Document:

Exhibit 10.1

    
      

    

    

    FOREBEARANCE
      AND SETTLEMENT AGREEMENT 

    

    This
      Agreement (this “Agreement”)
      is
      dated as of ____________, 2006 and is entered into by and among RoomLinX, Inc.,
      a Nevada corporation (the “Company”),
      and
      the Investors set forth on the signature pages hereto (the “Investors”).

    

    R
      E C I T A L S:

    

    WHEREAS,
      pursuant to the terms of a Securities Purchase Agreement dated March 2, 2005
      among the Company and the Investors named therein (the “Purchase
      Agreement”),
      the
      Investors made loans to the Company as evidenced by convertible debentures
      dated
      March 2, 2005 in the original aggregate principal amount of $1,100,000.00 (the
      “Notes”)
      and
      the Company issued to the Investors warrants to purchase shares of Common Stock
      in the Company (the “Warrants”)
      at an
      exercise price of $.075 per share, as set forth on Schedule
      A
      hereto;
      and

    

    WHEREAS,
      pursuant to the terms of the Purchase Agreement, the Company and the Investors
      entered into a Registration Rights Agreement dated as of March 2, 2005 (the
      “Registration
      Agreement”)
      pursuant to which the Investors were granted certain registration rights in
      respect of the shares of Common Stock underlying the Notes and Warrants and
      providing for liquidated damages (“Liquidated
      Damages”)
      in the
      event that the Company failed to perform its obligations under the Registration
      Agreement; and 

    

    WHEREAS,
      certain
      Events of Default have occured under the Notes and the Registration Agreement;
      and 

    

    WHEREAS,
      solely
      upon the terms and subject to the conditions of this Agreement, the Investors
      have agreed for an initial ninety (90) day period, and upon compliance by the
      Company with the terms of this Agreement, for an additional one hundred eighty
      (180) day period, to forebear from exercising any and all of their rights and
      remedies under the Notes including demanding repayment of the Notes and payment
      of Liquidated Damages and to permanently settle the obligations of the Company
      to the Investors upon the terms and conditions set forth herein;
      and

    

    WHEREAS,
      all
      capitalized terms used but not defined herein shall have the meanings given
      to
      such terms in the Purchase Agreement.

    

    NOW
      THEREFORE,
      it is
      hereby agreed between the parties as follows: 

    

    1. Acknowledgment
      of Debt and Default.
      The
      Company acknowledges and agrees that:

    

    (a) The
      Company is liable for the full and timely payment of the Notes, including,
      without limitation, all principal, accrued interest, attorneys’ fees and other
      costs, charges, obligations and expenses heretofore, now or from time to time
      hereafter incurred by the Investor in connection with the Notes, the Events
      of
      Default and the negotiation, preparation, administration and enforcement of
      this
      Agreement; and

    

    (b) Each
      Investor has the right to immediately initiate and prosecute any or all of
      its
      rights or remedies, whether pursuant to the Note, at law, in equity or
      otherwise. 

     

    (c) In
      addition, the Company has failed to register the shares of Common Stock
      underlying the Notes and Warrants owned by the Investors and to pay Liquidated
      Damages to the Investors with respect to such failure pursuant to the terms
      and
      conditions of the Registration Agreement. 

     

    (d) Each
      Investor has the right to immediately initiate and prosecute any or all of
      its
      rights or remedies, whether pursuant to the Registration Agreement, at law,
      in
      equity or otherwise.

    2. Forebearance. Provided
      that no other breach, default or event of default exists or occurs under the
      Notes, other than the “Disclosed Defaults” (hereinafter defined), each Investor
      hereby agrees to forebear from the exercise of any and all rights and remedies
      under the Notes and/or the Registration Agreement and applicable law (including
      demanding repayment of the Notes) for a period of ninety (90) days from the
      date
      of this Agreement (the “Initial
      Forebearance Period”).
      Subject to Section 7 hereof, each Investor further agrees that during the
      Initial Forebearance Period, the Note shall not accrue any additional interest
      and that the amount set forth on Schedule
      A
      under
      the heading “Amount of Notes Outstanding as of _________, 2006” represents the
      amount to be repaid by the Company in accordance with this Agreement in the
      absence of any Default under Section 7 hereto. “Disclosed Defaults” means the
      Company’s failure to pay any amounts under the Notes when due and to register
      the shares of Common Stock underlying the Notes and Warrants under the
      Registration Agreement.

    

    3. Next
      Financing.
      During
      the Initial Forebearance Period, the Company agrees to use its reasonable best
      efforts to raise a minimum of $1,000,000.00 through the sale of equity or equity
      linked securities (such as convertible debt) in the Company, the closing (the
      “Closing”)
      of
      which is expected to occur within 90 days of the date hereof (the “Next
      Financing”).
      The
      Company agrees that the exercise price of any warrants to be issued in
      connection with the Next Financing shall be not less than $0.06 per share of
      Common Stock.

    

    4. Cash
      Payments to Investors.
      Upon
      the
      Closing, the Company shall pay to each Investor such Investor’s proportionate
      share of $466,666.66 pro rata to each Investor in proportion to the principal
      amount of such Investor’s investment to the aggregate original principal amount
      of the Notes by wire transfer of immediately available funds to such accounts
      as
      may be designated by the Investors.

    

    5. Issuance
      of Securities to Investors.  At
      the
      Closing, the Company shall issue to the Investors the same principal securities
      (debt or equity) of the Company issued by the Company to investors in the Next
      Financing, in the aggregate amount of $550,000.00 (assuming all Investors
      execute this Agreement and pro-rata to each Investor based on such Investor’s
      overall ownership percentage of all Notes) (based on the purchase price paid
      for
      such securities by the Investors in the Next Financing). Such securities shall
      be divided among the holders of Notes in proportion to the principal amount
      of
      the Notes held by them and surrendered for cancellation. 

    

    6. Second
      Forebearance Period.
      Assuming
      that the Next Financing is consummated on or prior to the expiration of the
      Initial Forebearance Period and the Company complies with Sections 4 and 5
      above, the Investors shall continue to forebear from exercising any rights
      or
      remedies for an additional one-hundred eighty (180) day period (the
“Second
      Forebearance Period”).
      On or
      prior to the end of the Second Forebearance Period, the Company shall pay to
      each Investor such Investor’s proportionate share of $233,333.34, by wire
      transfer of immediately available funds to such account as may be designated
      by
      the Investors in full satisfaction of the Notes.

    

    7. Default.
      The
      Company hereby acknowledges and agrees that if it fails to fully and timely
      satisfy, perform and comply with each and every term and provision of Sections
      3, 4, 5 and 6 above (herinafter a “Default”), then (a) the Initial Forebearance
      Period or the Second Forebearance Period, as the case may be, shall immediately
      terminate, and (b) each Investor may immediately exercise such of its rights
      and
      remedies as it deems appropriate, whether pursuant to the Notes, the Purchase
      Agreement, at law, in equity or otherwise. In addition and notwithstanding
      anything contained herein to the contrary, in the event of a Default, all
      interest under the Notes which would have otherwise accrued but for the
      Forebearance provisions of Section 1 hereto, shall be reinstated from the day
      of
      this Agreement and shall continue to accrue until the Notes are repaid and
      the
      Company shall be indebted to the Investors for an additional $225,000 to be
      apportioned pro-rata to each Investor based on such Investor’s overall ownership
      percentage of all Notes to be memorialized in new promissory notes on comparable
      terms (i..e., interest rate and term) to the Notes which will be promptly
      delivered to each Investor following such Default. In the event of Default
      the
      Investors agree to provide RoomLinX written notice of the default and allow
      RoomLinX ten (10) business days from receipt of the written notice to cure
      the
      default. 

    

    8. Reaffirmation.
      The
      Company hereby reaffirms and remakes all of its representations, warranties
      and
      covenants made in the Notes and Purchase Agreement. If, and to the extent,
      the
      terms and provisions of this Agreement conflict or contradict with the terms
      and
      provisions of the Notes or the Purchase Agreement, then the terms and provisions
      of this Agreement shall govern and control; provided, however, to the extent
      the
      terms and provisions of this Agreement do not contradict or conflict with the
      terms and provisions of the Notes or Purchase Agreement, then the Notes or
      Purchase Agreement, as amended by this Agreement, shall remain in and have
      their
      intended full force and effect, and the Company and the Investors hereby affirm,
      confirm and ratify the same.

    

    9. Forebearance
      Agreement Not Refinancing.
      Each
      Investor’s agreement to forbear pursuant to this Agreement is not, and shall not
      be construed as, a refinancing of the Notes.

     

    10. Authority
      to Execute this Agreement.
      The
      Company represents and warrants that it has the right, power and capacity and
      is
      duly authorized and empowered to enter into, execute, deliver and perform this
      Agreement. The execution, delivery and performance by the Company of this
      Agreement shall not, by the lapse of time, the giving of notice or otherwise,
      constitute a violation of any applicable law or breach of any provision
      contained in the Company's Certificate of Incorporation or By-Laws, or contained
      in any agreement, instrument or document to which the Company is now or
      hereafter a party or by which it is or may become bound.

    

    11. Forebearance
      Limitation.
      The
      Forebearance described in this Agreement shall be limited solely to the
      Disclosed Defaults and shall not be deemed (a) a Forebearance of any other
      terms
      or provisions, or a waiver of any terms or provisions, of the Notes, the
      Purchase Agreement or any other agreements, documents or instruments referenced
      therein or executed and delivered pursuant thereto, (b) a Forebearance or waiver
      by Investor of any Event of Default, whether now existing or hereafter arising,
      other than the Disclosed Defaults, or (c) to affect any of Investor’s rights or
      remedies, whether at law, in equity or otherwise and whether pursuant to the
      Notes, the Purchase Agreement, or any other agreements, documents or instruments
      referenced therein or executed and delivered pursuant thereto, except as
      expressly provided herein.

     

    12. Reservation
      of Rights.
      Each
      Investor continues to reserve all of its rights and remedies, pursuant to this
      Agreement, the Notes and the Purchase Agreement, as well as any rights and
      remedies at law, in equity or otherwise. Nothing contained in this Agreement
      shall be or be deemed a waiver of any presently existing or any hereafter
      arising or occurring breach, default or event of default, including, but not
      limited to, the Disclosed Defaults, nor shall preclude the subsequent exercise
      of any of Investor’s rights or remedies. Upon a default under this Agreement or
      a breach, default or event of default under the Notes or the Purchase Agreement
      other than the Disclosed Defaults, the Initial Forebearance Period or the Second
      Forebearance Period, as the case may be, shall immediately terminate and the
      Investor may exercise all of its rights and remedies, whether pursuant to this
      Agreement, the Notes, the Purchase Agreement, at law, in equity or
      otherwise.

    

    13. Waiver
      and Release.
      In
      consideration of each Investor’s execution and delivery of this Agreement the
      Company hereby waives, releases and forever discharges such Investor, its
      predecessors, parents, subsidiaries, affiliates, agents, employees, officers,
      directors, shareholders, attorneys, legal representatives, successors and
      assigns, and each of them, from any and all claims, demands, counterclaims,
      set-offs, defenses, debts, liabilities, obligations, costs, expenses, actions,
      causes of action and damages of every kind, nature and description whatsoever,
      known or unknown, foreseeable and unforeseeable, liquidated and unliquidated,
      and insured and uninsured, which the Company heretofore, now and from time
      to
      time hereafter owns, holds or has by reason of any matter, cause or thing
      whatsoever, arising from, relating to or in connection with the Notes, the
      Purchase Agreement, or this Agreement.

     

    14.
       Waivers.
      Each
      Investor hereby agrees as follows, as of the date when the Company fully and
      timely complies with the terms and provisions of each of Sections 3, 4, 5,
      and 6
      hereto:

    

    (a) to
      permanently waive any and all Liquidated Damages under the Registration
      Agreement;

    

    (b) to
      permanently waive any anti-dilution rights under the Notes and the Warrants,
      any
      and all additional interest, fees or penalties due under the Notes and any
      and
      all Events of Default under the Notes as defined in Section 10 of the Notes;
      and

    

    (c) to
      permanently waive the provisions of Sections 4.7 and 4.9 of the Purchase
      Agreement with respect to the Next Financing.

    

    15. Reduction
      of Exercise Price of Warrants and Termination of Registration
      Agreement.
      

    

    (a) As
      of the
      date hereof, the “Exercise Price” of each of the Warrants shall be reduced from
      $0.075 to the lower of (i) $0.06 per share of Common Stock or (ii) the exercise
      price of the warrants issued in the Next Financing.; and 

    

    (b) As
      of the
      Closing, the Registration Agreement shall be terminated and of no further force
      and effect. The Company agrees to include the shares of Common Stock underlying
      the Warrants in any registration agreement entered into by the Company with
      the
      investors in the Next Financing on the same terms as such investors receive
      in
      respect of the securities purchased by them. 

    

    16. Miscellaneous.

    

    (a)
       This
      Agreement shall be governed by, and shall be construed in accordance with,
      the
      laws of the State of New York, without regard to conflicts of law
      principals.

    

    (b) In
      the
      event that a party brings an action or proceeding relating to this Agreement,
      or
      the enforcement of any of the articles of this Agreement, then such action
      or
      proceeding shall be brought in the Courts located in the County of New York,
      State of New York. In any action, lawsuit or proceeding brought to enforce
      or
      interpret the provisions of this Agreement and/or arising out of or relating
      to
      any dispute between or among the parties, the prevailing party shall be entitled
      to recover all of its reasonable attorney’s fees, costs and expenses, in
      addition to any other relief to which such party may be entitled.

     

    (c) In
      the
      event that any provision or portion of this Agreement shall, for any reason,
      be
      held invalid, unenforceable or contrary to law, the remainder of such provision
      and the remaining provisions of this Agreement shall not be affected but,
      rather, shall remain in full force and effect; provided, however, that remainder
      of this Agreement shall continue to substantially reflect the intent of the
      parties as indicated herein. The parties hereto agree in such event to execute,
      acknowledge and deliver all such further documents and to take all such further
      action as may be necessary or desirable to carry out and make effective the
      terms, conditions, purposes and intent of this Agreement.

    

    (d)
       No
      agreement or understanding which modifies or alters this Agreement or any part
      thereof shall be binding upon any party hereto unless it is in writing and
      duly
      signed by all of the parties hereto.

    

    (e) This
      Agreement may be executed in counterparts each of which shall be deemed to
      be an
      original, but all of which shall constitute one and the same agreement. Any
      party shall be entitled to rely on a facsimile signature as if it were an
      original. 

     

    (f) No
      failure to exercise, and no delay in exercising, any of Investor’s rights,
      powers or privileges shall operate as a waiver thereof.  No waiver of any
      breach of any provision shall be deemed to be a waiver of any preceding or
      succeeding breach of the same or any other provision.  No extension of time
      for the payment of any of the indebtedness or any other sum owed by the Company
      to Investors, or the performance of any other obligation or act, shall be deemed
      to be an extension of the time for payment or performance of any obligation
      or
      act.  

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COUNTERPART
      SIGNATURE PAGE

    TO
      FOREBEARANCE AND SETTLEMENT AGREEMENT

    

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first written above.

    

     

     

    
      
        	
                 

              	
                ROOMLINX,
                  INC. 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                By:
                  

              	
                 

              
	
                 

              	
                Name:

              	
                 

              
	
                 

              	
                Title:

              	
                 

              

      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COUNTERPART
      SIGNATURE PAGE

    TO
      FOREBEARANCE AND SETTLEMENT AGREEMENT

    

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first written above.

    

    
      
        	
                 

              	
                
                   

                

              	
                 

              
	
                 

              	
                
                  Note
                    HolderCITIGROUP
        INC.

      

      

      TO

      

      

      JPMORGAN
        CHASE BANK, N.A.

      Trustee

      

      

      
        
          

        

      

      

      INDENTURE

      

      

      Dated
        as
        of September 15, 2006

       

      
        

      

      

      Providing
        for the issuance of Junior Subordinated Deferrable Interest
        Debentures

      

      

      
        

        

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
        OF
        CONTENTS

      

      Page

      

      
        	
                Recitals
                  of the Company

              	
                1

              
	 	 	
              
	
                
                  ARTICLE
                    I Definitions And Other Provisions of General
                    Application

                

              	
                1

              
	
                Section
                  1.1.

              	
                Definitions.

              	
                1

              
	
                Section
                  1.2.

              	
                Compliance
                  Certificates and Opinions.

              	
                12

              
	
                Section
                  1.3.

              	
                Form
                  of Documents Delivered to Trustee.

              	
                13

              
	
                Section
                  1.4.

              	
                Acts
                  of Holders; Record Dates.

              	
                13

              
	
                Section
                  1.5.

              	
                Notices,
                  Etc., to Trustee and Company.

              	
                14

              
	
                Section
                  1.6.

              	
                Notice
                  to Holders; Waiver.

              	
                15

              
	
                Section
                  1.7.

              	
                Conflict
                  with Trust Indenture Act.

              	
                15

              
	
                Section
                  1.8.

              	
                Effect
                  of Headings and Table of Contents.

              	
                15

              
	
                Section
                  1.9.

              	
                Successors
                  and Assigns.

              	
                15

              
	
                Section
                  1.10.

              	
                Separability
                  Clause.

              	
                15

              
	
                Section
                  1.11.

              	
                Benefits
                  of Indenture.

              	
                15

              
	
                Section
                  1.12.

              	
                Governing
                  Law.

              	
                16

              
	
                Section
                  1.13.

              	
                Legal
                  Holidays.

              	
                16

              
	
                Section
                  1.14.

              	
                Tax
                  Characterization.

              	
                16

              
	 	 	 
	
                ARTICLE
                  II Security
                  Forms

              	
                16

              
	
                Section
                  2.1.

              	
                Forms
                  Generally

              	
                16

              
	
                Section
                  2.2.

              	
                Form
                  of Face of Security

              	
                17

              
	
                Section
                  2.3.

              	
                Form
                  of Reverse of Security

              	
                19

              
	
                Section
                  2.4.

              	
                Form
                  of Trustee's Certificate of Authentication

              	
                24

              
	 	 	 
	
                ARTICLE
                  III The
                  Securities

              	
                24

              
	
                Section
                  3.1.

              	
                Amount
                  Unlimited; Issuable in Series.

              	
                24

              
	
                Section
                  3.2.

              	
                Denominations

              	
                25

              
	
                Section
                  3.3.

              	
                Execution,
                  Authentication, Delivery and Dating

              	
                25

              
	
                Section
                  3.4.

              	
                Temporary
                  Securities

              	
                27

              
	
                Section
                  3.5.

              	
                Registration,
                  Registration of Transfer and Exchange

              	
                27

              
	
                Section
                  3.6.

              	
                Mutilated,
                  Destroyed, Lost and Stolen Securities

              	
                28

              
	
                Section
                  3.7.

              	
                Payment
                  of Interest; Interest Rights Preserved

              	
                29

              
	
                Section
                  3.8.

              	
                Persons
                  Deemed Owners

              	
                30

              
	
                Section
                  3.9.

              	
                Cancellation

              	
                31

              
	
                Section
                  3.10.

              	
                Interest

              	
                31

              
	
                Section
                  3.11.

              	
                Form
                  and Payment

              	
                32

              
	
                Section
                  3.12.

              	
                Global
                  Securities

              	
                32

              
	 	 	 
	
                ARTICLE
                  IV Satisfaction
                  And Discharge; Defeasance

              	
                34

              
	
                Section
                  4.1.

              	
                Satisfaction
                  and Discharge of Indenture

              	
                34

              
	
                Section
                  4.2.

              	
                Defeasance
                  and Discharge

              	
                35

              
	
                Section
                  4.3.

              	
                Covenant
                  Defeasance

              	
                36

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      
        	
                Section
                  4.4.

              	
                Conditions
                  to Defeasance or Covenant Defeasance

              	
                36

              
	
                Section
                  4.5.

              	
                Application
                  of Trust Money

              	
                37

              
	
                Section
                  4.6.

              	
                Indemnity
                  for U.S. Government Obligations

              	
                37

              
	
                Section
                  4.7.

              	
                Reinstatement

              	
                38

              
	 	 	 
	
                ARTICLE
                  V Remedies

              	
                38

              
	
                Section
                  5.1.

              	
                Events
                  of Default and Acceleration

              	
                38

              
	
                Section
                  5.2.

              	
                Acceleration
                  of Maturity

              	
                39

              
	
                Section
                  5.3.

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Trustee

              	
                39

              
	
                Section
                  5.4.

              	
                Trustee
                  to File Claims As Attorney-In-Fact

              	
                40

              
	
                Section
                  5.5.

              	
                Application
                  of Money Collected

              	
                41

              
	
                Section
                  5.6.

              	
                Control
                  by Holders; Waiver of Past Default

              	
                42

              
	
                Section
                  5.7.

              	
                Limitation
                  on Suits; Default

              	
                42

              
	
                Section
                  5.8.

              	
                Costs
                  and Attorneys' Fees in Legal Proceedings

              	
                44

              
	
                Section
                  5.9.

              	
                Remedies
                  Cumulative

              	
                44

              
	
                Section
                  5.10.

              	
                Waiver
                  of Stay or Extension Laws

              	
                45

              
	
                Section
                  5.11.

              	
                Limitation
                  on Claim for Certain Deferred Interest in Bankruptcy.

              	
                45

              
	 	 	 
	
                ARTICLE
                  VI The Trustee

              	
                45

              
	
                Section
                  6.1.

              	
                Certain
                  Duties and Responsibilities

              	
                45

              
	
                Section
                  6.2.

              	
                Notice
                  of Defaults

              	
                46

              
	
                Section
                  6.3.

              	
                Certain
                  Rights of Trustee

              	
                47

              
	
                Section
                  6.4.

              	
                Not
                  Responsible for Recitals or Issuance of Securities

              	
                48

              
	
                Section
                  6.5.

              	
                May
                  Hold Securities

              	
                48

              
	
                Section
                  6.6.

              	
                Money
                  Held in Trust

              	
                48

              
	
                Section
                  6.7.

              	
                Compensation
                  and Reimbursement

              	
                48

              
	
                Section
                  6.8.

              	
                Disqualification;
                  Conflicting Interests

              	
                49

              
	
                Section
                  6.9.

              	
                Corporate
                  Trustee Required; Eligibility

              	
                49

              
	
                Section
                  6.10.

              	
                Resignation
                  and Removal; Appointment of Successor

              	
                50

              
	
                Section
                  6.11.

              	
                Acceptance
                  of Appointment by Successor

              	
                51

              
	
                Section
                  6.12.

              	
                Merger,
                  Conversion, Consolidation or Succession to Business

              	
                52

              
	
                Section
                  6.13.

              	
                Preferential
                  Collection of Claims Against Company

              	
                52

              
	
                Section
                  6.14.

              	
                Appointment
                  of Authenticating Agent

              	
                53

              
	 	 	 
	
                ARTICLE
                  VII Holders Lists and Reports by Trustee and Company

              	
                55

              
	
                Section
                  7.1.

              	
                Company
                  to Furnish Trustee Names and Addresses of Holders

              	
                55

              
	
                Section
                  7.2.

              	
                Preservation
                  of Information; Communications to Holders

              	
                55

              
	
                Section
                  7.3.

              	
                Reports
                  by Trustee

              	
                55

              
	
                Section
                  7.4.

              	
                Reports
                  by Company

              	
                56

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      
        	 	 	 
	
                ARTICLE
                  VIII Consolidation, Merger, Conveyance, Transfer Or Lease

              	
                57

              
	
                Section
                  8.1.

              	
                Company
                  May Consolidate, Etc., Only on Certain Terms

              	
                57

              
	
                Section
                  8.2.

              	
                Successor
                  Corporation Substituted

              	
                58

              
	
                Section
                  8.3.

              	
                Effect
                  of Business Combination

              	
                58

              
	 	 	 
	
                ARTICLE
                  IX Supplemental Indentures

              	
                58

              
	
                Section
                  9.1.

              	
                Supplemental
                  Indentures Without Consent of Holders

              	
                58

              
	
                Section
                  9.2.

              	
                Supplemental
                  Indentures with Consent of Holders

              	
                59

              
	
                Section
                  9.3.

              	
                Execution
                  of Supplemental Indentures

              	
                61

              
	
                Section
                  9.4.

              	
                Effect
                  of Supplemental Indentures

              	
                61

              
	
                Section
                  9.5.

              	
                Conformity
                  with Trust Indenture Act

              	
                61

              
	
                Section
                  9.6.

              	
                Reference
                  in Securities to Supplemental Indentures

              	
                61

              
	 	 	 
	
                ARTICLE
                  X Covenants

              	
                61

              
	
                Section
                  10.1.

              	
                Payment
                  of Principal, Premium and Interest

              	
                61

              
	
                Section
                  10.2.

              	
                Maintenance
                  of Office or Agency

              	
                62

              
	
                Section
                  10.3.

              	
                Money
                  for Securities Payments to Be Held in Trust

              	
                62

              
	
                Section
                  10.4.

              	
                Statement
                  by Officers as to Default

              	
                63

              
	
                Section
                  10.5.

              	
                Covenants
                  as to Citigroup Trusts

              	
                64

              
	
                Section
                  10.6.

              	
                Payment
                  of Expenses

              	
                64

              
	
                Section
                  10.7.

              	
                Listing
                  on an Exchange

              	
                65

              
	
                Section
                  10.8.

              	
                Future
                  Issuance of Securities

              	
                65

              
	 	 	 
	
                ARTICLE
                  XI Redemption Of Securities

              	
                65

              
	
                Section
                  11.1.

              	
                Applicability
                  of Article; Federal Reserve Concurrence or Approval

              	
                65

              
	
                Section
                  11.2.

              	
                Election
                  to Redeem; Notice to Trustee

              	
                66

              
	
                Section
                  11.3.

              	
                Selection
                  by Trustee of Securities to Be Redeemed

              	
                66

              
	
                Section
                  11.4.

              	
                Notice
                  of Redemption

              	
                67

              
	
                Section
                  11.5.

              	
                Deposit
                  of Redemption Price

              	
                67

              
	
                Section
                  11.6.

              	
                Securities
                  Payable on Redemption Date

              	
                67

              
	
                Section
                  11.7.

              	
                Securities
                  Redeemed in Part

              	
                68

              
	
                Section
                  11.8.

              	
                Tax
                  Event Redemption

              	
                68

              
	 	 	 
	
                ARTICLE
                  XII [INTENTIONALLY OMITTED]

              	
                69

              
	 	 	 
	
                ARTICLE
                  XIII Extension Of Interest Payment Period

              	
                69

              
	
                Section
                  13.1.

              	
                Extension
                  of Interest Payment Period

              	
                69

              
	
                Section
                  13.2.

              	
                Notice
                  of Extension

              	
                70

              
	
                Section
                  13.3.

              	
                Limitation
                  of Transactions

              	
                70

              
	
                Section
                  13.4.

              	
                Limitation
                  on Source of Payment of Deferred Interest.

              	
                71

              
	
                Section
                  13.5.

              	
                Obligation
                  to Effect Certain Common Stock Sales

              	
                71

              
	
                Section
                  13.6.

              	
                Notice
                  of Market Disruption Event

              	
                73

              
	
                Section
                  13.7.

              	
                Notice
                  of Supervisory Event

              	
                74

              
	
                Section
                  13.8.

              	
                Notices
                  to the Federal Reserve

              	
                74

              
	
                Section
                  13.9.

              	
                Obligation
                  to Notify Federal Reserve of Intent to Sell Stock.

              	
                74

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

      
        	 	 	 
	
                ARTICLE
                  XIV Subordination Of Securities

              	
                74

              
	
                Section
                  14.1.

              	
                Agreement
                  to Subordinate

              	
                74

              
	
                Section
                  14.2.

              	
                Default
                  on Senior Indebtedness

              	
                75

              
	
                Section
                  14.3.

              	
                Liquidation;
                  Dissolution; Bankruptcy

              	
                75

              
	
                Section
                  14.4.

              	
                Subrogation

              	
                77

              
	
                Section
                  14.5.

              	
                Trustee
                  to Effectuate Subordination

              	
                78

              
	
                Section
                  14.6.

              	
                Notice
                  by the Company

              	
                78

              
	
                Section
                  14.7.

              	
                Rights
                  of the Trustee; Holders of Senior Indebtedness

              	
                79

              
	
                Section
                  14.8.

              	
                Subordination
                  May Not Be Impaired.

              	
                79

              
	
                Section
                  14.9.

              	
                Trustee's
                  Compensation Not Prejudiced

              	
                80

              
	
                Section
                  14.10.

              	
                Disclaimer
                  of Right to Enforce Covenants

              	
                80

              
	 	 	 
	
                ARTICLE
                  XV Miscellaneous

              	
                80

              
	
                Section
                  15.1.

              	
                Acknowledgement
                  of Rights

              	
                80

              
	
                Section
                  15.2.

              	
                Severability

              	
                81

              
	
                Section
                  15.3.

              	
                Counterparts

              	
                81

              

      

      

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      INDEX
        OF
        TERMS

      

      Page

      

      
        	
                Act

              	
                2,
                  13

              
	
                Additional
                  Interest

              	
                2,
                  31

              
	
                Affiliate

              	
                2

              
	
                Authenticating
                  Agent

              	
                2

              
	
                Board
                  of Directors

              	
                2

              
	
                Board
                  Resolution

              	
                2

              
	
                Book
                  Entry Interest

              	
                2

              
	
                Business
                  Day

              	
                2

              
	
                Citigroup
                  Standard TruPS® Trust

              	
                2

              
	
                Citigroup
                  Trust

              	
                3

              
	
                Commission

              	
                3

              
	
                Common
                  Securities

              	
                3

              
	
                Company

              	
                1,
                  3, 17

              
	
                Company
                  Order

              	
                3

              
	
                Company
                  Request

              	
                3

              
	
                Compounded
                  Interest

              	
                3,
                  68

              
	
                Corporate
                  Trust Office

              	
                3

              
	
                Coupon
                  Rate

              	
                3,
                  30

              
	
                Covenant
                  Defeasance

              	
                3,
                  35

              
	
                Current
                  Stock Market Price

              	
                3

              
	
                Declaration

              	
                4

              
	
                Defaulted
                  Interest

              	
                4,
                  29

              
	
                Defeasance

              	
                4,
                  35

              
	
                Deferred
                  Interest

              	
                4,
                  69

              
	
                Delaware
                  Trustee

              	
                4

              
	
                Depositary

              	
                4

              
	
                Direct
                  Action

              	
                4,
                  80

              
	
                Dissolution
                  Event

              	
                4

              
	
                Distributions

              	
                4

              
	
                Event
                  of Default and Acceleration

              	
                4

              
	
                Exchange
                  Act

              	
                4

              
	
                Extended
                  Interest Payment Period

              	
                4,
                  21, 68

              
	
                Federal
                  Reserve

              	
                4

              
	
                Fifth
                  Deferral Anniversary

              	
                5

              
	
                Floating
                  or Adjustable Rate Provision

              	
                5

              
	
                Floating
                  or Adjustable Rate Security

              	
                5

              
	
                generally
                  accepted accounting principles

              	
                1

              
	
                Global
                  Security

              	
                5

              
	
                Holder

              	
                5

              
	
                Indenture

              	
                5,
                  19

              
	
                Institutional
                  Trustee

              	
                5

              
	
                Interest
                  Payment Date

              	
                5,
                  17, 30

              
	
                Market
                  Disruption Event

              	
                5

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

         

      

      
        	
                Maturity

              	
                5

              
	
                Ministerial
                  Action

              	
                68

              
	
                New
                  Equity Amount

              	
                6

              
	
                No
                  Recognition Opinion

              	
                7

              
	
                Non
                  Book-Entry Preferred Securities

              	
                7,
                  32

              
	
                Officers'
                  Certificate

              	
                7

              
	
                Opinion
                  of Counsel

              	
                7

              
	
                Optional
                  Redemption

              	
                19

              
	
                Optional
                  Redemption Price

              	
                19

              
	
                Outstanding

              	
                7

              
	
                Paying
                  Agent

              	
                8

              
	
                Person

              	
                8

              
	
                Place
                  of Payment

              	
                8

              
	
                Predecessor
                  Security

              	
                8

              
	
                Preferred
                  Securities

              	
                8

              
	
                Preferred
                  Security Certificate

              	
                8

              
	
                Qualified
                  Warrants

              	
                8

              
	
                Qualifying
                  Capital Securities

              	
                8

              
	
                Quarterly
                  Interest Accrual Period

              	
                9

              
	
                Redemption
                  Date

              	
                9

              
	
                Redemption
                  Option Date

              	
                9

              
	
                Redemption
                  Price

              	
                9

              
	
                Redemption
                  Tax Opinion

              	
                9

              
	
                Regular
                  Record Date

              	
                9

              
	
                Regular
                  Trustees

              	
                9

              
	
                Responsible
                  Officer

              	
                9

              
	
                Securities

              	
                1,
                  9, 19

              
	
                Security
                  Beneficial Owner

              	
                9

              
	
                Security
                  Register

              	
                9,
                  27

              
	
                Security
                  Registrar

              	
                9,
                  27

              
	
                Senior
                  Indebtedness

              	
                9

              
	
                Special
                  Event

              	
                10

              
	
                Special
                  Record Date

              	
                10

              
	
                Stated
                  Maturity

              	
                11

              
	
                Supervisory
                  Event

              	
                11

              
	
                Tax
                  Event

              	
                11

              
	
                Tax
                  Event Opinion

              	
                11

              
	
                Tenth
                  Deferral Anniversary

              	
                11

              
	
                Trust
                  Indenture Act

              	
                11

              
	
                Trust
                  Securities

              	
                11

              
	
                Trustee

              	
                1,
                  11, 19

              
	
                U.S.
                  Government Obligations

              	
                11,
                  36

              
	
                Underwriting
                  Agreement

              	
                11

              
	
                Vice
                  President

              	
                12

              

      

      

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      Citigroup
        Inc.

      

      Reconciliation
        and tie between Trust Indenture Act of 1939 and

      Indenture,
        dated as of July 23, 2004

      

      Trust
        Indenture

      
        	
                Act
                  Section

              	Indenture
                Section
	
                §310

              	
                (a)(1)

              	
                6.9

              
	 	
                (a)(2)

              	
                6.9

              
	 	
                (a)(3)

              	
                Not
                  Applicable

              
	 	
                (a)(4)

              	
                Not
                  Applicable

              
	 	
                (b)

              	
                6.8
                  6.10

              
	
                §311

              	
                (a)

              	
                6.13(a)

              
	 	
                (b)

              	
                6.13(b)

              
	 	
                (b)(2)

              	
                7.3(a)(2)

              
	 	
                 

              	
                7.3(b)

              
	
                §312

              	
                (a)

              	
                7.1
                  7.2(a)

              
	 	
                (b)

              	
                7.2(b)

              
	 	
                (c)

              	
                7.2(c)

              
	
                §
                  313

              	
                (a)

              	
                7.3(a)

              
	 	
                (b)

              	
                7.3(b)

              
	 	
                (c)

              	
                7.3(a).
                  7.3(b)

              
	 	
                (d)

              	
                7.3(c)

              
	
                §314
                  

              	(a)	
                7.4

              
	 	
                (b)

              	
                Not
                  Applicable

              
	 	
                (c)(1)

              	
                1.2

              
	 	
                (c)(2)

              	
                1.2

              
	 	
                (c)(3)

              	
                Not
                  Applicable

              
	 	
                (d)

              	
                Not
                  Applicable

              
	 	
                (e)

              	
                1.2

              
	
                §
                  315

              	
                (a)

              	
                6.1(a)

              
	 	
                (b)

              	
                6.2

              
	 	
                 

              	
                7.3(a)(6)

              
	 	
                (c)

              	
                6.1(b)

              
	 	
                (d)

              	
                6.1(c)

              
	 	
                (d)(1)

              	
                6.1(a)(1)

              
	 	
                (d)(2)

              	
                6.1(c)(2)

              
	 	
                (d)(3)

              	
                6.1(c)(3)

              
	 	
                (e)

              	
                5.14

              
	
                §
                  316

              	
                (a)

              	
                1.1

              
	 	
                (a)(1)(A)

              	
                5.2

              
	 	
                 

              	
                5.12

              
	 	
                (a)(1)(B)

              	
                5.13

              
	 	
                (a)(2)

              	
                Not
                  Applicable

              
	 	
                (b)

              	
                5.8

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

         

      

      
        	
                §
                  317

              	
                (a)(1)

              	
                5.3

              
	 	
                (a)(2)

              	
                5.4

              
	 	
                (b)

              	
                10.3

              
	
                §318

              	
                (a)

              	
                1.7

              

      

      
        
          

        

      

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

      

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      INDENTURE,
        dated as of September 15, 2006, between CITIGROUP INC., a corporation duly
        organized and existing under the laws of the State of Delaware (herein called
        the "Company"), having its principal office at 399 Park Avenue, New York,
        New
        York 10043, and JPMORGAN CHASE BANK N.A., a national banking association
        duly
        organized and existing under the laws of the United States of America, as
        Trustee (herein called the "Trustee").

       

      Recitals
        of the Company

      

      The
        Company has duly authorized the execution and delivery of this Indenture
        to
        provide
        for the
        issuance from time to time of its unsecured junior subordinated deferrable
        interest debentures, notes
        or
        other
evidences
        of indebtedness (herein called the "Securities"), to be issued in one or
        more
        series as
        in
this
        Indenture
        provided.

      

      All
        things necessary to make this Indenture a valid agreement of the Company,
        in
        accordance with its terms, have been done.

      

      NOW,
        THEREFORE,
        THIS INDENTURE WITNESSETH:

      

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

      

      ARTICLE
        I

      

      Definitions
        And Other Provisions

      of
        General Application

       

      
        
          Section
            1.1. Definitions.

        

      

      

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

      

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

      

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

      

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

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

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

      

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

      

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

      

      "Additional
        Interest" has the meaning specified in Section 3.10(c).

      

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

      

      "Alternative
        Payment Mechanism" has the meaning specified in Section 13.5(a).

      

      "APM
        Maximum Obligation” has the meaning specified in Section 13.5(f).

      

      "Authenticating
        Agent" means any Person authorized by the Trustee to act on behalf of the
        Trustee to authenticate Securities.

      

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

      

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

      

      "Book
        Entry Interest" means a beneficial interest in a Global Security, ownership
        of
        which shall be maintained and transfers of which shall be made through book
        entries by the Depositary.

      

      "Business
        Day" means any day other than a Saturday, Sunday or any other day on which
        banking institutions in New York, New York are authorized or obligated by
        any
        applicable law to close.

      

      "Citigroup
        Standard TruPS® 
        Trust"
        means each of Citigroup Capital II, Citigroup Capital VI, Citigroup Capital
        VII,
        Citigroup Capital VIII, Citigroup Capital IX, Citigroup Capital X, Citigroup
        Capital XI, Citigroup Capital XII and Citigroup Capital XIII, each a Delaware
        statutory trust, or any other similar trust created for the purpose of issuing
        preferred securities in connection with the issuance of junior subordinated
        debt
        securities under either (i) the junior subordinated debt indenture dated
        as of
        July 23, 2004, between Citigroup and JP Morgan Chase Bank, as trustee, as
        the
        same has been or may be amended, modified, or supplemented from time to time
        or
        (ii) the indenture, dated as of October 7, 1996, between Citigroup and JPMorgan
        Chase Bank, N.A., as trustee, as the same has been amended, modified, or
        supplemented.

      
         

          
            

          

        

        ®
          TRUPS®
          is a
          registered service mark of Citigroup Global Markets Inc. Citigroup Global
          Markets Inc. has applied for patent protection for the Enhanced TRUPS®
          structure. 

         

        
           

        

        
          2

          
            

          

        

        
           

        

      

      "Citigroup
        Trust" means Citigroup Capital XV, Citigroup Capital XVI, Citigroup Capital
        XVII
        or Citigroup Capital XVIII or any other similar trust created for the purpose
        of
        issuing preferred securities in connection with the issuance of Securities
        under
        this Indenture.

      

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

      

      "Common
        Securities" means undivided beneficial interests in the assets of a Citigroup
        Trust which rank, except upon the occurrence and continuation of an Event
        of
        Default, pari
        passu
        with
        Preferred Securities issued by such Citigroup Trust.

      

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

      

      "Company
        Request" or "Company Order" means a written request or order signed in the
        name
        of the Company by its Chairman or a Vice Chairman of the Board, its President,
        a
        Vice President, its Chief Financial Officer, its Chief Accounting Officer
        or its
        Treasurer, and by a Deputy Treasurer, an Assistant Treasurer, its Secretary
        or
        an Assistant Secretary, and delivered to the Trustee.

      

      "Compounded
        Interest" has the meaning specified in Section 13.1.

      

      "Corporate
        Trust Office" means the principal office of the Trustee in the City of New
        York,
        New York at which at any particular time its corporate trust business shall
        be
        principally administered, which at the date hereof is located at 4 New York
        Plaza - 15th Floor, New York, New York 10004.

      

      "Coupon
        Rate" has the meaning specified in Section 3.10(a). 

      

      "Covenant
        Defeasance" has the meaning specified in Section 4.3.

      

      "Current
        Stock Market Price" on any date shall be the closing sale price per share
        of
        common stock of the Company (or if no closing sale price is reported, the
        average of the bid and ask prices or, if more than one in either case, the
        average of the average bid and the average ask prices) on that date as reported
        in composite transactions by the New York Stock Exchange or, if the Company's
        common stock is not then listed on the New York Stock Exchange, as reported
        by
        the principal U.S. securities exchange on which the Company's common stock
        is
        listed. If the Company's common stock is not either listed on any U.S.
        securities exchange on the relevant date, the Current Stock Market Price
        shall
        be the last quoted bid price for its common stock in the over-the-counter
        market
        on the relevant date as reported by the National Quotation Bureau or similar
        organization. If the Company's common stock is not so quoted, the Current
        Stock
        Market Price shall be the average of the mid-point of the last bid and ask
        prices for its common stock on the relevant date from each of at least three
        nationally recognized independent investment banking firms selected by the
        Company for this purpose.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      "Declaration"
        means, with respect to a Citigroup Trust, the amended and restated declaration
        of trust or any other governing instrument of such Citigroup Trust.

      

      "Default"
        has the meaning specified in Section 5.7.

      

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

      

      "Defeasance"
        has the meaning specified in Section 4.2.

      

      "Deferred
        Interest" has the meaning specified in Section 13.1.

      

      "Delaware
        Trustee" has the meaning specified in the Declaration of the applicable
        Citigroup Trust.

      

      "Depositary"
        means, with respect to Securities of any series issuable in whole or in part
        in
        the form of one or more Global Securities, a clearing agency registered under
        the Exchange Act that is designated to act as Depositary for such Securities
        as
        contemplated by Section 3.1.

      

      "Direct
        Action" has the meaning specified in Section 15.1.

      

      "Dissolution
        Event" means, with respect to a Citigroup Trust, that as a result of the
        occurrence and continuation of a Special Event with respect to such Citigroup
        Trust, such Citigroup Trust is to be dissolved in accordance with its
        Declaration.

      

      "Distributions"
        on Trust Securities of a Citigroup Trust has the meaning set forth in the
        Declaration of such Citigroup Trust.

      

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

      

      "Exchange
        Act" means the Securities Exchange Act of 1934 as amended from time to time,
        and
        any successor legislation.

      

      "Extended
        Interest Payment Period" has the meaning specified in Section 13.1.

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      "Federal
        Reserve" means either or both of the Board of Governors of the Federal Reserve
        System and the Federal Reserve Bank of New York, or its successor as the
        Company's primary federal banking regulator.

      

      "Fifth
        Deferral Anniversary " means the date which is five (5) years after the date
        of
        commencement of an Extended Interest Payment Period, if on such date such
        Extended Interest Payment Period has not ended.

      

      "Floating
        or Adjustable Rate Provision" means a formula or provision, specified in
        a Board
        Resolution or an indenture supplemental hereto, providing for the determination,
        whether pursuant to objective factors or pursuant to the sole discretion
        of any
        Person (including the Company), and periodic adjustment of the interest rate
        per
        annum borne by a Floating or Adjustable Rate Security.

      

      "Floating
        or Adjustable Rate Security" means any Security which provides for interest
        to
        be payable thereon at a rate per annum that may vary from time to time over
        the
        term thereof in accordance with a Floating or Adjustable Rate
        Provision.

      

      "Global
        Security" means a Security that evidences all or part of the Securities of
        any
        series and is authenticated and delivered to, and registered in the name
        of, the
        Depositary for such Securities or a nominee thereof.

      

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

      

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

      

      "Institutional
        Trustee" has the meaning set forth in the Declaration of the applicable
        Citigroup Trust.

      

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

      

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

      

      "Market
        Disruption Event," means the occurrence or existence of any of the following
        events or circumstances:

      

      (i) the
        Company would be required to obtain the consent or approval of its shareholders
        or a regulatory body (including, without limitation, any securities exchange
        but
        excluding the Federal Reserve) or governmental authority to issue or sell
        shares
        of its common stock and such consent or approval has not yet been obtained
        even
        though the Company has used commercially reasonable efforts to obtain the
        required consent or approval;

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      (ii) trading
        in securities generally on the principal exchange on which the Company's
        securities are listed and traded (as of the date hereof, the New York Stock
        Exchange) shall have been suspended or materially disrupted or minimum prices
        shall have been established on any such exchange or market by the Commission,
        by
        the relevant exchange or any other regulatory body or by governmental authority
        having jurisdiction;

      

      (iii) an
        event
        occurs and is continuing as a result of which the offering document for such
        offer and sale of securities would, in the judgment of the Company, contain
        an
        untrue statement of a material fact or omit to state a material fact required
        to
        be stated therein or necessary to make the statements therein not misleading
        and
        either (1) the disclosure of that event at such time, in the judgment of
        the
        Company, would have a material adverse effect on the Company's business or
        (2)
        the disclosure relates to a previously undisclosed proposed or pending material
        development or business transaction, and the Company has a bona fide business
        reason for keeping the same confidential or the disclosure of which would
        impede
        the Company's ability to consummate such transaction, provided that no single
        suspension period contemplated by this paragraph (iii) may exceed 90 consecutive
        days and multiple suspension periods contemplated by this paragraph (iii)
        may
        not exceed an aggregate of 180 days in any 360-day period;

      

      (iv) the
        Company reasonably believes that the offering document for such offer and
        sale
        of securities would not be in compliance with a rule or regulation of the
        Commission (for reasons other than those referred to in paragraph (iii) above)
        and the Company is unable to comply with such rule or regulation or such
        compliance is impracticable, provided that no single suspension contemplated
        by
        this paragraph (iv) may exceed 90 consecutive days and multiple suspension
        periods contemplated by this paragraph (iv) may not exceed an aggregate of
        180
        days in any 360-day period;

      

      (v) there
        is
        a material adverse change in general domestic or international economic,
        political or financial conditions, including without limitation as a result
        of
        terrorist activities, or the effect of international conditions on the financial
        markets in the United States, such as to make it, in the judgment of the
        Company, impracticable to proceed with the offer and sale of the
        stock;

      

      (vi) a
        material disruption shall have occurred in commercial banking or securities
        settlement or clearing services in the United States; or

      

      (vii) a
        banking
        moratorium shall have been declared by federal or state authorities of the
        United States.

      

      "New
        Equity Amount" means, at any date, (i) the net cash proceeds (after
        underwriters’ or placement agents’ fees, commissions or discounts and other
        expenses relating to the issuances), plus (ii) the fair market value of
        property, other than cash, received by the Company during the 180-day period
        immediately prior to such date, from the issuance or sale of shares of (A)
        the
        Company's common stock, including treasury shares and shares of common stock
        sold pursuant to the Company's dividend reinvestment plan and employee benefit
        plans and (B) the Company's Qualified Warrants.

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      "No
        Recognition Opinion," with respect to a Citigroup Trust, has the meaning
        specified in the Declaration of such Citigroup Trust.

      

      "Non
        Book-Entry Preferred Securities" has the meaning specified in Section
        3.12(a)(ii).

      

      "Officers'
        Certificate" means a certificate signed by the Chairman or Vice Chairman
        of the
        Board, the President, a Vice President, the Chief Financial Officer, the
        Chief
        Accounting Officer or the Treasurer, and by a Deputy Treasurer, an Assistant
        Treasurer, the Secretary or an Assistant Secretary, of the Company, and
        delivered to the Trustee. The officer signing an Officer's Certificate pursuant
        to Section 10.4 shall be the principal executive, financial or accounting
        officer of the Issuer or the Company, as the case may be. 

      

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

      

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

      

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

      

      (ii) Securities
        for whose payment or redemption money in the necessary amount has been
        theretofore deposited with the Trustee or any Paying Agent (other than the
        Company) in trust or set aside and segregated in trust by the Company (if
        the
        Company shall act as its own Paying Agent) for the Holders of such Securities;
        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; and

      

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

      

      provided
        that in
        determining whether the Holders of the requisite principal amount of the
        Outstanding Securities have given any request, demand, authorization, direction,
        notice, consent or waiver hereunder, Securities owned by the Company or any
        other obligor upon the Securities or any Affiliate of the Company or of such
        other obligor shall be disregarded and deemed not to be Outstanding;
provided,
        however,
        that,
        in determining whether the Trustee shall be protected in relying, upon any
        such
        request, demand, authorization, direction, notice, consent or waiver, only
        Securities which a Responsible Officer of the Trustee actually knows to be
        so
        owned shall be so disregarded and provided,
        further,
        that
        Securities held by the Institutional Trustee for the benefit of the holders
        of
        the Trust Securities shall not be so disregarded. Securities so owned which
        have
        been pledged in good faith may be regarded as Outstanding if the pledgee
        establishes to the satisfaction of the Trustee the pledgee's right so to
        act
        with respect to such Securities and that the pledgee is not the Company or
        any
        other obligor upon the Securities or any Affiliate of the Company or of such
        other obligor. 

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

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

      

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

      

      "Place
        of
        Payment," when used with respect to the Securities of any series, means the
        place or places where the principal of (and premium, if any) and interest
        on the
        Securities of that series are payable as specified as contemplated by Section
        3.1.

      

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

      

      "Preferred
        Securities" means undivided beneficial interests in the assets of a Citigroup
        Trust which rank, except upon the occurrence and continuation of an Event
        of
        Default and Acceleration, pari
        passu
        with
        Common Securities issued by such Citigroup Trust.

      

      "Preferred
        Security Certificate" has the meaning specified in the Declaration of the
        applicable Citigroup Trust.

      

      "Qualified
        Warrants" means warrants for the Company's common stock that (1) have an
        exercise price greater than the Current Stock Market Price of the Company's
        common stock, and (2) the Company is not entitled to redeem for cash and
        the
        holders are not entitled to require the Company to repurchase for cash in
        any
        circumstances. 

      

      "Qualifying
        Capital Securities" means securities (other than common stock, rights to
        acquire
        common stock and securities convertible into common stock) that, in the
        determination of the Board of Directors, have equity-like characteristics
        that
        are the same as, or more equity-like than, the applicable characteristics
        of the
        Securities at the time of redemption and repurchase. 

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      "Quarterly
        Interest Accrual Period" means each period commencing on an Interest Payment
        Date and continuing to but not including the next succeeding Interest Payment
        Date.

      

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

      

      "Redemption
        Option Date" means, with respect to a series of Securities, the date specified
        as contemplated by Section 3.1 on or after which, from time to time, the
        Company, at its option, may redeem such series of Securities in whole or
        in
        part.

      

      "Redemption
        Price," when used with respect to any Security to be redeemed, means such
        percentage of the principal amount of such Security that is specified pursuant
        to Section 3.1 plus any accrued and unpaid interest thereon to the date of
        redemption.

      

      "Redemption
        Tax Opinion," with respect to a Citigroup Trust, has the meaning set forth
        in
        the Declaration of the applicable Citigroup Trust.

      

      "Regular
        Record Date" for the interest payable on any Interest Payment Date on the
        Securities of any series means the date specified as such pursuant to Section
        3.1.

      

      "Regular
        Trustees" has the meaning set forth in the Declaration of the applicable
        Citigroup Trust.

      

      "Responsible
        Officer" means, with respect to the Trustee, any officer within the Corporate
        Trust Office of the Trustee having direct responsibility for the administration
        of this Indenture and also means, with respect to a particular corporate
        trust
        matter, any other officer to whom such matter is referred because of that
        officer's knowledge of and familiarity with the particular subject.

      

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

      

      "Security
        Beneficial Owner" means, with respect to a Book Entry Interest, a person
        who is
        the beneficial owner of such Book Entry Interest, as reflected on the books
        of
        the Depositary, or on the books of a Person maintaining an account with such
        Depositary (directly as a Depositary participant or as an indirect participant,
        in each case in accordance with the rules of the Depositary).

      

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

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      "Senior
        Indebtedness" means with respect to the Company:(i) the principal, premium,
        if
        any, and interest in respect of (A) indebtedness for money borrowed and (B)
        indebtedness evidenced by securities, notes, debentures, bonds or other similar
        instruments issued by the Company, including without limitation (a) all
        indebtedness (whether now or hereafter outstanding) issued under the senior
        debt
        indenture, dated as of March 15, 1987, between Citigroup and The Bank of
        New
        York, as trustee, as the same has been or may be amended, modified, or
        supplemented from time to time, (b) all indebtedness (whether now or hereafter
        outstanding) issued under the subordinated debt indenture, dated as of April
        12,
        2001, between Citigroup and J.P. Morgan Trust Company, National Association,
        as
        trustee, as the same has been or may be amended, modified, or supplemented
        from
        time to time, (c) all indebtedness (whether now or hereafter outstanding)
        issued
        to a Citigroup Standard TruPS®
        Trust
        under the junior subordinated debt indenture dated as of July 23, 2004, between
        Citigroup and JP Morgan Chase Bank, N.A., as trustee, as the same has been
        or
        may be amended, modified, or supplemented from time to time, (d) all
        indebtedness issued to a Citigroup Standard TruPS®
        Trust
        under the indenture, dated as of October 7, 1996, between Citigroup and JPMorgan
        Chase Bank, N.A., as trustee, as the same has been or may be amended, modified,
        or supplemented from time to time, and (e) any guarantee entered into by
        Citigroup in respect of any preferred securities, capital securities or
        preference stock of a Citigroup Standard TruPS®
        Trust to
        which Citigroup issued any indebtedness under a junior subordinated debt
        indenture identified in (c) or (d) above; (ii) all capital lease obligations
        of
        the Company; (iii) all obligations of the Company issued or assumed as the
        deferred purchase price of property, all conditional sale obligations of
        the
        Company and all obligations of the Company under any conditional sale or
        title
        retention agreement (but excluding trade accounts payable in the ordinary
        course
        of business); (iv) all obligations, contingent or otherwise, of the Company
        in
        respect of any letters of credit, banker’s acceptance, security purchase
        facilities and similar credit transactions; (v) all obligations of the Company
        in respect of interest rate swap, cap or other agreements, interest rate
        future
        or option contracts, currency swap agreements, currency future or option
        contracts and other similar agreements; (vi) all obligations of the type
        referred to in clauses (i) through (v) of other Persons for the payment of
        which
        the Company is responsible or liable as obligor, guarantor or otherwise;
        and
        (vii) all obligations of the type referred to in clauses (i) through (vi)
        of
        other Persons secured by any lien on any property or asset of the Company
        (whether or not such obligation is assumed by the Company), except
        that
        Senior Indebtedness does not include obligations in respect of (1) any
        indebtedness issued under this Indenture, (2) any guarantee entered into
        by the
        Company in respect of any capital securities issued by a Citigroup Trust,
        (3)
        any indebtedness or any guarantee that is by its terms subordinated to, or
        ranks
        equally with, the Securities (including the indebtedness issued in connection
        with the issuance of enhanced capital securities by Citigroup Capital XIV)
        and
        the issuance of which does not at the time of issuance prevent the Securities
        from qualifying for Tier 1 capital treatment (irrespective of any limits
        on the
        amount of Citigroup’s Tier 1 capital) under applicable capital adequacy
        guidelines, regulations, policies, published interpretations, or the concurrence
        or approval of the Federal Reserve; or (4) trade accounts payable and other
        accrued liabilities arising in the ordinary course of business.

      

      "Share
        Cap Amount" has the meaning specified in Section 13.5(c).

      

      "Special
        Event," with respect to a Citigroup Trust, has the meaning specified in the
        Declaration of such Citigroup Trust.

      

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

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

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

      

      "Supervisory
        Event," shall commence upon the later to occur of (i) the Fifth Deferral
        Anniversary and (ii) the date on which the Company has given notice to the
        Federal Reserve pursuant to Section 13.9 of its intention both (1) to sell
        shares of its common stock and (2) to apply the net proceeds from such sale
        to
        pay Deferred Interest. A Supervisory Event shall cease upon the Business
        Day
        following the earlier to occur of (A) the tenth business day after the Company
        gives notice to the Federal Reserve described in clause (ii) above so long
        as
        the Federal Reserve does not disapprove of the Company's intention both (1)
        to
        sell common stock and (2) to apply the net proceeds from such sale to pay
        Deferred Interest, (B) the Tenth Deferral Anniversary or (C) the day on which
        the Federal Reserve notifies the Company in writing that it no longer
        disapproves of the Company's intention both (1) to sell common stock and
        (2) to
        apply the net proceeds from such sale to pay Deferred Interest; provided,
        however,
        that
        after the termination of a Supervisory Event, if the Federal Reserve shall
        at
        any time disapprove of the Company (1) selling common stock and (2) applying
        the
        net proceeds from such sale to pay Deferred Interest, a Supervisory Event
        shall
        recommence. 

      

      "Tax
        Event," with respect to a Citigroup Trust, has the meaning set forth in the
        Declaration of the applicable Citigroup Trust.

      

      "Tax
        Event Opinion," with respect to a Citigroup Trust, has the meaning set forth
        in
        the Declaration of the applicable Citigroup Trust.

      

      "Tenth
        Deferral Anniversary " means the date which is ten (10) years after the date
        of
        commencement of an Extended Interest Payment Period, if on such date such
        Extended Interest Payment Period has not ended.

      

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

      

      "Trust
        Securities" means Common Securities and Preferred Securities of any Citigroup
        Trust.

      

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

      

      "Underwriting
        Agreement" has the meaning set forth in the Declaration of the applicable
        Citigroup Trust.

      

      "U.S.
        Government Obligations" has the meaning specified in Section 4.4.

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      "Vice
        President," when used with respect to the Company or 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."

       

      
        
          Section
            1.2. Compliance
            Certificates and Opinions.

        

      

      

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

      

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

      

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

      

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

      

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

      

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

       

      
        
          Section
            1.3. Form
            of Documents Delivered to Trustee.

        

      

      

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

      

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

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

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

       

      
        	
                Section
                  1.4.

              	
                Acts
                  of Holders; Record Dates.

              

      

      

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided or permitted by this Indenture to be given or taken by Holders
        shall 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; and, except as herein otherwise expressly provided, such action
        shall
        become effective when such instrument or instruments are delivered to the
        Trustee and, where it is hereby expressly required, to the Company. Such
        instrument or instruments (and the action embodied therein and evidenced
        thereby) are herein sometimes referred to as the "Act"
        of the
        Holders signing such instrument or instruments. Proof of execution of any
        such
        instrument or of a writing appointing any such agent shall be sufficient
        for any
        purpose of this Indenture and (subject to Section 6.1) conclusive in favor
        of
        the Trustee and the Company, if made in the manner provided in this
        Section.

      

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

      

      (c) The
        ownership of Securities shall be proved by the Security Register.

      

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

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

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

        

      

      

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

      

      (1) the
        Trustee by any Holder or by the Company shall be sufficient for every purpose
        hereunder if made, given, furnished or filed in writing to or with the Trustee
        at its Corporate Trust Office, Attention: Institutional Trust Group;
provided,
        however,
        that
        such instrument will be considered properly given if submitted in an electronic
        format, i.e.,
        by
        facsimile, E-Mail or otherwise, or

      

      (2) the
        Company by the Trustee or by any Holder shall be sufficient for every purpose
        hereunder (unless otherwise herein expressly provided) if in writing and
        mailed,
        first-class postage prepaid, to the Company addressed to it at the address
        of
        its principal office specified in the first paragraph of this instrument
        or at
        any other address previously furnished in writing to the Trustee by the Company;
        provided,
        however,
        that
        such instrument will be considered properly given if submitted in an electronic
        format, i.e.,
        by
        facsimile, E-Mail or otherwise.

       

      
        
          Section
            1.6. Notice
            to Holders; Waiver.

        

      

      

      Where
        this Indenture provides for notice to Holders of any event, such notice shall
        be
        sufficiently given (unless otherwise herein expressly provided) if in writing
        and mailed, first-class postage prepaid, to each Holder 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. In any case where notice to Holders is given by mail, neither the
        failure to mail such notice, nor any defect in any notice so mailed, to any
        particular Holder shall affect the sufficiency of such notice with respect
        to
        other Holders. 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 shall be filed with the Trustee,
        but
        such filing shall not be a condition precedent to the validity of any action
        taken-in reliance upon such waiver.

      

      In
        case
        by reason of the suspension of regular mail service or by reason of any other
        cause it shall be impracticable to give such notice by mail, then such
        notification as shall be made with the approval of the Trustee shall constitute
        a sufficient notification for every purpose hereunder.

       

      
        
          Section
            1.7. Conflict
            with Trust Indenture Act.

        

      

      

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

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      
        
          Section
            1.8. 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
            1.9. 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
            1.10. Separability
            Clause.

        

      

      

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

       

      
        
          Section
            1.11. Benefits
            of Indenture.

        

      

      

      Nothing
        in this Indenture or in the Securities, express or implied, shall give to
        any
        Person, other than the parties hereto and their successors hereunder, the
        holders of Senior Indebtedness and the Holders, any benefit or any legal
        or
        equitable right, remedy or claim under this Indenture.

       

      
        
          Section
            1.12. Governing
            Law.

        

      

      

      This
        Indenture and the Securities shall be governed by, and construed and interpreted
        in accordance with, the laws of the State of New York, and all rights and
        remedies shall be governed by such laws without regard for the principles
        of its
        conflicts of laws.

       

      
        
          Section
            1.13. Legal
            Holidays.

        

      

      

      In
        any
        case where any Interest Payment Date, Redemption Date or Stated Maturity
        of any
        Security shall not be a Business Day at any Place of Payment, then
        (notwithstanding any other provision of this Indenture or of the Securities)
        payment of interest or principal (and premium, if any) need not be made at
        such
        Place of Payment on such date, but may be made on the next succeeding Business
        Day at such Place of Payment with the same force and effect as if made on
        the
        Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided
        that no
        interest shall accrue for the period from and after such Interest Payment
        Date,
        Redemption Date or Stated Maturity, as the case may be, except that, if such
        Business Day is in the next succeeding calendar year, such payment shall
        be made
        on the immediately preceding Business Day, in each case with the same force
        and
        effect as if made on such date.

       

      
        
          Section
            1.14. Tax
            Characterization.

        

      

      

      The
        Company, the Trustee and each Holder of a Security (by acceptance thereof)
        agrees to treat the Securities as debt instruments for United States federal,
        state and local income and franchise tax purposes and agrees not to take
        any
        contrary position before any taxing authority or on any tax return unless
        otherwise required by law.

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      

      ARTICLE
        II

      

      Security
        Forms

       

      
        
          Section
            2.1. Forms
            Generally.
            The
            Securities of each series shall be in substantially the form set forth
            in this
            Article, or in such other form as shall be established by or pursuant
            to a Board
            Resolution or in one or more indentures supplemental hereto, in each
            case with
            such appropriate insertions, omissions, substitutions and other variations
            as
            are required or permitted by this Indenture, and may have such letters,
            numbers
            or other marks of identification and such legends or endorsements placed
            thereon
            as may be required to comply with the rules of any securities exchange
            or
            Depositary therefor or as may, consistently herewith, be determined by
            the
            officers executing such Securities, as evidenced by their execution of
            such
            Securities. If the form of Securities of any series is established by
            action
            taken pursuant to a Board Resolution, a copy of an appropriate record
            of such
            action shall be certified by the Secretary or an Assistant Secretary
            of the
            Company and delivered to the Trustee at or prior to the delivery of the
            Company
            Order contemplated by Section 3.3 for the authentication and delivery
            of such
            Securities.

        

      

      

      The
        Trustee's certificates of authentication shall be in substantially the form
        set
        forth in this Article.

      

      The
        definitive Securities may be produced in any manner as determined by the
        officers executing such Securities, as evidenced by their execution of such
        Securities.

       

      
        
          Section
            2.2. Form
            of Face of Security.
            [IF
            THE
            SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security is a Global
            Security
            within the meaning of the Indenture hereinafter referred to and is registered
            in
            the name of a Depositary or a nominee of a Depositary. This Security
            is
            exchangeable for Securities registered in the name of a person other
            than the
            Depositary or its nominee only in the limited circumstances described
            in the
            Indenture, and no transfer of this Security (other than a transfer of
            this
            Security as a whole by the Depositary to a nominee of the Depositary
            or by a
            nominee of the Depositary to the Depositary or another nominee of the
            Depositary) may be registered except in limited
            circumstances.

        

      

      

      Unless
        this Security is presented by an authorized representative of The Depository
        Trust Company (55 Water Street, New York, New York) to the issuer or its
        agent
        for registration of transfer, exchange or payment, and any Security issued
        is
        registered in the name of Cede & Co. or such other name as requested by an
        authorized representative of The Depository Trust Company and any payment
        hereon
        is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
        OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede
&
Co., has an interest herein.]

      

      No.
        ________________

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      

      CITIGROUP
        INC. 

      

      [INSERT
        TITLE OF SERIES OF SECURITY]

      

      CITIGROUP
        INC., a Delaware corporation (the "Company," which term includes any successor
        corporation under the Indenture hereinafter referred to), for value received,
        hereby promises to pay to ___________or registered assigns, the principal
        sum of
        _________Dollars ($__________) on ________________, ______, and to pay interest
        on said principal sum from ______________, _____, or from the most recent
        interest payment date (each such date, an "Interest Payment Date") to which
        interest has been paid or duly provided for, [quarterly] [(subject to deferral
        as set forth herein)] in arrears on [___________, ___________, ____________
        and
        ___________] of each year commencing ______________, _____, at [If
        the Security is to bear interest at a fixed rate, insert
        -a rate
        of ___% per annum,] [If
        the Security is a Floating or Adjustable Rate Security, insert
        a rate
        of ___% per annum [computed-determined] in accordance with the [insert
        defined name of Floating or Adjustable Rate Provision]
        set
        forth below] until the principal hereof shall have become due and payable,
        and
        on any overdue principal and premium, if any, and (without duplication and
        to
        the extent that payment of such interest is enforceable under applicable
        law) on
        any overdue installment of interest at the same rate per annum compounded
        [quarterly]. The amount of interest payable on any Interest Payment Date
        shall
        be computed on the basis of a 360-day year of twelve 30-day months. In the
        event
        that any date on which interest is payable on this Security is not a Business
        Day, then payment of interest payable on such date will be made on the next
        succeeding day that is a Business Day (and without any interest or other
        payment
        in respect of any such delay), except that, if such Business Day is in the
        next
        succeeding calendar year, such payment shall be made on the immediately
        preceding Business Day, in each case with the same force and effect as if
        made
        on such date. The interest installment so payable, and punctually paid or
        duly
        provided for, on any Interest Payment Date will, as provided in the Indenture,
        be paid to the Person in whose name this Security (or one or more Predecessor
        Securities, as defined in said Indenture) is registered at the close of business
        on the regular record date for such interest installment, which shall be
        the
        close of business on the Business Day next preceding such Interest Payment
        Date,
        [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES ARE NO LONGER
        REPRESENTED BY A GLOBAL SECURITY -- which shall be the close of business
        on the
        ___ Business Day next preceding such Interest Payment Date.] Any such interest
        installment not punctually paid or duly provided for shall forthwith cease
        to be
        payable to the registered Holders on such regular record date and may be
        paid to
        the Person in whose name this Security (or one or more Predecessor Securities)
        is registered at the close of business on a special record date to be fixed
        by
        the Trustee for the payment of such defaulted interest, notice whereof shall
        be
        given to the registered Holders of this series of Securities not less than
        10
        days prior to such special record date, or may be paid at any time in any
        other
        lawful manner not inconsistent with the requirements of any securities exchange
        on which the Securities may be listed, and upon such notice as may be required
        by such exchange, all as more fully provided in the Indenture. Payments on
        this
        Global Security will be made to the Depository Trust Company, or to a successor
        Depositary. [IF PURSUANT TO THE PROVISIONS OF THE INDENTURE THE SECURITIES
        ARE
        NO LONGER REPRESENTED BY A GLOBAL SECURITY --The principal of (and premium,
        if
        any) and the interest on this Security shall be payable at the office or
        agency
        of the Trustee maintained for that purpose in any coin or currency of the
        United
        States of America that at the time of payment is legal tender for payment
        of
        public and private debts; provided,
        however,
        that
        payment of interest may be made at the option of the Company by check mailed
        to
        the registered Holder at such address as shall appear in the Security Register.
        Notwithstanding the foregoing, so long as the Holder of this Security is
        the
        Institutional Trustee of a Citigroup Trust, the payment of the principal
        of (and
        premium, if any) and interest on this Security will be made at such place
        and to
        such account as may be designated by such Institutional Trustee.]

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      The
        Securities are not deposits or savings accounts. The Securities are not insured
        by the Federal Deposit Insurance Corporation or any other governmental agency
        or
        instrumentality.

      

      [At
        this point in the Security Form of any series of Floating or Adjustable Rate
        Securities, the text of the Floating or Adjustable Rate Provision relating
        thereto should be inserted.]

      

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

      

      This
        Security shall not be entitled to any benefit under the Indenture hereinafter
        referred to, be valid or become obligatory for any purpose until the Certificate
        of Authentication hereon shall have been signed by or on behalf of the
        Trustee.

      

      The
        provisions of this Security are continued on the reverse side hereof and
        such
        continued provisions shall for all purposes have the same effect as though
        fully
        set forth at this place.

      

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be
        executed.

      

      Dated:
        ____________

       

      
        	 	 	 
	 	
                CITIGROUP
                  INC.

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	
                Title:

              

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      
         

        
          	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                  
Name:
	 	
                  Title:

                

        

        

 

      

      
        
          Section
            2.3. Form
            of Reverse of Security.
            This
            Security is one of a duly authorized series of securities of the Company
            (herein
            sometimes referred to as the "Securities"), specified in the Indenture,
            all
            issued or to be issued in one or more series under and pursuant to an
            Indenture
            dated as of September 15, 2006 (the "Indenture"), duly executed and delivered
            between the Company and JPMorgan Chase Bank, N.A., as Trustee (the "Trustee"),
            to which Indenture and all indentures supplemental thereto reference
            is hereby
            made for a description of the respective rights, limitations of rights,
            obligations, duties and immunities thereunder of the Trustee, the Company
            and
            the Holders of the Securities. By the terms of the Indenture, the Securities
            are
            issuable in series that may vary as to amount, date of maturity, rate
            of
            interest and in other respects as provided in the Indenture. This series
            of
            Securities is limited in aggregate principal amount to $ _________(,
            plus up to
            an additional $ __________ aggregate principal amount which may be issued
            upon
            exercise of the over-allotment option contemplated by the Underwriting
            Agreement).

        

      

      

      The
        Company shall have the right to redeem this Security at the option of the
        Company, in whole or in part, at any time on or after ____, 20__ (an "Optional
        Redemption"), or any time in certain circumstances upon the occurrence of
        a Tax
        Event, an Investment Company Event or a Regulatory Capital Event (as defined
        in
        the Company's Prospectus dated ____, 20__) (each, a "Special Event") at a
        redemption price equal to 100% of the principal amount thereof, plus any
        accrued
        and unpaid interest to the date of such redemption (the "Optional Redemption
        Price"). Any redemption pursuant to this paragraph will be made upon not
        less
        than 30 days nor more than 60 days notice, or with respect to a redemption
        upon
        a Special Event, within 90 days following the occurrence of such Special
        Event,
        at the Optional Redemption Price. If the Securities are only partially redeemed
        by the Company pursuant to an Optional Redemption, the Securities will be
        redeemed pro rata or by lot or by any other method utilized by the Trustee;
        provided that if, at the time of redemption, the Securities are registered
        as a
        Global Security, the Depositary (as defined herein) shall determine the
        principal amount of such Securities held by each Security Beneficial Owner
        to be
        redeemed in accordance with its procedures. 

      

      Any
        redemption of the Securities of this series, in whole or in part, prior to
        the
        stated maturity date is subject to the prior concurrence or approval of the
        Board of Governors of the Federal Reserve System, the Federal Reserve Bank
        of
        New York, or a successor to either of them, as the Company's primary federal
        banking regulator (the "Federal Reserve"), or the staff thereof, (i) if such
        approval is then required in order for securities such as the Securities
        to
        qualify as tier 1 capital of a bank holding company under applicable capital
        adequacy guidelines, regulations, policies, or published interpretations
        of the
        Federal Reserve, or (ii) if the Federal Reserve or its staff has informed
        the
        Company that it must obtain such approval before redeeming the Securities.
        

      

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

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

      

      In
        case
        an Event of Default and Acceleration, as defined in the Indenture, shall
        have
        occurred and be continuing, the principal of all of the Securities may be
        declared, and upon such declaration shall become, due and payable, in the
        manner, with the effect and subject to the conditions provided in the
        Indenture.

      

      The
        Indenture contains provisions permitting the Company and the Trustee, with
        the
        consent of the Holders of not less than a majority in aggregate principal
        amount
        of the Securities of each series affected at the time outstanding, as defined
        in
        the Indenture, to execute supplemental indentures for the purpose of adding
        any
        provisions to or changing in any manner or eliminating any of the provisions
        of
        the Indenture or of any supplemental indenture or of modifying in any manner
        the
        rights of the Holders of the Securities; provided,
        however,
        that no
        such supplemental indenture shall (i) extend the fixed maturity of any
        Securities of any series, or reduce the principal amount thereof, or reduce
        the
        rate or extend the time of payment of interest thereon, or reduce any premium
        payable upon the redemption thereof, without the consent of the Holder of
        each
        Security so affected, or (ii) reduce the aforesaid percentage of Securities,
        the
        Holders of which are required to consent to any such supplemental indenture,
        without the consent of the Holders of each Security then outstanding and
        affected thereby. The Indenture also contains provisions permitting the Holders
        of a majority in aggregate principal amount of the Securities of any series
        at
        the time outstanding affected thereby, on behalf of all of the Holders of
        the
        Securities of such series, to waive any past default in the performance of
        any
        of the covenants contained in the Indenture, or established pursuant to the
        Indenture with respect to such series, and its consequences, except a default
        in
        the payment of the principal of or premium, if any, or interest on any of
        the
        Securities of such series. Any such consent or waiver by the registered Holder
        of this Security (unless revoked as provided in the Indenture) shall be
        conclusive and binding upon such Holder and upon all future Holders and owners
        of this Security and of any Security issued in exchange herefor or in place
        hereof (whether by registration of transfer or otherwise), irrespective of
        whether or not any notation of such consent or waiver is made upon this
        Security.

      

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

      

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      The
        Company shall have the right at any time during the term of the Securities
        and
        from time to time to extend the interest payment period of such Securities
        for
        up to 40 consecutive quarters (an "Extended Interest Payment Period"), at
        the
        end of which period the Company shall pay all interest then accrued and unpaid
        (together with interest thereon at the rate specified for the Securities
        to the
        extent that payment of such interest is enforceable under applicable law);
        provided,
        that no
such Extended Interest Payment Period shall extend beyond the maturity of
        the
        Securities; and provided
        further
        that
        during any such Extended Interest Payment Period (a) the Company shall not
        declare or pay any dividend on, make any distributions with respect to, or
        redeem, purchase, acquire or make a liquidation payment with respect to,
        any of
        its capital stock or make any guarantee payment with respect thereto (other
        than
        (i) repurchases, redemptions or other acquisitions of shares of capital stock
        of
        the Company in connection with any employment contract, benefit plan or other
        similar arrangement with or for the benefit of employees, officers, directors
        or
        consultants, (ii) repurchases of shares of common stock of the Company pursuant
        to a contractually binding requirement to buy stock existing prior to the
        commencement of the Extended Interest Payment Period, including under a
        contractually binding stock repurchase plan, (iii) as a result of an exchange
        or
        conversion of any class or series of the Company's capital stock for any
        other
        class or series of the Company's capital stock, (iv) the purchase of fractional
        interests in shares of the Company's capital stock pursuant to the conversion
        or
        exchange provisions of such capital stock or the security being converted
        or
        exchanged) or (v) the purchase of capital stock of the Company in connection
        with the distribution thereof), and (b) except for any partial payments of
        Deferred Interest in accordance with the Alternative Payment Mechanism, the
        Company shall not make any payment of interest on or principal of (or premium,
        if any, on), or repay, repurchase or redeem, any debt securities or guarantees
        issued by the Company which rank pari
        passu
        with or
        junior to the Securities. The foregoing, however, will not apply to any stock
        dividends paid by the Company where the dividend stock is the same stock
        as that
        on which the dividend is being paid. Before the termination of any such Extended
        Interest Payment Period, the Company may further extend such Extended Interest
        Payment Period, provided
        that
        such Extended Interest Payment Period together with all such previous and
        further extensions thereof shall not exceed 40 consecutive quarters. At the
        termination of any such Extended Interest Payment Period and upon the payment
        of
        all accrued and unpaid interest and any additional amounts then due, the
        Company
        may commence a new Extended Interest Payment Period. The Company may pay
        current
        interest at any time with cash from any source.

      

      Commencing
        on the earlier of (i) the Fifth Deferral Anniversary and (ii) the date of
        any
        payment of current interest on the Securities during an Extended Interest
        Payment Period, if any Deferred Interest is outstanding, the Company shall
        be
        subject to the Alternative Payment Mechanism, pursuant to which it will
        continuously use its commercially reasonable efforts to effect sales of shares
        of its common stock, including treasury shares, in an amount that will generate
        sufficient net proceeds to enable the Company to pay in full all Deferred
        Interest on the Securities then outstanding (subject to the APM Maximum
        Obligation, if applicable, and the Share Cap Amount); provided that the Company
        shall not be obligated to make offers for or effect sales of its common stock
        during the occurrence and continuation of a Market Disruption Event or a
        Supervisory Event. The Company's obligation to use commercially reasonable
        efforts to sell shares of its common stock to pay all Deferred Interest on
        the
        Securities shall resume at such time as no Market Disruption Event or
        Supervisory Event exists or is continuing. The Company may pay Deferred Interest
        with cash from any source (i) upon and following the Tenth Deferral Anniversary,
        (ii) upon the Maturity of the Securities, (iii) during the occurrence and
        continuation of a Supervisory Event, (iv) if the Company has previously sold
        shares of its common stock up to the Share Cap Amount and the Company has
        not
        increased the Share Cap Amount or (v) if an Event of Default and Acceleration
        shall have occurred and be continuing.

      

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      The
        Holder of this Security, by such holder’s acceptance thereof, agrees that upon
        any payment or distribution of assets to creditors of the Company upon any
        liquidation, dissolution, winding up, reorganization, or in connection with
        any
        insolvency, receivership or proceeding under any bankruptcy law with respect
        to
        the Company, such Holder shall not have a claim for Deferred Interest, to
        the
        extent that the aggregate amount thereof (including Compounded Interest,
        and
        Additional Interest thereon) exceeds 25% of the original principal amount
        of
        such Security.

      

      As
        provided in the Indenture and subject to certain limitations therein set
        forth,
        this Security is transferable by the registered Holder hereof on the Security
        Register of the Company, upon surrender of this Security for registration
        of
        transfer at the office or agency of the Trustee in the City and State of
        New
        York accompanied by a written instrument or instruments of transfer in form
        satisfactory to the Company or the Trustee duly executed by the registered
        Holder hereof or his attorney duly authorized in writing, and thereupon one
        or
        more new Securities of authorized denominations and for the same aggregate
        principal amount and series will be issued to the designated transferee or
        transferees. No service charge will be made for any such transfer, but the
        Company or the Trustee may require payment of a sum sufficient to cover any
        tax
        or other governmental charge payable in relation thereto.

      

      Prior
        to
        due presentment for registration of transfer of this Security, the Company,
        the
        Trustee, any paying agent and the Security Registrar may deem and treat the
        registered holder hereof as the absolute owner hereof (whether or not this
        Security shall be overdue and notwithstanding any notice of ownership or
        writing
        hereon made by anyone other than the Security Registrar) for the purpose
        of
        receiving payment of or on account of the principal hereof and premium, if
        any,
        and interest due hereon and for all other purposes, and neither the Company
        nor
        the Trustee nor any paying agent nor any Security Registrar shall be affected
        by
        any notice to the contrary.

      

      No
        recourse shall be had for the payment of the principal of or the interest
        on
        this Security, or for any claim based hereon, or otherwise in respect hereof,
        or
        based on or in respect of the Indenture, against any incorporator, stockholder,
        officer or director, past, present or future, as such, of the Company or
        of any
        predecessor or successor corporation, whether by virtue of any constitution,
        statute or rule of law, or by the enforcement of any assessment or penalty
        or
        otherwise, all such liability being, by the acceptance hereof and as part
        of the
        consideration for the issuance hereof, expressly waived and
        released.

      

      [The
        Securities of this series are issuable only in registered form without coupons
        in denominations of $25 and any integral multiple thereof.] [This Global
        Security is exchangeable for Securities in definitive form only under certain
        limited circumstances set forth in the Indenture. Securities of this series
        so
        issued are issuable only in registered form without coupons in denominations
        of
        $25 and any integral multiple thereof.] As provided in the Indenture and
        subject
        to certain limitations [herein and] therein set forth. Securities of this
        series
        [so issued] are exchangeable for a like aggregate principal amount of Securities
        of this series of a different authorized denomination, as requested by the
        Holder surrendering the same. 

      

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      All
        terms
        used in this Security that are defined in the Indenture shall have the meanings
        assigned to them in the Indenture.

       

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

        

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Securities of the series of Securities described in the
        within-mentioned Indenture.

      

      JPMORGAN
        CHASE BANK, N.A.,

      as
        Trustee

      

      By:

      
        
          

        

      

      Authorized
        Officer

      

      

      ARTICLE
        III

      

      The
        Securities

       

      
        
          Section
            3.1. Amount
            Unlimited; Issuable in Series.

        

      

      

      The
        aggregate principal amount of Securities which may be authenticated and
        delivered under this Indenture is unlimited.

      

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

      

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

      

      (2) the
        date
        or dates on which the principal of the Securities of the series is
        payable;

      

      (3) the
        rate
        or rates at which the Securities of the series shall bear interest or the
        Floating or Adjustable Rate Provision pursuant to which such rates shall
        be
        determined, the date or dates from which any such interest shall accrue,
        the
        Interest Payment Dates on which any such interest shall be payable and the
        Regular Record Date for the interest payable on any Interest Payment Date
        (if
        such Interest Payment Dates or Regular Record Dates differ from those provided
        herein);

      

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      (4) the
        place
        or places where the principal of (and any premium, if any) and interest on
        Securities of the series shall be payable;

      

      (5) in
        addition to the redemption rights provided herein, the period or periods
        within
        which (including the Redemption Option Date for the series) and the price
        or
        prices at which any Securities of the series may be redeemed, in whole or
        in
        part, at the option of the Company;

      

      (6) if
        other
        than denominations of $25 and any integral multiple thereof, the denominations
        in which Securities of the series shall be issuable;

      

      (7) any
        other
        defaults applicable with respect to the Securities of the series in addition
        to
        those provided in Section 5.7(a) through (f);

      

      (8) any
        other
        covenant or warranty included for the benefit of Securities of the series
        in
        addition to (and not inconsistent with) those included in this Indenture
        for the
        benefit of Securities of all series, or any other covenant or warranty included
        for the benefit of Securities of the series in lieu of any covenant or warranty
        included in this Indenture for the benefit of Securities of all series, or
        any
        provision that any covenant or warranty included in this Indenture for the
        benefit of Securities of all series shall not be for the benefit of Securities
        of the series, or any combination of such covenants, warranties or
        provisions;

      

      (9) the
        subordination terms of the Securities of the series;

      

      (10) the
        provisions of this Indenture, if any, that shall not apply to the series;
        and

      

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

      

      All
        Securities of any one series shall be substantially identical except as to
        denomination and except as may otherwise be provided in or pursuant to such
        Board Resolution and set forth, or determined in the manner provided, in
        the
        Officers' Certificate referred to above or in any such indenture supplemental
        hereto.

      

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

       

      
        
          Section
            3.2. Denominations.
            The
            Securities of each series shall be issuable in registered form without
            coupons
            and in such denominations as shall be specified as contemplated by Section
            3.1.
            In the absence of any such provisions with respect to the Securities
            of any
            series, the Securities of such series shall be issuable in denominations
            of $25
            and any integral multiple thereof.

           

          
            
               

            

            
              24

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            3.3. Execution,
            Authentication, Delivery and Dating.
            The
            Securities shall be executed on behalf of the Company by its Chairman
            or a Vice
            Chairman of the Board, its President, a Vice President, the Chief Financial
            Officer, the Chief Accounting Officer, the Treasurer, any Deputy Treasurer
            or
            any Assistant Treasurer, under its corporate seal reproduced thereon
            attested by
            its Secretary or one of its Assistant Secretaries. The signature of any
            of these
            officers on the Securities may be manual or facsimile.

        

      

      

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

      

      At
        any
        time and from time to time after the execution and delivery of this Indenture,
        the Company may deliver Securities of any series executed by the Company
        to the
        Trustee for authentication, together with a Company Order for the authentication
        and delivery of such Securities, and the Trustee in accordance with the Company
        Order shall authenticate and deliver such Securities. If the form or terms
        of
        the Securities of the series have been established in or pursuant to one
        or more
        Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
        such
        Securities, and accepting the additional responsibilities under this Indenture
        in relation to such Securities, the Trustee shall be entitled to receive
        at the
        time of the initial delivery by the Company of Securities of such series
        to the
        Trustee for authentication, and (subject to Section 6.1) shall be fully
        protected in relying upon, an Opinion of Counsel stating,

      

      (1) if
        the
        form of such Securities has been established by or pursuant to Board Resolution
        as permitted by Section 2.1, that such form has been established in conformity
        with the provisions of this Indenture;

      

      (2) if
        the
        terms of such Securities have been established by or pursuant to Board
        Resolution as permitted by Section 3.1, that such terms have been established
        in
        conformity with the provisions of this Indenture; and

      

      (3) that
        such
        Securities, when authenticated and delivered by or on behalf of the Trustee
        and
        issued by the Company in the manner and subject to any conditions specified
        in
        such Opinion of Counsel, will constitute valid and legally binding obligations
        of the Company enforceable in accordance with their terms, subject to
        bankruptcy, insolvency, reorganization, and other laws of general applicability
        relating to or affecting the enforcement or creditors' rights and to general
        equity principles.

      

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

      

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

      Each
        Security shall be dated the date of its authentication.

      

      No
        Security shall be entitled to any benefit under this Indenture or be valid
        or
        obligatory for any purpose unless there appears on such Security a certificate
        of authentication substantially in the form provided for herein executed
        by the
        Trustee by manual signature, and such certificate upon any Security shall
        be
        conclusive evidence, and the only evidence, that such Security has been duly
        authenticated and delivered hereunder and is entitled to the benefits of
        this
        Indenture.

       

      
        
          Section
            3.4. Temporary
            Securities.
            Pending
            the preparation of definitive Securities of any series, the Company may
            execute,
            and upon receipt of a Company Order the Trustee shall authenticate and
            deliver,
            temporary Securities which are printed, lithographed, typewritten, mimeographed
            or otherwise produced, in any authorized denomination, substantially
            of the
            tenor of the definitive Securities in lieu of which they are issued and
            with
            such appropriate insertions, omissions, substitutions and other variations
            as
            the directors or officers executing such Securities may determine, as
            evidenced
            by their execution of such Securities.

        

      

      

      If
        temporary Securities of any series are issued, the Company will cause definitive
        Securities of that series to be prepared without unreasonable delay. After
        the
        preparation of definitive Securities of such series, the temporary Securities
        of
        such series shall be exchangeable for definitive Securities of such series
        upon
        surrender of the temporary Securities of such series at the office or agency
        of
        the Company in a Place of Payment for Securities of that series, without
        charge
        to the Holder. Upon surrender for cancellation of any one or more temporary
        Securities of any series the Company shall execute and the Trustee shall
        authenticate and deliver in exchange therefor a like aggregate principal
        amount
        of definitive Securities of the same series and of like tenor of authorized
        denominations. 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,
            Registration of Transfer and Exchange.
            The
            Company shall cause to be kept at the Corporate Trust Office of the Trustee
            a
            register (the register maintained in such office and in any other office
            or
            agency of the Company in a Place of Payment being herein sometimes collectively
            referred to as the "Security Register") in which, subject to such reasonable
            regulations as it may prescribe, the Company shall provide for the registration
            of Securities, or of Securities of a particular series, and of transfers
            of
            Securities or of Securities of such series. The Trustee is hereby appointed
            "Security Registrar" for the purpose of registering Securities and transfers
            of
            Securities as herein provided.

        

      

      

      Subject
        to Section 3.11, upon surrender for registration of transfer of any Security
        of
        any series at the office or agency of the Company in a Place of Payment for
        Securities of that 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 Securities of like tenor of the same series,
        of any
        authorized denominations and of a like aggregate principal amount.

      

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      Subject
        to Section 3.11, at the option of the Holder, Securities of any series may
        be
        exchanged for other Securities of like tenor of the same series, of any
        authorized denominations and of a like aggregate principal amount, upon
        surrender of the Securities to be exchanged at such office or agency. Whenever
        any Securities are so surrendered for exchange, the Company shall execute,
        and
        the Trustee shall authenticate and deliver, the Securities which the Holder
        making the exchange is entitled to receive.

      

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

      

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

      

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

      

      The
        Company shall not be required (i) to issue, register the transfer of or exchange
        any Security of any series during a period beginning at the opening of business
        15 days before the day of the mailing of a notice of redemption of Securities
        of
        such series selected for redemption under Section 11.3 and ending at the
        close
        of business on the day of such mailing, or (ii) to register the transfer
        of or
        exchange any Security so selected for redemption in whole or in part, except
        the
        unredeemed portion of any Security being redeemed in part.

       

      
        
          Section
            3.6. Mutilated,
            Destroyed, Lost and Stolen Securities.
            If
            any
            mutilated Security is surrendered to the Trustee, the Company shall execute
            and
            the Trustee shall authenticate and deliver in exchange therefor a new
            Security
            of the same series and of like tenor and principal amount and bearing
            a number
            not contemporaneously outstanding.

        

      

      

      If
        there
        shall be delivered to the Company and the Trustee (i) evidence to their
        satisfaction of the destruction, loss or theft of any Security 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 has been acquired by a protected purchaser,
        the Company shall execute and upon its written request the Trustee shall
        authenticate and deliver, in lieu of any such destroyed, lost or stolen
        Security, a new Security of the same series and of like tenor and principal
        amount and bearing a number not contemporaneously outstanding.

      

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

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

      

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

      

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

      

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

       

      
        
          Section
            3.7. Payment
            of Interest; Interest Rights Preserved.
            Interest
            on any Security which is payable, and is punctually paid or duly provided
            for,
            on any Interest Payment Date shall be paid to the Person in whose name
            that
            Security (or one or more Predecessor Securities) is registered at the
            close of
            business on the Regular Record Date for such interest.

        

      

      

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

      

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

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

      

      Subject
        to the foregoing provisions of this Section, 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.

      

      For
        the
        purposes of determining the Holders who are entitled to participate in any
        distribution on the Securities in respect of which a Regular Record Date
        or a
        Special Record Date is not otherwise provided for in this Indenture, or for
        the
        purpose of any other action (unless provided for pursuant to Section 3.1),
        the
        Company may from time to time fix a date, not more than 90 days prior to
        the
        date of the payment of distribution or other action, as the case may be,
        as a
        record date for the determination of the identity of the Holders of record
        for
        such purposes.

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

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

           

        

      

      
        
          Section
            3.9. Cancellation.
            All
            Securities surrendered for payment, redemption, registration of transfer
            or
            exchange shall, if surrendered to any Person other than the Trustee,
            be
            delivered to the Trustee and shall be promptly cancelled by it. The Company
            may
            at any time deliver to the Trustee for cancellation any Securities previously
            authenticated and delivered hereunder which the Company may have acquired
            in any
            manner whatsoever, and all Securities so delivered shall be promptly
            cancelled
            by the Trustee. No Securities shall be authenticated in lieu of or in
            exchange
            for any Securities cancelled as provided in this Section, except as expressly
            permitted by this Indenture. Unless otherwise directed by a Company Order,
            delivery of which must be delivered in a timely manner to prevent such
            destruction, all cancelled Securities held by the Trustee shall be destroyed
            by
            it, and the Trustee, upon receipt of a written request of the Company,
            shall
            deliver a certificate of such destruction to the Company.

           

        

      

      
        
          Section
            3.10. Interest.
            (a) Each
            Security will bear interest at the rate established for the series of
            Securities
            of which such Security is a part pursuant to Section 3.1 (the "Coupon
            Rate")
            from
            and including the original date of issuance of such Security until the
            principal
            thereof becomes due and payable, and on any overdue principal and (to
            the extent
            that payment of such interest is enforceable under applicable law) on
            any
            overdue installment of interest at the Coupon Rate, compounded quarterly,
            payable (subject to the provisions of Article Four) quarterly in arrears
            on
            March 31, June 30, September 30 and December 31 of each year (or in such
            other
            periodic installments on such other dates established as payment dates
            for the
            series of Securities of which such Security is a part pursuant to Section
            3.1)
            (each, an "Interest Payment Date") commencing on the date established
            for the
            series of Securities of which such Security is a part pursuant to Section
            3.1,
            to the Person in whose name such Security or any Predecessor Security
            is
            registered, at the close of business on the Regular Record Date for such
            interest installment, which, in respect of any Securities of which the
            Institutional Trustee of any Citigroup Trust is the Holder or a Global
            Security,
            shall be the close of business on the Business Day next preceding that
            Interest
            Payment Date. Notwithstanding the foregoing sentence, if the Preferred
            Securities of a Citigroup Trust are no longer in book-entry only form
            or, except
            if the Securities originally issued to such Citigroup Trust are held
            by the
            Institutional Trustee of such Citigroup Trust, the Securities of any
            series are
            not represented by a Global Security, the Company may select a Regular
            Record
            Date for such interest installment on such series of Securities which
            shall be
            any date more than 14 days but less than 60 days before an Interest Payment
            Date.

        

      

      

      (b) The
        amount of interest payable for any period will be computed on the basis of
        a
        360-day year of twelve 30-day months and will include the first day but exclude
        the last day of such period. Except as provided in the following sentence,
        the
        amount of interest payable for any period shorter than a full quarterly period
        for which interest is computed, will be computed on the basis of the actual
        number of days elapsed in each 30-day month. In the event that any date on
        which
        interest is payable on the Securities of any series is not a Business Day,
        then
        payment of interest payable on such date will be made on the next succeeding
        day
        that is a Business Day (and without any interest or other payment in respect
        of
        any such delay), except that, if such Business Day is in the next succeeding
        calendar year, such payment shall be made on the immediately preceding Business
        Day, in each case with the same force and effect as if made on such
        date.

      

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      (c) If,
        at
        any time while the Institutional Trustee of a Citigroup Trust is the Holder
        of
        Securities of any series, such Citigroup Trust or such Institutional Trustee
        is
        required to pay any taxes, duties, assessments or governmental charges of
        whatever nature (other than withholding taxes) imposed by the United States,
        or
        any other taxing authority, then, in any case, the Company will pay as
        additional interest ("Additional Interest") on the Securities of such series,
        such additional amounts as shall be required so that the net amounts received
        and retained by such Citigroup Trust and/or such Institutional Trustee, as
        the
        case may be, after paying such taxes, duties, assessments or other governmental
        charges will be equal to the amounts Citigroup Trust and/or such Institutional
        Trustee, as the case may be, would have received had no such taxes, duties,
        assessments or other government charges been imposed.

       

      
        
          Section
            3.11. Form
            and Payment.
            Except
            as
            provided in Section 3.12, the Securities of each series shall be issued
            in fully
            registered certificated form without interest coupons. Principal and
            interest on
            the Securities issued in certificated form will be payable, the transfer
            of such
            Securities will be registrable, and such Securities will be exchangeable,
            for
            Securities of the same series bearing identical terms and provisions
            at the
            office or agency of the Trustee; provided,
            however,
            that
            payment of interest may be made at the option of the Company by check
            mailed to
            the Holders of such Securities at such address as shall appear in the
            Security
            Register. Notwithstanding the foregoing, so long as the Holder of all
            Securities
            of any series is the Institutional Trustee of any Citigroup Trust, the
            payment
            of the principal of and interest (including Compounded Interest and Additional
            Interest, if any) on Securities of such series will be made at such place
            and to
            such account as may be designated by the Institutional Trustee.

           

        

      

      
        
          Section
            3.12. Global
            Securities.

           

        

      

      (a) In
        connection with Dissolution Event with respect to any Citigroup
        Trust,

      

      (i) the
        Securities in non book-entry certificated form held by such Citigroup Trust,
        or
        its Institutional Trustee, will be presented to the Trustee by the Institutional
        Trustee of such Citigroup Trust in exchange for a Global Security in an
        aggregate principal amount equal to the aggregate principal amount of all
        outstanding Securities of the series issued to such Citigroup Trust, to be
        registered in the name of the Depositary, or its nominee, and delivered by
        the
        Trustee to the Depositary for crediting to the accounts of its participants
        pursuant to the instructions of the Regular Trustees of the relevant Citigroup
        Trust. The Company upon any such presentation shall execute a Global Security
        in
        such aggregate principal amount and deliver the same to the Trustee for
        authentication and delivery in accordance with this Indenture. Payments on
        any
        Securities issued as a Global Security will be made to the Depositary;
        and

      

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      (ii) if
        any
        Preferred Securities of a Citigroup Trust are held in non book-entry
        certificated form, the Securities in non book-entry certificated form held
        by
        such Citigroup Trust, or its Institutional Trustee, may be presented to the
        Trustee by the Institutional Trustee of such Citigroup Trust and any Preferred
        Security Certificate which represents Preferred Securities of such Citigroup
        Trust other than Preferred Securities held by the Depositary or its nominee
        ("Non Book-Entry Preferred Securities")
        will
        be deemed to represent Securities presented to the Trustee by such Institutional
        Trustee having an aggregate principal amount equal to the aggregate liquidation
        amount of the Non Book-Entry Preferred Securities until such Preferred Security
        Certificates are presented to the Security Registrar for transfer or reissuance
        at which time such Preferred Security Certificates will be cancelled and
        a
        Security, registered in the name of the holder of the Preferred Security
        Certificate or the transferee of the holder of such Preferred Security
        Certificate, as the case may be, with an aggregate principal amount equal
        to the
        aggregate liquidation amount of the Preferred Security Certificate cancelled,
        will be executed by the Company and delivered to the Trustee for authentication
        and delivery in accordance with this Indenture. On issue of such Securities,
        Securities with an equivalent aggregate principal amount that were presented
        by
        the Institutional Trustee to the Trustee will be deemed to have been
        cancelled.

      

      (b) A
        Global
        Security may be transferred, in whole but not in part, only to another nominee
        of the Depositary, or to a successor Depositary selected or approved by the
        Company or to a nominee of such successor Depositary.

      

      (c) If
        at any
        time the Depositary notifies the Company that it is unwilling or unable to
        continue as Depositary for any series of Securities or if at any time the
        Depositary for such series shall no longer be registered or in good standing
        under the Exchange Act, or other applicable statute or regulation, and a
        successor Depositary for such series is not appointed by the Company within
        90
        days after the Company receives such notice or becomes aware of such condition,
        as the case may be, the Company will execute, and, subject to this Article
        III,
        the Trustee, upon written notice from the Company, will authenticate and
        deliver
        the Securities of such series in definitive registered form without coupons,
        in
        authorized denominations, and in an aggregate principal amount equal to the
        principal amount of the Global Security in exchange for such Global Security.
        In
        addition, the Company may at any time determine that the Securities of any
        series shall no longer be represented by a Global Security. In such event
        the
        Company will execute, and subject to Section 3.5, the Trustee, upon receipt
        of
        an Officers Certificate evidencing such determination by the Company, will
        authenticate and deliver the Securities of such series in definitive registered
        form without coupons, in authorized denominations, and in an aggregate principal
        amount equal to the principal amount of the Global Security for such series
        in
        exchange for such Global Security. Upon the exchange of the Global Security
        for
        such Securities in definitive registered form without coupons, in authorized
        denominations, the Global Security shall be cancelled by the Trustee. Such
        Securities in definitive registered form issued in exchange for the Global
        Security shall be registered in such names and in such authorized denominations
        as the Depositary, pursuant to instructions from its direct or indirect
        participants or otherwise, shall instruct the Trustee. The Trustee shall
        deliver
        such Securities to the Depositary, for delivery to the Persons in whose names
        such Securities are so registered.

      

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      

      ARTICLE
        IV

      

      Satisfaction
        And Discharge; Defeasance

       

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

        

      

      

      (1) either

      

      (A) all
        Securities theretofore authenticated and delivered (other than (i) Securities
        which have been destroyed, lost or stolen and which have been replaced or
        paid
        as provided in Section 3.6 and (ii) Securities 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
        such
        Securities not theretofore delivered to the Trustee for cancellation

      

      (i) have
        become due and payable, or

      

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

      

      (iii) are
        to be
        called for redemption within one year under arrangements satisfactory to
        the
        Trustee for the giving of notice of redemption by the Trustee in the name,
        and
        at the expense, of the Company,

      

      and
        the
        Company, in the case of (i), (ii) or (iii) above, has deposited or caused
        to be
        deposited with the Trustee as trust funds in trust for the purpose an amount
        sufficient to pay and discharge the entire indebtedness on such Securities
        not
        theretofore delivered to the Trustee for cancellation, for principal (and
        premium, if any) and interest to the date of such deposit (in the case of
        Securities which have become due and payable) or to the Stated Maturity or
        Redemption Date, as the case may be;

      

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

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

      

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

      

      Notwithstanding
        the satisfaction and discharge of this Indenture, the obligations of the
        Company
        to the Trustee under Section 6.7, the Company's obligation to pay the expenses
        of any Citigroup Trust under Section 10.6 (except upon the application of
        subclauses 1(A) or 1(B)(i) above), the obligations of the Trustee to any
        Authenticating Agent under Section 6.14, and, if money shall have been deposited
        with the Trustee pursuant to subclause (B) of clause (1) of this Section,
        the
        obligations of the Trustee under Section 4.2 and the last paragraph of Section
        10.3 shall survive.

       

      
        
          Section
            4.2. Defeasance
            and Discharge.
            The
            following provisions shall apply to the Securities of each series unless
            specifically otherwise provided in a Board Resolution, Officers' Certificate
            or
            indenture supplemental hereto provided pursuant to Section 3.1. In addition
            to
            discharge of this Indenture pursuant to Sections 4.1 and 4.3, in the
            case of any
            series of Securities with respect to which an amount sufficient to pay
            and
            discharge the entire indebtedness on such Securities not theretofore
            delivered
            to the Trustee for cancellation, for principal (and premium, if any)
            and
            interest, as certified pursuant to subparagraph (a) of Section 4.4 can
            be
            determined at the time of making the deposit referred to in such subparagraph
            (a), the Company shall be deemed to have paid and discharged the entire
            indebtedness on all the Securities of such a series as provided in this Section
            on and after the date the conditions set forth in Section 4.4 are satisfied,
            and
            the provisions of this Indenture with respect to the Securities of such
            series
            shall no longer be in effect (except as to (i) rights of registration
            of
            transfer and exchange of Securities of such series, (ii) substitution
            of
            mutilated, defaced, destroyed, lost or stolen Securities of such series,
            (iii)
            rights of Holders of Securities of such series to receive, solely from
            the trust
            fund described in subparagraph (a) of Section 4.4, payments of principal
            thereof
            and interest, if any, thereon upon the original stated due dates therefor
            (but
            not upon acceleration), (iv) the rights, obligations, duties and immunities
            of
            the Trustee hereunder, (v) this Section 4.2, (vi) the rights of the Holders
            of
            Securities of such series as beneficiaries hereof with respect to the
            property
            so deposited with the Trustee payable to all or any of them and (vii)
            the
            Company's obligation to pay the expenses of any Citigroup Trust under
            Section
            10.6) (hereinafter called "Defeasance"), and the Trustee at the cost
            and expense
            of the Company, shall execute proper instruments acknowledging the
            same.

           

        

      

      
        
          Section
            4.3. Covenant
            Defeasance.
            In
            the
            case of any series of Securities with respect to which an amount sufficient
            to
            pay and discharge the entire indebtedness on such Securities not theretofore
            delivered to the Trustee for cancellation, for principal (and premium,
            if any)
            and interest, as certified pursuant to subparagraph (a) of Section 4.4
            can be
            determined at the time of making the deposit referred to in such subparagraph
            (a), (i) the Company shall be released from its obligations under any
            covenants
            specified in or pursuant to this Indenture (except as to (A) rights of
            registration of transfer and exchange of Securities of such series, (B)
            substitution of mutilated, defaced, destroyed, lost or stolen Securities
            of such
            series, (C) rights of Holders of Securities of such series to receive,
            from the
            Company pursuant to Section 10.1, payments of principal thereof and interest,
            if
            any, thereon upon the original stated due dates therefor (but not upon
            acceleration), (D) the rights, obligations, duties and immunities of
            the Trustee
            hereunder, (E) the rights of the Holders of Securities of such series
            as
            beneficiaries hereof with respect to the property so deposited with the
            Trustee
            payable to all or any of them and (F) the Company's obligation to pay
            the
            expenses of any Citigroup Trust under Section 10.6), and (ii) the occurrence
            of
            any event specified in Sections 5.7(d) (with respect to any of the covenants
            specified in or pursuant to this Indenture) and 5.7(e) shall be deemed
            not to be
            or result in a Default, in each case with respect to the Outstanding
            Securities
            of such series as provided in this Section on and after the date the
            conditions
            set forth in Section 4.4 are satisfied (hereinafter called "Covenant
            Defeasance"), and the Trustee, at the cost and expense of the Company,
            shall
            execute proper instruments acknowledging the same. For this purpose,
            such
            Covenant Defeasance means that the Company may omit to comply with and
            shall
            have no liability in respect of any term, condition or limitation set
            forth in
            any such covenant (to the extent so specified in the case of Section
            5.7(d)),
            whether directly or indirectly by reason of any reference elsewhere herein
            to
            any such covenant or by reason of any reference in any such covenant
            to any
            other provision herein or in any other document, but the remainder of
            this
            Indenture and the Securities of such series shall be unaffected
            thereby.

           

          
            
               

            

            
              34

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            4.4. Conditions
            to Defeasance or Covenant Defeasance.
            The
            following shall be the conditions to application of either Section 4.2
            or 4.3 to
            the Outstanding Securities:

        

      

      

      (a) with
        reference to Section 4.2 or 4.3, the Company has irrevocably deposited or
        caused
        to be irrevocably deposited with the Trustee as funds in trust, specifically
        pledged as security for, and dedicated solely to, the benefit of the Holders
        of
        Securities of such series (i) cash in an amount, or (ii) direct obligations
        of
        the United States of America, backed by its full faith and credit ("U.S.
        Government Obligations"),
        maturing as to principal and interest, if any, at such times and in such
        amounts
        as will insure the availability of cash, or (iii) a combination thereof,
        in each
        case sufficient, in the opinion of a nationally recognized firm of independent
        public accountants expressed in a written certification thereof delivered
        to the
        Trustee, to pay and discharge, the principal of and interest, if any, on
        all
        Securities of such series on each date that such principal or interest, if
        any,
        is due and payable;

      

      (b) in
        the
        case of Defeasance under Section 4.2, the Company has delivered to the Trustee
        an Opinion of Counsel based on the fact that (x) the Company has received
        from,
        or there has been published by, the Internal Revenue Service a ruling or
        (y),
        since the date hereof, there has been a change in the applicable United States
        federal income tax law, in either case to the effect that, and such opinion
        shall confirm that, the Holders of the Securities of such series will not
        recognize income, gain or loss for United States federal income tax purposes
        as
        a result of such deposit, Defeasance and discharge and will be subject to
        United
        States federal income tax on the same amount and in the same manner and at
        the
        same times, as would have been the case if such deposit, Defeasance and
        discharge had not occurred;

      

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      (c) in
        the
        case of Covenant Defeasance under Section 4.3, the Company has delivered
        to the
        Trustee an Opinion of Counsel to the effect that, and such opinion shall
        confirm
        that, the Holders of the Securities of such series will not recognize income,
        gain or loss for United States federal income tax purposes as a result of
        such
        deposit and Covenant Defeasance and will be subject to United States federal
        income tax on the same amount and in the same manner and at the same times,
        as
        would have been the case if such deposit and Covenant Defeasance had not
        occurred;

      

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

      

      (e) the
        Company shall have delivered to the Trustee an Officers' Certificate and
        an
        Opinion of Counsel, each stating that all conditions precedent contemplated
        by
        this provision have been complied with.

       

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

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

           

        

      

      
        
          Section
            4.6. Indemnity
            for U.S. Government Obligations.
            The
            Company shall pay and indemnify the Trustee against any tax, fee or other
            charge
            imposed on or assessed against the U.S. Government Obligations deposited
            pursuant to Section 4.4 or the principal or interest received in respect
            of such
            obligations other than any such tax, fee or other charge that by law
            is for the
            account of the Holders of Outstanding Securities.

           

        

      

      
        
          Section
            4.7. Reinstatement.
            If
            the
            Trustee is unable to apply any money or Government Obligations in accordance
            with Section 4.4 by reason of any legal preceding or by reason of any
            order or
            judgment of any court or governmental authority enjoining, restraining
            or
            otherwise prohibiting such application, the Company's obligations under
            this
            Indenture and the Securities shall be revived and reinstated as though
            no
            deposit had occurred pursuant to Section 4.4, until such time as the
            Trustee or
            Paying Agent is permitted to apply all such money or Government Obligations
            in
            accordance with Section 4.4; provided that, if the Company has made any
            payment
            of principal or interest on the Securities of any series because of the
            reinstatement of its obligations, the Company shall be subrogated to
            the rights
            of the Holders of such Securities to receive such payment from the money
            or
            Government Obligations held by the Trustee or Paying Agent.

        

      

      

      ARTICLE
        V

      

      Remedies

       

      
        
          Section
            5.1. Events
            of Default and Acceleration.
            The
            term
            "Event of Default and Acceleration" as used in this Indenture with respect
            to
            Securities of any series shall mean one of the following described events
            (whatever the reason for such Event of Default and Acceleration 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):

        

      

      

      (a) failure
        to pay in full interest accrued upon any Security of that series upon the
        conclusion of a period consisting of 40 consecutive quarters, commencing
        with
        the earliest quarter for which interest (including Deferred Interest) has
        not
        been paid in full, and continuance of such failure to pay for a period of
        30
        days;

      

      (b) the
        entry
        by a court having jurisdiction in the premises of a decree or order for relief
        in respect of the Company in an involuntary case under the Federal bankruptcy
        code, as now or hereafter constituted, or any other applicable Federal or
        State
        bankruptcy, insolvency or other similar law now or hereafter in effect, or
        appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator
        (or similar official) of the Company or for substantially all of its property,
        or ordering the winding-up or liquidation of its affairs and such decree
        or
        order shall remain unstayed and in effect for a period of 90 consecutive
        days;
        or

      

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

      (c) the
        commencement by the Company of a voluntary case under the Federal bankruptcy
        code, as now or hereafter constituted, or any other applicable Federal or
        State
        bankruptcy, insolvency or other similar law now or hereafter in effect, or
        the
        consent by the Company to the entry of an order for relief in an involuntary
        case under any such law, or the consent by the Company to the appointment
        of or
        taking possession by a receiver, liquidator, assignee, trustee, custodian
        or
        sequestrator (or similar official) of the Company or for substantially all
        of
        its property, or the making by it of an assignment for the benefit of
        creditors.

       

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

      
        
          Section
            5.2. Acceleration
            of Maturity.
            If
            any
            one or more Event of Default and Acceleration shall occur with respect
            to
            Securities of any series at the time Outstanding, then, and in each and
            every
            such case, during the continuance of any such Event of Default and Acceleration,
            the Trustee or the Holders of 25% or more in principal amount of the
            Securities
            of such series then Outstanding may declare the principal amount of all
            the
            Securities of such series then Outstanding, if not then due and payable,
            to be
            due and payable immediately, by a notice in writing to the Company (and
            to the
            Trustee if given by such Holders), and upon any such declaration the
            same shall
            become and be immediately due and payable, anything in this Indenture
            or in the
            Securities of such series contained to the contrary notwithstanding.
            This
            provision, however, is subject to the condition that, if at any time
            after the
            principal of all the Securities of such series shall have been so declared
            to be
            due and payable, all arrears of interest, if any, upon all the Securities
            of
            such series (with interest, to the extent that interest thereon shall
            be legally
            enforceable, on any overdue installment of interest at the rate borne
            by the
            Securities of such series) and all amounts owing the Trustee and any
            predecessor
            trustee hereunder under Section 6.7 and all other sums payable under
            this
            Indenture (except the principal of the Securities of such series which
            would not
            be due and payable were it not for such declaration) shall be paid by
            the
            Company, and every other Default under this Indenture, other than the
            non-payment of the principal of Securities of that series which have
            become due
            solely by such declaration of acceleration, shall have been made good
            to the
            reasonable satisfaction of the Trustee or of the Holders of a majority
            in
            principal amount of the Securities of such series then Outstanding, or
            provision
            deemed by the Trustee or by such Holders to be adequate therefor shall
            have been
            made, then and in every such case the Holders of a majority in principal
            amount
            of the Securities of such series then Outstanding may, on behalf of the
            Holders
            of all the Securities of such series, waive the Event of Default and
            Acceleration by reason of which the principal of the Securities of such
            series
            shall have been so declared to be due and payable and may rescind and
            annul such
            declaration and its consequences; but no such waiver, rescission or annulment
            shall extend to or affect any subsequent Default or impair any right
            consequent
            thereon. Any declaration by the Trustee pursuant to this Section 5.2
            shall be by
            written notice to the Company, and any declaration or waiver by the Holders
            of
            Securities of any series pursuant to this Section 5.2 shall be by written
            notice
            to the Company and the Trustee.

           

        

      

      
        
          Section
            5.3. Collection
            of Indebtedness and Suits for Enforcement by Trustee.
            If
            the
            Company shall fail for a period of 30 days to pay any installment of
            interest on
            the Securities of any series or shall fail to pay the principal of and
            premium,
            if any, on any of the Securities of such series when and as the same
            shall
            become due and payable, whether at maturity, or by call for redemption
            by
            declaration as authorized by this Indenture or otherwise, then, upon
            demand of
            the Trustee, the Company will pay to the Trustee for the benefit of the
            Holders
            of Securities of such series then Outstanding the whole amount which
            then shall
            have become due and payable on any such Security, with interest on the
            overdue
            principal and premium, if any, and (so far as the same may be legally
            enforceable) on the overdue installments of interest at the rate borne
            by the
            Securities of such series, and all amounts owing the Trustee and any
            predecessor
            trustee hereunder under Section 6.7.

        

      

      

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

      

      In
        case
        the Company shall fail forthwith to pay such amounts upon such demand, the
        Trustee, in its own name and as trustee of an express trust, shall be entitled
        and empowered to institute any action or proceeding at law or in equity for
        the
        collection of the sums so due and unpaid, and may prosecute any such action
        or
        proceeding to judgment or final decree, and may enforce any such judgment
        or
        final decree against the Company or any other obligor upon the Securities
        of
        such series, and collect the moneys adjudged or decreed to be payable out
        of the
        property of the Company or any other obligor upon the Securities of such
        series,
        wherever situated, in the manner provided by law. Every recovery of judgment
        in
        any such action or other proceeding, subject to the payment to the Trustee
        of
        all amounts owing the Trustee and any predecessor trustee hereunder under
        Section 6.7, shall be for the ratable benefit of the Holders of such series
        of
        Securities which shall be the subject of such action or proceeding. All rights
        of action upon or under any of the Securities or this Indenture may be enforced
        by the Trustee without the possession of any of the Securities and without
        the
        production of any thereof at any trial or any proceeding relative thereto.
        

      

      

      If
        a
        Default, of which a Responsible Officer of the Trustee has actual knowledge,
        with respect to any series of Securities 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 by such appropriate judicial
        proceedings as the Trustee shall deem most effectual to protect and enforce
        any
        such rights, whether for the specific enforcement of any covenant or agreement
        in this Indenture, or in aid of the exercise of any power granted herein,
        or to
        enforce any other proper remedy.

       

      
        
          Section
            5.4. Trustee
            to File Claims As Attorney-In-Fact.
            The
            Trustee is hereby appointed, and each and every Holder of the Securities,
            by
            receiving and holding the same, shall be conclusively deemed to have
            appointed
            the Trustee, the true and lawful attorney-in-fact of such Holder, with
            authority
            to make or file (whether or not the Company shall be in default in respect
            of
            the payment of the principal of, or interest on, any of the Securities),
            in its
            own name and as trustee of an express trust or otherwise as it shall
            deem
            advisable, in any receivership, insolvency, liquidation, bankruptcy,
            reorganization or other judicial proceeding relative to the Company or
            any other
            obligor upon the Securities or to their respective creditors or property,
            any
            and all claims, proofs of claim, proofs of debt, petitions, consents,
            other
            papers and documents and amendments of any thereof, as may be necessary
            or
            advisable in order to have the claims of the Trustee and any predecessor
            trustee
            hereunder and of the Holders of the Securities allowed in any such proceeding
            and to collect and receive any moneys or other property payable or deliverable
            on any such claim, and to execute and deliver any and all other papers
            and
            documents and to do and perform any and all other acts and things, as
            it may
            deem necessary or advisable in order to enforce in any such proceeding
            any of
            the claims of the Trustee and any predecessor trustee hereunder and of
            any of
            such Holders in respect of any of the Securities; and any receiver, assignee,
            trustee, custodian or debtor in any such proceeding is hereby authorized,
            and
            each and every taker or Holder of the Securities, by receiving and holding
            the
            same, shall be conclusively deemed to have authorized any such receiver,
            assignee, trustee, custodian or debtor, to make any such payment or delivery
            only to or on the order of the Trustee, and to pay to the Trustee any
            amount due
            it and any predecessor trustee hereunder under Section 6.7; provided,
            however,
            that nothing herein contained shall be deemed to authorize or empower
            the
            Trustee to consent to or accept or adopt, on behalf of any Holder of
            Securities,
            any plan of reorganization or readjustment of the Company affecting the
            Securities or the rights of any Holder thereof, or to authorize or empower
            the
            Trustee to vote in respect of the claim of any Holder of any Securities
            in any
            such proceeding.

           

          
            
               

            

            
              40

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            5.5. Application
            of Money Collected.
            Any
            moneys collected by the Trustee with respect to a series of Securities
            under
            this Article Five shall be applied in the order following, at the date
            or dates
            fixed by the Trustee for the distribution of such moneys, upon presentation
            of
            the several Securities, and stamping thereon the payment, if only partially
            paid, and upon surrender thereof, if fully paid:

        

      

      

      First:
        To
        the payment of all amounts due to the Trustee and any predecessor trustee
        hereunder under Section 6.7.

      

      Second:
        Subject to Article Fourteen, in case the principal of the Outstanding Securities
        of such series shall not have become due and be unpaid, to the payment of
        interest on the Securities of such series, in the order of the maturity of
        the
        installments of such interest, with interest (to the extent that such interest
        has been collected by the Trustee) upon the overdue installments of interest
        at
        the rate borne by such Securities, such payments to be made ratably to the
        Persons entitled thereto.

      

      Third:
        Subject to Article Fourteen, in case the principal of the Outstanding Securities
        of such series shall have become due, by declaration or otherwise, to the
        payment of the whole amount then owing and unpaid upon the Securities of
        such
        series for principal and premium, if any, and interest, with interest on
        the
        overdue principal and premium, if any, and (to the extent that such interest
        has
        been collected by the Trustee) upon overdue installments of interest at the
        rate
        borne by the Securities of such series, and in case such moneys shall be
        insufficient to pay in full the whole amounts so due and unpaid upon the
        Securities of such series, then to the payment of such principal and premium,
        if
        any, and interest without preference or priority of principal and premium,
        if
        any, over interest, or of interest over principal and premium, if any, or
        of any
        installment of interest over any other installment of interest, or of any
        Security of such series over any other Security of such series, ratably to
        the
        aggregate of such principal and premium, if any, and accrued and unpaid
        interest.

       

      
        
          Section
            5.6. Control
            by Holders; Waiver of Past Default.
            The
            Holders of a majority in principal amount of the Outstanding Securities
            of any
            series may direct the time, method and place of conducting any proceeding
            for
            any remedy available to the Trustee hereunder, or of exercising any trust
            or
            power hereby conferred upon the Trustee with respect to the Securities
            of such
            series; provided, however, that the Trustee shall have the right to decline
            to
            follow any such direction if the Trustee being advised by counsel determines
            that the action so directed may not lawfully be taken or would be unduly
            prejudicial to Holders not joining in such direction or would involve
            the
            Trustee in personal liability. Prior to any declaration accelerating
            the
            maturity of the Securities of any series, the Holders of a majority in
            aggregate
            principal amount of such series of Outstanding Securities may on behalf
            of the
            Holders of all of the Securities of such series waive any past default
            hereunder
            and its consequences except a default not theretofore cured in the payment
            of
            interest or any premium on or the principal of the Securities of such
            series or
            in respect of any covenant or provision hereof which under Article Nine
            cannot
            be modified or waived without the consent of the Holder of each Outstanding
            Security of each series affected thereby;
            provided, however,
            that if
            the Securities of such series are held by a Citigroup Trust or a trustee
            of such
            trust, such waiver or modification to such waiver shall not be effective
            until
            the holders of Trust Securities representing a majority in liquidation
            preference of Trust Securities of the applicable Citigroup Trust shall
            have
            consented to such waiver or modification to such waiver; provided
            further,
            that if
            the consent of the Holder of each Outstanding Security is required, such
            waiver
            shall not be effective until each holder of the Trust Securities of the
            applicable Citigroup Trust shall have consented to such waiver. Upon
            any such
            waiver the Company, the Trustee and the Holders of the Securities of
            such series
            shall be restored to their former positions and rights hereunder, respectively,
            but no such waiver shall extend to any subsequent or other default or
            impair any
            right consequent thereon. Whenever any default hereunder shall have been
            waived
            as permitted by this Section 5.6, said default shall for all purposes
            of the
            Securities of such series and this Indenture cease to exist, and any
            Default or
            Event of Default and Acceleration arising therefrom shall be deemed to
            have been
            cured and to be not continuing.

           

          
            
               

            

            
              41

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            5.7. Limitation
            on Suits; Default.
            No
            Holder
            of any Security of any series shall have any right to institute any action,
            suit
            or proceeding at law or in equity for the execution of any trust hereunder
            or
            for the appointment of a receiver or for any other remedy hereunder,
            in each
            case with respect to a Default with respect to such series of Securities,
            unless
            such Holder previously shall have given to the Trustee written notice
            of the
            happening of one or more of the Defaults herein specified with respect
            to such
            series of Securities, and unless also the Holders of 25% or more in principal
            amount of the Securities of such series then Outstanding shall have requested
            the Trustee in writing to take action in respect of the matter complained
            of,
            and unless also there shall have been offered to the Trustee security
            and
            indemnity satisfactory to it against the costs, expenses and liabilities
            to be
            incurred therein or thereby, and the Trustee, for 60 days after receipt
            of such
            notification, request and offer of indemnity, shall have neglected or
            refused to
            institute any such action, suit or proceeding; and such notification,
            request
            and offer of indemnity are hereby declared in every such case to be conditions
            precedent to any such action, suit or proceeding by any Holder of any
            Security
            of such series; it being understood and intended that no one or more
            of the
            Holders of Securities of such series shall have any right in any manner
            whatsoever by his or their action to enforce any right hereunder, except
            in the
            manner herein provided, and that every action, suit or proceeding at
            law or in
            equity shall be instituted, had and maintained in the manner herein provided
            and
            for the equal and ratable benefit of all Holders of the Outstanding Securities
            of such series; provided, however, that nothing contained in this Indenture
            or
            in the Securities of such series shall affect or impair the obligation
            of the
            Company, which is absolute and unconditional, to pay the principal of,
            and
            premium, if any, and interest on the Securities of such series to the
            respective
            Holders of such Securities at the respective due dates in such Securities
            stated, or affect or impair the right, which is also absolute and unconditional,
            of such Holders to institute suit to enforce the payment
            thereof.

        

      

      

      
        
           

        

        
          42

          
            

          

        

        
           

        

      

      The
        following events shall be "Defaults" with respect to any series of Securities
        under this Indenture:

      

      
        	 	
                (a)

              	
                an
                  Event of Default and Acceleration with respect to such series specified
                  in
                  Section 5.1; or

              

      

      

      
        	 	
                (b)

              	
                the
                  failure of the Company to pay any installment of interest on any
                  Security
                  of such series, when and as the same shall become payable, which
                  failure
                  shall have continued unremedied for a period of 30 days, it being
                  understood that the occurrence of an Extended Interest Payment
                  Period in
                  accordance with the terms of such Security will not constitute
                  such a
                  default; or

              

      

      

      
        	 	
                (c)

              	
                the
                  failure of the Company to pay the principal of (and premium, if
                  any, on)
                  any Security of such series, when and as the same shall become
                  payable,
                  whether at maturity as therein expressed, by call for redemption,
                  by
                  declaration as authorized by this Indenture or otherwise, whether
                  or not
                  permitted by Article Fourteen; or

              

      

      

      
        	 	
                (d)

              	
                the
                  failure of the Company, subject to the provisions of Section 8.1,
                  to
                  observe and perform any other of the covenants or agreements on
                  the part
                  of the Company contained in this Indenture (including any indenture
                  supplemental hereto) (other than a covenant or agreement which
                  has been
                  expressly included in this Indenture solely for the benefit of
                  a series of
                  Securities other than that series), which failure shall not have
                  been
                  remedied for a period of 90 days after written notice shall have
                  been
                  given to the Company by the Trustee or shall have been given to
                  the
                  Company and the Trustee by Holders of 25% or more in aggregate
                  principal
                  amount of the Securities of such series then Outstanding, specifying
                  such
                  failure and requiring the Company to remedy the same;
                  or

              

      

      

      
        	 	
                (e)

              	
                in
                  the event Securities of a series are issued and sold to a Citigroup
                  Trust
                  or a trustee of such trust in connection with the issuance of Trust
                  Securities by such Citigroup Trust, such Citigroup Trust shall
                  have
                  voluntarily or involuntarily dissolved, wound-up its business or
                  otherwise
                  terminated its existence except in connection with (i) the distribution
                  of
                  Securities to holders of Trust Securities in liquidation or redemption
                  of
                  their interests in such Citigroup Trust upon a Special Event with
                  respect
                  to such Citigroup Trust, (ii) the redemption of all of the outstanding
                  Trust Securities of such Citigroup Trust or (iii) certain mergers,
                  consolidations or amalgamations, each as permitted by the Declaration
                  of
                  such Citigroup Trust; or

              

      

      

      
        
           

        

        
          43

          
            

          

        

        
           

        

      

      
        	 	
                (f)

              	
                any
                  other Default provided with respect to Securities of that
                  series.

              

      

       

      
        
          Section
            5.8. Costs
            and Attorneys' Fees in Legal Proceedings.
            All
            parties to this Indenture and the Holders of the Securities agree that
            the court
            may in its discretion require, in any action, suit or proceeding for
            the
            enforcement of any right or remedy under this Indenture, or in any action,
            suit
            or proceeding against the Trustee for any action taken or omitted by
            it as
            Trustee, the filing by any party litigant in such action, suit or proceeding
            of
            an undertaking to pay the costs of such action, suit or proceeding, and
            that
            such court may in its discretion assess reasonable costs, including reasonable
            attorneys' fees, against any party litigant in such action, suit or proceeding,
            having due regard to the merits and good faith of the claims or defenses
            made by
            such party litigant; provided, however, that the provisions of this Section
            5.8
            shall not apply to any action, suit or proceeding instituted by the Trustee,
            to
            any action, suit or proceeding instituted by any one or more Holders
            of
            Securities holding in the aggregate more than 10% in principal amount
            of the
            Outstanding Securities, or to any action, suit or proceeding instituted
            by any
            Holder of Securities for the enforcement of the payment of the principal
            of or
            premium, if any, or the interest on, any of the Securities, on or after
            the
            respective due dates expressed in such Securities.

           

        

      

      
        
          Section
            5.9. Remedies
            Cumulative.
            Except
            as
            provided in the last sentence of Section 3.6, no remedy herein conferred
            upon or
            reserved to the Trustee or to the Holders of Securities of any series
            is
            intended to be exclusive of any other remedy or remedies, and each and
            every
            remedy shall be cumulative and shall be in addition to every other remedy
            given
            hereunder or now or hereafter existing at law or in equity or by statute.
            No
            delay or omission of the Trustee or of any Holder of the Securities of
            any
            series to exercise any right or power accruing upon any Default shall
            impair any
            such right or power or shall be construed to be a waiver of any such
            Default or
            an acquiescence therein; and every power and remedy given by this Article
            Five
            to the Trustee and to the Holders, respectively, may be exercised from
            time to
            time and as often as may be deemed expedient by the Trustee or by the
            Holders,
            as the case may be. In case the Trustee or any Holder of Securities shall
            have
            proceeded to enforce any right under this Indenture and the proceedings
            for the
            enforcement thereof shall have been discontinued or abandoned because
            of waiver
            or for any other reason or shall have been adjudicated adversely to the
            Trustee
            or to such Holder, then and in every such case the Company, the Trustee
            and the
            Holders shall severally and respectively be restored to their former
            positions
            and rights hereunder and thereafter all rights, remedies and powers of
            the
            Trustee and the Holders shall continue as though no such proceedings
            had been
            instituted, except as to any matters so waived or adjudicated.

           

        

      

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

           

          
            
               

            

            
              44

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            5.11. Limitation
            on Claim for Certain Deferred Interest in Bankruptcy. Notwithstanding
            anything to the contrary in this Indenture, each Holder of a Security,
            by such
            holder’s acceptance thereof, agrees that upon any payment or distribution of
            assets to creditors of the Company upon any liquidation, dissolution,
            winding
            up, reorganization, or in connection with any insolvency, receivership
            or
            proceeding under any bankruptcy law with respect to the Company, such
            Holder
            shall not have a claim for Deferred Interest, to the extent that the
            aggregate
            amount thereof (including Compounded Interest and Additional Interest
            thereon)
            exceeds 25% of the original principal amount of such Security.

        

      

      

      ARTICLE
        VI

      

      The
        Trustee

       

      
        
          Section
            6.1. Certain
            Duties and Responsibilities.

        

      

      (a) Except
        during the continuance of a Default;

      

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

      

      (2) in
        the
        absence of bad faith on its part, the Trustee may conclusively rely, as to
        the
        truth of the statements and the correctness of the opinions expressed therein,
        upon certificates or opinions furnished to the Trustee and conforming to
        the
        requirements of this Indenture; but in the case of any such certificates
        or
        opinions which by any provision hereof are specifically required to be furnished
        to the Trustee, the Trustee shall be under a duty to examine the same to
        determine whether or not they conform to the requirements of this
        Indenture.

      

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

      

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

      

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

      

      
        
           

        

        
          45

          
            

          

        

        
           

        

      

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

      

      (3) the
        Trustee shall not be liable with respect to any action taken or omitted to
        be
        taken by it in good faith in accordance with the direction of the Holders
        of a
        majority in principal amount of the Outstanding Securities of any series
        determined as provided in Section 5.6, relating to the time, method and place
        of
        conducting any proceeding for any remedy available to the Trustee, or exercising
        any trust or power conferred upon the Trustee, under this Indenture with
        respect
        to the Securities of such series; and

      

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

      

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

       

      
        
          Section
            6.2. Notice
            of Defaults.
            Within
            90
            days after the occurrence of any Default hereunder with respect to Securities
            of
            any series, the Trustee shall transmit by mail to all Holders of Securities
            of
            such series, as their names and addresses appear in the Security Register,
            notice of such Default hereunder actually known to a Responsible Officer
            of the
            Trustee, unless such Default shall have been cured or waived; provided
            that,
            except in the case of a Default in the payment of the principal of (or
            premium,
            if any) or interest on any Security of such series, the Trustee shall
            be
            protected in withholding such notice if and so long as a Responsible
            Officer of
            the Trustee in good faith determines that the withholding of such notice
            is in
            the interest of the Holders of Securities of such series; and provided,
            further,
            that in
            the case of any Default of the character specified in Section 5.7(e)
            with
            respect to Securities of such series, no such notice to Holders shall
            be given
            until at least 30 days after the occurrence thereof. 

           

        

      

      
        
          Section
            6.3. Certain
            Rights of Trustee.
            Subject
            to the provisions of Section 6.1

        

      

      

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

      

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

      

      
        
           

        

        
          46

          
            

          

        

        
           

        

      

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

      

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

      

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

      

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

      

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

      

      (h) the
        Trustee shall not be charged with knowledge of any Default or Event of Default
        and Acceleration with respect to the Securities, unless either (1) a Responsible
        Officer shall have actual knowledge of such Default or Event of Default and
        Acceleration or (2) written notice of such Default or Event of Default and
        Acceleration shall have been given to the Trustee by the Company or by any
        Holder of the Securities; and

      

      (i) the
        permissive rights of the Trustee enumerated herein shall not be construed
        as
        duties.

       

      
        
           

        

        
          47

          
            

          

        

        
           

        

      

      
        
          Section
            6.4. Not
            Responsible for Recitals or Issuance of Securities.
            The
            recitals contained herein and in the Securities, except the Trustee's
            certificates of authentication, shall be taken as the statements of the
            Company,
            and the Trustee or any Authenticating Agent assumes no responsibility
            for their
            correctness. The Trustee makes no representations as to the validity
            or
            sufficiency of this Indenture or of the Securities. The Trustee or any
            Authenticating Agent shall not be accountable for the use or application
            by the
            Company of Securities or the proceeds thereof.

           

        

      

      
        
          Section
            6.5. May
            Hold Securities.
            The
            Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar
            or
            any other agent of the Company, in its individual or any other capacity,
            may
            become the owner or pledgee of Securities and, subject to Sections 6.8
            and 6.13,
            may otherwise deal with the Company with the same rights it would have
            if it
            were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
            or such
            other agent.

           

        

      

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

           

        

      

      
        
          Section
            6.7. Compensation
            and Reimbursement.
            The
            Company agrees

        

      

      

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

      

      (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 (including the
        reasonable compensation and the expenses and disbursements of its agents,
        nominees, custodians and counsel), except any such expense, disbursement
        or
        advance as may be attributable to its negligence or bad faith; and

      

      (3) to
        indemnify the Trustee for, and to hold it harmless against, any loss, liability
        or expense incurred without negligence or bad faith on its part, arising
        out of
        or in connection with the acceptance or administration of the trust or trust
        hereunder, including the costs and expenses of defending itself against any
        claim or liability in connection with the exercise or performance of any
        of its
        powers or duties hereunder.

      

      As
        security for the performance of the obligations of the Company under this
        Section, the Trustee shall have a lien prior to the Securities upon all property
        and funds held or collected by the Trustee as such, except funds held in
        trust
        for the benefit of Holders of particular Securities. The obligations of the
        Company under this Section shall survive the removal or resignation of the
        Trustee and the satisfaction and discharge of this Indenture.

      

      
        
           

        

        
          48

          
            

          

        

        
           

        

      

      When
        the
        Trustee incurs any expenses or renders any services after the occurrence
        of an
        Event of Default and Acceleration specified in Section 5.1(b) or Section
        5.1(c),
        such expenses and the compensation for such services are intended to constitute
        expenses of administration under the United States Bankruptcy Code (Title
        11 of
        the United States Code) or any similar federal or state law for the relief
        of
        debtors. 

       

      
        
          Section
            6.8. Disqualification;
            Conflicting Interests.
            The
            Trustee shall be subject to the provisions of Section 310(b) of the Trust
            Indenture Act of 1939 during the period of time provided for therein.
            In
            determining whether the Trustee has a conflicting interest as defined
            in Section
            310(b) of the Trust Indenture Act of 1939 with respect to the Securities
            of any
            series, there shall be excluded for purposes of the conflicting interest
            provisions of such Section 310(b) the Securities of every other series
            issued
            under this Indenture. Nothing herein shall prevent the Trustee from filing
            with
            the Commission the application referred to in the second to last paragraph
            of
            Section 310(b) of the Trust Indenture Act of 1939.

           

        

      

      
        
          Section
            6.9. Corporate
            Trustee Required; Eligibility.
            There
            shall at all times be a Trustee hereunder which shall be a corporation
            organized
            and doing business under the laws of the United States of America, any
            State
            thereof or the District of Columbia, authorized under such laws to exercise
            corporate trust powers, having a combined capital and surplus of at least
            $50,000,000 and subject to supervision or examination by Federal or State
            authority. If such corporation publishes reports of condition at least
            annually,
            pursuant to law or to the requirements of said supervision or examining
            authority, then for the purposes of this Section, the combined capital
            and
            surplus of such corporation shall be deemed to be its combined capital
            and
            surplus as set forth in its most recent report of condition so published.
            If at
            any time the Trustee shall cease to be eligible in accordance with the
            provisions of this Section, it shall resign immediately in the manner
            and with
            the effect hereinafter specified in this Article.

           

        

      

      
        
          Section
            6.10. Resignation
            and Removal; Appointment of Successor.

        

      

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

      

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

      

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

      

      
        
           

        

        
          49

          
            

          

        

        
           

        

      

      (d) If
        at any
        time:

      

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

      

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

      

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

      

      (e) If
        the
        Trustee shall resign, be removed or become incapable of acting, or if a vacancy
        shall occur in the office of Trustee for any cause, with respect to the
        Securities of one or more series, the Company, by a Board Resolution, shall
        promptly appoint a successor Trustee or Trustees with respect to the Securities
        of that or those series (it being understood that any such successor Trustee
        may
        be appointed with respect to the Securities of one or more or all of such
        series
        and that at any time there shall be only one Trustee with respect to the
        Securities of any particular series) and shall comply with the applicable
        requirements of Section 6.11. If, within one year after such resignation,
        removal or incapability, or the occurrence of such vacancy, a successor Trustee
        with respect to the Securities of any series shall 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 6.11, become the
        successor Trustee with respect to the Securities of such series and to that
        extent supersede the successor Trustee appointed by the Company. If no successor
        Trustee with respect to the Securities of any series shall have been so
        appointed by the Company or the Holders and accepted appointment in the manner
        required by Section 6.11, any Holder who has been a bona fide Holder of a
        Security of such series for at least six months may, on behalf of himself
        and
        all others similarly situated, petition any court of competent jurisdiction
        for
        the appointment of a successor Trustee with respect to the Securities of
        such
        series.

      

      (f) The
        Company shall give notice of each resignation and each removal of the Trustee
        with respect to the Securities of any series and each appointment of a successor
        Trustee with respect to the Securities of any series by mailing written notice
        of such event by first-class mail, postage prepaid, to all Holders of Securities
        of such series as their names and addresses appear in the Security Register.
        Each notice shall include the name of the successor Trustee with respect
        to the
        Securities of such series and the address of its Corporate Trust
        Office.

       

      
        
           

        

        
          50

          
            

          

        

        
           

        

      

      
        
          Section
            6.11. Acceptance
            of Appointment by Successor.

        

      

      

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

      

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

      

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

      

      
        
           

        

        
          51

          
            

          

        

        
           

        

      

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

      

      (e) The
        Trustee shall not be liable for the acts or omissions to act of any successor
        Trustee. 

       

      
        
          Section
            6.12. Merger,
            Conversion, Consolidation or Succession to Business.
            Any
            corporation or association into which the Trustee may be merged or converted
            or
            with which it may be consolidated, or any corporation or association
            resulting
            from any merger, conversion or consolidation to which the Trustee shall
            be a
            party, or any corporation or association to which all or substantially
            all of
            the corporate trust business of the Trustee may be sold or otherwise
            transferred, shall be the successor trustee hereunder without any further
            act.
            In case any Securities shall have been authenticated, but not delivered,
            by the
            Trustee then in office, any successor by merger, conversion or consolidation
            to
            such authenticating Trustee may adopt such authentication and deliver
            the
            Securities so authenticated with the same effect as if such successor
            Trustee
            had itself authenticated such Securities.

           

        

      

      
        
          Section
            6.13. Preferential
            Collection of Claims Against Company.
            The
            Trustee shall comply with the Trust Indenture Act Section 311(a), excluding
            any
            creditor relationship listed in the Trust Indenture Act Section 311(b).
            A
            Trustee who has resigned or been removed shall be subject to the Trust
            Indenture
            Act Section 311(a) to the extent indicated therein. 

           

        

      

      
        
          Section
            6.14. Appointment
            of Authenticating Agent.
            At
            any
            time when any of the Securities remain Outstanding the Trustee may appoint
            an
            Authenticating Agent or Agents with respect to one or more series of
            Securities
            which shall be authorized to act on behalf of the Trustee to authenticate
            Securities of such series issued upon exchange, registration of transfer
            or
            partial redemption thereof or pursuant to Section 3.6, and Securities
            so
            authenticated shall be entitled to the benefits of this Indenture and
            shall be
            valid and obligatory for all purposes as if authenticated by the Trustee
            hereunder. Wherever reference is made in this Indenture to the authentication
            and delivery of Securities by the Trustee or the Trustee's certificate
            of
            authentication, such reference shall be deemed to include authentication
            and
            delivery on behalf of the Trustee by an Authenticating Agent and a certificate
            of authentication executed on behalf of the Trustee by an Authenticating
            Agent.
            Each Authenticating Agent shall be acceptable to the Company and shall
            at all
            times be a corporation organized and doing business under the laws of
            the United
            States of America, any State thereof or the District of Columbia, authorized
            under such laws to act as Authenticating Agent, having a combined capital
            and
            surplus of not less than $50,000,000 and subject to supervision or examination
            by Federal or State authority. If such Authenticating Agent publishes
            reports of
            condition at least annually, pursuant to law or to the requirements of
            said
            supervising or examining authority, then for the purposes of this Section,
            the
            combined capital and surplus of such Authenticating Agent shall be deemed
            to be
            its combined capital and surplus as set forth in its most recent report
            of
            condition so published. If at any time an Authenticating Agent shall
            cease to be
            eligible in accordance with the provisions of this Section, such Authenticating
            Agent shall resign immediately in the manner and with the effect specified
            in
            this Section.

        

      

      

      
        
           

        

        
          52

          
            

          

        

        
           

        

      

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

      

      An
        Authenticating Agent may resign at any time by giving written notice thereof
        to
        the Trustee and to the Company. The Trustee may at any time terminate the
        agency
        of an Authenticating Agent by giving written notice thereof to such
        Authenticating Agent and to the Company. Upon receiving such a notice of
        resignation or upon such a termination, or in case at any time such
        Authenticating Agent shall cease to be eligible in accordance with the
        provisions of this Section, the Trustee may appoint a successor Authenticating
        Agent which shall be acceptable to the Company and shall give notice of such
        appointment by first-class mail, postage prepaid, to all Holders of Securities
        of the series with respect to which such Authenticating Agent will serve,
        as
        their names and addresses appear in the Security Register. Any successor
        Authenticating Agent upon acceptance of its appointment hereunder shall become
        vested with all the rights, powers and duties of its predecessor hereunder,
        with
        like effect as if originally named as an Authenticating Agent. No successor
        Authenticating Agent shall be appointed unless eligible under the provisions
        of
        this Section.

      

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

      

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

      

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

       

      
        	 	 	 
	 	
                JPMORGAN
                  CHASE BANK, N.A.,

                As
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                As
                  Authenticating Agent

              
	 	Title 

      

       

      
        
           

        

        
          53

          
            

          

        

        
           

        

      

      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Authorized
                  Officer

              
	 	 

      

      

      
        
           

        

        
          54

          
            

          

        

        
           

        

      

      

      ARTICLE
        VII

      

      Holders
        Lists and Reports by Trustee and Company

       

      
        
          Section
            7.1. Company
            to Furnish Trustee Names and Addresses of Holders.
            The
            Company will furnish or cause to be furnished to the
            Trustee

        

      

      

      (a) semi-annually
        not more than 15 days after each Regular Record Date a list, in such form
        as the
        Trustee may reasonably require, of the names and addresses of the Holders
        of
        Securities of such series as of the preceding March 1 or September 1, or
        as of
        such Regular Record Date, as the case may be, and

      

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

      

      provided
        that
        if
        and so long as the Trustee shall be the Security Registrar for such series,
        such
        list shall not be required to be furnished.

       

      
        
          Section
            7.2. Preservation
            of Information; Communications to Holders.
            Holders
            may communicate pursuant to the Trust Indenture Act Section 312(b) with
            other
            Holders with respect to their rights under this Indenture and the Securities.
            The Company, the Trustee, the Registrar and any other person shall have
            the
            protection of the Trust Indenture Act Section 312(c).

           

        

      

      
        
          Section
            7.3. Reports
            by Trustee.

        

      

      (a) Within
        60
        days after May 15 of each year commencing with the year 2007, the Trustee
        shall
        transmit by mail to all Holders of Securities for which it is Trustee hereunder,
        as their names and addresses appear in the Security Register, a brief report
        dated as of such May 15 with respect to:

      

      (1) its
        eligibility under Section 6.9 and its qualifications under Section 6.8, or
        in
        lieu thereof, if to the best of its knowledge it has continued to be eligible
        and qualified under said Sections, a written statement to such
        effect;

      

      (2) the
        character and amount of any advances (and if the Trustee elects so to state,
        the
        circumstances surrounding the making thereof) made by the Trustee (as such)
        which remain unpaid on the date of such report, and for the reimbursement
        of
        which it claims or may claim a lien or charge, prior to that of such Securities,
        on any property or funds held or collected by it as Trustee, except that
        the
        Trustee shall not be required (but may elect) to report such advances if
        such
        advances so remaining unpaid aggregate not more than 1⁄2 of 1% of the principal
        amount of such Securities Outstanding on the date of such report;

      

      (3) the
        amount, interest rate and maturity date of all other indebtedness owing by
        the
        Company (or by any other obligor on the Securities) to the Trustee in its
        individual capacity, on the date of such report, with a brief description
        of any
        property held as collateral security therefor, except an indebtedness based
        upon
        a creditor relationship arising in any manner described in Section 6.13(b)(2),
        (3), (4) or (6);

      

      
        
           

        

        
          55

          
            

          

        

        
           

        

      

      (4) the
        property and funds, if any, physically in the possession of the Trustee as
        such
        on the date of such report;

      

      (5) any
        additional issue of Securities for which it is Trustee hereunder which the
        Trustee has not previously reported; and

      

      (6) any
        action taken by the Trustee in the performance of its duties hereunder which
        it
        has not previously reported and which in its opinion materially affects such
        Securities, except action in respect of a default, notice of which has been
        or
        is to be withheld by the Trustee in accordance with Section 6.2.

      

      (b) The
        Trustee shall transmit by mail to all Holders of Securities for which it
        is
        Trustee hereunder, as their names and addresses appear in the Security Register,
        a brief report with respect to the character and amount of any advances (and
        if
        the Trustee elects so to state, the circumstances surrounding the making
        thereof) made by the Trustee (as such) since the date of the last report
        transmitted pursuant to subsection (a) of this Section (or if no such report
        has
        yet been so transmitted, since the date of execution of this instrument)
        for the
        reimbursement of which it claims or may claim a lien or charge, prior to
        that of
        such Securities, on property or funds held or collected by it as Trustee
        and
        which it has not previously reported pursuant to this subsection, except
        that
        the Trustee shall not be required (but may elect) to report such advances
        if
        such advances remaining unpaid at any time aggregate 10% or less of the
        principal amount of such Securities Outstanding at such time, such report
        to be
        transmitted within 90 days after such time.

      

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

       

      
        
          Section
            7.4. Reports
            by Company.
            The
            Company shall:

        

      

      

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

      

      
        
           

        

        
          56

          
            

          

        

        
           

        

      

      (2) file
        with
        the Trustee and the Commission, in accordance with rules and regulations
        prescribed from time to time by the Commission, such additional information,
        documents and reports 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
        by mail to all Holders, as their names and addresses appear in the Security
        Register, within 30 days after the filing thereof with the Trustee, such
        summaries of any information, documents and reports required to be filed
        by the
        Company pursuant to paragraphs (1) and (2) of this Section as may be required
        by
        rules and regulations prescribed from time to time by the
        Commission.

      

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

      

      ARTICLE
        VIII

      

      Consolidation,
        Merger, Conveyance, Transfer Or Lease 

       

      
        
          Section
            8.1. Company
            May Consolidate, Etc., Only on Certain Terms.
            The
            Company shall not consolidate with or merge into any other corporation
            or
            convey, transfer or lease its properties and assets substantially as
            an entirety
            to any Person, unless:

        

      

      

      (1) the
        Person formed by such consolidation 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 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 and shall expressly assume, by an indenture
        supplemental hereto, executed and delivered to the Trustee, in form satisfactory
        to the Trustee, the due and punctual payment of the principal of (and premium,
        if any) and interest on all the Securities and the performance of every covenant
        of this Indenture on the part of the Company to be performed or
        observed;

      

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

      

      
        
           

        

        
          57

          
            

          

        

        
           

        

      

      (3) the
        Company has delivered to the Trustee an Officer's Certificate and an Opinion
        of
        Counsel, each stating that such consolidation, merger, conveyance, transfer
        or
        lease and 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
            Corporation Substituted.
            Upon
            any
            consolidation of the Company with, or merger of the Company into, any
            other
            corporation or any conveyance, transfer or lease of the properties and
            assets of
            the Company substantially as an entirety in accordance with Section 8.1,
            the
            successor corporation formed by such consolidation or into with 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 corporation
            had
            been named as the Company herein, and thereafter, except in the case
            of a lease,
            the predecessor corporation shall be relieved of all obligations and
            covenants
            under this Indenture and the Securities.

           

        

      

      
        
          Section
            8.3. Effect
            of Business Combination.

        

      

      

      If
        the
        Company is involved in a business combination where, immediately after the
        consummation of such business combination, more than 50% of the surviving
        entity’s voting stock is owned by the shareholders of the other party to the
        business combination, then:

      

      (1) any
        Deferred Interest on the Securities as of the date of consummation of the
        business combination shall not be subject to the requirements of
        Section 13.4 and Section 13.5; and

      

      (2) the
        Company’s covenant not to repurchase any of its common stock for a one year
        period following the end of an Extended Interest Payment Period that lasts
        longer than one year described in Section 13.3 will not apply to any Extended
        Interest Payment Period that is terminated on the next Interest Payment Date
        following the date of consummation of the business combination.

      

      ARTICLE
        IX

      

      Supplemental
        Indentures 

       

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

        

      

      

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

      

      
        
           

        

        
          58

          
            

          

        

        
           

        

      

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

      

      (3) to
        add
        any additional Defaults; or

      

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

      

      (5) to
        secure
        the Securities; or

      

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

      

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

      

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

       

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

        

      

      

      (1) change
        the Stated Maturity of the principal of, or any installment of principal
        of or
        interest on, any Security, or reduce the principal amount thereof or the
        rate of
        interest thereon (including any change in the Floating or Adjustable Rate
        Provision pursuant to which such rate is determined that would reduce that
        rate
        for any period) or any premium payable upon the redemption thereof, or change
        any Place of Payment where, or the coin or currency in which, any Security
        or
        any premium or the interest thereon is payable, or impair the right to institute
        suit for the enforcement of any such payment on or after the Stated Maturity
        thereof (or, in the case of redemption, on or after the Redemption Date),
        or
        modify the provisions of this Indenture with respect to the subordination
        of the
        Securities in a manner adverse to the Holders, or

      

      
        
           

        

        
          59

          
            

          

        

        
           

        

      

      (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

      

      (3) modify
        any of the provisions of this Section or Section 5.6, except to increase
        any
        such percentage or to provide that certain other provisions of this Indenture
        cannot be modified or waived without the consent of the Holder of each
        Outstanding Security affected thereby; provided
        that
        this clause shall not be deemed to require the consent of any Holder with
        respect to changes in the references to "the Trustee" and concomitant changes
        in
        this Section or the deletion of this proviso, in accordance with the
        requirements of Sections 6.11(b) and 9.1(8), or 

      

      (4) remove
        or
        impair the rights of any Holder of Securities to bring a Direct Action in
        certain circumstances, as provided in Section 15.1;

      

      provided,
        further,
        that if
        the Securities of such series are held by a Citigroup Trust or a trustee
        of such
        trust, such supplemental indenture shall not be effective until the holders
        of a
        majority in liquidation preference of Trust Securities of the applicable
        Citigroup Trust shall have consented to such supplemental indenture;
provided,
        further,
        that if
        the consent of the Holder of each Outstanding Security is required, such
        supplemental indenture shall not be effective until each holder of the Trust
        Securities of the applicable Citigroup Trust shall have consented to such
        supplemental indenture.

      

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

      

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

       

      
        
          Section
            9.3. Execution
            of Supplemental Indentures.
            In
            executing, or accepting the additional trusts created by, any supplemental
            indenture permitted by this Article or the modifications thereby of the
            trusts
            created by this Indenture, the Trustee shall be entitled to receive,
            in addition
            to the documents required by Section 1.2, and (subject to Section 6.1)
            shall be
            fully protected in relying upon, an Opinion of Counsel stating that the
            execution of such supplemental indenture is authorized or permitted by
            this
            Indenture. The Trustee may, but shall not be obligated to, enter into
            any such
            supplemental indenture which affects the Trustee's own rights, duties
            or
            immunities under this Indenture or otherwise.

           

          
            
               

            

            
              60

              
                

              

            

            
               

            

          

        

      

      
        	
                Section
                  9.4.

              	
                Effect
                  of Supplemental Indentures.

              

      

      

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

       

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

           

        

      

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

        

      

      

      ARTICLE
        X

      

      Covenants

       

      
        
          Section
            10.1. Payment
            of Principal, Premium and Interest.
            The
            Company covenants and agrees for the benefit of each series of Securities
            that
            it will duly and punctually pay the principal of (and premium, if any)
            and
            interest on the Securities of that series in accordance with the terms
            of the
            Securities of such series and this Indenture, and will duly comply with
            all
            other terms, agreements and conditions contained in, or made in the Indenture
            for the benefit of, the Securities of such series.

           

        

      

      
        
          Section
            10.2. Maintenance
            of Office or Agency.
            The
            Company will maintain in each Place of Payment for any series of Securities
            an
            office or agency where Securities of that series may be presented or
            surrendered
            for payment, where Securities of that series may be surrendered for registration
            of transfer or exchange and where notices and demands to or upon the
            Company in
            respect of the Securities of that series and this Indenture may be served.
            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, and the Company hereby appoints the Trustee as its agent to
            receive all
            such presentations, surrenders, notices and demands.

        

      

      

      
        
           

        

        
          61

          
            

          

        

        
           

        

      

      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
        that no
        such designation or rescission shall in any manner relieve the Company of
        its
        obligation to maintain an office or agency in each Place of Payment for
        Securities of any series for such purposes. The Company will give prompt
        written
        notice to the Trustee of any such designation or rescission and of any change
        in
        the location of any such other office or agency.

       

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

        

      

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
           

        

        
          62

          
            

          

        

        
           

        

      

      Any
        money
        deposited with the Trustee or any Paying Agent, or then held by the Company,
        in
        trust for the payment of the principal of (and premium, if any) or interest
        on
        any Security of any series and remaining unclaimed for three years after
        such
        principal (and premium, if any) or interest has become due and payable shall
        be
        paid to the Company on Company Request, or (if then held by the Company)
        shall
        be discharged from such trust; and the Holder of such Security 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
        that the
        Trustee or such Paying Agent, before being required to make any such repayment,
        may at the expense of the Company cause to be published once, in a newspaper
        published in the English language, customarily published on each Business
        Day
        and of general circulation in the Borough of Manhattan, The City of New York,
        New York, notice that such money remains unclaimed and that, after a date
        specified therein, which shall not be less than 30 days from the date of
        such
        publication, any unclaimed balance of such money then remaining will be repaid
        to the Company.

       

      
        
           

        

        
          63

          
            

          

        

        
           

        

      

      
        
          Section
            10.4. Statement
            by Officers as to Default.
            The
            Company will deliver to the Trustee, within 120 days after the end of
            each
            fiscal year of the Company ending after the date hereof, an Officers'
            Certificate stating whether or not to the best knowledge of the signers
            thereof
            the Company is in default in the performance and observance of any of
            the terms,
            provisions and conditions of Sections 10.1 to 10.3, inclusive, and if
            the
            Company shall be in default, specifying all such defaults and the nature
            and
            status thereof of which they may have knowledge.

           

        

      

      
        
          Section
            10.5. Covenants
            as to Citigroup Trusts.
            For
            so
            long as any Trust Securities of a Citigroup Trust remain outstanding,
            the
            Company will (i) maintain 100% direct or indirect ownership of the Common
            Securities of such Citigroup Trust; provided,
            however,
            that
            any permitted successor of the Company hereunder may succeed to the Company's
            ownership of such Common Securities, (ii) not voluntarily dissolve, wind
            up or
            terminate such Citigroup Trust, except in connection with a distribution
            of
            Securities upon a Special Event, and in connection with certain mergers,
            consolidations or amalgamations permitted by the Declaration of the applicable
            Citigroup Trust, (iii) timely perform its duties as Sponsor of the applicable
            Citigroup Trust, (iv) use its reasonable efforts to cause such Citigroup
            Trust
            to (a) remain a business trust, except in connection with a distribution
            of
            Securities to the holders of Trust Securities as provided in the Declaration
            of
            such Citigroup Trust, the redemption of all of the Trust Securities and
            in
            connection with certain mergers, consolidations or amalgamations permitted
            by
            the Declaration of such Citigroup Trust, and (b) otherwise continue to
            be
            classified as a grantor trust for United States federal income tax purposes
            and
            (v) not knowingly take any action that would cause such Citigroup Trust
            to not
            be classified as a grantor trust for United States federal income tax
            purposes.

           

        

      

      
        
          Section
            10.6. Payment
            of Expenses.

        

      

      (a) In
        connection with the offering, sale and issuance of each series of Securities
        to
        the Institutional Trustee of a Citigroup Trust and in connection with the
        sale
        of Trust Securities by such Citigroup Trust, the Company, in its capacity
        as
        borrower with respect to such Securities, shall:

      

      (i) pay
        all
        costs and expenses relating to the offering, sale and issuance of such
        Securities, including commissions to the underwriters payable pursuant to
        the
        applicable Underwriting Agreement and compensation of the Trustee under this
        Indenture in accordance with the provisions of Section 6.7;

      

      (ii) pay
        all
        costs and expenses of such Citigroup Trust (including, but not limited to,
        costs
        and expenses relating to the organization of the trust, the offering, sale
        and
        issuance of the Trust Securities of such Citigroup Trust (including commissions
        to the underwriters in connection therewith), the fees and expenses of the
        Institutional Trustee, the Regular Trustees and the Delaware Trustee of such
        Citigroup Trust, the costs and expenses relating to the operation, maintenance
        and dissolution of such Citigroup Trust and the enforcement by such
        Institutional Trustee of the rights of the holders of the Preferred Securities
        of such Citigroup Trust, including without limitation, costs and expenses
        of
        accountants, attorneys, statistical or bookkeeping services, expenses for
        printing and engraving and computing or accounting equipment, paying agent(s),
        registrar(s), transfer agent(s), duplicating, travel and telephone and other
        telecommunications expenses and costs and expenses incurred in connection
        with
        the acquisition, financing, and disposition of assets of such Citigroup
        Trust);

      

      
        
           

        

        
          64

          
            

          

        

        
           

        

      

      (iii) be
        primarily liable for any indemnification obligations arising with respect
        to the
        Declaration of such Citigroup Trust;

      

      (iv) pay
        any
        and all taxes (other than United States withholding taxes in respect of amounts
        paid on the Securities held by such Citigroup Trust) and all liabilities,
        costs
        and expenses with respect to such taxes of such Citigroup Trust.

      

      (b) Upon
        termination of this Indenture or any series of Securities or the removal
        or
        resignation of the Trustee pursuant to Section 6.10, the Company shall pay
        to
        the Trustee all amounts accrued and owing to the Trustee to the date of such
        termination, removal or resignation. Upon termination of the Declaration
        of any
        Citigroup Trust or the removal or resignation of the Delaware Trustee or
        the
        Institutional Trustee, as the case may be, pursuant to Section 5.6 of the
        Declaration of such Citigroup Trust, the Company shall pay to such Delaware
        Trustee or such Institutional Trustee, as the case may be, all amounts accrued
        and owing to such Delaware Trustee or such Institutional Trustee, as the
        case
        may be, to the date of such termination, removal or resignation.

       

      
        
          Section
            10.7. Listing
            on an Exchange.
            If
            Securities of any series are to be issued as a Global Security in connection
            with the distribution of such Securities to the holders of the Preferred
            Securities of a Citigroup Trust upon a Dissolution Event with respect
            to such
            Citigroup Trust, the Company will use its best efforts to list such series
            of
            Securities on the New York Stock Exchange, Inc. or on such other securities
            exchange as the Preferred Securities of such Citigroup Trust are then
            listed.
            The Company will promptly notify the Trustee in writing of any Securities
            that
            will be listed on any securities exchange. 

           

        

      

      
        
          Section
            10.8. Future
            Issuance of Securities.
            Any
            Securities issued under this Indenture shall (x) be issued with the concurrence
            or approval of the Federal Reserve or its staff or (y) qualify at the
            time of
            issuance for tier 1 capital treatment (irrespective of any limits on
            the amount
            of the Company’s tier 1 capital) under applicable capital adequacy guidelines,
            regulations, policies or published interpretations of the Federal
            Reserve.

        

      

      

      ARTICLE
        XI

      

      Redemption
        Of Securities

       

      
        
          Section
            11.1. Applicability
            of Article; Federal Reserve Concurrence or Approval.
            Securities
            of each series are redeemable before their respective Stated Maturities
            in
            accordance with their respective terms and (except as otherwise specified
            as
            contemplated by Section 3.1 for Securities of any series) in accordance
            with
            this Article. Any redemption of any series of Securities, in whole or
            in part,
            prior to their respective Stated Maturities shall be subject to receipt
            by the
            Company of the prior concurrence or approval of the Federal Reserve or
            its
            staff, (i) if such concurrence or approval is then required in order
            for
            securities such as the Securities to qualify as tier 1 capital under
            applicable
            capital adequacy guidelines, regulations, policies, published interpretations,
            or concurrence or approval of the Federal Reserve or its staff, or (ii)
            if the
            Federal Reserve or its staff has informed the Company that it must obtain
            such
            approval before redeeming the Securities.

        

      

       

      
        
           

        

        
          65

          
            

          

        

        
           

        

      

      
        
          Section
            11.2. Election
            to Redeem; Notice to Trustee.

        

      

      (a) Subject
        to the provisions of Section 11.2(b) and to the other provisions of this
        Article
        XI, except as otherwise may be specified in this Indenture or, with respect
        to
        any series of Securities, as otherwise specified as contemplated by Section
        3.1
        for the Securities of such series, the Company shall have the right to redeem
        any series of Securities, in whole or in part, from time to time, on or after
        the Redemption Option Date for such series at the Redemption Price. The election
        of the Company to redeem any Securities redeemable at the election of the
        Company shall be evidenced by a Board Resolution. In case of any redemption
        at
        the election of the Company of less than all the Securities of any series,
        the
        Company shall, at least 40 days (unless a shorter period is acceptable to
        the
        Trustee), but not more than 60 days, prior to the Redemption Date fixed by
        the
        Company, notify the Trustee of such Redemption Date and of the principal
        amount
        of Securities of such series to be redeemed. In the case of any redemption
        of
        Securities prior to the expiration of any restriction on such redemption
        provided in the terms of such Securities or elsewhere in this Indenture,
        the
        Company shall furnish the Trustee with an Officers' Certificate evidencing
        compliance with such restriction.

      

      (b) If
        a
        partial redemption of any series of Securities would result in the delisting
        of
        the Preferred Securities of the Citigroup Trust that purchased such Securities
        from any national securities exchange or other organization on which the
        Preferred Securities of such Citigroup Trust are then listed, the Company
        shall
        not be permitted to effect such partial redemption and may only redeem such
        series of Securities in whole.

       

      
        
          Section
            11.3. Selection
            by Trustee of Securities to Be Redeemed.
            If
            less
            than all the Securities of any series 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 (equal to the minimum authorized denomination for Securities
            of that
            series or any integral multiple thereof) of the principal amount of Securities
            of such series of a denomination larger than the minimum authorized denomination
            for Securities of that series; provided,
            that,
            if at the time of redemption such Securities are registered as a Global
            Security, the Depositary shall determine, in accordance with its procedures,
            the
            principal amount of such Securities held by each Security Beneficial
            Owner to be
            redeemed.

        

      

      

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

       

      
        
           

        

        
          66

          
            

          

        

        
           

        

      

      
        
          Section
            11.4. Notice
            of Redemption.
            Notice
            of
            redemption shall be given by first-class mail, postage prepaid, mailed
            not less
            than 30 nor more than 60 days prior to the Redemption Date, to each Holder
            of
            Securities to be redeemed, at his address appearing in the Security
            Register.

        

      

      

      All
        notices of redemption shall state:

      

      (1) the
        Redemption Date,

      

      (2) the
        Redemption Price,

      

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

      

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

      

      (5) the
        place
        or places where such Securities are to be surrendered for payment of the
        Redemption Price.

      

      Notice
        of
        redemption of Securities to be redeemed at the election of the Company shall
        be
        given by the Company or, at the Company's request, by the Trustee in the
        name
        and at the expense of the Company.

       

      
        
           

        

        
          67

          
            

          

        

        
           

        

      

      
        
          Section
            11.5. Deposit
            of Redemption Price.
            Prior
            to
            10:00 a.m., New York City time, on any Redemption Date, the Company shall
            deposit with the Trustee or with a Paying Agent (or, if the Company is
            acting as
            its own Paying Agent, segregate and hold in trust as provided in Section
            10.3)
            an amount of money sufficient to pay the Redemption Price of, and (except
            if the
            Redemption Date shall be an Interest Payment Date) accrued interest on,
            all the
            Securities 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, on the Redemption Date, become due and payable at the Redemption
            Price
            therein specified, and from and after such date (unless the Company shall
            default in the payment of the Redemption Price and accrued interest)
            such
            Securities shall cease to bear interest. Upon surrender of any such Security
            for
            redemption in accordance with said notice, such Security shall be paid
            by the
            Company at the Redemption Price, together with accrued interest to the
            Redemption Date; provided
            that
            installments of interest whose Stated Maturity is on or prior to the
            Redemption
            Date shall be payable to the Holders of such Securities, or one or more
            Predecessor Securities, registered as such at the close of business on
            the
            relevant Record Dates according to their terms and the provisions of
            Section
            3.7.

        

      

      

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

      

      The
        Redemption Price shall be paid prior to 12:00 noon, New York City time, on
        the
        date of such redemption or such earlier time as the Company determines,
provided
        that the
        Company shall deposit with the Trustee an amount sufficient to pay the
        Redemption Price by 10:00 a.m., New York City time, on the date such Redemption
        Price is to be paid.

       

      
        
          Section
            11.7. Securities
            Redeemed in Part.
            Any
            Security which is to be redeemed only in part shall be surrendered at
            a Place of
            Payment for Securities of that series (with, if the Company or the Trustee
            so
            requires, due endorsement by, or a written instrument of transfer in
            form
            satisfactory to the Company 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 Security or Securities of the same series, of like tenor
            and 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.

           

        

      

      
        
          Section
            11.8. Tax
            Event Redemption.
            If
            a Tax
            Event with respect to any Citigroup Trust has occurred and is continuing
            and:

        

      

      

      (a) the
        Company has received a Redemption Tax Opinion with respect to such Citigroup
        Trust; or

      

      
        
           

        

        
          68

          
            

          

        

        
           

        

      

      (b) after
        receiving a Tax Event Opinion, the Regular Trustees of such Citigroup Trust
        shall have been informed by tax counsel rendering the Tax Event Opinion that
        a
        No Recognition Opinion cannot be delivered to such Citigroup Trust,

      

      then,
        notwithstanding Section 11.2(a) but subject to Section 11.2(b) and Section
        11.1,
        the Company shall have the right upon not less than 30 days nor more than
        60
        days notice to the Holders of Securities of the series issued to such Citigroup
        Trust, or to its Institutional Trustee, to redeem such Securities, in whole
        or
        in part, for cash within 90 days following the occurrence of such Tax Event
        at
        the Redemption Price, provided
        that if
        at the time there is available to the Company or such Citigroup Trust the
        opportunity to eliminate, within such 90-day period, the Tax Event by taking
        some ministerial action ("Ministerial Action"), such as filing a form or
        making
        an election, or pursuing some other similar reasonable measure which has
        no
        adverse effect on the Company, the Trust or the holders of the Trust Securities
        of such Citigroup Trust, the Company or such Citigroup Trust shall pursue
        such
        Ministerial Action in lieu of redemption, and, provided
        further that
        the
        Company shall have no right to redeem such Securities while the Company or
        such
        Citigroup Trust is pursuing any Ministerial Action pursuant to its obligations
        under the Declaration of such Citigroup Trust.

      

      ARTICLE
        XII

      

      [INTENTIONALLY
        OMITTED]

      

      ARTICLE
        XIII

      

      Extension
        Of Interest Payment Period

       

      
        
          Section
            13.1. Extension
            of Interest Payment Period.
            The
            Company shall have the right, at any time and from time to time during
            the term
            of the Securities of any series, to defer payments of interest by extending
            the
            interest payment period of all Securities of such series for a period
            not
            exceeding 40 consecutive quarters (the "Extended Interest Payment Period"),
            during which Extended Interest Payment Period no interest shall be due
            and
            payable on Securities of such series; provided
            that no
            Extended Interest Payment Period may extend beyond the Maturity of such
            Securities. To the extent permitted by applicable law, interest, the
            payment of
            which has been deferred because of the extension of the interest payment
            period
            pursuant to this Section 13.1, will bear interest thereon at the Coupon
            Rate
            compounded quarterly for each quarter of the Extended Interest Payment
            Period
            ("Compounded Interest"). At the end of any Extended Interest Payment
            Period with
            respect to any series of Securities, the Company shall pay all interest
            accrued
            and unpaid on such Securities, including any Additional Interest and
            Compounded
            Interest (together, "Deferred Interest") that shall be payable to the
            Holders of
            Securities of such Series in whose names such Securities are registered
            in the
            Security Register on the first record date after the end of such Extended
            Interest Payment Period. Before the termination of any Extended Interest
            Payment
            Period, the Company may further extend such period; provided
            that
            such period, together with all such further extensions thereof, shall
            not exceed
            40 consecutive quarters; and provided
            further that
            no
            prepayment of interest during an Extended Interest Payment Period shall
            allow
            the Company to extend such Extended Interest Payment Period beyond 40
            consecutive quarters. Upon the termination of any Extended Interest Payment
            Period with respect to any series of Securities and upon the payment
            of all
            Deferred Interest then due, the Company may commence a new Extended Interest
            Payment Period with respect to such series of Securities, subject to
            the
            foregoing requirements. No interest on a series of Securities shall be
            due and
            payable during an Extended Interest Payment Period with respect thereto,
            except
            at the end thereof, provided
            the
            Company may prepay at any time all or any portion of the interest accrued
            during
            any Extended Interest Payment Period.

           

          
            
               

            

            
              69

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            13.2. Notice
            of Extension.

        

      

      

      (a) If
        the
        Institutional Trustee of a Citigroup Trust is the only Holder of Securities
        of a
        series at the time the Company selects an Extended Interest Payment Period
        with
        respect thereto, the Company shall give written notice to the Regular Trustees
        and the Institutional Trustee of such Citigroup Trust and to the Trustee
        of its
        selection of such Extended Interest Payment Period at least one Business
        Day
        before the earlier of (i) the next succeeding date on which Distributions
        on the
        Trust Securities issued by such Citigroup Trust are payable, or (ii) the
        date
        such Citigroup Trust is required to give notice of the record date, or the
        date
        such Distributions would be payable if not for such Extended Interest Payment
        Period, to the New York Stock Exchange or other applicable self-regulatory
        organization or to holders of the Preferred Securities issued by such Citigroup
        Trust, but in any event at least one Business Day before such record
        date.

      

      (b) If
        the
        Institutional Trustee of a Citigroup Trust is not the only Holder of Securities
        of a series at the time the Company selects an Extended Interest Payment
        Period
        with respect thereto, the Company shall give written notice to the Holders
        of
        Securities of such series and the Trustee of its selection of such Extended
        Interest Payment Period at least 10 Business Days before the earlier of (i)
        the
        next succeeding Interest Payment Date, or (ii) the date the Company is required
        to give notice of the record or payment date of such interest payment to
        the New
        York Stock Exchange or other applicable self-regulatory organization or to
        Holders of Securities of such series.

      

      (c) The
        quarter in which any notice is given pursuant to paragraphs (a) or (b) of
        this
        Section 13.2 shall be counted as one of the 40 quarters permitted in the
        maximum
        Extended Interest Payment Period with respect to any series of Securities
        permitted under Section 1.3.

      

      (d) Notwithstanding
        anything else contained in this Indenture, the Company shall be required
        to give
        notice to any person of its selection of an Extended Interest Payment Period
        no
        more than 15 Business Days and no less than 5 Business Days before the next
        succeeding Interest Payment Date of the affected Securities.

       

      
        
          Section
            13.3. Limitation
            of Transactions.
            If
            with
            respect to any series of Securities (i) the Company shall exercise its
            right to
            defer payments of interest thereon as provided in Section 13.1 or (ii)
            there
            shall have occurred any Default, then (a) the Company shall not declare
            or pay
            any dividend on, make any distributions with respect to, or redeem, purchase,
            acquire or make a liquidation payment with respect to, any of its capital
            stock
            or make any guarantee payment with respect thereto (other than (i) repurchases,
            redemptions or other acquisitions of shares of capital stock of the Company
            in
            connection with any employment contract, benefit plan or other similar
            arrangement with or for the benefit of employees, officers, directors
            or
            consultants, (ii) repurchases of shares of common stock of Citigroup
            pursuant to
            a contractually binding requirement to buy stock existing prior to the
            commencement of the extension period, including under a contractually
            binding
            stock repurchase plan (iii) as a result of an exchange or conversion
            of any
            class or series of the Company's capital stock for any other class or
            series of
            the Company's capital stock, (iv) the purchase of fractional interests
            in shares
            of the Company's capital stock pursuant to the conversion or exchange
            provisions
            of such capital stock or the security being converted or exchanged),
            or (v)
            purchase of Citigroup's capital stock in connection with the distribution
            thereof); and (b) except for any partial payments of Deferred Interest
            that may
            be made pursuant to Section 13.5(d), the Company shall not make any payment
            of
            interest on, principal of or premium, if any, on, or repay, repurchase
            or
            redeem, any debt securities or guarantees issued by the Company that
            rank
pari
            passu with
            or
            junior to the Securities of such series (including the Securities of
            any other
            series), provided,
            however,
            the
            Company may declare and pay a stock dividend where the dividend stock
            is the
            same stock as that on which the dividend is being paid. If any Extended
            Interest
            Payment Period lasts longer than one year, unless required to do so by
            the
            Federal Reserve and subject to the exceptions listed in clauses (a) and
            (b) of
            this Section 13.3, the Company will not repurchase any of its common
            stock for a
            one-year period following the payment of all Deferred Interest with the
            New
            Equity Amount. 

           

          
            
               

            

            
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          Section
            13.4. Limitation
            on Source of Payment of Deferred Interest. 
            During
            an
            Extended Interest Payment Period, the Company may not pay Deferred Interest
            on
            the Securities on any date in an amount that exceeds the New Equity Amount
            for
            such date; provided,
            however,
            that
            (i) upon the Maturity of the Securities, (ii) during the occurrence and
            continuation of a Supervisory Event or (iii) if an Event of Default and
            Acceleration shall have occurred and be continuing, the provisions of
            this
            Section 13.4 shall not apply and the Company may pay Deferred Interest
            with cash
            from any source. Nothing in this Indenture will prevent the Company from
            paying
            current interest on the Securities at any time using cash from any source.
            

        

      

      

      
        
          Section
            13.5. Obligation
            to Effect Certain Common Stock Sales.

        

      

      

      (a) Commencing
        on the earlier of (i) the Fifth Deferral Anniversary, if on such date the
        related Extended Interest Payment Period has not ended, and (ii) the date
        of any
        payment of current interest on the Securities during an Extended Interest
        Payment Period, if any Deferred Interest is outstanding, the Company shall
        be
        subject to the "Alternative Payment Mechanism," pursuant to which it will
        continuously use its commercially reasonable efforts to effect sales of shares
        of its common stock, including treasury shares, in an amount that will generate
        sufficient net proceeds to enable the Company to pay in full all Deferred
        Interest on the Securities then outstanding; provided that the Company shall
        not
        be obligated to make offers for or effect sales of its common stock during
        the
        occurrence and continuation of a Market Disruption Event or a Supervisory
        Event
        and will be permitted to pay Deferred Interest using cash from any source
        upon
        the occurrence of a Supervisory Event. The Company's obligation to use
        commercially reasonable efforts to sell shares of its common stock to pay
        all
        Deferred Interest on the Securities shall resume at such time as no Market
        Disruption Event or Supervisory Event exists or is continuing.

      

      
        
           

        

        
          71

          
            

          

        

        
           

        

      

      (b) As
        used
        in this Section 13.5, the term “commercially reasonable efforts” means
        commercially reasonable efforts on the part of the Company to complete the
        sale
        of shares of its common stock, including treasury shares, to third parties
        that
        are not subsidiaries of the Company. The Company will not be considered to
        have
        used its commercially reasonable efforts to effect a sale of stock if it
        determines not to pursue or complete such sale solely due to pricing
        considerations.

      

      (c) The
        Company is not permitted to sell shares of common stock in excess of a number
        of
        shares of common stock which at September 15, 2006 is equal to 55,000,000
        (the
        "Share Cap Amount"), for the purpose of satisfying Section 13.5(a) or otherwise
        paying Deferred Interest on the Securities then outstanding. If the issued
        and
        outstanding shares of common stock shall have been changed into a different
        number of shares or a different class by reason of any stock split, reverse
        stock split, stock dividend, reclassification, recapitalization, split-up,
        combination, exchange of shares or other similar transaction, then the Share
        Cap
        Amount shall be correspondingly adjusted. The Company shall increase the
        Share
        Cap Amount (including through the increase of its authorized share capital,
        if
        necessary) to an amount that would allow the Company to raise sufficient
        proceeds to satisfy its obligations to pay Deferred Interest in full at the
        end
        of the first year of an Extended Interest Payment Period (and on each subsequent
        anniversary of the end of the first year of an Extended Interest Payment
        Period
        to the extent that an Extended Interest Payment Period would last more than
        one
        year), if the then-current Share Cap Amount would not allow the Company to
        raise
        sufficient proceeds to satisfy its obligations to pay Deferred Interest
        (including Compounded Interest to that date) assuming a price per share equal
        to
        the average trading price of the Company’s common shares over the
        ten-trading-day period preceding such date; provided
        that the
        Company will not be obligated to increase the Share Cap Amount above 280,000,000
        shares. Until the Tenth Deferral Anniversary, a Default will occur if the
        Company does not increase the Share Cap Amount to an amount that is greater
        than
        55,000,000 shares when required to do so as described above; provided that
        no
        Default will occur if the Company has increased the share cap amount to
        280,000,000 shares. 

      

      (d) Following
        the earlier of (i) the Fifth Deferral Anniversary and (ii) the date of any
        payment of current interest during an Extended Interest Payment Period, the
        Company shall apply the net proceeds received by it from sales of shares
        of its
        common stock, including sales of treasury shares, to the payment of all amounts
        owing in respect of Deferred Interest, with net proceeds to be paid promptly
        after receipt until all amounts owing in respect of Deferred Interest have
        been
        paid in full. In the event that net proceeds received by the Company from
        one or
        more sales of shares of its common stock following such Fifth Deferral
        Anniversary are not sufficient to satisfy the full amount of Deferred Interest,
        such net proceeds will be paid to the holders of the Securities on a pro
        rata
        basis; provided, that if the Company has outstanding at such time any debt
        securities ranking pari passu with the Securities under the terms of which
        the
        Company is obligated to sell shares of its common stock and apply the net
        proceeds to payment of deferred interest on such pari passu securities and
        the
        Company at such time is required to apply such proceeds to pay deferred interest
        on such pari passu securities, then on any date and for any period the amount
        of
        net proceeds received by the Company from such sales and available for payment
        of such deferred interest shall be applied to the Securities and such pari
        passu
        securities on a pro rata basis. Notwithstanding the above, the Company shall
        not
        be obligated to sell common stock or to apply such net proceeds or any portion
        thereof to the payment of Deferred Interest during the occurrence and
        continuation of Market Disruption Event or a Supervisory Event.

      

      
        
           

        

        
          72

          
            

          

        

        
           

        

      

      (e) Notwithstanding
        anything to the contrary in this Indenture, under no circumstances will the
        Company be obligated to sell shares of Qualified Warrants or to apply the
        proceeds of any such sale to pay Deferred Interest on the
        Securities.

      

      (f) Notwithstanding
        anything to the contrary in this Indenture, the Company will not be obligated
        to
        issue common stock prior to the Fifth Deferral Anniversary if the gross proceeds
        of any issuance of common stock and Qualified Warrants applied to pay Deferred
        Interest on the Securities pursuant to this Section 13.5, together with the
        gross proceeds of all prior issuances of common stock and Qualified Warrants
        applied since the commencement of the Extended Interest Payment Period, would
        exceed an amount equal to 2% of the product of (1) the average of the Current
        Stock Market Prices of the Company’s common stock on the 10 consecutive trading
        days ending on the fourth trading day immediately preceding the date of issuance
        by the Company of common stock applied to pay Deferred Interest on the
        Securities pursuant to Section 13.5 and (2) the total number of issued and
        outstanding shares of the Company’s common stock as of the date of the Company’s
        publicly available consolidated financial statements (the “APM Maximum
        Obligation”). Once the Company reaches the APM Maximum Obligation for an
        Extended Interest Payment Period, the Company will not be obligated to issue
        more common stock or Qualified Warrants pursuant to this Section 13.5 prior
        to
        the Fifth Deferral Anniversary even if the Current Stock Market Price of
        the
        Company's common stock or the number of outstanding shares of its common
        stock
        subsequently increase. The APM Maximum Obligation will cease to apply following
        the Fifth Deferral Anniversary, at which point the Company must repay any
        Deferred Interest, regardless of the time at which it was deferred, using
        proceeds from sales of the Company's common stock, including treasury shares,
        subject to any Market Disruption Event, Supervisory Event, and the Share
        Cap
        Amount. If the APM Maximum Obligation has been reached during an Extended
        Interest Payment Period and the Company subsequently repays all Deferred
        Interest, the APM Maximum Obligation will cease to apply at the termination
        of
        such Extended Interest Payment Period and will not apply again unless and
        until
        the Company starts a new Extended Interest Payment Period.

       

      
        
          Section
            13.6. Notice
            of Market Disruption Event.
            Upon
            and
            after the Fifth Deferral Anniversary, if a Market Disruption Event has
            occurred
            and is continuing, the Company shall give, as promptly as possible after
            the
            Company becomes aware of such occurrence, a written notice (a "Market
            Disruption
            Event Notice") to the Trustee, stating the date on which such Market
            Disruption
            Event has occurred, the nature thereof and what action it will take in
            connection therewith.

           

          
            
               

            

            
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          Section
            13.7. Notice
            of Supervisory Event.
            Upon
            and
            after the Fifth Deferral Anniversary, if a Supervisory Event has occurred
            and is
            continuing, the Company shall give, as promptly as possible after the
            Company
            becomes aware of such occurrence, a written notice (a "Supervisory Event
            Notice") to the Trustee stating that a Supervisory Event has commenced
            and the
            actions it will take in connection therewith. No later than five (5)
            Business
            Days following termination of a Supervisory Event, the Company shall
            give a
            written notice to the Trustee stating the date on which such Supervisory
            Event
            terminated. 

           

        

      

      
        
          Section
            13.8. Notices
            to the Federal Reserve.
            The
            Company shall give written notice to the Federal
            Reserve:

        

      

      

      (a) No
        later
        than five (5) Business Days following commencement of an Extended Interest
        Payment Period; and

      

      (b) Upon
        the
        earlier to occur of (i) the Fifth Deferral Anniversary of such Extended Interest
        Payment Period or (ii) the payment of current interest during an Extended
        Interest Payment Period.

       

      
        
          Section
            13.9. Obligation
            to Notify Federal Reserve of Intent to Sell Stock.

        

      

      

      (a) At
        least
        25 Business Days in advance of the relevant payment date (or such longer
        period
        as may be required by the Federal Reserve or by other supervisory action)
        the
        Company shall give written notice to the Federal Reserve of its intent both
        (1)
        to sell shares of common stock or, at the Company's sole discretion, Qualified
        Warrants and (2) to apply the net proceeds from such sale to pay Deferred
        Interest, and shall only take any such actions if the Federal Reserve does
        not
        disapprove of any such actions within ten (10) Business Days (or such longer
        period as may be required by Federal Reserve order or by other supervisory
        action) after the Company gives such notice to the Federal Reserve or has
        withdrawn any prior disapproval. 

      

      ARTICLE
        XIV

      

      Subordination
        Of Securities

       

      
        
          Section
            14.1. Agreement
            to Subordinate.
            The
            Company covenants and agrees, and each Holder of Securities issued hereunder
            by
            such Holder's acceptance thereof likewise covenants and agrees, that
            all
            Securities shall be issued subject to the provisions of this Article
            Fourteen;
            and each Holder of a Security, whether upon original issue or upon transfer
            or
            assignment thereof, accepts and agrees to be bound by such
            provisions.

        

      

      

      The
        payment by the Company of the principal of, premium, if any, and interest
        on all
        Securities issued hereunder shall, to the extent and in the manner hereinafter
        set forth, be subordinated and junior in right of payment to the prior payment
        in full of all Senior Indebtedness of the Company, whether outstanding at
        the
        date of this Indenture or thereafter incurred.

      

      
        
           

        

        
          74

          
            

          

        

        
           

        

      

      No
        provision of this Article Fourteen shall prevent the occurrence of any Default
        hereunder.

       

      
        
          Section
            14.2. Default
            on Senior Indebtedness.
            In
            the
            event and during the continuation of any default by the Company in the
            payment
            of principal, premium, interest or any other payment due on any Senior
            Indebtedness of the Company, as the case may be, or in the event that
            the
            maturity of any Senior Indebtedness of the Company, as the case may be,
            has been
            accelerated because of a default, then, in either case, no payment shall
            be made
            by the Company with respect to the principal (including redemption payments)
            of,
            or premium, if any, or interest on, the Securities or to acquire any
            of the
            Securities.

        

      

      

      In
        the
        event that, notwithstanding the foregoing, any payment shall be received
        by the
        Trustee, by any Holder or by any Paying Agent (or, if the Company is acting
        as
        its own Paying Agent, money for any such payment is segregated and held in
        trust) when such payment is prohibited by the preceding paragraph of this
        Section 14.2, before all Senior Indebtedness of the Company is paid in full,
        or
        provision is made for such payment in money in accordance with its terms,
        such
        payment shall be held in trust for the benefit of, and shall be paid over
        or
        delivered to, the holders of Senior Indebtedness of the Company or their
        respective representatives, or to the trustee or trustees under any indenture
        pursuant to which any of such Senior Indebtedness may have been issued, as
        their
        respective interests may appear, ratably according to the aggregate amount
        remaining unpaid on account of the principal, premium, interest or any other
        payment due on the Senior Indebtedness held or represented by each, for
        application to the payment of all Senior Indebtedness of the Company, as
        the
        case may be, remaining unpaid to the extent necessary to pay such Senior
        Indebtedness in full in money in accordance with its terms, after giving
        effect
        to any concurrent payment or distribution to or for the benefit of the holders
        of such Senior Indebtedness, but only to the extent that the holders of the
        Senior Indebtedness (or their representative or representatives or a trustee)
        notify the Trustee in writing within 90 days of such payment of the amounts
        then
        due and owing on the Senior Indebtedness and only the amounts specified in
        such
        notice to the Trustee shall be paid to the holders of Senior
        Indebtedness.

       

      
        
          Section
            14.3. Liquidation;
            Dissolution; Bankruptcy.
            Upon
            any
            payment by the Company or distribution of assets of the Company of any
            kind or
            character, whether in cash, property or securities, to creditors upon
            any
            dissolution or winding-up or liquidation or reorganization of the Company,
            whether voluntary or involuntary or in bankruptcy, insolvency, receivership
            or
            other proceedings, all amounts due upon all Senior Indebtedness of the
            Company
            shall first be paid in full, or payment thereof provided for in money
            in
            accordance with its terms, before any payment is made by the Company
            on account
            of the principal (and premium, if any) or interest on the Securities;
            and upon
            any such dissolution or winding-up or liquidation or reorganization,
            any payment
            by the Company, or distribution of assets of the Company of any kind
            or
            character, whether in cash, property or securities, to which the Holders
            of the
            Securities or the Trustee would be entitled to receive, except for the
            provisions of this Article Fourteen, shall be paid by the Company or
            by any
            receiver, trustee in bankruptcy, liquidating trustee, agent or other
            Person
            making such payment or distribution, or by the Holders of the Securities
            or by
            the Trustee under this Indenture if received by them or it, directly
            to the
            holders of Senior Indebtedness of the Company (pro rata
            to such
            holders on the basis of the respective amounts of Senior Indebtedness
            held by
            such holders, as calculated by the Company) or their representative or
            representatives, or to the trustee or trustees under any indenture pursuant
            to
            which any instruments evidencing such Senior Indebtedness may have been
            issued,
            as their respective interests may appear, to the extent necessary to
            pay such
            Senior Indebtedness in full, in money or money's worth, after giving
            effect to
            any concurrent payment or distribution to or for the holders of such
            Senior
            Indebtedness, before any payment or distribution is made to the Holders
            of
            Securities or to the Trustee.

        

      

      

      
        
           

        

        
          75

          
            

          

        

        
           

        

      

      In
        the
        event that, notwithstanding the foregoing, any payment or distribution of
        assets
        of the Company of any kind or character, whether in cash, property or
        securities, prohibited by the foregoing, shall be received by the Trustee,
        by
        any Holder or by any Paying Agent (or, if the Company is acting as its own
        Paying Agent, money for any such payment is segregated and held in trust)
        before
        all Senior Indebtedness of the Company is paid in full, or provision is made
        for
        such payment in money in accordance with its terms, such payment or distribution
        shall be held in trust for the benefit of and shall be paid over or delivered
        to
        the holders of such Senior Indebtedness or their representative or
        representatives, or to the trustee or trustees under any indenture pursuant
        to
        which any of such Senior Indebtedness may have been issued, as their respective
        interests may appear, ratably according to the aggregate amount remaining
        unpaid
        on account of the principal, premium, interest or any other payment due on
        the
        Senior Indebtedness held or represented by each, as calculated by the Company,
        for application to the payment of all Senior Indebtedness of the Company,
        as the
        case may be, remaining unpaid to the extent necessary to pay such Senior
        Indebtedness in full in money in accordance with its terms, after giving
        effect
        to any concurrent payment or distribution to or for the benefit of the holders
        of such Senior Indebtedness.

      

      For
        purposes of this Article Fourteen, the words "cash, property or securities"
        shall not be deemed to include shares of stock of the Company as reorganized
        or
        readjusted, or securities of the Company or any other corporation provided
        for
        by a plan of reorganization or readjustment, the payment of which is
        subordinated at least to the extent provided in this Article Fourteen with
        respect to the Securities to the payment of all Senior Indebtedness of the
        Company, as the case may be, that may at the time be outstanding, provided
        that
        (i) such Senior Indebtedness is assumed by the new corporation, if any,
        resulting from any such reorganization or readjustment, and (ii) the rights
        of
        the holders of such Senior Indebtedness are not, without the consent of such
        holders, altered by such reorganization or readjustment. The consolidation
        of
        the Company with, or the merger of the Company into, another corporation
        or the
        liquidation or dissolution of the Company following the conveyance or transfer
        of its property as an entirety, or substantially as an entirety, to another
        corporation upon the terms and conditions provided for in Article VIII shall
        not
        be deemed a dissolution, winding-up, liquidation or reorganization for the
        purposes of this Section 14.3 if such other corporation shall, as a part
        of such
        consolidation, merger, conveyance or transfer, comply with the conditions
        stated
        in Article VIII. Nothing in Section 14.2 or in this Section 14.3 shall apply
        to-claims of, or payments to the Trustee under or pursuant to Section
        6.7.

       

      
        
           

        

        
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          Section
            14.4. Subrogation.
            Subject
            to the payment in full of all Senior Indebtedness of the Company, the
            rights of
            the Holders of the Securities shall be subrogated to the rights of the
            holders
            of such indebtedness to receive payments or distributions of cash, property
            or
            securities of the Company, as the case may be, applicable to such Senior
            Indebtedness until the principal of (and premium, if any) and interest
            on the
            Securities shall be paid in full; and, for the purposes of such subrogation,
            no
            payments or distributions to the holders of such Senior Indebtedness
            of any
            cash, property or securities to which the Holders of the Securities or
            the
            Trustee would be entitled except for the provisions of this Article Fourteen,
            and no payment over pursuant to the provisions of this Article Fourteen
            to or
            for the benefit of the holders of such Senior Indebtedness by Holders
            of the
            Securities or the Trustee, shall, as between the Company, its creditors
            other
            than Holders of Senior Indebtedness of the Company, and the holders of
            the
            Securities, be deemed to be a payment by the Company to or on account
            of such
            Senior Indebtedness. It is understood that the provisions of this Article
            Fourteen are and are intended solely for the purposes of defining the
            relative
            rights of the Holders of the Securities, on the one hand, and the holders
            of
            such Senior Indebtedness on the other hand.

        

      

      

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

      

      Upon
        any
        payment or distribution of assets of the Company referred to in this Article
        Fourteen, the Trustee, subject to the provisions of Section 6.1, and the
        Holders
        of the Securities shall be entitled to conclusively rely upon any order or
        decree made by any court of competent jurisdiction in which such dissolution,
        winding-up, liquidation or reorganization proceedings are pending, or a
        certificate of the receiver, trustee in bankruptcy, liquidation trustee,
        agent
        or other Person making such payment or distribution, delivered to the Trustee
        or
        to the Holders of the Securities, for the purposes of ascertaining the Persons
        entitled to participate in such distribution, the holders of Senior Indebtedness
        and other indebtedness of the Company, as the case may be, the amount thereof
        or
        payable thereon, the amount or amounts paid or distributed thereon and all
        other
        facts pertinent thereto or to this Article Fourteen.

       

      
        
          Section
            14.5. Trustee
            to Effectuate Subordination.
            Each
            Holder of Securities by such Holder's acceptance thereof authorizes and
            directs
            the Trustee on such Holder's behalf to take such action as may be necessary
            or
            appropriate to effectuate the subordination provided in this Article
            Fourteen
            and appoints the Trustee such Holder's attorney-in-fact for any and all
            such
            purposes.

           

          
            
               

            

            
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          Section
            14.6. Notice
            by the Company.
            The
            Company shall give prompt written notice to a Responsible Officer of
            the Trustee
            of any fact known to the Company that would prohibit the making of any
            payment
            of monies to or by the Trustee in respect of the Securities pursuant
            to the
            provisions of this Article Fourteen. Notwithstanding the provisions of
            this
            Article Fourteen or any other provision of this Indenture, the Trustee
            shall not
            be charged with knowledge of the existence of any facts that would prohibit
            the
            making of any payment of monies to or by the Trustee in respect of the
            Securities pursuant to the provisions of this Article Fourteen, unless
            and until
            a Responsible Officer of the Trustee shall have received written notice
            thereof
            from the Company or a holder or holders of Senior Indebtedness or their
            representative or representatives or from any trustee therefor; and before
            the
            receipt of any such written notice, the Trustee, subject to the provisions
            of
            Section 6.1 shall be entitled in all respects to assume that no such
            facts
            exist; provided,
            however,
            that if
            the Trustee shall not have received the notice provided for in this Section
            14.6
            at least three Business Days prior to the date upon which by the terms
            hereof
            any money may become payable for any purpose (including, without limitation,
            the
            payment of the principal of (or premium, if any) or interest on any Security),
            then, anything herein contained to the contrary notwithstanding, the
            Trustee
            shall have full power and authority to receive such money and to apply
            the same
            to the purposes for which they were received, and shall not be affected
            by any
            notice to the contrary that may be received by it within three Business
            Days
            prior to such date.

        

      

      

      The
        Trustee, subject to the provisions of Section 6.1, shall be entitled to
        conclusively rely on the delivery to it of a written notice by a Person
        representing himself to be a holder of Senior Indebtedness of the Company,
        as
        the case may be (or a trustee on behalf of such holder), to establish that
        such
        notice has been given by a holder of such Senior Indebtedness or a trustee
        on
        behalf of any such holder or holders. In the event that the Trustee determines
        in good faith that further evidence is required with respect to the right
        of any
        Person as a holder of such Senior Indebtedness to participate in any payment
        or
        distribution pursuant to this Article Fourteen, the Trustee may request such
        Person to furnish evidence to the reasonable satisfaction of the Trustee
        as to
        the amount of such Senior Indebtedness held by such Person, the extent to
        which
        such Person is entitled to participate in such payment or distribution and
        any
        other facts pertinent to the rights of such Person under this Article Fourteen,
        and, if such evidence is not furnished, the Trustee may defer any payment
        to
        such Person pending judicial determination as to the right of such Person
        to
        receive such payment.

       

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

        

      

      

      With
        respect to the holders of Senior Indebtedness of the Company, the Trustee
        undertakes to perform or to observe only such of its covenants and obligations
        as are specifically set forth in this Article Fourteen, and no implied covenants
        or obligations with respect to the holders of such Senior Indebtedness shall
        be
        read into this Indenture against the Trustee. The Trustee shall not be deemed
        to
        owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
        to the provisions of Section 6.1, the Trustee shall not be liable to any
        holder
        of such Senior Indebtedness if it shall pay over or deliver to Holders of
        Securities, the Company or any other Person money or assets to which any
        holder
        of such Senior Indebtedness shall be entitled by virtue of this Article Fourteen
        or otherwise.

       

      
        
           

        

        
          78

          
            

          

        

        
           

        

      

      
        
          Section
            14.8. Subordination
            May Not Be Impaired. No
            right
            of any present or future holder of any Senior Indebtedness of the Company
            to
            enforce subordination as herein provided shall at any time in any way
            be
            prejudiced or impaired by any act or failure to act on the part of the
            Company,
            as the case may be, or by any act or failure to act, in good faith, by
            any such
            holder, or by any noncompliance by the Company, as the case may be, with
            the
            terms, provisions and covenants of this Indenture, regardless of any
            knowledge
            thereof that any such holder may have or otherwise be charged
            with.

        

      

      

      Without
        in any way limiting the generality of the foregoing paragraph, the holders
        of
        Senior Indebtedness of the Company may, at any time and from time to time,
        without the consent of or notice to the Trustee or the Holders of the
        Securities, without incurring responsibility to the Holders of the Securities
        and without impairing or releasing the subordination provided in this Article
        Fourteen or the obligations hereunder of the Holders of the Securities to
        the
        holders of such Senior Indebtedness, do any one or more of the following:
        (i)
        change the manner, place or terms of payment or extend the time of payment
        of,
        or renew or alter, such Senior Indebtedness, or otherwise amend or supplement
        in
        any manner such Senior Indebtedness or any instrument evidencing the same
        or any
        agreement under which such Senior Indebtedness is outstanding; (ii) sell,
        exchange, release or otherwise deal with any property pledged, mortgaged
        or
        otherwise securing such Senior Indebtedness; (iii) release any Person liable
        in
        any manner for the collection of such Senior Indebtedness; and (iv) exercise
        or
        refrain from exercising any rights against the Company, as the case may be,
        and
        any other Person.

       

      
        
           

        

        
          79

          
            

          

        

        
           

        

      

      
        
          Section
            14.9. Trustee's
            Compensation Not Prejudiced. Nothing
            in this Article Fourteen shall apply to amounts due to the Trustee pursuant
            to
            Section 6.7 of this Indenture. 

           

        

      

      
        
          Section
            14.10. Disclaimer
            of Right to Enforce Covenants.
            Except
            as
            specifically provided for in this Article 14, no holder of Senior Indebtedness
            shall have any right to enforce any of the covenants in this Indenture,
            including but not limited to those contained in Sections 5.11, 13.4,
            13.5, 13.6,
            13.7 and 13.8

        

      

      

      ARTICLE
        XV

      

      Miscellaneous 

       

      
        
          Section
            15.1. Acknowledgement
            of Rights.
            The
            Company acknowledges that, with respect to any Securities held by a Citigroup
            Trust or a trustee of such Trust, if the Institutional Trustee of such
            Citigroup
            Trust fails to enforce its rights under this Indenture as the Holder
            of the
            series of Securities held as the assets of such Citigroup Trust, any
            holder of
            Preferred Securities of such Citigroup Trust may institute legal proceedings
            directly against the Company to enforce such Institutional Trustee's
            rights
            under this Indenture without first instituting any legal proceedings
            against
            such Institutional Trustee or any other person or
            entity.

        

      

      

      Notwithstanding
        the foregoing, if a Default has occurred and is continuing and such event
        is
        attributable to the failure of the Company to pay interest or principal on
        the
        applicable series of Securities on the date such interest or principal is
        otherwise payable (or in the case of redemption, on the redemption date),
        the
        Company acknowledges that a holder of Trust Securities issued by the Citigroup
        Trust which is, or the Institutional Trustee of which is, the Holder of such
        Securities may directly institute a proceeding for enforcement of payment
        to
        such holder of the principal of or interest on the applicable series of
        Securities having a principal amount equal to the aggregate liquidation amount
        of the Trust Securities of such holder (a "Direct Action") on or after the
        respective due date specified of such holder on or after the respective due
        date
        specified in the applicable series of Securities. Notwithstanding any payments
        made to such holder of Trust Securities by the Company in connection with
        a
        Direct Action, the Company shall remain obligated to pay the principal of
        or
        interest on the series of Securities held by a Citigroup Trust or the
        Institutional Trustee of a Citigroup Trust, and the Company shall be subrogated
        to the rights of the holder of such Trust Securities to the extent of any
        payments made by the Company to such holder in any Direct Action.

       

      
        
          Section
            15.2. Severability.
            In
            case
            any provision in this Indenture or in any series of Securities 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.

           

          
            
               

            

            
              80

              
                

              

            

            
               

            

          

        

      

      
        
          Section
            15.3. Counterparts.

        

      

      

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

      

      

      
        
           

        

        
          81

          
            

          

        

        
           

        

      

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

      

      
        	 	 	 
	 	CITIGROUP INC.
	 
 	 
 	 
 
	 	By:  	/s/ Martin
                A.
                Waters
	 	
                
Name:
                Martin A. Waters
	 	Title:
                Assistant Treasurer

      

       

      
        	 	 	 
	 	
                JPMORGAN
                  CHASE BANK, N.A.,

                As
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	/s/
                James D. Heaney
	 	
                
Name:
                James D. Heaney
	 	Title:
                Vice President

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