Document:

Contract between the registrant (Xenogen Biosciences) and NIEHS

 [Confidential Treatment Requested. Portions of this agreement have been redacted and filed separately with the
commission.] 
  
 Exhibit 10.27 
  

									
	 SOLICITATION/CONTRACT/ORDER FOR COMMERCIAL ITEMS
 OFFEROR TO COMPLETE BLOCKS 12, 17, 23, 24 & 30
	  	 1. REQUISITION NUMBER
  
     QX130341
	  	 PAGE 1 OF 20
  

					
	 2. CONTRACT NO.
  
     273-03-C-0045
	  	 3.  AWARD EFFECTIVE
     DATE
  
     See Block 31.C.
	  	4. ORDER NUMBER	  	 5.  SOLICITATION NUMBER
  
  
     273-03-P-0011
	  	 6.  SOLICITATION ISSUE
     DATE
  
     7/18/2003

	 7.  FOR SOLICITATION
 INFORMATION, CALL
	  	 a.  NAME
  
  
     Mary W. McConnell
	  	 b.  TELEPHONE NUMBER
      (No collect calls)
  
 919-541-3813
	  	 8.  OFFER DUE DATE/
      LOCAL TIME
  
 Date:    8/4/2003
 Time:    1:00 P.M.

  

											
	9.  ISSUED BY:	  	  CODE	  	OMB 0990-0115	  	10.  THIS ACQUISITION IS:	  	11.  DELIVER FOR	  	12.  DISCOUNT TERMS
	  
 National Institute
of Environmental Health Sciences
 Acquisitions Management Branch, OM
 P. O. Box 12874
 Research Triangle Park, NC 27709
	  	 x  UNRESTRICTED
  
  ̈  SET ASIDE
        % FOR
  
        ̈  SMALL BUSINESS
  
        ̈  HUBZONE SMALL
	  	 FOB DESTINATION
 UNLESS BLOCK IS
 MARKED
  
  ̈  SEE SCHEDULE
	  	***
	 	  	            BUSINESS	  	       13a.  THIS CONTRACT IS A RATED
          ̈  ORDER UNDER DPAS (16 CFR 700)

						
	 	  	 	  	 	  	  ̈  8(A)
  
 NAICS: 112990            
	  	13b.  RATING	  	 
	 	  	 	  	 	  	 SIZE STANDARD
               $0,75M            
	  	 14.  METHOD OF SOLICITATION
  
  ̈  RFQ             ̈  IFB            x  RFP

  

											
	15.  DELIVER TO:	  	CODE        	  	 	  	16.  ADMINISTERED BY:	  	CODE	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 National Institute of Environmental Health Sciences
 See Statement of Work
	  	 NIEHS Contract Specialist, Mary W. McConnell
 OMB No. 0990-0115
	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 

  

													
	 17a.  CONTRACTOR/
         OFFEROR
	  	 CODE        
	 	FACILITY CODE	 	18a.  PAYMENT WILL BE MADE BY:	  	                                CODE	  	 	  	 
							
	 Xenogen Biosciences
 5 Cedar Brook
Drive
 Cranbury, New Jersey 08512
	  	 	 	 	 	 National Institutes of Health Commercial Accounts Section, OFM Bldg.31, Rm.B1B39
 9000 Rockville Pike
 Bathesdsa, MD 20892
	  	 	  	 	  	 
	TELEPHONE NO. (609) 235-1415	  	 	 	 	 	 	  	 	  	 	  	 

											
	  ̈    17b.    CHECK IF REMITTANCE IS DIFFERENT
                   AND PUT SUCH ADDRESS IN OFFER
	  	 	 	 18b.  SUBMIT INVOICES TO ADDRESS SHOWN IN BLOCK: 18a UNLESS BLOCK BELOW IS
         CHECKED  ̈  SEE ADDENDUM
	  	 	  	 

  

													
	 19.                

ITEM NO.            
	 	 20.
 SCHEDULE OF SUPPLIES/
 SERVICES
	 	 21.
 QUANTITY
	 	 22.
 UNIT
	  	 23.
 UNIT PRICE
	  	24. AMOUNT	  	 

													
	 	 	 Conditional Knockout Mouse Lines Bearing Floxed
  
 (See 5F-1449 Page 2)
  
 (Use Reverse and/or Attach Additional Sheets as Necessary)
	 	 	 	 	  	***	  	$1,050,008	  	 

  

					
	25.  ACCOUNTING AND APPROPRIATION DATA	  	 	  	26.  TOTAL AWARD AMOUNT (For Govt. Use only
	                                       
     1-311122130-A2    cr300045
3-8323763.OXI30341  25.2Z    $208,335  Current Obligation	  	 	  	$1,050,008

							
	x 27a.	  	 SOLICITATION INCORPORATED BY REFERENCE
 FAR 82-212-1, 82-212-4, FAR 82-212-3 AND 82-212-6 ARE ATTACHED, ADDENDA
	  	x  ARE	  	 ̈  ARE NOT ATTACHED
	 ̈ 27c.	  	CONTRACT/PURCHASE ORDER INCORPORATES BY REFERENCE FAR 82-212-4, FAR 82-212-5 IS ATTACHED, ADDENDA	  	 ̈  ARE	  	 ̈  ARE NOT ATTACHED

							
	x 28.	  	CONTRACTOR IS REQUIRED TO SIGN THIS DOCUMENT AND RETURN     1     COPIES TO ISSUING OFFICE. CONTRACTOR AGREES TO FURNISH AND DELIVER ALL ITEMS
SET FORTH OR OTHERWISE IDENTIFIED ABOVE AND ON ANY ADDITIONAL SHEETS SUBJECT TO THE TERMS AND CONDITIONS SPECIFIED HEREIN                 .	  	 ̈ 29.	  	 AWARD OF CONTRACT. REF.        OFFER        
 DATED            YOUR OFFER ON SOLICITATION (BLOCK B), INCLUDING ANY ADDITIONS OR CHANGES WHICH A SET FORTH
HEREIN, IS ACCEPTED AS TO ITEMS:

  

			
	30a. SIGNATURE OF OFFEROR/CONTRACTOR	    	31a. UNITED STATES OF AMERICA (SIGNATURE OF CONTRACTING OFFICER)
		
	/s/    David R.
Boyko                            	    	                    /s/    Antoinette
Bridges        

							
				
	30b. NAME AND TITLE OF SIGNER (Type or print)	 	30c. DATE SIGNED	 	 31d. NAME OF CONTRACTING OFFICER
         (Type or print)
	  	 31c. DATE SIGNED

	DAVID R. BOYKO
VICE PRESIDENT, LICENSING & LEGAL SERVICES	 	9/19/03        	 	        Antoinette Bridges        	  	9/25/06

			
	 AUTHORIZED FOR LEGAL REPRODUCTION
 PREVIOUS EDITION IS
NOT USABLE
	  	 STANDARD FORM 1449 (REV.-4007)
 Prescribed by GSA - FAR (48 CFR) 53-212

  

	***	Confidential Treatment Requested 

											
	

	 19
 ITEM NO.
	  	 20
 SCHEDULE OF SUPPLIES/SERVICES
	  	 21
 QUANTITY
	  	 22
 UNIT
	  	 23
 UNIT PRICE
	  	 24
 AMOUNT

	

	 	  	Complete Supplemental Attached Page for Page 2 of the SF-1449	  	 	  	 	  	 	  	 
	

	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 
	

  
  

									
	32a. QUANTITY IN COLUMN 21 HAS BEEN:	    	 	 	 
	
	  ̈  RECEIVED         ̈  INSPECTED          ̈  ACCEPTED AND CONFORMS TO THE CONTRACT EXCEPT AS
NOTED:
                                        
                                

	

			
	32b. SIGNATURE OF AUTHORIZED GOVERNMENT         REPRESENTATIVE	    	32c. DATE	    	32d. PRINTED NAME AND TITLE OF AUTHORIZED GOVERNMENT
        REPRESENTATIVE
	

		
	32e. MAILING ADDRESS OF AUTHORIZED GOVERNMENT REPRESENTATIVE	    	32f. TELEPHONE NUMBER OF AUTHORIZED GOVERNMENT
        REPRESENTATIVE
	 	 	 	

				
	 	 	 	    	 	    	32g. E-MAIL OF AUTHORIZED GOVERNMENT REPRESENTATIVE
	

					
	33. SHIP NUMBER	 	34. VOUCHER NUMBER	    	35. AMOUNT VERIFIED
      CORRECT FOR	    	36. PAYMENT
 ̈  COMPLETE  ̈  PARTIAL  ̈  FINAL	 	37. CHECK NUMBER
	
	 	 	 	 	 	 	 	 
	 ̈  PARTIAL         ̈  FINAL	 	 	    	 	    	 	 	 
	

					
	38. S/R ACCOUNT NUMBER	 	39. S/R VOUCHER NUMBER	    	40. PAID BY	    	 	 	 
	

							
	 41a. I CERTIFY THIS AMOUNT IS CORRECT AND PROPER FOR PAYMENT
	    	42a. RECEIVED BY (Print)	  	 
	
	 	 	 	 
	 41b. SIGNATURE AND TITLE OF CERTIFYING OFFICER
	  	41c. DATE	    	 	  	 
	 	 	 	 	

	 	  	 	    	42b. RECEIVED AT (Location)	  	 
	 	 	 	 	

				
	 	  	 	    	42c. DATE REC’D (YY/MM/DD)	  	42d. TOTAL CONTAINERS
	

	 	  	 	    	 	  	STANDARD FORM 1449 (REV. 4/2002) BACK

  

 Amendment No. 2—SF-1449 Supplemental of Back Page: 
  

													
	Item 19.	  	Item 20.	  	Item 21.	  	Item 22.	  	Item 23.	  	Item 24.
	Item No.

	  	 Schedule of Supplies

	  	Est.
Quantity

	  	 Unit

	  	Fixed Unit Price

	  	Amount

	 	  	 	  	Minimum-
Maximum

	  	 	  	 	  	 
	1.	  	Initial Award Year	  	 	  	 	  	 	 	  	 	 
	a.	  	Mouse Lines	  	20-24	  	Each	  	$	***	  	$	***
	b.	  	Change Order Charges	  	1	  	Lot	  	NTE $	***	  	NTE $	***
	 	  	 	  	 	  	Total for Initial Award Year	  	$	1,050,008
	2.	  	Option Year 1	  	 	  	 	  	 	 	  	 	 
	a.	  	Mouse Lines	  	30-36	  	Each	  	$	***	  	$	***
	b.	  	Change Order Charges	  	1	  	Lot	  	NTE $	***	  	NTE $	***
	 	  	 	  	 	  	Total for Option Year 1	  	 	 	  	$	***
	3.	  	Option Year 2	  	 	  	 	  	 	 	  	 	 
	a.	  	Mouse Lines	  	45-53	  	Each	  	$	***	  	$	***
	b.	  	Change Order Charges	  	1	  	Lot	  	NTE $	***	  	NTE $	***
	 	  	 	  	 	  	Total for Option Year 2	  	 	 	  	$	***
	4.	  	Option Year 3	  	 	  	 	  	 	 	  	 	 
	a.	  	Mouse Lines	  	45-53	  	Each	  	$	***	  	$	***
	b.	  	Change Order Charges	  	1	  	Lot	  	NTE $	***	  	NTE $	***
	 	  	 	  	 	  	Total for Option Year 3	  	 	 	  	$	***
	5.	  	Option Year 4	  	 	  	 	  	 	 	  	 	 
	a.	  	Mouse Lines	  	45-53	  	Each	  	$	***	  	$	***
	b.	  	Change Order Charges	  	1	  	Lot	  	NTE $	***	  	NTE $	***
	 	  	 	  	 	  	Total for Option Year 4	  	 	 	  	$	***
	 	  	 	  	 	  	 	  	 	Grand Total	  	$	9,306,794

  
 Note:
Add the NTE line item b. into your totals for each year and the grand total. 
  

	***	Confidential treatment requested 

 CONTRACT CLAUSES 
  
 1.    OFFERORS MUST COMPLETE AND RETURN ALL INFORMATION DESIGNATED IN 52.212-1, INSTRUCTIONS TO
OFFERORS—COMMERCIAL ITEMS, PARAGRAPH “b”, PRIOR TO THE TIME SPECIFIED IN BLOCK 8 OF SF 1449 IN ORDER TO BE CONSIDERED FOR AWARD. 
  
 2.    ACKNOWLEDGMENT OF AMENDMENTS: The offeror acknowledges receipt of Amendments to the Solicitation numbered and dated as follows:

  

			
	 AMENDMENT NO.

	  	DATE

	1	  	08/26/03
	2	  	09/10/03

  
 3.    DUNS
NUMBER: Please provide the Dun and Bradstreet Number assigned to your firm in the space provided below. 
  
 DUNS # 361145428 
  
 4.    DELIVERY OF OFFERS. Sealed offers for furnishing the supplies or services in the Schedule will be received at the address
specified in Block 9. If the offer is being handcarried or sent by courier, the following address shall be used: 
  
 National Institute of Environmental Health Sciences 
 Acquisitions Management Branch, OM 
 4505 Emperor Blvd, 2nd Floor, Suite 245 
 Durham, NC 27703 
  
 External package must have the “solicitation number” and “due date”
clearly marked. 
  
 5.    FAR 52.212-4 CONTRACT
TERMS AND CONDITIONS—COMMERCIAL ITEMS (FEB 2002) 
  
 (a)
Inspection /Acceptance. The Contractor shall only tender for acceptance those items that conform to the requirements of this contract. The Government reserves the right to inspect or test any supplies or services that have been tendered for
acceptance. The Government may require repair or replacement of nonconforming supplies or reperformance of nonconforming services at no increase in contract price. The Government must exercise its post-acceptance rights (1) within a reasonable time
after the defect was discovered or should have been discovered; and (2) before any substantial change occurs in the condition of the item, unless the change is due to the defect in the item. 
  
 (b) Assignment. The Contractor or its assignee may assign rights to
receive payment due as a result of performance of this contract to a bank, trust company, or other financing institution, 

 including any Federal lending agency in accordance with the Assignment of Claims Act (31 U.S.C. 3727). 
  
 However, when a third party makes payment (e.g. use of the Governmentwide
commercial purchase card), the Contractor may not assign its rights to receive payment under this contract. 
  
 (c) Changes. Changes in the terms and conditions of this contract may be made only by written agreement of the parties. 
  
 (d) Disputes. This contract is subject to the Contract Disputes Act of
1978, as amended (41 U.S.C. 601-613). Failure of the parties to this contract to reach agreement on any request for equitable adjustment, claim, appeal or action arising under or relating to this contract shall be a dispute to be resolved in
accordance with the clause at FAR 52.233-1, Disputes, which is incorporated herein by reference. The Contractor shall proceed diligently with performance of this contract, pending final resolution of any dispute arising under the contract.

  
 (e) Definitions. The clause at FAR 52.202-1,
Definitions, is incorporated herein by reference. 
  
 (f)
Excusable delays. The Contractor shall be liable for default unless nonperformance is caused by an occurrence beyond the reasonable control of the Contractor and without its fault or negligence such as, acts of God or the public enemy, acts
of the Government in either its sovereign or contractual capacity, fires, floods, epidemics, quarantine restrictions, strikes, unusually severe weather, and delays of common carriers. The Contractor shall notify the Contracting Officer in writing as
soon as it is reasonably possible after the commencement of any excusable delay, setting forth the full particulars in connection therewith, shall remedy such occurrence with all reasonable dispatch, and shall promptly give written notice to the
Contracting Officer of the cessation of such occurrence. 
  
 (g)
Invoice. (1) The Contractor shall submit an original invoice and three copies (or electronic invoice, if authorized), to the address designated in the contract to receive invoices. An invoice must include— 
  
 (i) Name and address of the Contractor; 
  
 (ii) Invoice date and number; 
  
 (iii) Contract number, contract line item number and, if
applicable, the order number; 
  
 (iv)
Description, quantity, unit of measure, unit price and extended price of the items delivered; 
  
 (v) Shipping number and date of shipment, including the bill of lading number and weight of shipment if shipped on Government bill of
lading; 
  
 (vi) Terms of any discount for prompt
payment offered; 

 (vii) Name and address of official to whom payment is to be sent; 
  
 (viii) Name, title, and phone number of person to notify in
event of defective invoice; and 
  
 (ix) Taxpayer
Identification Number (TIN). The Contractor shall include its TIN on the invoice only if required elsewhere in this contract. 
  
 (x) Electronic Funds transfer (EFT) banking information. 
  
 (A) The Contractor shall include EFT banking information on the invoice only if required elsewhere in this
contract. 
  
 (B) If EFT banking information is
not required to be on the invoice, in order for the invoice to be a proper invoice, the Contractor shall have submitted correct EFT banking information in accordance with the applicable solicitation provision, contract clause (e.g., 52.232-33,
Payment by Electronic Funds Transfer-Central Contractor Registration, or 52.232-34, Payment by Electronic Funds Transfer-Other Than Central Contractor Registration), or applicable agency procedures. 
  
 (C) EFT banking information is not required if the
Government waived the requirement to pay by EFT. 
  
 (2) Invoices will be handled in accordance with the Prompt Payment Act (31 U.S.C 3903) and Office of Management and Budget (OMB) prompt payment regulations at 5 CFR part 1315. 
  
 (h) Patent indemnity. The Contractor shall indemnify the Government and its officers, employees and agents against
liability, including costs, for actual or alleged direct or contributory infringement of, or inducement to infringe, any United States or foreign patent, trademark or copyright, arising out of the performance of this contract, provided the
Contractor is reasonably notified of such claims and proceedings. 
  
 (i) Payment. Payment shall be made for items accepted by the Government that have been delivered to the delivery destinations set forth in this contract. The Government will make payment in accordance with the Prompt Payment Act (31
U.S.C. 3903) and OMB prompt payment regulations at 5 CFR part 1315. If the Government makes payment by Electronic Funds Transfer (EFT), see 52.212-5(b) for the appropriate EFT clause. In connection with any discount offered for early payment, time
shall be computed from the date of the invoice. For the purpose of computing the discount earned, payment shall be considered to have been made on the date which appears on the payment check or the specified payment date if an electronic funds
transfer payment is made. 
  
 (j) Risk of loss. Unless the
contract specifically provides otherwise, risk of loss or damage to the supplies provided under this contract shall remain with the Contractor until, and shall pass to the Government upon: 
  
 (1) Delivery of the supplies to a carrier, if transportation
is f.o.b. origin; or 

 (2) Delivery of the supplies to the Government at the destination specified in the
contract, if transportation is f.o.b. destination. 
  
 (k)
Taxes. The contract price includes all applicable Federal, State, and local taxes and duties. 
  
 (l) Termination for the Government’s convenience. The Government reserves the right to terminate this contract, or any part hereof, for its
sole convenience. In the event of such termination, the Contractor shall immediately stop all work hereunder and shall immediately cause any and all of its suppliers and subcontractors to cease work. Subject to the terms of this contrast, the
Contractor shall be paid a percentage of the contract price reflecting the percentage of the work performed prior to the notice of termination, plus reasonable charges the Contractor can demonstrate to the satisfaction of the Government using its
standard record keeping system, have resulted from the termination. The Contractor shall not be required to comply with the cost accounting standards or contract cost principles for this purpose. This paragraph does not give the Government any right
to audit the Contractor’s records. The Contractor shall not be paid for any work performed or costs incurred which reasonably could have been avoided. 
  
 (m) Termination for cause. The Government may terminate this contract, or any part hereof, for cause in the event of any default by the Contractor,
or if the Contractor fails to comply with any contract terms and conditions, or fails to provide the Government, upon request, with adequate assurances of future performance. In the event of termination for cause, the Government shall not be liable
to the contractor for any amount for supplies or services not accepted, and the Contractor shall be liable to the Government for any and all rights and remedies provided by law. If it is determined that the Government improperly terminated this
contract for default, such termination shall be deemed a termination for convenience. 
  
 (n) Title. Unless specified elsewhere in this contract, title to items furnished under this contract shall pass to the Government upon acceptance, regardless of when or where the Government takes physical
possession. 
  
 (o) Warranty. The Contractor warrants and
implies that the items delivered hereunder are merchantable and fit for use for the particular purpose described in this contract. 
  
 (p) Limitation of liability. Except as otherwise provided by an express warranty, the Contractor will not be liable to the Government for
consequential damages resulting from any defect or deficiencies in accepted items. 
  
 (q) Other compliances. The Contractor shall comply with all applicable Federal, State and local laws, executive orders, rules and regulations applicable to its performance under this contract. 
  
 (r) Compliance with laws unique to Government contracts. The
Contractor agrees to comply with 31 U.S.C. 1352 relating to limitations on the use of appropriated funds to influence certain Federal contracts; 18 U.S.C. 431 relating to officials not to benefit; 40 U.S.C. 327, et seq., Contract Work Hours
and Safety Standards Act; 41 U.S.C. 51-58, Anti-Kickback Act of 1986; 

 41 U.S.C. 265 and 10 U.S.C. 2409 related to whistle blower protections; and 49 U.S.C 40118, Fly American; and 41 U.S.C.
423 relating to procurement integrity. 
  
 (a) Order of
precedence. Any inconsistencies in this solicitation or contract shall be resolved by giving precedence in the following order: (1) the schedule of supplies/services; (2) the Assignments, Disputes, Payments, Invoice, Other Compliances, and
Compliance with Laws Unique to Government Contracts paragraphs of this clause; (3) the clause at 52.212-5; (4) addenda to this solicitation or contract, including any license agreements for computer software; (5) solicitation provisions if this is a
solicitation; (6) other paragraphs of this clause; (7) the Standard Form 1449; (8) other documents, exhibits, and attachments; and (9) the specification. 
  
 (End of clause) 
  
 6.    Addendum to 52.212-4. 
  

	 	A.	52.252-2 Clauses Incorporated By Reference (FEB 1998) 

  
 This contract incorporates one or more clauses by reference, with the same force and effect as if they were given in full text. Upon request, the
Contracting Officer will make their full text available. Also, the full text of a clause may be accessed electronically at this address: http://www.arnet.gov/far 
  

	 	B.	The following clauses are incorporated by reference: 

  

			
	FAR Clause No.

	  	 Title and Date

	52.246-2	  	Inspection of Supplies—Fixed Price (AUG 1996)
	52.242-15	  	Stop Work Order (AUG 1989)
	52.242-17	  	Government Delay of Work (APR 1984)
	52.247-35	  	F.O.B. Destination, Within Consignees Premises (APR 1984)
	52.217-9	  	Option to Extend the Term of the Contract (MAR 2000)

  

	 	C.	TYPE OF CONTRACT 

  
 This is a firm, fixed-price definite delivery supply Contract with reimbursable line items, as outlined in blocks 19-24 of the SF-1449 and any
continuation pages. 
  

	 	D.	PERIOD OF PERFORMANCE 

  
 This Contract shall be effective for a one-year period beginning September 15, 2003, or from date of Contract award, whichever is later, with four (4)
optional renewal periods of one year each. 

	 	E.	PUBLICATION AND PUBLICITY 

  
 The Contractor shall acknowledge the support of the National Institutes of Health whenever publicizing the work under this contract in any media by
including an acknowledgment substantially as follows: 
  
 “This project has been funded in whole or in part with Federal funds from the National Institute of Environmental Health Sciences, National Institutes of Health, Department of Health and Human Services, under Contract No.
273-03-C-0045.” 
  
 However, publication of any information
regarding the animals order and produced as a result of this Contract is not deemed to be at the discretion of the Contractor, but at the Government’s discretion. It shall be mandatory for the Contractor to receive prior approval from the
Contracting officer before any information regarding this Contract is publicized. 
  

	 	F.	RESPONSIBLE OFFICIALS 

  

	 	1.	Contracting Officer Authority for Changes 

  
 The Contracting Officer is designated on the contract face page. Only the Contracting Officer has the authority to approve any deviations
from the specifications and terms of this contract. Undertakings and/or agreements relative to this contract must be taken up in writing with the Contracting Officer, and Matters handled otherwise will not be recognized as binding upon the
government. The contractor shall accept no instructions which deviate from the contract if issued by any person other than the Contracting Officer. 
  

	 	2.	Project Officer 

  
 a) *** is hereby designated as the Project Officer for this contract. 
  
 b) Alternate Project Officer. The name of the Project
Officer’s alternate is ***. The Alternate Project Officer has the same authority as the Project Officer, and may exercise that authority at the discretion of the Government, to the extent described below. All references to the Project Officer
throughout this contract shall be construed as applying equally to the Alternate. 
  
 c) The Government may unilaterally change its Project Officer and/or Alternate designations. 
  
 d) The Project Officer will be responsible for coordinating
with the contractor in administering the technical aspects of the contract. The project officer is not authorized to make any changes which affect the contract amount, terms, or conditions. Such changes shall be only by action of the
Contracting Officer. Services performed under this contract shall be subject to inspection and approval by the Project Officer at any time. 
  
 e) The Project Officer is specifically responsible for: 
  
 1) Monitoring the contractor’s technical progress, including the surveillance and assessment of
performance; 
  
 2) Recommending to the
Contracting Officer changes in requirements; 
  
 *** Confidential treatment
requested. 

 3) Advising the Contracting Officer of technical interpretations; 
  
 4) Performing technical evaluations as needed; 
  
 5) Performing technical inspections and acceptances required by this
contract; 
  
 6) Consulting with the contractor relative to the
resolution of technical problems encountered during performance; 
  
 7) Providing technical information to the contractor (at the option of the Government) which assists in the interpretation of drawings, specifications, or technical portions of the work description; 
  
 8) Reviewing and approving or disapproving technical reports, drawings,
specifications, technical information, etc. when the contract provides that such items will be delivered by the contractor to the Government under the contract. 
  
 f) The Project Officer cannot authorize or direct any work or actions outside the express terms and
conditions of the contract. For guidance to the contractor to be valid, it must: 
  
 1) Be consistent with the description of work set forth in this contract; 
  
 2) Not constitute new assignments of work; 
  
 3) Not constitute any change to the expressed terms, conditions, or specifications incorporated into this contract; 
  
 4) Not constitute a basis for an extension to the period of performance or
contract delivery schedule; 
  
 5) Not constitute a change as
defined in the contract clause entitled “Changes”; 
  
 6) Not constitute a basis for any increase or decrease in the contract price, or any extension or other change to the contract delivery schedules or performance periods. 
  
 g) Contractor’s Responsibility with Regard to Interaction with the Project Officer, Alternate, or other
Individuals: 
  
 Note: The following procedures shall be
applicable to directions provided during the term of this contract with the exception of directions provided by Government personnel in emergency situations. Emergency situations shall be deemed to include only those unanticipated emergency
conditions which impose a threat to the safety of individuals or have the potential for significant 

 damage to Government property if not immediately corrected. In other words, this clause shall be applied to
instructions which could be temporarily postponed and do not require immediate reaction by the contractor to insure the protection of life and/or property from extensive harm. 
  
 If, in the opinion of the contractor, any instructions, interpretations, directions, or other actions of the Project
Officer, or Alternate, or any other individual create a condition or conditions described in item f)1) through 6) above, or will create situations during the term of the contract which will fall within one of the categories defined in item f)l)
through 6) above, the contractor shall not proceed. The contractor shall immediately notify the Contracting Officer verbally, if possible, of its concerns in this regard. The verbal notification shall be followed by a written notification to the
Contracting Officer documenting the information or actions taken by the Project Officer, Alternate, or other individual, and the basis for the contractor’s opinion that those actions, instructions, directions, or interpretations will impact on
the contract terms and conditions. The written notice shall be due within five (5) working days after the receipt of the Project Officer’s actions which stimulated the concern. The Contracting Officer will gather available information, and will
determine whether or not the input actually constitutes a change or other condition prohibited by Section f)1) through 6) above. If it is determined that a change or other prohibited condition will occur, the Contracting Officer will so notify the
contractor, and either negotiate and award a formal supplemental agreement, issue a change order, or cancel the directions. If the action by the Project Officer is not determined by the Contracting Officer to be a “change” to the existing
contract’s terms and conditions, the Contracting Officer will so notify the contractor of this decision and the reasons therefore, and the contractor would be expected to immediately comply. The contractor would retain the rights provided under
the “Changes” clause of this contract in the event that proper actions, as described above, are taken to notify the Contracting Officer and obtain Contracting Officer approval before proceeding with directions from any individual that are
deemed to be questionable under Section f)1) through 6) above. 
  

	 	G.	POST AWARD EVALUATION OF CONTRACTOR PERFORMANCE 

  

	 	1.	Contractor Performance Evaluations 

  
 Interim and final evaluations of contractor performance will be prepared on this contract in accordance with FAR Subpart 42.15. A final
performance evaluation will be prepared at the time of completion of work. In addition to the final evaluation, interim evaluations will be prepared annually to coincide with the anniversary date of the contract. 
  
 Interim and final evaluations will be provided to the
contractor as soon as practicable after completion of the evaluation. The contractor will be permitted thirty days to review the document and to submit additional information or a rebutting statement. If agreement cannot be reached between the
parties, the matter will be referred to an individual one level above the Contracting Officer, whose decision will be final. 
  
 Copies of the evaluations, contractor responses, and review comments, if any, will be retained as part of the contract file, and may be
used to support future award decisions. 

	 	2.	Electronic Access to Contractor Performance Evaluations 

  
 Contractors that have Internet capability may access evaluations through a secure Web site for review and comment by completing the
registration form that can be obtained at the following address: http:/ocm.od.nih.gov/cdmp/cps_contractor.htm 
  
 The registration process requires the contractor to identify an individual that will serve as a primary contact and who will be authorized access to the
evaluation for review and comment. In addition, the contractor will be required to identify an alternate contact who will be responsible for notifying the cognizant contracting official in the event the primary contact is unavailable to process the
evaluation within the required 30-day time frame. 
  

	 	H.	NEEDLE EXCHANGE 

  
 a. Pursuant to Public Law(s) cited in paragraph b., below, contract funds shall not be used to carry out any program of distributing
sterile needles or syringes for the hypodermic injection of any illegal drug. 
  

							
	b.	  	Public Law and Section No.	  	Fiscal Year	  	Period Covered
				
	 	  	 P.L. 108-7, Div. G, Title V-
 General Provisions, Section 505
	  	2003	  	(10/1/02 – 9/30/03)

  

	 	I.	PRESS RELEASES 

  
 a. Pursuant to Public Law(s) cited in paragraph b., below, the contractor shall clearly state, when issuing statements, press releases,
requests for proposals, bid solicitations and other documents describing projects or programs funded in whole or in part with Federal money: (1) the percentage of the total costs of the program or project which will be financed with Federal money;
(2) the dollar amount of Federal funds for the project or program; and (3) the percentage and dollar amount of the total costs of the project or program that will he financed by nongovernmental sources. 
  

							
	b.	  	Public Law and Section No.	  	Fiscal Year	  	Period Covered
				
	 	  	 P.L. 108-7, Div. G, Title V-
 General Provisions, Section 507
	  	2003	  	(10/1/02 – 9/30/03)

  

	 	J.	ANTI-LOBBYING 

  
 a. Pursuant to Public Law(s) cited in paragraph c., below, contract funds shall not be used, other than for normal and recognized
executive-legislative relationships, for publicity or propaganda purposes, for the preparation, distribution, or use of any kit, pamphlet, booklet, publication, radio, television, or video presentation designed to support or defeat legislation
pending before the Congress or any State legislature, except in presentation to the Congress or any State legislature itself. 
  
 b. Contract funds shall not be used to pay salary or expenses of the contractor or any agent acting for the contractor, related to any
activity designed to influence legislation or appropriations pending before the Congress or any State legislature. 

							
	c.	  	Public Law and Section No.	  	Fiscal Year	  	Period Covered
				
	 	  	 for a., above: P.L. 108-7, Div. G,
     Title V—General Provisions,
     Section 503a
	  	2003	  	(10/1/02 – 9/30/03)
				
	 	  	 for b., above: P.L. 108-7, Div. G,
     Title V—General Provisions,
     Section 503b
	  	2003	  	(10/1/02 – 9/30/03)

  
 7.    FAR
52.212-5 Contract Terms and Conditions Required to Implement Statutes or Executive Orders- Commercial Items ( 2003) 
  
 (a) The Contractor shall comply with the following Federal Acquisition Regulation (FAR) clause, which is incorporated in this contract by reference, to
implement provisions of law or Executive orders applicable to acquisitions of commercial items: 52.233-3, Protest after Award (AUG 1996) (31 U.S.C. 3553). 
  
 (b) The Contractor shall comply with the FAR clauses in this paragraph (b) that the Contracting Officer has indicated as being incorporated in this
contract by reference to implement provisions of law or Executive orders applicable to acquisitions of commercial items or components: 
  
 x (1) 52.203-6, Restrictions on Subcontractor Sales to the Government (JUL 1995), with Alternate I (OCT 1995) (41
U.S.C. 253g and 10 U.S.C. 2402). 
  
  ̈ (2) 52.219-3, Notice of Total HUBZone Small Business Set-Aside (JAN 1999). 
  
  ̈ (3) 52.219-4,
Notice of Price Evaluation Preference for HUBZone Small Business Concerns (JAN 1999) (if the offeror elects to waive the preference, it shall so indicate in its offer). 
  
  ̈ (4)(i) 52.219-5,
Very Small Business Set-Aside (JUNE 2003) (Pub. L. 103-403, section 304, Small Business Reauthorization and Amendments Act of 1994). 
  
  ̈ (ii) Alternate I (MAR 1999) of
52.219-5. 
  
  ̈ (iii) Alternate II (JUNE 2003) of 52.219-5. 
  
  ̈ (5)(i) 52.219-6, Notice of Total Small Business
Set-Aside (JUNE 2003) (15 U.S.C. 644). 
  
  ̈ (ii) Alternate I (OCT 1995) of 52.219-6. 
  
  ̈ (6)(i) 52.219-7, Notice of Partial Small
Business Set-Aside (JUNE 2003) (15 U.S.C. 644). 
  
  ̈ (ii) Alternate I (OCT 1995) of 52.219-7. 
  
 x (7) 52.219-8, Utilization of Small Business Concerns (OCT 2000) (15 U.S.C. 637 (d)(2) and (3)). 
  
 x (8)(i) 52.219-9, Small Business
Subcontracting Plan (JAN 2002) (15 U.S.C. 637(d)(4)). 

  ̈ (ii) Alternate I (OCT 2001) of 52.219-9. 
  
  ̈ (iii) Alternate II (OCT 2001) of 52.219-9. 
  
  ̈ (9) 52.219-14,
Limitations on Subcontracting (DEC 1996) (15 U.S.C. 637(a)(14)). 
  
 x (10)(i) 52.219-23, Notice of Price Evaluation Adjustment for Small Disadvantaged Business Concerns (JUNE 2003) (Pub. L. 103-355, section 7102, and 10 U.S.C. 2323) (if the offeror elects to waive the
adjustment, it shall so indicate in its offer). 
  
  ̈ (ii) Alternate I (JUNE 2003) of 52.219-23. 
  

 ̈ (11) 52.219-25, Small Disadvantaged Business
Participation Program-Disadvantaged Status and Reporting (OCT 1999) (Pub. L. 103-355, section 7102, and 10 U.S.C. 2323). 
  
  ̈ (12) 52.219-26, Small Disadvantaged Business
Participation Program-Incentive Subcontracting (OCT 2000) (Pub. L. 103-355, section 7102, and 10 U.S.C. 2323). 
  
  ̈ (13) 52.222-3, Convict Labor (JUNE 2003) (E.O.
11755). 
  
 x (14) 52.222-19,
Child Labor-Cooperation with Authorities and Remedies (SEP 2002) (E.O. 13126). 
  
  ̈ (15) 52.222-21, Prohibition of Segregated Facilities (FEB 1999). 
  
 x (16) 52.222-26, Equal Opportunity (APR
2002) (E.O. 11246). 
  
 x (17)
52.222-35, Equal Opportunity for Special Disabled Veterans, Veterans of the Vietnam Era, and Other Eligible Veterans (DEC 2001) (38 U.S.C. 4212). 
  
 x (18) 52.222-36, Affirmative Action for Workers with Disabilities (JUN 1998) (29 U.S.C. 793). 
  
 x (19) 52.222-37, Employment Reports on
Special Disabled Veterans, Veterans of the Vietnam Era, and Other Eligible Veterans (DEC 2001) (38 U.S.C. 4212). 
  
  ̈ (20)(i) 52.223-9, Estimate of Percentage of
Recovered Material Content for EPA-Designated Products (AUG 2000) (42 U.S.C. 6962(c)(3)(A)(ii)). 
  
  ̈ (ii) Alternate I (AUG 2000) of
52.223-9 (42 U.S.C. 6962(i)(2)(C)). 
  
  ̈ (21) 52.225-1, Buy American Act-Supplies (JUNE 2003) (41 U.S.C. 10a—10d). 
  
  ̈ (22)(i) 52.225-3,
Buy American Act-North American Free Trade Agreement-Israeli Trade Act (JUNE 2003) (41 U.S.C. l0a—10d,19 U.S.C. 3301 note, 19 U.S.C. 2112 note). 
  
  ̈ (ii) Alternate I (MAY 2002) of
52.225-3. 

  ̈ (iii) Alternate Il (MAY 2002) of 52.225-3. 
  
 x (23) 52.225-5, Trade Agreements (JUNE 2003) (19 U.S.C. 2501, et seq., 19 U.S.C. 3301 note). 
  

x (24) 52.225-13, Restriction on Certain Foreign Purchases (JUN 2003) (E.O. 12722, 12724,13059 13067,13121, and
13129 
  
  ̈ (25) 52.225-15, Sanctioned European Union Country End Products (FEB 2000) (E.O. 12849). 
  
  ̈ (26) 52.225-16, Sanctioned European Union
Country Services (FEB 2000) (E.O. 12849). 
  
  ̈ (27) 52.232-29, Terms for Financing of Purchases of Commercial Items (FEB 2003) (41 U.S.C. 255(f), 10 U.S.C. 2307(f). 
  
  ̈ (28) 52.232-30, Installment Payments for Commercial Items (OCT 1995) (41 U.S.C. 255(f),10 U.S.C. 2307(f). 
  
  ̈ (29) 52.232-33, Payment by Electronic Funds
Transfer-Central Contractor Registration (MAY 1999) (31 U.S.C. 3332). 
  
 x (30) 52.232-34, Payment by Electronic Funds Transfer-Other than Central Contractor Registration (MAY 1999) (31 U.S.C. 3332). 
  
  ̈ (31) 52.232-36,
Payment by Third Party (MAY 1999) (31 U.S.C. 3332). 
  
  ̈ (32) 52.239-1, Privacy or Security Safeguards (AUG 1996) (5 U.S.C. 552a). 
  
  ̈ (28)(i) 52.247-64, Preference for Privately Owned U.S.-Flag Commercial Vessels (APR 2003) (46 U.S.C. 1241). 
  
  ̈ (ii) Alternate I (APR 1984) of
52.247-64. 
  
 (c) The Contractor shall comply with the FAR
clauses in this paragraph (c), applicable to commercial services, that the Contracting Officer has indicated as being incorporated in this contract by reference to implement provisions of law or Executive orders applicable to acquisitions of
commercial items or components: 
  
  ̈ (1) 52.222-41, Service Contract Act of 1965, As Amended (MAY 1989) (41 U.S.C. 351, et seq.). 
  
  ̈ (2) 52.222-42,
Statement of Equivalent Rates for Federal Hires (MAY 1989) (29 U.S.C. 206 and 41 U.S.C. 351, et seq.). 
  
  ̈ (3) 52.222-43, Fair Labor Standards Act and
Service Contract Act-Price Adjustment (Multiple Year and Option Contracts) (MAY F1989) (29 U.S.C. 206 and 41 U.S.C. 351, et seq.). 

  ̈ (4) 52.222-44, Fair Labor Standards Act and Service Contract Act-Price Adjustment (FEB 2002) (29 U.S.C. 206 and 41 U.S.C. 351, et seq.). 
  
  ̈ (5) 52.222-47, SCA Minimum Wages and Fringe
Benefits Applicable to Successor Contract Pursuant to Predecessor Contractor Collective Bargaining Agreement (CBA) (MAY 1989) (41 U.S.C. 351, et seq.). 
  
 (d) Comptroller General Examination of Record. The Contractor shall comply with the provisions of this paragraph (d) if this contract was awarded using
other than sealed bid, is in excess of the simplified acquisition threshold, and does not contain the clause at 52.215-2, Audit and Records-Negotiation. 
  
 (1) The Comptroller General of the United States, or an authorized representative of the Comptroller General, shall have access to and
right to examine any of the Contractor’s directly pertinent records involving transactions related to this contract. 
  
 (2) The Contractor shall make available at its offices at all reasonable times the records, materials, and other evidence for examination,
audit, or reproduction, until 3 years after final payment under this contract or for any shorter period specified in FAR Subpart 4.7, Contractor Records Retention, of the other clauses of this contract. If this contract is completely or partially
terminated, the records relating to the work terminated shall be made available for 3 years after any resulting final termination settlement. Records relating to appeals under the disputes clause or to litigation or the settlement of claims arising
under or relating to this contract shall be made available until such appeals, litigation, or claims are finally resolved. 
  
 (3) As used in this clause, records include books, documents, accounting procedures and practices, and other data, regardless of type and
regardless of form. This does not require the Contractor to create or maintain any record that the Contractor does not maintain in the ordinary course of business or pursuant to a provision of law. 
  
 (e) (1) Notwithstanding the requirements of the clauses in paragraphs (a),
(b), (c) or (d) of this clause, the Contractor is not required to include any FAR clause, other than those in paragraphs (i) through (vi) of this paragraph in a subcontract for commercial items. Unless otherwise indicated below, the extent of the
flow down shall be as required by the clause— 
  
 (i) 52.219-8, Utilization of Small Business Concerns (OCT 2000) (15 U.S.C. 637(d)(2) and (3)), in all subcontracts that offer further subcontracting opportunities. If the subcontract (except subcontracts to small business concerns) exceeds
$500,000 ($1,000,000 for construction of any public facility), the subcontractor must include 52.219-8 in lower tier subcontracts that offer subcontracting opportunities. 
  
 (ii) 52.222-26, Equal Opportunity (APR 2002) (E.O. 11246). 
  
 (iii) 52.222-35, Equal Opportunity for Special Disabled
Veterans, Veterans of the Vietnam Era, and Other Eligible Veterans (DEC 2001) (38 U.S.C. 4212). 

 (iv) 52.222-36, Affirmative Action for Workers with Disabilities (JUNE 1998) (29 U.S.C.
793). 
  
 (v) 52.222-41, Service Contract Act of
1965, As Amended (MAY 1989), flow down required for all subcontracts subject to the Service Contract Act of 1965 (41 U.S.C. 351, et seq.). 
  
 (vi) 52.247-64, Preference for Privately-Owned U.S.-Flag Commercial Vessels (APR 2003) (46 U.S.C. Appx 1241). Flow down required in
accordance with paragraph (d) of FAR clause 52.247-64. 
  
 (2) While not required, the contractor may include in its subcontracts for commercial items a minimal number of additional clauses necessary to satisfy its contractual obligations. 
  
 (End of clause) 

 Pages 2-4 of Attachments to Amendment No. 1 to RFP #273-03-P-0011 are incorporated in the following pages
16-18 of the contract regarding: 
  
 B CARE OF LIVE VERTEBRATE
ANIMALS/ANIMAL WELFARE ASSURANCE 
  
 C. RESTRICTION FROM
USE OF LIVE VERTEBRATE ANIMALS 
  
 D. HHSAR 352.270-9(a)
NOTICE TO OFFERORS OF REQUIREMENTS FOR ADEQUATE ASSURANCE OF PROTECTION OF VERTEBRATE ANIMAL SUBJECTS (SEP 1985) 
  
 E. HHSAR 352.270-9(b) CARE OF LIVE VERTEBRATE ANIMALS (JAN 2001) 
  
 F Addendum to the Statement of Work 
  
 Page 1 of Attachments to Amendment No. 2 to RFP #273-03-P-0011 is incorporated in the following page 19 of the contract
regarding: 
  
 A. MILESTONE BILLING AND PAYMENT 

 Attachment to Amendment No. 1 to RFP #273-03-P-001 
  
 B. CARE OF LIVE VERTEBRATE ANIMALS/ANIMAL WELFARE ASSURANCE 
  
 Live Vertebrate Animals will be involved in the performance of this contract
as set forth in the Statement of Work. The HHSAR Clause 352.270-9(b), Care of Living Vertebrate Animals, is therefore incorporated in this attachment to the solicitation and, thereby, the resultant contract. The contractor shall obtain, prior to the
start of any work under this contract, an approved Animal Welfare Assurance from the Office of Extramural Research (OER), Office of Laboratory Animal Welfare (OLAW), Office of the Director, NIH, as required by Section I-43-30 of the Public Health
Service Policy on Humane Care and Use of Laboratory Animals. The contractor shall maintain such assurance for the duration of this contract, and any subcontractors performing work under this contract involving the use of animals shall also obtain
and maintain an approved Animal Welfare Assurance. 
  
 Note: To
be responsive, the bidder, at the time of bid opening, must have an approved Assurance on file with the OPRR, or must be included in an approved Assurance. The bidder must provide the Assurance number below: 
  

			
	Animal Welfare Assurance Number:            A4019-01

  
 PRIOR APPROVAL FROM
OER, OLAW MUST BE OBTAINED 
  
 C. RESTRICTION FROM USE OF
LIVE VERTEBRATE ANIMALS 
  
 Under governing policy, Federal
funds administered by the Public Health Service (PHS) shall not be expended for research involving live vertebrate animals without prior approval by the Office of Laboratory Animal Welfare (OLAW) of an Assurance to comply with the PHS Policy on
Humane Care and Use of Laboratory Animals. This restriction applies to all performance sites (e.g. collaborating institutions, subcontractors, subgrantees) without OLA-approved assurances, whether domestic or foreign. 
  
 D. HHSAR 352.270-9(a) NOTICE TO OFFERORS OF REQUIREMENTS FOR ADEQUATE
ASSURANCE OF PROTECTION OF VERTEBRATE ANIMAL SUBJECTS (SEP 1985) 
  
 The PHS Policy on Humane Care and Use of Laboratory Animals by Awardee Institutions establishes a number of requirements for research activities involving animals. Before award may be made to an applicant organization, the organization
shall file, with the Office for Protection from Research Risks (OPRR), National Institutes of Health (NIH), a written Animal Welfare Assurance which commits the organization to comply with the provisions of the PHS Policy on Humane Care and Use of
Laboratory Animals by Awardee Institutions, the Animal Welfare Act, and the Guide for the Care and Use of Laboratory Animals prepared by the Institute of Laboratory Animals Resources. In accordance with the PHS Policy on Humane Care and Use of
Laboratory Animals by Awardee Institutions, applicant organizations must establish a committee, qualified through the experience and expertise of its members, to oversee the institution animal program, facilities and procedures. 

 No award involving the use of animals shall be made unless the Animal Welfare Assurance has been approved by OPRR. Prior
to award, the Contracting Officer will notify contractor(s) selected for projects that involve live vertebrate animals that an Animal Welfare Assurance is required. The Contracting Officer will request that OPRR negotiate an acceptable Animal
Welfare Assurance with those contractor(s). For further information, OPRR may be contacted at NIH, Bethesda, Maryland 20892 (301-496-7041). 
  
 E. HHSAR 352.270-9(b) CARE OF LIVE VERTEBRATE ANIMALS (JAN 2001) 
  
 (a) Before undertaking performance of any contract involving animals related activities, the contractor
shall register with the Secretary of Agriculture of the United States in accordance with 7 U.S.C. 2316 and 9 CFR Sections 2.25 through 2.28. The contractor shall furnish evidence of the registration to the Contracting Officer.* 
  
 (b) The contractor shall acquire vertebrate animals used in research from a dealer licensed by the Secretary of Agriculture under 7 U.S.C.
2133 and 9 CFR Sections 2.1-2.11, or from a source that is exempt from licensing under those sections. 
  
 (c) The contractor agrees that the care and use of any live vertebrate animals used or intended for use in performance of this contract
will conform with the PHS Policy on Humane Care and Use of Laboratory Animals, the current Animal Welfare Assurance, the Guide for the Care and Use of Laboratory Animals prepared by the Institute of Laboratory Animal Resources and the
pertinent laws and regulations of the United States Department of Agriculture (see 7 U.S.C. 2131 et seq and 9 CFR Subchapter A, Parts 1-4). In case of conflict between standards, the more stringent standard shall be used. 

 
 (d) If at any time during performance of this contract,
the Contracting Officer determines, in consultation with the Office for Protection from Research Risks (OPRR), National Institutes of Health (NIH), that the contractor is not in compliance with any of the requirements and/or standards stated in
paragraphs (a) through (c) above, the Contracting Officer may immediately suspend, in whole or in part, work and further payments under this contract until the contractor corrects the noncompliance. Notice of the suspension may be communicated by
telephone and confirmed in writing. If the contractor fails to complete corrective action within the period of time designated in the Contracting Officer’s written notice of suspension, the Contracting Officer may, in consultation with OPRR,
NIH, terminate this contract in whole or in part, and the contractor’s name may be removed from the list of those contractors with approved PHS Animal Welfare Assurances. 
  
 Note—The contractor may request registration of its facility and a current listing of licensed
dealers from the Regional Office of the Animal and Plant Health Inspection Service (APHIS), USDA, for the region in which its research facility is located. The location of the appropriate APHIS Regional Office, as well as information concerning this
program may be 
  

	*	At NIH, these registrations are submitted to the Office for Protection from Research Risks. 

 obtained by contacting the Animal Care Staff, USDA/APHIS, 4700 River Road, Riverdale, Maryland 20737.

  
 (End of clause) 
  
 F. Addendum to the Statement of Work 
  
 The contractor shall maintain the mouse line(s) until its safe arrival
through the National Institute of Environmental Health Sciences quarantine and admission into the Vivarium. A line shall be accompanied by four key documents: 
  

(1) Documented diagnostic data and reagents to allow demonstration of CRE successful removal of loxP site in that line. 
  
 (2) Documented health assurance form. 
  
 (3) Documented genotype data. 
  
 (4) Documented proof of sexual function in the form of
either report of conceptuses or vaginal plugs in receptive females. 

 Attachment to Amendment No. 2 to RFP #273-03-P-001 
  
 A. MILESTONE BILLING AND PAYMENT 
  
 Because of the nature of this procurement, the solicitation defines the desired endpoint as a successful mouse line. The
Government is willing to pay a large percentage for ‘non-creation’ of the desired hemizygous floxed mice lines. Specific milestone payments are warranted to the extent that the offeror provides guidelines if specific targetings are stopped
early at the behest of the Government. In order to do this, the Performance-Based Payments is being incorporated into the Contract. The contractor and the Project Officer shall comply with the procedures outlined in the specified Billing/Payment
Instructions for NIEHS which are referenced in the solicitation and, except regarding the frequency of the invoice and payment schedule wherein the Performance-Based Payments instructions shall regulate the invoice and payment schedule as outlined
below. 
  
 The Performance-Based Payments Clause outlined in FAR
32.10 permits the Contractor and Contracting Officer to set a schedule of payments based on events or performance criterion with a defined percentage or dollar value of the entire contract attached to each event or criterion. Therefore, under this
Contract, the Contractor will submit a request for performance-based payment on the following scheduled events and percentages of payment to be requested: 
  

			
	Event Toward Delivery of Mouse Line(s)	 	Percentage of Contract Value of Each Mouse Line
		
	 (1)    Molecular Biology: Steps from initiation to CRE transformation.
	 	 
		
	 (2)    Mouse Embryology: Steps leading to generation of live chimera mice.
	 	 
		
	 (3)    Mouse Genetics: Steps leading to generation of heterozygous floxed male mice.
	 	 
		
	Event of Termination of Mouse Line(s)	 	Percentage of Contract Value of Mouse Line at Termination
		
	 (1)    Vector Construction Completed
	 	 
		
	 (2)    ES Cell Selection
	 	 
		
	 (3)    Chimeric Animals Produced
	 	 
		
	 (4)    Heterozygotes Produced
	 	100%

  

 CONTRACT DOCUMENTS, EXHIBITS OR ATTACHMENTS 
  

	1.	The following document is incorporated by reference in this contract: 

  
 Offeror Representations and Certifications—Commercial Items, contractor dated August 1, 2003. 
  

	2.	The documents listed below are incorporated in and made a part of this contract: 

  
 a. Billing/Payment Instructions for NIEHS Fixed-Price Definite Delivery Supply Contracts, (AT-4) (Rev. 07103), 3 pages.

  
 b. Standard Form LLL, Disclosure of Lobbying Activities and
Instructions, 3 pages, undated [applicable where award value exceeds $100,000] 
  
 c. Statement of Work (July 21, 2003), 3 pages. 
  
 d. Subcontracting Plan 
  

 Attachment 2.a. 
  
 BILLING/PAYMENT INSTRUCTIONS FOR FIXED-PRICE 
 DEFINITE DELIVERY CONTRACTS FOR SUPPLIES FOR THE NIEHS 
  
 A.
General Instructions 
  
 1. General The Contractor
shall submit vouchers or invoices as prescribed herein to meet the requirements of a “proper” invoice pursuant to OMB Circular A-125. 
  
 2. Format Standard Form-1034, Public Voucher for Purchases or Services Other Than Personal, and Standard Form-1035, Public Voucher for Purchases or
Services Other Than Personal-Continuation Sheet, or reproduced copies of such forms marked ORIGINAL should be used to submit claims for reimbursement. In lieu of SF-1034 and SF-1035, claims may be submitted on Form HHS-646, Financial Report
of Individual Project/Contract, or on the payee’s letterhead or self-designed form provided that it contains the necessary information. 
  
 3. Frequency Vouchers or invoices shall be submitted on a monthly basis (to be determined by the Project Officer in accordance with the
schedule in the Statement of Work). Payment will be made by Electronic Funds Transfer. 
  
 4. Voucher or Invoice Submission An original and three (3) copies of the voucher or invoice shall be concurrently submitted as indicated below: 
  
 Paying Office [Submit original copy]: 
  
 National Institutes of Health 
 Division of Financial Management 
 Commercial Accounts Section 
 Building 31, Room BIB39 
 9000 Rockville Pike

 Bethesda, MD 20892 
  
 Contracting Office [(Submit three (3) copies]: 
  
 Invoice Processing (NH-02) 
 Acquisitions
Management Branch 
 National Institute of Environmental Health Sciences 
 P.O. Box 12874 
 Research Triangle Park, NC
27709 
  
 Inquiries regarding payment of vouchers or invoices
should be directed to: 
  
 Chief, Commercial Accounts Section,
DFM 
 Telephone: (301) 496-1418 

 BILLING/PAYMENT INSTRUCTIONS FOR FIXED-PRICE 
 DEFINITE DELIVERY CONTRACTS FOR SUPPLIES—Continued 
  
 5. Preparation and Itemization of the Voucher or Invoice The voucher or invoice shall be prepared in ink or typewriter without strikeovers and
corrections or erasures must be initialed by the person preparing the invoice. Vouchers or invoices shall include the following. 
  
 a. Paying Office and Address. (same as in paragraph 4. above) 
  
 b. Invoice Number 
  

c. Date of Invoice (Date it is prepared.) 
  
 d. Contract Number and Date (Contract Number and the Date of the Contract) 
  
 e. Shipping and Payment Terms 
  
 f. Other Substantiating Documentation or Information as Required by this Contract 
  
 g. Payee’s Name and Address. Show the Contractor’s
name (as it appears in the Contract), correct address, and the title and telephone number of the responsible official to whom payment is to be sent. When an approved assignment has been made by the Contractor, or a different payee has been
designated, then insert the name and address of the payee instead of the Contractor. 
  
 h. Description of Goods or Services, Quantity, Unit Price, and Total Amount 
  
 Charges for Freight or Express Shipments Other Than F.O.B. Destination. (If shipped by freight or express
and charges are more than $25.00, attach a prepaid bill.) 
  
 j. Equipment. If there is a Contract clause authorizing the purchase of any item of equipment, the final invoice must contain a statement indicating that no item of equipment was purchased, or include a completed Form
HHS-565, Report of Capitalized Nonexpendable Equipment. 
  
 k. If Final voucher or invoice, mark “FINAL.” The completion/final invoice is a final invoice which is submitted promptly upon completion of the work, but no later than one year from the contract
completion date. 
  
 B. Government Procedure 
  
 1. The Project Officer shall complete and sign Form NIH-2345, Report
of Rental Equipment and Services Received (or similar form/memorandum) and forward the original to NIEHS Procurement Support promptly at the conclusion of each payment period. A copy of the completed form should be retained by the Project Officer. A
similar form to the NIH-2345 can be 

 BILLING/PAYMENT INSTRUCTIONS FOR FIXED-PRICE 
 DEFINITE DELIVERY CONTRACTS FOR SUPPLIES—Continued 
  
 drafted by the Project Officer and approved by the Contracting Officer before it’s use under the contract. 
  
 2. NIEHS Procurement Support shall make sure that the receiving
information on Form NIH-2345 (or similar form/memo) is promptly entered into the Material Management System (MMS). 
  
 3. Commercial Accounts Section, -DFM, NIH, shall make payments against vouchers or invoices which match obligation, affd receiving information in
MMS. 
  
 C. Currency 
  
 All NIH contracts are expressed in United States dollars. Where expenditures
are made in a currency other than United States dollars, billings on the contract shall be expressed, and reimbursement by the United States Government shall be made, in that other currency at amounts coincident with actual costs incurred. Currency
fluctuations may not be a basis of gain or loss to the contractor. Notwithstanding the above, the total of all invoices paid under this contract may not exceed the United States dollars authorized. 
  
 D. Discounts 
  
 In all cases where discounts are offered, coordination with the fiscal office is necessary. If such discount is deemed
economically justified by the fiscal office, the review and approval process by the project officer and contracting officer shall be accelerated to take advantage of such discount. 
  
 E. HHSAR Billing/Payment Provision 
  
 The HHSAR provision, which follows, is applicable to this contract and these NIEHS Billing/Payment Instructions: 
  
 HHSAR 352.232-9: WITH HOLDING OF CONTRACT PAYMENTS (APR 1984) 
  
 Notwithstanding any other payment provisions of this contract, failure of the
Contractor to submit required reports when due or failure to perform or deliver required work, supplies, or services, will result in the withholding of payments under this contract unless such failure arises out of causes beyond the control, and
without the fault or negligence of the Contractor as defined by the clause entitled “Excusable Delays” or “Default,” as applicable. The Government shall promptly notify the Contractor of its intention to withhold payment of any
invoice or voucher submitted. 

 Attachment 2.b. 
  
 DISCLOSURE OF LOBBYING ACTIVITIES 
  
 Approved by OMB 
 0348-0046

  
 Complete this form to disclose lobbying activities pursuant
to 31 U.S.C. 1352 
 (See reverse for public burden disclosure.) 
  

					
	 1.      Type of Federal Action:
	 	 2.      Status of Federal Action:
	 	 3.      Report Type:

	 a.      contract
 b.      grant
 c.      cooperative agreement
 d.      loan
 e.      loan guarantee
 f.       loan insurance
	 	 a.      bid/offer/application
 b.      Initial award
 c.      post-award
	 	 a.      initial filing
 b.      material change
 For   Material Change Only:
 year ______ quarter_______ date of last report

			
		
	 4.      Name and Address of Reporting Entity:
	 	 5.      If Reporting Entity in No. 4 is Subawards, Enter Name and Address of Prime

		
	          ̈  Prime                 ̈  Subawardee Tier _____, if known:
  
         Congressional District, if known:
	 	        Congressional District, if known:
		
	 6.      Federal Department/Agency:
	 	 7.      Federal Program Name/Description
          CFDA Number, if applicable:

		
	 8.      Federal Action Number, if known:
	 	 9.     Award Amount, if known:
         $

		
	 10.    a.  Name and Address of Lobbying Entity (if individual, last name, first name, MI):
	 	 b.      Individual Performing Services (including address if different from No. 10a) (last name, first name,
MI)

		
	(attach Continuation Sheet(s)	 	 SF-LLL-A, if necessary)

		
	 11.    Amount of Payment (check all that apply):
  
          $_________             ̈  actual             ̈  planned
  
  
  
 12.    Form of Payment (check all that apply):
  
  ̈        a. cash
  ̈        b. in-kind; specify:             nature ________
                           value__________
	 	 13.    Type of Payment (check all that apply):
  
  ̈        a.    retainer
  
  ̈        b.    one-time fee
  
  ̈        c.    commission
  
  ̈        d.    contingent fee
  
  ̈        e.    deferred
  
  ̈        f.    other; specify: _____________________

	
	 14.    Brief Description of Services Performed or to be Performed and
Date(s) of Service, including officer(s), employee(s), or Member(s) contacted, for payment indicated in Item 11:
  
 (attach Continuation Sheet(s) SF-LLL-A, if necessary)

	
	 15.    Continuation Sheet(s) SF-LLL-A
attached:                Yes                No

		
	 16.    Information requested through this form is authorized by title 31 U.S.C. Section 1352. This disclosure of lobbying
activities is a material representation of fact upon which reliance was placed by the tier above when this transaction was made or entered into. This disclosure is required pursuant to 31 U.S.C. 1352. This information will be reported to the
Congress semi-annually and will be available for public inspection. Any person who fails to file the required disclosure shall be subject to a civil penalty of not less than $10,000 and not more than $100,000 for each failure.
	 	 Signature: _______________________________
  
 Print
 Name: ______________________________
  
 Title: _______________________________
 Telephone
 No.:__________________ Date:__________
  

		
	 	 	Authorized for Local Reproduction Standard Form—LLL

 Attachment 2.b. 
  
 DISCLOSURE OF LOBBYING ACTIVITIES 
 CONTINUATION
SHEET 
  
 Approved by OMB 
 0348-0046 
  

					
	 	  	 	  	 
		
	Reporting Entity: ________________________________________________________	  	Page             of             

  
 Authorized for Local
Reproduction 
 Standard Form—LLL-A 

 Attachment 2.b. 
  
 INSTRUCTIONS FOR COMPLETION OF SF-LLL, DISCLOSURE OF LOBBYING ACTIVITIES 
  
 This disclosure form shall be completed by the reporting entity, whether subawardee of prime Federal recipient, at the initiation or receipt
of a covered Federal action, or a material change to a previous filing, pursuant to title 31 U.S.C. section 1352. The filing of a form is required for each payment or agreement to make payment to any lobbying entity for influencing of attempting to
influence an officer or employee of any agency, a Member o£ Congress, an officer or employee of Congress, or an employee of a member of Congress in connection with a covered Federal action. Use the SF-LLL-A Continuation Sheet for additional
information if the space on the form is inadequate. Complete all items that apply for both the initial filing and material change report. Refer to the implementing guidance published by the Office of Management and Budget for additional information.

  

	1.	Identify the type of covered Federal action for which lobbying activity is and/or has been secured to influence the outcome of a covered Federal action. 

  

	2.	Identify the status of the covered Federal action. 

  

	3.	Identify the appropriate classification of this report. If this is a follow-up report caused by a material change to the information previously reported, enter the year and quarter
in which the change occurred. Enter the date of the last previously submitted report by this reporting entity for this covered Federal action. 

  

	4.	Enter the full name, address, city, state and zip code of the reporting entity. Include Congressional District, if known. Check the appropriate classification of the reporting
entity that designates if it is, or expects to be, a prime or subaward recipient. Identify the tier of the subawardee, e.g., the first subawardee of the prime is the lot tier. Subawards include but are not limited to subcontracts, subgrants and
contract awards under grants. 

  

	5.	If the organization filing the report in item 4 checks “Subawardee,” then enter the full name, address, city, state and zip code of the prime Federal recipient. Include
Congressional District, if known. 

  

	6.	Enter the name of the Federal agency making the award or loan commitment. Include at least one organizational level below agency name, if known. For example, Department of
Transportation, United States Coast Guard. 

  

	7.	Enter the Federal program name or description for the covered Federal action (item 1). If known, enter the full Catalog of Federal Domestic Assistance (CFDA) number for grants,
cooperative agreements, loans, and loan commitments. 

  

	8.	Enter the most appropriate Federal identifying number available for the Federal action identified in item 1 (e.g., Request for Proposal (RFP) number, Invitation for Bid (IFB)
number, grant announcement number, the contract, grant, or loan award number, the application/proposal control number assigned by the Federal agency). Include prefixes, e.g., “RFP-DE-90-001.” 

  

	9.	For a covered Federal action where there has been an award or loan commitment by the Federal agency, enter the Federal amount of the award/loan commitment for the prime entity
identified in item 4 or 5. 

  

	10.	(a) Enter the full name, address, city, state and zip code of the lobbying entity engaged by the reporting entity identified in item 4 to influence the covered Federal action.

  

	 	(b)	Enter the full names of the individual (a) performing services, and include full address if different from 10(a); Enter Last Name, First Name, and Middle Initial (MI).

  

	11.	Enter the amount of compensation paid or reasonably expected to be paid by the reporting entity (item 4) to the lobbying entity (item 10). Indicate whether the payment has been made
(actual) or will be made (planned). Check all boxes that apply. If this is a material charge report, enter the cumulative amount of payment made or planned to be made. 

  

	12.	Check the appropriate box(es). Check all boxes that apply. If payment is made through an in-kind contribution, specify the nature and value of the in-kind payment.

  

	13.	Check the appropriate box(es). Check all boxes that apply. If other, specify nature. 

  

	14.	Provide a specific and detailed description of the services that the lobbyist has performed, or will be expected to perform, and the date(s) of any services rendered. Include all
preparatory and related activity, not just time spent in actual contact with Federal officials. Identify the Federal official(s) or employee(s) contacted or the officer(s), employee(s), or member(s) of Congress that were contacted.

  

	15.	Check whether or not a SP-LLL-A Continuation Sheet(s) is attached. 

  

	16.	The certifying official shall sign and date the form, print his/her name, title and telephone number. 

  
 Public reporting burden for this collection of information is estimated to average 30 minutes per response, including time
for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding the burden estimate or any other aspect of this collection of
information, including suggestions for reducing this burden, to the office of Management and Budget, Paperwork Reduction Project (0348 0046) Washington D.C. 20503. 
  

 Attachment 2.c. 
  
 Statement of Work (July 21, 2003) 
  
 Introduction 
  
 The laboratory mouse is a necessary-research model organism because of the fact that all members of a give strain can possess nearly identical genes. This
feature makes interpretation of environmental influences (such as pesticides, toxins, heavy metals) more easily detected and studied. The understanding of the genetic makeup of the mouse also allows for creation of specific mouse lines that lack
specific genes, thereby allowing investigators to test for the role of those genes in a particular process or biochemical pathway. Such gene-defective, customized mouse lines are known colloquially in the field as “knock-out mice” because
through use of detailed recombinant DNA methods, any desired mouse gene can be systematically deleted (i.e., “knocked out”) from the chromosomes of that mouse and all of its progeny. 
  
 Because the knockout techniques involve inherited gene alterations,
traditional knockout lines have led to strains of mice in which the genes are congenitally deleted, that is, gone from the time of conception onward throughout life. This methodology, now over 15 years old, is a particularly powerful research tool
for studying human genetic defect diseases such as “inborn errors of metabolism.” But the method suffers from two principal drawbacks. First, extremely severe gene defects may not be compatible with sustaining of life, and hence no viable
mouse line can be developed bearing that gene defect. Secondly, because the gene is congenitally defective, the organism does not undergo normal development. Biochemical pathways and anatomical features of the normal adult may be absent or aberrant,
thereby making the strain less than desirable as a model organism for an adult condition. 
  
 Recent advances in molecular biology now allow for creation of an elegant type of new mouse knockout, called “conditional knockouts” These animals can bear a gene knockout that occurs only in specific
tissues, and/or only at specific times in the animal’s life. This variant of the original knockout technology involves use of two separate mouse lines, one in which the gene to be knocked out is has been altered to contain at its boundaries two
foreign DNA sequences called “Lox P sites”. These sites define to points in the gene at which a deletion (knockout) is desired. A gene that has been targeted with Lox P sites is said to be “Floxed.” 
  
 A second component of this method requires the participation of a second
mouse strain, one in which a foreign gene encoding an enzyme called “CRE Recombinase” has been introduced: This enzyme has the unique ability to digest Lox P elements in DNA, thereby inactivating the Floxed gene. If the foreign CRE gene is
expressed in only certain tissues in the mouse, or at only certain times of development, or only when a particular drug is given, the knocking-out of the Floxed gene can occur in a specific, pre-ordained way. Mouse strains that have
“floxed” genes are perfectly normal until the CRE acts. Thus, for instance, adult-disease models, or acute liver-damage models can be created. These animal models are critical for next-generation genetic understanding of environmental
influences upon human health. 
  

 The Institute’s scientists in the Division of Intramural Research have identified a set of mouse
genes for which conditional knockout mouse lines will be especially valuable and critical to their carrying out the mission of the Institute. For this reason, the Scientific Director supports the initiative to obtain mouse lines bearing Floxed
genes. Technology at NIEHS does not provide for this methodology in-house. Rather, commercial sources are set up to carry out the necessary steps for molecular biology, mouse embryology, and animal husbandry. 
  
 Scope of Work 
  
 The Contractor shall prepare mouse lines bearing Floxed genes. A prioritized
list of 25 to 40 genes has been prepared, representing a broad opportunity for all Institute scientific groups to access this technology. 
  
 The Contractor shall initiate development of a minimum of 20 mouse lines in the first year. Delivery rates shall be targeted at a minimum of five
completed lines before the renewal option deadline in the fourth quarter, and continue at a sustained similar rate of delivery throughout the contract period and extensions. The Contractor shall carry out the following steps: 
  
 1. Prepare all necessary DNA vectors needed for Floxing specific mouse genes,
in consultation with Institute scientists. 
  
 2. Lox P elements
will be inserted into specific loci of mouse genes as defined in consultation with Institute scientists. Following the contractor’s own protocols, founder male mice will be derived that provide founder animals demonstrating germline
transmission of said Floxed genes. The chosen methodology shall be of such a nature that no selection cassette is left behind. 
  
 3. The Contractor shall also provide suitable hybridization probe descriptions and representative examples to allow the NIEHS users to confirm
satisfactory gene deletion following CRE recombinase activation in the offspring mice derived from breeding the founder males with females bearing CRE recombinase. 
  
 4. Finally, the founder animals shall be suitably free of pathogens to allow direct entry into the NIEHS Vivarium without
need for re-derivation of the lines. Only mouse lines acceptable to NIEHS Vivarium shall be considered as deliverables. Mouse lines shall be prepared in a constant genetic background, to be defined by the Project Director in consultation with the
Contractor. 
  
 5. In the event that Contractor proposes to use
mouse lines of a proprietary nature, or its own variant lines not available as wild-type animals from other commercial sources, then Contractor shall provide founder lines of wild-type animals of the same genetic background to be used as gene-normal
controls in subsequent experiments. 
  
 6. Institute scientists
may, at the option of the Project Officer, re-prioritize or substitute genes into the work queue, up to the point at which the Contractor’ work on that specific gene has begun. Such work initiation shall mean any designing of primers, or
subsequent laboratory steps. 

 The compensation to the Contractor for this change is to be charged under the line item “Change Order Charges”
at the set price negotiated with the contractor. 
  
 7. The
Government Project Director may also require that work on a specific gene be terminated or re-prioritized after that gene’s project has begun. Such a termination shall be charged at a time-and-amount basis to be negotiated but shall be less
than the cost of a completed knockout line. The compensation to the Contractor for this change is to be charged under the line item “Change Order Charges” at the set price negotiated with the contractor. 
  
 8. The Contractor may, at its option, request to retain commercial rights to
sell founder animals derived from the NIEHS gene targeting project. Agreement to grant these rights shall be a part of the contract process and is not explicitly nor implicitly granted. 
  
 9. The NIEHS will have complete freedom to utilize the knockout lines for any public scientific purpose, and will have
complete freedom to publish findings based upon these animals without conditions. Similarly, NIEHS will have complete freedom to distribute these mouse lines and/or any cells, tissues of other derivatives thereof, to any noncommercial scientific
entity. 
  
 10. The Contractor shall initiate work on no less than
five prioritized genes per quarter, staging the work in sequence such that no less than 20 of the genes shall have been initiated at the primer-construction stage by the end of the fist year. No less than five completed Floxed mouse lines shall be
delivered by the end of the first year. Delivery of subsequent groups of five mouse lines shall proceed in succeeding quarters. 
  
 Confidential Treatment of Sensitive Information 
  
 The Contractor shall guarantee strict confidentiality of the information/data that it is provided by the Government during
the performance of the contract. The Government has determined that the information/data that the Contractor will be provided during the performance of the contract is of a sensitive nature. 
  
 Disclosure of the information/data, in whole or in part, by the Contractor
can only be made after the Contractor receives prior written approval from the Contracting Officer. Whenever the Contractor is uncertain with regard to the proper handling of information/data under the contract, the Contractor shall obtain a written
determination from the Contracting Officer. 
  
 Prioritization of Floxed Mouse Lines 
  
 All work
requirements, i.e., prioritization of work, cancellation of work, re-prioritization of work, shall flow only from the Project Officer or in his absence from the Alternate Project Officer to the Contractor personnel. 
  

 Delivery to NIEHS 
  
 The delivery address of the National Institute of Environmental Health Sciences is: 
  
 National Institute of Environmental Health Sciences 
 111 T.W. Alexander Drive 
 Research Triangle
Park, NC 27709. 

 Attachment 2.d. 
  
 SMALL BUSINESS SUBCONTRACTING PLAN 
  
 DATE OF PLAN: September 12, 2003 
  

			
	 CONTRACTOR:
	  	 Xenogen Biosciences

  

			
	 ADDRESS:
	  	 5 Cedar Brook Drive Cranbury, NJ 08512

  

			
	 DUNN & BRADSTREET NUMBER:
	  	 361145428

  

			
	 CCR NUMBER:
	  	 N/A

  

			
	 SOLICITATION OR CONTRACT NUMBER:
	  	 RFP 273-03-P-0011

  

			
	 ITEM/SERVICE (Description):
	  	 Generation of conditional knockout mouse lines bearing floxed genes

  

					
	TOTAL CONTRACT AMOUNT:	 	     $1,050,000

	 	 ***

	 	 	    Total contract or Base-Year,
    if options	 	Option #1 (if applicable)
	 ***

	 	     ***

	 	 ***

	Option #2 (if applicable)	 	    Option #3 (if applicable)	 	Option #4 (if applicable)

  

			
	 TOTAL MODIFICATION AMOUNT, IF APPLICABLE
	  	 $N/A

	 TOTAL TASK ORDER AMOUNT, IF APPLICABLE
	  	 $N/A

  
 PERIOD OF CONTRACT PERFORMANCE (Month,
Day & Year): 9/15/03 - 9/14/04 (plus options for 4 additional 1 year extensions) 
  

	1.	Type of Plan 

  
 x Individual plan (all elements developed specifically for this contract and applicable for the full term of this contract). 
  
  ̈ Master plan (goals developed for this contract) all other elements standardized and approved by a lead agency Federal Official; must be renewed every three years and contractor must provide copy of lead
agency approval. 
  
  ̈ Commercial products/service plan This plan is used when the contractor sells products and services customarily used for non-government purposes. Plan/goals are
negotiated with the initial agency on a company-wide basis rather than for individual contracts. The plan is effective only during the year approved. The contractor must provide a copy of the initial agency approval, and must submit an annual SF 295
to HHS with a breakout of subcontracting prorated for HHS (with an OPDIV breakdown, if possible). 
  

	2.	Goals 

  
 State separate dollar and percentage goals for Small Business (SB), Small Disadvantaged Business (SDB); Woman-owned Small Business (WOSB), Historically Underutilized Business Zone (HUBZone), Small Business,
Veteran-owned Small Business (VOSB), Service-Disabled Veteran-owned Small Business (SDVOSB) and “Other than small business” (Other) as subcontractors, for the base year and each option year, as specified in FAR 19.704. (Break out and
append option year goals, if the contract contains option years or project annual subcontracting base and goals under commercial plans.) 
  

	***	Confident treatment requested 

  

 *** 
  

	***	Confidential treatment requested 

  

	 	i.	Provide a description of ALL the products and/or services to be subcontracted under this contract, and indicate the size and type of business supplying them (check all that apply).

  

															
	 Product/Service

	  	Other

	  	SB

	  	SDB

	  	WOSB

	  	HUBZone

	  	VOSB

	  	SDVOSB

	 DNA sequencing
	  	 	  	X	  	X	  	X	  	 	  	 	  	 
	 Chromosome karyotyping
	  	 	  	X	  	X	  	X	  	 	  	 	  	 
	 Live animal shipping
	  	X	  	 	  	 	  	 	  	 	  	 	  	 

  

	 	j.	Provide a description of the method used to develop the subcontracting goals for SB, SDB, WOSB, HUBZone, and VOSB concerns. Address efforts made to ensure that maximum practicable
subcontracting opportunities have been made available for those concerns and explain the method used to identify potential sources for solicitation purposes. Explain the method and state the quantitative basis (in dollars) used to establish the
percentage goals. Also, explain how the areas to be subcontracted to SB, SDB, WOSB, HUBZone, VOSB, and SDVOSB concerns were determined, how the capabilities of these concerns were considered for contract opportunities and how such data comports with
the cost proposal. Identify any source lists or other resources used in the determination process. 

  
 Xenogen Biosciences does not anticipate extensive subcontracting opportunities will be available that are specific to this contract.
Contract-specific goods/services that Xenogen Biosciences intends to subcontract specific for this effort are DNA sequencing, chromosome karyotyping, and live animal transport of the deliverable mice. All other efforts are anticipated to utilize
in-house resources or else draw upon supplies that are acquired on a company-wide basis for all other commercial and internal projects. However, services that Xenogen Biosciences has traditionally outsourced are available for subcontract to SB, SDB,
WOSB, HUBZone, and VOSB concerns. Although some of these are highly specialized and technical services, Xenogen Biosciences fortunately has already identified, and previously used, two concerns for those services that qualify as both WOSB and SDB
concerns. 
  

	 	k.	Indirect costs have not been included in the dollar and percentage subcontracting goals above. 

  
 3. Program Administrator 
  
 NAME/TITLE: Mr. Peter Grim 
  
 ADDRESS: 5 Cedar Brook Drive, Cranbury, NJ 08512 
  

TELEPHONE/E-MAIL: 609-235-1465/peter.grim@xenogeny.com 
  
 Duties: Does the individual named above have general overall responsibility for the company’s subcontracting program, i.e.,
developing, preparing, and executing subcontracting plans and monitoring performance relative to the requirements of those subcontracting plans and perform the following duties?  ̈ yes x no 
  
 As a small business concern itself, and one that is engaged in selling products and services for primarily non-government customers, Xenogen
Biosciences does not have a specific company-wide subcontracting program for SB, 
  

 SDB, WOSB, HUBZone, VOSB, and SDVOSB concerns. However, as discussed in this plan, Xenogen Biosciences will implement
efforts to award contract-specific, outsourced services to such concerns. In so doing, Mr. Grim will endeavor to develop and maintain source lists of suitable SB, SDB, WOSB, HUBZone, VOSB and SDVOSB concerns. Mr. Grim will also work with the senior
purchaser of our parent company, Xenogen Corporation, to identify and maintain lists of such concerns. To the extent possible, Mr. Grim will assess whether there are SB, SDB, WOSB, HUBZone, VOSB, and SDVOSB bidding contracting opportunities for
other goods and services that are acquired on a company-wide basis. Finally, working in conjunction with our finance department, Mr. Grim will monitor the company’s subcontracting program performance and make adjustments to achieve the
subcontract plan goals. Mr. Grim will be responsible for preparing required subcontract reports and for coordinating the company’s activities during any Federal agency compliance reviews. 
  

	4.	Equitable Opportunity 

  
 Xenogen Biosciences will endeavor to continue to include small business concerns in its outsourcing/subcontracting efforts. Xenogen Biosciences intends to
use its (and its parent corporation’s) membership in business development and trade organizations to provide those opportunities for small business concerns, as well as seeking sources from the Small Business Administration’s (SBA) PRO-Net
and SUB-Net Systems, and the NIH e-portals in Commerce. Xenogen Biosciences will monitor the status and success, of these efforts throughout the period of performance. 
  
 5. Flow Down Clause 
  
 Xenogen Biosciences agrees to include the provisions under FAR 52.219-8, “Utilization of Small Business Concerns,” in all acquisitions exceeding
the simplified acquisition threshold that offer further subcontracting opportunities. 
  
 6. Reporting and Cooperation 
  
 Xenogen
Biosciences will cooperate in any studies of surveys in this area that may be required by NIEHS and periodically submit reports that show compliance with the subcontracting plan (including Standard Forms 294 and 295) as required and indicated below:

  

					
	 Reporting Period

	  	Report Due

	  	Due Date

	 Oct 1 – Mar 31
	  	SF 294	  	4/30
	 Apr 1 – Sept 30
	  	SF 294	  	10/30
	 Oct 1 – Sept 30
	  	SF 295	  	10/30
	 Contract Completion
	  	OF 312	  	30 days after completion

  

	 	Notes:	SF 295 Report is due on 10/30 each year for the previous fiscal year ending 9/30. 

  

	 	a.	SF 294 and Optional Form 312, (OF 312) (if required) to be submitted to Contracting Officer. 

  

	 	b.	SF 295 to be submitted to Contracting Officer and to the: 

  
 Office of Small and Disadvantaged Business Utilization 
 Department of Health and Human Services 
 200 Independence Avenue, SW 
 Humphrey H. Building, Room 517-D 
 Washington, D.C. 20201 
  

	 	c.	“Information” copy of the SP 295 and the SF 294 will be provided upon request to the SBA Commercial Market Representative (CMR) nearest Xenogen Biosciences.

  

 7. Record keeping 
  
 Xenogen Biosciences will keep records to demonstrate its compliance with this subcontracting plan that include the following 
  

	 	a.	SB, SDB, WOSB, HUBZone, VOSB, and SDVOSB source lists, guides and other data identifying such vendors; 

  

	 	b.	Organizations contacted in an attempt to locate SB, SDB, WOSB, HUBZone, VOSB, and SDVOSB sources; 

  

	 	c.	On a contract-by-contract basis, records on all subcontract solicitations over $100,000, which indicate for each solicitation (1) whether SB, SDB, WOSB, HUBZone, VOSB, and/or SDVOSB
concerns were solicited, if not, why not and the reasons solicited concerns did not receive subcontract awards. 

  

	 	d.	Records to support internal guidance and encouragement provided to buyers through monitoring performance to evaluate compliance with the program and requirements; and

  

	 	f.	On a contract-by-contract basis, records to support subcontract award data including the name, address, and business type and size of each subcontractor. 

 

	 	g.	Records of any outreach efforts to contact trade associations and business development organizations and participate in trade fairs. 

  
 8. Timely Payments to Subcontractors 
  
 Xenogen Biosciences uses procedures to ensure the timely payment of amounts
due pursuant to the terms of your subcontracts with small business concerns, small disadvantaged small business concerns, women-owned small business concerns, HUBZone small business concerns, veteran-owned small business concerns, and
service-disabled veteran-owned small business concerns. 
  
 9. Description of
Good Faith Effort 
  
 Maximum practicable utilization of
small, small disadvantaged, women-owned, HUBZone, veteran owned, and service-disabled veteran-owned small business concerns as subcontractors in Government contracts is a matter of national interest with both social and economic benefits. When a
contractor fails to make a good faith effort to comply with a subcontracting plan, these objectives are not achieved, and 15 U.S.C. 637(d)(4)(F) directs that liquidated damages shall be paid by the contractor. In order to demonstrate your
compliance with a good faith effort to achieve the small, small disadvantaged, women-owned, HUBZone, veteran-owned, and service-disabled veteran-owned small business subcontracting goals, outline the steps your company plans to take. These steps
will be negotiated with the contracting officer prior to approval of the plan. 
  

	 	•	Periodic review of sources from the Small Business Administration’s (SBA) PRO-Net and SUB-Net Systems, and the NIH e-Portals in Commerce to identify potential suppliers of
services to be subcontracted. 

  

	 	•	Periodic review of industry and other, non-government resources to identify potential suppliers of services to be subcontracted. 

  

	 	•	Periodic measurement and review of achievement of the stated goals.<PAGE>

                                                                     EXHIBIT 4.7

                       RENAISSANCERE HOLDINGS LTD., Issuer

                                       To

                  DEUTSCHE BANK TRUST COMPANY AMERICAS, Trustee

                                   ----------

                                SENIOR INDENTURE

                                   ----------

                            Dated as of July 9, 2004

                             Senior Debt Securities

<PAGE>

                         Reconciliation and tie between
             Trust Indenture Act of 1939 (the "Trust Indenture Act")
                                  and Indenture

Trust Indenture
  Act Section                                                  Indenture Section
  -----------                                                  -----------------
(S)(S)310(a)(1) .............................................................6.7
    (a)(2) ..................................................................6.7
    (b) .....................................................................6.8
(S)(S)312(a) ................................................................7.1
    (b) .....................................................................7.2
    (c) .....................................................................7.2
(S)(S)313(a) ................................................................7.3
    (b)(2) ..................................................................7.3
    (c) .....................................................................7.3
    (d) .....................................................................7.3
(S)(S)314(a) ..........................................................7.4, 10.8
    (c)(1) ..................................................................1.2
    (c)(2) ..................................................................1.2
    (e) .....................................................................1.2
    (f) .....................................................................1.2
(S)(S)316(a) (last sentence) ................................................1.1
    (a)(1)(A) .........................................................5.2, 5.12
    (a)(1)(B) ..............................................................5.13
    (b) .....................................................................5.8
(S)(S)317(a)(1) .............................................................5.3
    (a)(2) ..................................................................5.4
    (b) ....................................................................10.3
(S)(S)318(a) ................................................................1.8

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                    Article 1

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1.    Definitions...................................................1
Section 1.2.    Compliance Certificates and Opinions.........................11
Section 1.3.    Form of Documents Delivered to Trustee.......................11
Section 1.4.    Acts of Holders..............................................12
Section 1.5.    Notices, etc. to Trustee and Company.........................14
Section 1.6.    Notice to Holders of Securities; Waiver......................14
Section 1.7.    Language of Notices..........................................15
Section 1.8.    Conflict with Trust Indenture Act............................15
Section 1.9.    Effect of Headings and Table of Contents.....................15
Section 1.10.   Successors and Assigns.......................................15
Section 1.11.   Separability Clause..........................................15
Section 1.12.   Benefits of Indenture........................................16
Section 1.13.   Governing Law................................................16
Section 1.14.   Legal Holidays...............................................16
Section 1.15.   Counterparts.................................................16
Section 1.16.   Judgment Currency............................................16
Section 1.17.   No Security Interest Created.................................17
Section 1.18.   Limitation on Individual Liability...........................17
Section 1.19.   Submission to Jurisdiction...................................17

                                    Article 2

                                SECURITIES FORMS

Section 2.1.    Forms Generally..............................................18
Section 2.2.    Form of Trustee's Certificate of Authentication..............19
Section 2.3.    Securities in Global Form....................................19

                                    Article 3

                                 THE SECURITIES

Section 3.1.    Amount Unlimited; Issuable in Series.........................20
Section 3.2.    Currency; Denominations......................................24
Section 3.3.    Execution, Authentication, Delivery and Dating...............24
Section 3.4.    Temporary Securities.........................................26
Section 3.5.    Registration, Transfer and Exchange..........................26
Section 3.6.    Mutilated, Destroyed, Lost and Stolen Securities.............30

                                        i

<PAGE>

                                TABLE OF CONTENTS

                                   (continued)

                                                                            Page
                                                                            ----

Section 3.7.    Payment of Interest and Certain Additional Amounts;
                   Rights to Interest and Certain Additional Amounts
                   Preserved.................................................31
Section 3.8.    Persons Deemed Owners........................................33
Section 3.9.    Cancellation.................................................33
Section 3.10.   Computation of Interest......................................33
Section 3.11.   CUSIP Numbers................................................34

                                    Article 4

                     SATISFACTION AND DISCHARGE OF INDENTURE

Section 4.1.    Satisfaction and Discharge...................................34
Section 4.2.    Defeasance and Covenant Defeasance...........................35
Section 4.3.    Application of Trust Money...................................39

                                    Article 5

                                    REMEDIES

Section 5.1.    Events of Default............................................40
Section 5.2.    Acceleration of Maturity; Rescission and Annulment...........41
Section 5.3.    Collection of Indebtedness and Suits for Enforcement by
                   Trustee...................................................42
Section 5.4.    Trustee May File Proofs of Claim.............................43
Section 5.5.    Trustee May Enforce Claims without Possession of
                   Securities or Coupons.....................................44
Section 5.6.    Application of Money Collected...............................44
Section 5.7.    Limitations on Suits.........................................45
Section 5.8.    Unconditional Right of Holders to Receive Principal and
                   any Premium, Interest and Additional Amounts..............45
Section 5.9.    Restoration of Rights and Remedies...........................46
Section 5.10.   Rights and Remedies Cumulative...............................46
Section 5.11.   Delay or Omission Not Waiver.................................46
Section 5.12.   Control by Holders of Securities.............................46
Section 5.13.   Waiver of Past Defaults......................................47
Section 5.14.   Waiver of Usury, Stay or Extension Laws......................47
Section 5.15.   Undertaking for Costs........................................47

                                    Article 6

                                   THE TRUSTEE

Section 6.1.    Certain Rights of Trustee....................................48
Section 6.2.    Notice of Defaults...........................................49
Section 6.3.    Not Responsible for Recitals or Issuance of Securities.......50
Section 6.4.    May Hold Securities..........................................50

                                       ii

<PAGE>

                                TABLE OF CONTENTS

                                   (continued)

                                                                            Page
                                                                            ----

Section 6.5.    Money Held in Trust..........................................50
Section 6.6.    Compensation and Reimbursement...............................50
Section 6.7.    Corporate Trustee Required; Eligibility......................51
Section 6.8.    Resignation and Removal; Appointment of Successor............51
Section 6.9.    Acceptance of Appointment by Successor.......................53
Section 6.10.   Merger, Conversion, Consolidation or Succession to
                   Business..................................................54
Section 6.11.   Appointment of Authenticating Agent..........................54

                                    Article 7

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1.    Company to Furnish Trustee Names and Addresses of Holders....56
Section 7.2.    Preservation of Information; Communications to Holders.......57
Section 7.3.    Reports by Trustee...........................................57
Section 7.4.    Reports by Company...........................................57

                                    Article 8

                 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES

Section 8.1.    Company May Consolidate, Etc., Only on Certain Terms.........58
Section 8.2.    Successor Person Substituted for Company.....................59

                                    Article 9

                             SUPPLEMENTAL INDENTURES

Section 9.1.    Supplemental Indentures without Consent of Holders...........59
Section 9.2.    Supplemental Indentures with Consent of Holders..............60
Section 9.3.    Execution of Supplemental Indentures.........................61
Section 9.4.    Effect of Supplemental Indentures............................62
Section 9.5.    Reference in Securities to Supplemental Indentures...........62
Section 9.6.    Conformity with Trust Indenture Act..........................62
Section 9.7.    Notice of Supplemental Indenture.............................62

                                   Article 10

                                    COVENANTS

Section 10.1.   Payment of Principal, any Premium, Interest and
                   Additional Amounts........................................62
Section 10.2.   Maintenance of Office or Agency..............................62
Section 10.3.   Money for Securities Payments to Be Held in Trust............64

                                       iii

<PAGE>

                                TABLE OF CONTENTS

                                   (continued)

                                                                            Page
                                                                            ----

Section 10.4.   Additional Amounts...........................................65
Section 10.5.   Redemption for Tax Purposes..................................68
Section 10.6.   Corporate Existence..........................................68
Section 10.7.   Waiver of Certain Covenants..................................68
Section 10.8.   Company Statement as to Compliance; Notice of Certain
                   Defaults..................................................69
Section 10.9.   Calculation of Original Issue Discount.......................69

                                   Article 11

                            REDEMPTION OF SECURITIES

Section 11.1.   Applicability of Article.....................................69
Section 11.2.   Election to Redeem; Notice to Trustee........................69
Section 11.3.   Selection by Trustee of Securities to be Redeemed............70
Section 11.4.   Notice of Redemption.........................................70
Section 11.5.   Deposit of Redemption Price..................................72
Section 11.6.   Securities Payable on Redemption Date........................72
Section 11.7.   Securities Redeemed in Part..................................73

                                   Article 12

                                  SINKING FUNDS

Section 12.1.   Applicability of Article.....................................73
Section 12.2.   Satisfaction of Sinking Fund Payments with Securities........74
Section 12.3.   Redemption of Securities for Sinking Fund....................74

                                   Article 13

                       REPAYMENT AT THE OPTION OF HOLDERS

Section 13.1.   Applicability of Article.....................................75

                                   Article 14

                        SECURITIES IN FOREIGN CURRENCIES

Section 14.1.   Applicability of Article.....................................75

                                   Article 15

                        MEETINGS OF HOLDERS OF SECURITIES

Section 15.1.   Purposes for Which Meetings May Be Called....................75

                                       iv

<PAGE>

                                TABLE OF CONTENTS

                                   (continued)

                                                                            Page
                                                                            ----

Section 15.2.   Call, Notice and Place of Meetings...........................76
Section 15.3.   Persons Entitled to Vote at Meetings.........................76
Section 15.4.   Quorum; Action...............................................76
Section 15.5.   Determination of Voting Rights; Conduct and Adjournment
                   of Meetings...............................................77
Section 15.6.   Counting Votes and Recording Action of Meetings..............78

                                        v

<PAGE>

     INDENTURE, dated as of July 9, 2004 (the "Indenture"), between
RENAISSANCERE HOLDINGS LTD., a company duly organized and existing under the
laws of Bermuda (hereinafter called the "Company"), having its principal
executive office located at Renaissance House, 8-12 East Broadway, Pembroke HM
19, Bermuda, and Deutsche Bank Trust Company Americas , a New York banking
corporation (hereinafter called the "Trustee"), having its Corporate Trust
Office located at 60 Wall Street, 27th Floor, MS NYC60-2710, New York, New York
10005.

                                    RECITALS

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

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

     This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder that are required to be part of this Indenture
and, to the extent applicable, shall be governed by such provisions.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities
by the Holders (as herein defined) thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Securities
or of any series thereof and any Coupons (as herein defined) as follows:

                                    Article 1

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     Section 1.1. Definitions.

     Except as otherwise expressly provided in or pursuant to this Indenture, or
unless the context otherwise requires, for all purposes of this Indenture:

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

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

<PAGE>

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

          (4) the words "herein," "hereof," "hereto" 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

          (5) the word "or" is always used inclusively (for example, the phrase
"A or B" means "A or B or both," not "either A or B but not both").

Certain terms used principally in certain Articles hereof are defined in those
Articles.

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

     "Additional Amounts" means any additional amounts which are required by any
Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes, assessments or other governmental charges
imposed on Holders specified therein and which are owing to such Holders.

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

     "Authenticating Agent" means any Person authorized by the Trustee pursuant
to Section 6.11 to act on behalf of the Trustee to authenticate Securities of
one or more series.

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

     "Authorized Officer" means, when used with respect to the Company, the
Chairman of the Board of Directors, a Vice Chairman, the President, the Vice
President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer,
the Chief Investment Officer, the Chief Accounting Officer, the General Counsel,
the Secretary or an Assistant Secretary, of the Company.

                                       -2-

<PAGE>

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

     "Board of Directors" means the board of directors of the Company or any
committee of that board duly authorized to act generally or in any particular
respect for the Company hereunder.

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

     "Business Day," with respect to any Place of Payment or other location,
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.1, any day other than a Saturday, Sunday or other day on which banking
institutions in such Place of Payment or other location are authorized or
obligated by law, regulation or executive order to close.

     "Capital Stock" of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including Preferred
Stock, but excluding any debt securities convertible into such equity.

     "Capitalized Lease Obligation" means an obligation under a lease that is
required to be capitalized for financial reporting purposes in accordance with
generally accepted accounting principles, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with such principles.

     "Code" means the Internal Revenue Code of 1986, as amended.

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

     "Common Stock" in respect of any Corporation means Capital Stock of any
class or classes (however designated) which has no preference as to the payment
of dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such Corporation, and which is not
subject to redemption by such Corporation.

     "Company" means the Person named as the "Company" in the first paragraph of
this instrument until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter "Company" shall mean
such successor Person, and any other obligor upon the Securities.

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

                                       -3-

<PAGE>

     "Conversion Event" means the cessation of use of (i) a Foreign Currency
both by the government of the country or the confederation which issued such
Foreign Currency and for the settlement of transactions by a central bank or
other public institutions of or within the international banking community or
(ii) any currency unit or composite currency for the purposes for which it was
established.

     "Corporate Trust Office" means the principal corporate trust office of the
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of original execution of this Indenture
is located at Deutsche Bank Trust Company Americas, 60 Wall Street, 27th Floor,
MS NYC60-2710, New York, New York 10005, Attention: Corporate Trust and Agency
Services or at any other time at such other address as the Trustee may designate
from time to time by notice to the parties hereto or at the principal corporate
trust office of any successor trustee as to which such successor trustee may
notify the parties hereto in writing.

     "Corporation" includes corporations, limited liability companies,
incorporated associations, companies and business trusts.

     "Coupon" means any interest coupon appertaining to a Bearer Security.

     "Currency" with respect to any payment, deposit or other transfer in
respect of the principal of or any premium or interest on or any Additional
Amounts with respect to any Security, means Dollars or the Foreign Currency, as
the case may be, in which such payment, deposit or other transfer is required to
be made by or pursuant to the terms hereof or such Security and, with respect to
any other payment, deposit or transfer pursuant to or contemplated by the terms
hereof or such Security, means Dollars.

     "CUSIP number" means the alphanumeric designation assigned to a Security by
Standard & Poor's Ratings Service, CUSIP Service Bureau.

     "Defaulted Interest" has the meaning specified in Section 3.7.

     "Dollars" or "$" means a dollar or other equivalent unit of legal tender
for payment of public or private debts in the United States of America.

     "Event of Default" has the meaning specified in Section 5.1.

     "Foreign Currency" means any currency, currency unit or composite currency,
including, without limitation, the euro, issued by the government of one or more
countries other than the United States of America or by any recognized
confederation or association of such governments.

     "Government Obligations" means securities which are (i) direct obligations
of the United States of America or the other government or governments or
confederation or association of governments which issued the Foreign Currency in
which the principal of or any premium or interest on such Security or any
Additional Amounts in respect thereof shall be payable, in each case where the
payment or payments thereunder are supported by the full faith and credit of
such government or governments or confederation or association of governments or
(ii) obligations of

                                       -4-

<PAGE>

a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such other government or governments or
confederation or association of governments, in each case where the timely
payment or payments thereunder are unconditionally guaranteed as a full faith
and credit obligation by the United States of America or such other government
or governments or confederation or association of governments, and which, in the
case of (i) or (ii), are not callable or redeemable at the option of the issuer
or issuers thereof, and shall also include a depository receipt issued by a bank
or trust company as custodian with respect to any such Government Obligation or
a specific payment of interest on or principal of or other amount with respect
to any such Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the Government Obligation or the specific payment of interest on or
principal of or other amount with respect to the Government Obligation evidenced
by such depository receipt.

     "Holder," in the case of any Registered Security, means the Person in whose
name such Security is registered in the Security Register and, in the case of
any Bearer Security, means the bearer thereof and, in the case of any Coupon,
means the bearer thereof.

     "Indebtedness" means, with respect to any Person, (i) the principal of and
any premium and interest on (a) indebtedness of such Person for money borrowed
and (b) indebtedness evidenced by notes, debentures, bonds or other similar
instruments for the payment of which such Person is responsible or liable; (ii)
all Capitalized Lease Obligations of such Person; (iii) all obligations of such
Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations under any title retention
agreement (but excluding trade accounts payable arising in the ordinary course
of business); (iv) all obligations of such Person for the reimbursement of any
obligor on any letter of credit, banker's acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing
obligations (other than obligations described in (i) through (iii) above)
entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon,
such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the
letter of credit); (v) all obligations of the type referred to in clauses (i)
through (iv) of other Persons and all dividends of other Persons for the payment
of which, in either case, such Person is responsible or liable as obligor,
guarantor or otherwise, the amount thereof being deemed to be the lesser of the
stated recourse, if limited, and the amount of the obligation or dividends of
the other Person; (vi) all obligations of the type referred to in clauses (i)
through (v) of other Persons secured by any Lien on any property or asset of
such Person (whether or not such obligation is assumed by such Person), the
amount of such obligation being deemed to be the lesser of the value of such
property or assets or the amount of the obligation so secured; and (vii) any
amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clauses (i) through (vi)
above.

     "Indenture" means this instrument as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and, with respect to any
Security, by the terms and provisions of such Security

                                       -5-

<PAGE>

and any Coupon appertaining thereto established pursuant to Section 3.1 (as such
terms and provisions may be amended pursuant to the applicable provisions
hereof).

     "Independent Public Accountants" means accountants or a firm of accountants
that, with respect to the Company and any other obligor under the Securities or
the Coupons, are independent public accountants within the meaning of the
Securities Act of 1933, as amended, and the rules and regulations promulgated by
the Commission thereunder, who may be the independent public accountants
regularly retained by the Company or who may be other independent public
accountants. Such accountants or firm shall be entitled to rely upon any Opinion
of Counsel as to the interpretation of any legal matters relating to this
Indenture or certificates required to be provided hereunder.

     "Indexed Security" means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity or upon acceleration
pursuant to Section 5.2 may be more or less than the principal face amount
thereof at original issuance.

     "interest," with respect to any Original Issue Discount Security which by
its terms bears interest only after Maturity, means interest payable after
Maturity and, when used with respect to a Security which provides for the
payment of Additional Amounts pursuant to Section 10.4, includes such Additional
Amounts.

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

     "Judgment Currency" has the meaning specified in Section 1.16.

     "Legal Holidays" has the meaning specified in Section 1.14.

     "Lien" means any mortgage, pledge, lien, security interest or other
encumbrance.

     "Maturity," 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 or pursuant to this Indenture or the related Series
Authorization, whether at the Stated Maturity or by declaration of acceleration,
notice of redemption or repurchase, notice of option to elect repayment or
otherwise, and includes any Redemption Date and the date of any required
repurchase or repayment.

     "New York Banking Day" has the meaning specified in Section 1.16.

     "Office" or "Agency," with respect to any Securities, means an office or
agency of the Company maintained or designated as a Place of Payment for such
Securities pursuant to Section 10.2 or any other office or agency of the Company
maintained or designated for such Securities pursuant to Section 10.2 or, to the
extent designated or required by Section 10.2 in lieu of such office or agency,
the Corporate Trust Office of the Trustee.

     "Officers' Certificate" means a certificate signed by two Authorized
Officers, at least one of which is a principal executive, principal financial or
principal accounting officer, that

                                       -6-

<PAGE>

complies with the requirements of Section 314(e) of the Trust Indenture Act and
is delivered to the Trustee.

     "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of or counsel for the Company or other counsel who shall be reasonably
acceptable to the Trustee, that, if required by the Trust Indenture Act,
complies with the requirements of Section 314(e) of the Trust Indenture Act.

     "Original Issue Discount Security" means a Security issued pursuant to this
Indenture or the related Series Authorization which provides for declaration of
an amount less than the principal face amount thereof to be due and payable upon
acceleration pursuant to Section 5.2.

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

          (a) any such Security theretofore cancelled by the Trustee or the
     Security Registrar or delivered to the Trustee or the Security Registrar
     for cancellation;

          (b) any such Security for whose payment at the Maturity thereof money
     in the necessary amount has been theretofore deposited pursuant hereto
     (other than pursuant to Section 4.2) with the Trustee or any Paying Agent
     (other than the Company) in trust or set aside and segregated in trust by
     the Company (if the Company shall act as its own Paying Agent) for the
     Holders of such Securities and any Coupons appertaining thereto or for the
     payment of which Government Obligations shall have been theretofore
     deposited pursuant hereto with the Trustee in accordance with Section 4.1;
     provided, that, if such Securities are to be redeemed, notice of such
     redemption has been duly given pursuant to this Indenture or provision
     therefor satisfactory to the Trustee has been made;

          (c) any such Security with respect to which the Company has effected
     defeasance pursuant to the terms hereof, except to the extent provided in
     Section 4.2;

          (d) any such Security which has been paid pursuant to Section 3.6 or
     in exchange for or in lieu of which other Securities have been
     authenticated and delivered pursuant to this Indenture, unless there shall
     have been presented to the Trustee proof satisfactory to it that such
     Security is held by a protected purchaser in whose hands such Security is a
     valid obligation of the Company; and

          (e) any such Security converted or exchanged as contemplated by this
     Indenture into Common Stock of the Company or other securities, if the
     terms of such Security provide for such conversion or exchange pursuant to
     Section 3.1;

     provided, however, that in determining whether the Holders of the requisite
     principal amount of Outstanding Securities have given any request, demand,
     authorization, direction, notice, consent or waiver hereunder or are
     present at a meeting of Holders of Securities for quorum purposes, (i) the
     principal amount of any Indexed Security that may be counted in making such
     determination and that shall be deemed Outstanding for such purposes shall
     be equal to the principal amount of such Indexed Security at original

                                       -7-

<PAGE>

     issuance, unless otherwise provided in or pursuant to this Indenture or the
     related Series Authorization, and (ii) the principal amount of a Security
     denominated in a Foreign Currency shall be the Dollar equivalent,
     determined on the date of original issuance of such Security, of the
     principal amount (or, in the case of an Original Issue Discount Security,
     the Dollar equivalent on the date of original issuance of such Security of
     the then current principal amount) of such Security, unless otherwise
     provided in or pursuant to Section 14.1, any other provision of this
     Indenture or the related Series Authorization, and (iii) Securities owned
     by the Company or any other obligor upon the Securities or any Affiliate of
     the Company or such other obligor, shall be disregarded and deemed not to
     be Outstanding, except that, in determining whether the Trustee shall be
     protected in making any such determination or relying upon any such
     request, demand, authorization, direction, notice, consent or waiver, only
     Securities which a Responsible Officer of the Trustee actually knows to be
     so owned shall be so disregarded. Securities so owned which shall have been
     pledged in good faith may be regarded as Outstanding if the pledgee
     establishes to the satisfaction of the Trustee (A) the pledgee's right so
     to act with respect to such Securities and (B) that the pledgee is not the
     Company or any other obligor upon the Securities or any Coupons
     appertaining thereto or an Affiliate of the Company or such other obligor.

     "Paying Agent" means any Person authorized by the Company to pay the
principal of, or any premium or interest on, or any Additional Amounts with
respect to, any Security or any Coupon on behalf of the Company.

     "Person" means any individual, Corporation, partnership, joint venture,
joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

     "Place of Payment," with respect to any Security, means the place or places
where the principal of, or any premium or interest on, or any Additional Amounts
with respect to such Security are payable as provided in or pursuant to this
Indenture or the related Series Authorization.

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

     "Preferred Stock" in respect of any Corporation means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of
dividends, or as to the distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such Corporation, over shares of Capital Stock of
any other class of such Corporation.

     "principal" means, as of any date of determination with respect to the
Securities of any series, (i) in the case of an Original Issue Discount Security
or an Indexed Security, the amount

                                       -8-

<PAGE>

due and payable with respect to principal upon an acceleration thereof pursuant
to Section 5.2 at such time and (ii) in all other cases, par or the stated face
amount of the related Security.

     "Redemption Date," with respect to any Security or portion thereof to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture or the related Series Authorization.

     "Redemption Price," with respect to any Security or portion thereof to be
redeemed, means the price at which it is to be redeemed as determined by or
pursuant to this Indenture or the related Series Authorization, exclusive of
accrued interest and any Additional Amounts with respect to accrued interest.

     "Registered Security" means any Security established pursuant to Section
2.1 which is registered in a Security Register.

     "Regular Record Date" for the interest payable on any Registered Security
on any Interest Payment Date therefor means the date, if any, specified in or
pursuant to this Indenture or the related Series Authorization as the "Regular
Record Date".

     "Required Currency" has the meaning specified in Section 1.16.

     "Responsible Officer" means any officer within the Corporate Trust Office
of the Trustee, including any vice president, any assistant vice president,
director, managing director, associate or 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 his or her knowledge of and familiarity with the particular
subject.

     "Security" or "Securities" means any note or notes, bond or bonds,
debenture or debentures, or any other evidences of Indebtedness, as the case may
be, authenticated and delivered under this Indenture; provided, however, that,
if at any time there is more than one Person acting as Trustee under this
Indenture, "Securities," with respect to any such Person, shall mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee.

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

     "Series Authorization" means, with respect to any series or class of
Securities, (i) a Board Resolution and Officers' Certificate or (ii) one or more
indentures supplemental hereto, establishing such series or class of Securities
and setting forth the terms thereof, including, in either case, a form of note
or notes representing such Securities.

     "Special Record Date" for the payment of any Defaulted Interest on any
Registered Security means a date fixed by the Company pursuant to Section 3.7.

     "Stated Maturity," with respect to any Security or any installment of
principal thereof or interest thereon or any Additional Amounts with respect
thereto, means the date established by

                                       -9-

<PAGE>

or pursuant to this Indenture or the related Series Authorization as the fixed
date on which the principal of such Security or such installment of principal or
interest is, or such Additional Amounts are, due and payable.

     "Subsidiary" means, in respect of any Person, any Corporation, limited or
general partnership or other business entity of which at the time of
determination more than 50% of the voting power of the shares of its Capital
Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is owned or controlled, directly or
indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of
such Person or (iii) one or more Subsidiaries of such Person.

     "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended,
and any reference herein to the Trust Indenture Act or a particular provision
thereof shall mean such Act or provision, as the case may be, as amended or
replaced from time to time or as supplemented from time to time by rules or
regulations adopted by the Commission under or in furtherance of the purposes of
such Act or provision, as the case may be.

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

     "United States," except as otherwise provided in or pursuant to this
Indenture or any Series Authorization, means the United States of America
(including the states thereof and the District of Columbia), its territories and
possessions and other areas subject to its jurisdiction.

     "United States Person," means, unless otherwise specified with respect to
any Securities pursuant to Section 3.1, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or an estate or
trust the income of which is subject to United States federal income taxation
regardless of its source.

     "U.S. Depository" or "Depository" means, with respect to any Security
issuable or issued in the form of one or more global Securities, the Person
designated as U.S. Depository or Depository by the Company in or pursuant to
this Indenture or the related Series Authorization, which Person must be, to the
extent required by applicable law or regulation, a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and, if so provided with
respect to any Security, any successor to such Person. If at any time there is
more than one such Person, "U.S. Depository" or "Depository" shall mean, with
respect to any Securities, the qualifying entity which has been appointed with
respect to such Securities.

     "Vice President," when used with respect to the Trustee, means any vice
president, whether or not designated by a number or a word or words added before
or after the title "Vice President".

                                      -10-

<PAGE>

     Section 1.2. Compliance Certificates and Opinions.

     Except as otherwise expressly provided in this Indenture, upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
or any of them 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 the individual signing such certificate or
     opinion has read such condition or covenant and the definitions herein
     relating thereto;

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

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

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

     Section 1.3. Form of Documents Delivered to Trustee.

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

     Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon an Opinion of Counsel, provided
that such officer, after reasonable inquiry, has no reason to believe and does
not believe that the Opinion of Counsel with respect to the matters upon which
his certificate or opinion is based is erroneous. Any such Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession
of the Company, provided that such counsel, after reasonable inquiry, has no
reason to believe and does not believe that the certificate or opinion or
representations with respect to such matters are erroneous.

                                      -11-

<PAGE>

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

     Section 1.4. Acts of Holders.

     (1) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by or pursuant to this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. If, but only if, Securities of a series are issuable as
Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in or pursuant to this Indenture or the
related Series Authorization to be given or taken by Holders of Securities of
such series may, alternatively, be embodied in and evidenced by the record of
Holders of Securities of such series voting in favor thereof, either in person
or by proxies duly appointed in writing, at any meeting of Holders of Securities
of such series duly called and held in accordance with the provisions of Article
15, 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 received by a Responsible
Officer of the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments or 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 315 of
the Trust Indenture Act) conclusive in favor of the Trustee, the Company and any
agent of the Trustee or the Company, if made in the manner provided in this
Section. The record of any meeting of Holders of Securities shall be proved in
the manner provided in Section 15.6.

     (2) Without limiting the generality of this Section 1.4, unless otherwise
provided in or pursuant to this Indenture or the related Series Authorization, a
Holder, including a U.S. Depository that is a Holder of a global Security, may
make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other Act
provided in or pursuant to this Indenture or the related Series Authorization to
be made, given or taken by Holders, and a U.S. Depository that is a Holder of a
global Security may provide its proxy or proxies to the beneficial owners of
interests in any such global Security through such U.S. Depository's standing
instructions and customary practices.

     (3) The Company shall fix a record date for the purpose of determining the
Persons who are beneficial owners of interest in any permanent global Security
held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other Act
provided in or pursuant to this Indenture or the related Series Authorization to
be made, given or taken by Holders. If such a record date is fixed, the Holders
on such record date or their duly appointed proxy or proxies, and only such
Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other Act, whether or not
such Holders remain Holders after such record date. No such request, demand,

                                      -12-

<PAGE>

authorization, direction, notice, consent, waiver or other Act shall be valid or
effective if made, given or taken more than 90 days after such record date.

     (4) The fact and date of the execution by any Person of any such instrument
or writing referred to in this Section 1.4 may be proved in any reasonable
manner; and the Trustee may in any instance require further proof, including
written proof, with respect to any of the matters referred to in this Section.

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

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

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

     (8) Any request, demand, authorization, direction, notice, consent, waiver
or other Act by the Holder of any Security shall bind every future Holder of the
same Security and the Holder

                                      -13-

<PAGE>

of every Security issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done or suffered to
be done by the Trustee, any Security Registrar, any Paying Agent or the Company
in reliance thereon, whether or not notation of such Act is made upon such
Security.

     Section 1.5. Notices, etc. to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or
other Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

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

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

     Section 1.6. Notice to Holders of Securities; Waiver.

     Except as otherwise expressly provided in or pursuant to this Indenture or
the related Series Authorization, where this Indenture provides for notice to
Holders of Securities of any event,

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

     (2) such notice shall be sufficiently given to Holders of Bearer
Securities, if any, if published in an Authorized Newspaper in The City of New
York and, if such Securities are then listed on any stock exchange outside the
United States, in an Authorized Newspaper in such city as the Company shall
advise the Trustee in writing that such stock exchange so requires, on a
Business Day at least twice, the first such publication to be not earlier than
the earliest date and the second such publication not later than the latest date
prescribed for the giving of such notice.

     In any case where notice to Holders of Registered Securities is given by
mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Registered Security shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein. Any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given or provided. In
the case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail,

                                      -14-

<PAGE>

then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.

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

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

     Section 1.7. Language of Notices.

     Any request, demand, authorization, direction, notice, consent, election or
waiver required or permitted under this Indenture shall be in the English
language, except that, if the Company so elects, any published notice may be in
an official language of the country of publication.

     Section 1.8. Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with any duties
under any required provision of the Trust Indenture Act imposed hereon by
Section 318(c) thereof, such required provision shall control.

     Section 1.9. Effect of Headings and Table of Contents.

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

     Section 1.10. Successors and Assigns.

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

     Section 1.11. Separability Clause.

     In case any provision in this Indenture, any Security or any Coupon shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

                                      -15-

<PAGE>

     Section 1.12. Benefits of Indenture.

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

     Section 1.13. Governing Law.

     This Indenture, the Securities and any Coupons shall be governed by and
construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said
state.

     Section 1.14. Legal Holidays.

     Unless otherwise specified in or pursuant to this Indenture or the related
Series Authorization, in any case where any Interest Payment Date, Stated
Maturity or Maturity of any Security, or the last date on which a Holder has the
right to convert or exchange Securities of a series that are convertible or
exchangeable, shall be a Legal Holiday at any Place of Payment, then
(notwithstanding any other provision of this Indenture, any Security or any
Coupon other than a provision in any Security or Coupon that specifically states
that such provision shall apply in lieu hereof) payment need not be made at such
Place of Payment on such date, and such Securities need not be converted or
exchanged on such date but such payment may be made, and such Securities may be
converted or exchanged, on the next succeeding day that is a Business Day at
such Place of Payment with the same force and effect as if made on the Interest
Payment Date or at the Stated Maturity or Maturity or on such last day for
conversion or exchange, and no interest shall accrue on the amount payable on
such date or at such time for the period from and after such Interest Payment
Date, Stated Maturity, Maturity or last day for conversion or exchange, as the
case may be, to such next succeeding Business Day.

     Section 1.15. Counterparts.

     This Indenture may be executed in several counterparts, each of which shall
be an original and all of which shall constitute but one and the same
instrument.

     Section 1.16. Judgment Currency.

     The Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of, or
premium or interest, if any, or Additional Amounts on the Securities of any
series (the "Required Currency") into a currency in which a judgment will be
rendered (the "Judgment Currency"), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could purchase
in The City of New York the requisite amount of the Required Currency with the
Judgment Currency on the New York Banking Day preceding the day on which a final
unappealable judgment is given and (b) its obligations under this Indenture to
make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (whether or not entered
in accordance with clause (a)), in any currency other than the Required
Currency, except

                                      -16-

<PAGE>

to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be
payable in respect of such payments, (ii) shall be enforceable as an alternative
or additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of
the full amount of the Required Currency so expressed to be payable and (iii)
shall not be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, "New York Banking Day" means any
day except a Saturday, Sunday or a legal holiday in The City of New York or a
day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to be closed.

     Section 1.17. No Security Interest Created.

     Nothing in this Indenture or in any Securities, express or implied, shall
be construed to constitute a security interest under the Uniform Commercial Code
or similar legislation, as now or hereafter enacted and in effect in any
jurisdiction where property of the Company or its Subsidiaries is or may be
located.

     Section 1.18. Limitation on Individual Liability.

     No recourse under or upon any obligation, covenant or agreement contained
in this Indenture or in any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator,
shareholder, officer or director, as such, past, present or future, of the
Company, either directly or through the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that this Indenture and the
obligations issued hereunder are solely corporate obligations, and that no such
personal liability whatever shall attach to, or is or shall be incurred by, the
incorporators, shareholders, officers or directors, as such, of the Company, or
any of them, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any Security or implied therefrom; and that any and all such
personal liability of every name and nature, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims
against, every such incorporator, shareholder, officer or director, as such,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any Security or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of such Security.

     Section 1.19. Submission to Jurisdiction.

     The Company agrees that any judicial proceedings instituted in relation to
any matter arising under this Indenture, the Securities or any Coupons
appertaining thereto may be brought in any United States Federal or New York
State court sitting in the Borough of Manhattan, The City of New York, New York
to the extent that such court has subject matter jurisdiction over the
controversy, and, by execution and delivery of this Indenture, the Company
hereby irrevocably accepts, generally and unconditionally, the jurisdiction of
the aforesaid courts, acknowledges their competence and irrevocably agrees to be
bound by any judgment rendered in such proceeding. The Company also irrevocably
and unconditionally waives for the benefit of

                                      -17-

<PAGE>

the Trustee and the Holders of the Securities and Coupons any immunity from
jurisdiction and any immunity from legal process (whether through service or
notice, attachment prior to judgment, attachment in the aid of execution,
execution or otherwise) in respect of this Indenture. The Company hereby
irrevocably designates and appoints for the benefit of the Trustee and the
Holders of the Securities and Coupons for the term of this Indenture Glencoe
U.S. Holdings Inc., 5080 Spectrum Drive, Suite 900 East, Addison, Texas 75001,
c/o Ms. Tracy H. Bowden, General Counsel and Secretary, as its agent to receive
on its behalf service of all process (with a copy of all such service of process
to be delivered to RenaissanceRe Holdings Ltd., Renaissance House, 8-12 East
Broadway, Pembroke HM 19 Bermuda, Attention: Chief Financial Officer) brought
against it with respect to any such proceeding in any such court in The City of
New York, such service being hereby acknowledged by the Company to be effective
and binding service on it in every respect whether or not the Company shall then
be doing or shall have at any time done business in New York. Such appointment
shall be irrevocable so long as any of the Securities or Coupons or the
obligations of the Company hereunder remain outstanding, or until the
appointment of a successor by the Company and such successor's acceptance of
such appointment. Upon such acceptance, the Company shall notify the Trustee in
writing of the name and address of such successor. The Company further agrees
for the benefit of the Trustee and the Holders of the Securities and the Coupons
to take any and all action, including the execution and filing of any and all
such documents and instruments, as may be necessary to continue such designation
and appointment of said Glencoe U.S. Holdings Inc. as its agent in full force
and effect so long as any of the Securities or Coupons or the obligations of the
Company hereunder shall be outstanding. The Trustee shall not be obligated and
shall have no responsibility with respect to any failure by the Company to take
any such action. Nothing herein shall affect the right to serve process in any
other manner permitted by any law or limit the right of the Trustee or any
Holder to institute proceedings against the Company in the courts of any other
jurisdiction or jurisdictions.

                                    Article 2

                                SECURITIES FORMS

     Section 2.1. Forms Generally.

     Each Registered Security, Bearer Security, Coupon and temporary or
permanent global Security issued pursuant to this Indenture shall be in the form
established by or pursuant to the related Series Authorization, shall have such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by or pursuant to this Indenture or the related Series
Authorization or any indenture supplemental hereto and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing
such Security or Coupon as evidenced by their execution of such Security or
Coupon.

     Unless otherwise provided in or pursuant to the related Series
Authorization, the Securities shall be issuable in registered form without
Coupons and shall not be issuable upon the exercise of warrants.

                                      -18-

<PAGE>

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

     Section 2.2. Form of Trustee's Certificate of Authentication.

     Subject to Section 6.11, the Trustee's certificate of authentication shall
be in substantially the following form:

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

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           as Trustee

                                           By:
                                               ---------------------------------
                                                       Authorized Officer

     Section 2.3. Securities in Global Form.

     Unless otherwise provided in or pursuant to the related Series
Authorization, the Securities of a series shall not be issuable in temporary or
permanent global form. If Securities of a series shall be issuable in global
form, any such Security may provide that it or any number of such Securities
shall represent the aggregate amount of all Outstanding Securities of such
series (or such lesser amount as is permitted by the terms thereof) from time to
time endorsed thereon and may also provide that the aggregate amount of
Outstanding Securities represented thereby may from time to time be increased or
reduced to reflect exchanges. Any endorsement of any Security in global form to
reflect the amount, or any increase or decrease in the amount, or changes in the
rights of Holders, of Outstanding Securities represented thereby shall be made
in such manner and by such Person or Persons as shall be specified therein or in
the Company Order to be delivered pursuant to Section 3.3 or Section 3.4 with
respect thereto. Subject to the provisions of Section 3.3 and, if applicable,
Section 3.4, the Trustee shall deliver and redeliver, in each case at the
Company's expense, any Security in permanent global form in the manner and upon
written instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 3.3 or Section
3.4 has been, or simultaneously is, delivered, any instructions by the Company
with respect to a Security in global form shall be in writing and, with respect
to matters set forth in this Section 2.3, need not be accompanied by or
contained in an Officers' Certificate and need not be accompanied by an Opinion
of Counsel.

     Notwithstanding the provisions of Section 3.7, unless otherwise specified
in or pursuant to the related Series Authorization, payment of principal of, any
premium and interest on, and any Additional Amounts in respect of, any Security
in temporary or permanent global form shall be made to the Person or Persons
specified therein.

                                      -19-

<PAGE>

     Notwithstanding the provisions of Section 3.8 and except as provided in the
preceding paragraph, the Company, the Trustee and any agent of the Company or
the Trustee shall treat as the Holder of such principal amount of Outstanding
Securities represented by a global Security (i) in the case of a global Security
in registered form, the Holder of such global Security in registered form, or
(ii) in the case of a global Security in bearer form, the Person or Persons
specified pursuant to Section 3.1.

                                    Article 3

                                 THE SECURITIES

     Section 3.1. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one
or more series. With respect to any Securities to be authenticated and delivered
hereunder, there shall be established in the related Series Authorization, the
following:

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

     (2) any limit upon the aggregate principal amount of the Securities of such
title or 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 3.4, Section 3.5, Section 3.6, Section 9.5 or
Section 11.7, upon repayment in part of any Registered Security of such series
pursuant to Article 13, upon surrender in part of any Registered Security for
conversion into Common Stock of the Company or exchange for other securities
pursuant to its terms, or pursuant to or as contemplated by the terms of such
Securities);

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

     (4) if any of such Securities are to be issuable in global form, when any
of such Securities are to be issuable in global form and (i) whether such
Securities are to be issued in temporary or permanent global form or both, (ii)
whether beneficial owners of interests in any such global Security may exchange
such interests for definitive Securities of the same series and of like tenor
and of any authorized form and denomination, and the circumstances under which
any such exchanges may occur, if other than in the manner specified in Section
3.5, and (iii) the name of the Depository or the U.S. Depository, as the case
may be, with respect to any such global Security;

     (5) if any of such Securities are to be issuable as Bearer Securities or in
global form, the date as of which any such Bearer Security or global Security
shall be dated (if other than the date of original issuance of the first of such
Securities to be issued);

                                      -20-

<PAGE>

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

     (7) the date or dates, or the method or methods, if any, by which such date
or dates shall be determined, on which the principal of such Securities is
payable;

     (8) the rate or rates at which such Securities shall bear interest, if any,
or the method or methods, if any, by which such rate or rates are to be
determined, the date or dates, if any, from which such interest shall accrue or
the method or methods, if any, by which such date or dates are to be determined,
the Interest Payment Dates, if any, on which such interest shall be payable on a
cash basis and the Regular Record Date, if any, for the interest payable on
Registered Securities on any Interest Payment Date, whether and under what
circumstances Additional Amounts (other than those set forth in Section 10.4) on
such Securities or any of them shall be payable, the notice, if any, to Holders
regarding the determination of interest on a floating rate Security and the
manner of giving such notice, and the basis upon which interest shall be
calculated if other than that of a 360-day year of twelve 30-day months;

     (9) if in addition to or other than the Borough of Manhattan, The City of
New York, the place or places where the principal of, any premium and interest
on or any Additional Amounts with respect to such Securities shall be payable,
any of such Securities that are Registered Securities may be surrendered for
registration of transfer or exchange, any of such Securities may be surrendered
for conversion or exchange and notices or demands to or upon the Company in
respect of such Securities and this Indenture may be served, the extent to
which, or the manner in which, any interest payment or Additional Amounts on a
global Security on an Interest Payment Date, will be paid and the manner in
which any principal of or premium, if any, on any global Security will be paid;

     (10) whether any of such Securities are to be redeemable at the option of
the Company and, if so, the date or dates on which, the period or periods within
which, the price or prices at which and the other terms and conditions upon
which such Securities may be redeemed, in whole or in part, at the option of the
Company;

     (11) whether the Company is obligated to redeem or purchase any of such
Securities pursuant to any sinking fund or analogous provision or at the option
of any Holder thereof and, if so, the date or dates on which, the period or
periods within which, the price or prices at which and the other terms and
conditions upon which such Securities shall be redeemed or purchased, in whole
or in part, pursuant to such obligation, and any provisions for the remarketing
of such Securities so redeemed or purchased;

                                      -21-

<PAGE>

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

     (13) whether the Securities of the series will be convertible into shares
of Common Stock of the Company and/or exchangeable for other securities, whether
or not issued by the Company, and, if so, the terms and conditions upon which
such Securities will be so convertible or exchangeable, and any deletions from
or modifications or additions to this Indenture to permit or to facilitate the
issuance of such convertible or exchangeable Securities or the administration
thereof;

     (14) if other than the principal face amount thereof, the portion of the
par or stated face amount of any of such Securities that shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or
the method by which such portion is to be determined or, in the case of Indexed
Securities, the portion of the principal face amount that shall be payable upon
Stated Maturity or the method by which such portion is to be determined;

     (15) if other than Dollars, the Foreign Currency in which payment of the
principal of, any premium or interest on or any Additional Amounts with respect
to any of such Securities shall be payable;

     (16) if the principal of, any premium or interest on or any Additional
Amounts with respect to any of such Securities are to be payable, at the
election of the Company or a Holder thereof or otherwise, in Dollars or in a
Foreign Currency other than that in which such Securities are stated to be
payable, the date or dates on which, the period or periods within which, and the
other terms and conditions upon which, such election may be made, and the time
and manner of determining the exchange rate between the Currency in which such
Securities are stated to be payable and the Currency in which such Securities or
any of them are to be paid pursuant to such election, and any deletions from or
modifications of or additions to the terms of this Indenture to provide for or
to facilitate the issuance of Securities denominated or payable, at the election
of the Company or a Holder thereof or otherwise, in a Foreign Currency;

     (17) whether the amount of payments of principal of, any premium or
interest on or any Additional Amounts with respect to such Securities may be
determined with reference to an index, formula or other method or methods (which
index, formula or method or methods may be based, without limitation, on one or
more Currencies, commodities, equity securities, equity indices or other
indices), and, if so, the terms and conditions upon which and the manner in
which such amounts shall be determined and paid or payable;

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

                                      -22-

<PAGE>

     (19) whether either or both of Section 4.2(2) relating to defeasance or
Section 4.2(3) relating to covenant defeasance shall not be applicable to the
Securities of such series, or if Section 4.2(3) shall apply, which covenants
relating to the Securities of such series shall be subject to covenant
defeasance, and any deletions from, or modifications or additions to, the
provisions of Article 4 in respect of the Securities of such series;

     (20) whether, under what circumstances and the Currency in which, the
Company will pay Additional Amounts as contemplated by Section 10.4 with respect
to the Securities of such series to any Holder who is not a United States Person
(including any modification to the definition of such term) in respect of any
tax, assessment or governmental charge and, if so, whether the Company will have
the option to redeem such Securities as contemplated by Section 10.5 rather than
pay such Additional Amounts;

     (21) whether any of such Securities are to be issuable upon the exercise of
warrants, and the time, manner and place for such Securities to be authenticated
and delivered;

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

     (23) if there is more than one Trustee, the identity of the Trustee and, if
not the Trustee, the identity of each Security Registrar, Paying Agent or
Authenticating Agent with respect to such Securities; and

     (24) any other terms of such Securities and any other deletions from or
modifications or additions to this Indenture in respect of such Securities.

     All Securities of any one series and all Coupons, if any, appertaining to
Bearer Securities of such series shall be substantially identical except as to
Currency of payments due thereunder, denomination and the rate of interest
thereon, or method of determining the rate of interest, if any, Maturity, and
the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to the Board Resolution and set forth
in the Officers' Certificate or in any indenture or indentures supplemental
hereto pertaining to such series of Securities. The terms of the Securities of
any series may provide, without limitation, that the Securities shall be
authenticated and delivered by the Trustee on original issue from time to time
upon written order of persons designated in the Officers' Certificate or
supplemental indenture and that such persons are authorized to determine,
consistent with such Officers' Certificate or any applicable supplemental
indenture, such terms and conditions of the Securities of such series as are
specified in such Officers' Certificate or supplemental indenture. All
Securities of any one series need not be issued at the same time and, unless
otherwise so provided, a series may be reopened for issuances of additional
Securities of such series or to establish additional terms of such series of
Securities.

     If any of the terms of the Securities of any series shall be established by
action taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth the terms of such series.

                                      -23-

<PAGE>

     Section 3.2. Currency; Denominations.

     Unless otherwise provided in or pursuant to this Indenture or the related
Series Authorization, the principal of, any premium and interest on and any
Additional Amounts with respect to the Securities shall be payable in Dollars.
Unless otherwise provided in or pursuant to this Indenture or the related Series
Authorization, Registered Securities denominated in Dollars shall be issuable in
registered form without Coupons in denominations of $1,000 and any integral
multiple thereof, and the Bearer Securities denominated in Dollars shall be
issuable in the denomination of $5,000. Securities not denominated in Dollars
shall be issuable in such denominations as are established with respect to such
Securities in or pursuant to this Indenture or the related Series Authorization.

     Section 3.3. Execution, Authentication, Delivery and Dating.

     Securities shall be executed on behalf of the Company by an Authorized
Officer and attested by a different Authorized Officer. Coupons shall be
executed on behalf of the Company by the Chief Financial Officer or Chief
Accounting Officer of the Company. The signature of any of these officers on the
Securities or any Coupons appertaining thereto may be manual or facsimile.

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

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities, together with any Coupons
appertaining thereto, executed by the Company, to the Trustee for authentication
and, provided that the Board Resolution and Officers' Certificate or
supplemental indenture or indentures with respect to such Securities referred to
in Section 3.1 and a Company Order for the authentication and delivery of such
Securities have been delivered to the Trustee, the Trustee in accordance with
the Company Order and subject to the provisions hereof and of such Securities
shall authenticate and deliver such Securities. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities and any Coupons appertaining thereto, the Trustee
shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of
the Trust Indenture Act) shall be fully protected in, and may conclusively rely
upon,

     (1) an Opinion or Opinions of Counsel to the effect that:

          (a) the form or forms and terms of such Securities and Coupons, if
     any, have been established in conformity with the provisions of this
     Indenture;

          (b) all conditions precedent to the authentication and delivery of
     such Securities and Coupons, if any, appertaining thereto, have been
     complied with and that such Securities and Coupons, when completed by
     appropriate insertions, executed under the Company's corporate seal and
     attested by duly authorized officers of the Company, delivered by duly
     authorized officers of the Company to the Trustee for authentication

                                      -24-

<PAGE>

     pursuant to this Indenture, and authenticated and delivered by the Trustee
     and issued by the Company in the manner and subject to any conditions
     specified in such Opinion of Counsel, will constitute legal, valid and
     binding obligations of the Company, enforceable against the Company in
     accordance with their terms, except as enforcement thereof may be subject
     to or limited by bankruptcy, insolvency, reorganization, moratorium,
     arrangement, fraudulent conveyance, fraudulent transfer or other similar
     laws relating to or affecting creditors' rights generally, and subject to
     general principles of equity (regardless of whether enforcement is sought
     in a proceeding in equity or at law) and will entitle the Holders thereof
     to the benefits of this Indenture; such Opinion of Counsel need express no
     opinion as to the availability of equitable remedies;

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

          (d) this Indenture has been qualified under the Trust Indenture Act;
     and

     (2) an Officers' Certificate stating that all conditions precedent to the
execution, authentication and delivery of such Securities and Coupons, if any,
appertaining thereto, have been complied with and that, to the best knowledge of
the Persons executing such certificate, no event which is, or after notice or
lapse of time would become, an Event of Default with respect to any of the
Securities shall have occurred and be continuing.

     If all the Securities of any series are not to be issued at one time, it
shall not be necessary to deliver an Opinion of Counsel and an Officers'
Certificate at the time of issuance of each Security, but such opinion and
certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Security of such series. After any such first
delivery, any separate written request by an Authorized Officer of the Company
or any person designated in writing by an Authorized Officer that the Trustee
authenticate and deliver Securities of such series for original issue will be
deemed to be a certification by the Company that all conditions precedent
provided for in this Indenture relating to authentication and delivery of such
Securities continue to have been complied with.

     The Trustee shall not be required to authenticate or to cause an
Authenticating Agent to authenticate any Securities, nor will it be liable for
its refusal to authenticate or cause an Authenticating Agent to authenticate any
Securities, if the issue of such Securities will affect the Trustee's own
rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee or if
the Trustee, being advised by counsel, determines that such action may not
lawfully be taken.

     Each Registered Security shall be dated the date of its authentication.
Each Bearer Security and any Bearer Security in global form shall be dated as of
the date specified in or pursuant to the related Series Authorization.

     No Security or Coupon appertaining thereto shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Security a certificate of authentication substantially in the
form provided for in Section 2.2 or Section 6.11 executed by or on behalf of the
Trustee or by the Authenticating Agent by the manual signature

                                      -25-

<PAGE>

of one of its authorized officers. Such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Except as permitted by Section 3.6 or
Section 3.7, the Trustee shall not authenticate and deliver any Bearer Security
unless all Coupons appertaining thereto then matured have been detached and
cancelled.

     Section 3.4. Temporary Securities.

     Pending the preparation of definitive Securities, the Company may execute
and deliver to the Trustee and, upon Company Order, the Trustee shall
authenticate and deliver, in the manner provided in Section 3.3, temporary
Securities in lieu thereof which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized in or pursuant to this
Indenture or the related Series Authorization, in bearer form with one or more
Coupons or without Coupons and with such appropriate insertions, omissions,
substitutions and other variations as the officers of the Company executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. Such temporary Securities may be in global form.

     Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions thereof, if temporary Securities are
issued, the Company shall cause definitive Securities to be prepared without
unreasonable delay. After the preparation of definitive Securities of the same
series and containing terms and provisions that are identical to those of any
temporary Securities, such temporary Securities shall be exchangeable for such
definitive Securities upon surrender of such temporary Securities at an Office
or Agency for such Securities, without charge to any Holder thereof. Upon
surrender for cancellation of any one or more temporary Securities (accompanied
by any unmatured Coupons appertaining thereto), the Company shall execute and
the Trustee upon Company Order shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of authorized
denominations of the same series and containing identical terms and provisions;
provided, however, that no definitive Bearer Security, except as provided in or
pursuant to this Indenture or the related Series Authorization, shall be
delivered in exchange for a temporary Registered Security; and provided,
further, that a definitive Bearer Security shall be delivered in exchange for a
temporary Bearer Security only in compliance with the conditions set forth in or
pursuant to this Indenture or the related Series Authorization. Unless otherwise
provided in or pursuant to this Indenture or the related Series Authorization
with respect to a temporary global Security, until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

     Section 3.5. Registration, Transfer and Exchange.

     With respect to the Registered Securities of each series, if any, the
Company shall cause to be kept a register (each such register being herein
sometimes referred to as the "Security Register") at an Office or Agency for
such series in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such
series. Such Office or Agency shall be the "Security Registrar" for that series
of Securities. Unless otherwise specified in or

                                      -26-

<PAGE>

pursuant to this Indenture or the related Series Authorization, the Trustee
shall be the initial Security Registrar for each series of Securities. The
Company shall have the right to remove and replace from time to time the
Security Registrar for any series of Securities; provided that no such removal
or replacement shall be effective until a successor Security Registrar with
respect to such series of Securities shall have been appointed by the Company
and shall have accepted such appointment by the Company. In the event that the
Trustee shall not be or shall cease to be Security Registrar with respect to a
series of Securities, it shall have the right to examine the Security Register
for such series at all reasonable times. There shall be only one Security
Register for each series of Securities.

     Upon surrender for registration of transfer of any Registered Security of
any series at any Office or Agency for such series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series denominated as authorized in or pursuant to this Indenture or the related
Series Authorization, of a like aggregate principal amount bearing a number not
contemporaneously outstanding and containing identical terms and provisions.

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

     If provided in or pursuant to this Indenture or the related Series
Authorization, with respect to Securities of any series, at the option of the
Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms, denominated as authorized
in or pursuant to this Indenture or the related Series Authorization and in the
same aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any Office or Agency for such series, with all unmatured Coupons
and all matured Coupons in default thereto appertaining. If the Holder of a
Bearer Security is unable to produce any such unmatured Coupon or Coupons or
matured Coupon or Coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company
and the Trustee in an amount equal to the face amount of such missing Coupon or
Coupons, or the surrender of such missing Coupon or Coupons may be waived by the
Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Bearer Security shall surrender to any Paying
Agent any such missing Coupon in respect of which such a payment shall have been
made, such Holder shall be entitled to receive the amount of such payment;
provided, however, that, except as otherwise provided in Section 10.2, interest
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such Office or Agency for such series in exchange for a
Registered Security of such series and like tenor after the close of business at
such Office or Agency on (i) any Regular Record Date and before the opening of
business at such Office or Agency on the next succeeding Interest Payment

                                      -27-

<PAGE>

Date, or (ii) any Special Record Date and before the opening of business at such
Office or Agency on the related date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date or proposed date of payment, as the case may be (or, if
such Coupon is so surrendered with such Bearer Security, such Coupon shall be
returned to the Person so surrendering the Bearer Security), and interest or
Defaulted Interest, as the case may be, shall not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but shall be
payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture.

     If provided in or pursuant to this Indenture or the related Series
Authorization, at the option of the Holder, Registered Securities of such series
may be exchanged for Bearer Securities upon such terms and conditions as may be
provided in or pursuant to this Indenture or the related Series Authorization.

     Whenever any Securities are surrendered for exchange as contemplated by the
immediately preceding two paragraphs, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive.

     Notwithstanding the foregoing, except as otherwise provided in or pursuant
to this Indenture or the related Series Authorization, any global Security shall
be exchangeable for definitive Securities only if (i) the Depository is at any
time unwilling, unable or ineligible to continue as depository and a successor
depository is not appointed by the Company within 90 days of the date the
Company is so informed in writing, (ii) the Company executes and delivers to the
Trustee a Company Order to the effect that such global Security shall be so
exchangeable, or (iii) an Event of Default has occurred and is continuing with
respect to the Securities. If the beneficial owners of interests in a global
Security are entitled to exchange such interests for definitive Securities as
the result of an event described in clause (i), (ii) or (iii) of the preceding
sentence, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in such form and denominations as
are required by or pursuant to this Indenture or the related Series
Authorization, and of the same series, containing identical terms and in
aggregate principal amount equal to the principal amount of such global
Security, executed by the Company. On or after the earliest date on which such
interests may be so exchanged, such global Security shall be surrendered from
time to time by the U.S. Depository or such other Depository as shall be
specified in the Company Order with respect thereto, and in accordance with
instructions given to the Trustee and the U.S. Depository or such other
Depository, as the case may be (which instructions shall be in writing but need
not be contained in or accompanied by an Officers' Certificate or be accompanied
by an Opinion of Counsel), as shall be specified in the Company Order with
respect thereto to the Trustee, as the Company's agent for such purpose, to be
exchanged, in whole or in part, for definitive Securities as described above
without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such global
Security to be exchanged, which (unless such Securities are not issuable both as
Bearer Securities and as Registered Securities, in which case the definitive
Securities exchanged for the

                                      -28-

<PAGE>

global Security shall be issuable only in the form in which the Securities are
issuable, as provided in or pursuant to this Indenture or the related Series
Authorization) shall be in the form of Bearer Securities or Registered
Securities, or any combination thereof, as shall be specified by the beneficial
owner thereof, but subject to the satisfaction of any certification or other
requirements to the issuance of Bearer Securities; provided, however, that no
such exchanges may occur during a period beginning at the opening of business 15
days before selection of Securities of the same series to be redeemed and ending
on the relevant Redemption Date; and provided, further, that (unless otherwise
provided in or pursuant to this Indenture or the related Series Authorization)
no Bearer Security delivered in exchange for a portion of a global Security
shall be mailed or otherwise delivered to any location in the United States.
Promptly following any such exchange in part, such global Security shall be
returned by the Trustee to such Depository or the U.S. Depository, as the case
may be, or such other Depository or U.S. Depository referred to above in
accordance with the instructions of the Company referred to above. If a
Registered Security is issued in exchange for any portion of a global Security
after the close of business at the Office or Agency for such Security where such
exchange occurs on or after (i) any Regular Record Date for such Security and
before the opening of business at such Office or Agency on the next succeeding
Interest Payment Date, or (ii) any Special Record Date for such Security and
before the opening of business at such Office or Agency on the related proposed
date for payment of interest or Defaulted Interest, as the case may be, interest
shall not be payable on such Interest Payment Date or proposed date for payment,
as the case may be, in respect of such Registered Security, but shall be payable
on such Interest Payment Date or proposed date for payment, as the case may be,
only to the Person to whom interest in respect of such portion of such global
Security shall be payable in accordance with the provisions of this Indenture.

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

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

     No service charge shall be made for any registration of transfer or
exchange, or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge and any other
expenses (including fees and expenses of the Trustee) that may be imposed in
connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.4, Section 9.5 or Section 11.7 not
involving any transfer.

     Except as otherwise provided in or pursuant to this Indenture or the
related Series Authorization, the Company shall not be required (i) to issue,
register the transfer of or exchange any Securities during a period beginning at
the opening of business 15 days before the day of mailing of a notice of
redemption of Securities of like tenor and the same series under Section

                                      -29-

<PAGE>

11.4 and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Registered Security selected for
redemption in whole or in part, except in the case of any Security to be
redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange
any Bearer Security selected for redemption except, to the extent provided with
respect to such Bearer Security, that such Bearer Security may be exchanged for
a Registered Security of like tenor and the same series, provided that such
Registered Security shall be immediately surrendered for redemption with written
instruction for payment consistent with the provisions of this Indenture or (iv)
to issue, register the transfer of or exchange any Security which, in accordance
with its terms, has surrendered for repayment at the option of the Holder,
except the portion, if any, of such Security not to be so repaid.

     Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security or a Security with a mutilated Coupon
appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 3.6, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons appertaining thereto corresponding
to the Coupons, if any, appertaining to the surrendered Security.

     If there be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security or Coupon,
and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security or Coupon has been acquired by a
protected purchaser, the Company shall execute and, upon the Company's request
the Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Security or in exchange for the
Security to which a destroyed, lost or stolen Coupon appertains with all
appurtenant Coupons not destroyed, lost or stolen, a new Security of the same
series containing identical terms and of like principal amount and bearing a
number not contemporaneously outstanding, with Coupons appertaining thereto
corresponding to the Coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
Coupon appertains.

     Notwithstanding the foregoing provisions of this Section 3.6, in case any
mutilated, destroyed, lost or stolen Security or Coupon has become or is about
to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security or Coupon; provided, however, that payment of
principal of, any premium or interest on or any Additional Amounts with respect
to any Bearer Securities shall, except as otherwise provided in Section 10.2, be
payable only at an Office or Agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture or
the related Series Authorization, any interest on Bearer Securities and any
Additional Amounts with respect to such interest shall be payable only upon
presentation and surrender of the Coupons appertaining thereto.

     Upon the issuance of any new Security under this Section 3.6, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be

                                      -30-

<PAGE>

imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee and the fees and expenses of the Trustee's counsel)
connected therewith.

     Every new Security, with any Coupons appertaining thereto issued pursuant
to this Section 3.6 in lieu of any destroyed, lost or stolen Security, or in
exchange for a Security to which a destroyed, lost or stolen Coupon appertains
shall constitute a separate obligation of the Company, whether or not the
destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of such series and any
Coupons, if any, duly issued hereunder.

     The provisions of this Section 3.6, as amended or supplemented pursuant to
this Indenture with respect to particular Securities or generally, shall be
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or Coupons.

     Section 3.7. Payment of Interest and Certain Additional Amounts; Rights to
Interest and Certain Additional Amounts Preserved.

     Unless otherwise provided in or pursuant to this Indenture or the related
Series Authorization, any interest on and any Additional Amounts with respect to
any Registered Security which shall be payable, and are punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name such Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest.

     Unless otherwise provided in or pursuant to this Indenture or the related
Series Authorization, any interest on and any Additional Amounts with respect to
any Registered Security which shall be payable, but shall not be punctually paid
or duly provided for, on any Interest Payment Date for such Registered Security
(herein called "Defaulted Interest") shall forthwith cease to be payable to the
Holder thereof on the relevant Regular Record Date by virtue of having been such
Holder; and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in Clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the
Person in whose name such Registered Security (or a Predecessor Security
thereof) shall be registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed by the Company
in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on such Registered Security,
the Special Record Date therefor and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit
on or prior to the date of the proposed payment, such money when so deposited to
be held in trust in a segregated trust account pursuant to express written
instructions of the Company for the benefit of the Person entitled to such
Defaulted Interest as in this Clause provided. The Special Record Date for the
payment of such Defaulted Interest shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and

                                      -31-

<PAGE>

not less than 10 days after notification to the Trustee of the proposed payment.
The Trustee shall, in the name and at the expense of the Company, cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to the Holder of such
Registered Security (or a Predecessor Security thereof) at his address as it
appears in the Security Register not less than 10 days prior to such Special
Record Date. The Trustee shall, in the name and at the expense of the Company
cause a similar notice to be published at least once in an Authorized Newspaper
of general circulation in the Borough of Manhattan, The City of New York, but
such publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Person in whose name such Registered
Security (or a Predecessor Security thereof) shall be registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2).

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

     Unless otherwise provided in or pursuant to this Indenture or the related
Series Authorization of any particular series pursuant to the provisions of this
Indenture, at the option of the Company, interest on Registered Securities that
bear interest may be paid by mailing a check to the address of the Person
entitled thereto as such address shall appear in the Security Register or by
wire transfer to an account maintained by the payee with a bank located in the
United States.

     Subject to the foregoing provisions of this Section and Section 3.5, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.

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

                                      -32-

<PAGE>

     Section 3.8. Persons Deemed Owners.

     Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered in the
Security Register as the owner of such Registered Security for the purpose of
receiving payment of principal of, any premium and (subject to Sections 3.5 and
3.7) interest on and any Additional Amounts with respect to such Registered
Security and for all other purposes whatsoever, whether or not any payment with
respect to such Registered Security shall be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by
notice to the contrary.

     The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security or the bearer of any Coupon as the
absolute owner of such Security or Coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon shall be overdue, and
none of the Company, the Trustee or any agent of the Company or the Trustee
shall be affected by notice to the contrary.

     No Holder of any beneficial interest in any global Security held on its
behalf by a Depository shall have any rights under this Indenture with respect
to such global Security, and such Depository may be treated by the Company, the
Trustee, and any agent of the Company or the Trustee as the owner of such global
Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability
for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

     Section 3.9. Cancellation.

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

     Section 3.10. Computation of Interest.

     Except as otherwise provided in or pursuant to this Indenture or the
related Series Authorization, interest on the Securities shall be computed on
the basis of a 360-day year of twelve 30-day months.

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<PAGE>

     Section 3.11. CUSIP Numbers.

     The Company in issuing the Securities may use "CUSIP," "CINS" and "ISIN"
numbers (if then generally in use), and the Trustee shall use CUSIP, CINS or
ISIN numbers, as the case may be, in notices of redemption or exchange as a
convenience to Holders and no representation shall be made as to the correctness
of such numbers either as printed on the Securities or as contained in any
notice of redemption or exchange.

                                    Article 4

                     SATISFACTION AND DISCHARGE OF INDENTURE

     Section 4.1. Satisfaction and Discharge.

     Upon the direction of the Company by a Company Order, this Indenture shall
cease to be of further effect with respect to any series of Securities specified
in such Company Order and any Coupons appertaining thereto, and the Trustee, on
receipt of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when

     (1)  either

          (a) all Securities of such series theretofore authenticated and
     delivered and all Coupons appertaining thereto (other than (i) Coupons
     appertaining to Bearer Securities of such series surrendered in exchange
     for Registered Securities of such series and maturing after such exchange
     whose surrender is not required or has been waived as provided in Section
     3.5, (ii) Securities and Coupons of such series which have been destroyed,
     lost or stolen and which have been replaced or paid as provided in Section
     3.6, (iii) Coupons appertaining to Securities of such series called for
     redemption and maturing after the relevant Redemption Date whose surrender
     has been waived as provided in Section 11.7, and (iv) Securities and
     Coupons of such series for whose payment money has theretofore been
     deposited in trust or segregated and held in trust by the Company and
     thereafter repaid to the Company or discharged from such trust, as provided
     in Section 10.3) have been delivered to the Trustee for cancellation; or

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

               (i) have become due and payable,

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

               (iii) if redeemable at the option of the Company or pursuant to
          the operation of a sinking fund, are to be called for redemption
          within one year under arrangements satisfactory to the Trustee for the
          giving of notice of redemption by the Trustee in the name, and at the
          expense, of the Company,

                                      -34-

<PAGE>

          and the Company, in the case of (i), (ii) or (iii) above, has
          deposited or caused to be deposited with the Trustee as trust funds in
          trust for such purpose, (1) money in the Currency in which such
          Securities are payable in an amount, or (2) Government Obligations
          applicable to such Securities and any Coupons appertaining thereto
          (determined on the basis of the Currency in which such Securities and
          Coupons appertaining thereto are then specified as payable at Stated
          Maturity) which through the scheduled payment of principal and
          interest in respect thereof in accordance with their terms will
          provide, not later than one day before the due date of any payment
          with respect to such Securities and any Coupons appertaining thereto,
          money in an amount, or (3) a combination thereof, in any case, in an
          amount, sufficient without consideration of reinvestment of such
          principal and interest to pay and discharge the entire indebtedness on
          such Securities and any Coupons appertaining thereto not theretofore
          delivered to the Trustee for cancellation, including the principal of,
          any premium and interest on, and any Additional Amounts with respect
          to such Securities and any Coupons appertaining thereto (based upon
          applicable law as in effect on the date of such deposit), to the date
          of such deposit (in the case of Securities which have become due and
          payable) or to the Maturity thereof, as the case may be;

     (2) the Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to the Outstanding Securities of such
series and any Coupons appertaining thereto; and

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

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

     Notwithstanding the satisfaction and discharge of this Indenture with
respect to any series of Securities, the obligations of the Company to the
Trustee under Section 6.6 and, if money or Government Obligations shall have
been deposited with the Trustee pursuant to subclause (b) of clause (1) of this
Section, the obligations of the Company and the Trustee with respect to the
Securities of such series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, with
respect to the payment of Additional Amounts, if any, with respect to such
Securities as contemplated by Section 10.4 (but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount
deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)),
and with respect to any rights to convert or exchange such Securities into
Common Stock of the Company or other securities shall survive.

     Section 4.2. Defeasance and Covenant Defeasance.

     (1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the
Securities of or within a series under clause (2) of this Section 4.2 shall not
be applicable with respect to the Securities of such series or (ii) covenant
defeasance of the Securities of or within a series under

                                      -35-

<PAGE>

clause (3) of this Section 4.2 shall not be applicable with respect to the
Securities of such series, then such provisions, together with the other
provisions of this Section 4.2 (with such modifications thereto as may be
specified pursuant to Section 3.1 with respect to any Securities), shall be
applicable to such Securities and any Coupons appertaining thereto, and the
Company may at its option by Board Resolution, at any time, with respect to such
Securities and any Coupons appertaining thereto, elect to have Section 4.2(2) or
Section 4.2(3) be applied to such Outstanding Securities and any Coupons
appertaining thereto upon compliance with the conditions set forth below in this
Section 4.2.

     (2) Upon the Company's exercise of the above option applicable to this
Section 4.2(2) with respect to any Securities of or within a series, the Company
shall be deemed to have been discharged from its obligations with respect to
such Outstanding Securities and any Coupons appertaining thereto on the date the
conditions set forth in clause (4) of this Section 4.2 are satisfied
(hereinafter, "defeasance"). For this purpose, such defeasance means that the
Company shall be deemed to have paid and discharged the entire Indebtedness
represented by such Outstanding Securities and any Coupons appertaining thereto,
which shall thereafter be deemed to be "Outstanding" only for the purposes of
clause (5) of this Section 4.2 and the other Sections of this Indenture referred
to in clauses (i) and (ii) below, and to have satisfied all of its other
obligations under such Securities and any Coupons appertaining thereto and this
Indenture insofar as such Securities and any Coupons appertaining thereto are
concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (i) the rights of
Holders of such Outstanding Securities and any Coupons appertaining thereto to
receive, solely from the trust fund described in clause (4) of this Section 4.2
and as more fully set forth in such clause, payments in respect of the principal
of (and premium, if any) and interest, if any, on, and Additional Amounts, if
any, with respect to, such Securities and any Coupons appertaining thereto when
such payments are due, and any rights of such Holder to convert such Securities
into Common Stock of the Company or exchange such Securities for other
securities, (ii) the obligations of the Company and the Trustee with respect to
such Securities under Sections 3.5, 3.6, 10.2 and 10.3 and with respect to the
payment of Additional Amounts, if any, on such Securities as contemplated by
Section 10.4 (but only to the extent that the Additional Amounts payable with
respect to such Securities exceed the amount deposited in respect of such
Additional Amounts pursuant to Section 4.2(4)(a) below), and with respect to any
rights to convert such Securities into Common Stock of the Company or exchange
such Securities for other securities, (iii) the rights, powers, trusts, duties
and immunities of the Trustee hereunder including, without limitation, the
compensation, reimbursement and indemnities provided in Section 6.6 herein and
(iv) this Section 4.2. The Company may exercise its option under this Section
4.2(2) notwithstanding the prior exercise of its option under clause (3) of this
Section 4.2 with respect to such Securities and any Coupons appertaining
thereto.

     (3) Upon the Company's exercise of the option to have this Section 4.2(3)
apply with respect to any Securities of or within a series, the Company shall be
released from its obligations under any covenant applicable to such Securities
specified pursuant to Section 3.1(19), including any obligation to redeem or
repurchase such securities at the option of the Holder thereof, with respect to
such Outstanding Securities and any Coupons appertaining thereto on and after
the date the conditions set forth in clause (4) of this Section 4.2 are
satisfied (hereinafter, "covenant defeasance"), and such Securities and any
Coupons appertaining thereto shall thereafter be

                                      -36-

<PAGE>

deemed to be not "Outstanding" for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with any such covenant or obligation, but shall continue to be
deemed "Outstanding" for all other purposes hereunder. For this purpose, such
covenant defeasance means that, with respect to such Outstanding Securities and
any Coupons appertaining thereto, the Company may omit to comply with, and shall
have no liability in respect of, any term, condition or limitation set forth in
any such Section or such other covenant or obligation, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or
such other covenant or obligation or by reason of reference in any such Section
or such other covenant to any other provision herein or in any other document
and such omission to comply shall not constitute a default or an Event of
Default under Section 5.1 but, except as specified above, the remainder of this
Indenture and such Securities and Coupons appertaining thereto shall be
unaffected thereby.

     (4) The following shall be the conditions to application of clause (2) or
(3) of this Section 4.2 to any Outstanding Securities of or within a series and
any Coupons appertaining thereto:

          (a) The Company shall irrevocably have deposited or caused to be
     deposited with the Trustee (or another trustee satisfying the requirements
     of Section 6.7 who shall agree to comply with the provisions of this
     Section 4.2 applicable to it) as trust funds in trust for the purpose of
     making the following payments, specifically pledged as security for, and
     dedicated solely to, the benefit of the Holders of such Securities and any
     Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign
     Currency in which such Securities and any Coupons appertaining thereto are
     then specified as payable at Stated Maturity, or (2) Government Obligations
     applicable to such Securities and Coupons appertaining thereto (determined
     on the basis of the Currency in which such Securities and Coupons
     appertaining thereto are then specified as payable at Stated Maturity)
     which through the scheduled payment of principal and interest in respect
     thereof in accordance with their terms will provide, not later than one day
     before the due date of any payment with respect to such Securities and any
     Coupons appertaining thereto, money in an amount, or (3) a combination
     thereof, in any case, in an amount, sufficient, without consideration of
     any reinvestment of such principal and interest, in the opinion of a
     nationally recognized firm of independent public accountants expressed in a
     written certification thereof delivered to the Trustee, to pay and
     discharge, and which shall be applied by the Trustee (or other qualifying
     trustee) to pay and discharge, (y) the principal of (and premium, if any)
     and interest, if any, on, and any Additional Amounts with respect to such
     Securities and Coupons appertaining thereto (based upon applicable law as
     in effect on the date of such deposit), such Outstanding Securities and any
     Coupons appertaining thereto at the Stated Maturity or Redemption Date of
     such principal or installment of principal or premium or interest and (z)
     any mandatory sinking fund payments or analogous payments applicable to
     such Outstanding Securities and any Coupons appertaining thereto on the
     days on which such payments are due and payable in accordance with the
     terms of this Indenture and of such Securities and any Coupons appertaining
     thereto and, if applicable, shall have made irrevocable arrangements
     satisfactory to the Trustee for the redemption of any Securities to be
     redeemed at the option of the Company in connection with such deposit.

                                      -37-

<PAGE>

          (b) No Event of Default or event which with notice or lapse of time or
     both would become an Event of Default with respect to such Securities and
     any Coupons appertaining thereto shall have occurred and be continuing on
     the date of such deposit (after giving effect thereto) and, with respect to
     defeasance only, no event described in Section 5.1(7) or (8) at any time
     during the period ending on the 91st day after the date of such deposit (it
     being understood that this condition shall not be deemed satisfied until
     the expiration of such period).

          (c) Such defeasance or covenant defeasance shall not result in a
     breach or violation of, or constitute a default under, any material
     agreement or instrument (other than this Indenture) to which the Company is
     a party or by which it is bound.

          (d) In the case of an election under clause (2) of this Section 4.2
     with respect to Registered Securities and any Bearer Securities for which
     the Place of Payment is within the United States, the Company shall have
     delivered to the Trustee an Opinion of Counsel stating that (i) the Company
     has received from the Internal Revenue Service a letter ruling, or there
     has been published by the Internal Revenue Service a Revenue Ruling, or
     (ii) since the date of execution of this Indenture, there has been a change
     in the applicable Federal income tax law, in either case to the effect
     that, and based thereon such opinion shall confirm that, the Holders of
     such Outstanding Securities and any Coupons appertaining thereto will not
     recognize income, gain or loss for Federal income tax purposes as a result
     of such defeasance and will be subject to Federal income tax on the same
     amounts, in the same manner and at the same times as would have been the
     case if such defeasance had not occurred.

          (e) In the case of an election under clause (3) of this Section 4.2
     with respect to Registered Securities and any Bearer Securities for which
     the Place of Payment is within the United States, the Company shall have
     delivered to the Trustee an Opinion of Counsel to the effect that the
     Holders of such Outstanding Securities and any Coupons appertaining thereto
     will not recognize income, gain or loss for Federal income tax purposes as
     a result of such covenant defeasance and will be subject to Federal income
     tax on the same amounts, in the same manner and at the same times as would
     have been the case if such covenant defeasance had not occurred.

          (f) With respect to defeasance only, the Company shall have delivered
     to the Trustee an Officers' Certificate as to solvency and the absence of
     any intent of preferring the Holders over any other creditors of the
     Company.

          (g) The Company shall have delivered to the Trustee an Officers'
     Certificate and an Opinion of Counsel, each stating that all conditions
     precedent to the defeasance or covenant defeasance under clause (2) or (3)
     of this Section 4.2 (as the case may be) have been complied with.

          (h) Notwithstanding any other provisions of this Section 4.2(4), such
     defeasance or covenant defeasance shall be effected in compliance with any
     additional or substitute terms, conditions or limitations which may be
     imposed on the Company in connection therewith pursuant to Section 3.1.

                                      -38-

<PAGE>

     (5) Unless otherwise specified in or pursuant to this Indenture or any
Series Authorization, if, after a deposit referred to in Section 4.2(4)(a) has
been made, (a) the Holder of a Security in respect of which such deposit was
made is entitled to, and does, elect pursuant to Section 3.1 or the terms of
such Security to receive payment in a Currency other than that in which the
deposit pursuant to Section 4.2(4)(a) has been made in respect of such Security,
or (b) a Conversion Event occurs in respect of the Foreign Currency in which the
deposit pursuant to Section 4.2(4)(a) has been made, the indebtedness
represented by such Security and any Coupons appertaining thereto shall be
deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium, if any), and interest, if any, on, and
Additional Amounts, if any, with respect to, such Security as the same becomes
due out of the proceeds yielded by converting (from time to time as specified
below in the case of any such election) the amount or other property deposited
in respect of such Security into the Currency in which such Security becomes
payable as a result of such election or Conversion Event based on (x) in the
case of payments made pursuant to clause (a) above, the applicable market
exchange rate for such Currency in effect on the second Business Day prior to
each payment date, or (y) with respect to a Conversion Event, the applicable
market exchange rate for such Foreign Currency in effect (as nearly as feasible)
at the time of the Conversion Event.

     The Company shall pay and indemnify the Trustee (or other qualifying
trustee, collectively for purposes of this Section 4.2(5) and Section 4.3, the
"Trustee") against any tax, fee or other charge, imposed on or assessed against
the Government Obligations deposited pursuant to this Section 4.2 or the
principal or interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of such
Outstanding Securities and any Coupons appertaining thereto.

     Anything in this Section 4.2 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money or Government Obligations (or other property and any proceeds therefrom)
held by it as provided in clause (4) of this Section 4.2 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect a
defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.2.

     Section 4.3. Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.3, all money
and Government Obligations (or other property as may be provided pursuant to
Section 3.1) (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.1 or Section 4.2 in respect of any Outstanding Securities
of any series and any Coupons appertaining thereto shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and
any Coupons appertaining thereto and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders of such Securities
and any Coupons appertaining thereto of all sums due and to become due thereon
in respect of principal (and premium, if any) and interest and Additional
Amounts, if any; but such money and Government Obligations need not be
segregated from other funds except to the extent required by law.

                                      -39-

<PAGE>

                                    Article 5

                                    REMEDIES

     Section 5.1. Events of Default.

     "Event of Default," wherever used herein with respect to Securities of any
series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body),
unless such event is specifically deleted or modified in or pursuant to the
related Series Authorization:

     (1) default in the payment of any interest on any Security of such series,
or any Additional Amounts payable with respect thereto, when such interest
becomes or such Additional Amounts become due and payable, and continuance of
such default for a period of 60 days; or

     (2) default in the payment of the principal of or any premium on any
Security of such series, or any Additional Amounts payable with respect thereto,
when such principal or premium becomes or such Additional Amounts become due and
payable at their Maturity; or

     (3) default in the performance, or breach, of any covenant or warranty of
the Company in this Indenture or the Securities (other than a covenant or
warranty a default in the performance or the breach of which is elsewhere in
this Section specifically dealt with or which has been expressly included in
this Indenture solely for the benefit of a series of Securities other than such
series), and continuance of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the Outstanding Securities of 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; or

     (4) if any event of default as defined in any mortgage, indenture or
instrument under which there may be issued, or by which there may be secured or
evidenced, any Indebtedness of the Company for borrowed money (other than
Indebtedness which is non-recourse to the Company) shall happen and shall
consist of default in the payment of more than $100,000,000 or its equivalent in
other currencies in principal amount of such Indebtedness when due (after giving
effect to any applicable grace period) or shall result in such Indebtedness in a
principal amount in excess of $100,000,000 or its equivalent in other currencies
becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable, and such default shall not be cured or waived
or such acceleration shall not be rescinded or annulled within a period of 30
days after there shall have been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Securities of such series, a
written notice specifying such event of default and requiring the Company to
cause such default to be cured or waived or to cause such acceleration to be
rescinded or annulled or to cause such Indebtedness to be discharged and stating
that such notice is a "Notice of Default" hereunder; or

                                      -40-

<PAGE>

     (5) the Company shall fail within 60 days to pay, bond or otherwise
discharge any uninsured judgment or court order for the payment of money in
excess of $100,000,000 or its equivalent in other currencies, which is not
stayed on appeal or is not otherwise being appropriately contested in good
faith; or

     (6) the entry by a court having competent jurisdiction of:

          (a) a decree or order for relief in respect of the Company in an
     involuntary proceeding under any applicable bankruptcy, insolvency,
     reorganization (other than a reorganization under a foreign law that does
     not relate to insolvency) or other similar law and such decree or order
     shall remain unstayed and in effect for a period of 60 consecutive days; or

          (b) a decree or order adjudging the Company to be insolvent, or
     approving a petition seeking reorganization (other than a reorganization
     under a foreign law that does not relate to insolvency), arrangement,
     adjustment or composition of the Company and such decree or order shall
     remain unstayed and in effect for a period of 60 consecutive days; or

          (c) a final and non-appealable order appointing a custodian, receiver,
     liquidator, assignee, trustee or other similar official of the Company or
     of any substantial part of the property of the Company, or ordering the
     winding up or liquidation of the affairs of the Company; or

     (7) the commencement by the Company of a voluntary proceeding under any
applicable bankruptcy, insolvency, reorganization (other than a reorganization
under a foreign law that does not relate to insolvency) or other similar law or
of a voluntary proceeding seeking to be adjudicated insolvent or the consent by
the Company to the entry of a decree or order for relief in an involuntary
proceeding under any applicable bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any insolvency proceedings against it, or
the filing by the Company of a petition or answer or consent seeking
reorganization, arrangement, adjustment or composition of the Company or relief
under any applicable law, or the consent by the Company to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee or similar official of the Company or any
substantial part of the property of the Company or the making by the Company of
an assignment for the benefit of creditors, or the taking of corporate action by
the Company in furtherance of any such action; or

     (8) any other or substitute Event of Default provided in or pursuant to
this Indenture or the related Series Authorization with respect to Securities of
such series.

     Section 5.2. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Securities of any series at the time
Outstanding (other than an Event of Default specified in clause (6) or (7) of
Section 5.1) occurs and is continuing, then the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of such series
may declare the principal of all the Securities of such series, to be due and
payable immediately, by a notice in writing to the Company (and to the

                                      -41-

<PAGE>

Trustee if given by the Holders), and upon any such declaration such principal
shall become immediately due and payable.

     If an Event of Default specified in clause (6) or (7) of Section 5.1
occurs, all unpaid principal of and accrued interest on the Outstanding
Securities of that series shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder of any Security of that series.

     At any time after a declaration of acceleration with respect to the
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of not less than a majority in principal amount of
the Outstanding Securities of such series, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if

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

          (a) all overdue installments of any interest on and Additional Amounts
     with respect to all Securities of such series and any Coupon appertaining
     thereto,

          (b) the principal of and any premium on any Securities of such series
     which have become due otherwise than by such declaration of acceleration
     and interest thereon and any Additional Amounts with respect thereto at the
     rate or rates borne by or provided for in such Securities,

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

          (d) all sums paid or advanced by the Trustee hereunder and the
     reasonable compensation, expenses, disbursements and advances of the
     Trustee, its agents and counsel and all other amounts due the Trustee under
     Section 6.6; and

     (2) all Events of Default with respect to Securities of such series, other
than the non-payment of the principal of, any premium and interest on, and any
Additional Amounts with respect to 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 5.13.

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

     Section 5.3. Collection of Indebtedness and Suits for Enforcement by
Trustee.

     The Company covenants that if

     (1) default is made in the payment of any installment of interest on or any
Additional Amounts with respect to any Security or any Coupon appertaining
thereto when such interest or Additional Amounts shall have become due and
payable and such default continues for a period of 30 days, or

                                      -42-

<PAGE>

     (2) default is made in the payment of the principal of or any premium on
any Security or any Additional Amounts with respect thereto at their Maturity,
the Company shall, upon demand of the Trustee, pay to the Trustee, for the

benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount of money then due and payable with respect to such Securities
and any Coupons appertaining thereto, with interest upon the overdue principal,
any premium and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest and Additional Amounts at
the rate or rates borne by or provided for in such Securities, and, in addition
thereto, such further amount of money as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and all other
amounts due to the Trustee under Section 6.6.

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

     If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series and any
Coupons appertaining thereto by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or such Securities or in aid of the exercise of any power granted
herein or therein, or to enforce any other proper remedy.

     Section 5.4. Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities of any series or the property of the Company or such other obligor or
their creditors, the Trustee (irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of any overdue principal, premium, interest or
Additional Amounts) shall be entitled and empowered, to the extent permitted by
applicable law by intervention in such proceeding or otherwise,

     (1) to file and prove a claim for the whole amount, or such lesser amount
as may be provided for in the Securities of any applicable series, of the
principal and any premium, interest and Additional Amounts owing and unpaid in
respect of the Securities and any Coupons appertaining thereto and to file such
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation,

                                      -43-

<PAGE>

expenses, disbursements and advances of the Trustee, its agents or counsel) and
of the Holders of Securities or any Coupons appertaining thereto allowed in such
judicial proceeding, and

     (2) to collect and receive any monies 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 of Securities or any Coupons to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders of Securities or any Coupons, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 6.6.

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

     Section 5.5. Trustee May Enforce Claims without Possession of Securities or
Coupons.

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

     Section 5.6. Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal, or any
premium, interest or Additional Amounts, upon presentation of the Securities or
Coupons, or both, as the case may be, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:

          First: To the payment of all amounts due the Trustee and any
     predecessor Trustee under Section 6.6;

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

                                      -44-

<PAGE>

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

     Section 5.7. Limitations on Suits.

     No Holder of any Security of any series or any Coupons appertaining thereto
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless

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

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

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

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

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

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

     Section 5.8. Unconditional Right of Holders to Receive Principal and any
Premium, Interest and Additional Amounts.

     Notwithstanding any other provision in this Indenture, the Holder of any
Security or Coupon shall have the right, which is absolute and unconditional, to
receive payment of the principal of, any premium and (subject to Sections 3.5
and 3.7) interest on, and any Additional Amounts with respect to such Security
or payment of such Coupon, as the case may be, on the respective Stated Maturity
or Maturities therefor specified in such Security or Coupon (or, in the case of
redemption, on the Redemption Date or, in the case of repayment at the option of
such Holder if provided with respect to such Security, on the date such
repayment is due) and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder.

                                      -45-

<PAGE>

     Section 5.9. Restoration of Rights and Remedies.

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

     Section 5.10. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph
of Section 3.6, no right or remedy herein conferred upon or reserved to the
Trustee or to each and every Holder of a Security or a Coupon is intended to be
exclusive of any other right or remedy, and every right and remedy, to the
extent permitted by law, shall 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, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.

     Section 5.11. Delay or Omission Not Waiver.

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

     Section 5.12. Control by Holders of Securities.

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

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

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

     (3) such direction is not unduly prejudicial to the rights of the other
Holders of Securities of such series not joining in such action.

                                      -46-

<PAGE>

     Section 5.13. Waiver of Past Defaults.

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

     (1) in the payment of the principal of, any premium or interest on, or any
Additional Amounts with respect to, any Security of such series or any Coupons
appertaining thereto, or

     (2) in respect of a covenant or provision hereof which under Article 9
cannot be modified or amended without the consent of the Holder of each
Outstanding Security of such series affected.

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

     Section 5.14. Waiver of Usury, Stay or Extension Laws.

     The Company covenants that (to the extent that it may lawfully do so) 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 the Company expressly waives (to the
extent that it may lawfully do so) 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.

     Section 5.15. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Security 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 or
omitted by it as Trustee, the filing by any party litigant in such suit of any
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 5.15 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of Outstanding Securities of any series, 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 or Additional Amounts,
if any, with respect to any Security on or after the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date, and, in the case of repayment or repurchase, on or
after the date for repayment or repurchase) or for the enforcement of the right,
if any, to convert or exchange any Security into Common Stock or other
securities in accordance with its terms.

                                      -47-

<PAGE>

                                    Article 6

                                   THE TRUSTEE

     Section 6.1. Certain Rights of Trustee.

     Subject to Sections 315(a) through 315(d) of the Trust Indenture Act:

     (1) the Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon or other paper or document reasonably believed by it to
be genuine and to have been signed or presented by the proper party or parties;

     (2) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or a Company Order (in each case,
other than delivery of any Security, together with any Coupons appertaining
thereto, to the Trustee for authentication and delivery pursuant to Section 3.3
which shall be sufficiently evidenced as provided therein) and any resolution of
the Board of Directors may be sufficiently evidenced by a Board Resolution;

     (3) 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 shall be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers' Certificate;

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

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

     (6) 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,
coupon or other paper or document, but the Trustee, in its discretion, may but
shall not be obligated to make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine, during
business hours and upon reasonable notice, the books, records and premises of
the Company, personally or by agent or attorney;

     (7) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, attorneys,
custodians or nominees and the

                                      -48-

<PAGE>

Trustee shall not be responsible for any misconduct or negligence on the part of
any agent, attorney, custodian or nominee appointed with due care by it
hereunder;

     (8) the Trustee shall not be liable for any action taken or error of
judgment made in good faith by a Responsible Officer or Responsible Officers of
the Trustee, unless it shall be proved that the Trustee was negligent, acted in
bad faith or engaged in willful misconduct;

     (9) the Authenticating Agent, Paying Agent, and Security Registrar shall
have the same protections as the Trustee set forth hereunder;

     (10) the Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with an Act of
the Holders hereunder, and, to the extent not so provided herein, with respect
to any act requiring the Trustee to exercise its own discretion, 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 or any Securities, unless it shall be proved that, in connection
with any such action taken, suffered or omitted or any such act, the Trustee was
negligent, acted in bad faith or engaged in willful misconduct;

     (11) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee
which conform to the requirements of the Indenture;

     (12) except during the continuance of an Event of Default, the Trustee
undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read
into this Indenture against the Trustee;

     (13) except as expressly required by the terms of this Indenture, none of
the provisions of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur any liability, financial or otherwise, 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 indemnity satisfactory to it against such risk or
liability is not assured to it; and

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

     Section 6.2. Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder with respect
to the Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series entitled to receive reports pursuant to
Section 7.3(3), notice of such default hereunder actually known to a Responsible
Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any), or interest, if any, on, or Additional
Amounts or any sinking fund with

                                      -49-

<PAGE>

respect to, any Security of such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the
best interest of the Holders of Securities and Coupons of such series; and
provided, further, that in the case of any default of the character specified in
Section 5.1(4) with respect to Securities of such series, no such notice to
Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section, the term "default" means any event which is, or
after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

     Section 6.3. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee's
certificate of authentication, and in any Coupons shall be taken as the
statements of the Company and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or the Coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by
the Company of the Securities or the proceeds thereof.

     Section 6.4. May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other Person that may be an agent of the Trustee or the
Company, in its individual or any other capacity, may become the owner or
pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the
Trust Indenture Act, may otherwise deal with the Company with the same rights it
would have if it were not the Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other Person.

     Section 6.5. Money Held in Trust.

     Except as provided in Section 4.3 and Section 10.3, money held by the
Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law and shall be held uninvested. The Trustee shall be under
no liability for interest on any money received by it hereunder except as
otherwise agreed to in writing with the Company.

     Section 6.6. Compensation and Reimbursement.

     The Company agrees:

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

                                      -50-

<PAGE>

     (2) except as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Indenture or arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder (including the reasonable
compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to the
Trustee's negligence or bad faith; and

     (3) to indemnify the Trustee and its agents, officers, directors and
employees for, and to hold them harmless against, any loss, liability or expense
incurred, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses of defending
themselves against any claim or liability in connection with the exercise or
performance of any of their powers or duties hereunder, except to the extent
that any such loss, liability or expense was due to the Trustee's negligence 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 of any
series upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of, and premium or
interest on or any Additional Amounts with respect to Securities or any Coupons
appertaining thereto.

     To the extent permitted by law, any compensation or expense incurred by the
Trustee after a default specified in or pursuant to Section 5.1 is intended to
constitute an expense of administration under any then applicable bankruptcy or
insolvency law. "Trustee" for purposes of this Section 6.6 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section 6.6.

     The provisions of this Section 6.6 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee
and shall apply with equal force and effect to the Trustee in its capacity as
Authenticating Agent, Paying Agent or Security Registrar.

     Section 6.7. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder that is a Corporation
organized and doing business under the laws of the United States of America, any
state thereof or the District of Columbia, that is eligible under Section
310(a)(1) of the Trust Indenture Act to act as trustee under an indenture
qualified under the Trust Indenture Act and that has a combined capital and
surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture
Act) of at least $50,000,000, and that is subject to supervision or examination
by Federal or state authority. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

     Section 6.8. Resignation and Removal; Appointment of Successor.

     (1) 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 pursuant to Section 6.9.

                                      -51-

<PAGE>

     (2) The Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 6.9 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to such
series.

     (3) The Trustee may be removed at any time with respect to the Securities
of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and the Company.

     (4) If at any time:

          (a) the Trustee shall fail to comply with the obligations imposed upon
     it under Section 310(b) of the Trust Indenture Act with respect to
     Securities of any series after written request therefor by the Company or
     any Holder of a Security of such series who has been a bona fide Holder of
     a Security of such series for at least six months, or

          (b) the Trustee shall cease to be eligible under Section 6.7 and shall
     fail to resign after written request therefor by the Company or any such
     Holder, or

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

     then, in any such case, (i) the Company, by or pursuant to a Board
     Resolution, may remove the Trustee with respect to all Securities or the
     Securities of such series, or (ii) subject to Section 315(e) of the Trust
     Indenture Act, any Holder of a Security who has been a bona fide Holder of
     a Security of such series for at least six months may, on behalf of himself
     and all others similarly situated, petition any court of competent
     jurisdiction for the removal of the Trustee with respect to all Securities
     of such series and the appointment of a successor Trustee or Trustees.

     (5) If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of such series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.9. If, within one year after such resignation, removal
or incapacity, 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 6.9, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect

                                      -52-

<PAGE>

to the Securities of any series shall have been so appointed by the Company or
the Holders of Securities and accepted appointment in the manner required by
Section 6.9, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

     (6) The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series by mailing
written notice of such event by first-class mail, postage prepaid, to the
Holders of Registered Securities, if any, of such series as their names and
addresses appear in the Security Register and, if Securities of such series are
issued as Bearer Securities, by publishing notice of such event once in an
Authorized Newspaper in each Place of Payment located outside the United States.
Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

     (7) In no event shall any retiring Trustee be liable for the acts or
omissions of any successor Trustee hereunder.

     Section 6.9. Acceptance of Appointment by Successor.

     (1) Upon the appointment hereunder of any successor Trustee with respect to
all Securities, such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company and the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties hereunder of the retiring Trustee; but, on the written request of the
Company or such successor Trustee, such retiring Trustee, upon payment of its
charges, shall execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and, subject
to Section 10.3, shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 6.6.

     (2) Upon the appointment hereunder of any successor Trustee with respect to
the Securities of one or more (but not all) series, the Company, the retiring
Trustee and such successor Trustee shall execute and deliver an indenture
supplemental hereto wherein such 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, such successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same

                                      -53-

<PAGE>

trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any notice given to,
or received by, or any act or failure to act on the part of any other Trustee
hereunder, and, upon the execution and delivery of such supplemental indenture,
the resignation or removal of the retiring Trustee shall become effective to the
extent provided therein, such retiring Trustee shall have no further
responsibility for the exercise of rights and powers or for the performance of
the duties and obligations vested in the Trustee under this Indenture with
respect to the Securities of that or those series to which the appointment of
such successor Trustee relates other than as hereinafter expressly set forth,
and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on written request of the
Company or such successor Trustee, such retiring Trustee, upon payment of its
charges with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates and subject to Section 10.3 shall
duly assign, transfer and deliver to such successor Trustee, to the extent
contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates, subject to
its claim, if any, provided for in Section 6.6.

     (3) Upon request of any Person appointed hereunder as a successor Trustee,
the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts referred to in paragraph (1) or (2) of this Section, as the case may be.

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

     Section 6.10. Merger, Conversion, Consolidation or Succession to Business.

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

     Section 6.11. Appointment of Authenticating Agent.

     The Trustee may appoint one or more Authenticating Agents acceptable to the
Company with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue, exchange, registration of transfer,
partial redemption or partial repayment or pursuant to Section 3.6, and
Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is

                                      -54-

<PAGE>

made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

     Each Authenticating Agent must be acceptable to the Company and, except as
provided in or pursuant to this Indenture or the related Series Authorization,
shall at all times be a corporation that would be permitted by the Trust
Indenture Act to act as trustee under an indenture qualified under the Trust
Indenture Act, is authorized under applicable law and by its charter to act as
an Authenticating Agent and has a combined capital and surplus (computed in
accordance with Section 310(a)(2) of the Trust Indenture Act) of at least
$50,000,000. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, it 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 all or substantially all of
the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, 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 and the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall (i) mail written notice
of such appointment by first-class mail, postage prepaid, to all Holders of
Registered Securities, if any, of the series with respect to which such
Authenticating Agent shall serve, as their names and addresses appear in the
Security Register, and (ii) if Securities of the series are issued as Bearer
Securities, publish notice of such appointment at least once in an Authorized
Newspaper in the place where such successor Authenticating Agent has its
principal office if such office is located outside the United States. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

     The Company agrees to pay each Authenticating Agent from time to time
reasonable compensation for its services under this Section. If the Trustee
makes such payments, it shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 6.6.

     The provisions of Section 3.8, Section 6.3 and Section 6.4 shall be
applicable to each Authenticating Agent.

                                      -55-

<PAGE>

     If an Authenticating Agent is appointed with respect to one or more series
of Securities pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to or in lieu of the Trustee's certificate of
authentication, an alternate certificate of authentication in substantially the
following form:

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

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           as Trustee

                                           By:
                                               ---------------------------------
                                                    as Authenticating Agent

                                           By:
                                               ---------------------------------
                                                       Authorized Officer

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

                                    Article 7

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

     Section 7.1. Company to Furnish Trustee Names and Addresses of Holders.

     In accordance with Section 312(a) of the Trust Indenture Act, the Company
shall furnish or cause to be furnished to the Trustee

     (1) semi-annually with respect to Securities of each series not later than
May 1 and November 1 of the year or upon such other dates as are set forth in or
pursuant to the Board Resolution or indenture supplemental hereto authorizing
such series, a list, in each case in such form as the Trustee may reasonably
require, of the names and addresses of Holders as of the applicable date, and

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

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

                                      -56-

<PAGE>

     Section 7.2. Preservation of Information; Communications to Holders.

     The Trustee shall comply with the obligations imposed upon it pursuant to
Section 312 of the Trust Indenture Act.

     Every Holder of Securities or Coupons, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company, the Trustee,
any Paying Agent or any Security Registrar shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders of Securities in accordance with Section 312(c) of the Trust Indenture
Act, regardless of the source from which such information was derived, and that
the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

     Section 7.3. Reports by Trustee.

     (1) Within 60 days after September 15 of each year commencing with the
first September 15 following the first issuance of Securities pursuant to
Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the
Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a
brief report dated as of such September 15 with respect to any of the events
specified in said Section 313(a) which may have occurred since the later of the
immediately preceding September 15 and the date of this Indenture.

     (2) The Trustee shall transmit the reports required by Sections 313(a) and
313(b)(2) of the Trust Indenture Act at the times specified therein.

     (3) Reports pursuant to this Section shall be transmitted in the manner and
to the Persons required by Sections 313(c) and 313(d) of the Trust Indenture
Act.

     Section 7.4. Reports by Company.

     The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:

     (1) file with the Trustee, within 15 days after the Company is required to
file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934,
as amended; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it shall file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13
of the Securities Exchange Act of 1934, as amended, in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations;

     (2) file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and

                                      -57-

<PAGE>

reports with respect to compliance by the Company, with the conditions and
covenants of this Indenture as may be required from time to time by such rules
and regulations; and

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

                                    Article 8

                 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES

     Section 8.1. Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate or amalgamate with or merge into any
other Person (other than a Subsidiary), or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to any
other Person (other than a Subsidiary), and the Company shall not permit any
other Person (other than a Subsidiary) to consolidate or amalgamate with or
merge into the Company or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to the Company; unless:

     (1) in case the Company shall consolidate or amalgamate with or merge into
another Person or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to any Person as aforesaid, the Person
formed by such consolidation or amalgamation or into which the Company is merged
or the Person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Company as an entirety or substantially as an
entirety shall be a Corporation organized and existing under the laws of the
United States of America, any state thereof or the District of Columbia,
Bermuda, the Cayman Islands or any other country (including under the laws of
any state, province or other political subdivision thereof) which is on the date
of this Indenture a member of the Organization for Economic Cooperation and
Development or the European Union, and shall expressly assume, by an indenture
(or indentures, if at such time there is more than one Trustee) supplemental
hereto, executed by the successor Person and delivered to the Trustee the due
and punctual payment of the principal of, any premium and interest on and any
Additional Amounts with respect to all the Securities and the performance of
every obligation in this Indenture and the Outstanding Securities on the part of
the Company to be performed or observed and shall provide for conversion or
exchange rights in accordance with the provisions of the Securities of any
series that are convertible or exchangeable into Common Stock or other
securities;

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

     (3) either the Company or the successor Person shall have delivered to the
Trustee an Officers' Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and, if a supplemental
indenture is required in connection with such

                                      -58-

<PAGE>

transaction, such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

     Section 8.2. Successor Person Substituted for Company.

     Upon any consolidation or amalgamation by the Company with or merger of the
Company into any other Person or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety to any Person
in accordance with Section 8.1, the successor Person formed by such
consolidation or amalgamation or into which the Company is merged or 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 under this Indenture
with the same effect as if such successor Person had been named as the Company
herein; and thereafter, except in the case of a lease, the predecessor Person
shall be released from all obligations and covenants under this Indenture, the
Securities and the Coupons.

                                    Article 9

                             SUPPLEMENTAL INDENTURES

     Section 9.1. Supplemental Indentures without Consent of Holders.

     Without the consent of any Holders of Securities or Coupons, the Company
(when authorized by or pursuant to a Board Resolution) and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental
hereto, for any of the following purposes:

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

     (2) to add to the covenants of the Company for the benefit of the Holders
of all or any series of Securities (as shall be specified in such supplemental
indenture or indentures) or to surrender any right or power herein conferred
upon the Company; or

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

     (4) to establish the forms or terms of Securities of any series and any
Coupons appertaining thereto as permitted by Sections 2.1 and 3.1; or

     (5) to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more series and to
add to or change any of the

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<PAGE>

provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 6.9; or

     (6) to cure any ambiguity or to correct or supplement any provision herein
which may be defective or inconsistent with any other provision herein, or to
make any other provisions with respect to matters or questions arising under
this Indenture which shall not adversely affect the interests of the Holders of
Securities of any series then Outstanding or any Coupons appertaining thereto in
any material respect; or

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

     (8) to add any additional Events of Default with respect to all or any
series of Securities (as shall be specified in such supplemental indenture); or

     (9) to supplement any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the defeasance and discharge of any
series of Securities pursuant to Article 4, provided that any such action shall
not adversely affect the interests of any Holder of an Outstanding Security of
such series and any Coupons appertaining thereto or any other Outstanding
Security or Coupon in any material respect; or

     (10) to secure the Securities of any series; or

     (11) to make provisions with respect to conversion or exchange rights of
Holders of Securities of any series; or

     (12) to amend or supplement any provision contained herein or in any
supplemental indenture, provided that no such amendment or supplement shall
materially adversely affect the interests of the Holders of any Securities then
Outstanding.

     Section 9.2. Supplemental Indentures with Consent of Holders.

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

     (1) change the Stated Maturity of the principal of, or any premium or
installment of interest on or any Additional Amounts with respect to, any
Security, or reduce the principal amount thereof (or modify the calculation of
such principal amount) or the rate (or modify the calculation of such rate) of
interest thereon or any Additional Amounts with respect thereto, or any premium
payable upon the redemption thereof or otherwise, or change the obligation of
the

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<PAGE>

Company to pay Additional Amounts pursuant to such Security (except as
contemplated by Section 8.1(1) and permitted by Section 9.1(1)) or change the
redemption provisions or adversely affect the right of repayment at the option
of any Holder as contemplated by Article 13, or change the Place of Payment,
Currency in which the principal of, any premium or interest on, or any
Additional Amounts with respect to any Security is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date
or, in the case of repayment at the option of the Holder, on or after the date
for repayment), or

     (2) reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or
reduce the requirements of Section 15.4 for quorum or voting, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section
10.7, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby, or

     (4) make any change that adversely affects the right to convert or exchange
any Security into or for Common Stock of the Company or other securities
(whether or not issued by the Company), cash or property in accordance with its
terms.

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

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

     Section 9.3. Execution of Supplemental Indentures.

     As a condition to executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trust created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 315 of the Trust Indenture Act) 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 and an
Officers' Certificate stating that all conditions precedent to the execution of
such supplemental indenture have been fulfilled. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

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<PAGE>

     Section 9.4. Effect of Supplemental Indentures.

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

     Section 9.5. Reference in Securities to Supplemental Indentures.

     Securities of any series authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

     Section 9.6. Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall
conform to the requirements of the Trust Indenture Act as then in effect.

     Section 9.7. Notice of Supplemental Indenture.

     Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to Section 9.2, the Company shall transmit to
the Holders of Outstanding Securities of any series affected thereby a notice
setting forth the substance of such supplemental indenture.

                                   Article 10

                                    COVENANTS

     Section 10.1. Payment of Principal, any Premium, Interest and Additional
Amounts.

     The Company covenants and agrees for the benefit of the Holders of the
Securities of each series that it will duly and punctually pay the principal of,
any premium and interest on and any Additional Amounts with respect to the
Securities of such series in accordance with the terms thereof, any Coupons
appertaining thereto and this Indenture. Any interest due on any Bearer Security
on or before the Maturity thereof, and any Additional Amounts payable with
respect to such interest, shall be payable only upon presentation and surrender
of the Coupons appertaining thereto for such interest as they severally mature.

     Section 10.2. Maintenance of Office or Agency.

     The Company shall maintain in each Place of Payment for any series of
Securities an Office or Agency where Securities of such series (but not Bearer
Securities, except as otherwise provided below, unless such Place of Payment is
located outside the United States) may be

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<PAGE>

presented or surrendered for payment, where Securities of such series may be
surrendered for registration of transfer or exchange, where Securities of such
series that are convertible or exchangeable may be surrendered for conversion or
exchange, and where notices and demands to or upon the Company in respect of the
Securities of such series relating thereto and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company, except as
otherwise permitted or required in or pursuant to this Indenture or the related
Series Authorization shall maintain, subject to any laws or regulations
applicable thereto, an Office or Agency in a Place of Payment for such series
which is located outside the United States where Securities of such series and
any Coupons appertaining thereto may be presented and surrendered for payment;
provided, however, that if the Securities of such series are listed on the
London Stock Exchange or the Luxembourg Stock Exchange or any other stock
exchange located outside the United States and such stock exchange shall so
require, the Company shall maintain a Paying Agent in London, Luxembourg or any
other required city located outside the United States, as the case may be, so
long as the Securities of such series are listed on such exchange. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of such Office or Agency. If at any time the Company shall fail
to maintain any such required Office or Agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee,
except that Bearer Securities of such series and any Coupons appertaining
thereto may be presented and surrendered for payment at the place specified for
the purpose with respect to such Securities as provided in or pursuant to this
Indenture or the related Series Authorization, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

     Except as otherwise permitted or required in or pursuant to this Indenture
or the related Series Authorization, no payment of principal, premium, interest
or Additional Amounts with respect to Bearer Securities shall be made at any
Office or Agency in the United States or by check mailed to any address in the
United States or by wire transfer to an account maintained with a bank located
in the United States; provided, however, if amounts owing with respect to any
Bearer Securities shall be payable in Dollars, payment of principal of, any
premium or interest on and any Additional Amounts with respect to any such
Security may be made at the Corporate Trust Office of the Trustee or any Office
or Agency designated by the Company in the Borough of Manhattan, The City of New
York, if (but only if) payment of the full amount of such principal, premium,
interest or Additional Amounts at all offices outside the United States
maintained for such purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar
restrictions.

     The Company may also from time to time designate one or more other Offices
or Agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an Office or Agency
in each Place of Payment for Securities of any series for such purposes. The
Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other Office or
Agency. Unless otherwise provided in or pursuant to this Indenture or the
related Series Authorization, the Company hereby designates as the Place of
Payment for each series of Securities the Borough of Manhattan, The City of New
York, and initially appoints the Corporate Trust Office of the

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<PAGE>

Trustee as the Office or Agency of the Company in the Borough of Manhattan, The
City of New York for such purpose. The Company may subsequently appoint a
different Office or Agency in the Borough of Manhattan, The City of New York for
the Securities of any series.

     Unless otherwise specified with respect to any Securities pursuant to
Section 3.1, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one exchange rate agent.

     Section 10.3. Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it shall, on or before each due date of the
principal of, any premium or interest on or Additional Amounts with respect to
any of the Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum in the currency or currencies,
currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to
Section 3.1 for the Securities of such series) sufficient to pay the principal
or any premium, interest or Additional Amounts so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and
shall promptly notify the Trustee in writing of its action or failure so to act.

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

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

     (1) hold all sums held by it for the payment of the principal of, any
premium or interest on or any Additional Amounts with respect to Securities of
such series in trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as provided in or
pursuant to this Indenture or the related Series Authorization;

     (2) give the Trustee notice of any default by the Company (or any other
obligor upon the Securities of such series) in the making of any payment of
principal of, any premium or interest on or any Additional Amounts with respect
to the Securities of such series; and

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

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<PAGE>

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

     Except as otherwise provided herein or pursuant hereto, 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, any premium or interest on or any Additional
Amounts with respect to any Security of any series or any Coupon appertaining
thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and
payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security or
any Coupon appertaining thereto shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
repayment, at the expense of the Company may cause to be published once, in an
Authorized Newspaper in each Place of Payment for such series or to be mailed to
Holders of Registered Securities of such series, or both, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication or mailing nor shall it be
later than two years after such principal and or any premium or interest or
Additional Amounts shall have become due and payable, any unclaimed balance of
such money then remaining will be repaid to the Company.

     Section 10.4. Additional Amounts.

     As contemplated by Section 3.1 and in accordance with this Section 10.4, if
the Securities of a series provide for the payment of Additional Amounts, the
Company will pay to the Holder of a Security of such series or any Coupon
appertaining thereto Additional Amounts in accordance with the terms of such
series and this Section 10.4.

     All payments of principal of and premium, if any, interest and any other
amounts on, or in respect of, the Securities of any series or any Coupon
appertaining thereto shall be made without withholding or deduction at source
for, or on account of, any present or future taxes, fees, duties, assessments or
governmental charges of whatever nature imposed or levied by or on behalf of
Bermuda or any other jurisdiction in which the Company is organized (each, a
"taxing jurisdiction") or any political subdivision or taxing authority thereof
or therein, unless such taxes, fees, duties, assessments or governmental charges
are required to be withheld or deducted by (i) the laws (or any regulations or
ruling promulgated thereunder) of a taxing jurisdiction or any political
subdivision or taxing authority thereof or therein or (ii) an official position
regarding the application, administration, interpretation or enforcement of any
such laws, regulations or rulings (including, without limitation, a holding by a
court of competent jurisdiction or by a taxing authority in a taxing
jurisdiction or any political subdivision thereof). If a withholding or
deduction at source is required, the Company shall, subject to certain
limitations and exceptions set forth below, pay to the Holder of any such
Security or any Coupon

                                      -65-

<PAGE>

appertaining thereto such Additional Amounts as may be necessary so that every
net payment of principal, premium, if any, interest or any other amount made to
such Holder, after such withholding or deduction, shall not be less than the
amount provided for in such Security, any Coupons appertaining thereto and this
Indenture to be then due and payable; provided, however, that the Company shall
not be required to make payment of such Additional Amounts for or on account of:

     (1) any tax, fee, duty, assessment or governmental charge of whatever
nature which would not have been imposed but for the fact that such Holder: (A)
was a resident, domiciliary or national of, or engaged in business or maintained
a permanent establishment or was physically present in, the relevant taxing
jurisdiction or any political subdivision thereof or otherwise had some
connection with the relevant taxing jurisdiction other than by reason of the
mere ownership of, or receipt of payment under, such Security; (B) presented
such Security for payment in the relevant taxing jurisdiction or any political
subdivision thereof, unless such Security could not have been presented for
payment elsewhere; or (C) presented such Security more than thirty (30) days
after the date on which the payment in respect of such Security first became due
and payable or provided for, whichever is later, except to the extent that the
Holder would have been entitled to such Additional Amounts if it had presented
such Security for payment on any day within such period of thirty (30) days;

     (2) any estate, inheritance, gift, sale, transfer, personal property or
similar tax, assessment or other governmental charge;

     (3) any tax, assessment or other governmental charge that is imposed or
withheld by reason of the failure by the Holder or the beneficial owner of such
Security to comply with any reasonable request by the Company addressed to the
Holder within 90 days of such request (A) to provide information concerning the
nationality, residence or identity of the Holder or such beneficial owner or (B)
to make any declaration or other similar claim or satisfy any information or
reporting requirement, which, in the case of (A) or (B), is required or imposed
by statute, treaty, regulation or administrative practice of the relevant taxing
jurisdiction or any political subdivision thereof as a precondition to exemption
from all or part of such tax, assessment or other governmental charge;

     (4) any withholding or deduction required to be made pursuant to EU
Directive no. 2003/48 dated June 3, 2003 (JOUE L 157 published on June 26, 2003)
or to any other EU Directive or EU Regulation on the taxation of savings
deriving from the conclusions of the European Council Meeting held in Feira on
June 19-20, 2000 or of the ECOFIN Council Meetings of November 26-27, 2000,
December 13, 2001 and January 21, 2003 or pursuant to any law or regulation
implementing or complying with, or introduced in order to conform to, such EU
Directives or Regulations;

     (5) any taxes, duties, levies, assessments or governmental charges that are
payable otherwise than by withholding from payments in respect of such Security;
or

     (6) any combination of items (1), (2), (3), (4) and (5);

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<PAGE>

nor shall Additional Amounts be paid with respect to any payment of the
principal of, or premium, if any, interest or any other amounts on, any such
Security to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of such Security to the extent such payment would be required
by the laws of the relevant taxing jurisdiction (or any political subdivision or
relevant taxing authority thereof or therein) to be included in the income for
tax purposes of a beneficiary or partner or settlor with respect to such
fiduciary or a member of such partnership or a beneficial owner who would not
have been entitled to such Additional Amounts had it been the Holder of the
Security.

     Whenever in this Indenture there is mentioned, in any context, the payment
of the principal of or any premium, interest or any other amounts on, or in
respect of, any Security of any series or any Coupon or the net proceeds
received on the sale or exchange of any Security of any series, such mention
shall be deemed to include mention of the payment of Additional Amounts provided
by the terms of such series established pursuant to Section 3.1 to the extent
that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to such terms, and express mention of the payment of
Additional Amounts (if applicable) in any provision hereof shall not be
construed as excluding the payment of Additional Amounts in those provisions
hereof where such express mention is not made.

     Except as otherwise provided in or pursuant to this Indenture or the
related Series Authorization of the applicable series, if the Securities of a
series provide for the payment of Additional Amounts, at least 10 days prior to
the first Interest Payment Date with respect to such series of Securities (or if
the Securities of such series shall not bear interest prior to Maturity, the
first day on which a payment of principal is made), and at least 10 days prior
to each date of payment of principal or interest if there has been any change
with respect to the matters set forth in the below-mentioned Officers'
Certificate, the Company shall furnish to the Trustee and the principal Paying
Agent or Paying Agents, if other than the Trustee, an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal of and premium, if any, interest or any other amounts on
the Securities of such series shall be made to Holders of Securities of such
series or the Coupons appertaining thereto without withholding for or on account
of any tax, fee, duty, assessment or other governmental charge described in this
Section 10.4 and the Securities of such series. If any such withholding shall be
required, then such Officers' Certificate shall specify by taxing jurisdiction
the amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons, and the Company agrees to pay to the Trustee or such
Paying Agent the Additional Amounts required by this Section 10.4 and the terms
of such Securities. In the event that the Trustee or any Paying Agent, as the
case may be, shall not so receive the above-mentioned certificate, then the
Trustee or such Paying Agent shall be entitled (i) to assume that no such
withholding or deduction is required with respect to any payment of principal or
interest with respect to any Securities of a series or Coupons appertaining
thereto until it shall have received a certificate advising otherwise and (ii)
to make all payments of principal and interest with respect to such Securities
of a series and Coupons without withholding or deductions until otherwise
advised. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by any of them in reliance on any
Officers' Certificate furnished pursuant to this Section 10.4 or in reliance on
the Company's not furnishing such an Officer's Certificate.

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<PAGE>

     Section 10.5. Redemption for Tax Purposes

     The Company may redeem the Securities of one or more series at its option,
in whole but not in part, at a Redemption Price equal to 100% of the principal
amount, together with accrued and unpaid interest and Additional Amounts, if
any, to the date fixed for redemption, at any time it receives an Opinion of
Counsel that as a result of (i) any change in or amendment to the laws or
treaties (or any regulations or rulings promulgated under these laws or
treaties) of Bermuda or any taxing jurisdiction (or of any political subdivision
or taxation authority affecting taxation) or any change in the application or
official interpretation of such laws, regulations or rulings, or (ii) any action
taken by a taxing authority of Bermuda or any taxing jurisdiction (or any
political subdivision or taxing authority affecting taxation) which action is
generally applied or is taken with respect to the Company, or (iii) a decision
rendered by a court of competent jurisdiction in Bermuda or any taxing
jurisdiction (or any political subdivision) whether or not such decision was
rendered with respect to the Company, there is a substantial probability that
the Company will be required as of the next Interest Payment Date to pay
Additional Amounts with respect to the Securities of such series as provided in
Section 10.4 and the terms of such Securities and such requirements cannot be
avoided by the use of reasonable measures (consistent with practices and
interpretations generally followed or in effect at the time such measures could
be taken) then available. If the Company elects to redeem the Securities of such
series under this provision it will give written notice of such election to the
Trustee. If the Company elects to redeem the Securities of such series under
this provision it will also mail a notice of redemption at least 30 days but no
more than 60 days before the Redemption Date to each Holder of the Securities to
be redeemed. Unless the Company defaults in the payment of the Redemption Price,
on and after the Redemption Date, interest will cease to accrue on the
Securities of such series so called for redemption. Any such redemption will be
subject to Article 11 hereof.

     Section 10.6. Corporate Existence.

     Subject to Article 8, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence
and rights (charter and statutory) and franchises; provided, however, that the
foregoing shall not obligate the Company to preserve any such right or franchise
if the Company shall determine that the preservation thereof is no longer
desirable in the conduct of its business and that the loss thereof is not
disadvantageous in any material respect to any Holder.

     Section 10.7. Waiver of Certain Covenants.

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

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     Section 10.8. Company Statement as to Compliance; Notice of Certain
Defaults.

     (1) The Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year, a written statement (which need not be contained in or
accompanied by an Officers' Certificate) signed by the principal executive
officer, the principal financial officer or the principal accounting officer of
the Company, stating that

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

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

     (2) The Company shall deliver to the Trustee, within five days after the
occurrence thereof, written notice of any Event of Default or any event which
after notice or lapse of time or both would become an Event of Default pursuant
to clause (4) of Section 5.1.

     (3) The Trustee shall have no duty to monitor the Company's compliance with
the covenants contained in this Article 10 other than as specifically set forth
in this Section 10.8.

     Section 10.9. Calculation of Original Issue Discount.

     The Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue
discount (including daily rates and accrual periods) accrued on any Outstanding
Original Issue Discount Securities as of the end of such year and (ii) such
other specific information relating to such original issue discount as may then
be relevant under the Code, as amended from time to time.

                                   Article 11

                            REDEMPTION OF SECURITIES

     Section 11.1. Applicability of Article.

     Redemption of Securities of any series as permitted or required by the
terms of such Securities shall be made in accordance with the terms of such
Securities and (except as otherwise provided herein or pursuant hereto) this
Article.

     Section 11.2. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by
or pursuant to a Board Resolution. In case of any redemption at the election of
the Company of (a) less than

                                      -69-

<PAGE>

all of the Securities of any series or (b) all of the Securities of any series,
with the same issue date, interest rate or formula, Stated Maturity and other
terms, the Company shall, at least 60 days prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee in writing of such Redemption Date and of the principal
amount of Securities of such series to be redeemed.

     Section 11.3. Selection by Trustee of Securities to be Redeemed.

     If less than all of the Securities of any series with the same issue date,
interest rate or formula, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions of the principal amount of Registered Securities of such
series; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Registered Security of such series not
redeemed to less than the minimum denomination for a Security of such series
established herein or pursuant hereto.

     The Trustee shall promptly notify the Company and the Security Registrar
(if other than itself) in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.

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

     Unless otherwise specified in or pursuant to this Indenture or the related
Series Authorization of any series, if any Security selected for partial
redemption is converted into Common Stock of the Company or exchanged for other
securities in part before termination of the conversion or exchange right with
respect to the portion of the Security so selected, the converted portion of
such Security shall be deemed (so far as may be) to be the portion selected for
redemption. Securities which have been converted or exchanged during a selection
of Securities to be redeemed shall be treated by the Trustee as Outstanding for
the purpose of such selection.

     Section 11.4. Notice of Redemption.

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

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

                                      -70-

<PAGE>

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price,

     (3) if less than all Outstanding Securities of any series are to be
redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Security or Securities to be redeemed,

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

     (5) that, on the Redemption Date, the Redemption Price shall become due and
payable upon each such Security or portion thereof to be redeemed, in the case
of a Registered Security, together with any accrued interest and Additional
Amounts pertaining thereto, and that unless the Company shall default in the
payment of the Redemption Price and other amounts then due, interest thereon, if
applicable, shall cease to accrue on and after said date,

     (6) the place or places where such Securities, together (in the case of
Bearer Securities) with all Coupons appertaining thereto, if any, maturing on or
after the Redemption Date, are to be surrendered for payment of the Redemption
Price and any accrued interest and Additional Amounts pertaining thereto,

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

     (8) that, unless otherwise specified in such notice, Bearer Securities of
any series, if any, surrendered for redemption must be accompanied by all
Coupons maturing subsequent to the date fixed for redemption or the amount of
any such missing Coupon or Coupons will be deducted from the Redemption Price,
unless security or indemnity satisfactory to the Company, the Trustee and any
Paying Agent is furnished,

     (9) if Bearer Securities of any series are to be redeemed and no Registered
Securities of such series are to be redeemed, and if such Bearer Securities may
be exchanged for Registered Securities not subject to redemption on the
Redemption Date pursuant to Section 3.5 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made,

     (10) in the case of Securities of any series that are convertible into
Common Stock of the Company or exchangeable for other securities, the conversion
or exchange price or rate, the date or dates on which the right to convert or
exchange the principal of the Securities of such series to be redeemed will
commence or terminate and the place or places where such Securities may be
surrendered for conversion or exchange, and

     (11) the CUSIP number or the Euroclear or the Cedel reference numbers of
such Securities, if any (or any other numbers used by a Depository to identify
such Securities).

                                      -71-

<PAGE>

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

     Notice of redemption of Securities 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.

     Section 11.5. Deposit of Redemption Price.

     On or prior to any Redemption Date, the Company shall deposit, with respect
to the Securities of any series called for redemption, with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money in the
applicable Currency sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date, unless otherwise
specified pursuant to Section 3.1 or in the Securities of such series) any
accrued interest on and Additional Amounts with respect thereto, all such
Securities or portions thereof which are to be redeemed on that date.

     Section 11.6. Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to
be redeemed shall, become due and payable on the Redemption Date, at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and any accrued
interest or Additional Amounts) such Securities shall cease to bear interest and
the Coupons for such interest appertaining to any Bearer Securities so to be
redeemed, except to the extent provided below, shall be void. Upon surrender of
any such Security for redemption in accordance with said notice, together with
all Coupons, if any, appertaining thereto maturing after the Redemption Date,
such Security shall be paid by the Company at the Redemption Price, together
with any accrued interest and Additional Amounts to the Redemption Date;
provided, however, that, except as otherwise provided in or pursuant to the
related Series Authorization and the Coupons, installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of Coupons for such interest (at an
Office or Agency located outside the United States except as otherwise provided
in Section 10.2), and provided, further, that, except as otherwise specified in
or pursuant to the related Series Authorization, installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
Regular Record Dates therefor according to their terms and the provisions of
Section 3.7 and installments of interest on Registered Securities for which the
Redemption Date is after a Regular Record Date and on or before the following
Interest Payment Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on
the Regular Record Dates therefor according to their terms and the provisions of
Section 3.7.

     If any Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant Coupons maturing after the Redemption Date, such Security may
be paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing Coupons, or the surrender of such missing Coupon or
Coupons may be waived by the Company

                                      -72-

<PAGE>

and the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If thereafter
the Holder of such Security shall surrender to the Trustee or any Paying Agent
any such missing Coupon in respect of which a deduction shall have been made
from the Redemption Price, such Holder shall be entitled to receive the amount
so deducted; provided, however, that any interest or Additional Amounts
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such Security located outside of the
United States except as otherwise provided in Section 10.2.

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

     Section 11.7. Securities Redeemed in Part.

     Any Registered Security which is to be redeemed only in part shall be
surrendered at any Office or Agency for such Security (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Registered Security or Securities of the
same series, containing identical terms and provisions, of any authorized
denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so
surrendered. If a Security in global form is so surrendered, the Company shall
execute, and the Trustee shall authenticate and deliver to the U.S. Depository
or other Depository for such Security in global form as shall be specified in
the Company Order with respect thereto to the Trustee, without service charge, a
new Security in global form in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Security in global form so
surrendered.

                                   Article 12

                                  SINKING FUNDS

     Section 12.1. Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for
the retirement of Securities of a series, except as otherwise permitted or
required in or pursuant to this Indenture or the related Series Authorization.

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

                                      -73-

<PAGE>

redemption of Securities of any series as provided for by the terms of
Securities of such series and this Indenture.

     Section 12.2. Satisfaction of Sinking Fund Payments with Securities.

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

     Section 12.3. Redemption of Securities for Sinking Fund.

     Not less than 75 days prior to each sinking fund payment date for any
series of Securities, the Company shall deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that series pursuant to Section 12.2, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and
will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officers' Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 60 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 11.4. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Section 11.6 and Section 11.7.

                                      -74-

<PAGE>

                                   Article 13

                       REPAYMENT AT THE OPTION OF HOLDERS

     Section 13.1. Applicability of Article.

     Securities of any series which are repayable at the option of the Holders
thereof before their Stated Maturity shall be repaid in accordance with the
terms of the Securities of such series. The repayment of any principal amount of
Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 3.9, shall not
operate as a payment, redemption or satisfaction of the Indebtedness represented
by such Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a written directive that such Securities
be cancelled. Notwithstanding anything to the contrary contained in this Section
13.1, in connection with any repayment of Securities, the Company may arrange
for the purchase of any Securities by an agreement with one or more investment
bankers or other purchasers to purchase such Securities by paying to the Holders
of such Securities on or before the close of business on the repayment date an
amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price of
such Securities shall be satisfied and discharged to the extent such payment is
so paid by such purchasers.

                                   Article 14

                        SECURITIES IN FOREIGN CURRENCIES

     Section 14.1. Applicability of Article.

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

                                   Article 15

                        MEETINGS OF HOLDERS OF SECURITIES

     Section 15.1. Purposes for Which Meetings May Be Called.

     A meeting of Holders of Securities of any series may be called at any time
and from time to time pursuant to this Article to make, give or take any
request, demand, authorization,

                                      -75-

<PAGE>

direction, notice, consent, waiver or other Act provided by this Indenture to be
made, given or taken by Holders of Securities of such series.

     Section 15.2. Call, Notice and Place of Meetings.

     (1) The Trustee may at any time call a meeting of Holders of Securities of
any series for any purpose specified in Section 15.1, to be held at such time
and at such place in the Borough of Manhattan, The City of New York, or, if
Securities of such series have been issued in whole or in part as Bearer
Securities, in London or in such place outside the United States as the Trustee
shall determine. Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 1.6, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.

     (2) In case at any time the Company (by or pursuant to a Board Resolution)
or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders
of Securities of such series for any purpose specified in Section 15.1, by
written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed notice of or made
the first publication of the notice of such meeting within 21 days after receipt
of such request (whichever shall be required pursuant to Section 1.6) or shall
not thereafter proceed to cause the meeting to be held as provided herein, then
the Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in the
Borough of Manhattan, The City of New York, or, if Securities of such series are
to be issued as Bearer Securities, in London for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in clause (1) of
this Section.

     Section 15.3. Persons Entitled to Vote at Meetings.

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

     Section 15.4. Quorum; Action.

     The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for any meeting of
Holders of Securities of such series. In the absence of a quorum within 30
minutes after the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be dissolved.
In any other case the meeting may be adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any reconvened meeting, such
reconvened meeting may be further adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the

                                      -76-

<PAGE>

adjournment of such reconvened meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 15.2(1), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of an
adjourned meeting shall state expressly the percentage, as provided above, of
the principal amount of the Outstanding Securities of such series which shall
constitute a quorum.

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

     Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the Coupons
appertaining thereto, whether or not such Holders were present or represented at
the meeting.

     Section 15.5. Determination of Voting Rights; Conduct and Adjournment of
Meetings.

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

     (2) The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders of Securities as provided in Section 15.2(1), in which
case the Company or the Holders of Securities of the series calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by
vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

                                      -77-

<PAGE>

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

     (4) Any meeting of Holders of Securities of any series duly called pursuant
to Section 15.2 at which a quorum is present may be adjourned from time to time
by Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting; and the meeting may be
held as so adjourned without further notice.

     Section 15.6. Counting Votes and Recording Action of Meetings.

     The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports of all votes cast at the meeting. A record of the proceedings of each
meeting of Holders of Securities of any series shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was given as
provided in Section 15.2 and, if applicable, Section 15.4. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Company, and another to
the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

            [The remainder of this page is intentionally left blank.]

                                      -78-

<PAGE>

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

Attest:                                   RENAISSANCERE HOLDINGS LTD.

/s/ Martin J. Merritt                     By: /s/ John M. Lummis
---------------------------------------       ----------------------------------
Martin J. Merritt                             John M. Lummis
Senior Vice President and                     Executive Vice President and
Controller                                    Chief Financial Officer

                                      -79-

<PAGE>

[SEAL]

Attest:                                   DEUTSCHE BANK TRUST COMPANY
                                          AMERICAS, as Trustee

By: /s/ Yana Kalachikova                  By: /s/ Dorothy Robinson
    -----------------------------------       ----------------------------------
    Yana Kalachikova                          Dorothy Robinson
    Associate                                 Vice President

[SEAL]

                                      -80-

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