, its successors and assigns, covenants and agrees, and
      each Holder of the Securities of each series, by its acceptance thereof,
      likewise covenants and agrees, that the payment under the Guarantee of the
      principal of and premium, if any, and interest [1(including
      any Additional Interest)], if any, on each and all of the Securities is hereby
      expressly subordinated and junior in right of payment and subject, to the extent
      and in the manner set forth in this Article, in right of payment to the prior
      payment in full of all Senior Indebtedness of the Guarantor.

     

    Each
      Holder of the Securities of each series, by its acceptance thereof, authorizes
      and directs the Trustee on its behalf to take such action as may be necessary
      or
      appropriate to effectuate the subordination as provided in this Article, and
      appoints the Trustee its attorney-in-fact for any and all such
      purposes.

     

    
      	
              SECTION
                1403. 

            	
              Payment
                Over of Proceeds of
                Securities.

            

    

     

    In
      the
      event (a) of any insolvency or bankruptcy proceedings or any receivership,
      liquidation, reorganization or other similar proceedings in respect of the
      Guarantor or a substantial part of its property and assets, or of any
      proceedings for liquidation, dissolution or other winding up of the Guarantor,
      whether or not involving insolvency or bankruptcy, or (b) subject to the
      provisions of Section 1404, that (i) a default shall have occurred with respect
      to the payment of principal of or interest on or other monetary amounts due
      and
      payable on any Senior Indebtedness of the Guarantor, or (ii) there shall
have
      occurred a default (other than a default in the payment of principal or interest
      or other monetary amounts due and payable) in respect of any Senior Indebtedness
      of the Guarantor, as defined therein or in the instrument under which the same
      is outstanding, permitting the holder or holders thereof, or any other Person
      on
      its or their behalf to accelerate the payment or maturity thereof (with notice
      or lapse of time, or both), and such default shall have continued beyond the
      period of grace, if any, in respect thereof, and, in the cases of subclauses
      (i)
      and (ii) of this clause (b), such default shall not have been cured or waived
      or
      shall not have ceased to exist, or (c) that the principal of and/or premium,
      if
      any, and/or accrued interest [1(including
      Additional Interest)] on the Securities of any series shall have been declared
      due and payable pursuant to Section 801 and such declaration shall not have
      been
      rescinded and annulled as provided in Section 802, then:

     

    (1)
       the
      holders of all Senior Indebtedness of the Guarantor shall first be entitled
      to
      receive payment of the full amount due thereon, or provision shall be made
      for
      such payment in money or money’s worth, before the Holders of any of the
      Securities are entitled to receive a payment on account of the Guarantee of
      the
      principal of, premium, if any, or interest on the indebtedness evidenced by
      the
      Securities, including, without limitation, any payments made pursuant to
      Articles Four and Five;

     

    (2)
       any
      payment by, or distribution of property or assets of, the Guarantor of any
      kind
      or character, whether in cash, property or securities, to which any Holder
      or
      the Trustee would be entitled except for the provisions of this Article, shall
      be paid or delivered by the Person making such payment or distribution, whether
      a trustee in bankruptcy, a receiver or liquidating trustee or otherwise,
      directly to the holders of such Senior Indebtedness of the Guarantor or their
      representative or representatives or to the trustee or trustees under any
      indenture under which any 

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

     

    instruments
      evidencing any of such Senior Indebtedness of the Guarantor may have been
      issued, ratably according to the aggregate amounts remaining unpaid on account
      of such Senior Indebtedness of the Guarantor held or represented by each, to
      the
      extent necessary to make payment in full of all Senior Indebtedness of the
      Guarantor remaining unpaid after giving effect to any concurrent payment or
      distribution (or provision therefor) to the holders of such Senior Indebtedness
      of the Guarantor, before any payment or distribution is made to the Holders
      of
      the indebtedness evidenced by the Securities or to the Trustee under the
      Guarantee and this Indenture; and

     

    (3)
       in
      the
      event that, notwithstanding the foregoing, any payment by, or distribution
      of
      property or assets of, the Guarantor of any kind or character, whether in cash,
      property or securities, in respect of principal of, premium, if any, or interest
      on the Securities or in connection with any repurchase by the Guarantor of
      the
      Securities, shall be received by the Trustee or any Holder before all Senior
      Indebtedness of the Guarantor is paid in full, or provision is made for such
      payment in money or money’s worth, such payment or distribution in respect of
      principal of, premium, if any, or interest on the Securities or in connection
      with any repurchase by the Guarantor of the Securities shall be paid over to
      the
      holders of such Senior Indebtedness of the Guarantor or their representative
      or
      representatives or to the trustee or trustees under any indenture under which
      any instruments evidencing any such Senior Indebtedness of the Guarantor may
      have been issued, ratably as aforesaid, for application to the payment of all
      Senior Indebtedness of the Guarantor remaining unpaid until all such Senior
      Indebtedness of the Guarantor shall have been paid in full, after giving effect
      to any concurrent payment or distribution (or provision therefor) to the holders
      of such Senior Indebtedness of the Guarantor.

     

    Notwithstanding
      the foregoing, at any time after the 123rd day following the date of deposit
      of
      cash or Eligible Obligations pursuant to Section 701 or 702 (provided all
      conditions set out in such Section shall have been satisfied), the funds so
      deposited and any interest thereon will not be subject to
      any
      rights of holders of Senior Indebtedness of the Guarantor including, without
      limitation, those arising under this Article Fourteen; provided that no event
      described in clauses (e) and (f) of Section 801 with respect to the Guarantor
      has occurred during such 123-day period.

     

    For
      purposes of this Article only, the words “cash, property or securities” shall
      not be deemed to include shares of stock of the Guarantor as reorganized or
      readjusted, or securities of the Guarantor or any other Corporation provided
      for
      by a plan of reorganization or readjustment which are subordinate in right
      of
      payment to all Senior Indebtedness of the Guarantor which may at the time be
      outstanding to the same extent as, or to a greater extent than, the Guarantee
      of
      the Securities are so subordinated as provided in this Article. The
      consolidation of the Guarantor with, or the merger of the Guarantor into,
      another Corporation or the liquidation or dissolution of the Guarantor following
      the conveyance or transfer of its property and assets as an entirety, or
      substantially as an entirety, to another Person upon the terms and conditions
      provided for in Article Eleven hereof shall not be deemed a dissolution,
      winding-up, liquidation or reorganization for the purposes of this Section
      1403
      if such other Corporation shall, as a part of such consolidation, merger,
      conveyance or transfer, comply with the conditions stated in Article Eleven
      hereof. Nothing in Section 1402 or in this Section 1403 shall apply to claims
      of, or payments to, the Trustee under or pursuant to Section 907.

     

    
      	
              SECTION
                1404. 

            	
              Disputes
                with Holders of Certain Senior Indebtedness of the
                Guarantor.

            

    

     

    Any
      failure by the Guarantor to make any payment on or perform any other obligation
      in respect of Senior Indebtedness of the Guarantor, other than any indebtedness
      incurred by the Guarantor or assumed or guaranteed, directly or indirectly,
      by
      the Guarantor for money borrowed (or any deferral, renewal, extension or
      refunding thereof) or any other obligation as to which the provisions of this
      Section

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

     

    shall
      have been waived by the Guarantor in the instrument or instruments by which
      the
      Guarantor incurred, assumed, guaranteed or otherwise created such indebtedness
      or obligation, shall not be deemed a default under clause (b) of Section 1403
      if
      (i) the Guarantor shall be disputing its obligation to make such payment or
      perform such obligation and (ii) either (A) no final judgment relating to such
      dispute shall have been issued against the Guarantor which is in full force
      and
      effect and is not subject to further review, including a judgment that has
      become final by reason of the expiration of the time within which a party may
      seek further appeal or review, or (B) in the event that a judgment that is
      subject to further review or appeal has been issued, the Guarantor shall in
      good
      faith be prosecuting an appeal or other proceeding for review and a stay or
      execution shall have been obtained pending such appeal or review.

     

    
      	
              SECTION
                1405. 

            	
              Subrogation.

            

    

     

    Senior
      Indebtedness of the Guarantor shall not be deemed to have been paid in full
      unless the holders thereof shall have received cash (or securities or other
      property satisfactory to such holders) in full payment of such Senior
      Indebtedness of the Guarantor then outstanding. Upon the payment in full of
      all
      Senior Indebtedness of the Guarantor, the rights of the Holders of the
      Securities shall be subrogated to the rights of the holders of Senior
      Indebtedness of the Guarantor to receive any further payments or distributions
      of cash, property or securities of the Guarantor applicable to the holders
      of
      the Senior Indebtedness of the Guarantor until all amounts owing on the
      Securities shall be paid in full; and such payments or distributions of cash,
      property or securities received by the Holders of the Securities, by reason
      of
      such subrogation, which otherwise would be paid or distributed to the holders
      of
      such Senior Indebtedness of the Guarantor shall, as between the Guarantor,
      its
      creditors other than the holders of Senior Indebtedness of the Guarantor, and
      the Holders, be deemed to be a payment by the Guarantor to or on account of
      Senior Indebtedness of the Guarantor, 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, on the one hand, and the holders of the Senior
      Indebtedness of the Guarantor, on the other hand.

    
       

      
        	
                SECTION
                  1406. 

              	
                Obligation
                  of the Guarantor
                  Unconditional.

              

      

    

     

    Nothing
      contained in this Article or elsewhere in this Indenture or in the Guarantee
      is
      intended to or shall impair, as among the Guarantor, its creditors other than
      the holders of Senior Indebtedness of the Guarantor and the Holders, the
      obligation of the Guarantor, which is absolute and unconditional, to pay to
      the
      Holders, pursuant to the terms of the Guarantee, the principal of, premium,
      if
      any, and interest [1
      (including
      Additional Interest)], if any, on the Securities as and when the same shall
      become due and payable in accordance with their terms, or is intended to or
      shall affect the relative rights of the Holders and creditors of the Guarantor
      other than the holders of Senior Indebtedness of the Guarantor, nor shall
      anything herein or therein prevent the Trustee or any Holder from exercising
      all
      remedies otherwise permitted by applicable law upon default under this
      Indenture, subject to the rights, if any, under this Article of the holders
      of
      Senior Indebtedness of the Guarantor in respect of cash, property or securities
      of the Guarantor received upon the exercise of any such remedy.

     

    Upon
      any
      payment or distribution of cash, property or securities of the Guarantor
      referred to in this Article, the Trustee and the Holders shall be entitled
      to
      rely upon any order or decree of a court of competent jurisdiction in which
      such
      dissolution, winding up, liquidation or reorganization proceedings are pending
      for the purpose of ascertaining the Persons entitled to participate in such
      distribution, the holders of the Senior Indebtedness of the Guarantor and other
      indebtedness of the Guarantor, the amount thereof or payable thereon, the amount
      or amounts paid or distributed thereon, and all other facts pertinent thereto
      or
      to this Article.

     

    The
      Trustee shall be entitled to rely on the delivery to it of a written notice
      by a
      Person representing himself to be a holder of Senior Indebtedness of the
      Guarantor (or a representative of such 

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

     

    holder
      or
      a trustee under any indenture under which any instruments evidencing any such
      Senior Indebtedness of the Guarantor may have been issued) to establish that
      such notice has been given by a holder of such Senior Indebtedness of the
      Guarantor or such representative or trustee on behalf of such holder. In the
      event that the Trustee determines in good faith that further evidence is
      required with respect to the right of any Person as a holder of Senior
      Indebtedness of the Guarantor or its representative or representatives or the
      trustee or trustees under any indenture under which any instruments evidencing
      any such Senior Indebtedness of the Guarantor may have been issued to
      participate in any payment or distribution pursuant to this Article, the Trustee
      may request such Person to furnish evidence to the reasonable satisfaction
      of
      the Trustee as to the amount of Senior Indebtedness of the Guarantor held by
      such Person, the extent to which such Person is entitled to participate in
      such
      payment or distribution and any other facts pertinent to the right of such
      Person under this Article, and, if such evidence is not furnished, the Trustee
      may defer any payment to such Person pending judicial determination as to the
      right of such Person to receive such payment or distribution.

     

    
      	
              SECTION
                1407. 

            	
              Priority
                of Senior Indebtedness of the Guarantor Upon
                Maturity.

            

    

     

    Upon
      the
      maturity of the principal of any Senior Indebtedness of the Guarantor by lapse
      of time, acceleration or otherwise, all matured principal of Senior Indebtedness
      of the Guarantor and interest, premium and other payment obligation, if any,
      thereon shall first be paid in full before any payment of principal or premium,
      if any, or interest [1
      (including
      Additional Interest)], if any, is made upon the Securities under the
      Guarantee.

     

    
      	
              SECTION
                1408. 

            	
              Trustee
                as Holder of Senior Indebtedness of the
                Guarantor.

            

    

     

    The
      Trustee shall be entitled to all rights set forth in this Article with respect
      to any Senior Indebtedness of the Guarantor at any time held by it, to the
      same
      extent as any other holder of Senior
      Indebtedness of the Guarantor. Nothing in this Article shall deprive the Trustee
      of any of its rights as such holder.

     

    
      	
              SECTION
                1409. 

            	
              Notice
                to Trustee to Effectuate
                Subordination.

            

    

     

    Notwithstanding
      the provisions of this Article or any other provision of this Indenture, the
      Trustee shall not be charged with knowledge of the existence of any facts which
      would prohibit the making of any payment of moneys to or by the Trustee unless
      and until the Trustee shall have received written notice thereof from the
      Guarantor, from a Holder or from a holder of any Senior Indebtedness of the
      Guarantor or from any representative or representatives of such holder or any
      trustee or trustees under any indenture under which any instruments evidencing
      any such Senior Indebtedness of the Guarantor may have been issued and, prior
      to
      the receipt of any such written notice, the Trustee shall be entitled, subject
      to Section 901, 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 of this Indenture any such moneys may become payable for any
      purpose, or in the event of the execution of an instrument pursuant to Section
      701 or 702 acknowledging that Securities or portions thereof are deemed to
      have
      been paid for all purposes of this Indenture, acknowledging that the entire
      indebtedness of the Company and the Guarantor in respect thereof has been
      satisfied and discharged or acknowledging satisfaction and discharge of this
      Indenture, then if prior to the second Business Day preceding the date of such
      execution, the Trustee shall not have received with respect to such moneys
      the
      notice provided for in this Section, then, anything herein contained to the
      contrary notwithstanding, the Trustee may, in its discretion, 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, which may be received
      by it
      on or after such date; provided, however, that no such application shall affect
      the obligations under this Article of the Persons receiving such moneys from
      the
      Trustee.

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1410. 

            	
              Modification,
                Extension, etc. of Senior Indebtedness of the
                Guarantor.

            

    

     

    The
      holders of Senior Indebtedness of the Guarantor or their representative or
      representatives and/or the trustee or trustees under any indenture under which
      any instruments evidencing any such Senior Indebtedness of the Guarantor may
      have been issued may, without affecting in any manner the subordination of
      the
      payment of the principal of and premium, if any, and interest [1(including
      Additional Interest)], if any, on the Securities under the Guarantee, at any
      time or from time to time and in their absolute discretion, agree with the
      Guarantor to change the manner, place or terms of payment, change or extend
      the
      time of payment of, or renew or alter, any Senior Indebtedness of the Guarantor,
      or amend or supplement any instrument pursuant to which any Senior Indebtedness
      of the Guarantor is issued, or exercise or refrain from exercising any other
      of
      their rights under the Senior Indebtedness of the Guarantor including, without
      limitation, the waiver of default thereunder, all without notice to or assent
      from the Holders or the Trustee.

     

    
      	
              SECTION
                1411. 

            	
              Trustee
                Has No Fiduciary Duty to Holders of Senior Indebtedness of the
                Guarantor.

            

    

     

    With
      respect to the holders of Senior Indebtedness of the Guarantor, the Trustee
      undertakes to perform or to observe only such of its covenants and objectives
      as
      are specifically set forth in this Indenture, and no implied covenants or
      obligations with respect to the holders of Senior Indebtedness of the Guarantor
      shall be read into this Indenture against the Trustee. The Trustee shall not
      be
      deemed to owe any fiduciary duty to the holders of Senior Indebtedness of the
      Guarantor, and shall not be liable to any such holders if it shall mistakenly
      pay over or deliver to the Holders or the Guarantor or any other Person, money
      or assets to which any holders of Senior Indebtedness of the Guarantor shall
      be
      entitled by virtue of this Article or otherwise.

    
       

      
        	
                SECTION
                  1412. 

              	
                Paying
                  Agents Other Than the
                  Trustee.

              

      

       

    

    In
      case
      at any time any Paying Agent other than the Trustee shall have been appointed
      by
      the Guarantor and be then acting hereunder, the term “Trustee” as used in this
      Article shall in such case (unless the context shall otherwise require) be
      construed as extending to and including such Paying Agent within its meaning
      as
      fully for all intents and purposes as if such Paying Agent were named in this
      Article in addition to or in place of the Trustee; provided, however, that
      Sections 1408, 1409 and 1411 shall not apply to the Guarantor if it acts as
      Paying Agent.

     

    
      	
              SECTION
                1413. 

            	
              Rights
                of Holders of Senior Indebtedness of the Guarantor Not
                Impaired.

            

    

     

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

     

    
      	
              SECTION
                1414. 

            	
              Effect
                of Subordination Provisions;
                Termination.

            

    

     

    Notwithstanding
      anything contained herein to the contrary, other than as provided in the
      immediately succeeding sentence, all the provisions of this Indenture shall
      be
      subject to the provisions of this Article, so far as the same may be applicable
      thereto.

     

    Notwithstanding
      anything contained herein to the contrary, the provisions of this Article
      Fourteen shall be of no further effect, and the Guarantee shall no longer be
      subordinated in right of 

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

     

    payment
      to the prior payment of Senior Indebtedness of the Guarantor, if, and to the
      extent, the Guarantor shall have delivered to the Trustee a notice to such
      effect. Any such notice delivered by the Guarantor shall not be deemed to be
      a
      supplemental indenture for purposes of Article Twelve.

     

    
      	
              SECTION
                1415. 

            	
              Execution
                and Delivery of Guarantee.

            

    

     

    The
      Guarantee to be endorsed on the Securities of each series shall include a
      summary of the terms of the Guarantee set forth in Sections 1401 and 1402 and
      any other terms, including exceptions to such Guarantee, that may be set forth
      as established pursuant to Section 301. The Guarantor hereby agrees to execute
      its Guarantee, in a form established pursuant to Section 201, to be endorsed
      on
      each Security authenticated and delivered by the Trustee.

     

    The
      Guarantee shall be executed on behalf of the Guarantor by an Authorized Officer
      of the Guarantor. The signature of any such officer on the Guarantee may be
      manual or facsimile.

     

    A
      Guarantee bearing the manual or facsimile signature of an individual who was
      at
      the time of execution an Authorized Officer of the Guarantor shall bind the
      Guarantor, notwithstanding that any such individual has ceased to be an
      Authorized Officer prior to the authentication and delivery of the Security
      on
      which such Guarantee is endorsed or was not an Authorized Officer at the date
      of
      such Guarantee.

     

    The
      delivery of any Security by the Trustee, after the authentication thereof
      hereunder, shall constitute due delivery of the Guarantee endorsed thereon
      on
      behalf of the Guarantor. The Guarantor hereby agrees that its Guarantee set
      forth in this Article Fourteen (and as established pursuant to Section 301)
      shall remain in full force and effect notwithstanding any failure to endorse
      a
      Guarantee on any Security.

     

    ARTICLE
      FIFTEEN

     

    Subordination
      of Securities

     

    
      	
              SECTION
                1501. 

            	
              Securities
                Subordinate to Senior Indebtedness of the
                Company.

            

    

     

    The
      Company, for itself, its successors and assigns, covenants and agrees, and
      each
      Holder of the Securities of each series, by its acceptance thereof, likewise
      covenants and agrees, that the payment of the principal of and premium, if
      any,
      and interest [1(
      including any Additional Interest)], if any, on each and all of the Securities
      is hereby expressly subordinated and junior in right of payment, and subject,
      to
      the extent and in the manner set forth in this Article, in right of payment
      to
      the prior payment in full of all Senior Indebtedness of the
      Company.

     

    Each
      Holder of the Securities of each series, by its acceptance thereof, authorizes
      and directs the Trustee on its behalf to take such action as may be necessary
      or
      appropriate to effectuate the subordination as provided in this Article, and
      appoints the Trustee its attorney-in-fact for any and all such
      purposes.

     

    
      	
              SECTION
                1502. 

            	
              Payment
                Over of Proceeds of
                Securities.

            

    

     

    In
      the
      event (a) of any insolvency or bankruptcy proceedings or any receivership,
      liquidation, reorganization or other similar proceedings in respect of the
      Company or a substantial part of its property and assets, or of any proceedings
      for liquidation, dissolution or other winding up of the Company, whether or
      not
      involving insolvency or bankruptcy, or (b) subject to the provisions of

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

     

    Section 1503,
      that (i) a default shall have occurred with respect to the payment of principal
      of or interest on or other monetary amounts due and payable on any Senior
      Indebtedness of the Company, or (ii) there shall have occurred a default (other
      than a default in the payment of principal or interest or other monetary amounts
      due and payable) in respect of any Senior Indebtedness of the Company, as
      defined therein or in the instrument under which the same is outstanding,
      permitting the holder or holders thereof, or any other Person on its or their
      behalf to accelerate the maturity thereof (with notice or lapse of time, or
      both), and such default shall have continued beyond the period of grace, if
      any,
      in respect thereof, and, in the cases of subclauses (i) and (ii) of this clause
      (b), such default shall not have been cured or waived or shall not have ceased
      to exist, or (c) that the principal of and/or premium, if any, and/or accrued
      interest [1(including
      Additional Interest)], if any, on the Securities of any series shall have been
      declared due and payable pursuant to Section 801 and such declaration shall
      not
      have been rescinded and annulled as provided in Section 802, then:

     

    (1)
       the
      holders of all Senior Indebtedness of the Company shall first be entitled to
      receive payment of the full amount due thereon, or provision shall be made
      for
      such payment in money or money’s worth, before the Holders of any of the
      Securities are entitled to receive a payment on account of the principal of,
      premium if any, or interest on the indebtedness evidenced by the Securities,
      including, without limitation, any payments made pursuant to Articles Four
      and
      Five;

     

    (2)
       any
      payment by, or distribution of property or assets of, the Company of any kind
      or
      character, whether in cash, property or securities, to which any Holder or
      the
      Trustee would be entitled except for the provisions of this Article, shall
      be
      paid or delivered by the Person making such payment or distribution, whether
      a
      trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly
      to the holders of such Senior Indebtedness of the Company or their
      representative or representatives or to the trustee or trustees under any
      indenture under which any instruments evidencing any of such Senior Indebtedness
      of the Company may have been issued, ratably
      according to the aggregate amounts remaining unpaid on account of such Senior
      Indebtedness of the Company held or represented by each, to the extent necessary
      to make payment in full of all Senior Indebtedness of the Company remaining
      unpaid after giving effect to any concurrent payment or distribution (or
      provision therefor) to the holders of such Senior Indebtedness of the Company,
      before any payment or distribution is made to the Holders of the indebtedness
      evidenced by the Securities or to the Trustee under this Indenture;
      and

     

    (3)
       in
      the
      event that, notwithstanding the foregoing, any payment by, or distribution
      of
      property or assets of, the Company of any kind or character, whether in cash,
      property or securities, in respect of principal of, or premium, if any, or
      interest on the Securities or in connection with any repurchase by the Company
      of the Securities, shall be received by the Trustee or any Holder before all
      Senior Indebtedness of the Company is paid in full, or provision is made for
      such payment in money or money’s worth, such payment or distribution in respect
      of principal of, or premium, if any, or interest on the Securities or in
      connection with any repurchase by the Company of the Securities shall be paid
      over to the holders of such Senior Indebtedness of the Company or their
      representative or representatives or to the trustee or trustees under any
      indenture under which any instruments evidencing any such Senior Indebtedness
      of
      the Company may have been issued, ratably as aforesaid, for application to
      the
      payment of all Senior Indebtedness of the Company remaining unpaid until all
      such Senior Indebtedness of the Company shall have been paid in full, after
      giving effect to any concurrent payment or distribution (or provision therefor)
      to the holders of such Senior Indebtedness of the Company.

     

    Notwithstanding
      the foregoing, at any time after the 123rd day following the date of deposit
      of
      cash or Eligible Obligations pursuant to Section 701 or 702 (provided all
      conditions set out in

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

     

    such
      Section shall have been satisfied), the funds so deposited and any interest
      thereon will not be subject to any rights of holders of Senior Indebtedness
      of
      the Company including, without limitation, those arising under this Article
      Fifteen; provided that no event described in clauses (e) and (f) of Section
      801
      with respect to the Company has occurred during such 123-day
      period.

     

    For
      purposes of this Article only, the words “cash, property or securities” shall
      not be deemed to include shares of stock of the Company as reorganized or
      readjusted, or securities of the Company or any other Person provided for by
      a
      plan of reorganization or readjustment which are subordinate in right of payment
      to all Senior Indebtedness of the Company which may at the time be outstanding
      to the same extent as, or to a greater extent than, the Securities are so
      subordinated as provided in this Article. The consolidation of the Company
      with,
      or the merger of the Company into, another Person or the liquidation or
      dissolution of the Company following the conveyance or transfer of its property
      and assets as an entirety, or substantially as an entirety, to another Person
      upon the terms and conditions provided for in Article Eleven hereof shall not
      be
      deemed a dissolution, winding-up, liquidation or reorganization for the purposes
      of this Section 1502 if such other Person shall, as a part of such
      consolidation, merger, conveyance or transfer, comply with the conditions stated
      in Article Eleven hereof. Nothing in Section 1501 or in this Section 1502 shall
      apply to claims of, or payments to, the Trustee under or pursuant to Section
      907.

     

    
      	
              SECTION
                1503. 

            	
              Disputes
                with Holders of Certain Senior Indebtedness of the
                Company.

            

    

     

    Any
      failure by the Company to make any payment on or perform any other obligation
      in
      respect of Senior Indebtedness of the Company, other than any indebtedness
      incurred by the Company or assumed or guaranteed, directly or indirectly, by
      the
      Company for money borrowed (or any deferral, renewal, extension or refunding
      thereof) or any other obligation as to which the provisions of this Section
      shall have been waived by the Company in the instrument or instruments by which
      the Company incurred, assumed, guaranteed or otherwise created such indebtedness
      or obligation, shall not be deemed a
      default
      under clause (b) of Section 1502 if (i) the Company shall be disputing its
      obligation to make such payment or perform such obligation and (ii) either
      (A)
      no final judgment relating to such dispute shall have been issued against the
      Company which is in full force and effect and is not subject to further review,
      including a judgment that has become final by reason of the expiration of the
      time within which a party may seek further appeal or review, or (B) in the
      event
      that a judgment that is subject to further review or appeal has been issued,
      the
      Company shall in good faith be prosecuting an appeal or other proceeding for
      review and a stay or execution shall have been obtained pending such appeal
      or
      review.

     

    
      	
              SECTION
                1504. 

            	
              Subrogation.

            

    

     

    Senior
      Indebtedness of the Company shall not be deemed to have been paid in full unless
      the holders thereof shall have received cash (or securities or other property
      satisfactory to such holders) in full payment of such Senior Indebtedness of
      the
      Company then outstanding. Upon the payment in full of all Senior Indebtedness
      of
      the Company, the rights of the Holders of the Securities shall be subrogated
      to
      the rights of the holders of Senior Indebtedness of the Company to receive
      any
      further payments or distributions of cash, property or securities of the Company
      applicable to the holders of the Senior Indebtedness of the Company until all
      amounts owing on the Securities shall be paid in full; and such payments or
      distributions of cash, property or securities received by the Holders of the
      Securities, by reason of such subrogation, which otherwise would be paid or
      distributed to the holders of such Senior Indebtedness of the Company shall,
      as
      between the Company, its creditors other than the holders of Senior Indebtedness
      of the Company, and the Holders, be deemed to be a payment by the Company to
      or
      on account of Senior Indebtedness of the Company, 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, on the one hand, and the holders
      of
      the Senior Indebtedness of the Company, on the other hand.

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1505. 

            	
              Obligation
                of the Company
                Unconditional.

            

    

     

    Nothing
      contained in this Article or elsewhere in this Indenture or in the Securities
      is
      intended to or shall impair, as among the Company, its creditors other than
      the
      holders of Senior Indebtedness of the Company and the Holders, the obligation
      of
      the Company, which is absolute and unconditional, to pay to the Holders the
      principal of, premium, if any, and interest [1(including
      Additional Interest)], if any, on the Securities as and when the same shall
      become due and payable in accordance with their terms, or is intended to or
      shall affect the relative rights of the Holders and creditors of the Company
      other than the holders of Senior Indebtedness of the Company, nor shall anything
      herein or therein prevent the Trustee or any Holder from exercising all remedies
      otherwise permitted by applicable law upon default under this Indenture, subject
      to the rights, if any, under this Article of the holders of Senior Indebtedness
      of the Company in respect of cash, property or securities of the Company
      received upon the exercise of any such remedy.

     

    Upon
      any
      payment or distribution of assets, cash or property or securities of the Company
      referred to in this Article, the Trustee and the Holders shall be entitled
      to
      rely upon any order or decree of a court of competent jurisdiction in which
      such
      dissolution, winding up, liquidation or reorganization proceedings are pending
      for the purpose of ascertaining the Persons entitled to participate in such
      distribution, the holders of the Senior Indebtedness of the Company and other
      indebtedness of the Company, the amount thereof or payable thereon, the amount
      or amounts paid or distributed thereon, and all other facts pertinent thereto
      or
      to this Article.

     

    The
      Trustee shall be entitled to rely on the delivery to it of a written notice
      by a
      Person representing himself to be a holder of Senior Indebtedness of the Company
      (or a representative of such holder or a trustee under any indenture under
      which
      any instruments evidencing any such Senior Indebtedness
      of the Company may have been issued) to establish that such notice has been
      given by a holder of such Senior Indebtedness of the Company or such
      representative or trustee on behalf of such holder. In the event that the
      Trustee determines in good faith that further evidence is required with respect
      to the right of any Person as a holder of Senior Indebtedness, or its
      representative or representatives or trustee or trustees under any indenture
      under which any instruments evidencing any such Senior Indebtedness of the
      Company may have been issued, to participate in any payment or distribution
      pursuant to this Article, the Trustee may request such Person to furnish
      evidence to the reasonable satisfaction of the Trustee as to the amount of
      Senior Indebtedness of the Company held by such Person, the extent to which
      such
      Person is entitled to participate in such payment or distribution and any other
      facts pertinent to the right of such Person under this Article, and, if such
      evidence is not furnished, the Trustee may defer any payment to such Person
      pending judicial determination as to the right of such Person to receive such
      payment or distribution.

     

    
      	
              SECTION
                1506. 

            	
              Priority
                of Senior Indebtedness of the Company Upon
                Maturity.

            

    

     

    Upon
      the
      maturity of the principal of any Senior Indebtedness of the Company by lapse
      of
      time, acceleration or otherwise, all matured principal of Senior Indebtedness
      of
      the Company and interest, premium and other payment obligation, if any, thereon
      shall first be paid in full before any payment of principal or premium, if
      any,
      or interest [1(including
      Additional Interest)], if any, is made upon the Securities or before any
      Securities can be acquired by the Company or any sinking fund payment is made
      with respect to the Securities (except that required sinking fund payments
      may
      be reduced by Securities acquired before such maturity of such Senior
      Indebtedness of the Company).

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                1507. 

            	
              Trustee
                as Holder of Senior Indebtedness of the
                Company.

            

    

     

    The
      Trustee shall be entitled to all rights set forth in this Article with respect
      to any Senior Indebtedness of the Company at any time held by it, to the same
      extent as any other holder of Senior Indebtedness of the Company. Nothing in
      this Article shall deprive the Trustee of any of its rights as such
      holder.

     

    
      	
              SECTION
                1508. 

            	
              Notice
                to Trustee to Effectuate
                Subordination.

            

    

     

    Notwithstanding
      the provisions of this Article or any other provision of this Indenture, the
      Trustee shall not be charged with knowledge of the existence of any facts which
      would prohibit the making of any payment of moneys to or by the Trustee unless
      and until the Trustee shall have received written notice thereof from the
      Company, from a Holder or from a holder of any Senior Indebtedness of the
      Company or from any representative or representatives of such holder or any
      trustee or trustees under any indenture under which any instruments evidencing
      any such Senior Indebtedness of the Company may have been issued and, prior
      to
      the receipt of any such written notice, the Trustee shall be entitled, subject
      to Section 901, 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 of this Indenture any such moneys may become payable for any
      purpose, or in the event of the execution of an instrument pursuant to Section
      701 or 702 acknowledging that Securities or portions thereof are deemed to
      have
      been paid for all purposes of this Indenture, acknowledging that the entire
      indebtedness of the Company and the Guarantor in respect thereof has been
      satisfied and discharged or acknowledging satisfaction and discharge of this
      Indenture, then if prior to the second Business Day preceding the date of such
      execution, the Trustee shall not have received with respect to such moneys
      the
      notice provided for in this Section, then, anything herein contained to the
      contrary notwithstanding, the Trustee may, in its discretion, 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, which may be received
      by it
      on or after such date; provided, however, that no such application
      shall affect the obligations under this Article of the persons receiving such
      moneys from the Trustee.

     

    
      	
              SECTION
                1509. 

            	
              Modification,
                Extension, etc. of Senior Indebtedness of the
                Company.

            

    

     

    The
      holders of Senior Indebtedness of the Company or their representative or
      representatives or the trustee or trustees under any indenture under which
      any
      instruments evidencing any such Senior Indebtedness of the Company may have
      been
      issued may, without affecting in any manner the subordination of the payment
      of
      the principal of and premium, if any, and interest [1(including
      Additional Interest)], if any, on the Securities, at any time or from time
      to
      time and in their absolute discretion, agree with the Company to change the
      manner, place or terms of payment, change or extend the time of payment of,
      or
      renew or alter, any Senior Indebtedness of the Company, or amend or supplement
      any instrument pursuant to which any Senior Indebtedness of the Company is
      issued, or exercise or refrain from exercising any other of their rights under
      the Senior Indebtedness of the Company including, without limitation, the waiver
      of default thereunder, all without notice to or assent from the Holders or
      the
      Trustee.

     

    
      	
              SECTION
                1510. 

            	
              Trustee
                Has No Fiduciary Duty to Holders of Senior Indebtedness of the
                Company.

            

    

     

    With
      respect to the holders of Senior Indebtedness of the Company, the Trustee
      undertakes to perform or to observe only such of its covenants and objectives
      as
      are specifically set forth in this Indenture, and no implied covenants or
      obligations with respect to the holders of Senior Indebtedness of the Company
      shall be read into this Indenture against the Trustee. The Trustee shall not
      

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

    

     

    be
      deemed
      to owe any fiduciary duty to the holders of Senior Indebtedness of the Company,
      and shall not be liable to any such holders if it shall mistakenly pay over
      or
      deliver to the Holders or the Company or any other Person, money or assets
      to
      which any holders of Senior Indebtedness of the Company shall be entitled by
      virtue of this Article or otherwise.

     

    
      	
              SECTION
                1511. 

            	
              Paying
                Agents Other Than the
                Trustee.

            

    

     

    In
      case
      at any time any Paying Agent other than the Trustee shall have been appointed
      by
      the Company and be then acting hereunder, the term “Trustee” as used in this
      Article shall in such case (unless the context shall otherwise require) be
      construed as extending to and including such Paying Agent within its meaning
      as
      fully for all intents and purposes as if such Paying Agent were named in this
      Article in addition to or in place of the Trustee; provided, however, that
      Sections 1507, 1508 and 1510 shall not apply to the Company if it acts as Paying
      Agent.

     

    
      	
              SECTION
                1512. 

            	
              Rights
                of Holders of Senior Indebtedness of the Company Not
                Impaired.

            

    

     

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

     

    
      	
              SECTION
                1513. 

            	
              Effect
                of Subordination Provisions;
                Termination.

            

    

     

    Notwithstanding
      anything contained herein to the contrary, other than as provided in the
      immediately succeeding sentence, all the provisions of this Indenture shall
      be
      subject to the provisions of this Article, so far as the same may be applicable
      thereto.

     

    Notwithstanding
      anything contained herein to the contrary, the provisions of this Article
      Fifteen shall be of no further effect, and the Securities shall no longer be
      subordinated in right of payment to the prior payment of Senior Indebtedness
      of
      the Company, if, and to the extent, the Company shall have delivered to the
      Trustee a notice to such effect. Any such notice delivered by the Company shall
      not be deemed to be a supplemental indenture for purposes of Article
      Twelve.

     

    ARTICLE
      SIXTEEN

     

    Immunity
      of Incorporators, Stockholders, Officers and Directors

     

    
      	
              SECTION
                1601. 

            	
              Liability
                Solely Corporate.

            

    

     

    No
      recourse shall be had for the payment of the principal of or premium, if any,
      or
      interest [1(including
      Additional Interest)], if any, on any Securities or any Guarantee, or any part
      thereof, or for any claim based thereon or otherwise in respect thereof, or
      of
      the indebtedness represented thereby, or upon any obligation, covenant or
      agreement under this Indenture, against any incorporator, stockholder, officer
      or director, as such, past, present or future of the Company or the Guarantor
      or
      of any predecessor or successor Person of either of them (either directly or
      through the Company or the Guarantor, as the case may be, or a predecessor
      or
      successor Person of either of them), whether by virtue of any constitutional
      provision, statute or rule of law, or by the enforcement of any assessment
      or
      penalty or otherwise; it being expressly agreed and understood that this
      Indenture and all the Securities and Guarantees are solely corporate
      obligations, and that, except as otherwise provided as contemplated by Section
      301, no personal liability whatsoever shall attach to, or be incurred by, any
      incorporator, 

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

    

     

    stockholder,
      officer or director, past, present or future, of the Company or of the Guarantor
      or of any predecessor or successor Person of either of them, either directly
      or
      indirectly through the Company or the Guarantor or of any predecessor or
      successor Person, because of the indebtedness hereby authorized or under or
      by
      reason of any of the obligations, covenants or agreements contained in this
      Indenture or in any of the Securities and Guarantees or to be implied herefrom
      or therefrom, and that any such personal liability is hereby expressly waived
      and released as a condition of, and as part of the consideration for, the
      execution of this Indenture and the issuance of the Securities and
      Guarantees.

     

    _________________________

     

    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.

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

    

     

    

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

     

    
      	 	 	 
	 	
              FPL
                GROUP CAPITAL INC,

              as Issuer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Name:

              Title:

            

    

     

    
      	 	 	 
	 	
              FPL
                GROUP, INC.,

              as Guarantor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Name:

              Title:

            

    

     

    
      	 	 	 
	 	
              THE
                BANK OF NEW YORK,

              as Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	
              Name:

              Title:

            

    

     

     

    
      
        
        

      

      
        -77-Unassociated Document

     

    Exhibit
      4(ay)

     

    FPL
      GROUP CAPITAL INC

    FPL
      GROUP, INC.

     

    OFFICER’S
      CERTIFICATE

     

    Creating
      the ___ Junior Subordinated Debentures, Series due __ 

     

    ____________,
      the ___________________________________ of FPL Group Capital Inc (the
“Company”), and ____________, the ___________________________________ of FPL
      Group, Inc. (the “Guarantor”), pursuant to the authority granted in the
      accompanying Board Resolutions (all capitalized terms used herein which are
      not
      defined herein or in Exhibit A hereto, but are defined in the Indenture referred
      to below, shall have the meanings specified in the Indenture), and Sections
      201
      and 301 of the Indenture, do hereby certify to The Bank of New York (the
“Trustee”), as Trustee under the Indenture of the Company (For Unsecured
      Subordinated Debt Securities [1 relating
      to Trust Securities]) dated as of [1March 1,
      2004] [_________, 20__] (the “Indenture”) that:

     

    
      	
              1.
                

            	
              The
                securities to be issued under the Indenture shall be designated “_____
                Junior Subordinated Debentures, Series due ___” (the “Debentures of the
                ____ Series”) and shall be issued in substantially the form set forth in
                Exhibit A hereto. [1The
                Debentures of the ____ Series are to be issued to The Bank of New
                York, as
                Property Trustee (the “Property Trustee”) of FPL Group Capital Trust __, a
                Delaware statutory trust (the
“Trust”)];

            

    

     

    
      	
              2.
                

            	
              The
                Debentures of the ____ Series shall mature and the principal shall
                be due
                and payable together with all accrued and unpaid interest thereon
                on
                ___________, ____;

            

    

     

    
      	
              3.
                

            	
              The
                Debentures of the ____ Series shall bear interest as provided in
                the form
                thereof set forth as Exhibit A
                hereto;

            

    

     

    
      	
              4.
                

            	
              Each
                installment of interest on a Debenture of the ____ Series shall be
                payable
                as provided in the form thereof set forth as Exhibit A
                hereto;

            

    

     

    
      	
              5.
                

            	
              Registration
                and registration of transfers and exchanges in respect of the Debentures
                of the ____ Series may be effected at the office or agency of the
                Company
                in The City of New York, New York. Notices and demands to or upon
                the
                Company in respect of the Debentures of the ____ Series may be served
                at
                the office or agency of the Company in The City of New York, New
                York. The
                Corporate Trust Office of the Trustee will initially be the agency
                of the
                Company for such payment, registration and registration of transfers
                and
                exchanges and service of notices and demands and the Company hereby
                appoints the Trustee as its agent for all such purposes; provided,
                however, that the Company reserves the right to change, by one or
                more
                Officer’s Certificates, any such office or agency and such agent. The
                Trustee will initially be the Security Registrar and the Paying Agent
                for
                the Debentures of the ____ Series;

            

    

     

    
      	
              6.
                

            	
              The
                Regular Record Date for the interest payable on any given Interest
                Payment
                Date with respect to the Debentures of the ____ Series shall be the
                close
                of business on the 15th calendar day next preceding such Interest
                Payment
                Date, provided that if the Debentures of the ______ Series are held
                by a
                securities depository in book-entry form, the Regular Record Date
                will be
                the close of business on the Business Day immediately preceding such
                Interest Payment Date;

            

    

     

    
      

    

    1
      For use
      in connection with subordinated debt securities relating to trust
      securities.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.
                

            	
              [Redemption
                provisions, if any will be
                inserted];

            

    

     

    
      	
              8.
                

            	
              [1If
                at any time a Tax Event (as defined in the form of the Debentures
                of the
                _____ Series set forth as Exhibit A hereto) shall occur and be continuing,
                and either (i) in the opinion of tax counsel to the Trust or the
                Guarantor experienced in such matters, there would in all cases,
                after
                effecting the dissolution of the Trust, after satisfaction of liabilities
                to creditors of the Trust, if any, as provided by applicable law,
                and the
                distribution of the Debentures of the ____ Series to the holders
                of the
                Preferred Trust Securities issued by the Trust (the “Preferred Trust
                Securities”), in exchange therefor, be more than an insubstantial risk
                that an Adverse Tax Consequence (as defined in the form of the Debentures
                of the ____ Series set forth as Exhibit A hereto) would continue
                to exist
                or (ii) the Debentures of the ____ Series are not held by the Trust,
                then
                the Company shall have the right to redeem the Debentures of the
                ____
                Series, in whole but not in part, at any time within 90 days following
                the
                occurrence of the Tax Event, at 100% of the principal amount thereof
                plus
                accrued and unpaid interest thereon, including Additional Interest,
                if
                any, to the Redemption Date;]

            

    

     

    [1If
      at any
      time an Investment Company Act Event (as defined in the form of the Debentures
      of the ____ Series set forth as Exhibit A hereto) shall occur and be continuing,
      then the Company shall have the right to redeem the Debentures of the ____
      Series, in whole, but not in part, at any time within 90 days following the
      occurrence of the Investment Company Act Event, at 100% of the principal amount
      thereof plus accrued and unpaid interest thereon, including Additional Interest,
      if any, to the Redemption Date;]

     

    
      	
              9.
                

            	
              So
                long as any Debentures of the ____ Series are Outstanding, the failure
                of
                the Company to pay interest [1,
                including Additional Interest], if any, on any Debentures of the
                ____
                Series within 30 days after the same becomes due and payable (whether
                or
                not payment is prohibited by the subordination provisions of Article
                Fourteen and Article Fifteen of the Indenture) shall constitute an
                Event
                of Default [1;
                provided, however, that a valid extension of the interest payment
                period
                by the Company as contemplated in Section 312 of the Indenture and
                paragraph (10) of this Certificate shall not constitute a failure
                to pay
                interest for this purpose];

            

    

     

    
      	
              10.
                

            	
              [1Pursuant
                to Section 312 of the Indenture, so long as no Event of Default under
                the
                Indenture has occurred and is continuing with respect to the Securities
                of
                any series, the Company shall have the right, at any time and from
                time to
                time during the term of the Debentures of the ____ Series, to extend
                the
                interest payment period to a period not exceeding 20 consecutive
                quarterly
                periods (an “Extension Period”); provided that no Extension Period shall
                extend beyond the Stated Maturity or end on a day other than an Interest
                Payment Date. During the Extension Period interest (calculated for
                each
                Interest Period in the manner provided for in Exhibit A hereto, as
                if the
                interest payment period had not been so extended) will be compounded
                [quarterly]. At the end of the Extension Period, which shall be an
                Interest Payment Date, the Company shall pay all interest accrued
                and
                unpaid thereon (together with interest thereon at the rate specified
                for
                the Debentures of the ______ Series, compounded [quarterly], to the
                extent
                permitted by applicable law) and Additional Interest, if any, to
                the
                Person in whose name the Debentures of the____ Series are registered
                at
                the close of business on the Regular Record Date for the Interest
                Payment
                Date on which such Extension Period ended; provided that any such
                accrued
                and unpaid interest payable at Stated Maturity or any Redemption
                Date will
                be paid to the Person to whom principal is payable. With respect
                to the
                Debentures of _____ Series, the term “Interest Period” shall mean each
                period from, and including, an Interest Payment Date to, but excluding,
                the next succeeding Interest Payment Date, except that the first
                Interest
                Period shall commence on the date of original issuance. However,
                during
                any such Extension Period, neither the Guarantor nor the Company
                shall
                

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (A)    declare
      or pay any dividends or distributions on its capital stock, or 

     

    (B)    
redeem,
      purchase, acquire or make a liquidation payment with respect to any of its
      capital stock, or 

     

    (C)    
pay
      any
      principal, interest or premium on, or repay, repurchase or redeem any debt
      securities that are equal or junior in right of payment to the Debentures of
      the
      _____ Series or the Guarantee (as the case may be), or 

     

    (D)     make
      any
      payments with respect to any guarantee of debt securities by the Guarantor
      if
      such guarantee is equal or junior in right of payment to the Debentures of
      the
      _____ Series or the Guarantee (as the case may be) (“Restricted
      Payments”).

     

    The
      foregoing provisions shall not prevent or restrict the Guarantor or the Company
      from making: 

     

    (a)    purchases,
      redemptions or other acquisitions of its capital stock in connection with any
      employment contract, benefit plan or other similar arrangement with or for
      the
      benefit of employees, officers, directors or agents or a stock purchase or
      dividend reinvestment plan, or the satisfaction of its obligations pursuant
      to
      any contract or security outstanding on the date that the interest payment
      period is extended requiring it to purchase, redeem or acquire its capital
      stock;

     

    (b)     any
      payment, repayment, redemption, purchase, acquisition or declaration of dividend
      described in clauses (A) and (B) above as a result of a reclassification of
      its
      capital stock, or the exchange or conversion of all or a portion of one class
      or
      series of its capital stock for another class or series of its capital
      stock;

     

    (c)     the
      purchase of fractional interests in shares of its capital stock pursuant to
      the
      conversion or exchange provisions of its capital stock or the security being
      converted or exchanged, or in connection with the settlement of stock purchase
      contracts;

     

    (d)    
dividends
      or distributions paid or made in its capital stock (or rights to acquire its
      capital stock), or repurchases, redemptions or acquisitions of capital stock
      in
      connection with the issuance or exchange of capital stock (or of securities
      convertible into or exchangeable for shares of its capital stock and
      distributions in connection with the settlement of stock purchase
      contracts);

     

    (e)     redemptions,
      exchanges or repurchases of, or with respect to, any rights outstanding under
      a
      shareholder rights plan or the declaration or payment thereunder of a dividend
      or distribution of or with respect to rights in the future;

     

    (f)    payments
      under any preferred trust securities guarantee or guarantee of junior
      subordinated debentures executed and delivered by the Guarantor concurrently
      with the issuance by a trust of any preferred trust securities, so long as
      the
      amount of payments made on any preferred trust securities or junior subordinated
      debentures (as the case may be) is paid on all preferred trust securities or
      junior subordinated debentures (as the case may be) then outstanding on a pro
      rata basis in proportion to the full distributions to which each series of
      preferred trust securities or junior subordinated debentures (as the case may
      be) is then entitled if paid in full;

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (g)    
dividends
      or distributions by the Company on its capital stock to the extent owned by
      the
      Guarantor; or

     

    (h)    
redemptions,
      purchases, acquisitions or liquidation payments by the Company with respect
      to
      its capital stock to the extent owned by the Guarantor.

     

    Prior
      to
      the termination of any such Extension Period, the Company may further extend
      the
      interest payment period, provided that such Extension Period together with
      all
      such previous and further extensions thereof shall not exceed 20 consecutive
      quarterly periods at any one time or extend beyond the Maturity of the
      Debentures of the ____ Series. Upon the termination of any such Extension Period
      and the payment of all amounts then due, including interest on deferred interest
      payments, the Company may elect to begin a new Extension Period, subject to
      the
      above requirements. No interest shall be due and payable during an Extension
      Period, except at the end thereof. The Company will give the Trust and the
      Trustee notice of its election of an Extension Period before the earlier of
      (i)
      the Business Day prior to the record date for the distribution on the Preferred
      Trust Securities which would occur but for such election or (ii) the date the
      Administrative Trustees of the Trust are required to give notice to any
      securities exchange or any other applicable self-regulatory organization of
      the
      record date for such distribution. The Trustee will cause the Trust to send
      notice of such election to the holders of Preferred Trust
      Securities];

     

    
      	
              11.
                

            	
              [1At
                any time, the Guarantor will have the right to dissolve the Trust
                and,
                after satisfaction of liabilities to creditors, if any, of the Trust
                as
                provided by applicable law, cause a proportionate amount of the Debentures
                of the ____ Series to be distributed to the holders of the Preferred
                Trust
                Securities and the Common Trust
                Securities;]

            

    

     

    
      	
              12.
                

            	
              In
                the event that, at any time subsequent to the initial authentication
                and
                delivery of the Debentures of the ____ Series, the Debentures of
                the ____
                Series are to be held in global form by a securities depositary,
                the
                Company may at such time establish the matters contemplated in clause
                (r)
                in the second paragraph of Section 301 of the Indenture in an Officer’s
                Certificate supplemental to this
                certificate;

            

    

     

    
      	
              13.
                

            	
              No
                service charge shall be made for the registration of transfer or
                exchange
                of the Debentures of the ____ Series; provided, however, that the
                Company
                may require payment of a sum sufficient to cover any tax or other
                governmental charge that may be imposed in connection with the exchange
                or
                transfer;

            

    

     

    
      	
              14.
                

            	
              [1The
                Trust for Debentures of the ____ Series shall be FPL Group Capital
                Trust
                __, a Delaware statutory trust. The Trust Agreement for Debentures
                of the
                ____ Series shall be the Amended and Restated Trust Agreement dated
                as of
                _________, 200__ relating to the Trust, as it may be modified, amended
                or
                supplemented from time to time;] 

            

    

     

    
      	
              15.
                

            	
              If
                the Company shall make any deposit of money and/or Eligible Obligations
                with respect to any Debentures of the ____ Series, or any portion
                of the
                principal amount thereof, as contemplated by Section 701 of the Indenture,
                the Company shall not deliver an Officer’s Certificate described in clause
                (z) in the first paragraph of said Section 701 unless the Company
                shall
                also deliver to the Trustee, together with such Officer’s Certificate,
                either:

            

    

     

    (A)    an
      instrument wherein the Company, notwithstanding the satisfaction and discharge
      of its indebtedness in respect of the Debentures of the ____ Series, shall
      assume the obligation (which shall be absolute and unconditional) to irrevocably
      deposit with the Trustee or Paying Agent such additional sums of money, if
      any,
      or additional Eligible Obligations (meeting 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    the
      requirements of Section 701), if any, or any combination thereof, at such time
      or times, as shall be necessary, together with the money and/or Eligible
      Obligations theretofore so deposited, to pay when due the principal of and
      premium, if any, and interest due and to become due on such Debentures of the
      ____ Series or portions thereof, all in accordance with and subject to the
      provisions of said Section 701; provided, however, that such instrument may
      state that the obligation of the Company to make additional deposits as
      aforesaid shall be subject to the delivery to the Company by the Trustee of
      a
      notice asserting the deficiency accompanied by an opinion of an independent
      public accountant of nationally recognized standing, selected by the Trustee,
      showing the calculation thereof; or

     

    (B)    
an
      Opinion of Counsel to the effect that, as a result of (i) the receipt by the
      Company from, or the publication by, the Internal Revenue Service of a ruling
      or
      (ii) a change in law occurring after the date of this certificate, the Holders
      of such Debentures of the ____ Series, or portions of the principal amount
      thereof, will not recognize income, gain or loss for United States federal
      income tax purposes as a result of the satisfaction and discharge of the
      Company’s indebtedness in respect thereof and will be subject to United States
      federal income tax on the same amounts, at the same times and in the same manner
      as if such satisfaction and discharge had not been effected;

     

    
      	
              16.
                

            	
              The
                Company reserves the right to require legends on Debentures of the
                ____
                Series as it may determine are necessary to ensure compliance with
                the
                securities laws of the United States and the states therein and any
                other
                applicable laws;

            

    

     

    
      	
              17.
                

            	
              The
                Debentures of the ____ Series shall have such other terms and provisions
                as are provided in the form set forth as Exhibit A
                hereto;

            

    

     

    
      	
              18.
                

            	
              The
                undersigned has read all of the covenants and conditions contained
                in the
                Indenture relating to the issuance of the Debentures of the ____
                Series
                and the definitions in the Indenture relating thereto and in respect
                of
                which this certificate is made;

            

    

     

    
      	
              19.
                

            	
              The
                statements contained in this certificate are based upon the familiarity
                of
                the undersigned with the Indenture, the documents accompanying this
                certificate, and upon discussions by the undersigned with officers
                and
                employees of the Company familiar with the matters set forth
                herein;

            

    

     

    
      	
              20.
                

            	
              In
                the opinion of the undersigned, he or she has made such examination
                or
                investigation as is necessary to enable him or her to express an
                informed
                opinion as to whether or not such covenants and conditions have been
                complied with; and

            

    

     

    
      	
              21.
                

            	
              In
                the opinion of the undersigned, such conditions and covenants and
                conditions precedent, if any (including any covenants compliance
                with
                which constitutes a condition precedent) to the authentication and
                delivery of the Debentures of the ____ Series requested in the
                accompanying Company Order No. __, have been complied
                with.

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, I have executed this Officer’s Certificate on behalf of the
      Company this _____ day of _________, ____ in New York, New
      York.

     

    
      	
            	By:	 
	 	 	
            

    

     

    IN
      WITNESS WHEREOF, I have executed this Officer’s Certificate on behalf of the
      Guarantor this _____ day of _________, ____ in New York, New
      York.

     

    
      	
            	By:	 
	 	 	
            

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    
      
         

      

    

                                    Exhibit
      A

     

    No._______________                                                                            CUSIP
      No. ___________

     

    [FORM
      OF FACE OF JUNIOR SUBORDINATED DEBENTURE]

     

    FPL
      GROUP CAPITAL INC

     

    [_______]
      JUNIOR SUBORDINATED DEBENTURES, SERIES DUE _____

     

    FPL
      GROUP
      CAPITAL INC, a corporation duly organized and existing under the laws of the
      State of Florida (herein referred to as the “Company”, which term includes any
      successor Person under the Indenture), for value received, hereby promises
      to
      pay to [_________________] [1The
      Bank
      of New York, as Property Trustee under the Amended and Restated Trust Agreement,
      dated as of __________, 200__ of FPL Group Capital Trust __, a Delaware
      statutory trust], or registered assigns, the principal sum of
      ____________________ Dollars on ____________ and to pay interest on said
      principal sum ________ on ______, ______, ______ and ______ of each year
      commencing ______ (each an “Interest Payment Date”) at the rate of ______% per
      annum until the principal hereof is paid or made available for payment.
      [Provision for reset of interest rate will be inserted, if applicable.] Interest
      on the Securities of this series will accrue from and including __________,
      to
      and excluding the first Interest Payment Date, and thereafter will accrue from
      and including the last Interest Payment Date to which interest has been paid
      or
      duly provided for. No interest will accrue on the Securities with respect to
      the
      day on which the Securities mature. In the event that any Interest Payment
      Date
      is not a Business Day, then payment of interest payable on such date will be
      made on the next succeeding day which is a Business Day (and without any
      interest or other payment in respect of such delay); provided, however, that
      if
      such Business Day is in the next succeeding calendar year, payment shall be
      made
      on the immediately preceding Business Day, in each case with the same force
      and
      effect as if made on the Interest Payment Date. The interest so payable, and
      punctually paid or duly provided for, on any Interest Payment Date will, as
      provided in such Indenture, be payable to the Person in whose name this Security
      (or one or more Predecessor Securities) is registered at the close of business
      on the “Regular Record Date” for such interest installment which shall be the
      close of business on the 15th calendar day next preceding such Interest Payment
      Date, provided that if the Securities are held by a securities depository in
      book-entry form, the Regular Record Date will be the close of business on the
      Business Day immediately preceding such Interest Payment Date, and provided
      further that interest payable at Maturity or on any Redemption Date will be
      paid
      to the Person to whom principal is payable. Any such interest not so punctually
      paid or duly provided for will forthwith cease to be payable to the Holder
      of
      this Security on such Regular Record Date and may either be paid to the Person
      in whose name this Security (or one or more Predecessor Securities) is
      registered at the close of business on a Special Record Date for the payment
      of
      such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
      given to Holders of Securities of this series not less than 10 days prior to
      such Special Record Date, or be paid at any time in any other lawful manner
      not
      inconsistent with the requirements of any securities exchange, if any, on which
      the Securities of this series may be listed, and upon such notice as may be
      required by such exchange, all as more fully provided in the Indenture referred
      to on the reverse hereof.

     

    Payment
      of the principal of (and premium, if any) and interest on this Security will
      be
      made at the office or agency of the Company maintained for that purpose in
      The
      City of New York, the State of New York in such coin or currency of the United
      States of America as at the time of payment is legal tender for payment of
      public and private debts; provided, however, that at the option of the Company,
      interest on this Security may be paid by check mailed to the address of the
      Person entitled

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    thereto,
      as such address shall appear on the Security Register or by a wire transfer
      to
      an account designated by the Person entitled thereto.

     

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

     

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

     

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

     

    
      	
            	
              FPL GROUP CAPITAL INC

               

            
	
            	By:	 
	 	 	
            

     

    [FORM
      OF CERTIFICATE OF AUTHENTICATION]

     

    CERTIFICATE
      OF AUTHENTICATION

     

    Dated:

     

    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
                Signatory

            

    

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF GUARANTEE]

     

    FPL
      GROUP, INC., a corporation organized under the laws of the State of Florida
      (the
“Guarantor”, which term includes any successor under the Indenture (the
“Indenture”) referred to in the Security upon which this Guarantee is endorsed),
      for value received, hereby unconditionally and irrevocably guarantees to the
      Holder of the Security upon which this Guarantee is endorsed, the due and
      punctual payment of the principal of, and premium, if any, and interest,
      [1including
      Additional Interest], if any, on such Security when and as the same shall become
      due and payable, whether at the Stated Maturity, by declaration of acceleration,
      call for redemption, or otherwise, in accordance with the terms of such Security
      and of the Indenture regardless of any defense, right of set-off or counterclaim
      that the Guarantor may have (except the defense of payment). In case of the
      failure of the Company punctually to make any such payment, the Guarantor hereby
      agrees to cause such payment to be made punctually when and as the same shall
      become due and payable, whether at the Stated Maturity or by declaration of
      acceleration, call for redemption or otherwise, and as if such payment were
      made
      by the Company. The Guarantor’s obligation to make a guarantee payment may be
      satisfied by direct payment of the required amounts by the Guarantor to the
      Holder of the Security or to a Paying Agent, or by causing the Company to pay
      such amount to such Holder or a Paying Agent.

     

    The
      Guarantor hereby agrees that its payment obligations hereunder shall be absolute
      and unconditional irrespective of, and shall be unaffected by, any invalidity,
      irregularity or unenforceability of such Security or the Indenture, any failure
      to enforce the provisions of such Security or the Indenture, or any waiver,
      modification or indulgence granted to the Company with respect thereto (except
      that the Guarantor will have the benefit of any waiver, modification or
      indulgence granted to the Company in accordance with the Indenture), by the
      Holder of such Security or the Trustee or any other circumstance which may
      otherwise constitute a legal or equitable discharge or defense of a surety
      or
      guarantor; provided, however, that notwithstanding the foregoing, no such
      waiver, modification or indulgence shall, without the consent of the Guarantor,
      increase the principal amount of such Security, or increase the interest rate
      thereon [1(including
      Additional Interest, if any)], or change any redemption provisions thereof
      (including any change to increase any premium payable upon redemption thereof)
      or change the Stated Maturity thereof.

     

    The
      Guarantor hereby waives the benefits of diligence, presentment, demand for
      payment, any requirement that the Trustee or the Holder of such Security exhaust
      any right or take any action against the Company or any other Person, the filing
      of claims with a court in the event of insolvency or bankruptcy of the Company,
      any right to require a proceeding first against the Company, protest or notice
      with respect to such Security or the indebtedness evidenced thereby and all
      demands whatsoever, and covenants that this Guarantee will not be discharged
      in
      respect of such Security except by complete performance of the payment
      obligations contained in such Security and in this Guarantee. This Guarantee
      shall constitute a guaranty of payment and not of collection. The Guarantor
      hereby agrees that, in the event of a default in payment of principal, or
      premium, if any, or interest, if any, on such Security, whether at its Stated
      Maturity, by declaration of acceleration, call for redemption, or otherwise,
      legal proceedings may be instituted by the Trustee on behalf of, or by, the
      Holder of such Security, subject to the terms and conditions set forth in the
      Indenture, directly against the Guarantor to enforce this Guarantee without
      first proceeding against the Company. 

     

    The
      obligations of the Guarantor hereunder with respect to such Security shall
      be
      continuing and irrevocable until the date upon which the entire principal of,
      premium, if any, and interest, [1including
      Additional Interest], if any, on such Security has been, or has been deemed
      pursuant to the provisions of Article Seven of the Indenture to have been,
      paid
      in full or otherwise discharged.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    The
      obligations evidenced by this Guarantee are, to the extent provided in the
      Indenture, subordinated and subject in right of payment to the prior payment
      in
      full of all Senior Indebtedness of the Guarantor, and this Guarantee is issued
      subject to the provisions of the Indenture with respect thereto. Each Holder
      of
      a Security upon which this Guarantee is endorsed, by accepting the same, (a)
      agrees to and shall be bound by such provisions, (b) authorizes and directs
      the
      Trustee on his behalf to take such action as may be necessary or appropriate
      to
      acknowledge or effectuate the subordination so provided and (c) appoints the
      Trustee his attorney-in fact for any and all such purposes. Each Holder hereof,
      by his acceptance hereof, hereby waives all notice of the acceptance of the
      subordination provisions contained herein and in the Indenture by each holder
      of
      Senior Indebtedness, whether now outstanding or hereafter incurred, and waives
      reliance by each such Holder upon said provisions.

     

    The
      Guarantor shall be subrogated to all rights of the Holder of a Security upon
      which this Guarantee is endorsed against the Company in respect of any amounts
      paid by the Guarantor on account of such Security pursuant to the provisions
      of
      this Guarantee or the Indenture; provided, however, that the Guarantor shall
      not
      be entitled to enforce or to receive any payments arising out of, or based
      upon,
      such right of subrogation until the principal of, and premium, if any, and
      interest, if any, on all Securities issued under the Indenture which are then
      due and payable shall have been paid in full.

     

    This
      Guarantee shall remain in full force and effect and continue notwithstanding
      any
      petition filed by or against the Company for liquidation or reorganization,
      the
      Company becoming insolvent or making an assignment for the benefit of creditors
      or a receiver or trustee being appointed for all or any significant part of
      the
      Company’s property and assets, and shall, to the fullest extent permitted by
      law, continue to be effective or reinstated, as the case may be, if at any
      time
      payment of the Security upon which this Guarantee is endorsed, is, pursuant
      to
      applicable law, rescinded or reduced in amount, or must otherwise be restored
      or
      returned by the Holder of such Security, whether as a “voidable preference,”
“fraudulent transfer,” or otherwise, all as though such payment or performance
      had not been made. In the event that any such payment, or any part thereof,
      is
      rescinded, reduced, restored or returned on such Security, such Security shall,
      to the fullest extent permitted by law, be reinstated and deemed paid only
      by
      such amount paid and not so rescinded, reduced, restored or
      returned.

     

    This
      Guarantee shall not be valid or obligatory for any purpose until the certificate
      of authentication of the Security upon which this Guarantee is endorsed shall
      have been manually executed by or on behalf of the Trustee under the
      Indenture.

     

    All
      terms
      used in this Guarantee which are defined in the Indenture shall have the
      meanings assigned to them in such Indenture.

     

    This
      Guarantee shall be deemed to be a contract made under the laws of the State
      of
      New York, and for all purposes shall be governed by and construed in accordance
      with the laws of the State of New York.

     

    IN
      WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed
      in
      New York, New York.

     

    
      	
            	
              FPL GROUP, INC.

               

            
	
            	By:	 
	 	 	
               

            

    

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    [FORM
      OF REVERSE OF JUNIOR SUBORDINATED DEBENTURE]

     

    This
      Security is one of a duly authorized issue of securities of the Company (herein
      called the “Securities”), issued and to be issued in one or more series under an
      Indenture (For Unsecured Subordinated Debt Securities [1relating
      to Trust Securities]), dated as of [March 1, 2004] [________, 20__] (herein,
      together with any amendments thereto, called the “Indenture”, which term shall
      have the meaning assigned to it in such instrument), among the Company, FPL
      Group, Inc. and The Bank of New York, as Trustee (herein called the “Trustee”,
      which term includes any successor trustee under the Indenture), and reference
      is
      hereby made to the Indenture, including the Board Resolutions and Officer’s
      Certificate filed with the Trustee on _____________, creating the series
      designated on the face hereof (herein called, the “Officer’s Certificate”), for
      a statement of the respective rights, limitations of rights, duties and
      immunities thereunder of the Company, the Guarantor, the Trustee and the Holders
      of the Securities and of the terms upon which the Securities are, and are to
      be,
      authenticated and delivered. This Security is one of the series designated
      on
      the face hereof.

     

    [Redemption
      provisions, if any, will be inserted]

     

    [1If
      at any
      time a Tax Event (as defined below) shall occur and be continuing, and either
      (i) in the opinion of tax counsel to the Trust or the Guarantor experienced
      in such matters, there would in all cases, after effecting the dissolution
      of
      the Trust, after satisfaction of liabilities to creditors of the Trust, if
      any,
      as provided by applicable law, and the distribution of this Security to the
      holders of the Preferred Trust Securities issued by the Trust (the “Preferred
      Trust Securities”), in exchange therefor, be more than an insubstantial risk
      that an Adverse Tax Consequence (as defined below) would continue to exist
      or
      (ii) this Security is not held by the Trust, then the Company shall have the
      right to redeem this Security, in whole but not in part, at any time within
      90
      days following the occurrence of the Tax Event, at 100% of the principal amount
      thereof plus accrued and unpaid interest thereon, including the Additional
      Interest, if any, to the Redemption Date.]

     

    [1“Tax
      Event” means the receipt by the Trust, the Guarantor or the Company of an
      Opinion of Counsel experienced in such matters to the effect that, as a result
      of (a) any amendment to, clarification of, or change (including any announced
      prospective change) in, the laws or treaties (or any regulations thereunder)
      of
      the United States or any political subdivision or taxing authorities thereof
      or
      therein; (b) any judicial decision or any official administrative pronouncement,
      ruling, regulatory procedure, notice or announcement (including any notice
      or
      announcement of intent to issue or adopt any such administrative pronouncement,
      ruling, regulatory procedure or regulation) (each, an “Administrative Action”),
      or (c) any amendment to, clarification of, or change in the official position
      or
      the interpretation of any such Administrative Action or judicial decision or
      any
      interpretation or pronouncement that provides for a position with respect to
      such Administrative Action or judicial decision that differs from the
      theretofore generally accepted position, in each case by any legislative body,
      court, governmental authority or regulatory body, irrespective of the time
      or
      manner in which such amendment, clarification or change is introduced or made
      known, which amendment, clarification, or change is effective, or which
      Administrative Action is taken or which judicial decision, interpretation or
      pronouncement is issued, in each case on or after _________, 200_, there is
      more
      than an insubstantial risk that (i) the Trust is, or will be, subject to United
      States Federal income tax with respect to interest received on this Security,
      (ii) interest payable by the Company on this Security is not, or will not be,
      fully deductible by the Company for United States Federal income tax purposes,
      or (iii) the Trust is, or will be, subject to more than a de minimis amount
      of
      other taxes, duties or other governmental charges (each of the circumstances
      described in clauses (i), (ii) or (iii) being an “Adverse Tax
      Consequence”).]

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    [1If
      at any
      time an Investment Company Act Event (as defined below) shall occur and be
      continuing, then the Company shall have the right to redeem this Security,
      in
      whole, but not in part, at any time within 90 days following the occurrence
      of
      the Investment Company Act Event, at 100% of the principal amount thereof plus
      accrued and unpaid interest thereon, including Additional Interest, if any,
      to
      the Redemption Date. 

     

    An
      “Investment Company Act Event” occurs when the Trust, the Guarantor or the
      Company has received an Opinion of Counsel experienced in such matters to the
      effect that, as a result of a change in law or regulation or a written change
      in
      interpretation or application of law or regulation by any legislative body,
      court, governmental agency or regulatory authority after __________, 200_,
      there
      is more than an insubstantial risk that the Trust is or will be considered
      an
      investment company under the Investment Company Act of 1940, as
      amended.]

     

    Interest
      installments whose Stated Maturity is on or prior to such Redemption Date will
      be payable to the Holder of such Security, or one or more Predecessor
      Securities, of record at the close of business on the related Regular Record
      Date referred to on the face hereof, all as provided in the
      Indenture.

     

    In
      the
      event of redemption of this Security in part only, a new Security or Securities
      of this series and of like tenor for the unredeemed portion hereof will be
      issued in the name of the Holder hereof upon the cancellation
      hereof.

     

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

     

    The
      Indenture contains provisions for defeasance at any time of the entire
      indebtedness of this Security upon compliance with certain conditions set forth
      in the Indenture including the Officer’s Certificate described
      above.

     

    If
      an
      Event of Default with respect to Securities of this series shall occur and
      be
      continuing, the principal of and interest on the Securities of this series
      may
      be declared due and payable in the manner and with the effect provided in the
      Indenture.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Company and
      the rights of the Holders of the Securities of each series to be affected under
      the Indenture at any time by the Company and the Trustee with the consent of
      the
      Holders of a majority in principal amount of the Securities at the time
      Outstanding of all series to be affected. The Indenture also contains provisions
      permitting the Holders of specified percentages in principal amount of the
      Securities of each series at the time Outstanding, on behalf of the Holders
      of
      all Securities of such series, to waive compliance by the Company with certain
      provisions of the Indenture and certain past defaults under the Indenture and
      their consequences. Any such consent or waiver by the Holder of this Security
      shall be conclusive and binding upon such Holder and upon all future Holders
      of
      this Security and of any Security issued upon the registration of
      transfer

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    hereof
      or
      in exchange herefor or in lieu hereof, whether or not notation of such consent
      or waiver is made upon this Security.

     

    As
      provided in and subject to the provisions of the Indenture, the Holder of this
      Security shall not have the right to institute any proceeding with respect
      to
      the Indenture or for the appointment of a receiver or trustee or for any other
      remedy thereunder, unless such Holder shall have previously given the Trustee
      written notice of a continuing Event of Default with respect to the Securities
      of this series, the Holders of a majority in aggregate principal amount of
      the
      Securities of all series at the time Outstanding in respect of which an Event
      of
      Default shall have occurred and be continuing shall have made written request
      to
      the Trustee to institute proceedings in respect of such Event of Default as
      Trustee and offered the Trustee reasonable indemnity, and the Trustee shall
      not
      have received from the Holders of a majority in aggregate principal amount
      of
      Securities of all series at the time Outstanding in respect of which an Event
      of
      Default shall have occurred and be continuing a direction inconsistent with
      such
      request, and shall have failed to institute any such proceeding, for 60 days
      after receipt of such notice, request and offer of indemnity. The foregoing
      shall not apply to any suit instituted by the Holder of this Security for the
      enforcement of any payment of principal hereof or any premium or interest hereon
      on or after the respective due dates expressed herein.

     

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

     

    [1Pursuant
      to Section 312 of the Indenture, so long as no Event of Default under the
      Indenture has occurred and is continuing with respect to the Securities of
      any
      series, the Company shall have the right, at any time and from time to time
      during the term of the Securities of this series, to extend the interest payment
      period to a period not exceeding 20 consecutive quarterly periods (an “Extension
      Period”); provided that no Extension Period shall extend beyond the Stated
      Maturity or end on a day other than an Interest Payment Date. During the
      Extension Period interest (calculated for each Interest Period in the manner
      provided for on the face hereof, as if the interest payment period had not
      been
      so extended) will be compounded [quarterly]. At the end of the Extension Period,
      which shall be an Interest Payment Date, the Company shall pay all interest
      accrued and unpaid hereon (together with interest hereon at the rate specified
      for the Securities of this series, compounded [quarterly], to the extent
      permitted by applicable law) and Additional Interest, if any, to the Person
      in
      whose name the Securities of this series are registered at the close of business
      on the Regular Record Date for the Interest Payment Date on which such Extension
      Period ended; provided that any such accrued and unpaid interest payable at
      Stated Maturity or any Redemption Date will be paid to the Person to whom
      principal is payable. With respect to the Securities of this series, the term
      “Interest Period” shall mean each period from, and including, an Interest
      Payment Date to, but excluding, the next succeeding Interest Payment Date,
      except that the first Interest Period shall commence on the date of original
      issuance. However, during any such Extension Period, neither the Guarantor
      nor
      the Company shall (i) declare or pay any dividends or distributions on its
      capital stock, or (ii) redeem, purchase, acquire or make a liquidation payment
      with respect to any of its capital stock, or (iii) pay any principal, interest
      or premium on, or repay, repurchase or redeem any debt securities that are
      equal
      or junior in right of payment to the Securities of this series or the Guarantee
      (as the case may be), or (iv) make any payments with respect to any guarantee
      of
      debt securities by the Guarantor if such guarantee is equal or junior in right
      of payment to the Securities of this series or the Guarantee (as the case may
      be) (“Restricted Payments”). 

     

    The
      foregoing provisions shall not prevent or restrict the Guarantor or the Company
      from making: 

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    (a)    purchases,
      redemptions or other acquisitions of its capital stock in connection with any
      employment contract, benefit plan or other similar arrangement with or for
      the
      benefit of employees, officers, directors or agents or a stock purchase or
      dividend reinvestment plan, or the satisfaction of its obligations pursuant
      to
      any contract or security outstanding on the date that the interest payment
      period is extended requiring it to purchase, redeem or acquire its capital
      stock;

     

    (b)    any
      payment, repayment, redemption, purchase, acquisition or declaration of dividend
      described in clauses (i) and (ii) above as a result of a reclassification of
      its
      capital stock, or the exchange or conversion of all or a portion of one class
      or
      series of its capital stock for another class or series of its capital
      stock;

     

    (c)    the
      purchase of fractional interests in shares of its capital stock pursuant to
      the
      conversion or exchange provisions of its capital stock or the security being
      converted or exchanged, or in connection with the settlement of stock purchase
      contracts;

     

    (d)    dividends
      or distributions paid or made in its capital stock (or rights to acquire its
      capital stock), or repurchases, redemptions or acquisitions of capital stock
      in
      connection with the issuance or exchange of capital stock (or of securities
      convertible into or exchangeable for shares of its capital stock and
      distributions in connection with the settlement of stock purchase
      contracts);

     

    (e)    redemptions,
      exchanges or repurchases of, or with respect to, any rights outstanding under
      a
      shareholder rights plan or the declaration or payment thereunder of a dividend
      or distribution of or with respect to rights in the future;

     

    (f)    payments
      under any preferred trust securities guarantee or guarantee of junior
      subordinated debentures executed and delivered by the Guarantor concurrently
      with the issuance by a trust of any preferred trust securities, so long as
      the
      amount of payments made on any preferred trust securities or junior subordinated
      debentures (as the case may be) is paid on all preferred trust securities or
      junior subordinated debentures (as the case may be) then outstanding on a pro
      rata basis in proportion to the full distributions to which each series of
      preferred trust securities or junior subordinated debentures (as the case may
      be) is then entitled if paid in full;

     

    (g)    dividends
      or distributions by the Company on its capital stock to the extent owned by
      the
      Guarantor; or

     

    (h)    redemptions,
      purchases, acquisitions or liquidation payments by the Company with respect
      to
      its capital stock to the extent owned by the Guarantor.

     

    Prior
      to
      the termination of any such Extension Period, the Company may further extend
      the
      interest payment period, provided that such Extension Period together with
      all
      such previous and further extensions thereof shall not exceed 20 consecutive
      quarterly periods at any one time or extend beyond the Maturity of the
      Securities of this series. Upon the termination of any such Extension Period
      and
      the payment of all amounts then due, including interest on deferred interest
      payments, the Company may elect to begin a new Extension Period, subject to
      the
      above requirements. No interest shall be due and payable during an Extension
      Period, except at the end thereof. The Company shall give the Trustee notice
      of
      its election of an Extension Period before the Business Day prior to the record
      date for the distribution which would occur but for such election and the
      Trustee will cause the Trust to send notice of such election to the holders
      of
      Preferred Trust Securities.]

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

     

    The
      Securities of this series are issuable only in registered form without coupons
      in denominations of $[1,000][25] and integral multiples thereof. As provided
      in
      the Indenture and subject to certain limitations therein set forth, Securities
      of this series are exchangeable for a like aggregate principal amount of
      Securities of this series and of like tenor and of authorized denominations,
      as
      requested by the Holder surrendering the same.

     

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Company, the Trustee and any agent of the Company or the Trustee may treat
      the
      Person in whose name this Security is registered as the absolute owner hereof
      for all purposes, whether or not this Security be overdue, and neither the
      Company, the Trustee nor any such agent shall be affected by notice to the
      contrary.

     

    All
      terms
      used in this Security which are defined either in the Indenture or in the
      Officer’s Certificate shall have the meanings assigned to them in the Indenture
      or in the Officer’s Certificate.

     

    
      
        
        

      

      
        A-9

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