Document:

ex4-8.htm

    Exhibit
4.8

     

     

     

     

    THE BLACK
& DECKER CORPORATION

     

     

    AND

     

     

    THE BANK
OF NEW YORK,

     

     

    AS
TRUSTEE

     

     

    7.125%
Senior Notes Due 2011

     

     

    INDENTURE

     

     

    Dated as
of June 5, 2001

     

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

     

     

    
      	 	Page

       

      	 
	
              ARTICLE
      I

              Definitions
      and Incorporation by Reference

            
	 
      	 
      	 
      
	
              SECTION
      1.1.

            	
              Definitions

            	
              1

            
	
              SECTION
      1.2.

            	
              Other
      Definitions

            	
              5

            
	
              SECTION
      1.3.

            	
              Incorporation
      by Reference of Trust Indenture Act

            	
              6

            
	
              SECTION
      1.4.

            	
              Rules
      of Construction

            	
              6

            
	 
      	 
      	 
      
	
              ARTICLE
      II

              The
      Securities

            
	 
      	 
      	 
      
	
              SECTION
      2.1.

            	
              Form,
      Dating and Terms

            	
              7

            
	
              SECTION
      2.2.

            	
              Execution
      and Authentication

            	
              15

            
	
              SECTION
      2.3.

            	
              Registrar
      and Paying Agent

            	
              17

            
	
              SECTION
      2.4.

            	
              Paying
      Agent To Hold Money in Trust

            	
              17

            
	
              SECTION
      2.5.

            	
              Securityholder
      Lists

            	
              18

            
	
              SECTION
      2.6.

            	
              Transfer
      and Exchange

            	
              18

            
	
              SECTION
      2.7.

            	
              Form
      of Certificate to be Delivered in Connection with Transfers to
      Institutional Accredited Investors

            	
              21

            
	
              SECTION
      2.8.

            	
              Form
      of Certificate to be Delivered in Connection with Transfers Pursuant to
      Regulation S

            	
              23

            
	
              SECTION
      2.9.

            	
              Mutilated,
      Destroyed, Lost or Stolen Securities

            	
              24

            
	
              SECTION
      2.10.

            	
              Outstanding
      Securities

            	
              25

            
	
              SECTION
      2.11.

            	
              Temporary
      Securities

            	
              25

            
	
              SECTION
      2.12.

            	
              Cancellation

            	
              26

            
	
              SECTION
      2.13.

            	
              Payment
      of Interest; Defaulted Interest

            	
              26

            
	
              SECTION
      2.14.

            	
              Computation
      of Interest

            	
              27

            
	
              SECTION
      2.15.

            	
              CUSIP
      and ISIN Numbers

            	
              27

            
	 
      	 
      	 
      
	
              ARTICLE
      III

              Covenants

            
	 
      	 
      	 
      
	
              SECTION
      3.1.

            	
              Payment
      of Securities

            	
              27

            
	
              SECTION
      3.2.

            	
              Limitation
      on Liens

            	
              28

            
	
              SECTION
      3.3.

            	
              Limitation
      on Sale Leaseback Transactions

            	
              29

            
	
              SECTION
      3.4.

            	
              Maintenance
      of Office or Agency

            	
              29

            
	
              SECTION
      3.5.

            	
              Compliance
      Certificate

            	
              30

            
	
              SECTION
      3.6.

            	
              Statement
      by Officers as to Default

            	
              30

            
	
              SECTION
      3.7.

            	
              Further
      Instruments and Acts

            	
              30

            

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

       

      	 
      	 
      	 
      
	
              ARTICLE
      IV

              Successor
      Company

            
	 
      	 
      	 
      
	
              SECTION
      4.1.

            	
              Merger,
      Consolidation or Sale of All or Substantially All Assets of the
      Company

            	
              30

            
	 
      	 
      	 
      
	
              ARTICLE
      V

              Redemption
      of Securities

            
	 
      	 
      	 
      
	
              SECTION
      5.1.

            	
              Optional
      Redemption

            	
              31

            
	
              SECTION
      5.2.

            	
              Applicability
      of Article

            	
              31

            
	
              SECTION
      5.3.

            	
              Election
      to Redeem; Notice to Trustee

            	
              31

            
	
              SECTION
      5.4.

            	
              Selection
      by Trustee of Securities to Be Redeemed

            	
              31

            
	
              SECTION
      5.5.

            	
              Notice
      of Redemption

            	
              32

            
	
              SECTION
      5.6.

            	
              Deposit
      of Redemption Price

            	
              33

            
	
              SECTION
      5.7.

            	
              Securities
      Payable on Redemption Date

            	
              33

            
	
              SECTION
      5.8.

            	
              Securities
      Redeemed in Part

            	
              33

            
	 
      	 
      	 
      
	
              ARTICLE
      VI

              Defaults
      and Remedies

            
	 
      	 
      	 
      
	
              SECTION
      6.1.

            	
              Events
      of Default

            	
              33

            
	
              SECTION
      6.2.

            	
              Acceleration

            	
              35

            
	
              SECTION
      6.3.

            	
              Other
      Remedies

            	
              35

            
	
              SECTION
      6.4.

            	
              Waiver
      of Past Defaults

            	
              35

            
	
              SECTION
      6.5.

            	
              Control
      by Majority

            	
              36

            
	
              SECTION
      6.6.

            	
              Limitation
      on Suits

            	
              36

            
	
              SECTION
      6.7.

            	
              Rights
      of Holders to Receive Payment

            	
              36

            
	
              SECTION
      6.8.

            	
              Collection
      Suit by Trustee

            	
              36

            
	
              SECTION
      6.9.

            	
              Trustee
      May File Proofs of Claim

            	
              37

            
	
              SECTION
      6.10.

            	
              Priorities

            	
              37

            
	
              SECTION
      6.11.

            	
              Undertaking
      for Costs

            	
              37

            
	 
      	 
      	 
      
	
              ARTICLE
      VII

              Trustee

            
	 
      	 
      	 
      
	
              SECTION
      7.1.

            	
              Duties
      of Trustee

            	
              37

            
	
              SECTION
      7.2.

            	
              Rights
      of Trustee

            	
              39

            
	
              SECTION
      7.3.

            	
              Individual
      Rights of Trustee

            	
              40

            
	
              SECTION
      7.4.

            	
              Trustee’s
      Disclaimer

            	
              40

            
	
              SECTION
      7.5.

            	
              Notice
      of Defaults

            	
              40

            
	
              SECTION
      7.6.

            	
              Reports
      by Trustee to Holders

            	
              40

            

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      	
              SECTION
      7.7.

            	
              Compensation
      and Indemnity

            	
              41

            
	
              SECTION
      7.8.

            	
              Replacement
      of Trustee

            	
              42

            
	
              SECTION
      7.9.

            	
              Successor
      Trustee by Merger

            	
              42

            
	
              SECTION
      7.10.

            	
              Eligibility;
      Disqualification

            	
              43

            
	
              SECTION
      7.11.

            	
              Preferential
      Collection of Claims Against Company

            	
              43

            
	 
      	 
      	 
      
	
              ARTICLE
      VIII

              Satisfaction
      and Discharge of Indenture

            
	 
      	 
      	 
      
	
              SECTION
      8.1.

            	
              Option
      To Effect Legal Defeasance or Covenant Defeasance

            	
              43

            
	
              SECTION
      8.2.

            	
              Legal
      Defeasance and Discharge

            	
              43

            
	
              SECTION
      8.3.

            	
              Covenant
      Defeasance

            	
              44

            
	
              SECTION
      8.4.

            	
              Conditions
      to Legal or Covenant Defeasance

            	
              44

            
	
              SECTION
      8.5.

            	
              Satisfaction
      and Discharge of Indenture

            	
              46

            
	
              SECTION
      8.6.

            	
              Survival
      of Certain Obligations

            	
              46

            
	
              SECTION
      8.7.

            	
              Acknowledgment
      of Discharge by Trustee

            	
              46

            
	
              SECTION
      8.8.

            	
              Application
      of Trust Moneys

            	
              47

            
	
              SECTION
      8.9.

            	
              Repayment
      to the Company; Unclaimed Money

            	
              47

            
	
              SECTION
      8.10.

            	
              Reinstatement

            	
              47

            
	 
      	 
      	 
      
	
              ARTICLE
      IX

              Amendments

            
	 
      	 
      	 
      
	
              SECTION
      9.1.

            	
              Without
      Consent of Holders

            	
              48

            
	
              SECTION
      9.2.

            	
              With
      Consent of Holders

            	
              48

            
	
              SECTION
      9.3.

            	
              Compliance
      with Trust Indenture Act

            	
              49

            
	
              SECTION
      9.4.

            	
              Revocation
      and Effect of Consents and Waivers

            	
              49

            
	
              SECTION
      9.5.

            	
              Notation
      on or Exchange of Securities

            	
              50

            
	
              SECTION
      9.6.

            	
              Trustee
      To Sign Amendments

            	
              50

            
	 
      	 
      	 
      
	
              ARTICLE
      X

              Miscellaneous

            
	 
      	 
      	 
      
	
              SECTION
      10.1.

            	
              Trust
      Indenture Act Controls

            	
              50

            
	
              SECTION
      10.2.

            	
              Notices

            	
              50

            
	
              SECTION
      10.3.

            	
              Communication
      by Holders with other Holders

            	
              51

            
	
              SECTION
      10.4.

            	
              Certificate
      and Opinion as to Conditions Precedent

            	
              51

            
	
              SECTION
      10.5.

            	
              Statements
      Required in Certificate or Opinion

            	
              51

            
	
              SECTION
      10.6.

            	
              When
      Securities Disregarded

            	
              52

            
	
              SECTION
      10.7.

            	
              Rules
      by Trustee, Paying Agent and Registrar

            	
              52

            
	
              SECTION
      10.8.

            	
              Legal
      Holidays

            	
              52

            
	
              SECTION
      10.9.

            	
              GOVERNING
      LAW

            	
              52

            
	
              SECTION
      10.10.

            	
              No
      Recourse Against Others

            	
              52

            
	
              SECTION
      10.11.

            	
              Successors

            	
              53

            

       

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

       

      	
              SECTION
      10.12.

            	
              Multiple
      Originals

            	
              53

            
	
              SECTION
      10.13.

            	
              Variable
      Provisions

            	
              53

            
	
              SECTION
      10.14.

            	
              Table
      of Contents; Headings

            	
              53

            

    

     

    
    

     

    
      	EXHIBIT
      A 	Form of the Initial
      Security
	EXHIBIT
      B	Form of the Exchange
      Security

    

     

                        

    

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

    CROSS-REFERENCE
TABLE

     

    
      	
              TIA

              Section

            	
              Indenture
      Section

            
	
              310(a)(1)

            	
              7.10

            
	
              (a)(2)

            	
              7.10

            
	
              (a)(3)

            	
              N.A.

            
	
              (a)(4)

            	
              N.A.

            
	
              (b)

            	
              7.8;
      7.10

            
	
              (c)

            	
              N.A.

            
	
              311(a)

            	
              7.11

            
	
              (b)

            	
              7.11

            
	
              (c)

            	
              N.A.

            
	
              312(a)

            	
              2.5

            
	
              (b)

            	
              0.3

            
	
              (c)

            	
              0.3

            
	
              313(a)

            	
              7.6

            
	
              (b)(1)

            	
              N.A.

            
	
              (b)(2)

            	
              7.6

            
	
              (c)

            	
              7.6

            
	
              (d)

            	
              7.6

            
	
              314(a)

            	
              3.5;
      10.2; 10.5

            
	
              (b)

            	
              N.A.

            
	
              (c)(1)

            	
              10.4

            
	
              (c)(2)

            	
              10.4

            
	
              (c)(3)

            	
              N.A.

            
	
              (d)

            	
              N.A.

            
	
              (e)

            	
              10.5

            
	
              315(a)

            	
              7.1

            
	
              (b)

            	
              7.5;
      10.2

            
	
              (c)

            	
              7.1

            
	
              (d)

            	
              7.1

            
	
              (e)

            	
              6.11

            
	
              316(a)(last
      sentence)

            	
              10.6

            
	
              (a)(1)(A)

            	
              6.5

            
	
              (a)(1)(B)

            	
              6.4

            
	
              (a)(2)

            	
              N.A.

            
	
              (b)

            	
              6.7

            
	
              317(a)(1)

            	
              6.8

            
	
              (a)(2)

            	
              6.9

            
	
              (b)

            	
              2.4

            
	
              318(a)

            	
              10.1

            

    

    N.A.
means Not Applicable.

    Note:
This Cross-Reference Table shall not, for any purpose, be deemed to be part of
this Indenture.

     

     

    
      
        
           

        

        
          v

          
            

          

        

        
           

        

      

    

     

     

    INDENTURE dated as of June 5, 2001,
between THE BLACK & DECKER CORPORATION, a Maryland corporation, and THE BANK
OF NEW YORK, a New York banking corporation, as Trustee.

     

    Each party agrees as follows for the
benefit of the other party and for the equal and ratable benefit of the Holders
of (i) the Company’s 7.125% Senior Notes Due 2011 issued on the date hereof (the
“Initial
Securities”), (ii) if and when issued, additional 7.125% Senior Notes Due
2011 that may be offered from time to time subsequent to the Issue Date (the
“Additional
Securities”), and (iii) if and when issued pursuant to a Registered
Exchange Offer from time to time for Initial Securities or any Additional
Securities as provided in an Exchange and Registration Rights Agreement, the
Company’s 7.125% Senior Notes Due 2011 (the “Exchange
Securities”).

     

    ARTICLE
I

     

    Definitions
and Incorporation by Reference

     

    SECTION
1.1. Definitions.

     

    “Additional Securities” has the meaning
ascribed to it in the second introductory paragraph of this
Indenture.

     

    “Attributable Debt” for a lease means
the carrying value of the capitalized rental obligation determined under
generally accepted accounting principles whether or not such obligation is
required to be shown on the balance sheet as a long-term liability. The carrying
value may be reduced by the capitalized value of the rental obligations,
calculated on the same basis, that any sublessee has for all or part of the same
property.

     

    “Board of Directors” means, as to any
Person, the board of directors of such Person or any duly authorized committee
thereof.

     

    “Board Resolution” means, with respect
to any Person, a resolution of the Board of Directors or of a committee or
person to which or to whom the Board of Directors has properly delegated the
appropriate authority, a copy of which has been certified by the Secretary or an
Assistant Secretary of the Person to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification
and delivered to the Trustee.

     

    “Business Day” means a day other than a
Saturday, Sunday or other day on which commercial banking institutions are
authorized or required by law to close in New York City.

     

    “Company” means The Black & Decker
Corporation or its successor.

     

    “Consolidated Net Tangible Assets”
means total assets less (1) total current liabilities (excluding any Debt which,
at the option of the borrower, is renewable or extendible to a term exceeding 12
months and which is included in current liabilities and further excluding any
deferred income taxes which are included in current liabilities) and (2)
goodwill, patents, trademarks and other like intangibles, all as stated on the
Company’s most recent quarter-end consolidated balance sheet preceding the date
of determination.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    “Debt” means any debt for borrowed
money (including the Securities), capitalized lease obligations and purchase
money obligations, or any guarantee of such debt, in any such case that would
appear on the consolidated balance sheet of the Company as a
liability.

     

    “Default” means any event which is, or
after notice or passage of time or both would be, an Event of
Default.

     

    “Definitive Securities” means
certificated Securities.

     

    “DTC” means The Depository Trust
Company, its nominees and their respective successors and assigns, or such other
depository institution hereinafter appointed by the Company.

     

    “Exchange Act” means the Securities
Exchange Act of 1934, as amended.

     

    “Exchange and Registration Rights
Agreement” means (i) the Exchange and Registration Rights Agreement dated
the Issue Date among the initial purchasers named therein and the Company, as
the same may be amended, supplemented or modified from time to time and (ii) any
similar exchange and/or registration rights agreement entered into with respect
to any Additional Securities, as any such agreement may be amended, supplemented
or modified from time to time.

     

    “Exchange Securities” has the meaning
ascribed to it in the second introductory paragraph of this
Indenture.

     

    “Exempted Debt” means the sum, without
duplication, of the following items outstanding as of the date Exempted Date is
being determined: (i) Debt incurred after the date of the Indenture and secured
by liens created or assumed or permitted to exist pursuant to paragraph (b)
of Section 3.2 and
(ii) Attributable Debt of the Company and its Subsidiaries in respect of all
sale and lease-back transactions with regard to any Principal Property entered
into pursuant to paragraph (b) of Section 3.3.

     

    “Fiscal Year” means the fiscal year of
the Company.

     

    “Funded Debt” means all Debt having a
maturity of more than one year from the date of its creation or having a
maturity of less than one year but by its terms being renewable or extendible,
at the option of the obligor in respect thereof, beyond one year from its
creation.

     

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

     

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    “Indenture” means this Indenture, as
amended or supplemented from time to time.

     

    “Initial Securities” has the meaning
ascribed to it in the second introductory paragraph of this
Indenture.

     

    “Issue Date” means the date on which
the Initial Securities are originally issued.

     

    “Legal Holiday” has the meaning
ascribed to it in Section 10.8.

     

    “Non-U.S. Person” means a person who is
not a U.S. person, as defined in Regulation S.

     

    “Note Register” means the register of
Securities, maintained by the Registrar, pursuant to Section 2.3.

     

    “Officer” means the Chairman of the
Board, any Vice Chairman of the Board, the President, the Chief Financial
Officer, any Senior Vice President, any Vice President, the Treasurer or the
Secretary of the Company.

     

    “Officers’ Certificate” means a
certificate signed by two Officers or by an Officer and either an Assistant
Treasurer or an Assistant Secretary of the Company.

     

    “Opinion of Counsel” means a written
opinion (subject to customary assumptions, qualifications and exceptions) from
legal counsel who is reasonably acceptable to the Trustee. Unless otherwise
required by the TIA, the counsel may be an employee of or counsel to the
Company.

     

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

     

    “principal” of any Debt (including the
Securities) means the principal amount of such Debt plus the premium, if any, on
such Debt.

     

    “Principal Property” means land, land
improvements, buildings and associated factory and laboratory equipment owned or
leased pursuant to a capital lease and used by the Company or any Subsidiary
primarily for manufacturing, assembling, processing, producing, packaging or
storing its products, raw materials, inventories or other materials and supplies
located in the United States and having an acquisition cost plus
capitalized improvements in excess of 2% of Consolidated Net Tangible Assets as
of the date of determination, but shall not include any such property financed
through the issuance of tax exempt governmental obligations, or any such
property that has been determined by Board Resolution of the Company not to be
of material importance to the respective businesses conducted by the Company and
its Subsidiaries taken as a whole, effective as of the date such resolution is
adopted.

     

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

     

    “QIB” means any “qualified institutional buyer” (as
defined in Rule 144A).

     

    “Redemption Date” means, with respect
to any redemption of Securities, the date of redemption with respect
thereto.

     

    “Registered Exchange Offer” means the
offer which may be made by the Company pursuant to an Exchange and Registration
Rights Agreement to exchange Initial Securities or Additional Securities for
Exchange Securities.

     

    “Regulation S” means
Regulation S under the Securities Act.

     

    “Restricted Period” means the 40
consecutive days beginning on and including the later of (1) the day on which
the Initial Securities are offered to persons other than distributors (as
defined in Regulation S under the Securities Act) and (2) the Issue
Date.

     

    “Restricted Securities Legend” means
the Private Placement Legend set forth in clause (1) of Section 2.1(c)
or the Regulation S Legend set forth in clause (2) of Section 2.1(c),
as applicable.

     

    “Rule 144A” means Rule 144A
under the Securities Act.

     

    “SEC” means the Securities and Exchange
Commission.

     

    “Securities” means the collective
reference to the Initial Securities, Additional Securities, and Exchange
Securities.

     

    “Securities Act” means the Securities
Act of 1933, as amended.

     

    “Securities Custodian” means the
custodian with respect to the Global Security (as appointed by DTC), or any
successor Person thereto and shall initially be the Trustee.

     

    “Stated Maturity” means, with respect
to any security, the date specified in such security as the fixed date on which
the payment of principal of such security is due and payable, including pursuant
to any mandatory redemption provision, but shall not include any contingent
obligations to repay, redeem or repurchase any such principal prior to the date
originally scheduled for the payment thereof.

     

    “Subsidiary” means any corporation,
limited liability company or other business entity of which more than 50% of the
total voting power of the equity interests entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof or any partnership of which more than 50% of the partners’
equity interests (considering all partners’ equity interests as a single class)
is, in each case, at the time owned or controlled, directly or indirectly, by
the Company, one or more of the Subsidiaries of the Company, or combination
thereof.

     

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    
 

    “TIA” or “Trust Indenture Act” means the Trust
Indenture Act of 1939 (15 U.S.C. (S)(S) 77aaa-77bbbb), as in effect on the
date of this Indenture.

     

    “Trustee” means the party named as such
in this Indenture until a successor replaces it and, thereafter, means the
successor.

     

    “Trust Officer” shall mean, when used
with respect to the Trustee, any officer within the corporate trust department
of the Trustee, including any vice president, assistant vice president,
assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of this Indenture.

     

    “U.S. GAAP” means generally accepted
accounting principles in the United States as have been approved by a
significant segment of the U.S. accounting profession, which are in effect
at the time of each application for purposes of determining compliance with
Articles III and IV. For the purposes of this Indenture, the term “consolidated”
with respect to any Person shall mean such Person consolidated with its
Subsidiaries.

     

    “U.S. Government Securities” means
securities that are (a) direct obligations of the United States of America
for the timely payment of which its full faith and credit is pledged or (b)
obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by the
United States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such U.S. Government
Securities or a specific payment of principal of or interest on any such U.S.
Government Securities held by such custodian for the account of the holder of
such depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Securities or the specific payment of principal
of or interest on the U.S. Government Securities evidenced by such depository
receipt.

     

    SECTION
1.2. Other
Definitions.

     

    
      	
              Term

            	 	
              Defined
      in Section

            
	
              “Agent
      Member”

            	 	
              2.1(d)

            
	
              “Authenticating
      Agent”

            	 	
              2.2

            
	
              “Bankruptcy
      Law”

            	 	
              6.1

            
	
              “Company
      Order”

            	 	
              2.2

            
	
              “Corporate
      Trust Office”

            	 	
              3.4

            
	
              “Covenant
      Defeasance”

            	 	
              8.3

            

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

       

      	Term 	 	Defined
      in Section
	
              “Custodian”

            	 	
              6.1

            
	
              “Defaulted
      Interest”

            	 	
              2.13

            
	
              “Event
      of Default”

            	 	
              6.1

            
	
              “Exchange
      Global Note”

            	 	
              2.1(a)

            
	
              “Global
      Securities”

            	 	
              2.1(a)

            
	
              “IAI”

            	 	
              2.1(a)

            
	
              “Institutional
      Accredited Investor Global Note”

            	 	
              2.1(a)

            
	
              “Legal
      Defeasance”

            	 	
              8.2

            
	
              “Paying
      Agent”

            	 	
              2.3

            
	
              “Private
      Placement Legend”

            	 	
              2.1(c)

            
	
              “Registrar”

            	 	
              2.3

            
	
              “Regulation S
      Global Note”

            	 	
              2.1(a)

            
	
              “Regulation S
      Legend”

            	 	
              2.1(c)

            
	
              “Resale
      Restriction Termination Date”

            	 	
              2.6

            
	
              “Rule 144A
      Global Note”

            	 	
              2.1(a)

            
	
              “Special
      Interest Payment Date”

            	 	
              2.13

            
	
              “Special
      Record Date”

            	 	
              2.13

            
	
              “Successor
      Company”

            	 	
              4.1

            

    

    

                          SECTION
1.3. Incorporation by
Reference of Trust Indenture Act.  This Indenture is subject to
the mandatory provisions of the TIA which are incorporated by reference in and
made a part of this Indenture. The following TIA terms have the following
meanings:

     

    “Commission” means the
SEC.

     

    “indenture securities” means the
Securities.

     

    “indenture security holder” means a
Securityholder.

     

    “indenture to be qualified” means this
Indenture.

     

    “indenture trustee” or “institutional
trustee” means the Trustee.

     

    “obligor” on the indenture securities
means the Company and any other obligor on the indenture
securities.

     

    All other TIA terms used in this
Indenture that are defined by the TIA, defined in the TIA by reference to
another statute or defined by SEC rule have the meanings assigned to them by
such definitions.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    SECTION
1.4. Rules of
Construction.  Unless the context otherwise requires: a term
has the meaning assigned to it; an accounting term not otherwise defined has the
meaning assigned to it in accordance with U.S. GAAP;

     

    (1)  “or” is not
exclusive;

     

    (2)  “including” means
including without limitation; words in the singular include the plural and words
in the plural include the singular; and (6)  the principal amount of
any non interest bearing or other discount security at any date shall be the
principal amount thereof that would be shown on a balance sheet of the issuer
dated such date prepared in accordance with U.S. GAAP.

     

    ARTICLE
II

     

    The
Securities

     

    SECTION
2.1. Form, Dating and
Terms.  (a)  The Initial Securities and the
Additional Securities shall be in substantially the form set forth in Exhibit A
hereto, which is hereby incorporated by reference and made a part of this
Indenture, and the Exchange Securities shall be in substantially the form set
forth in Exhibit
B hereto, which is hereby incorporated by reference and made a part of
this Indenture.

     

    Initial Securities and Additional
Securities offered and sold to QIBs in the United States of America in
reliance on Rule 144A will be issued initially in the form of a permanent
global Security, including appropriate legends as set forth in Section 2.1(c)
below (a “Rule 144A Global
Note”), deposited with the Trustee, as custodian for DTC, duly executed
by the Company and authenticated by the Trustee as hereinafter provided. A
Rule 144A Global Note may be represented by more than one certificate, if
so required by DTC’s rules regarding the maximum principal amount to be
represented by a single certificate. The aggregate principal amount of a
Rule 144A Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided.

     

    Initial Securities and Additional
Securities offered, sold and resold outside the United States of America to
Persons other than U.S. Persons (as defined in Regulation S) in reliance on
Regulation S will be issued initially in the form of a permanent global
Security, including appropriate legends as set forth in Section 2.1(c)
below (the “Regulation S Global
Note”), deposited with the Trustee, as custodian for DTC, duly executed
by the Company and authenticated by the Trustee as hereinafter provided. A
Regulation S Global Note may be represented by more than one certificate,
if so required by DTC’s rules regarding the maximum principal amount to be
represented by a single certificate. The aggregate principal amount of a
Regulation S Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided.

     

    Initial Securities or Additional
Securities resold after an initial resale thereof to QIBs in reliance on
Rule 144A or an initial resale thereof in reliance on Regulation S to
institutional “accredited investors” (as defined in Rules 501(a)(1), (2), (3) or
(7) under the Securities Act) who are not QIBs (“IAIs”) in the
United States of America in accordance with the procedure described herein
will be initially issued in the form of a permanent global Security (an “Institutional Accredited
Investor Global Note”) deposited with the Trustee, as custodian for DTC,
duly executed by the Company and authenticated by the Trustee as hereinafter
provided. An Institutional Accredited Investor Global Note may be represented by
more than one certificate, if so required by DTC’s rules regarding the maximum
principal amount to be represented by a single certificate. The aggregate
principal amount of an Institutional Accredited Investor Global Note may from
time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for DTC or its nominee, as hereinafter
provided.

     

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

     

    Exchange Securities exchanged for
interests in a Rule 144A Global Note, a Regulation S Global Note or an
Institutional Accredited Investor Note will be issued initially in the form of a
permanent global Security, deposited with the Trustee as hereinafter provided,
including the appropriate legend set forth in Section 2.1(c)
below (an “Exchange
Global Note”). An Exchange Global Note may be represented by more than
one certificate, if so required by DTC’s rules regarding the maximum principal
amount to be represented by a single certificate.

     

    The Rule 144A Global Notes, the
Regulation S Global Notes, the Institutional Investor Global Notes and the
Exchange Global Notes are sometimes collectively herein referred to as the
“Global
Securities.”

     

    Except as described in the succeeding
two sentences, the principal of and interest on the Securities shall be payable
at the office or agency of the Company maintained for such purpose in The City
of New York, or at such other office or agency of the Company as may be
maintained for such purpose pursuant to Section 2.3;
provided, however, that, at the option of the Company, each installment of
interest may be paid by check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Note Register. Payments in respect
of Securities represented by a Global Security (including principal and
interest) will be made by wire transfer of immediately available funds to the
accounts specified by DTC. Payments in respect of Securities represented by
Definitive Securities (including principal and interest) held by a Holder of at
least $1,000,000 aggregate principal amount of Securities represented by
Definitive Securities will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

     

    The Securities may have notations,
legends or endorsements required by law, stock exchange rule or usage, in
addition to those set forth in Section 2.1(c)
below. The Company and the Trustee shall approve the forms of the Securities and
any notation, endorsement or legend on them. Each Security shall be dated the
date of its authentication. The terms of the Securities set forth in Exhibit A and Exhibit B are part of
the terms of this Indenture and, to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, expressly agree to
be bound by such terms.

     

    (b)  Denominations. The
Securities shall be issuable only in fully registered form, without coupons, and
only in denominations of $1,000 and any integral multiple thereof.

     

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    (c)  Restrictive Legends.
The following legends shall appear on the face of all Global Securities and
Definitive Securities issued under this Indenture unless specifically stated
otherwise in the applicable provisions of this Indenture:

     

    (i)  Each Rule 144A
Global Note and Institutional Accredited Investor Global Note shall bear the
following legend (the “Private Placement
Legend”) on the face thereof:

     

    “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.

     

    NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.  THE HOLDER OF THIS SECURITY, BY ITS
ACCEPTANCE HEREOF, AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER
OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATIONS UNDER THE SECURITIES
ACT, PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRANSFEROR FURNISHES TO THE
COMPANY AND THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS
RELATING TO THE PROPOSED TRANSFER BEING EFFECTED PURSUANT TO AND IN ACCORDANCE
WITH REGULATION S (THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE
TRUSTEE), (E) INSIDE THE UNITED STATES, TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR
FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT AND THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE COMPANY AND
THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.”

     

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

     

    (ii)  Each Regulation S
Global Note shall bear the following legend (the “Regulation S
Legend”) on the face thereof:

     

    “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION.

     

    NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.

     

    THE
HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES, ON ITS OWN BEHALF AND
ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE
COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS
AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, PROVIDED THAT PRIOR TO SUCH
TRANSFER, THE TRANSFEROR FURNISHES TO THE COMPANY AND THE TRUSTEE A CERTIFICATE
CONTAINING CERTAIN REPRESENTATIONS RELATING TO THE PROPOSED TRANSFER BEING
EFFECTED PURSUANT TO AND IN ACCORDANCE WITH REGULATION S (THE FORM OF WHICH
CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), (E) INSIDE THE UNITED STATES, TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING
THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF $250,000, FOR
INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT AND THAT, PRIOR TO SUCH
TRANSFER, FURNISHES TO THE COMPANY AND THE TRUSTEE A CERTIFICATE CONTAINING
CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER
OF THIS SECURITY (THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE
TRUSTEE), OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.”

     

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

     

     

    (iii)  Each Regulation S
Global Note shall bear the following legend (the “Regulation S Legend”) on
the face thereof:

     

    “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
HOLDER (1) REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE
ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT
(“REGULATION S”), AND (2) BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”)  THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE  LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S, PROVIDED THAT PRIOR TO SUCH
TRANSFER, THE TRANSFEROR FURNISHES TO THE COMPANY AND THE TRUSTEE A CERTIFICATE
CONTAINING CERTAIN REPRESENTATIONS RELATING TO THE PROPOSED TRANSFER BEING
EFFECTED PURSUANT TO AND IN ACCORDANCE WITH REGULATION S (THE FORM OF WHICH
CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), (E) INSIDE THE UNITED STATES, TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING
THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL
AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A
VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT AND THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE COMPANY
AND THE TRUSTEE A CERTIFICATE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE), OR (F) PURSUANT TO ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM. THIS LEGEND WILL BE REMOVED AFTER 40 CONSECUTIVE DAYS BEGINNING ON AND
INCLUDING THE LATER OF (A) THE DAY ON WHICH THE SECURITIES ARE OFFERED TO
PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE
DATE OF THE CLOSING OF THE ORIGINAL OFFERING. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”

     

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

     

    (iv)  The Global Securities
shall bear the following legend on the face thereof:

     

    “UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF.”

     

    (d)  Book-Entry
Provisions.  (i)  This Section 2.1(d)
shall apply only to Global Securities  deposited with the Trustee, as
custodian for DTC.

     

    (ii)  Each
Global Security initially shall (x) be registered in the name of DTC or the
nominee of DTC, (y) be delivered to the Trustee as custodian for DTC and (z)
bear legends as set forth in Section 2.1(c).

     

    (iii)  Members
of, or participants in, DTC (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Security held on
their behalf by DTC or by the Trustee as the custodian of DTC or under such
Global Security, and DTC may be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner of such Global
Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by DTC or impair, as between DTC and its Agent Members,
the operation of customary practices of DTC governing the exercise of the rights
of a Holder of a beneficial interest in any Global Security.

     

    (iv)  In
connection with any transfer of a portion of the beneficial interest in a Global
Security pursuant to subsection (e) of this Section to beneficial owners
who are required to hold Definitive Securities, the Securities Custodian shall
reflect on its books and records the date and a decrease in the principal amount
of such Global Security in an amount equal to the principal amount of the
beneficial interest in the Global Security to be transferred, and the Company
shall execute, and the Trustee shall authenticate and deliver, one or more
Definitive Securities of like tenor and amount.

     

    (v)  In
connection with the transfer of an entire Global Security to beneficial owners
pursuant to subsection (e) of this Section, such Global Security shall be deemed
to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by DTC in exchange for its beneficial interest in such Global
Security, an equal aggregate principal amount of Definitive Securities of
authorized denominations.

     

    (vi)  The
registered Holder of a Global Security may grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Securities.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    (e)  Definitive
Securities.  (i)  Except as provided below, owners of
beneficial interests in Global Securities will not be entitled to receive
Definitive Securities.  If required to do so pursuant to any
applicable law or regulation,  beneficial owners may obtain Definitive
Securities in exchange for their  beneficial interests in a Global
Security upon written request in  accordance with DTC’s and the
Registrar’s procedures.  In addition,  Definitive Securities
shall be transferred to all beneficial owners in  exchange for their
beneficial interests in a Global Security if (a) DTC  notifies the
Company that it is unwilling or unable to continue as  depositary for
such Global Security or DTC ceases to be a clearing agency registered under the
Exchange Act, at a time when DTC is required to be so registered in order to act
as depositary, and in each case a successor  depositary is not
appointed by the Company within 90 days of such notice, (b) the Company executes
and delivers to the Trustee and Registrar an Officers’ Certificate stating that
such Global Security shall be so exchangeable or (c) an Event of Default has
occurred and is continuing and the Registrar has received a request from
DTC.

     

    (ii)  Any
Definitive Security delivered in exchange for an interest in a Global Security
pursuant to Section 2.1(d)(iv)
or (v) shall,
except as otherwise provided by Section 2.6(c),
bear the applicable legend regarding transfer restrictions applicable to the
Definitive Security set forth in Section 2.1(c).

     

    (iii)  In connection with the
exchange of a portion of a  Definitive Security for a beneficial
interest in a Global Security, the Trustee shall cancel such Definitive
Security, and the Company shall execute, and the Trustee shall authenticate and
deliver, to the transferring Holder a new Definitive Security representing the
principal amount not so transferred.

     

    SECTION
2.2. Execution and
Authentication.  One Officer shall sign the Securities for the
Company by manual or facsimile signature. If an Officer whose signature is on a
Security no longer holds that office at the time the Trustee authenticates the
Security, the Security shall be valid nevertheless.

     

    A Security shall not be valid until an
authorized signatory of the Trustee manually authenticates the Security. The
signature of the Trustee on a Security shall be conclusive evidence that such
Security has been duly and validly authenticated and issued under this
Indenture. A Security shall be dated the date of its
authentication.

     

     

    
      
        
        

      

      
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    At any time and from time to time after
the execution and delivery of this Indenture, the Trustee shall authenticate and
make available for delivery: Initial Securities for original issue on the Issue
Date initially in an aggregate principal amount of $400,000,000,
(2) if and when issued, the Additional Securities and (3) Exchange Securities
for issue pursuant to an Exchange and Registration Rights Agreement in exchange
for Initial Securities or Additional Securities of an equal principal amount, in
each case upon a written order of the Company signed by two Officers or by an
Officer and either an Assistant Treasurer or an Assistant Secretary of the
Company (the “Company
Order”). Such Company Order shall specify the amount of the Securities to
be authenticated and the date on which the original issue of such Securities is
to be authenticated and whether the Securities are to be Initial Securities,
Additional Securities, or Exchange Securities. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
limited to $400,000,000 principal amount of Initial Securities and such
additional principal amount of Additional Securities as may be authorized from
time to time by resolution adopted by the Company’s Board of Directors, except
for Securities authenticated and delivered upon registration or transfer of, or
in exchange for, or in lieu of, other Securities pursuant to Section 2.6,
Section 2.9,
Section 2.11,
Section 5.8,
Section 9.5 and
except for Exchange Securities. All Securities issued on the Issue Date and all
Additional Securities shall be identical in all respects other than issue dates,
the date from which interest accrues and any changes relating thereto.
Notwithstanding anything to the contrary contained in this Indenture, the
Holders of all Securities issued under this Indenture shall vote and consent
together on all matters as one lass, and the Holders of any Initial Securities,
Additional Securities or Exchange Securities will not have the right to vote or
consent as a separate class on any matter.

     

    The Trustee may appoint an agent (the
“Authenticating
Agent”) reasonably acceptable to the Company to authenticate the
Securities. Unless limited by the terms of such appointment, any such
Authenticating Agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by the Authenticating Agent. An Authenticating Agent has the same
rights as a Paying Agent to deal with Holders or an Affiliate of the
Company.

     

    In case the Company, pursuant to Article IV,
shall be consolidated or merged with or into any other Person or shall convey,
transfer, lease or otherwise dispose of its properties and assets substantially
as an entirety to any Person, and the successor Person resulting from such
consolidation, or surviving such merger, or into which the Company shall have
been merged, or the Person which shall have received a conveyance, transfer,
lease or other disposition as aforesaid, shall have executed an indenture
supplemental hereto with the Trustee pursuant to Article IV, any
of the Securities authenticated or delivered prior to such consolidation,
merger, conveyance, transfer, lease or other disposition may, from time to time,
at the request of the successor Person, be exchanged for other Securities
executed in the name of the successor Person with such changes in phraseology
and form as may be appropriate, but otherwise in substance of like tenor as the
Securities surrendered for such exchange and of like principal amount; and the
Trustee, upon Company Order of the successor Person, shall authenticate and
deliver Securities as specified in such order for the purpose of such exchange.
If Securities shall at any time be authenticated and delivered in any new name
of a successor Person pursuant to this Section 2.2 in
exchange or substitution for or upon registration of transfer of any Securities,
such successor Person, at the option of the Holders but without expense to them,
shall provide for the exchange of all Securities at the time outstanding for
Securities authenticated and delivered in such new name.

     

    

    
      
        
           

        

        
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    SECTION
2.3. Registrar and
Paying Agent.  The Company shall maintain an office or agency
where Securities may be presented for registration of transfer or for exchange
(the “Registrar”) and an office or agency where Securities may be presented for
payment (the “Paying Agent”). The Company shall cause each of the Registrar and
the Paying Agent to maintain an office or agency in the Borough of Manhattan,
The City of New York. The Registrar shall keep a register of the Securities
and of their transfer and exchange (the “Note Register”). The Company may have
one or more co-registrars and one or more additional paying agents. The term
“Paying Agent” includes any additional paying agent.

     

    The Company shall enter into an
appropriate agency agreement with any Registrar, Paying Agent or co-registrar
not a party to this Indenture, which shall incorporate the terms of the TIA. The
agreement shall implement the provisions of this Indenture that relate to such
agent. The Company shall notify the Trustee of the name and address of each such
agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee
shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.7. The
Company or any of its Subsidiaries may act as Paying Agent, Registrar,
co-registrar or transfer agent.

     

    The Company initially appoints DTC to
act as depository with respect to the Global Securities. The Trustee is
authorized to enter into a letter of representations with DTC in the form
provided to the Trustee by the Company and to act in accordance with such
letter.

     

    The Company initially appoints the
Trustee as Registrar and Paying Agent for the Securities.

     

    SECTION
2.4. Paying Agent To
Hold Money in Trust.  By at least 10:00 a.m.
(New York City time) on the date on which any principal of or interest on
any Security is due and payable, the Company shall deposit with the Paying Agent
a sum sufficient to pay such principal or interest when due. The Company shall
require each Paying Agent (other than the Trustee) to agree in writing that such
Paying Agent shall hold in trust for the benefit of Securityholders or the
Trustee all money held by such Paying Agent for the payment of principal of or
interest on the Securities and shall notify the Trustee in writing of any
default by the Company in making any such payment. If the Company or a
Subsidiary acts as Paying Agent, it shall segregate the money held by it as
Paying Agent and hold it as a separate trust fund. The Company at any time may
require a Paying Agent (other than the Trustee) to pay all money held by it to
the Trustee and to account for any funds disbursed by such Paying Agent. Upon
complying with this Section, the Paying Agent (if other than the Company or a
Subsidiary) shall have no further liability for the money delivered to the
Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect
to the Company, the Trustee shall serve as Paying Agent for the
Securities.

     

    

    
      
        
           

        

        
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    SECTION
2.5. Securityholder
Lists.  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Securityholders and shall otherwise comply with TIA (S) 312(a). If
the Trustee is not the Registrar, or to the extent otherwise required under the
TIA, the Company shall furnish to the Trustee, in writing at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Securityholders and
the Company shall otherwise comply with TIA (S)312(a).

     

    SECTION
2.6. Transfer and
Exchange.  (a)  The following provisions shall apply
with respect to any proposed transfer of a beneficial interest in a
Rule 144A Global Note or in an Institutional Accredited Investor Global
Note or any Definitive Security issued in exchange therefor prior to the date
which is two years after the later of the date of its original issue and the
last date on which the Company or any Affiliate of the Company was the owner of
such Securities (or any predecessor thereto) (the “Resale Restriction
Termination Date”):

     

    (i)  a transfer thereof to a
QIB in reliance on Rule 144A shall be made upon the representation of the
transferee in the form as set forth on the reverse of the Security that it is
purchasing for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified
institutional buyer” within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the proposed transferee
has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its
foregoing representations in order to claim the exemption from registration
provided by Rule 144A;

     

    (ii)  a transfer thereof to
an IAI shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.7 from
the proposed transferee and, if requested by the Company or the Trustee, the
delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them; and

     

    (iii)  a transfer thereof to
a Non-U.S. Person in reliance on Regulation S shall be made upon receipt by
the Trustee or its agent of a certificate substantially in the form set forth in
Section 2.8 from
the proposed transferee and, if requested by the Company or the Trustee, the
delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them.

     

     

    
      
        
        

      

      
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    (b)  The following provisions
shall apply with respect to any proposed transfer of a beneficial interest in a
Regulation S Global Note or any Definitive Securities issued in exchange
therefor prior to the expiration of the Restricted Period:

     

    (i)  a
transfer thereof to a QIB in reliance on Rule 144A shall be made upon the
representation of the transferee, in the form of assignment set forth on the
reverse of the Securities, that it is purchasing the Security for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the proposed transferee has requested
pursuant to Rule 144A or has determined not to request such information and
that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A;

     

    (ii)  a transfer thereof to
an IAI shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.7 from
the proposed transferee and, if requested by the  Company or the
Trustee, the delivery of an opinion of counsel,  certification and/or
other information satisfactory to each of them; and a transfer thereof to a
Non-U.S. Person in reliance on  Regulation S shall be made upon
receipt by the Trustee or its agent of a  certificate substantially in
the form set forth in Section 2.8 hereof from the proposed transferee and,
if requested by the Company or the Trustee, receipt by the Trustee or its agent
of an opinion of counsel, certification and/or other information satisfactory to
each of them.

     

    After the expiration of the Restricted
Period, beneficial interests in the Regulation S Global Note or Definitive
Securities issued in exchange therefor may be transferred without requiring the
certification set forth in Section 2.7 or
Section 2.8 or
any additional certification.

     

    (c)  Restricted Securities
Legend.  Upon the transfer, exchange or replacement of
Securities not bearing a Restricted Securities Legend, the Registrar shall
deliver Securities that do not bear a Restricted Securities Legend. Upon the
transfer, exchange or replacement of Securities bearing a Restricted Securities
Legend, the Registrar shall deliver only Securities that bear a Restricted
Securities Legend unless such Securities are Exchange Securities issued in a
Registered Exchange Offer or are otherwise sold under an effective registration
statement under the Securities Act or there is delivered to the Registrar an
Opinion of Counsel to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act.

     

    (d)  The Registrar shall
retain copies of all letters, notices and other written communications received
pursuant to Section 2.1 or
this Section 2.6. The
Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable prior written notice to the Registrar.

     

    

    
      
        
           

        

        
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    (e)  Obligations with Respect to
Transfers and Exchanges of Securities.  (i)  To
permit registrations of transfers and exchanges, the  Company shall,
subject to the other terms and conditions of this Article II,
execute, and the Trustee shall authenticate, Definitive Securities and Global
Securities at the Registrar’s or co-registrar’s request.

     

    (ii)  No service charge shall
be made to a Holder for any registration of transfer or exchange, but the
Company may require from a Holder payment of a sum sufficient to cover any
transfer tax, assessments or similar governmental charge payable in connection
therewith (other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to Section 9.5).

     

    (iii)  The Registrar or
co-registrar shall not be required (A) to issue, to register the transfer of or
to exchange any Security during a period beginning at the opening of 15 days
before the day of any selection of Securities for redemption and ending at the
close of business on the day of selection, (B) to register the transfer of or to
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part, or (C) to register
the transfer of or to exchange a Security between a record date and the next
succeeding interest payment date.

     

    (iv)  Prior to the due
presentation for registration of transfer of any Security, the Company, the
Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat
the person in whose name a Security is registered as the absolute owner of such
Security for the purpose of receiving payment of principal of and interest on
such Security and for all other purposes whatsoever, whether or not such
Security is overdue, and none of the Company, the Trustee, the Paying Agent, the
Registrar or any co-registrar shall be affected by notice to the
contrary.

     

    (v)  Any Definitive Security
delivered in exchange for an  interest in a Global Security pursuant
to Section 2.1(d)
shall, except as  otherwise provided by Section 2.6(c),
bear the applicable legend regarding transfer restrictions applicable to the
Definitive Security set forth in Section 2.1(c).

     

    (vi)  All Securities issued
upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this
Indenture as the Securities surrendered upon such transfer or
exchange.

     

    (f)  No Obligation of the
Trustee.  (i)  The Trustee shall have no
responsibility or obligation to any beneficial owner of a Global Security, a
member of, or a participant in, DTC or other Person with respect to the accuracy
of the records of DTC or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Securities or with respect to the
delivery to any participant, member, beneficial owner or other Person (other
than DTC) of any notice (including any notice of redemption) or the payment of
any amount or delivery of any Securities (or other security or property) under
or with respect to such Securities. All notices and communications to be given
to the Holders and all payments to be made to Holders in respect of the
Securities shall be given or made only to or upon the order of the registered
Holders (which shall be DTC or its nominee in the case of a Global Security).
The rights of beneficial owners in any Global Security shall be exercised only
through DTC subject to the applicable rules and procedures of DTC. The Trustee
may rely and shall be fully protected in relying upon information furnished by
DTC with respect to its members, participants and any beneficial
owners.

     

    

    
      
        
           

        

        
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    (ii)  The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Security (including any
transfers between or among DTC participants, members or beneficial owners in any
Global Security) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

     

    SECTION
2.7. Form of
Certificate to be Delivered in Connection with Transfers to Institutional
Accredited Investors.

     

    [Date]

     

    The Black
& Decker Corporation

    c/o The
Bank of New York

    101
Barclay Street, 21W

    New York,
New York 10286

    Attention:
Corporate Trust Administration

     

    Ladies
and Gentlemen:

     

    This certificate is delivered to
request a transfer of $_________ principal amount of the 7.125% Senior Notes Due
2011 (the “Notes”) of The Black & Decker Corporation (the
“Company”).

     

    

    
      
        
           

        

        
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    Upon transfer, the Notes would be
registered in the name of the new beneficial owner as follows:

     

    Name:
___________________________________

     

    Address:
________________________________

     

    Taxpayer ID Number:
_____________________

     

    The undersigned represents and warrants
to you that:

     

    1.  We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities Act”))
purchasing for our own account or for the account of such an institutional
“accredited investor” at least $250,000 principal amount of the Notes, and we
are acquiring the Notes not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act.  We have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risk of our investment in the Notes and we invest
in or purchase securities similar to the Notes in the normal course of our
business.  We and any accounts for which we are acting are each able
to bear the economic risk of our or its investment.

     

    2.  We understand that the
Notes have not been registered under the Securities Act and, unless so
registered, may not be sold except as permitted in the following sentence. We
agree on our own behalf and on behalf of any investor account for which we are
purchasing Notes to offer, sell or otherwise transfer such Notes prior to the
date which is two years after the later of the date of original issue and the
last date on which the Company or any affiliate of the Company was the owner of
such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (a) to the Company, (b) pursuant to a
registration statement which has been declared effective under the Securities
Act, (c) in a transaction complying with the requirements of Rule 144A
under the Securities Act (“Rule 144A”), to
a person we reasonably believe is a qualified institutional buyer under
Rule 144A (a “QIB”) that purchases
for its own account or for the account of a QIB and to whom notice is given that
the transfer is being made in reliance on Rule 144A, (d) pursuant to offers
and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of such
an institutional “accredited investor,” in each case in a minimum principal
amount of Notes of $250,000 or (f) pursuant to any other available exemption
from the registration requirements of the Securities Act, subject in each of the
foregoing cases to any requirement of law that the disposition of our property
or the property of such investor account or accounts be at all times within our
or their control and in compliance with any applicable state securities laws.
The foregoing restrictions on resale will not apply subsequent to the Resale
Restriction Termination Date.  If any resale or other transfer of the
Notes is proposed to be made pursuant to clause (e) above prior to the
Resale Restriction Termination Date, the transferor shall deliver a letter from
the transferee substantially
in the form of this letter to the Company and the Trustee, which shall provide,
among other things, that the transferee is an institutional “accredited
investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) that is Acquiring such Notes for investment purposes and not for
distribution in violation of the Securities Act. Each purchaser acknowledges
that the Company and the Trustee reserve the right prior to any offer, sale or
other transfer prior to the Resale Restriction Termination Date of the Notes
pursuant to clauses (d), (e) or (f) above to require the delivery of an
opinion of counsel, certifications and/or other information satisfactory to the
Company and the Trustee.

       

      TRANSFEREE:_____________________________

      BY:______________________________________

    

     

    

    
      
        
           

        

        
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                          SECTION
2.8. Form of
Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S.

     

              [Date]

    

    The Black
& Decker Corporation

    c/o The
Bank of New York

    101
Barclay Street, 21W

    New York,
New York 10286

    Attention:
Corporate Trust Administration

     

    Re:           The
Black & Decker Corporation

    7.125% Senior Notes Due 2011
(the “Securities”)

     

    Ladies
and Gentlemen:

     

    In connection with our proposed sale of
$________ aggregate principal amount of the Securities, we confirm that such
sale has been effected pursuant to and in accordance with Regulation S
under the United States Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, we represent that:

     

    (a)  the offer of the
Securities was not made to a person in the United States;

     

    (b)  either (i) at the time
the buy order was originated, the transferee was outside the United States
or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States or (ii) the transaction was
executed in, on or through the facilities of a designated off-shore securities
market and neither we nor any person acting on our behalf knows that the
transaction has been pre-arranged with a buyer in the
United States;

     

    

    
      
        
           

        

        
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      (c)  no directed selling
efforts have been made in the United States in contravention of the
requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S,
as applicable; and

       

    

    (d)  the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act.

     

    In addition, if the sale is made during
a distribution compliance period and the provisions of Rule 903(b)(2) or
Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that
such sale has been made in accordance with the applicable provisions of
Rule 903(b)(2) or Rule 904(b)(1), as the case may be.

     

    You and the Company are entitled to
rely upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceedings
or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

     

    Very
truly yours,

     

    [Name of
Transferor]

     

    By:____________________________

    Authorized Signature

     

    SECTION
2.9. Mutilated, Destroyed, Lost or Stolen
Securities.  If a mutilated Security is surrendered to the
Registrar or if the Holder of a Security claims that the Security has been lost,
destroyed or wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Security if the requirements of Section 8-405 of
the Uniform Commercial Code are met and the Holder satisfies any other
reasonable requirements of the Trustee.  If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee, the
Paying Agent, the Registrar and any co-registrar from any loss which any of them
may suffer if a Security is replaced, and, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon Company Order the Trustee shall
authenticate and make available for delivery, in exchange for any such mutilated
Security or in lieu of any such destroyed, lost or stolen Security, a new
Security of like tenor and principal amount, bearing a number not
contemporaneously outstanding.

     

    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)
in connection therewith.

     

    

    
      
        
           

        

        
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      Every new Security issued pursuant to
this Section in lieu of any mutilated, destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the
Company and any other obligor upon the Securities, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities 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
2.10. Outstanding
Securities.  Securities outstanding at any time are all
Securities authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation and those described in this Section as not
outstanding. A Security ceases to be outstanding in the event the Company or a
Subsidiary holds the Security, provided, however, that (i) for purposes of
determining which are outstanding for consent or voting purposes hereunder,
Securities shall cease to be outstanding in the event the Company or an
Affiliate of the Company holds the Security and (ii) in determining whether the
Trustee shall be protected in making a determination whether the Holders of the
requisite principal amount of outstanding Securities are present at a meeting of
Holders of Securities for quorum purposes or have consented to or voted in favor
of any request, demand, authorization, direction, notice, consent, waiver,
amendment or modification hereunder, or relying upon any such quorum, consent or
vote, only Securities which a Trust Officer of the Trustee actually knows to be
held by the Company or an Affiliate of the Company shall not be considered
outstanding.

     

    If a Security is replaced pursuant to
Section 2.9, it
ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Security is held by a bona fide
purchaser.

     

    If the Paying Agent segregates and
holds in trust, in accordance with this Indenture, on a Redemption Date or
maturity date money sufficient to pay all principal and interest payable on that
date with respect to the Securities (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from paying
such money to the Securityholders on that date pursuant to the terms of this
Indenture, then on and after that date such Securities (or portions thereof)
cease to be outstanding and interest on them ceases to accrue.

     

    SECTION
2.11. Temporary
Securities.  Until Definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities. Temporary Securities shall be substantially in the form of
Definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate Definitive Securities. After
the preparation of Definitive Securities, the temporary Securities shall be
exchangeable for Definitive Securities upon surrender of the temporary
Securities at any office or agency maintained by the Company for that purpose
and such exchange shall be without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall execute,
and the Trustee shall authenticate and make available for delivery in exchange
therefor, one or more Definitive Securities representing an equal principal
amount of Securities. Until so exchanged, the Holder of temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as a
holder of Definitive Securities.

     

    

    
      
        
           

        

        
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    SECTION
2.12. Cancellation.  The
Company at any time may deliver Securities to the Trustee for cancellation. The
Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel and return to the Company all Securities
surrendered for registration of transfer, exchange, payment or cancellation. The
Company may not issue new Securities to replace Securities it has paid or
delivered to the Trustee for cancellation for any reason other than in
connection with a transfer or exchange.

     

    SECTION
2.13. Payment of
Interest; Defaulted Interest.  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 such Security (or one or more
predecessor Securities) is registered at the close of business on the regular
record date for such interest at the office or agency of the Company maintained
for such purpose pursuant to Section 2.3.

     

    Any interest on any Security which is
payable, but is not paid when the same becomes due and payable and such
nonpayment continues for a period of 30 days shall forthwith cease to be payable
to the Holder on the regular record date by virtue of having been such Holder,
and such defaulted interest and (to the extent lawful) interest on such
defaulted interest at the rate borne by the Securities (such defaulted interest
and interest thereon herein collectively called “Defaulted Interest”)
shall be paid by the Company, at its election in each case, as provided in
clause (a) or (b) below:

     

    (a)  The Company may elect to
make payment of any Defaulted Interest  to the Persons in whose names
the Securities (or their respective  predecessor Securities) are
registered at the close of business on a  Special Record Date (as
defined below) 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
and the date (not less than 30 days after such  notice) of the
proposed payment (the “Special Interest Payment
Date”), 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 record date (the “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 Special Interest Payment Date 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 and
Special Interest Payment Date therefor to be given in the manner provided for in
Section 10.2,
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 and Special
Interest Payment Date therefor having been so given, such Defaulted Interest
shall be paid on the Special Interest Payment Date to the Persons in whose names
the Securities (or their respective predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b).

     

    

    
      
        
           

        

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

     

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

     

    SECTION
2.14. Computation of
Interest.  Interest on the Securities shall be computed on the
basis of a 360-day year of twelve 30-day months.

     

    SECTION
2.15. CUSIP and ISIN
Numbers.  The Company in issuing the Securities may use “CUSIP”
and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use
“CUSIP” and “ISIN” numbers in notices of redemption as a convenience to Holders;
provided, however, that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such CUSIP or
ISIN numbers. The Company shall promptly notify the Trustee of any change in the
CUSIP and ISIN numbers.

     

    ARTICLE
III

     

    Covenants

     

    SECTION
3.1. Payment of
Securities.  The Company shall promptly pay the principal of
and interest on the Securities on the dates and in the manner provided in the
Securities and in this Indenture. Principal and interest shall be considered
paid on the date due if on such date the Trustee or the Paying Agent holds in
accordance with this Indenture money sufficient to pay all principal and
interest then due and the Trustee or the Paying Agent, as the case may be, is
not prohibited from paying such money to the Securityholders on that
date.

     

    

    
      
        
           

        

        
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    The Company shall pay interest on
overdue principal at the rate specified therefor in the Securities, and it shall
pay interest on overdue installments of interest at the same rate to the extent
lawful.

     

    Notwithstanding anything to the
contrary contained in this Indenture, the Company may, to the extent it is
required to do so by law, deduct or withhold income or other similar taxes
imposed by the United States of America from principal or interest payments
hereunder.

     

    SECTION
3.2. Limitation on
Liens.  (a)  The Company will not, and will not
permit any Subsidiary to, directly or indirectly, as security for any Debt,
mortgage, pledge or create or permit to exist any lien on any shares of stock,
indebtedness or other obligations of a Subsidiary or any Principal Property,
whether such shares of stock, indebtedness or other obligations of a Subsidiary
or Principal Property are owned at the date of the Indenture or hereafter
acquired, unless the Company secures or causes to be secured any outstanding
Securities equally and ratably with all Debt secured by such mortgage, pledge or
lien, so long as that Debt shall be secured; provided, however, that the
foregoing limitation shall not apply in the case of (i) the creation of any
mortgage, pledge or other lien on any shares of stock, indebtedness or other
obligations of a Subsidiary or a Principal Property hereafter acquired
(including acquisitions by way of merger or consolidation) by the Company or a
Subsidiary contemporaneously with such acquisition, or within 120 days
thereafter, to secure or provide for the payment or financing of any part of the
purchase price thereof, or the assumption of any mortgage, pledge or other lien
upon any shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property hereafter acquired existing at the time of such acquisition,
or the acquisition of any shares of stock, indebtedness or other obligations of
a Subsidiary or a Principal Property subject to any mortgage, pledge or other
lien without the assumption thereof, provided that any mortgage, pledge or lien
referred to in this clause (i) shall attach only to the shares of stock,
indebtedness or other obligations of a Subsidiary or a Principal Property so
acquired and fixed improvements thereon, (ii) any mortgage, pledge or other lien
on any shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property existing on the date that the Securities are first issued,
(iii) any mortgage, pledge or other lien on any shares of stock, indebtedness or
other obligations of a Subsidiary or a Principal Property in favor of the
Company or any Subsidiary, (iv) any mortgage, pledge or other lien on a
Principal Property being constructed or improved securing Debt incurred to
finance the construction or improvements, (v) any mortgage, pledge or other lien
on shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property incurred in connection with the issuance by a state or
political subdivision thereof of any securities the interest on which is exempt
from Federal income taxes by virtue of Section 103 of the
United States Internal Revenue Code of 1986, as amended, or any other laws
and regulations in effect at the time of such issuance and (vi) any renewal of
or substitution for any mortgage, pledge or other lien permitted by any of the
preceding clauses (i) through (v); provided, in the case of a mortgage,
pledge or other lien permitted under clause (i), (ii) or (iv), the Debt
secured is not increased nor the lien extended to any additional
assets.

     

    

    
      
        
           

        

        
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    (b)  Notwithstanding the
foregoing paragraph (a), the Company or any Subsidiary may create or assume
liens in addition to those permitted by the foregoing paragraph (a), and
renew, extend or replace such liens; provided that at the time of such creation,
assumption, renewal, extension or replacement, and after giving effect thereto,
Exempted Debt does not exceed 10% of Consolidated Net Tangible
Assets.

     

    SECTION
3.3. Limitation on
Sale Leaseback Transactions.  (a)  The Company will
not, and will not permit, any Subsidiary to, sell or transfer, directly or
indirectly, except to the Company or a Subsidiary, a Principal Property as an
entirety, or any substantial portion thereof, with the intention of taking back
a lease of all or part of such property except a lease for a period of three
years or less at the end of which it is intended that the use of such property
by the lessee will be discontinued; provided that, notwithstanding the
foregoing, the Company or any Subsidiary may sell a Principal Property and lease
it back for a longer period (i) if the Company or such Subsidiary would be
entitled, pursuant to Section 3.2, to
create a mortgage on the property to be leased securing Debt in an amount equal
to the Attributable Debt with respect to the sale and lease-back transaction
without equally and ratably securing the outstanding Securities or (ii) if (A)
the Company promptly informs the Trustee of such transactions, (B) the net
proceeds of such transaction are at least equal to the fair value (as determined
by a Board Resolution) of such property and (C) the Company causes an amount
equal to the net proceeds of the sale to be applied to the retirement (whether
by redemption, cancellation after open-market purchases, or otherwise), within
120 days after receipt of such proceeds, of Funded Debt having an outstanding
principal amount equal to the net proceeds.

     

    (b)  Notwithstanding the
foregoing paragraph (a), the Company or any Subsidiary may enter into sale
and lease-back transactions in addition to those permitted by the foregoing
paragraph (a), and without any obligation to retire any outstanding Funded
Debt; provided that a the time of entering into such sale and lease-back
transactions and after giving effect thereto, Exempted Debt does not exceed 10%
of Consolidated Net Tangible Assets.

     

    SECTION
3.4. Maintenance of
Office or Agency.  The Company shall maintain in The City of
New York an office or agency where the Securities may be presented or
surrendered for payment, where, if applicable, the Securities may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities and this Indenture may be served.
The principal corporate trust office (the “Corporate Trust
Office”) of the Trustee located in The City of New York shall be
such office or agency of the Company, unless the Company shall designate and
maintain some other office or agency for one or more of such purposes. The
Company will give prompt written notice to the Trustee of any change in the
location of any such office or agency. If at any time the Company shall fail to
maintain any such required office or agency 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.

     

    

    
      
        
           

        

        
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    The Company may also from time to time
designate one or more other offices or agencies (in or outside of The City of
New York) where the Securities may be presented or surrendered for any or
all such purposes and may from time to time rescind any such designation;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in The
City of New York for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and any change in
the location of any such other office or agency.

     

    SECTION
3.5. Compliance
Certificate.  The Company shall deliver to the Trustee within
120 days after the end of each Fiscal Year of the Company an Officers’
Certificate stating that in the course of the performance by the signers of
their duties as Officers of the Company they would normally have knowledge of
any Default or Event of Default and whether or not the signers know of any
Default or Event of Default that occurred during such period. If they do, the
certificate shall describe the Default or Event of Default, its status and what
action the Company is taking or proposes to take with respect thereto. The
Company also shall comply with TIA (S) 314(a)(4).

     

    SECTION
3.6. Statement by
Officers as to Default.  The Company shall deliver to the
Trustee within 10 days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both,
would constitute an Event of Default, an Officers’ Certificate setting forth the
details of such Default or Event of Default and the action which the Company
proposes to take with respect thereto.

     

    SECTION
3.7. Further
Instruments and Acts.  Upon reasonable request of the Trustee,
the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     

    ARTICLE
IV

     

    Successor
Company

     

    SECTION
4.1. Merger, Consolidation or Sale of
All or Substantially All Assets of the Company.  The Company
shall not consolidate with or merge into, or transfer, directly or indirectly,
all or substantially all of its assets to another corporation or other Person
unless (1) the resulting, surviving or transferee corporation or other Person
assumes by supplemental indenture all the obligations of the Company under the
Securities and this Indenture, (2) immediately after giving effect to such
transaction, no Event of Default, and no circumstances that, after notice or
lapse of time or both, would become an Event of Default, shall have happened and
be continuing, and (3) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture comply with
this Indenture, and thereafter all such obligations of the Company shall
terminate.

     

    

    
      
        
           

        

        
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    ARTICLE
V

     

    Redemption
of Securities

     

    SECTION
5.1. Optional
Redemption.  The Securities may be redeemed, at the option of
the Company, at any time in whole, or from time to time in part, subject to the
conditions and at the redemption prices specified in the form of Securities set
forth in Exhibit
A and Exhibit
B hereto, which are hereby incorporated by reference and made a part of
this Indenture, together with accrued and unpaid interest to the Redemption
Date.

     

    SECTION
5.2. Applicability of
Article.  Redemption of Securities at the election of the
Company or otherwise, as permitted by any provision of this Indenture, shall be
made in accordance with such provision and this Article.

     

    SECTION
5.3. Election to
Redeem; Notice to Trustee.  The election of the Company to
redeem any Securities pursuant to Section 5.1
shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, upon not later than the earlier of
the date that is 30 days prior to the Redemption Date fixed by the Company or
the date on which notice is given to the Holders (except as provided in Section 5.5 or
unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities to be
redeemed and shall deliver to the Trustee such documentation and records as
shall enable the Trustee to select the Securities to be redeemed pursuant to
Section 5.4.

     

    SECTION
5.4. Selection by
Trustee of Securities to Be Redeemed.  If less than all the
Securities are to be redeemed at the option of the Company at any time pursuant
to Section 5.1, 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 not
previously called for redemption, in compliance with the requirements of the
principal national securities exchange, if any, on which such Securities are
listed, or, if such Securities are not so listed, then on a pro rata basis, by
lot or by such other method as the Trustee shall deem fair and appropriate (and
in such manner as complies with applicable legal requirements) and which may
provide for the selection for redemption of portions of the principal of the
Securities; provided, however, that (i) Securities and portions thereof that the
Trustee selects shall be in amounts of $1,000 or an integral multiple of $1,000
and (ii) no such partial redemption shall reduce the portion of the principal
amount of a Security not redeemed to less than $1,000.

     

    The Trustee shall promptly notify the
Company in writing of the Securities selected for redemption and, in the case of
any Securities selected for partial redemption, the principal amount thereof to
be redeemed.

     

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

     

    

    
      
        
           

        

        
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    SECTION
5.5. Notice of
Redemption.  Notice of redemption shall be given in the manner
provided for in Section 10.2 not
less than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed.  The Trustee shall give notice of
redemption in the Company’s name and at the Company’s expense; provided,
however, that the Company shall deliver to the Trustee, at least 15 days prior
to the date on which such notice is to be given, an Officers’ Certificate
requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the following items.

     

    All notices of redemption shall
state:

     

    (1)  the Redemption
Date,

     

    (2)  the redemption price and
the amount of accrued interest to the  Redemption Date payable as
provided in Section 5.7, if any,

     

    (3)  if less than all
outstanding Securities are to be redeemed, the  identification of the
particular Securities (or portion thereof) to be  redeemed, as well as
the aggregate principal amount of Securities to be  redeemed and the
aggregate principal amount of Securities to be outstanding after such partial
redemption,

     

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

     

    (5)  that on the Redemption
Date the redemption price (and accrued  interest, if any, to the
Redemption Date payable as provided in Section 5.7)
will become due and payable upon each such Security, or the portion thereof, to
be redeemed, and, unless the Company defaults in making the redemption payment,
that interest on Securities called for redemption (or the portion thereof) will
cease to accrue on and after said date,

     

    (6)  the place or places
where such Securities are to be surrendered for payment of the redemption price
and accrued interest, if any,

     

    (7)  the name and address of
the Paying Agent,

     

    (8)  that Securities called
for redemption must be surrendered to the Paying Agent to collect the redemption
price,

     

    

    
      
        
           

        

        
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      (9)  the CUSIP and ISIN
numbers, and that no representation is made as to the accuracy or correctness of
the CUSIP and ISIN numbers, if any, listed in such notice or printed on the
Securities, and

       

    

    (10)  the paragraph of
the Securities pursuant to which the Securities are to be redeemed.

     

    SECTION
5.6. Deposit of
Redemption Price.  Prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.4) an
amount of money sufficient to pay the redemption price of, and accrued interest
on, all the Securities which are to be redeemed on that date.

     

    SECTION
5.7. 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 (together
with accrued interest, if any, to the Redemption Date), 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, if any, to the Redemption Date (subject to the rights of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

     

    If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal shall,
until paid, bear interest from the Redemption Date at the rate borne by the
Securities.

     

    SECTION
5.8. Securities
Redeemed in Part.  Any Security which is to be redeemed only in
part pursuant to the provisions of this Article V shall
be surrendered at the office or agency of the Company maintained for such
purpose pursuant to Section 3.4
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Security at
the expense of the Company, a new Security or Securities, of any authorized
denomination as requested by such Holder, in an aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security
so surrendered, provided that each such new Security will be in a principal
amount of $1,000 or integral multiple thereof.

     

     

    
      
        
        

      

      
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    ARTICLE
VI

     

    Defaults
and Remedies

     

    SECTION
6.1. Events of
Default.  An “Event of Default” occurs if:

     

    (1)  the Company defaults in
any payment of interest or additional interest (as required by the Exchange and
Registration Rights Agreement) on any Security when the same becomes due and
payable, and such default continues for a period of 30 days;

     

    (2)  the Company defaults in
the payment of the principal on any  Security when the same becomes
due and payable at its Stated Maturity, upon optional redemption, upon
declaration or otherwise;

     

    (3)  the Company defaults in
the performance of or breaches any covenant or agreement in this Indenture or
under the Securities, other than those referred to in (1) or (2) above, and such
default continues for 30 days after written notice (which notice must specify
the default, demand that it be remedied and state that the notice is a “Notice
of Default”) from the Trustee or the Holders of at least 25% in principal amount
of the outstanding Securities;

     

    (4)  (A) the Company or any
of its Subsidiaries fails to pay, in accordance with its terms and when payable,
any of the principal, interest or additional amounts, if any, on any Debt
(including the Securities, other than the Securities, if any, with respect to
which the failure to pay principal, interest or additional interest is also an
Event of Default under Sections 6.1(1), 6.1(2) or both) having, in the
aggregate, a then outstanding principal amount in excess of $20,000,000, at the
later of final maturity or the expiration of any applicable grace period or (B)
the maturity of Debt in an aggregate principal amount in excess of $20,000,000
is accelerated, if such acceleration results from a default under the instrument
giving rise to or securing such Debt;

     

    (5)  the Company pursuant to
or within the meaning of any Bankruptcy Law (as defined below):

     

    (A)  commences a voluntary
case;

     

    (B)  consents to the entry of
an order for relief against it in an involuntary case;

     

    (C)  consents to the
appointment of a Custodian (as defined below) of it or for any substantial part
of its property; or

     

    (D)  makes a general
assignment for the benefit of its creditors; or

     

    (6)  a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law
that:

     

    (A)  is for relief against
the Company in an involuntary case;

     

    (B)  appoints a Custodian of
the Company for all or substantially all of the Company’s property;
or

     

     

    
      
        
        

      

      
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    (C)  orders
the winding up or liquidation of the Company; and in each case the order or
decree remains unstayed and in effect for 60 days.

     

    The foregoing will constitute Events of
Default whatever the reason for any such Event of Default and whether it is
voluntary or involuntary or is 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.

     

    The term “Bankruptcy Law” means
Title 11, United States
Code, or any similar Federal or state law for the relief of
debtors.  The term “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any
Bankruptcy Law.

     

    SECTION
6.2. Acceleration.  If
an Event of Default described in clauses (1), (2), (3) and (4) of Section 6.1
occurs and is continuing, the Trustee, or the Holders of at least 25% in
outstanding principal amount of the Securities, by notice to the Company, may,
and the Trustee at the written request of such Holders shall, declare the
principal of and accrued and unpaid interest, if any, on all the Securities to
be due and payable. Upon such a declaration, such principal and accrued and
unpaid interest shall be immediately due and payable.  If an Event of
Default described in clauses (5) and (6) above occurs and is continuing,
the principal of and accrued and unpaid interest on all the Securities will
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders.

     

    SECTION
6.3. Other
Remedies.  If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of
or interest on the Securities or to enforce the performance of any provision of
the Securities or this Indenture.

     

    The Trustee may maintain a proceeding
even if it does not possess any of the Securities or does not produce any of
them in the proceeding.  A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default.  No remedy is exclusive of any
other remedy.  All available remedies are cumulative.

     

    SECTION
6.4. Waiver of Past
Defaults.  The Holders of a majority in principal amount of the
outstanding Securities by notice to the Trustee may (a) waive, by their consent
(including, without limitation consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities), an existing Default or
Event of Default and its consequences except a Default or Event of Default in
the payment of the principal of or interest on a Security or (ii) a Default or
Event of Default in respect of a provision that under Section 9.2
cannot be amended without the consent of each Securityholder affected and (b)
rescind any such acceleration with respect to the Securities and its
consequences if (1) rescission would not conflict with any judgment or decree of
a court of competent jurisdiction and (2) all existing Events of Default, other
than the nonpayment of the principal of and interest on the Securities that have
become due solely by such declaration of acceleration, have been cured or
waived. When a Default or Event of Default is waived, it is deemed cured, but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any consequent right.

     

    

    
      
        
           

        

        
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    SECTION
6.5. Control by
Majority.  The Holders of a majority in principal amount of the
outstanding Securities may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.1 and
Section 7.2,
that the Trustee determines is unduly prejudicial to the rights of other
Securityholders or would involve the Trustee in personal liability; provided,
however, that the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction. Prior to taking any action
hereunder, the Trustee shall be entitled to indemnification satisfactory to it
in its sole discretion against all losses and expenses caused by taking or not
taking such action.

     

    SECTION
6.6. Limitation on
Suits.  Subject to Section 6.7, a
Securityholder may not pursue any remedy with respect to this Indenture or the
Securities unless:

     

    (1)  the Holder gives to the
Trustee written notice stating that an Event of Default is
continuing;

     

    (2)  the Holders of at least
25% in outstanding principal amount of the Securities make a request to the
Trustee to pursue the remedy;

     

    (3)  such Holder or Holders
offer to the Trustee reasonable security or indemnity satisfactory to the
Trustee against any loss, liability or expense;

     

    (4)  the Trustee does not
comply with the request within 60 days after receipt of the request and the
offer of security or indemnity; and

     

    (5)  the Holders of a
majority in principal amount of the Securities do not give the Trustee a
direction that, in the opinion of the Trustee, is inconsistent with such request
during such 60-day period.

     

    A Securityholder may not use this
Indenture to prejudice the rights of another Securityholder or to obtain a
preference or priority over another Securityholder.

     

    SECTION
6.7. Rights of Holders
to Receive Payment.  Notwithstanding any other provision of
this Indenture (including, without limitation, Section 6.6),
the right of any Holder to receive payment of principal of or interest on the
Securities held by such Holder, on or after the respective due dates expressed
in the Securities, or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the
consent of such Holder.

     

    SECTION
6.8. Collection Suit
by Trustee.  If an Event of Default specified in Section 6.1(1)
or (2) occurs
and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount then due
and owing (together with interest on any unpaid interest to the extent lawful)
and the amounts provided for in Section 7.7.

     

    

    
      
        
           

        

        
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    SECTION
6.9. Trustee May File
Proofs of Claim.  The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Securityholders allowed in any judicial proceedings relative to the Company,
its Subsidiaries or its or their respective creditors or properties and may vote
on behalf of the Holders in any election of a trustee in bankruptcy or other
Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.7.

     

    SECTION
6.10. Priorities.  If
the Trustee collects any money or property pursuant to this Article VI, it
shall pay out the money or property in the following order:

     

    FIRST:  to the Trustee for
amounts due under Section 7.7;

     

    SECOND:  to Securityholders
for amounts due and unpaid on the  Securities for principal and
interest, ratably, without preference or  priority of any kind,
according to the amounts due and payable on the  Securities for
principal and interest, respectively; and

     

    THIRD:  to the
Company.

     

    The Trustee may fix a record date and
payment date for any payment to Securityholders pursuant to this
Section.  At least 15 days before such record date, the Company shall
mail to each Securityholder and the Trustee a notice that states the record
date, the payment date and amount to be paid.

     

    SECTION
6.11. Undertaking for
Costs.  In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by
the Company, a suit by a Holder pursuant to Section 6.7 or a
suit by Holders of more than 10% in outstanding principal amount of the
Securities.

     

     

    
      
        
        

      

      
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    ARTICLE
VII

     

    Trustee

     

    SECTION
7.1. Duties of
Trustee.  (a)  If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it
by this Indenture and use the same degree of care and skill in its exercise as a
prudent Person would
exercise or use under the circumstances in the conduct of such Person’s own
affairs; provided that if an Event of Default occurs and is continuing, the
Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the request or direction of any of the Holders unless
such Holders have offered to the Trustee indemnity or security reasonably
satisfactory to it against any loss, liability or expense (other than as
provided in clause (c) below).

     

    (b)  Except during the
continuance of an Event of 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. However, in the case of any such certificates or
opinions which by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine such certificates and
opinions to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

     

    (c)  The Trustee may not be
relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that:

     

    (1)  this paragraph does
not limit the effect of paragraph (b) of this Section;

     

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

     

    (3)  the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.5.

     

    (d)  Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b) and (c) of this Section.

     

    
      
        
        

      

      
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    (e)  The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.

     

    (f)  Money held in trust by
the Trustee need not be segregated from other funds except to the extent
required by law.

     

    (g)  No provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur 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 to believe that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

     

    (h)  Every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this
Section and to the provisions of the TIA.

     

    (i)  Unless otherwise
specifically provided in this Indenture, any demand, request, direction or
notice from the Company shall be sufficient if signed by an
Officer.

     

    (j)  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 unless such Holders
shall have offered to the Trustee reasonable security or indemnity satisfactory
to it against any loss, liability or expense (including reasonable attorneys’
fees and expenses) that might be incurred by it in compliance with such request
or direction.

     

    SECTION
7.2. Rights of
Trustee.  Subject to Section 7.1,
(a)  The Trustee may conclusively rely on any document (whether in its
original or facsimile form) reasonably believed by it to be genuine and to have
been signed or presented by the proper person.  The Trustee need not
investigate any fact or matter stated in the document.

     

    (b)  Before the Trustee acts
or refrains from acting, it may require an Officers’ Certificate and/or an
Opinion of Counsel. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on an Officers’ Certificate or Opinion
of Counsel.

     

    (c)  The Trustee may act
through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.

     

    (d)  The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers, provided, however, that the
Trustee’s conduct does not constitute willful misconduct or
negligence.

     

     

    
      
        
        

      

      
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    (e)  The Trustee may consult
with counsel of its selection, and the advice or opinion of counsel with respect
to legal matters relating to this Indenture and the Securities shall be full and
complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

     

    (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 further inquiry or investigation into such facts or matters as it may see
fit, personally or by agent or attorney, at the sole cost of the Company and
with the Company’s 

    cooperation
and shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation.

     

    (g)  The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder.

     

    (h)  The Trustee may request
that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by
any person authorized to sign an Officers’ Certificate, including any person
specified as authorized in any such certificate previously delivered and not
superseded.

     

    SECTION
7.3. Individual Rights
of Trustee.  The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do
the same with like rights. However, the Trustee must comply with Section 7.10 and
Section 7.11. In
addition, the Trustee shall be permitted to engage in transactions with the
Company; provided, however, that if the Trustee acquires any conflicting
interest the Trustee must (i) eliminate such conflict within 90 days of
acquiring such conflicting interest, (ii) apply to the SEC for permission to
continue acting as Trustee or (iii) resign.

     

    SECTION
7.4. Trustee’s
Disclaimer.  The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture or the
Securities, shall not be accountable for the Company’s use of the proceeds from
the Securities and shall not be responsible for any statement of the Company in
this Indenture or in any document issued in connection with the sale of the
Securities or in the Securities other than the Trustee’s certificate of
authentication.

     

    SECTION
7.5. Notice of
Defaults.  If a Default or Event of Default occurs and is
continuing and if a Trust Officer has actual knowledge thereof, the Trustee
shall mail to each Securityholder at the address set forth in the Note Register
notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment of principal of or
interest on any Security (including payments pursuant to the optional redemption
provisions of such Security), the Trustee may withhold the notice if and so long
as its Board of Directors, a committee of its Board of Directors or a committee
of its Trust Officers in good faith determines that withholding the notice is in
the interests of Securityholders.

     

    

    
      
        
           

        

        
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      SECTION
7.6. Reports by
Trustee to Holders.  As promptly as practicable after each May
15 beginning with the May 15 following the date of this Indenture, and in any
event prior to July 15 in each year, the Trustee shall mail to each
Securityholder a brief report dated as of such May 15 that complies with TIA (S)
313(a). The Trustee also
shall comply with TIA (S) 313(b). The
Trustee shall also transmit by mail all reports required by TIA (S)
313(c).

     

    A copy of each report at the time of
its mailing to Securityholders shall be filed with the SEC and each stock
exchange (if any) on which the Securities are listed.  The Company
agrees to notify promptly the Trustee whenever the Securities become listed on
any stock exchange and of any delisting thereof.

     

    SECTION
7.7. Compensation and
Indemnity.  The Company shall pay to the Trustee from time to
time such compensation for its acceptance of this Indenture and services
hereunder as the Company and the Trustee shall from time to time agree in
writing. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made
by it, including costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices to
Securityholders and reasonable costs of counsel retained by Trustee in
connection with the delivery of an Opinion of Counsel or otherwise, in addition
to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts. The Company shall indemnify the Trustee
against any and all loss, liability, damages, claims or expense (including
reasonable attorneys’ fees and expenses) incurred by it without negligence or
bad faith on its part in connection with the acceptance or administration of
this trust and the performance of its duties hereunder, including the costs and
expenses of enforcing this Indenture (including this Section 7.7) and
of defending itself against any claims (whether asserted by any Securityholder,
the Company or otherwise). The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Trustee shall provide reasonable cooperation in
the defense. The Trustee may have separate counsel and the Company shall pay the
fees and expenses of such counsel, provided that the Company shall not be
required to pay such fees and expenses if it assumes the Trustee’s defense, and,
in the reasonable judgment of counsel to the Trustee, there is no conflict of
interest between the Company and the Trustee in connection with such
defense.  The Company need not reimburse any expense or indemnify
against any loss, liability or expense incurred by the Trustee through the
Trustee’s own willful misconduct, negligence or bad faith.

     

    To secure the Company’s payment
obligations in this Section, the Trustee shall have a lien prior to the
Securities on all money or property held or collected by the Trustee, other than
money or property held in trust to pay principal of and interest on particular
Securities.  The Trustee’s right to receive payment of any amounts due
under this Section 7.7
shall not be subordinate to any other liability or Debt of the
Company.

     

    

    
      
        
           

        

        
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    The Company’s payment obligations
pursuant to this Section shall survive the discharge of this
Indenture.  When the Trustee incurs expenses after the occurrence of a
Default specified in Section 6.1(5)
or (6) with
respect to the Company, the expenses are intended to constitute expenses of
administration under any Bankruptcy Law.

     

    SECTION 7.8. Replacement of
Trustee.  The Trustee may resign at any time by so notifying
the Company. The Holders of a majority in principal amount of the Securities may
remove the Trustee by so notifying the Trustee and may appoint a successor
Trustee. The Company shall remove the Trustee if:

     

    (1)  the Trustee fails to
comply with Section 7.10;

     

    (2)  the Trustee is adjudged
bankrupt or insolvent;

     

    (3)  a receiver or other
public officer takes charge of the Trustee or  its property;
or

     

    (4)  the Trustee otherwise
becomes incapable of acting.

     

    If the Trustee resigns or is removed by
the Company or by the Holders of a majority in principal amount of the
Securities and such Holders do not reasonably promptly appoint a successor
Trustee, or if a vacancy exists in the office of the Trustee for any reason (the
Trustee in such event being referred to herein as the retiring Trustee), the
Company shall promptly appoint a successor Trustee.

     

    A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the
Company.  Thereupon the resignation or removal of the retiring Trustee
shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture.  The successor
Trustee shall mail a notice of its succession to Securityholders.  The
retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee, subject to the lien provided for in Section 7.7.

     

    If a successor Trustee does not take
office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or the Holders of 10% in principal amount of the
Securities may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

     

    If the Trustee fails to comply with
Section 7.10,
any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

     

     

    
      
        
        

      

      
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    Notwithstanding
the replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.7
shall continue for the benefit of the retiring Trustee.

     

    SECTION
7.9. Successor Trustee
by Merger.  If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust
business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be
the successor Trustee.

     

    In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed
to the trusts created by this Indenture, any of 

    the
Securities shall have been authenticated but not delivered, any such successor
to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Securities so authenticated; and in case at that time
any of the Securities shall not have been authenticated, any successor to the
Trustee may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; provided that the
right to adopt the certificate of authentication of any predecessor Trustee or
authenticate Securities in the name of any predecessor Trustee shall only apply
to its successor or successors by merger, consolidation or
conversion.

     

    SECTION
7.10. Eligibility;
Disqualification.  The Trustee shall at all times satisfy the
requirements of TIA (S) 310(a).  The Trustee shall have a combined
capital and surplus of at least $50 million as set forth in its most recent
published annual report of condition.  The Trustee shall comply with
TIA (S) 310(b); provided, however, that there shall be excluded from the
operation of TIA (S) 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of
the Company are outstanding if the requirements for such exclusion set forth in
TIA (S) 310(b)(1) are met.

     

    SECTION
7.11. Preferential
Collection of Claims Against Company.  The Trustee shall comply
with TIA (S) 311(a), excluding any creditor relationship listed in TIA (S)
311(b). A Trustee who has resigned or been removed shall be subject to TIA (S)
311(a) to the extent indicated.

     

    ARTICLE
VIII

     

    Satisfaction
and Discharge of Indenture

     

    SECTION
8.1. Option To Effect
Legal Defeasance or Covenant Defeasance.  The Company may, at
the option of its Board of Directors evidenced by a Board Resolution, at any
time, elect to have either Section 8.2 or 8.3 be applied to all outstanding
Securities upon compliance with the conditions set forth below in this
Article VIII.

     

    SECTION
8.2. Legal Defeasance
and Discharge.  Upon the Company’s exercise under
Section 8.1 of the option applicable to this Section 8.2, the Company
shall be deemed to have been discharged from its obligations under this
Indenture with respect to all outstanding Securities on the date the conditions
set forth below are satisfied (hereinafter, “Legal Defeasance”).  For
this purpose, such Legal Defeasance means that the Company shall be deemed to
have paid and discharged all the obligations relating to the outstanding
Securities and such Securities shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.6 and Section 8.8, and to have
satisfied all of its other obligations under such Securities and this Indenture
and cured all then existing Events of Default with respect to such Securities
(and the Trustee, on demand of and at the expense of the Company shall execute
proper instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (a) the rights of
Holders of outstanding Securities to receive payments in respect of the
principal and accrued interest on such Securities when such payments are due or
on the Redemption Date solely out of the trust created pursuant to this
Indenture; (b) the rights, powers, trusts, duties and immunities of the Trustee,
and the Company’s obligations in connection therewith; and (c) this
Article VIII and the obligations set forth in Section 8.6
hereof.

     

    

    
      
        
           

        

        
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    SECTION
8.3. Covenant
Defeasance.  Upon the Company’s exercise under Section 8.1
of the option applicable to this Section 8.3, the Company shall be released
from any obligations under the covenants contained in Sections 3.2 and 3.3
hereof with respect to the outstanding Securities on and after the date the
conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”),
and the Securities shall thereafter be deemed not “outstanding” for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Securities shall not be deemed outstanding for accounting
purposes).  For this purpose, such Covenant Defeasance means that,
with respect to the outstanding Securities, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, 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 and
such omission to comply shall not constitute a Default or Event of Default with
respect to the Securities under Section 6.1(3), nor shall any event
referred to in Sections 6.1(4) thereafter constitute a Default or Event of
Default with respect to the Securities, but, except as specified above, the
remainder of this Indenture and such Securities shall be unaffected
thereby.

     

    SECTION
8.4. Conditions to
Legal or Covenant Defeasance.  The following shall be the
conditions to the application of either Section 8.2 or Section 8.3 to
the outstanding Securities:

     

    (i)  in the case of Legal
Defeasance, either (A) all Securities theretofore authenticated and delivered
under the Indenture must have been delivered to the Trustee for cancellation or
(B) the Company must irrevocably deposit, or cause to be irrevocably deposited,
with the Trustee, in trust, for the benefit of the Holders, cash in U.S.
dollars, non-callable U.S. Government Securities or a combination thereof in
such amounts (and, in the case of U.S. Government Securities, together with the
predetermined and certain income to accrue thereon, without consideration of any
reinvestment thereof) as will be sufficient to pay the principal of and accrued
interest due on the outstanding Securities on the Stated Maturity date or on the
applicable Redemption Date, as the case may be, of such principal of and accrued
interest on the outstanding Securities;

     

     

    
      
        
           

        

        
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      (ii)  in
the case of Covenant Defeasance, the Company must irrevocably deposit, or cause
to be irrevocably deposited, with the Trustee, in trust, for the benefit of the
Holders, cash in U.S. dollars, non-callable U.S. Government Securities or a
combination thereof in such amounts (and, in the case of U.S. Government
Securities, together with the predetermined and certain income to accrue
thereon, without consideration of any reinvestment thereof) as will be
sufficient to pay the principal of and accrued interest due on the outstanding
Securities on the Stated Maturity date or on the applicable Redemption Date, as
the case may be, of such principal of and accrued interest on the outstanding
Securities;

    

     

    (iii)  in the case of Legal
Defeasance, the Company shall have  delivered to the Trustee an
Opinion of Counsel reasonably acceptable to the  Trustee confirming
that, subject to customary assumptions and exclusions, the Company has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling
or (2) since the Issue Date, there has been a change in the applicable federal
income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the Holders will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Legal Defeasance had not
occurred;

     

    (iv)  in the case of Covenant
Defeasance, the Company shall have delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions, the Holders will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to such tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

     

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

     

     

    
      
        
        

      

      
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    (vi)  in
the case of Legal Defeasance, 91 days shall have passed during which no Event of
Default under Section 6.1(5) or 6.1(6) has occurred;

     

    (vii)  the Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions  precedent to the defeasance and
discharge of the Securities and this  Indenture as contemplated by
this Article VIII have been complied with; and

     

    (viii)  the Company shall
have delivered to the Trustee a certificate from a nationally recognized firm of
independent accountants expressing their opinion that the payments of principal
and accrued interest when due and
without reinvestment on the deposited U.S. Government Securities plus any
deposited money without investment will provide cash at such times and in such
amounts as will be sufficient to pay principal and accrued interest when due on
all the Securities to maturity.

     

    SECTION
8.5. Satisfaction and
Discharge of Indenture.  This Indenture will be discharged with
respect of the Securities and will cease to be of further effect as to all
Securities issued thereunder, when either (a) all such Securities theretofore
authenticated and delivered (except lost, stolen or destroyed Securities which
have been replaced or paid and Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company) have
been delivered to the Trustee for cancellation; or (b)(i) all such Securities
not theretofore delivered to the Trustee for cancellation have become due and
payable by reason of the mailing of a notice of redemption or otherwise or will
become due and payable within one year and the Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust an amount of
money in U.S. dollars or U.S. Government Securities or any combination thereof
sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation for principal and accrued
and unpaid interest to the date of maturity or redemption; no Default with
respect to the Securities shall have occurred within 91 days of such deposit or
shall occur as a result of such deposit and such deposit will not result in a
breach or violation of, or constitute a default under, any other instrument to
which the Company is a party or by which it is bound; (iii) the Company has paid
or caused to be paid all sums payable by it with respect to the Securities under
this Indenture; and (iv) the Company has delivered irrevocable instructions to
the Trustee under this Indenture to apply the deposited money toward the payment
of such Securities at maturity or the Redemption Date, as the case may be. In
addition, with respect to clause (b) of the preceding sentence, the Company
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, stating that all conditions precedent specified herein relating to the
satisfaction and discharge of this Indenture have been complied
with.

     

    SECTION
8.6. Survival of
Certain Obligations.  Notwithstanding the satisfaction and
discharge of this Indenture referred to in Section 8.1, 8.2, 8.3, 8.4 or
8.5, the respective obligations of the Company and the Trustee under Sections
2.2, 2.3, 2.4, 2.5, 2.6, 2.9, 2.10, 2.11, 2.12, 3.4, 3.5, 3.6, 3.7, 6.7, 7.7,
7.8 and this Article VIII shall survive until the Securities are no longer
outstanding.  Nothing contained in this Article VIII shall
abrogate any of the obligations or duties of the Trustee under this
Indenture.

     

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

     

    SECTION
8.7. Acknowledgment of
Discharge by Trustee.  Subject to Section 8.10, after (i) the
conditions of Section 8.4 or 8.5 have been satisfied, (ii) the Company has
paid or caused to be paid all other sums payable hereunder by the Company and
(iii) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent referred to in
clause (i) above relating to the satisfaction and discharge of this
Indenture have been complied with, the Trustee upon written request shall
acknowledge in writing the discharge of all of the
Company’s obligations under this Indenture except for those surviving
obligations specified in this Article VIII.

     

    SECTION
8.8. Application of
Trust Moneys.  All cash in U.S. dollars and U.S. Government
Securities deposited with the Trustee pursuant to Section 8.4 or 8.5 shall
be held in trust and applied by the Trustee, in accordance with the provisions
of this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders, of all sums due and to become due thereon for
principal and accrued interest but such money need not be segregated from other
funds except to the extent required by law. The Holder of any Security replaced
pursuant to Section 2.9 shall not be entitled to any such payment and shall
look only to the Company for any payment which such Holder may be entitled to
collect. In connection with the satisfaction and discharge of this Indenture or
the defeasance of certain obligations under this Indenture, the Company may
direct the Trustee to (i) invest any money received by the Trustee in the
U.S. Government Securities deposited in trust in additional U.S. Government
Securities, and (ii) deliver or pay to the Company from time to time upon the
request of the Company any money or U.S. Government Securities held by it,
which, as evidenced by a certificate from a nationally recognized firm of
independent accountants, are in excess of the amount thereof which would then
have been required to be deposited for the purpose for which such money or
U.S. Government Securities were deposited or received.

     

    The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
U.S. Government Securities deposited pursuant to Section 8.4 or 8.5 or the
principal or interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders.

     

    SECTION
8.9. Repayment to the
Company; Unclaimed Money.  The Trustee and any Paying Agent
shall promptly pay or return to the Company upon request any cash or U.S.
Government Securities held by them at any time that are not required for the
payment of the principal and interest on the Securities for which cash or U.S.
Government Securities have been deposited pursuant to Section 8.4 or
8.5.

     

    SECTION
8.10. Reinstatement.  If
the Trustee or Paying Agent is unable to apply any cash or U.S. Government
Securities in accordance with Section 8.2, 8.3, 8.4 or 8.5 by reason of any
legal proceeding 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 8.2, 8.3, 8.4 or 8.5 until such time as the Trustee or Paying Agent
is permitted to apply all such cash or U.S. Government Securities in
accordance with Section 8.2, 8.3, 8.4 or 8.5; provided, however, that if
the Company has made any payment of principal of or interest on any Securities
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 U.S. Government Securities held by the Trustee or Paying
Agent.

     

    

    
      
        
           

        

        
          45

          
            

          

        

        
           

        

      

    

    

    ARTICLE
IX

     

    Amendments

     

    SECTION
9.1. Without Consent
of Holders.  The Company and the Trustee may amend this
Indenture or the Securities without notice to or consent of any
Securityholder:

     

    (1)  to cure any ambiguity,
omission, defect or inconsistency;

     

    (2)  to comply with Article IV in
respect of the assumption by a  Successor Company of an obligation of
the Company under this Indenture;

     

    (3)  to add guarantees with
respect to the Securities;

     

    (4)  to secure the
Securities;

     

    (5)  to add to the covenants
of the Company for the benefit of the  Holders or to surrender any
right or power herein conferred upon the Company;

     

    (6)  to make any change that
does not adversely affect the rights of any Securityholder; or

     

    (7)  to comply with any
requirement of the SEC in connection with the qualification of this Indenture
under the TIA.

     

    After an amendment under this
Section becomes effective, the Company shall mail to Securityholders a
notice briefly describing such amendment.  The failure to give such
notice to all Securityholders at the address set forth in the Note Register, or
any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.1.

     

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

     

    SECTION
9.2. With Consent of
Holders.  The Company and the Trustee may amend this Indenture
or the Securities without notice to any Securityholder but with the written
consent of the Holders of at least a majority in principal amount of the
Securities then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for,
Securities). However, without the consent of each Securityholder affected, an
amendment may not:

     

    (1)  reduce the amount of
Securities whose Holders must consent to an amendment;

     

    (2)  reduce the stated rate
of or extend the stated time for payment of interest on any
Security;

     

    (3)  reduce the principal of
or extend the Stated Maturity of any Security;

     

    (4)  reduce
the premium payable upon the redemption of any Security or change the time at
which any Security may or shall be redeemed as described above under Article V or any
similar provision, whether through  an amendment to or waiver of Article V, a
definition or otherwise;

     

    (5)  make any Security
payable in money other than that stated in the Security;

     

    (6)  impair the right of any
Holder to receive payment of principal of and interest on such Holder’s
Securities on or after the due dates therefor or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Securities;
or

     

    (7)  make any change to the
amendment provisions which require each  Holder’s consent or the
waiver provisions in Section 6.4 which require each Holder’s
consent.

     

    It shall not be necessary for the
consent of the Holders under this Section 9.2 to
approve the particular form of any proposed amendment, but it shall be
sufficient if such consent approves the substance thereof.

     

    After an amendment under this Section 9.2
becomes effective, the Company shall mail to Securityholders a notice briefly
describing such amendment.  The failure to give such notice to all
Securityholders, or any defect therein, shall not impair or affect the validity
of an amendment under this Section 9.2.

     

    SECTION
9.3. Compliance with
Trust Indenture Act.  Every amendment to this Indenture or the
Securities shall comply with the TIA as then in effect.

     

    SECTION
9.4. Revocation and
Effect of Consents and Waivers.  A consent to an amendment or a
waiver by a Holder of a Security shall bind the Holder and every subsequent
Holder of that Security or portion of the Security that evidences the same debt
as the consenting Holder’s Security, even if notation of the consent or waiver
is not made on the Security. However, any such Holder or subsequent Holder may
revoke the consent or waiver as to such Holder’s Security or portion of the
Security if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective or otherwise in accordance with any
related solicitation documents. After an amendment or waiver becomes effective,
it shall bind every Securityholder. An amendment or waiver shall become
effective upon receipt by the Trustee of the requisite number of written
consents under Section 9.1 or
Section 9.2 as
applicable.

     

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    The Company may, but shall not be
obligated to, fix a record date for the purpose of determining the
Securityholders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Securityholders at such
record date (or their duly designated proxies), and only those Persons, shall be
entitled to give such consent or to revoke any consent previously given or to
take any such action, whether or not such Persons continue to be Holders
after such record date.  No such consent or action shall be valid or
effective if given or taken more than 120 days after such record
date.

     

    SECTION
9.5. Notation on or
Exchange of Securities.  If an amendment changes the terms of a
Security, the Trustee may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security
regarding the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms. Failure to make the appropriate notation or to issue a new
Security shall not affect the validity of such amendment.

     

    SECTION
9.6. Trustee To Sign
Amendments.  The Trustee shall sign any amendment authorized
pursuant to this Article IX if
the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  If it does, the Trustee may but need not
sign it.  In signing such amendment the Trustee shall be entitled to
receive indemnity reasonably satisfactory to it and to receive, and (subject to
Section 7.1 and
Section 7.2)
shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that such amendment is authorized or permitted by
this Indenture and that such amendment is the legal, valid and binding
obligation of the Company, enforceable against it in accordance with its terms,
subject to customary exceptions, and complies with the provisions hereof
(including Section 9.3).

     

    ARTICLE
X

     

    Miscellaneous

     

    SECTION
10.1. Trust Indenture
Act Controls.  If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included
in this Indenture by the TIA, the provision required by the TIA shall
control.

     

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

     

    SECTION
10.2. Notices.  Any
notice or communication shall be in writing and delivered in person or mailed by
first-class mail addressed as follows:

     

    if to the Company:

     

    The Black
& Decker Corporation

    701 East
Joppa Road

    Towson,
Maryland 21286

    Attention:
Treasurer

     

    with
copies to:

     

    The Black
& Decker Corporation

    701 East
Joppa Road

    Towson,
Maryland 21286

    Attention:
General Counsel

     

    Miles
& Stockbridge, P.C.

    10 Light
Street

    Baltimore,
Maryland 21202

    Attention:
J.W. Thompson Webb, Esq.

     

    if to the
Trustee:

     

    The Bank
of New York

    101
Barclay Street, 21W

    New York,
New York 10286

    Attention:
Corporate Trust Administration

     

    The Company or the Trustee by notice to
the other may designate additional or different addresses for subsequent notices
or communications.

     

    Any notice or communication mailed to a
registered Securityholder shall be mailed by first-class mail to the
Securityholder at the Securityholder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the
time prescribed.

     

    Failure to mail a notice or
communication to a Securityholder or any defect in it shall not affect its
sufficiency with respect to other Securityholders.  If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

     

    SECTION
10.3. Communication by
Holders with other Holders.  Securityholders may communicate
pursuant to TIA (S) 312(b) with other Securityholders with respect to their
rights under this Indenture or the Securities. The Company, the Trustee, the
Registrar and anyone else shall have the protection of TIA (S)
312(c).

     

    SECTION
10.4. Certificate and
Opinion as to Conditions Precedent.  Upon any request or
application by the Company to the Trustee to take or refrain from taking any
action under this Indenture, the Company shall furnish to the Trustee: an
Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with; and an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with.

     

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

     

    SECTION
10.5. Statements
Required in Certificate or Opinion.  Each certificate or
opinion with respect to compliance with a covenant or condition provided for in
this Indenture shall include:

     

    (1)  a statement that the
individual making such certificate or opinion has read such covenant or
condition;

     

    (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 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 a statement as to whether or
not, in the opinion of such individual, such covenant or condition has been
complied with.

     

    In giving such Opinion of Counsel,
counsel may rely as to factual matters on an Officers’ Certificate or on
certificates of public officials.

     

    SECTION
10.6. When Securities
Disregarded.  In determining whether the Holders of the
required principal amount of Securities have concurred in any direction, waiver
or consent, Securities owned by the Company or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Securities
which the Trustee knows are so owned shall be so disregarded. Also, subject to
the foregoing, only Securities outstanding at the time shall be considered in
any such determination.

     

    SECTION
10.7. Rules by
Trustee, Paying Agent and Registrar.  The Trustee may make
reasonable rules for action by, or a meeting of, Securityholders. The Registrar
and the Paying Agent may make reasonable rules for their functions.

     

    SECTION
10.8. Legal
Holidays.  A “Legal Holiday” is a Saturday, a Sunday or other
day on which commercial banking institutions are authorized or required to be
closed in New York City. If a payment date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. If a regular record date is a
Legal Holiday, the record date shall not be affected.

     

    SECTION
10.9. GOVERNING
LAW.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

     

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

     

    SECTION
10.10. No Recourse
Against Others.  An incorporator, director, officer, employee,
Affiliate or stockholder of the Company, solely by reason of this status, shall
not have any liability for any obligations of the Company under the Securities
or this Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  By accepting a Security, each
Securityholder shall waive and release all such liability.  The waiver
and release shall be part of the consideration for the issue of the
Securities.

     

    SECTION
10.11. Successors.  All
agreements of the Company in this Indenture and the Securities shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors.

     

    SECTION
10.12. Multiple
Originals.  The parties may sign any number of copies of this
Indenture.  Each signed copy shall be an original, but all of them
together represent the same agreement.  One signed copy is enough to
prove this Indenture.

     

    SECTION
10.13. Variable
Provisions.  The Company initially appoints the Trustee as
Paying Agent and Registrar and custodian with respect to any Global
Securities.

     

    SECTION
10.14. Table of
Contents; Headings.  The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not intended to be considered a
part hereof and shall not modify or restrict any of the terms or provisions
hereof.

     

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

     

     

    
      
        	 	
                THE
      BLACK & DECKER CORPORATION,

              	 
	 	 	 	 
	
                 

              	
                    
      By: 

              	/s/ MICHAEL
      D. MANGAN	 
	 	 	Name:  Michael
      D. Mangan	 
	 	 	
                Title:   
      Senior Vice President and 

                     Chief
      Financial
      Officer

              	 
	 	 	 	 

      

    

     

    
       

      
        
          	 	
                  
                    THE
      BANK OF NEW YORK, as Trustee,

                  

                	 
	 	 	 	 
	
                   

                	
                      
      By: 

                	/s/ GEOVANNI
      BARRIS	 
	 	 	Name:  Geovanni
      Barris	 
	 	 	
                  Title:   
      Vice President

                	 
	 	 	 	 

        

      

       

    

    

    

    
      
        
           

        

        
          51

          
            

          

        

        
           

        

      

    

     

     

    EXHIBIT
A

    
 

    [FORM OF
FACE OF INITIAL SECURITY AND ADDITIONAL SECURITY]

     

    [Applicable
Restricted Securities Legend]

     

    [Depository
Legend, if applicable]

     

    No.
___                                                                               Principal Amount
$_____________, as revised by the Schedule of Increases and Decreases in Global
Security attached hereto

     

    
      	
              CUSIP
      NO. ______________

            
	
              ISIN:
      ______________

            

    

     

    7.125%
Senior Notes Due 2011

     

    The Black & Decker Corporation, a
Maryland corporation, promises to pay to __________, or registered assigns, the
principal sum of _______________ Dollars, as revised by the Schedule of
Increases and Decreases in Global Security attached hereto, on June 1,
2011.

     

    Interest Payment Dates:  June
1 and December 1

     

    Record Dates:  May 15 and
November 15

     

    Additional provisions of this Security
are set forth on the other side of this Security.

     

    
      
        
          
            	 	
                    
                      
                        THE
      BLACK & DECKER CORPORATION,

                      

                    

                  	 
	 	 	 	 
	
                     

                  	
                        
      By: 

                  	 	 
	 	 	 	 

          

        

         

      

    

     

    
      	
              TRUSTEE’S
      CERTIFICATE OF   AUTHENTICATION

            	 
      
	 
      	 
      
	
              The
      Bank of New York,

              as
      Trustee, certifies that this

              is
      one of the Securities referred to in the Indenture.

            	 
      
	 
      	 
      

      	
              By

            	 	 	 
      
	
               

            	
              Authorized
      Signatory

            	 	
              Date:  June
      __, 2001

            

    

     

     

    

    
      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

    

     

    

    [FORM OF
REVERSE SIDE OF INITIAL SECURITY AND ADDITIONAL SECURITY]

     

    7.125%
Senior Note Due 2011

     

    1.  Interest

     

    The Black & Decker Corporation, a
Maryland corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the “Company”), promises
to pay interest on the principal amount of this Security at the rate per annum
shown above.

     

    The Company will pay interest
semiannually on June 1 and December 1 of each year commencing December 1,
2001.  Interest on the Securities will accrue from the most recent
date to which interest has been paid on the Securities or, if no interest has
been paid, from June 5, 2001.  The Company shall pay interest on
overdue principal or premium, if any (plus interest on such interest to the
extent lawful), at the rate borne by the Securities to the extent
lawful.  Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

     

    If (i) the Exchange Offer Registration
Statement is not filed with the Commission on or prior to 90 days after the
Issue Date or the Shelf Registration Statement is not filed with the Commission
on or before the Shelf Filing Date, the Exchange Offer Registration Statement is
not declared effective within 180 days after the Issue Date or the Shelf
Registration Statement is not declared effective within 90 days after the Shelf
Filing Date, (iii) the Registered Exchange Offer is not consummated on or prior
to 210 days after the Issue Date, or (iv) the Shelf Registration Statement is
filed and declared effective within 90 days after the Shelf Filing Date but
shall thereafter cease to be effective (at any time that the Company is
obligated to maintain the effectiveness thereof) without being succeeded within
30 days by an additional Registration Statement filed and declared effective
(each such event referred to in clauses (i) through (iv), a “Registration
Default”), the annual interest rate borne by this Security shall be increased by
0.25% from the rate shown above during the period of one or more such
Registration Defaults until (i) the applicable Registration Statement is filed,
(ii) the Exchange Offer Registration Statement or the Shelf Registration
Statement, as the case may be, is declared effective, (iii) the Registered
Exchange Offer is consummated, or (iv) the Shelf Registration Statement again
becomes effective, as the case may be.  Following the cure of all
Registration Defaults, the accrual of additional interest will
cease.  Capitalized terms used in this paragraph, but not otherwise
defined herein shall have the meanings ascribed to such terms in the Exchange
and Registration Rights Agreement, dated as of June 5, 2001 (the “Registration
Rights Agreement”), among the Company, Banc of America Securities LLC,
J.P.  Morgan Securities Inc. and the other Initial Purchasers named
therein.  The Holder of this Security is entitled to the benefits of
the Registration Rights Agreement.

     

    

    
      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

    

    

    2.  Method of
Payment

     

    By at least 10:00 a.m. (New York
City time) on the date on which any principal of or interest on any Security is
due and payable, the Company shall deposit with the Trustee or the Paying Agent
money sufficient to pay such principal, premium, if any, and/or interest when
due.  The Company will pay interest (except Defaulted Interest) to the
Persons who are registered Holders of Securities at the close of business on May
15 or November 15 next preceding the interest payment date even if Securities
are cancelled, repurchased or redeemed after the record date and on or before
the interest payment date. Holders must surrender Securities to a Paying Agent
to collect principal payments. The Company will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. Except as described in the succeeding two
sentences, the principal of, premium, if any, and interest on the Securities
shall be payable at the office or agency of the Company maintained for such
purpose in The City of New York, or at such other office or agency of the
Company as may be maintained for such purpose pursuant to Section 2.3 of
the Indenture; provided, however, that, at the option of the Company, each
installment of interest may be paid by check mailed to addresses of the Persons
entitled thereto as such addresses shall appear on the Note Register. Payments
in respect of Securities represented by a Global Security (including principal,
premium, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company.
Payments in respect of Securities represented by Definitive Securities
(including principal, premium, if any, and interest) held by a Holder of at
least $1,000,000 aggregate principal amount of Securities represented by
Definitive Securities will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

     

    3.  Paying Agent and
Registrar

     

    Initially, The Bank of New York
(the “Trustee”), will act as Trustee, Paying Agent and Registrar.  The
Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice to any Securityholder.  The Company or any of its
Subsidiaries may act as Paying Agent, Registrar or co-registrar.

     

    4.  Indenture

     

    The Company issued the Securities under
an Indenture dated as of June 5, 2001 (as it may be amended or supplemented from
time to time in accordance with the terms thereof, the “Indenture”), between the
Company and the Trustee.  The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 (15 U.S.C. (S)(S)
77aaa-77bbbb) as in effect on the date of the Indenture (the
“Act”).  Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture.  The Securities are
subject to all such terms, and Securityholders are referred to the Indenture and
the Act for a statement of those terms.  In the event of any
inconsistency between the terms of this Security and the terms of the Indenture,
the terms of the Indenture shall control.

     

    

    
      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

    

     

     

    The Securities are general unsecured
senior obligations of the Company, including (a) $400,000,000 aggregate
principal amount of Securities being offered on the Issue Date (subject to Section 2.9 of
the Indenture) and any Additional Securities.  This Security is one of
the Securities referred to in the Indenture.  The Initial Securities,
Additional Securities and Exchange Securities will be treated as a single class
of securities under the Indenture.

     

    The Indenture imposes certain
limitations on, among other things: the incurrence of certain liens and
sale-leaseback transactions by the Company or its Subsidiaries and
consolidations, mergers and sales of assets of the Company.

     

    5.  Redemption

     

    The Securities will be redeemable, at
the option of the Company, at any time in whole, or from time to time in part,
upon not less than 30 and not more than 60 days’ prior notice mailed to each
Holder of Securities to be so redeemed at such Holder’s registered address, at a
redemption price equal to the greater of

     

    
      	
               
      

            	
              ●

            	
              100%
      of the principal amount of the Securities to be redeemed;
    and

            

    

     

    
      	
               
      

            	
              ●

            	
              the
      sum of the present values of the remaining scheduled payments
      thereon  consisting of principal and interest, exclusive of
      interest accrued to the date of redemption, at the rate in effect on the
      date of calculation of the redemption price, discounted to the date of
      redemption on a semiannual basis (assuming a 360-day year consisting of
      twelve 30-day months) at the applicable Treasury Rate (as defined below),
      plus 25 basis points;

            

    

     

    plus, in
each case, accrued interest to the date of redemption.

     

    For purposes of determining the
optional redemption price, the following definitions are
applicable:

     

    “Comparable
Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining
term of the Securities to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such Securities.

     

    “Comparable Treasury Price” means, with
respect to any redemption date,

     

    
      	
               
      

            	
              ●

            	
              the
      average of four Reference Treasury Dealer Quotations obtained by
      the  Trustee for that redemption date, after excluding the
      highest and lowest of  such reference Treasury Dealer
      Quotations; or  .  if the Trustee is unable to obtain
      at least four such Reference Treasury  Dealer Quotations, the
      average of all Reference Treasury Dealer Quotations obtained by the
      Trustee.

            

    

     

    

    
      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

    

    

    “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.

     

    “Reference Treasury Dealer” means each
of Banc of America Securities LLC, J.P. Morgan Securities Inc. (or their
successors) and two other primary U.S. Government Securities dealers in
New York City appointed by the Trustee in consultation with the Company
(each, a “Primary Treasury Dealer”); provided, however, that if any of the
foregoing shall cease to be a Primary Treasury Dealer, the Company shall
substitute therefor another Primary Treasury Dealer.

     

    “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date,
an average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue for the Securities, expressed in each case as a
percentage of its principal amount, quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding such Redemption Date.

     

    “Treasury Rate” means, with respect to
any redemption date for the Securities,

     

    
      	
               
      

            	
              ●

            	
              the
      yield, under the heading which represents the average for
      the  immediately preceding week, appearing in the most recently
      published  statistical release designated “H.15(519)” or any
      successor publication  which is published weekly by the Board of
      Governors of the Federal Reserve  System and which establishes
      yields on actively traded United States  Treasury
      securities adjusted to constant maturity under the
      caption  “Treasury Constant Maturities,” for the maturity
      corresponding to the  Comparable Treasury Issue (if no maturity
      is within three months before or  after the applicable maturity
      date, yields for the two published maturities  most closely
      corresponding to the Comparable Treasury Issue shall
      be  determined and the Treasury Rate shall be interpolated or
      extrapolated from  such yields on a straight line basis,
      rounding to the nearest month); or

            

    

     

    
      	
               
      

            	
              ●

            	
              if
      such release (or any successor release) is not published during the
      week  preceding the calculation date or does not contain such
      yields, the rate per annum equal to the semi-annual equivalent yield to
      maturity of the Comparable Treasury Issue, calculated using a price for
      the Comparable Treasury Issue (expressed as a percentage of its principal
      amount) equal to the Comparable Treasury Price for such redemption
      date.

            

    

     

    The Treasury Rate shall be calculated
on the third business day preceding the redemption date.

     

    

    
      
        
           

        

        
          A-5

          
            

          

        

        
           

        

      

    

     

    

       

      In the case of any partial redemption,
selection of the Securities for redemption will be made by the Trustee in
compliance with the requirements of the principal national securities exchange,
if any, on which the Securities are listed or, if the Securities are not so
listed, then on a pro rata basis, by lot or by such other method as
the
Trustee shall deem to be fair and appropriate (and in such
manner as complies with applicable legal requirements) provided that (i)
Securities and portions thereof that the Trustee selects shall be in amounts of
$1,000 or an integral multiple of $1,000 and (ii) no such partial redemption
shall reduce the portion of the principal amount of a Security not redeemed to
less than $1,000.  If any Security is to be redeemed in part only, the
notice of redemption relating to such Security shall state the portion of the
principal amount thereof to be redeemed.  A new Security in principal
amount equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of the original Security.  On and
after the redemption date, interest will cease to accrue on Securities or
portions thereof called for redemption as long as the Company has deposited with
the Trustee or with a Paying Agent (or, if applicable, segregated and held in
trust) money sufficient to pay the redemption price of, and accrued interest on,
all the Securities which are to be redeemed on such date.

     

    6.  Denominations; Transfer;
Exchange

     

    The Securities are in registered form
without coupons in denominations of principal amount of $1,000 and whole
multiples of $1,000.  A Holder may transfer or exchange Securities in
accordance with the Indenture.  The Registrar may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents
and to pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not (A) issue, register the transfer of
or exchange any Security during a period beginning at the opening of 15 days
before the day of any selection of Securities for redemption and ending at the
close of business on the day of selection, (B) register the transfer of or to
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part, or (C) register the
transfer of or to exchange a Security between a record date and the next
succeeding interest payment date.

     

    7.  Persons Deemed
Owners

     

    The registered Holder of this Security
will be treated as the owner of it for all purposes.

     

    8.  Unclaimed
Money

     

    If money for the payment of principal
or interest remains unclaimed for two years, the Trustee or Paying Agent shall
pay the money back to the Company at its request unless an abandoned property
law designates another Person.  After any such payment, Holders
entitled to the money must look only to the Company and not to the Trustee for
payment.

     

    9.  Defeasance

     

    Subject to certain conditions set forth
in the Indenture, the Company at any time may terminate some or all of its
obligations under the Securities and the Indenture if the Company deposits with
the Trustee money or U.S. Government Securities for the payment of
principal, premium, if any, and interest on the Securities to redemption or
maturity, as the case may be.

     

    

    
      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

    

     

     

    10.  Amendment,
Waiver

     

    Subject to certain exceptions set forth
in the Indenture, (i) the Indenture or the Securities may be amended with the
written consent of the Holders of at least a majority in principal amount of the
then outstanding Securities and (ii) any default (other than with respect to
nonpayment or in respect of a provision that cannot be amended without the
written consent of each Securityholder affected) or noncompliance with any
provision may be waived with the written consent of the Holders of a majority in
principal amount of the then outstanding Securities.  Subject to
certain exceptions set forth in the Indenture, without the consent of any
Securityholder, the Company and the Trustee may amend the Indenture or the
Securities to cure any ambiguity, omission, defect or inconsistency, or to
comply with Article IV of
the Indenture, or to add guarantees with respect to the Securities, or to secure
the Securities, or to add additional covenants of the Company, or surrender
rights and powers conferred on the Company, or to comply with any request of the
SEC in connection with qualifying the Indenture under the Act, or to make any
change that does not adversely affect the rights of any
Securityholder.

     

    11.  Defaults and
Remedies

     

    Under the Indenture, Events of Default
include (i) default in any payment of interest or additional interest on any
Security when due, continued for 30 days; (ii) default in the payment of
principal or premium, if any, on any Security when due at its Stated Maturity,
upon optional redemption, upon declaration or otherwise; (iii) default by the
Company in the performance of or breaches by the Company of any covenant or
agreement in the Indenture or under the Securities, other than those referred to
in (i) or (ii), where such default continues for 60 days after written notice
from the Trustee or the Holders of at least 25% in principal amount of the
outstanding Securities; (iv) (a) failure by the Company or any of its
Subsidiaries to pay, in accordance with its terms and when payable, any of the
principal, premium, if any, interest or additional amounts, if any, on any Debt
(including the Securities, other than the Securities, , if any, with respect to
which the failure to pay principal, premium, if any, interest or additional
interest is also an Event of Default under clauses (i), (ii) or both)
having, in the aggregate, a then outstanding principal amount in excess of
$20,000,000, at the later of final maturity or the expiration of any applicable
grace period or (b) acceleration of the maturity of Debt in an aggregate
principal amount in excess of $20,000,000, if that acceleration results from a
default under the instrument giving rise to or securing such Debt; or (v)
certain events of bankruptcy, insolvency or reorganization of the
Company.

     

    If an Event of Default described in
clauses (i), (ii), (iii) and (iv) occurs and is continuing, the Trustee by
notice to the Company, or the Holders of at least 25% in outstanding principal
amount of the Securities by notice to the Company and the Trustee, may, and the
Trustee at the request of such Holders shall, declare the principal of, premium,
if any, and accrued and unpaid interest, if any, on all the Securities to be due
and payable.  Upon such a declaration, such principal, premium and
accrued and unpaid interest shall be immediately due and payable.  If
an Event of Default described in clause (v) above occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest on all the
Securities will become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders.

     

    

    
      
        
           

        

        
          A-7

          
            

          

        

        
           

        

      

    

     

     

    Securityholders may not enforce the
Indenture or the Securities except as provided in the Indenture.  The
Trustee may refuse to enforce the Indenture or the Securities unless it receives
reasonable indemnity or security satisfactory to it.  Subject to
certain limitations, Holders of a majority in principal amount of the Securities
may direct the Trustee in its exercise of any trust or power.  The
Trustee may withhold from Securityholders notice of any continuing Default or
Event of Default (except a Default or Event of Default in payment of principal
of, premium, if any, or interest on any Security) if it determines in good faith
that withholding notice is in the interests of Securityholders.

     

    12.  Trustee Dealings with the
Company

     

    Subject to certain limitations set
forth in the Indenture, the Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the
same rights it would have if it were not Trustee.

     

    13.  No Recourse Against
Others

     

    An incorporator, director, officer,
employee, Affiliate or stockholder, of the Company, solely by reason of this
status, shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation.  By accepting a
Security, each Securityholder waives and releases all such
liability.  The waiver and release are part of the consideration for
the issue of the Securities.

     

    14.  Authentication

     

    This Security shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually signs the certificate of authentication on the other side of
this Security.

     

    15.  Abbreviations

     

    Customary abbreviations may be used in
the name of a Securityholder or an assignee, such as TEN COM (=tenants in
common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with rights
of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A
(=Uniform Gift to Minors Act).

     

    

    
      
        
           

        

        
          A-8

          
            

          

        

        
           

        

      

    

    

    16.  CUSIP
Numbers

     

    Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the
Company has caused CUSIP numbers to be printed on the Securities and has
directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Securityholders.  No representation is made as to the
accuracy of such numbers either as printed on the Securities or as contained in
any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

     

    17.  Governing
Law

     

    This Security shall be governed by, and
construed in accordance with, the laws of the State of
New York.

     

    The Company will furnish to any
Securityholder upon written request and without charge to the Securityholder a
copy of the Indenture which has in it the text of this
Security.  Requests may be made to:

     

    The Black
& Decker Corporation

    701 East
Joppa Road

    Towson,
Maryland 21286

    Attention:  Treasurer

     

    

    
      
        
           

        

        
          A-9

          
            

          

        

        
           

        

      

    

     

     

    ASSIGNMENT
FORM

     

    To assign this Security, fill in the
form below:

     

    I or we
assign and transfer this Security to

     

    ____________________________________________

    (Print or
type assignee’s name, address and zip code)

     

    ____________________________________________

    (Insert assignee’s soc. sec. or tax
I.D. No.)

     

    and
irrevocably appoint ___________ agent to transfer this Security on the books of
the Company.  The agent may substitute another to act for
him.

     

    
      

      
        	
                Date:

              	 
      	 
      	
                Your
      Signature:

              	 	 
      

      

       

       

      
        	
                Signature
      Guarantee:

              	 
      
	 
      	
                (Signature
      must be guaranteed)

              

      

       

       

      
 

      
        	 
      
	
                Sign
      exactly as your name appears on the
      other side of this Security.

              

      

       

    

    The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC
Rule 17Ad-15.

     

    In
connection with any transfer or exchange of any of the Securities evidenced by
this certificate occurring prior to the date that is two years after the later
of the date of original issuance of such Securities and the last date, if any,
on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

     

    CHECK ONE
BOX BELOW:

     

    
      	
              [_]  1

            	
              acquired
      for the undersigned’s own account, without transfer;
  or

            

    

     

    
      	
              [_]  2

            	
              transferred
      to the Company; or

            

    

     

    
      	
              [_]  3

            	
              transferred
      pursuant to and in compliance with Rule 144A under
      the Securities Act of 1933, as amended (the “Securities Act”);
      or

            

    

     

    
      	
              [_]  4

            	
              transferred
      pursuant to an effective registration statement under the Securities
      Act; or

            

    

     

    
      	
              [_]  5

            	
              transferred
      pursuant to and in compliance with Regulation S under the
      Securities Act; or

            

    

     

    

    
      
        
           

        

        
          A-10

          
            

          

        

        
           

        

      

    

     

     

    
      	
              [_]  6

            	
              transferred
      to an institutional “accredited investor” (as defined in
      Rule 501(a)(1), (2), (3) or (7) under the Securities Act),
      that  has furnished to the Trustee a signed letter containing
      certain representations and agreements (the form of which letter appears
      as Section 2.7
      of the Indenture); or

            

    

     

    
      	
              [_]  7

            	
              transferred
      pursuant to another available exemption from the registration requirements
      of the Securities Act of 1933.

            

    

     

    Unless
one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than
the registered Holder thereof; provided, however, that if box (5), (6) or is
checked, the Trustee or the Company may require, prior to registering any such
transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.

     

    
      	 
      	 
      	 	 
      
	 
      	 
      	
              Signature

            	
               

            
	 
      	 
      	 
      
	
              Signature
      Guarantee:

            	 
      	 
      
	 	 	 
	 
      	 
      	 	 
      
	
              (Signature
      must be guaranteed)

            	 
      	
              Signature

            	
               

            
	 	 	 	 
	 	 	 	 
	 	 

    

     

    The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC
Rule 17Ad-15.

     

    TO BE
COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

     

    The
undersigned represents and warrants that it is purchasing this Security for its
own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as
amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order
to claim the exemption from registration provided by
Rule 144A.

     

    
    

     

    
      	 
	Dated:

    

     

     

    

    
      
        
           

        

        
          A-11

          
            

          

        

        
           

        

      

    

    
 

    [TO BE
ATTACHED TO GLOBAL SECURITIES]

     

    SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

     

    The
following increases or decreases in this Global Security have been
made:

     

     

    
      	
              Date
      of 

              Exchange

            	
              Amount
      of decrease in 

              Principal
      Amount of this 

              Global
      Security

            	
              Amount
      of increase in 

              Principal
      Amount of 

              this
      Global Security

            	
              Principal
      Amount of 

              this
      Global Security 

              following
      such 

              decrease
      or increase

            	
              Signature
      of 

              authorized
      signatory 

              of
      Trustee or 

              Securities
      Custodian

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

    

    
      
        
           

        

        
          A-12

          
            

          

        

        
           

        

      

    

     

     

    EXHIBIT B

    
 

    [FORM OF
FACE OF EXCHANGE SECURITY]

     

    [Depository
Legend, if applicable]

     

    
      	
              No.

            	
              Principal
      Amount $____________,

              as
      revised by the Schedule of

              Increases
      and Decreases in Global 

              Security
      attached hereto

            
	 	 
	 
      	
              CUSIP
      NO. _____________

              ISIN:
      _____________

            

    

    

    7.125%
Senior Notes Due 2011

     

    The Black & Decker Corporation, a
Maryland corporation, promises to pay to ____________, or registered assigns,
the principal sum of _______________ Dollars, as revised by the Schedule of
Increases and Decreases in Global Security attached hereto, on June 1,
2011.

     

    Interest Payment Dates:  June
1 and December 1

     

    Record Dates:  May 15 and
November 15

     

    Additional provisions of this Security
are set forth on the other side of this Security.

     

    
      
        
          
            
              	 	
                      
                        
                          THE
      BLACK & DECKER CORPORATION

                        

                      

                    	 
	 	 	 	 
	
                       

                    	
                          
      By: 

                    	 	 
	 	 	 	 

            

          

           

        

      

       

      
        	
                TRUSTEE’S
      CERTIFICATE OF   AUTHENTICATION

              	 
      
	 
      	 
      
	
                The
      Bank of New York,

                as
      Trustee, certifies that this

                is
      one of the Securities referred to in the Indenture.

              	 
      
	 
      	 
      

        	
                By

              	 	 	 
      
	
                 

              	
                Authorized
      Signatory

              	 	
                Date:  June
      __, 2001

              

      

       

       

    

    
      
        
           

        

        
          B-1

          
            

          

        

        
           

        

      

    

    

    [FORM OF
REVERSE SIDE OF EXCHANGE SECURITY]

     

    7.125%
Senior Note Due 2011

     

    1.         
   Interest

     

    The Black
& Decker Corporation, a Maryland corporation (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being herein
called the “Company”), promises to pay interest on the principal amount of this
Security at the rate per annum shown above.

     

    The
Company will pay interest semiannually on June 1 and December 1 of each year
commencing December 1, 2001.  Interest on the Securities will accrue
from the most recent date to which interest has been paid on the Securities or,
if no interest has been paid, from June 5, 2001.  The Company shall
pay interest on overdue principal or premium, if any (plus interest on such
interest to the extent lawful), at the rate borne by the Securities to the
extent lawful.  Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

     

    2.       
     Method of
Payment

     

    By at least 10:00 a.m. (New York
City time) on the date on which any principal of or interest on any Security is
due and payable, the Company shall deposit with the Trustee or the Paying Agent
money sufficient to pay such principal, premium, if any, and/or interest when
due.  The Company will pay interest (except Defaulted Interest) to the
Persons who are registered Holders of Securities at the close of business on the
May 15 or November 15 next preceding the interest payment date even if
Securities are cancelled, repurchased or redeemed after the record date and on
or before the interest payment date.  Holders must surrender
Securities to a Paying Agent to collect principal payments.  The
Company will pay principal and interest in money of the United States that
at the time of payment is legal tender for payment of public and private
debts.  Except as described in the succeeding two sentences, the
principal of, premium, if any, and interest on the Securities shall be payable
at the office or agency of the Company maintained for such purpose in The City
of New York, or at such other office or agency of the Company as may be
maintained for such purpose pursuant to Section 2.3 of
the Indenture; provided, however, that, at the option of the Company, each
installment of interest may be paid by check mailed to addresses of the Persons
entitled thereto as such addresses shall appear on the Note
Register.  Payments in respect of Securities represented by a Global
Security (including principal, premium, if any, and interest) will be made by
wire transfer of immediately available funds to the accounts specified by The
Depository Trust Company.  Payments in respect of Securities
represented by Definitive Securities (including principal, premium, if any, and
interest) held by a Holder of at least $1,000,000 aggregate principal amount of
Securities represented by Definitive Securities will be made by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving
written notice to the Trustee or the Paying Agent to such effect designating
such account no later than 15 days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept in its
discretion).

     

    

    
      
        
           

        

        
          B-2

          
            

          

        

        
           

        

      

    

     

    3.   
         Paying Agent and
Registrar

     

    Initially, The Bank of New York
(the “Trustee”), will act as Trustee, Paying Agent and Registrar.  The
Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice to any Securityholder.  The Company or any of its
Subsidiaries may act as Paying Agent, Registrar or co-registrar.

     

    4.     
       Indenture

     

    The Company issued the Securities under
an Indenture dated as of June 5, 2001 (as it may be amended or supplemented from
time to time in accordance with the terms thereof, the “Indenture”), between the
Company and the Trustee.  The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939 (15 U.S.C. (S)(S)
77aaa-77bbbb) as in effect on the date of the Indenture (the
“Act”).  Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture.  The Securities are
subject to all such terms, and Securityholders are referred to the Indenture and
the Act for a statement of those terms.  In the event of any
inconsistency between the terms of this Security and the terms of the Indenture,
the terms of the Indenture shall control.

     

    The Securities are general unsecured
senior obligations of the Company, including (a) $400,000,000 aggregate
principal amount of Securities being offered on the Issue Date (subject to Section 2.9 of
the Indenture) and any Additional Securities.  The Security is one of
the Securities referred to in the Indenture.  The Initial Securities,
Additional Securities and Exchange Securities will be treated as a single class
of securities under the Indenture.  The Indenture imposes certain
limitations on, among other things:  the incurrence of certain liens
and sale-leaseback transaction by the Company or its Subsidiaries and
consolidations, mergers and sales of assets of the Company.

     

    5.       
     Redemption

     

    The Securities will be redeemable, at
the option of the Company, at any time in whole, or from time to time in part,
upon not less than 30 and not more than 60 days’ prior notice mailed to each
Holder of Securities to be so redeemed at such Holder’s registered address, at a
redemption price equal to the greater of

     

    
      	
               
      

            	
              ●

            	
              100%
      of the principal amount of the Securities to be redeemed;
    and

            

    

     

    
      	
               
      

            	
              ●

            	
              the
      sum of the present values of the remaining scheduled
      payments  thereon consisting of principal and interest,
      exclusive of interest  accrued to the date of redemption, at the
      rate in effect on the date  of calculation of the redemption
      price, discounted to the date of  redemption on a semiannual
      basis (assuming a 360-day year consisting  of twelve 30-day
      months) at the applicable Treasury Rate (as defined  below),
      plus 25 basis points; 

            

    

     

    plus, in each case, accrued interest to the date of
redemption.

    
 

     

    
      
        
           

        

        
          B-3

          
            

          

        

        
           

        

      

    

     

     

    For purposes of determining the
optional redemption price, the following definitions are
applicable:

     

    “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such
Securities.

     

    “Comparable Treasury Price” means, with
respect to any redemption date,

     

    
      	
               
      

            	
              
                ●

              

            	
              the
      average of four Reference Treasury Dealer Quotations obtained by
      the  Trustee for that redemption date, after excluding the
      highest and lowest  of such reference Treasury Dealer
      Quotations; or

            

    

     

    
      	
               
      

            	
              ●

            	
              if
      the Trustee is unable to obtain at least four such Reference
      Treasury  Dealer Quotations, the average of all Reference
      Treasury Dealer  Quotations obtained by the
    Trustee.

            

    

     

    “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.

     

    “Reference Treasury Dealer” means each
of Banc of America Securities LLC, J.P. Morgan Securities Inc. (or their
successors) and two other primary U.S. Government Securities dealers in
New York City appointed by the Trustee in consultation with the Company
(each, a “Primary Treasury Dealer”); provided, however, that if any of the
foregoing shall cease to be a Primary Treasury Dealer, the Company shall
substitute therefor another Primary Treasury Dealer.

     

    “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date,
an average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue for the Securities, expressed in each case as a
percentage of its principal amount, quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding such Redemption Date.

     

    “Treasury Rate” means, with respect to
any redemption date for the Securities,

     

    
      	
               
      

            	
              
                ●

              

            	
              the
      yield, under the heading which represents the average for
      the  immediately preceding week, appearing in the most recently
      published  statistical release designated “H.15(519)” or any
      successor publication  which is published weekly by the Board of
      Governors of the Federal  Reserve System and which establishes
      yields on actively traded United  States Treasury securities
      adjusted to constant maturity under the  caption “Treasury
      Constant Maturities,” for the maturity corresponding to the Comparable
      Treasury Issue (if
      no maturity is within three months  before or after the
      applicable maturity date, yields for the two  published
      maturities most closely corresponding to the
      Comparable  Treasury Issue shall be determined and the Treasury
      Rate shall be  interpolated or extrapolated from such yields on
      a straight line basis, rounding to the nearest month);
      or

            

    

     

    

    
      
        
           

        

        
          B-4

          
            

          

        

        
           

        

      

    

     

     

    
      	
               
      

            	
              ●

            	
              if
      such release (or any successor release) is not published during the week
      preceding the calculation date or does not contain such yields, the rate
      per annum equal to the semi-annual equivalent yield to maturity of the
      Comparable Treasury Issue, calculated using a price for the Comparable
      Treasury Issue (expressed as a percentage of its principal amount) equal
      to the Comparable Treasury Price for such redemption
  date.

            

    

     

    The Treasury Rate shall be calculated
on the third business day preceding the redemption date.

     

    In the case of any partial redemption,
selection of the Securities for redemption will be made by the Trustee in
compliance with the requirements of the principal national securities exchange,
if any, on which the Securities are listed or, if the Securities are not so
listed, then on a pro rata basis, by lot or by such other method as the Trustee
shall deem to be fair and appropriate (and in such manner as complies with
applicable legal requirements) provided that (i) Securities and portions thereof
that the Trustee selects shall be in amounts of $1,000 or an integral multiple
of $1,000 and (ii) no such partial redemption shall reduce the portion of the
principal amount of a Security not redeemed to less than $1,000.  If
any Security is to be redeemed in part only, the notice of redemption relating
to such Security shall state the portion of the principal amount thereof to be
redeemed.  A new Security in principal amount equal to the unredeemed
portion thereof will be issued in the name of the Holder thereof upon
cancellation of the original Security.  On and after the redemption
date, interest will cease to accrue on Securities or portions thereof called for
redemption as long as the Company has deposited with the Trustee or with a
Paying Agent (or, if applicable, segregated and held in trust) money sufficient
to pay the redemption price of, and accrued interest on, all the Securities
which are to be redeemed on such date.

     

    6.         
   Denominations; Transfer;
Exchange

     

    The Securities are in registered form
without coupons in denominations of principal amount of $1,000 and whole
multiples of $1,000.  A Holder may transfer or exchange Securities in
accordance with the Indenture.  The Registrar may require a Holder,
among other things, to furnish appropriate endorsements or transfer documents
and to pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not (A) issue, register the transfer of
or exchange any Security during a period beginning at the opening of 15 days
before the day of any selection of Securities for redemption and ending at the
close of business on the day of selection, (B) register the transfer of or to
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part, or (C) register the
transfer of or to exchange a Security between a record date and the next
succeeding interest payment date.

     

    

    
      
        
           

        

        
          B-5

          
            

          

        

        
           

        

      

    

    

     

    7.          
  Persons
Deemed Owners

     

    The registered Holder of this Security
will be treated as the owner of it for all purposes.

     

    8.         
   Unclaimed
Money

     

    If money for the payment of principal
or interest remains unclaimed for two years, the Trustee or Paying Agent shall
pay the money back to the Company at its request unless an abandoned property
law designates another Person. After any such payment, Holders entitled to the
money must look only to the Company and not to the Trustee for
payment.

     

    9.        
    Defeasance

     

    Subject to certain conditions set forth
in the Indenture, the Company at any time may terminate some or all of its
obligations under the Securities and the Indenture if the Company deposits with
the Trustee money or U.S. Government Securities for the payment of
principal, premium, if any, and interest on the Securities to redemption or
maturity, as the case may be.

     

    10.           Amendment,
Waiver

     

    Subject to certain exceptions set forth
in the Indenture, (i) the Indenture or the Securities may be amended with the
written consent of the Holders of at least a majority in principal amount of the
then outstanding Securities and (ii) any default (other than with respect to
nonpayment or in respect of a provision that cannot be amended without the
written consent of each Securityholder affected) or noncompliance with any
provision may be waived with the written consent of the Holders of a majority in
principal amount of the then outstanding Securities.  Subject to
certain exceptions set forth in the Indenture, without the consent of any
Securityholder, the Company and the Trustee may amend the Indenture or the
Securities to cure any ambiguity, omission, defect or inconsistency, or to
comply with Article IV of
the Indenture, or to add guarantees with respect to the Securities, or to secure
the Securities, or to add additional covenants of the Company, or surrender
rights and powers conferred on the Company, or to comply with any request of the
SEC in connection with qualifying the Indenture under the Act, or to make any
change that does not adversely affect the rights of any
Securityholder.

     

    

    
      
        
           

        

        
          B-6

          
            

          

        

        
           

        

      

    

    

    
       

      11.           Defaults and
Remedies

       

      Under the Indenture, Events of Default
include (i) default in any payment of interest or additional interest on any
Security when due, continued for 30 days; (ii) default in the payment of
principal or premium, if any, on any Security when due at its Stated Maturity,
upon optional redemption, upon declaration or otherwise; (iii) default
by
the Company in the performance of or breaches by the Company of
any covenant or agreement in the Indenture or under the Securities, other than
those referred to in (i) or (ii), where such default continues for 60 days after
written notice from the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities; (iv) (a) failure by the Company or any of
its Subsidiaries to pay, in accordance with its terms and when payable, any of
the principal, premium, if any, interest or additional amounts, if any, on any
Debt (including the Securities, other than the Securities, if any, with respect
to which the failure to pay principal, premium, if any, interest or additional
interest is also an Event of Default under clauses (i), (ii) or both)
having, in the aggregate, a then outstanding principal amount in excess of
$20,000,000, at the later of final maturity or the expiration of any applicable
grace period or (b) acceleration of the maturity of Debt in an aggregate
principal amount in excess of $20,000,000, if that acceleration results from a
default under the instrument giving rise to or securing such Debt; or (v)
certain events of bankruptcy, insolvency or reorganization of the Company.

     

    If an Event of Default described in
clauses (i), (ii), (iii) and (iv) occurs and is continuing, the Trustee by
notice to the Company, or the Holders of at least 25% in outstanding principal
amount of the Securities by notice to the Company and the Trustee, may, and the
Trustee at the request of such Holders shall, declare the principal of, premium,
if any, and accrued and unpaid interest, if any, on all the Securities to be due
and payable.  Upon such a declaration, such principal, premium and
accrued and unpaid interest shall be immediately due and payable.  If
an Event of Default described in clause (v) above occurs and is continuing,
the principal of, premium, if any, and accrued and unpaid interest on all the
Securities will become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders.

     

    Securityholders may not enforce the
Indenture or the Securities except as provided in the Indenture.  The
Trustee may refuse to enforce the Indenture or the Securities unless it receives
reasonable indemnity or security.  Subject to certain limitations,
Holders of a majority in principal amount of the Securities may direct the
Trustee in its exercise of any trust or power.  The Trustee may
withhold from Securityholders notice of any continuing Default or Event of
Default (except a Default or Event of Default in payment of principal of,
premium, if any, or interest on any Security) if it determines in good faith
that withholding notice is in the interests of Securityholders.

     

    12.           Trustee Dealings with the
Company

     

    Subject to certain limitations set
forth in the Indenture, the Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the
same rights it would have if it were not Trustee.

     

    13.           No Recourse Against
Others

     

    An incorporator, director, officer,
employee, Affiliate or stockholder of the Company, solely by reason of this
status, shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation.  By accepting a
Security, each Securityholder waives and releases all such
liability.  The waiver and release are part of the consideration for
the issue of the Securities.

     

    

    
      
        
           

        

        
          B-7

          
            

          

        

        
           

        

      

    

     

     

    14.           Authentication

     

    This Security shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually signs the certificate of authentication on the other side of
this Security.

     

    15.           Abbreviations

     

    Customary abbreviations may be used in
the name of a Securityholder or an assignee, such as TEN COM (=tenants in
common), TEN ENT (=tenants by the entirety), JT B-7 TEN (=joint tenants with
rights of survivorship and not as tenants in common), CUST (=custodian) and
U/G/M/A (=Uniform Gift to Minors Act).

     

    16.           Cusip Numbers

     

    Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the
Company has caused CUSIP numbers to be printed on the Securities and has
directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Securityholders.  No representation is made as to the
accuracy of such numbers either as printed on the Securities or as contained in
any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

     

    17.           Governing
Law

     

    This Security shall be governed by, and
construed in accordance with, the laws of the State of
New York.

     

    The Company will furnish to any
Securityholder upon written request and without charge to the Securityholder a
copy of the Indenture which has in it the text of this
Security.  Requests may be made to:

     

    The Black
& Decker Corporation

    701 East
Joppa Road

    Towson,
Maryland 21286

    Attention:  Treasurer

     

    

    
      
        
           

        

        
          B-8

          
            

          

        

        
           

        

      

    

    

    ASSIGNMENT
FORM

     

    To assign
this Security, fill in the form below:

     

    I or we
assign and transfer this Security to

     

    _________________________________________

    (Print or
type assignee’s name, address and zip code)

     

    _________________________________

    (Insert
assignee’s soc. sec. or tax I.D. No.)

     

    and
irrevocably appoint ____________ agent to transfer this Security on the books of
the Company. The agent may substitute another to act for him.

     

    
    

    
      
        

        
          	
                  Date:

                	 
      	 
      	
                  Your
      Signature:

                	 	 
      

        

         

         

        
          	
                  Signature
      

                  Guarantee:

                	 
      
	 
      	
                  (Signature
      must be guaranteed)

                

        

         

        
          	 
      
	
                  Sign
      exactly as your name appears on the
      other side of this Security.

                

        

         

      

    

    The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program), pursuant to SEC
Rule 17Ad-15.

     

    

    
      
        
           

        

        
          B-9

          
            

          

        

        
           

        

      

    

    

    [TO BE
ATTACHED TO GLOBAL SECURITIES]

     

    SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

     

    The following increases or decreases in
this Global Security have been made:

     

    
      	
              Date
      of 

              Exchange

            	
              Amount
      of decrease in 

              Principal
      Amount of this 

              Global
      Security

            	
              Amount
      of increase in 

              Principal
      Amount of 

              this
      Global Security

            	
              Principal
      Amount of 

              this
      Global Security 

              following
      such decrease 

              or
      increase

            	
              Signature
      of authorized 

              signatory
      of Trustee or 

              Securities
      Custodian

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      

    

    

     

     

     

     

     

    B-10ex4-9.htm

    Exhibit
4.9

     

    
      

      

    

    
      
         

         

        
 

      

       

      BLACK
& DECKER HOLDINGS INC.,

      as
Issuer,

       

      THE
BLACK & DECKER CORPORATION,

      as
Guarantor

       

      AND

       

      THE
FIRST NATIONAL BANK OF CHICAGO,

       

      as
Trustee

       

      

       

      INDENTURE

       

      Dated
as of June 26, 1998

       

      

       

      $150,000,000

       

      6.55%
Senior Notes due 2007

       

      $150,000,000

       

      7.05%
Senior Notes due 2028

       

        
           

           

          
 

        

         

        
          

          

        

      

      
        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
 

      TABLE
OF CONTENTS

       

      Page

      
         

        ARTICLE
I

         

        DEFINITIONS
AND INCORPORATION BY REFERENCE

         

        
          	
                  SECTION
      1.1.

                	
                  Definitions

                	
                  1

                
	
                  SECTION
      1.2.

                	
                  Incorporation
      by Reference of TIA

                	
                  7

                
	
                  SECTION
      1.3.

                	
                  Rules
      of Construction

                	
                  8

                

        

         

        ARTICLE
II

         

        THE
TRANCHE A AND TRANCHE B NOTES

         

        
          	
                  SECTION
      2.1.

                	
                  Form
      and Dating

                	
                  8

                
	
                  SECTION
      2.2.

                	
                  Execution
      and Authentication

                	
                  9

                
	
                  SECTION
      2.3.

                	
                  Exchange
      Agent and Paying Agent

                	
                  10

                
	
                  SECTION
      2.4.

                	
                  Paying
      Agent To Hold Assets in Trust

                	
                  10

                
	
                  SECTION
      2.5.

                	
                  List
      of Holders

                	
                  10

                
	
                  SECTION
      2.6.

                	
                  Transfer
      and Exchange

                	
                  11

                
	
                  SECTION
      2.7.

                	
                  Replacement
      Notes

                	
                  14

                
	
                  SECTION
      2.8.

                	
                  Outstanding
      Notes

                	
                  14

                
	
                  SECTION
      2.9.

                	
                  Treasury
      Notes

                	
                  15

                
	
                  SECTION
      2.10.

                	
                  Temporary
      Notes

                	
                  15

                
	
                  SECTION
      2.11.

                	
                  Cancellation

                	
                  15

                
	
                  SECTION
      2.12.

                	
                  Defaulted
      Interest

                	
                  16

                
	
                  SECTION
      2.13.

                	
                  CUSIP
      and CINS Number

                	
                  16

                
	
                  SECTION
      2.14.

                	
                  Deposit
      of Moneys

                	
                  16

                
	
                  SECTION
      2.15.

                	
                  Certain
      Matters Relating to Global Notes.

                	
                  16

                

        

         

        ARTICLE
III

         

        REDEMPTION

         

        
          	
                  SECTION
      3.1.

                	
                  Optional
      Redemption

                	
                  17

                
	
                  SECTION
      3.2.

                	
                  Election
      to Redeem; Notice to Trustee

                	
                  17

                
	
                  SECTION
      3.3.

                	
                  Selection
      by Trustee of Notes to Be Redeemed

                	
                  17

                
	
                  SECTION
      3.4.

                	
                  Notice
      of Redemption

                	
                  17

                
	
                  SECTION
      3.5.

                	
                  Effect
      of Notice of Redemption

                	
                  19

                
	
                  SECTION
      3.6.

                	
                  Deposit
      of Redemption Price

                	
                  19

                
	
                  SECTION
      3.7.

                	
                  Notes
      Redeemed in Part

                	
                  19

                
	
                  SECTION
      3.8.

                	
                  Applicability
      of This Article

                	
                  19

                

        

         

         

        
          
            
            

          

          
            -i-

            
              

            

          

          
            
            

          

        

         

         

        ARTICLE
IV

         

        COVENANTS

         

        
          	
                  SECTION
      4.1.

                	
                  Payment
      of Notes

                	
                  20

                
	
                  SECTION
      4.2.

                	
                  Maintenance
      of Office or Agency

                	
                  20

                
	
                  SECTION
      4.3.

                	
                  Limitation
      on Liens

                	
                  21

                
	
                  SECTION
      4.4.

                	
                  Limitation
      on Sale-Leaseback Transactions

                	
                  21

                
	
                  SECTION
      4.5.

                	
                  No
      Lien Created, etc

                	
                  22

                
	
                  SECTION
      4.6.

                	
                  Compliance
      Certificate; Notice of Default

                	
                  22

                
	
                  SECTION
      4.7.

                	
                  Reports

                	
                  22

                
	
                  SECTION
      4.8.

                	
                  Payment
      of Certain Non-Income Taxes and Similar Charges

                	
                  22

                

        

         

        ARTICLE
V

         

        MERGER,
CONSOLIDATION OR SALE BY

        THE
COMPANY AND THE GUARANTOR

         

        
          	
                  SECTION
      5.1.

                	
                  Merger,
      Consolidation or Sale of All or Substantially All Assets of the
      Company

                	
                  23

                
	
                  SECTION
      5.2.

                	
                  Merger,
      Consolidation or Sale of All or Substantially All Assets of the
      Guarantor

                	
                  23

                

        

         

        ARTICLE
VI

         

        DEFAULT
AND REMEDIES

         

        
          	
                  SECTION
      6.1.

                	
                  Events
      of Default

                	
                  23

                
	
                  SECTION
      6.2.

                	
                  Acceleration

                	
                  25

                
	
                  SECTION
      6.3.

                	
                  Other
      Remedies

                	
                  25

                
	
                  SECTION
      6.4.

                	
                  Waiver
      of Past Defaults

                	
                  25

                
	
                  SECTION
      6.5.

                	
                  Control
      by Majority

                	
                  25

                
	
                  SECTION
      6.6.

                	
                  Limitation
      on Suits

                	
                  25

                
	
                  SECTION
      6.7.

                	
                  Rights
      of Holders to Receive Payment

                	
                  26

                
	
                  SECTION
      6.8.

                	
                  Collection
      Suit by Trustee

                	
                  26

                
	
                  SECTION
      6.9.

                	
                  Trustee
      May File Proofs of Claim

                	
                  26

                
	
                  SECTION
      6.10.

                	
                  Priorities

                	
                  26

                
	
                  SECTION
      6.11.

                	
                  Undertaking
      for Costs

                	
                  27

                

        

         

        ARTICLE
VII

         

        TRUSTEE

         

        
          	
                  SECTION
      7.1.

                	
                  Duties
      of Trustee

                	
                  27

                
	
                  SECTION
      7.2.

                	
                  Rights
      of Trustee, Subject to Section 7.1:

                	
                  28

                
	
                  SECTION
      7.3.

                	
                  Individual
      Rights of Trustee

                	
                  29

                
	
                  SECTION
      7.4.

                	
                  Trustee’s
      Disclaimer

                	
                  29

                
	
                  SECTION
      7.5.

                	
                  Notice
      of Default

                	
                  29

                
	
                  SECTION
      7.6.

                	
                  Report
      by Trustee to Holders

                	
                  30

                
	
                  SECTION
      7.7.

                	
                  Compensation
      and Indemnity

                	
                  30

                
	
                  SECTION
      7.8.

                	
                  Replacement
      of Trustee

                	
                  31

                
	
                  SECTION
      7.9.

                	
                  Successor
      Trustee by Merger, Etc.

                	
                  32

                
	
                  SECTION
      7.10.

                	
                  Eligibility;
      Disqualification; Corporate Trust Required; Conflicting
      Interest

                	
                  32

                
	
                  SECTION
      7.11.

                	
                  Preferential
      Collection of Claims Against Company

                	
                  33

                
	
                  SECTION
      7.12.

                	
                  Authenticating
      Agents

                	
                  33

                

        

         

         

        
          
            
            

          

          
            -ii-

            
              

            

          

          
            
            

          

        

         

         

        ARTICLE
VIII

         

        SATISFACTION
AND DISCHARGE OF INDENTURE

         

        
          	
                  SECTION
      8.1.

                	
                  Option
      To Effect Legal Defeasance or Covenant Defeasance

                	
                  35

                
	
                  SECTION
      8.2.

                	
                  Legal
      Defeasance and Discharge

                	
                  35

                
	
                  SECTION
      8.3.

                	
                  Covenant
      Defeasance

                	
                  35

                
	
                  SECTION
      8.4.

                	
                  Conditions
      to Legal or Covenant Defeasance

                	
                  36

                
	
                  SECTION
      8.5.

                	
                  Satisfaction
      and Discharge of Indenture

                	
                  37

                
	
                  SECTION
      8.6.

                	
                  Survival
      of Certain Obligations

                	
                  38

                
	
                  SECTION
      8.7.

                	
                  Acknowledgment
      of Discharge by Trustee

                	
                  38

                
	
                  SECTION
      8.8.

                	
                  Application
      of Trust Moneys

                	
                  38

                
	
                  SECTION
      8.9.

                	
                  Repayment
      to the Company; Unclaimed Money

                	
                  39

                
	
                  SECTION
      8.10.

                	
                  Reinstatement

                	
                  39

                

        

         

        ARTICLE
IX

         

        AMENDMENTS,
SUPPLEMENTS AND WAIVERS

         

        
          	
                  SECTION
      9.1.

                	
                  Without
      Consent of Holders of Notes

                	
                  39

                
	
                  SECTION
      9.2.

                	
                  With
      Consent of Holders of Notes

                	
                  40

                
	
                  SECTION
      9.3.

                	
                  Compliance
      with TIA

                	
                  41

                
	
                  SECTION
      9.4.

                	
                  Revocation
      and Effect of Consents

                	
                  41

                
	
                  SECTION
      9.5.

                	
                  Notation
      on or Exchange of Notes

                	
                  41

                
	
                  SECTION
      9.6.

                	
                  Trustee
      To Sign Amendments, Etc.

                	
                  41

                
	
                  SECTION
      9.7.

                	
                  Effect
      of Supplemental Indentures

                	
                  42

                

        

         

        ARTICLE
X

         

        GUARANTEES

         

        
          	
                  SECTION
      10.1.

                	
                  Guarantees

                	
                  42

                
	
                  SECTION
      10.2.

                	
                  Successors
      and Assigns

                	
                  43

                
	
                  SECTION
      10.3.

                	
                  No
      Waiver

                	
                  44

                
	
                  SECTION
      10.4.

                	
                  Modification

                	
                  44

                

        

         

        ARTICLE
XI

         

        MEETINGS
OF HOLDERS OF THE NOTES

         

        
          	
                  SECTION
      11.1.

                	
                  Purposes
      of Meetings

                	
                  44

                
	
                  SECTION
      11.2.

                	
                  Place
      of Meetings

                	
                  44

                
	
                  SECTION
      11.3.

                	
                  Call
      and Notice of Meetings

                	
                  44

                
	
                  SECTION
      11.4.

                	
                  Voting
      at Meetings

                	
                  45

                
	
                  SECTION
      11.5.

                	
                  Voting
      Rights, Conduct and Adjournment

                	
                  45

                
	
                  SECTION
      11.6.

                	
                  Revocation
      of Consent by Holders

                	
                  45

                
	
                  SECTION
      11.7.

                	
                  No
      Delay of Rights by Meeting

                	
                  46

                

        

         

         

        
          
            
            

          

          
            -iii-

            
              

            

          

          
            
            

          

        

         

         

        ARTICLE
XII

         

        MISCELLANEOUS

         

        
          	
                  SECTION
      12.1.

                	
                  TIA
      Controls

                	
                  46

                
	
                  SECTION
      12.2.

                	
                  Notices

                	
                  46

                
	
                  SECTION
      12.3.

                	
                  Notice
      to Holders

                	
                  47

                
	
                  SECTION
      12.4.

                	
                  Compliance
      Certificates and Opinions

                	
                  48

                
	
                  SECTION
      12.5.

                	
                  Form
      of Documents Delivered to Trustee

                	
                  48

                
	
                  SECTION
      12.6.

                	
                  Rules
      by Trustee, Paying Agent, Exchange Agent

                	
                  48

                
	
                  SECTION
      12.7.

                	
                  Non-Business
      Day

                	
                  49

                
	
                  SECTION
      12.8.

                	
                  Governing
      Law and Submission to Jurisdiction

                	
                  49

                
	
                  SECTION
      12.9.

                	
                  No
      Adverse Interpretation of Other Agreements

                	
                  49

                
	
                  SECTION
      12.10.

                	
                  Immunity
      of Incorporators, Stockholders, Employees, Officers and
      Directors

                	
                  49

                
	
                  SECTION
      12.11.

                	
                  Successors
      and Assigns

                	
                  49

                
	
                  SECTION
      12.12.

                	
                  Counterpart
      Originals

                	
                  49

                
	
                  SECTION
      12.13.

                	
                  Severability

                	
                  49

                
	
                  SECTION
      12.14.

                	
                  Table
      of Contents, Headings, etc.

                	
                  49

                
	
                  SECTION
      12.15.

                	
                  Benefits
      of Indenture

                	
                  49

                
	
                  SECTION
      12.16.

                	
                  Language
      of Notices, etc.

                	
                  50

                
	
                  SIGNATURES

                	 
      	
                  50

                

        

        
EXHIBITS

      

       

      
        	
                Exhibit
      A

              	
                –

              	
                Form
      of Tranche A Global Note

              
	
                Exhibit
      B

              	
                –

              	
                Form
      of Tranche A Definitive Note

              
	
                Exhibit
      C

              	
                –

              	
                Form
      of Tranche B Global Note

              
	
                Exhibit
      D

              	
                –

              	
                Form
      of Tranche B Definitive Note

              
	
                Exhibit
      E

              	
                –

              	
                Form
      of Transfer Certificate -- U.S. Global Note to Regulation S Global Note
      During the Restricted Period

              
	
                Exhibit
      F

              	
                –

              	
                Form
      of Transfer Certificate -- U.S. Global Note to Regulation S Global Note
      After the Restricted Period

              
	
                Exhibit
      G-1

              	
                –

              	
                Form
      of Transfer Certificate -- Regulation S Global Note to U.S. Global Note
      During the Restricted Period

              
	
                Exhibit
      G-2

              	
                –

              	
                Form
      of Transfer Certificate -- Regulation S Global Notes to U.S. Global Note
      After the Expiration of the Restricted Period

              
	
                Exhibit
      H

              	
                –

              	
                Form
      of Exchange Certificate -- Notes Acquired Pursuant to Rule
      144A

              
	
                Exhibit
      I

              	
                –

              	
                Form
      of Exchange Certificate -- Notes Acquired Pursuant to Regulation
      S

              

      

      

      NOTE:
This Table of Contents shall not, for any purpose, be deemed to be part of this
Indenture.

       

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

       

      CROSS-REFERENCE
TABLE

       

      
        	
                TIA
Section

              	 
      	
                Indenture

                Section

              
	 
      	 
      	 
      
	
                310

              	
                (a)(1)                                                                                                  

              	
                7.10

              
	 
      	
                (a)(2)                                                                                                  

              	
                7.10

              
	 
      	
                (a)(3)                                                                                                  

              	
                NA

              
	 
      	
                (a)(4)                                                                                                  

              	
                NA

              
	 
      	
                (a)(5)                                                                                                  

              	
                7.8;
      7.10

              
	 
      	
                (b)                                                                                                  

              	
                7.3;
      7.10

              
	 
      	
                (c)                                                                                                  

              	
                NA

              
	
                311

              	
                (a)                                                                                                  

              	
                7.11

              
	 
      	
                (b)                                                                                                  

              	
                7.11

              
	 
      	
                (c)                                                                                                  

              	
                NA

              
	
                312

              	
                (a)                                                                                                  

              	
                2.5

              
	 
      	
                (b)                                                                                                  

              	
                14.3

              
	 
      	
                (c)                                                                                                  

              	
                14.3

              
	
                313

              	
                (a)                                                                                                  

              	
                7.6

              
	 
      	
                (b)(1)                                                                                                  

              	
                NA

              
	 
      	
                (b)(2)                                                                                                  

              	
                7.6

              
	 
      	
                (c)                                                                                                  

              	
                7.6;

              
	 
      	
                (d)                                                                                                  

              	
                7.6

              
	
                314

              	
                (a)                                                                                                  

              	
                4.8;
      4.10; 14.2;

              
	 
      	 
      	
                14.4

              
	 
      	
                (b)                                                                                                  

              	
                NA

              
	 
      	
                (c)(1)                                                                                                  

              	
                7.2;
      14.4

              
	 
      	
                (c)(2)                                                                                                  

              	
                7.2;
      14.4

              
	 
      	
                (c)(3)                                                                                                  

              	
                NA

              
	 
      	
                (d)                                                                                                  

              	
                NA

              
	 
      	
                (e)                                                                                                  

              	
                14.5

              
	 
      	
                (f)                                                                                                  

              	
                NA

              
	
                315

              	
                (a)                                                                                                  

              	
                7.1(c)

              
	 
      	
                (b)                                                                                                  

              	
                7.5;
      14.2

              
	 
      	
                (c)                                                                                                  

              	
                7.1(a)

              
	 
      	
                (d)                                                                                                  

              	
                6.5;

              
	 
      	 
      	
                7.1(c)

              
	 
      	
                (e)                                                                                                  

              	
                6.11

              
	
                316

              	
                (a)(last
      sentence)                                                                                                  

              	
                2.9

              
	 
      	
                (a)(1)(A)                                                                                                  

              	
                6.5

              
	 
      	
                (a)(1)(B)                                                                                                  

              	
                6.4

              
	 
      	
                (a)(2)                                                                                                  

              	
                NA

              
	 
      	
                (b)                                                                                                  

              	
                6.7

              
	
                317

              	
                (a)(1)                                                                                                  

              	
                6.8

              
	 
      	
                (a)(2)                                                                                                  

              	
                6.9

              
	 
      	
                (b)                                                                                                  

              	
                2.4

              
	
                318

              	
                (a)                                                                                                  

              	
                14.1

              
	 
      	
                (c)                                                                                                  

              	
                14.1

              

      

      

      NA means
Not Applicable.

       

      NOTE:  This  Cross-Reference  Table
shall not, for any purpose, be deemed to be a part of this
Indenture.

       

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

       

       

      INDENTURE
dated as of June 26, 1998, among BLACK & DECKER HOLDINGS INC., a corporation
organized under the laws of Delaware (the “Company”), THE BLACK
& DECKER CORPORATION, a corporation organized under the laws of Maryland
(the “Guarantor”), and THE
FIRST NATIONAL BANK OF CHICAGO, a national banking association, as Trustee (the
“Trustee”).

       

      The
Company has duly authorized the creation of an issue of $150,000,000 6.55%
Senior Notes due 2007 (the “Tranche A Notes”) and
$150,000,000 7.05% Senior Notes due 2028 (the “Tranche B Notes” and
together with the Tranche A Notes, the “Notes”) and, to
provide therefor, the Company has duly authorized the execution and delivery of
this Indenture.

       

      The
Guarantor has duly  authorized the creation of the Guarantee of the
Notes and, to provide therefor, the Guarantor has duly authorized the execution
and delivery of this Indenture.

       

      The
Company, the Guarantor and the Trustee agree as follows for the benefit of each
other and for the equal and ratable benefit of the Holders of the
Notes:

       

       

      ARTICLE
I

       

      DEFINITIONS
AND INCORPORATION BY REFERENCE

      

      SECTION
1.1.  Definitions.  For
purposes of this Indenture, unless otherwise specifically indicated herein, the
term “consolidated” with respect to any Person refers to such Person
consolidated with Subsidiaries.  In addition,  for purposes
of the following definitions and this Indenture generally, all calculations and
determinations shall be made in accordance with U.S. GAAP and shall be based
upon the consolidated financial statements of the Guarantor and its subsidiaries
prepared in accordance with U.S. GAAP.  As used in this Indenture, the
following terms shall have the following meanings:

       

      “Additional Amounts”
shall have the meaning set forth in paragraph 2 of Exhibit A and Exhibit C
hereto.

       

      “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 purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise.

       

      “Agent” means any
Exchange Agent, Paying Agent, Authenticating Agent or co-Exchange
Agent.

       

      “Agent Members” shall
have the meaning set forth in Section 2.15.

       

      “Applicable
Procedures” shall have the meaning set forth in Section
2.6(a)(i)(1).

       

      “Attributable Debt”
for a lease means the carrying value of the capitalized rental obligation
determined under generally accepted accounting principles whether or not such
obligation is required to be shown on the balance sheet as a long-term
liability.  The carrying value may be reduced by the capitalized value
of the rental obligations, calculated on the same basis, that any sublessee has
for all or part of the sample property.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      “Authenticating Agent”
shall have the meaning set forth in Section 2.2.

       

      “Authorized Newspaper”
means a newspaper customarily published at least once a day for at least five
days in each calendar week and of general circulation in New York City and in
London and, if and so long as the Notes are listed on the Luxembourg Stock
Exchange and such Stock Exchange shall so require, in Luxembourg or, if it shall
be impracticable in the opinion of the Trustee to make such publication, in
another capital city in Western Europe.  Such publication (which may
be in different newspapers) is expected to be made in the Eastern edition of The
Wall Street Journal and in the London edition of the Financial Times, and, if
and so long as the Notes are listed on the Luxembourg Stock Exchange and such
Stock Exchange shall so require, in the Luxemburger Wort.

       

      “Bankruptcy Law” shall
have the meaning set forth in Section 6.1.

       

      “Board of Directors”
means, with respect to any Person, the board of directors of such Person or any
duly authorized committee thereof.

       

      “Board Resolution”
means, with respect to any Person, a resolution of the Board of Directors or of
a committee or person to which or to whom the Board of Directors has properly
delegated the appropriate authority, a copy of which has been certified by the
Secretary or an Assistant Secretary of the Person to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification and delivered to the Trustee.

       

      “Business Day” when
used with respect to any particular Place of Payment, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law to
close, and shall otherwise mean each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions, at the place where any
specified act pursuant to this Indenture is to occur, are authorized or
obligated by law to close.

       

      “Cedel” means Cedel
Bank, société anonyme.

       

      “Certificate of a Firm of
Independent Public Accountants” means a certificate signed by any firm of
independent public accountants of recognized standing selected by the Company or
the Guarantor.  The term “Independent” when used with respect to any
specified firm of public accountants means a firm that is or would be qualified
to act as the Company’s and the Guarantor’s accountants within the meaning of
Section 210.2-01 of Regulation S-X as promulgated by the SEC, and any successor
thereto.

       

      “Company” means the
party named as such in this Indenture until a successor replaces it pursuant to
this Indenture and thereafter means such successor.

       

      “Company Order” means
a written order or request signed in the name of the Company by (1) the Chairman
of the Board, the Vice Chairman of the Board, the President or any Vice
President of the Company and by a Director, the Treasurer, an Assistant
Treasurer, the Controller, an Assistant Controller, the Secretary or an
Assistant Secretary of the Company or (2) any two Persons designated in a
Company Order previously delivered to the Trustee by any two of the foregoing
officers and delivered to the Trustee.

       

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

       

      “Consolidated Net Tangible
Assets” means total assets less (1) total current liabilities (excluding
any Debt which, at the option of the borrower, is renewable or extendible to a
term exceeding 12 months and which is included in current liabilities and
further excluding any deferred income taxes which are included in current
liabilities) and (2) goodwill, patents, trademarks and other like intangibles,
all as stated on the Guarantor’s most recent quarter-end consolidated balance
sheet preceding the date of determination.

       

      “Corporate Trust
Office” means the address of the Trustee specified in Section
12.2.

       

      “Covenant Defeasance”
shall have the meaning set forth in Section 8.3.

       

      “Custodian” shall have
the meaning set forth in Section 6.1.

       

      “Debt” means any debt
for borrowed money (including the Notes), capitalized lease obligations and
purchase money obligations, or any guarantee of such debt, in any such case
which would appear on the consolidated balance sheet of the Guarantor as a
liability.

       

      “Default” means any
event that is or with the passage of time or the giving of notice or both would
be an Event of Default.

       

      “Default Interest Payment
Date” shall have the meaning set forth in Section 2.12.

       

      “Definitive Notes”
means the Tranche A Notes and the Tranche B Notes in definitive form
substantially in the form of Exhibit B and Exhibit D, respectively.

       

      “Depositary” means the
book-entry depositary or its nominee or the custodian of either, designated by
the Company in the Depositary Agreement until a successor depositary shall have
become such pursuant to applicable provisions of the Depositary Agreement, and
thereafter “Depositary” shall mean such successor book-entry depositary or its
nominee or the custodian of either.

       

      “Depositary Agreement”
means the Note Depositary Agreement dated as of the date of this Indenture
between the Depositary, the Company and the Guarantor.

       

      “Distribution” shall
mean, with respect to any Note, any principal, premium, if any, interest,
Additional Amounts, if any, or any other payments or distributions in respect of
such Note.

       

      “DTC” means The
Depository Trust Company or its successors.

       

      “Euroclear Operator”
means Morgan Guaranty Trust Company of New York (Brussels office), as operator
of the Euroclear System.

       

      “Event of Default”
shall have the meaning set forth in Section 6.1.

       

      “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the SEC promulgated thereunder.

       

      “Exchange Agent” shall
have the meaning set forth in Section 2.3.

       

      “Exempted Debt” means
the sum, without duplication, of the following items outstanding as of the date
Exempted Debt is being determined:  (i) Debt incurred after the date
of this Indenture and secured by liens created or assumed or permitted to exist
pursuant to Section 4.3(b), and (ii) Attributable Debt of the Guarantor and its
Subsidiaries in respect of all sale and lease-back transactions with regard to
any Principal Property entered into pursuant to Section 4.4(b).

       

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

       

      “First Chicago” means
The First National Bank of Chicago.

       

      “Funded Debt” means
all Debt having a maturity of more than one year from the date of its creation
or having a maturity of less than one year but by its terms being renewable or
extendible, at the option of the obligor in respect thereof, beyond one year
from its creation.

       

      “Global Note” means a
security evidencing all or a part of the Tranche A Notes or the Tranche B Notes
deposited with the Depositary in accordance with Section 2.1 and substantially
in the form of Exhibit A and Exhibit C, respectively.

       

      “Government
Securities” means securities that are (i) direct obligations of the
United States of America for the timely payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America the
timely payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of principal or interest on any such Government Securities
held by such custodian for the account of the holder of such depository receipt;
provided, however, that such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the Government Securities or the specific payment of principal or
interest on the Government Securities evidenced by such depository
receipt.

       

      “guarantee” means a
guarantee (other than by endorsement of negotiable instruments for collection in
the ordinary course of business), direct or indirect, in any manner (including,
without limitation, letters of credit and reimbursement agreements in respect
thereof), of all or any part of any Debt or other obligations.

       

      “Guarantees” shall
have the meaning set forth in Section 10.1.

       

      “Guarantor” shall have
the meaning set forth in the preamble of this Indenture until one or more
successor corporations shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter means such successors.

       

      “Guarantor Order”
means a written order signed in the name of the Guarantor by (1) the Chairman of
the Board, the Vice Chairman of the Board, the President or any Vice President
of the Guarantor and by the Treasurer, an Assistant Treasurer, the Controller,
an Assistant Controller, the Secretary or an Assistant Secretary of the
Guarantor or (2) any two Persons designated in a Guarantor Order previously
delivered to the Trustee by any two of the foregoing officers and delivered to
the Trustee.

       

      “Holder” means, with
respect to a particular tranche of Notes (i) for so long as the Notes of such
tranche are represented by Global Notes, the bearer thereof which shall
initially be the Depositary and (ii) in the event that Definitive Notes of such
tranche are issued, the person in whose name a Definitive Note of such tranche
is registered on the Exchange Agent’s books.

       

      “Indenture” means this
Indenture, as amended, modified or supplemented from time to time in accordance
with the terms hereof, including the terms of the Notes.

       

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

       

       

      “Initial Purchasers”
means Lehman Brothers Inc., Citicorp Securities, Inc., Nationsbanc Montgomery
Securities LLC and Chase Securities Inc.

       

      “Interest Payment
Date” means, with respect to a particular tranche of Notes the stated
maturity of an installment of interest on the Notes of such
tranche.

       

      “Issuance Date” means
the closing date for the sale and issuance of the Notes under this Indenture,
which is expected to be on or about June 26, 1998.

       

      “Legal Defeasance”
shall have the meaning set forth in Section 8.2.

       

      “Maturity Date” means
July 1, 2007 with respect to the Tranche A Notes and July 1, 2028 with respect
to the Tranche B Notes.

       

      “Notes” shall have the
meaning set forth in the preamble of this Indenture.

       

      “Notice of Default”
shall have the meaning set forth in Section 6.1.

       

      “Offering” means the
offering of the Notes described in the Offering Memorandum.

       

      “Offering Memorandum”
means the final offering memorandum of the Company, dated June 23, 1998 pursuant
to which the Notes were sold.

       

      “Officer” means, with
respect to any Person (other than any Agent), the Chairman of the Board, the
Vice Chairman of the Board, the President, any Vice President, the Treasurer or
the Secretary of such Person (and with respect to the Company, a director
thereof).

       

      “Officers’
Certificate” means a certificate signed (i) in the case of the Company,
on behalf of the Company by two Officers of the Company or by an Officer and an
Assistant Treasurer or an Assistant Secretary and (ii) in the case of the
Guarantor, on behalf of the Guarantor by two Officers of the Guarantor or by an
Officer and an Assistant Treasurer or Assistant Secretary, in each case that
meets the requirements of Sections 12.4 and 12.5.

       

      “Opinion of Counsel”
means a written opinion from legal counsel (including, if applicable, tax
counsel) which and who are reasonably acceptable to, and addressed to, the
Trustee complying with the requirements of Sections 12.4 and
12.5.  Unless otherwise required by the TIA, the legal counsel may be
an employee of or counsel to the Company, the Guarantor or the
Trustee.

       

      “Paying Agent” shall
have the meaning set forth in Section 2.3.

       

      “Paying Agent
Agreement” shall have the meaning set forth in Section 2.3.

       

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

       

      “Place of Payment,”
when used with respect to the Notes means the place or places where the
principal, premium, if any, interest and Additional Amounts, if any, on the
Notes are payable, as contemplated by Section 2.3.

       

      “Principal Property”
means land, land improvements, buildings and associated factory and laboratory
equipment owned or leased pursuant to a capital lease and used by the Guarantor
or any Subsidiary primarily for manufacturing, assembling, processing,
producing, packaging or storing its products, raw materials, inventories or
other materials and supplies located in the United States and having an
acquisition cost plus capitalized improvements in excess of 2% of Consolidated
Net Tangible Assets as of the date of determination, but shall not include any
such property financed through the issuance of tax exempt governmental
obligations, or any such property that has been determined by Board Resolution
of the Guarantor not to be of material importance to the respective businesses
conducted by the Guarantor and its Subsidiaries taken as a whole, effective as
of the date such resolution is adopted.

       

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

       

      “Private Placement
Legend” means the legend initially set forth on the Notes in the form set
forth on Exhibit A, B, C and D.

       

      “Record Date” means,
with respect to Definitive Notes, a particular tranche of Notes, the Record
Dates specified in the Notes of such tranche.

       

      “Redemption Date” when
used with respect to any Note of a particular tranche to be redeemed, means the
date fixed for such redemption pursuant to this Indenture and Paragraphs 7 and 8
of the Notes of such tranche.

       

      “Redemption Price”
when used with respect to any Note of a particular tranche to be redeemed, means
the price fixed for such redemption pursuant to this Indenture and Paragraphs 7
and 8 of the Notes of such tranche, which shall include accrued and unpaid
interest thereon and Additional Amounts, if any, to the Redemption
Date.

       

      “Regulation S” means
Regulation S under the Securities Act.

       

      “Regulation S
Certificate” shall have the meaning set forth in Section
2.6(a)(i)(3)(a).

       

      “Regulation S Global
Notes” shall have the meaning set forth in Section 2.1.

       

      “Regulation S Notes”
shall have the meaning set forth in Section 2.1.

       

      “Release Date” shall
have the meaning set forth in Section 2.6(a)(i)(3)(a).

       

      “Restricted Period”
means the period of 40 consecutive days beginning on and including the first day
after the Issuance Date.

       

      “Rule 144A” means Rule
144A under the Securities Act.

       

      “SEC” means the United
States  Securities  and Exchange Commission.

       

      “Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder.

       

      “Subsidiary” means a
corporation a majority of the Voting Stock of which is owned by (i) the
Guarantor, (ii) the Guarantor and one or more Subsidiaries, or (iii) one or more
Subsidiaries.

       

      “TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. ss.ss. 77aaa-77bbbb), as it may be amended from
time to time.

       

      “Tranche A Notes”
shall have the meaning set forth in the preamble to this Indenture.

       

      “Tranche B Notes”
shall have the meaning set forth in the preamble to this Indenture.

       

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

       

      “Trust Officer” means
any officer within the corporate trust department (or any successor group of the
Trustee), including any vice president,  assistant vice
president,  corporate trust officer, assistant corporate trust
officer, assistant secretary or any other officer or assistant officer of the
Trustee customarily performing functions similar to those performed by the
persons who at that time shall be such officers, and also means, with respect to
a particular corporate trust matter, any other officer to whom such trust matter
is referred because of his or her knowledge of and familiarity with the
particular subject.

       

      “Trustee” means the
party named as such in this Indenture until a successor replaces it in
accordance with the provisions of this Indenture and thereafter means such
successor.

       

      “U.S. GAAP” means
generally accepted accounting principles in the United States as have been
approved by a significant segment of the U.S. accounting profession, which are
in effect at the time of each application for determining compliance with the
covenants pursuant to Article IV.  For the purposes of this Indenture,
the term “consolidated” with respect to any Person shall mean such Person
consolidated with its Subsidiaries.

       

      “United States” means
the United States of America, but excluding the Commonwealth of Puerto Rico, the
Virgin Islands and other territories and possessions thereof.

       

      “U.S. Global Notes”
shall have the meaning set forth in Section 2.1.

       

      “U.S. Note” shall have
the meaning set forth in Section 2.1.

       

      “U.S. Persons” has the
meaning given in Regulation S under the Securities Act.

       

      “Voting Stock” means
capital stock having voting power under ordinary circumstances to elect
directors.

       

      SECTION
1.2.  Incorporation by Reference
of TIA.  Except as set forth in 7.6, this Indenture is subject
to the mandatory provisions of the TIA which are incorporated by reference in,
and made a part of, this Indenture.  The following TIA terms used in
this Indenture have the following meanings:

       

      “Commission”
means the SEC;

       

      “indenture
securities” means the Notes and the Guarantees;

       

      “indenture
security holder” means a Holder;

       

      “indenture
to be qualified” means this Indenture;

       

      “indenture
trustee” or “institutional trustee” means the Trustee; and

       

      “obligor”
on the indenture securities means the Company, the Guarantor or any other
obligor on the indenture securities.

       

      All other
TIA terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule and not otherwise defined
herein have the meanings assigned to them therein.

       

       

      
        
          
          

        

        
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      SECTION
1.3.  Rules
of Construction.  Unless the context otherwise
requires:

       

      (a)  a
term has the meaning assigned to it;

       

      (b)  an
accounting term not otherwise defined has the meaning assigned to it in
accordance with U.S. GAAP;

       

      (c)  “or”
is not exclusive;

       

      (d)  words
in the singular include the plural, and words in the plural include the
singular;

       

      (e)  provisions
apply to successive events and transactions; and

       

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

       

       

      ARTICLE
II

       

      THE
TRANCHE A AND TRANCHE B NOTES

       

      SECTION
2.1.  Form
and Dating.  The Tranche A Notes and the notation relating to
the Trustee’s certificate of authentication shall be substantially in the form
of Exhibits A or B, as applicable, and the Tranche B Notes and the notation
relating to the Trustee’s certificate of authentication shall be substantially
in the form of Exhibits C or D, as applicable.  The Notes may have
notations, legends or endorsements required by law, stock exchange rule or
usage.  The Company and the Trustee shall approve the form of the
Notes and any notation, legend or endorsement on them.  Each Note
shall be dated the date of its issuance and shall show the date of its
authentication.

       

      The terms
and provisions contained in the Notes, annexed hereto as Exhibits A, B, C and D
shall constitute, and are hereby expressly made, a part of this Indenture and,
to the extent applicable, the Company, the Guarantor and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby.  The Notes will initially be
represented by the Global Notes.

       

      The
Tranche A Notes and Tranche B Notes, if any, offered and sold in their initial
distribution in reliance on Regulation S shall be initially issued as a single
note, with respect to each tranche, in global bearer form without interest
coupons, substantially in the form of Exhibit A (in respect of Tranche A Notes)
or Exhibit C (in respect of Tranche B Notes) hereto, with such applicable
legends as are provided in Exhibit A or Exhibit C hereto, as applicable, except
as otherwise permitted herein.  It is understood that such Global
Notes, if any, shall be deposited initially with the Depositary pursuant to the
terms of the Depositary Agreement, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  Such Global
Notes shall be referred to herein as the “Regulation S Global
Notes”.  The aggregate principal amount of each Regulation S Global
Note may from time to time be increased or decreased by adjustments made by
annotation or endorsement thereon by the Company or by the Trustee, the
Depositary or a custodian of either on behalf of the Company (or by the issue of
a further Regulation S Global Notes), in connection with a corresponding
decrease or increase in the aggregate principal amount of the U.S. Global Note
of the same tranche or in consequence of the issue of Definitive Notes or
additional Regulation S Notes, as hereinafter provided.  The
Regulation S Global Notes and all other Notes that are not U.S. Global Notes
shall collectively be referred to herein as the “Regulation S
Notes”.

       

       

      
        
          
          

        

        
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      The
Tranche A Notes and Tranche B Notes, if any, offered and sold in their initial
distribution in reliance on Rule 144A shall be initially issued as a single
note, with respect to each tranche, in global bearer form without interest
coupons, substantially in the form of Exhibit A (in respect of Tranche A) or
Exhibit C (in respect of Tranche B) hereto, with such applicable legends as are
provided in Exhibit A and Exhibit C hereto, as applicable, except as otherwise
permitted herein.  It is understood that such Global Notes, if any,
shall be deposited initially with the Depositary pursuant to the terms of the
Depositary Agreement, duly executed by the Company and authenticated by the
Trustee as hereinafter provided.  Such Global Notes shall be referred
to herein as the “U.S. Global  Notes”.  The aggregate
principal amount of each U.S. Global Note may from time to time be increased or
decreased by adjustments made by annotation or endorsement thereon by the
Company or by the Trustee, the Depositary or a custodian of either on behalf of
the Company (or by the issue of a further U.S. Global Notes), in connection with
a corresponding decrease or increase in the aggregate principal amount the
Regulation S Global Note of the same tranche or in consequence of the issue of
Definitive Notes or additional U.S. Notes, as hereinafter
provided.  The U.S. Global Notes and all other Notes evidencing the
debt, or any portion of the debt, initially evidenced by such U.S. Global Notes,
other than Notes transferred or exchanged upon certification as provided in
Section 2.6(a)(i)(1), (2) or (4), shall collectively be referred to herein as
the “U.S. Notes.”

       

      SECTION
2.2.  Execution and
Authentication.  The Notes shall be executed on behalf of the
Company by two Officers by manual or facsimile signature.  The Notes
shall be so executed under the corporate seal (which may be in facsimile form)
of the Company reproduced thereon.

       

      If an
Officer whose signature is on a Note was an Officer at the time of such
execution but no longer holds that office or position at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless.

       

      A Note
shall not be valid until an authorized signatory of the Trustee manually signs
the certificate of authentication on the Note.  The signature shall be
conclusive evidence that the Note has been authenticated under this
Indenture.

       

      The
Trustee shall authenticate Tranche A Notes for original issue in the aggregate
principal amount of $150,000,000 and Tranche B Notes for an original issue in
the aggregate principal amount of $150,000,000, in each case upon receipt of a
Company Order and Guarantor Order, each in the form of an Officers’
Certificate.  The Officers’ Certificate shall specify the amount of
Tranche A Notes and Tranche B Notes to be authenticated, the type of Notes and
the date on which the Notes of each tranche are to be authenticated, whether the
Notes of each tranche are to be Definitive Notes or Global Notes and whether or
not the Notes of each tranche shall bear the Private Placement Legend, or such
other information as the Trustee may reasonably request.  The
aggregate principal amount of Tranche A Notes outstanding at any time may not
exceed $150,000,000 and the aggregate principal amount of Tranche B Notes
outstanding at any one time may not exceed $150,000,000 except, in each case, as
provided in Section 2.7.  Upon receipt of a Company Order, the Trustee
shall authenticate Notes in substitution of Notes originally issued to reflect
any name change of the Company.

       

      The
Trustee may appoint an authenticating agent (“Authenticating
Agent”) reasonably acceptable to the Company and the Guarantor to
authenticate Notes.  Unless otherwise provided  in the
appointment, an Authenticating Agent may authenticate Notes whenever the Trustee
may do so.  Each reference in this Indenture to authentication by the
Trustee includes authentication by such Authenticating Agent.  An
Authenticating Agent has the same rights as an Agent to deal with the Company,
the Guarantor and Affiliates of the Company and the Guarantor.  The
Trustee hereby appoints The First National Bank of Chicago to be the
Authenticating Agent on the Issuance Date.  The Notes shall be
issuable only in denominations of $1,000 and any multiple
thereof.  The Global Notes shall be in bearer form without coupons and
the Definitive Notes shall be in registered form.

       

       

      
        
          
          

        

        
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      SECTION
2.3.  Exchange Agent and Paying
Agent.  The Company shall maintain (a) an office or agency in
the United States, where (a) Global Notes may be presented or surrendered for
transfer or for exchange pursuant to Section 2.6 (the “Exchange Agent”), (b)
Global Notes may be presented or surrendered for payment (“Paying Agent”) and
(c) notices and demands in respect of such Global Notes and this Indenture may
be served.  In the event that Definitive Notes are issued, (x)
Definitive Notes may be presented or surrendered for registration of transfer or
for exchange, (y) Definitive Notes may be presented or surrendered for payment
and (z) notices and demands in respect of the Definitive Notes and this
Indenture may be served at an office of the Exchange Agent or the Paying Agent,
as applicable, in the Borough of Manhattan, The City of New York.  In
the event that Definitive Notes are issued, the Exchange Agent shall keep a
register of the Notes and of their transfer and exchange.  The
Company, upon notice to the Trustee, may have one or more co-Exchange Agents and
one or more additional Paying Agents reasonably acceptable to the
Trustee.  The term “Exchange Agent” includes any co-Exchange Agent and
the term “Paying Agent” includes any additional Paying Agent.  The
Company is initially appointing First Chicago Trust Company of New York as
Exchange Agent and Paying Agent pursuant to the Paying Agent Agreement dated as
of June 26, 1998, among the Company, the Guarantor and the Paying Agent (the
“Paying Agent
Agreement”) until such time as First Chicago Trust Company of New York
has resigned or a successor has been appointed.  The Company may
change any Exchange Agent or Paying Agent without notice to any
Holder.  The Company may appoint the Guarantor to act as Exchange
Agent or Paying Agent, except that for purposes of a redemption pursuant to
paragraph 7 and 8 of the Notes, none of the Company, the Guarantor and any
Affiliate of the Company or Guarantor, may act as Paying Agent.  If
Definitive Notes are issued, the Company will appoint Kredietbank S.A.
Luxembourgeoise, or such other Person located in Luxembourg and reasonably
acceptable to the Trustee, as an additional paying and transfer
agent.  Upon the issuance of Definitive Notes, Holders will be able to
receive principal, premium, if any, interest and Additional Amounts, if any, on
the Notes and will be able to transfer Definitive Notes at the Luxembourg office
of such paying and transfer agent, subject to the right of the Company or the
Guarantor to mail payments in accordance with the terms of this
Indenture.  In all circumstances, the Company shall ensure that the
Paying Agent shall be located outside the United Kingdom.

       

      SECTION
2.4.  Paying
Agent To Hold Assets in Trust.  The Company shall require each
Paying Agent other than the Trustee to agree in writing that each Paying Agent
shall hold in trust for the benefit of Holders or the Trustee all assets held by
the Paying Agent for the payment of principal, premium, if any, interest and
Additional Amounts, if any, on the Notes, and shall notify the Trustee of any
Default by the Company in making any such payment.  The Company at any
time may require a Paying Agent to distribute all assets held by it to the
Trustee and account for any assets disbursed and the Trustee may at any time
during the continuance of any payment Default, upon written request to a Paying
Agent, require such Paying Agent to distribute all assets held by it to the
Trustee and to account for any assets distributed.  Upon distribution
to the Trustee of all assets that shall have been delivered by the Company to
the Paying Agent, the Paying Agent shall have no further liability for such
assets.

       

      SECTION
2.5.  List
of Holders.  In the event Definitive Notes are issued, the
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of
Holders.  If the Trustee is not the Exchange Agent, the Company shall
furnish to the Trustee before each Record Date and at such other times as the
Trustee may request in writing a list as of such date and in such form as the
Trustee may reasonably require of the names and addresses of Holders, which list
may be conclusively relied upon by the Trustee.

       

       

      
        
          
          

        

        
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      SECTION
2.6.  Transfer and
Exchange.  (a)  The following procedures and
restrictions shall not apply with respect to Notes of a particular tranche
transferred or exchanged for the account of a Person who is not an Affiliate of
the Company at the time of the transfer or exchange and has not been an
Affiliate during the preceding three months, provided a period of at least two
years has elapsed since the later of the date the Notes of such tranche were
acquired from the Company or from an Affiliate of the Company.

       

      (i)           Notwithstanding
any other provisions of this Indenture or the Notes, transfers and exchanges, of
any whole or part of a Global Note of the kinds described in clauses (1), (2),
(3), (4) and (5) below and exchanges of any whole or part of Global Notes or of
other Notes as described in clause (6) below, shall be made only in accordance
with this Section 2.6(a), and all transfers of any whole or part of Regulation S
Global Notes, if any, shall comply with clause (7) below.

       

      (1)  Transfers of U.S. Global
Note to Regulation S Global Note During the Restricted
Period.  If the Holder of a  U.S. Global Note of a
particular tranche wishes at any time during the Restricted Period to transfer,
in whole or in part, a portion of such Note to the applicable Regulation S
Global Note, such transfer may be effected, subject to the rules and procedures
of DTC, the Euroclear Operator and Cedel, to the extent applicable (the “Applicable
Procedures”), only in accordance with the provisions of this Section
2.6(a)(i)(1).  Upon receipt by the Trustee of a certificate in
substantially the form set forth in Exhibit E, the Trustee shall present the
relevant Global Notes to the Company or its agent to reduce the principal amount
of the applicable U.S. Global Note and to increase the principal amount of the
applicable Regulation S Global Note, by the principal amount of the portion of
the U.S. Global Note to be so transferred, by annotation thereon.

       

      (2)  Transfers of U.S. Global
Note to Regulation S Global Note After the Expiration of the Restricted
Period.  If the Holder of a U.S. Global Note of a particular
tranche wishes at any time after the expiration of the Restricted Period to
transfer, in whole or in part, a portion of such Note to the applicable
Regulation S Global Note, such transfer may be effected, subject to the
Applicable Procedures, only in accordance with this Section
2.6(a)(i)(2).  Upon receipt by the Trustee of a certificate in
substantially the form set forth in Exhibit F, the Trustee shall present the
relevant Global Notes to the Company or its agent to reduce the principal amount
of the applicable U.S. Global Note, and to increase the principal amount of the
applicable Regulation S Global Note, by the principal amount of the portion of
the U.S. Global Notes to be so transferred, by annotation thereon.

       

      (3)  Transfers of Regulation S
Global Note to U.S. Global Note During the Restricted Period; Transfers of
Regulation S Global Note to U.S. Global Note After Restricted
Period.  (a) If the Holder of a Regulation S Global Note of a
particular tranche wishes at any time during the Restricted Period to transfer,
in whole or in part, a portion of such Note to the applicable U.S. Global Note,
such transfer may be effected, subject to the Applicable Procedures, only in
accordance with this Section 2.6(a)(i)(3)(a).  Upon receipt by the
Trustee with respect to a transfer of such Regulation S Global Note during the
Restricted Period (but not after the expiration of the Restricted Period) of a
certificate in substantially the form set forth in Exhibit G-1, the Trustee
shall present the relevant Global Notes to the Company or its agent to reduce
the principal amount of the applicable Regulation S Global Note, and to increase
the principal amount of the applicable U.S. Global Notes, by the principal
amount of the portion of the Regulation S Global Note to be so transferred, by
annotation thereon.

       

       

      
        
          
          

        

        
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      (b)  If
the Holder of a Regulation S Global Note of a particular tranche wishes at any
time after the expiration of the Restricted Period to transfer, in whole or in
part, a portion of such Note to the applicable U.S. Global Note, such transfer
may be effected, subject to the Applicable Procedures, only in accordance with
this Section 2.6(a)(i)(3)(b).  Upon receipt by the Trustee of a
certificate in substantially the form set forth in Exhibit G-2, the Trustee
shall present the relevant Global Notes to the Company or its agent to reduce
the principal amount of the applicable Regulation S Global Note, and to increase
the principal amount of the applicable U.S. Global Note, by the principal amount
of the portion of the Regulation S Global Note to be so transferred, by
annotation thereon.

       

      (4)  Exchanges of U.S. Global
Note for Regulation S Global Note.  If the Holder of a U.S.
Global Note of a particular tranche wishes at any time to exchange, in whole or
in part, a portion of such Note to the applicable Regulation S Global Note, such
exchange may be effected, subject to the Applicable Procedures, only in
accordance with the provisions of this Section 2.6(a)(i)(4).  Upon
receipt by the Trustee of a certificate in substantially the form set forth in
Exhibit H, the Trustee shall present the relevant Global Notes to the Company or
its agent to reduce the principal amount of the applicable U.S. Global Note, and
to increase the principal amount of the applicable Regulation S Global Note, by
the principal amount of the portion of the U.S. Global Note to be so exchanged,
by annotation thereon.

       

      (5)  Exchanges of Regulation S
Global Note for U.S Global Note.  If the Holder of a Regulation
S Global Note of a particular tranche wishes at any time to exchange, in whole
or in part, a portion of such Note to the applicable U.S. Global Note, such
exchange may be effected, subject to the Applicable Procedures, only in
accordance with the provisions of this Section 2.6(a)(i)(5).  Upon
receipt by the Trustee of a certificate in substantially the form set forth in
Exhibit I, the Trustee shall present the relevant Global Notes to the Company or
its agent to reduce the principal amount of the applicable Regulation S Global
Note, and to increase the principal amount of the applicable U.S. Global Note,
by the principal amount of the portion of the Regulation S Global Note to be so
exchanged, by annotation thereon.

       

      (6)  Other Exchanges.  In the
event that any Global Note or any portion thereof is exchanged for Notes in
definitive form pursuant to Section 2.6(c) hereof, such Definitive Notes may in
turn be exchanged (on transfer or otherwise) for other Definitive Notes and only
in accordance with such procedures, which shall be substantially consistent with
the provisions of clauses (1) through (5) above and (7) below (including the
certification requirements intended to ensure that transfers and exchanges of
portions of a Note comply with Rule 144A or Regulation S, as the case may be)
and any Applicable Procedures, as may from time to time be adopted by the
Company and the Exchange Agent.

       

      (7)  Interests in Regulation S Global Note to be
Held Through the Euroclear Operator or Cedel.  Until the
expiration of the Restricted Period, interests in a Regulation S Global Note may
be held only through the Euroclear Operator and Cedel.

       

      (ii)           Each
U.S. Note issued hereunder shall, upon issuance, bear the legend set forth on
the form of the Note attached hereto as Exhibit A, B, C and D and such legend
shall not be removed from such Note except as provided in the next
sentence.  The legend required for a U.S. Note of a particular tranche
may be removed from such U.S. Note if there is delivered to the Company such
satisfactory evidence, which may include an opinion of independent U.S. counsel,
as may be reasonably required by the Company, that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that transfers
of such Note will not violate the registration requirements of the Securities
Act.  Upon provision of such satisfactory evidence, the Trustee, at
the direction of the Company, shall authenticate and deliver in exchange for
such Note another Note or Notes having an equal aggregate principal amount that
does not bear such legend.  If such a legend required for a U.S. Note
has been removed from a U.S. Note as provided above, no other Note issued in
exchange for all or any part of such Note shall bear such legend, unless the
Company has reasonable cause to believe that such other Note is a “restricted
security” within the meaning of Rule 144 and instructs the Trustee to cause a
legend to appear thereon.

       

       

      
        
          
          

        

        
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      (b)  Transfer
of any Global Note shall be by delivery.  Each Global Note of a
tranche authenticated under this Indenture shall be in bearer form and it is
understood that such Global Note will initially be delivered to the Depositary
or a nominee or custodian therefor, and each such Global Note of such tranche
shall constitute a single Note for all purposes of this Indenture.

       

      (c)  All
Global Notes of a particular tranche shall be exchanged by the Company (with
authentication by the Trustee) for one or more Definitive Notes of the same
tranche free of charge, substantially in the form of Exhibit B (in respect of
Tranche A Notes) or Exhibit D (in respect of Tranche B Notes), if, for such
tranche of Notes, (a) DTC (i) has notified the Company that it is unwilling or
unable to continue as, or ceases to be, a clearing agency registered under the
Exchange Act and (ii) a successor to DTC registered as a clearing agency under
the Exchange Act is not able to be appointed by the Company within 90 days of
such notification, (b) for so long as the Depositary is the Holder, such
circumstances as set out in Section 2.4 of the Depositary Agreement have
occurred or (c) at any time at the option of the Company.  If an Event
of Default with respect to a particular tranche of Notes occurs and is
continuing, the Company shall, at the request of the Holder thereof, exchange
all or part of a Global Note of such tranche for one or more Definitive Notes of
the same tranche (with authentication by the Trustee),  substantially
in the form of Exhibit B (in respect of Tranche A Notes) or Exhibit D (in
respect of Tranche B Notes); provided, however, that the
principal amount at maturity of such Definitive Notes and such Global Note after
such exchange shall be $1,000 or multiples thereof.  Whenever all of a
Global Note is exchanged for one or more Definitive Notes, it shall be
surrendered by the Holder thereof to the Trustee for
cancellation.  Whenever a part of a Global Note is exchanged for one
or more Definitive Notes the Global Note shall be surrendered by the Holder
thereof to the Trustee who shall cause an adjustment to be made to Schedule A of
such Global Note such that the principal amount of such Global Note will be
equal to the portion of such Global Note not exchanged and shall thereafter
return such Global Note to such Holder.  All Definitive Notes issued
in exchange for a Global Note or any portion thereof shall be registered in such
names as the Depositary shall instruct the Trustee based on the instructions of
DTC.  Every Note authenticated and delivered in exchange for or in
lieu of a Global Note, or any portion thereof, pursuant to Section 2.6(a), 2.7,
2.10 or 3.7 hereof or otherwise, shall be authenticated and delivered in the
form of, and shall be, a Global Note.  A Global Note may not be
exchanged for a Definitive Note other than as provided in this Section
2.6(c).

       

      (d)  Definitive
Notes of a particular tranche shall be transferable only upon the surrender of a
Definitive Note of the same tranche for registration of
transfer.  When a Definitive Note is presented to the Exchange Agent
or a co-Exchange Agent with a request to register a transfer, the Exchange Agent
shall register the transfer as requested if its requirements for such transfers
are met.  When Definitive Notes are presented to the Exchange Agent or
a co-Exchange Agent with a request to exchange them for an equal principal
amount of Definitive Notes of other denominations, the Exchange Agent shall make
the exchange as requested if the same requirements are met.  To permit
registration of transfers and exchanges, the Company and the Guarantor shall
execute and the Trustee shall authenticate Definitive Notes at the Exchange
Agent’s or co-Exchange Agent’s request.

       

       

      
        
          
          

        

        
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      (e)  The
Company shall not be required to make, and the Exchange Agent need not register
transfers or exchanges of, Definitive Notes selected for redemption (except, in
the case of Definitive Notes to be redeemed in part, the portion thereof not to
be redeemed) for a period of 15 days before a selection of Definitive Notes to
be redeemed.

       

      (f)  Prior
to the due presentation for registration of transfer of any Definitive Note, the
Company, the Guarantor, the Trustee, the Paying Agent, the Exchange Agent or any
co-Exchange Agent may deem and treat the Person in whose name a Definitive Note
is registered as the absolute owner of such Definitive Note for the purpose of
receiving payment of principal, premium, if any, interest and Additional
Amounts, if any, on such Definitive Note and for all other purposes whatsoever,
whether or not such  Definitive Note is overdue, and none of the
Company, the Guarantor, the Trustee, the Paying Agent, the Exchange Agent or any
co-Exchange Agent shall be affected by notice to the contrary.

       

      (g)  The
Company may require payment of a sum sufficient to pay all taxes, assessments or
other governmental charges in connection with any transfer or exchange pursuant
to this Section 2.6.

       

      (h)  All
Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture will evidence the same debt (including the Guarantee of the Guarantor)
and will be entitled to the same benefits under this Indenture as the Notes
surrendered upon such transfer or exchange.

       

      (i)  Holders
of Notes (or holders of interests therein) and prospective purchasers designated
by such Holders (or holders of interests therein) will have the right to obtain
from the Company and the Guarantor upon request by such Holders (or holders of
interests therein) or prospective purchasers, during any period in which the
Guarantor is not subject to Section 13 or 15(d) of the Exchange Act, or is
exempt from reporting pursuant to 12g3-2(b) under the Exchange Act, the
information required by paragraph d(4)(i) of Rule 144A in connection with any
transfer or proposed transfer of such Notes.

       

      SECTION
2.7.  Replacement
Notes.  If a mutilated Definitive Note is surrendered to the
Exchange Agent, if a mutilated Global Note is surrendered to the Company or if
the Holder of a Note claims that such Note has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall authenticate a
replacement Note (including the Guarantor’s Guarantee) in such form as the Note
being replaced if the requirements of the Trustee, the Exchange Agent, the
Company and the Guarantor are met.  If required by the Trustee, the
Exchange Agent, the Company or the Guarantor, such Holder must provide an
indemnity bond or other indemnity, sufficient in the judgment of the Company,
the Guarantor, the Exchange Agent and the Trustee, to protect the Company, the
Guarantor, the Trustee and any Agent from any loss which any of them may suffer
if a Note is replaced.  The Company, the Guarantor and the Trustee may
charge such Holder for its reasonable, out-of-pocket expenses in replacing a
Note, including reasonable fees and expenses of counsel.  Every
replacement Note is an additional obligation of the Company guaranteed by the
Guarantor.

       

      SECTION
2.8.  Outstanding
Notes.  Notes outstanding at any time of a particular tranche
are all the Notes of such tranche that have been authenticated by the Trustee
except those cancelled by it, those delivered to it for cancellation, those
reductions in the Global Note of such tranche effected in accordance with the
provisions hereof and those described in this Section as not
outstanding.  Subject to Section 2.9, a Note does not cease to be
outstanding because the Company, the Guarantor or any of its Affiliates holds
the Note.

       

       

      
        
          
          

        

        
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      If a Note
is replaced pursuant to Section 2.7 (other than a mutilated Note surrendered for
replacement), it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a bona fide
purchaser.  A mutilated Note ceases to be outstanding upon surrender
of such Note and replacement thereof pursuant to Section 2.7.

       

      If the
principal amount of any Note is considered paid under Section 4.1 hereof, it
ceases to be outstanding and interest and Additional Amounts, if any, on it
cease to accrue.

       

      If on a
Redemption Date or the Maturity Date of a particular tranche the Paying Agent
holds cash in U.S. dollars or Government Securities sufficient to pay all of the
principal, premium, if any, interest and Additional Amounts, if any, due on the
Notes of such tranche payable on that date, then on and after that date such
Notes cease to be outstanding and interest and Additional Amounts, if any, on
such Notes cease to accrue.

       

      SECTION
2.9.  Treasury
Notes.  In determining whether the Holders of the required
principal amount of Notes of a particular tranche have concurred in any
direction, waiver or consent, Notes of such tranche owned by the Company or its
Affiliates shall be disregarded, except that, for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Notes of such tranche that the Trustee actually knows are so
owned shall be disregarded.

       

      The
Company shall notify the Trustee, in writing, when it or any of its Affiliates
repurchases or otherwise acquires Notes, of the aggregate principal amount of
such Notes so repurchased or otherwise acquired.  The Trustee may
require an Officers’ Certificate listing Notes owned by the Company, a
Subsidiary of the Company or an Affiliate of the Company.

       

      SECTION
2.10.  Temporary
Notes.  Until permanent Definitive Notes of a particular
tranche are ready for delivery, the Company and the Guarantor may prepare and
the Trustee shall authenticate temporary Definitive Notes of such tranche upon
receipt of a Company Order and Guarantor Order each in the form of an Officers’
Certificate.  Each Officers’ Certificate shall specify the amount of
temporary Definitive Notes of a particular tranche to be authenticated and the
date on which the temporary Definitive Notes of such tranche are to be
authenticated.  Temporary Definitive Notes of a particular tranche
shall be substantially in the form of permanent Definitive Notes of such tranche
but may have variations that the Company or the Guarantor considers appropriate
for temporary Definitive Notes of such tranche.  Without unreasonable
delay, the Company and the Guarantor shall prepare and the Trustee shall
authenticate upon receipt of a Company Order and Guarantor Order pursuant to
Section 2.2 permanent Definitive Notes of a particular tranche in exchange for
temporary Definitive Notes of such tranche.

       

      SECTION
2.11.  Cancellation.  The
Company at any time may deliver Notes to the Trustee for
cancellation.  The Exchange Agent and the Paying Agent shall forward
to the Trustee any Notes surrendered to them for transfer, exchange or
payment.  The Trustee, or at the direction of the Trustee, the
Exchange Agent or the Paying Agent, and no one else, shall cancel and, at the
written direction of the Company, shall dispose of (subject to the record
retention requirements of the Exchange Act) all Notes surrendered for transfer,
exchange, payment or cancellation; provided, however, that the
Trustee may, but shall not be required to, destroy such cancelled
Notes.  Subject to Section 2.7, the Company may not issue new Notes to
replace Notes that it has paid or delivered to the Trustee for
cancellation.  If the Company shall acquire any of the Notes, such
acquisition shall not operate as a redemption or satisfaction of the Debt
represented by such Notes unless and until the same are surrendered to the
Trustee for cancellation pursuant to this Section 2.11.

       

       

      
        
          
          

        

        
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      SECTION
2.12.  Defaulted
Interest.  If the Company defaults in a payment of interest on
the Tranche A Notes or the Tranche B Notes, it shall pay the defaulted interest
of such Notes, plus (to the extent lawful) any interest payable on the defaulted
interest to the Holder thereof.  The Company shall notify the Trustee
and Paying Agent in writing of the amount of defaulted interest proposed to be
paid on each Note and the date of the proposed payment (a “Default Interest Payment
Date”), and at the same time the Company shall deposit with the Trustee
or Paying Agent 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 or Paying Agent 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 Section
2.12; provided,
however, that
in no event shall the Company deposit monies proposed to be paid in respect of
defaulted interest later than 11:00 a.m.  New York City time on the
proposed Default Interest Payment Date.  At least 30 days before the
Default Interest Payment Date, the Company shall mail to each Holder of Notes of
the applicable tranche and publish in a leading newspaper having a general
circulation in New York (which is expected to be the Wall Street Journal) (and
so long as the Tranche A Notes or the Tranche B Notes, as applicable, are listed
on the Luxembourg Stock Exchange and the rules of such Luxembourg Stock Exchange
shall so require, a newspaper having a general circulation in Luxembourg (which
is expected to be the Luxemburger Wort)) or, in the case of Definitive Notes of
a particular tranche, mail by first-class mail to each Holder’s registered
address (and, so long as the Tranche A Notes or the Tranche B Notes are listed
on the Luxembourg Stock Exchange and the rules of such Stock Exchange shall so
require, publish in a newspaper having a general circulation in Luxembourg
(which is expected to be the Luxemburger Wort)), with a copy to the Trustee, a
notice that states the Default Interest Payment Date and the amount of defaulted
interest, and interest payable on such defaulted interest, if any, to be
paid.

       

      SECTION
2.13.  CUSIP
and CINS Number.  The Company in issuing the Tranche A and the
Tranche B Notes may use a “CUSIP” or “CINS” number, and if so, the Trustee shall
use the CUSIP and CINS number in notices of redemption or exchange as a
convenience to Holders; provided, however, that any
such notice may state that no representation is made as to the correctness or
accuracy of the CUSIP and CINS number printed in the notice or on the Notes, and
that reliance may be placed only on the other identification numbers printed on
the Notes.  The Company shall promptly notify the Trustee of any
change in the CUSIP or CINS number.

       

      SECTION
2.14.  Deposit of
Moneys.  Prior to 11:00 a.m. New York City time on each
Interest Payment Date and Maturity Date, the Company shall have deposited with
the Paying Agent in immediately available funds money sufficient to make cash
payments, if any, due on such Interest Payment Date or Maturity Date, as the
case may be, in a timely manner which permits the Paying Agent to remit payment
to the Holders on such Interest Payment Date or Maturity Date, as the case may
be.

       

      SECTION
2.15.  Certain Matters Relating to
Global Notes.

       

      (a)  For
the avoidance of doubt, members of, or participants in, the Depositary (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Note held on
their behalf by the Depositary, or the Trustee as its custodian, or under the
Global Note, and the Depositary for so long as it is Holder may be treated by
the Company, the Guarantor, the Trustee and any agent of the Company, the
Guarantor or the Trustee as the absolute owner of the Global Note for all
purposes whatsoever.  Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Guarantor, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing
the exercise of the rights of a Holder of any Note.

       

       

      
        
          
          

        

        
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      (b)  The
Holder of any Global Note of a particular tranche may grant proxies and
otherwise authorize any person, including Agent Members and persons that may
hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Notes of that tranche.

       

       

      ARTICLE
III

       

      REDEMPTION

       

      SECTION
3.1.  Optional
Redemption.  The Company may redeem all or any portion of the
Notes of a particular tranche, upon the terms and at the Redemption Prices set
forth in each of the Notes of that tranche.  The Guarantor may redeem
all of the Notes of a particular tranche upon the terms and at the Redemption
Prices set forth in the Notes of that tranche.  Any redemption
pursuant to this Section 3.1 shall be made pursuant to the provisions of this
Article III.

       

      SECTION
3.2.  Election to Redeem; Notice
to Trustee.  The election of the Company or the Guarantor to
redeem any Notes of a particular tranche shall be evidenced by or pursuant to a
Board Resolution.  In case of any redemption at the election of the
Company of less than all of the Notes of a particular tranche, the Company
shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee) notify the
Trustee by Company Order of such Redemption Date, the Redemption Price (or if
the Redemption Price is not calculable at such time, the formula for calculating
such price) and of the principal amount of Notes of such tranche to be redeemed
and shall deliver to the Trustee such documentation and records as shall enable
such Trustee to select the Notes of such tranche to be redeemed pursuant to
Section 3.3; provided, however, that if the
Redemption Price is not calculable at the time such notice is sent, the Company
shall notify the Trustee promptly at such time such Redemption Price is
calculable.  In any case of redemption of Notes of a particular
tranche pursuant to Section 8 of the Notes of such tranche, prior to any Notice
of redemption given pursuant to Section 3.4, the Company or the Guarantor, as
the case may be, shall deliver to the Trustee an opinion of tax counsel
reasonably satisfactory to the Trustee to the effect that the circumstances
referred to in Section 8 in such Note exist.

       

      SECTION
3.3.  Selection by Trustee of
Notes to Be Redeemed.  If less than all the Notes of a
particular tranche are to be redeemed, the Trustee may select the particular
Notes of such tranche to be redeemed not more than 60 days prior to the
Redemption Date for such Notes, from the outstanding Notes of such tranche 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 such Notes, or any
multiple thereof) of the principal amount of Notes of such tranche of a
denomination larger than the minimum authorized denomination for such
Notes.

       

      The
Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of  any Notes 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 Notes of a particular tranche shall
relate, in the case of any Note of a particular tranche redeemed or to be
redeemed only in part, to the portion of the principal amount of such Notes
which has been or is to be redeemed.

       

      SECTION
3.4.  Notice
of Redemption.  Notice of redemption of a particular tranche of
Notes shall be mailed to the Holders by first-class mail and given in the manner
provided in Section 12.3 not later than the thirtieth day and not earlier than
the sixtieth day prior to the Redemption Date, to each Holder of Notes of the
relevant tranche to be redeemed.

       

       

      
        
          
          

        

        
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      All
notices of redemption shall state:

       

      (a)  the
Redemption Date;

       

      (b)  the
Redemption Price if such price is calculable at the time such notice is sent or,
if not, the formula for calculating such price; provided, however, that notice
of the Redemption Price shall be mailed to the Holders by first-class mail and
given in the manner provided in Section 12.3 promptly after such price is
calculable;

       

      (c)  if
less than all outstanding Notes of a particular tranche are to be redeemed, the
identification (and, in the case of partial redemption, the respective principal
amounts) of the particular Notes such tranche to be redeemed;

       

      (d)  the
place or places where such Notes are to be surrendered for payment of the
Redemption Price;

       

      (e)  the
name and address of the Paying Agent;

       

      (f)  that
Notes of a particular tranche called for redemption must be surrendered to the
Paying Agent to collect the Redemption Price plus accrued and unpaid interest,
if any, and Additional Amounts, if any;

       

      (g)  that,
unless the Company or the Guarantor defaults in making the redemption payment,
interest and Additional Amounts, if any, on Notes of a particular tranche called
for redemption ceases to accrue on and after the Redemption Date, and the only
remaining right of the Holders of such Notes of such tranche is to receive
payment of the Redemption Price upon surrender to the Paying Agent of the Notes
of such tranche redeemed;

       

      (h)  (i)
if any Global Note of a particular tranche is being redeemed in part, the
portion of the principal amount of such Note of such tranche to be redeemed and
that, after the Redemption Date, interest and Additional Amounts, if any, shall
cease to accrue on the portion called for redemption, and upon surrender of such
Global Note of such tranche, the Global Note of such tranche with a notation on
Schedule A thereof adjusting the principal amount thereof to be equal to the
unredeemed portion, will be returned and (ii) if any Definitive Note of a
particular tranche is being redeemed in part, the portion of the principal
amount of such Note of such tranche to be redeemed, and that, after the
Redemption Date, upon surrender of such Definitive Note of such tranche, a new
Definitive Note or Notes of such tranche in aggregate principal amount equal to
the unredeemed portion thereof will be issued in the name of the Holder thereof,
upon cancellation of the original Note of such tranche;

       

      (i)  the
paragraph of the Notes pursuant to which the Notes of a particular tranche are
to be redeemed; and

       

      (j)  the
CUSIP or CINS number, and that no representation is made as to the correctness
or accuracy of the CUSIP or CINS number, if any, listed in such notice or
printed on the Notes of such tranche.

       

       

      
        
          
          

        

        
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      If at the
time a notice of redemption is being made to Holders of Notes of a particular
tranche pursuant to this Section 3.4, Notes of such tranche are listed on the
Luxembourg Stock Exchange, and so long as the rules of the Luxembourg Stock
Exchange so require, the Company or the Guarantor, as the case may be, shall
also cause a notice of redemption to be published in a leading daily newspaper
of general circulation in Luxembourg (which is expected to be the Luxemburger
Wort), at least 30 days but not more than 60 days before the Redemption
Date.

       

      SECTION
3.5.  Effect
of Notice of Redemption.  Once notice of redemption is given in
accordance with Section 3.4, Notes of a particular tranche called for redemption
become due and payable on the Redemption Date and at the Redemption
Price.  Upon surrender to the Trustee or Paying Agent, such Notes of
such tranche called for redemption shall be paid at the Redemption Price, but
installments of interest, the maturity of which is on or prior to the Redemption
Date, shall be payable to Holders on the relevant Interest Payment Date, or, in
the case of Definitive Notes, Holders of record at the close of business on the
relevant Record Dates.

       

      SECTION
3.6.  Deposit of Redemption
Price.  Prior to 11:00 a.m. New York City time on the
Redemption Date, the Company or the Guarantor, as the case may be, shall deposit
with the Paying Agent, in immediately available funds, U.S. dollars sufficient
to pay the Redemption Price of all Notes of a particular tranche to be redeemed
on that date.  The Paying Agent shall promptly return to the Company
or the Guarantor, as the case may be, any cash in U.S. dollars so deposited
which is not required for that purpose upon the written request of the Company
or the Guarantor, as the case may be.

       

      If the
Company or the Guarantor, as the case may be, complies with the preceding
paragraph, then, unless the Company or the Guarantor defaults in the payment of
such Redemption Price on the Notes of a particular tranche to be redeemed will
cease to accrue on and after the applicable Redemption Date, whether or not such
Notes of such tranche are presented for payment.  With respect to
Definitive Notes of a particular tranche, if a Definitive Note of such tranche
is redeemed on or after an interest Record Date but on or prior to the related
Interest Payment Date, then any accrued and unpaid interest and Additional
Amounts, if any, shall be paid to the Person in whose name such Note of such
tranche was registered at the close of business on such Record
Date.  If any Note of a particular tranche called for redemption shall
not be so paid upon surrender for redemption because of the failure of the
Company or the Guarantor to comply with the preceding paragraph, interest and
Additional Amounts, if any, shall be paid on the unpaid principal (or premium,
if any), from the Redemption Date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.1.

       

      SECTION
3.7.  Notes
Redeemed in Part.  Upon surrender and cancellation of a
Definitive Note of a particular tranche that is redeemed in part, the Company
and the Guarantor shall execute and the Trustee shall authenticate for the
Holder (at the Company’s expense) a new Definitive Note of such tranche equal in
principal amount to the unredeemed portion of the Definitive Note surrendered
and cancelled; provided, however, that each
such Definitive Note shall be in a principal amount at maturity of $1,000 or a
multiple thereof.  Upon surrender of a Global Note of a particular
tranche that is redeemed in part, the Paying Agent shall forward such Global
Note to the Trustee who shall make a notation on Schedule A thereof to reduce
the principal amount of such Global Note to an amount equal to the unredeemed
portion of the Global Note surrendered; provided, however, that each
such Global Note shall be in a principal amount at maturity of $1,000 or a
multiple thereof.

       

      SECTION
3.8.  Applicability of This
Article.  Redemption of Notes of a particular tranche as
permitted or required by any form of Note of such tranche issued pursuant to
this Indenture shall be made in accordance with such form of Note and this
Article, provided, however, that if any
provision of any such form of Note shall conflict with any provision of this
Article, the provision of such form of Note shall govern.

       

       

      
        
          
          

        

        
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      ARTICLE
IV

       

      COVENANTS

       

      SECTION
4.1.  Payment of
Notes.  The Company shall promptly pay the principal, premium,
if any, interest and Additional Amounts, if any, on the Tranche A Notes on the
dates and in the manner provided in the Tranche A Notes.  The Company
shall promptly pay the principal, premium, if any, interest and Additional
Amounts, if any, on the Tranche B Notes on the dates and in the manner provided
in the Tranche B Notes.  Except in the case that the Guarantor or any
Affiliate of the Guarantor is the Paying Agent, the Company may satisfy its
obligations under the preceding sentences by making payment to the Paying
Agent.

       

      To the
extent lawful, the Company or the Guarantor shall pay interest on overdue
principal at the rate borne by the Tranche A Notes and shall pay interest on
overdue installments of interest at the same rate.  Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months and,
in the case of an incomplete month, the number of days elapsed, the amount of
interest payable on the Tranche A Notes for any period to be equal to the
product of (i) the principal amount of the Tranche A Notes outstanding during
such period, (ii) the stated rate of interest per annum (expressed as a decimal
fraction) payable on the Tranche A Notes and (iii) a fraction, the numerator of
which is the total number of full months elapsed in such period multiplied by
30, plus the number of days in an incomplete month during which such Tranche A
Notes were outstanding, and the denominator of which is 360.

       

      To the
extent lawful, the Company or the Guarantor shall pay interest on overdue
principal at the rate borne by the Tranche B Notes and shall pay interest on
overdue installments of interest at the same rate.  Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months and,
in the case of an incomplete month, the number of days elapsed, the amount of
interest payable on the Tranche B Notes for any period to be equal to the
product of (i) the principal amount of the Tranche B Notes outstanding during
such period, (ii) the stated rate of interest per annum (expressed as a decimal
fraction) payable on the Tranche B Notes and (iii) a fraction, the numerator of
which is the total number of full months elapsed in such period multiplied by
30, plus the number of days in an incomplete month during which such Tranche B
Notes were outstanding, and the denominator of which is 360.

       

      SECTION
4.2.  Maintenance of Office or
Agency.  The Company shall maintain the office or agency (which
office may be an office of the Trustee or an affiliate of the Trustee, Exchange
Agent or co-Exchange Agent) required under Section 2.3 where Notes may be
surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may be
served.  The Company shall 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 address of the Trustee set forth in Section 12.2.

       

       

      
        
          
          

        

        
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      SECTION
4.3.  Limitation on
Liens.  (a)  The Guarantor will not, and will not
permit any Subsidiary to, directly or indirectly, as security for any Debt,
mortgage, pledge or create or permit to exist any lien on any shares of stock,
indebtedness or other obligations of a Subsidiary or any Principal Property,
whether such shares of stock, indebtedness or other obligations of a Subsidiary
or Principal Property are owned at the date of this Indenture or hereafter
acquired, unless the Company or the Guarantor secures or causes to be secured
any outstanding Notes equally and ratably with all Debt secured by such
mortgage, pledge or lien, so long as that Debt shall be secured; provided, however, that this
covenant shall not apply in the case of (i) the creation of any mortgage, pledge
or other lien on any shares of stock, indebtedness or other obligations of a
Subsidiary or a Principal Property hereafter acquired (including acquisitions by
way of merger or consolidation) by the Guarantor or a Subsidiary
contemporaneously with such acquisition, or within 120 days thereafter, to
secure or provide for the payment or financing of any part of the purchase price
thereof, or the assumption of any mortgage, pledge or other lien upon any shares
of stock, indebtedness or other obligations of a Subsidiary or a Principal
Property hereafter acquired existing at the time of such acquisition, or the
acquisition of any shares of stock, indebtedness or other obligations of a
Subsidiary or a Principal Property subject to any mortgage, pledge or other lien
without the assumption thereof, provided that any
mortgage, pledge or lien referred to in this clause (i) shall attach only to the
shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property so acquired and fixed improvements thereon; (ii) any
mortgage, pledge or other lien on any shares of stock, indebtedness or other
obligations of a Subsidiary or a Principal Property existing on the date that
the Notes are first issued; (iii) any mortgage, pledge or other lien on any
shares of stock, indebtedness or other obligations of a Subsidiary or a
Principal Property in favor of the Company, the Guarantor or any other
Subsidiary; (iv) any mortgage, pledge or other lien on a Principal Property
being constructed or improved securing Debt incurred to finance the construction
or improvements; (v) any mortgage, pledge or other lien on shares of stock,
indebtedness or other obligations of a Subsidiary or a Principal Property
incurred in connection with the issuance by a state or political subdivision
thereof of any securities the interest on which is exempt from Federal income
taxes by virtue of Section 103 of the United States Internal Revenue Code of
1986, as amended, or any other laws and regulations in effect at the time of
such issuance; and (vi) any renewal of or substitution for any mortgage, pledge
or other lien permitted by any of the preceding clauses (i) through (v),
provided, in the case of a mortgage, pledge or other lien permitted under clause
(i), (ii) or (iv), the Debt secured is not increased nor the line extended to
any additional assets.

       

      (b)  Notwithstanding
the provisions of paragraph (a) of this Section 4.3, the Guarantor or any
Subsidiary may create or assume liens in addition to those permitted by
paragraph (a) of this Section 4.3, and renew, extend or replace such liens,
provided, that
at the time of such creation, assumption, renewal, extension or replacement, and
after giving effect thereto, Exempted Debt does not exceed 10% of Consolidated
Net Tangible Assets.

       

      SECTION
4.4.  Limitation on Sale-Leaseback
Transactions.  (a)  The Guarantor will not, and will
not permit, any Subsidiary to, sell or transfer, directly or indirectly, except
to the Guarantor or a Subsidiary, a Principal Property as an entirety, or any
substantial portion thereof, with the intention of taking back a lease of all or
part of such property except a lease for a period of three years or less at the
end of which it is intended that the use of such property by the lessee will be
discontinued; provided that,
notwithstanding the foregoing, the Guarantor or any Subsidiary may sell a
Principal Property and lease it back for a longer period (i) if the Guarantor or
such Subsidiary would be entitled, pursuant to the provisions of Section 4.3(a),
to create a mortgage on the property to be leased securing Debt in an amount
equal to the Attributable Debt with respect to the sale and lease-back
transaction without equally and ratably securing the outstanding Notes or (ii)
if (A) the Guarantor promptly informs the Trustee of such transactions, (B) the
net proceeds of such transactions are at least equal to the fair value (as
determined by a Board Resolution) of such property and (C) the Guarantor causes
an amount equal to the net proceeds of the sale to be applied to the retirement
(whether by redemption, cancellation after open-market purchases, or otherwise),
within 120 days after receipt of such proceeds, of Funded Debt and having an
outstanding principal amount equal to the net proceeds.

       

       

      
        
          
          

        

        
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      (b)  Notwithstanding
the provisions of paragraph (a) of this Section 4.4, the Guarantor or any
Subsidiary may enter into sale and lease-back transactions in addition to those
permitted by paragraph (a) of this Section 4.4 and without any obligation to
retire any outstanding Funded Debt, provided that at the
time of entering into such sale and lease-back transactions and after giving
effect thereto, Exempted Debt does not exceed 10% of Consolidated Net Tangible
Assets.

       

      SECTION
4.5.  No
Lien Created, etc.  This Indenture and the Notes do not create
a lien, charge or encumbrances on any property of the Company, the Guarantor or
any Subsidiary.

       

      SECTION
4.6.  Compliance Certificate;
Notice of Default.  (a)  The Company shall deliver to
the Trustee within 120 days after the end of each fiscal year of the Company an
Officers’ Certificate signed by the principal executive officer, principal
financial officer or principal accounting officer of the Company stating whether
or not the signers know of any Default or Event of Default.  If they
know of a Default or Event of Default, the certificate shall describe the
Default or Event of Default.  The certificate need not comply with
Section 12.4

       

      (b)  The
Guarantor shall deliver to the Trustee within 120 days after the end of each
fiscal year of the Guarantor an Officers’ Certificate signed by the principal
executive officer, principal financial officer or principal accounting officer
of the Guarantor stating whether or not the signers know of any Default or Event
of Default.  If they know of a Default or Event of Default, the
certificate shall describe the Default or Event of Default.  The
certificate need not comply with Section 12.4.

       

      SECTION
4.7.  Reports.  (a)  The
Company shall comply with the provisions of Section 314(c) of the
TIA.

       

      (b)  The
Guarantor shall file with the Trustee within 15 days after it files them 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 by rules and regulations prescribe) which the Guarantor is
required to file with the Commission pursuant to Sections 13 or 15(d) of the
Securities Exchange Act of 1934.  The Guarantor also shall comply with
the other provisions of Section 314(a) of the Trust Indenture Act.

       

      (c)  Such
reports shall be delivered to the Exchange Agent and, after the issuance of
Definitive Notes, the Exchange Agent will mail them at the Company’s expense to
the Holders at their addresses appearing in the register of Notes maintained by
the Exchange Agent.

       

      SECTION
4.8.  Payment of Certain
Non-Income Taxes and Similar Charges.  The Company will pay any
present or future stamp, court or documentary taxes, or any other excise or
property taxes, charges or similar levies which arise in any jurisdiction from
the execution, delivery or registration of the Notes or any other document or
instrument referred to therein, or the receipt of any payments with respect to
the Notes, excluding any such taxes, charges or similar levies imposed by any
jurisdiction outside the United Kingdom, the United States of America or any
jurisdiction in which a Paying Agent is located, other than those resulting
from, or required to be paid in connection with, the enforcement of the Notes of
a particular tranche or any other such document or instrument following the
occurrence of any Event of Default with respect to the Notes of such
tranche.

       

       

      
        
          
          

        

        
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      ARTICLE
V

       

      MERGER,
CONSOLIDATION OR SALE BY

      THE
COMPANY AND THE GUARANTOR

       

      SECTION
5.1.  Merger, Consolidation or
Sale of All or Substantially All Assets of the Company.  The
Company shall not consolidate with or merge into, or transfer, directly or
indirectly, all or substantially all of its assets to another corporation or
other Person unless (1) the resulting, surviving or transferee corporation or
other Person assumes by supplemental indenture all the obligations of the
Company under the Notes and this Indenture, (2) immediately after giving effect
to such transaction, no Event of Default and no circumstances that, after notice
or lapse of time or both, would become an Event of Default, shall have happened
and be continuing, and (3) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture comply with
this Indenture, and thereafter all such obligations of the Company shall
terminate.

       

      SECTION
5.2.  Merger, Consolidation or
Sale of All or Substantially All Assets of the Guarantor.  The
Guarantor shall not consolidate with or merge into, or transfer, directly or
indirectly, all or substantially all of its assets to another corporation or
other Person unless (1) the resulting, surviving or transferee corporation or
other Person assumes by supplemental indenture all the obligations of the
Guarantor under the Notes and this Indenture, (2) immediately after giving
effect to such transaction, no Event of Default and no circumstances that, after
notice or lapse of time or both, would become an Event of Default, shall have
happened and be continuing, and (3) the Guarantor shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indenture comply
with this Indenture, and thereafter all such obligations of the Guarantor shall
terminate.

       

       

      ARTICLE
VI

       

      DEFAULT
AND REMEDIES

       

      SECTION
6.1.  Events
of Default.  An “Event of Default” occurs with respect to the
Notes of a particular tranche if:

       

      (a)  the
Company or the Guarantor defaults in the payment of interest or Additional
Amounts, if any, on any Note of such tranche, when the same becomes due and
payable and the default continues for a period of 30 days;

       

      (b)  the
Company or the Guarantor defaults in the payment of the principal of (or premium
on, if any) any Note of such tranche when the same becomes due and payable at
maturity, upon redemption or otherwise;

       

      (c)  the
Company or the Guarantor fails to comply with any of its other agreements in the
Notes of such tranche or this Indenture for the benefit of such tranche and the
default continues for the period and after the notice specified in this
Section;

       

      (d)  the
Company, the Guarantor or any Subsidiary fails to pay, in accordance with its
terms and when payable, any of the principal, premium, if any, interest or
additional amounts, if any, on any Debt (including any tranche of Notes other
than the tranche or tranches, if any, with respect to which the failure to pay
principal, premium, if any, interest or Additional Amounts is also an “Event of
Default” under Section 6.1(a) and/or 6.1(b) above) having, in the aggregate, a
then outstanding principal amount in excess of $20,000,000 or the maturity of
any Debt in such amount shall have been accelerated by any holder or holders
thereof or any trustee or agent acting on behalf of such holder or holders, or
any Debt in such amount shall have been required by such holder, holders,
trustee or agent to be prepaid prior to the stated maturity thereof, in
accordance with the provisions of any contract evidencing, providing for the
creation of or concerning such Debt;

       

       

      
        
          
          

        

        
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      (e)  the
Company or the Guarantor pursuant to or within the meaning of any Bankruptcy
Law:

       

      (1)  commences
a voluntary case,

       

      (2)  consents
to the entry of an order for relief against it in an involuntary
case,

       

      (3)  consents
to the appointment of a Custodian of it or for all or substantially all of its
property,

       

      (4)  makes
a general assignment for the benefit of its creditors, or

       

      (5)  ceases
or suspends generally payments of its debts or announces an intention so to do
or is (or is deemed for the purposes of any law applicable to it to be) unable
to pay its debts as they fall due, or makes a general assignment for the benefit
of or a composition with its creditors generally or a moratorium is declared in
respect of any of its indebtedness;

       

      (f)  a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

       

      (6)  is
for relief against the Company or the Guarantor in an involuntary
case,

       

      (7)  appoints
a Custodian of the Company or of the Guarantor or for all or substantially all
of the Company’s or Guarantor’s property, as the case may be,

       

      (8)  orders
the winding up or liquidation of the Company or the Guarantor, or

       

      (9)  orders
any execution of distress in respect of any material liability to be levied
against the Company or the Guarantor or an encumbrancer takes possession of the
whole or any material part of, the property, undertaking, or assets of the
Company or the Guarantor,

       

      and the
order or decree remains unstayed and in effect for 60 days; or

       

      (g)  the
Guarantee with respect to such tranche of Notes ceases to be in full force and
effect or the Guarantor denies or disaffirms its obligations under such
Guarantee.

       

      The term
“Bankruptcy Law” means Title 11, United States Code or any similar Federal or
state law for the relief of debtors and the U.K. Insolvency Act 1986 as
supplemented or amended together with all rules, regulations and instruments
made thereunder and applicable United Kingdom law relating to bankruptcy,
insolvency, winding up, administration, receivership and other similar
matters.  The term “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law.

       

       

      
        
          
          

        

        
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      A default
under clause (c) is not an Event of Default with respect to the Notes of a
particular tranche until the Trustee or the Holders of at least 25% in principal
amount of all the Notes of such tranche notify the Company or the Guarantor (and
the Trustee if such notice is given by Holders) of the default and the Company
or the Guarantor, as the case may be, does not cure the default within 30 days
after receipt of the notice.  The notice must specify the default,
demand that it be remedied and state that the notice is a “Notice of Default.”
Subject to the provisions of Article VII, the Trustee shall not be charged with
knowledge of any default unless written notice thereof shall have been given to
the Trustee by the Company, the Guarantor, the Paying Agent, the Holder of a
Note of the applicable tranche or an agent of such Holder.

       

      SECTION
6.2.  Acceleration.  If
an Event of Default with respect to the Notes of a particular tranche occurs and
is continuing, the Trustee by notice to the Company and the Guarantor or the
Holders of at least 25% in principal amount of the Notes of such tranche, by
notice to the Company, the Guarantor and the Trustee, may declare the principal,
premium, if any, accrued interest and Additional Amounts, if any, on all the
Notes of such tranche to be due and payable immediately.  Upon a
declaration such principal, premium, if any, interest and Additional Amounts, if
any, shall be due and payable immediately.  The Holders of a majority
in principal amount of the Notes of a particular tranche by notice to the
Trustee may rescind an acceleration (and upon such rescission any past Event of
Default caused by such acceleration shall be deemed cured) with respect to the
Notes of such tranche and its consequences if all existing Events of Default
with respect to the Notes of such tranche have been cured or waived, if the
rescission would not conflict with any judgment or decree, and if all payments
due to the Trustee and any predecessor Trustee under Section 7.7 have been
made.  No such rescission shall affect any subsequent Default or
impair any rights consequent thereto.

       

      SECTION
6.3.  Other
Remedies.  If an Event of Default with respect to the Notes of
a particular tranche occurs and is continuing, the Trustee may pursue any
available remedy by proceeding at law or in equity to collect the payment of
principal, premium, if any, interest and Additional Amounts, if any, on the
Notes of such tranche or to enforce the performance of any provision of such
Notes, the applicable Guarantees or this Indenture.

       

      The
Trustee may maintain a proceeding even if it does not possess any of the Notes
or does not produce any of them in the proceeding.  A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default.  No remedy is
exclusive of any other remedy.  All available remedies are cumulative
to the extent permitted by law.

       

      SECTION
6.4.  Waiver
of Past Defaults.  The Holders of a majority in principal
amount of the Notes of a particular tranche by notice to the Trustee may waive
an existing Default or Event of Default with respect to the Notes of such
tranche and its consequences.  When a Default or Event of Default is
waived, it is cured and stops continuing, but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

       

      SECTION
6.5.  Control by
Majority.  The Holders of a majority in principal amount of the
Notes of a particular tranche may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on it with respect to the Notes of such
tranche.  However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, or, subject to Section 7.1, that the
Trustee determines is unduly prejudicial to the rights of other Holders of the
Notes of the same tranche or would involve the Trustee in personal
liability.

       

      SECTION
6.6.  Limitation on
Suits.  No Holder of a Note of a particular tranche may pursue
any remedy with respect to this Indenture or the Notes of such tranche
unless:

       

       

      
        
          
          

        

        
          -25-

          
            

          

        

        
          
          

        

      

       

       

      (a)  the
Holder gives to the Trustee written notice stating that an Event of Default with
respect to the Notes of such tranche is continuing;

       

      (b)  the
Holders of at least 25% in principal amount of the Notes of such tranche make a
written request to the Trustee to pursue the remedy;

       

      (c)  such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense;

       

      (d)  the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity; and

       

      (e)  during
such 60-day period the Holders of a majority in principal amount of the Notes of
such tranche do not give the Trustee a direction inconsistent with the
request.

       

      A Holder
may not use this Indenture to prejudice the rights of another Holder or to
obtain a preference or priority over the other Holder.

       

      SECTION
6.7.  Rights
of Holders to Receive Payment.  Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of
principal, premium, if any, interest and Additional Amounts, if any, on the
Notes, on or after the respective due dates expressed in the Notes, or to bring
suit for the enforcement of any such payment on or after such respective date,
shall not be impaired or affected without the consent of the
Holder.

       

      SECTION
6.8.  Collection Suit by
Trustee.  If an Event of Default in payment of principal,
premium, if any, interest or Additional Amounts, if any, specified in Section
6.1(a) or (b) occurs and is continuing, the Trustee may recover judgment in its
own name and as trustee of an express trust against the Company or the Guarantor
for the whole amount of principal, premium, if any, interest and Additional
Amounts, if any, remaining unpaid.

       

      SECTION
6.9.  Trustee May File Proofs of
Claim.  The Trustee may file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee and the Holders allowed in any judicial proceedings relative to
the Company or the Guarantor, its creditors or its property, and unless
prohibited by law or applicable regulations, may vote on behalf of the Holders
in any election of a trustee in bankruptcy or other Person performing similar
functions.

       

      SECTION
6.10.  Priorities.  If
the Trustee collects any money pursuant to this Article with respect to the
Notes of a particular tranche, it shall pay out the money in the following
order:

       

      First: to the Trustee
for amounts due under Section 7.7.

       

      Second: to the
Holders of Notes of such tranche for amounts due and unpaid on such Notes for
principal, premium, if any, interest and Additional Amounts, if any, ratably,
without preference or priority of any kind, according to the amounts due and
payable on such Notes for principal, premium, if any, interest and Additional
Amounts, if any, respectively; and

       

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

       

      The
Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Section.

       

       

      
        
          
          

        

        
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      SECTION
6.11.  Undertaking for
Costs.  In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit other than the Trustee of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in the
suit including the Trustee, having due regard to the merits and good faith of
the claims or defenses made by the party litigant.  This Section does
not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7
or a suit by Holders of more than 10% in principal amount of the
Notes.

       

       

      ARTICLE
VII

       

      TRUSTEE

       

      SECTION
7.1.  Duties
of Trustee.  (a)  If an Event of Default with respect
to a particular tranche of Notes known to the Trustee has occurred and is
continuing, the Trustee shall, on behalf of the Holders of the Notes of such
tranche, exercise such of the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.  Subject to such provisions, the Trustee will be under no
obligation to exercise any of its rights or powers under this Indenture at the
request of any of the Holders of Notes, unless they shall have offered to the
Trustee security and indemnity satisfactory to it against any loss, liability or
expense.

       

      (b)  Except
during the continuance of an Event of Default with respect to a particular
tranche of Notes known to the Trustee:

       

      (i)           The
Trustee and the Agents will perform only those duties as are specifically set
forth herein and no others and no implied covenants or obligations shall be read
into this Indenture against the Trustee or the Agents.

       

      (ii)          In
the absence of bad faith on their part, the Trustee and the Agents may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions and such other
documents delivered to them pursuant to Section 12.4 hereof furnished to the
Trustee and conforming to the requirements of this
Indenture.  However, in the case of any such certificates or opinions
which by any provision hereof are required to be furnished to the Trustee, the
Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture.

       

      (c)  The
Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except
that:

       

      (i)           This
paragraph does not limit the effect of paragraph (b) of this Section
7.1.

       

      (ii)          Neither
the Trustee nor any Agent shall be liable for any error of judgment made in good
faith by a Trust Officer, unless it is proved that the Trustee or such Agent was
negligent in ascertaining the pertinent facts.

       

      (iii)         The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of not less than a majority in principal amount of the outstanding Notes
of a particular tranche 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 such
Notes; and

       

       

      
        
          
          

        

        
          -27-

          
            

          

        

        
          
          

        

      

       

       

      (d)  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 to take or omit to take any action under this Indenture
or take any action at the request or direction of Holders if it shall have
reasonable grounds for believing that repayment of such funds is not assured to
it or it does not receive an indemnity satisfactory to it in its sole discretion
against such risk, liability, loss, fee or expense which might be incurred by it
in compliance with such request or direction.

       

      (e)  Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (d) of
this Section 7.1.

       

      (f)  The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company or the
Guarantor.  Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law.

       

      (g)  Any
provision hereof relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section 7.1 and, upon qualification of this Indenture under the TIA, the
TIA.

       

      SECTION
7.2.  Rights
of Trustee, Subject to Section 7.1:

       

      (a)  The
Trustee and each Agent may rely conclusively on and shall be protected from
acting or refraining from acting based upon any document believed by them to be
genuine and to have been signed or presented by the proper
person.  Neither the Trustee nor any Agent shall be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent order,
approval, appraisal, bond, debenture, note, coupon, security or other paper or
document, but the Trustee or its Agent, as the case may be, in its discretion,
may make reasonable further inquiry or investigation into such facts or matters
stated in such document and if the Trustee or its Agent as the case may be,
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company and the
Guarantor, at reasonable times during normal business hours, personally or by
agent or attorney;

       

      (b)  any
request, direction, order or demand of the Company or Guarantor mentioned herein
shall be sufficiently evidenced by (i) a Company Order or Guarantor Order, as
the case may be, or an Officers’ Certificate and (ii) any resolution of the
Board of Directors of the Company or Guarantor may be sufficiently evidenced by
a Board Resolution;

       

      (c)  before
the Trustee acts or refrains from acting, it may require, in the absence of bad
faith, an Officers’ Certificate or an Opinion of Counsel or both, which shall
conform to the provisions of Sections 12.4 and 12.5.  Neither the
Trustee  nor any Agent shall be liable for any action it takes or
omits to take in good faith in reliance on such certificate or
opinion;

       

      (d)  The
Trustee and any Agent may act through their attorneys and agents and shall not
be responsible for the misconduct or negligence of any agent (other than an
agent who is an employee of the Trustee or such Agent) appointed with due
care.

       

      (e)  The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or
powers conferred upon it by this Indenture; provided, however, that the
Trustee’s conduct does not constitute willful misconduct, negligence or bad
faith.

       

       

      
        
          
          

        

        
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      (f)  The
Trustee or any Agent may consult with counsel of its selection and the advice or
opinion of such counsel or any Opinion of Counsel as to matters of law shall be
full and complete authorization and protection from liability in respect of any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

       

      (g)  Subject
to Section 9.2 hereof, the Trustee may (but shall not be obligated to), without
the consent of the Holders, give any consent, waiver or approval required by the
terms hereof, but shall not without the consent of the Holders of not less than
a majority in aggregate principal amount of the Notes of a particular tranche at
the time outstanding (i) give any consent, waiver or approval or (ii) agree to
any amendment or modification of this Indenture, in each case, that shall have a
material adverse effect on the interests of any Holder of Notes of such
tranche.  The Trustee shall be entitled to request and conclusively
rely on an Opinion of Counsel with respect to whether any consent, waiver,
approval, amendment or modification shall have a material adverse effect on the
interests of any Holder of Notes of a particular tranche.

       

      (h)  The
Trustee shall not be charged with knowledge of any Event of Default with respect
to the Notes of a particular tranche unless either (1) a Trust Officer shall
have actual knowledge of such Event of Default or (2) written notice of such
Event of Default shall have been given to the Trustee by the Company, the
Guarantor or any other obligor on the Notes of such tranche or by any Holder of
the Notes of such tranche.

       

      (i)  The
Trustee shall have no duties or responsibilities with respect to and shall have
no liability for the actions taken or the failures to act of any other Trustees
appointed hereunder.

       

      SECTION
7.3.  Individual Rights of
Trustee.  The Trustee in its individual or any other capacity
may, subject to Sections 7.10 and 7.11, become the owner or pledgee of Notes and
may otherwise deal with the Company, the Guarantor, its Subsidiaries, or their
respective Affiliates with the same rights it would have if it were not
Trustee.  However, in the event that the Trustee acquires any
conflicting interest, as defined by Section 310(b) of the TIA, it must eliminate
such conflict within 90 days, apply to the SEC for permission to continue as
trustee or resign.  Any Agent may do the same with like
rights.

       

      SECTION
7.4.  Trustee’s
Disclaimer.  The Trustee and the Agents shall not be
responsible for and make no representation as to the validity, effectiveness or
adequacy of this Indenture or the Notes; it shall not be accountable for the
Company’s use of the proceeds from the Notes or any money paid to the Company or
upon the Company’s direction under any provision hereof, it shall not be
responsible for the use or application of any money received by any Paying Agent
other than the Trustee and it shall not be responsible for any statement or
recital herein of the Company or the Guarantor, the Offering Memorandum or any
other document issued in connection with the sale of Notes or any statement in
the Notes other than the Trustee’s certificate of authentication.

       

      SECTION
7.5.  Notice
of Default.  (a)  If a Default or an Event of Default
with respect to a particular tranche of Notes occurs and is continuing and the
Trustee receives actual notice of such event, the Trustee shall mail to each
Holder of Notes of such tranche, as their names and addresses appear on the list
of Holders described in Section 2.5, notice of the uncured Default or Event of
Default within 90 days after the Trustee receives such notice.  Except
in the case of a Default or Event of Default in payment of principal, premium,
if any, interest or Additional Amounts, if any, on any Note of a particular
tranche, the Trustee may withhold the notice if and so long as a committee of
its Trust Officers in good faith determines that withholding the notice is in
the interest of the Holders of Notes of such tranche, and provided, further, that in the
case of any default of the character specified in Section 6.1(c) no such notice
to Holders shall be given until at least 60 days after the occurrence
thereof.  For the purpose of this Section, the term “default” means
any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to the Notes.

       

       

      
        
          
          

        

        
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      SECTION
7.6.  Report
by Trustee to Holders.  This Section 7.6 shall not be operative
as a part of this Indenture until this Indenture is qualified under the TIA,
and, until such qualification, this Indenture shall be construed as if this
Section 7.6 were not contained herein.

       

      Within 60
days after each May 15 beginning with May 15, 1999, the Trustee shall, to the
extent that any of the events described in TIA Section 313(a) occurred within
the previous twelve months, but not otherwise, mail to each Holder a brief
report dated as of such date that complies with TIA Section
313(a).  The Trustee also shall comply with TIA Sections 313(b),
313(c) and 313(d).

       

      A copy of
each report at the time of its mailing to Holders shall be mailed to the Company
and the Guarantor and filed with the SEC and each securities exchange, if any,
on which the Notes of a particular tranche are listed.

       

      The
Company shall promptly notify the Trustee if the Notes of a particular tranche
become listed on any securities exchange or of any delisting
thereof.

       

      SECTION
7.7.  Compensation and
Indemnity.  The Company shall pay to the Trustee from time to
time such compensation as the Company and the Trustee shall from time to time
agree in writing for its acceptance of this Indenture and services
hereunder.  The Trustee’s and the Agents’ compensation shall not be
limited by any law on compensation of a trustee of an express
trust.  The Company shall reimburse the Trustee upon request for all
reasonable disbursements, expenses and advances (including reasonable fees and
expenses of counsel) incurred or made by it in addition to the compensation for
their services, except any such disbursements, expenses and advances as may be
attributable to the Trustee’s or any Agent’s negligence or bad
faith.  Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s and Agents’ accountants, experts and
counsel and any taxes or other expenses incurred by a trust created pursuant to
Section 8.4 hereof.

       

      The
Company shall indemnify each of the Trustees, any predecessor Trustee and the
Agents for, and hold them harmless against, any and all loss, damage, claim,
expense or liability including taxes (other than taxes based on the income of
the Trustee) incurred by the Trustee or an Agent without negligence, willful
misconduct or bad faith on its part in connection with acceptance of
administration of this trust and its duties under this Indenture, including the
reasonable expenses and attorneys’ fees and expenses of defending itself against
any claim of liability arising hereunder.  The Trustee and the Agents
shall notify the Company promptly of any claim asserted against the Trustee or
such Agent for which it may seek indemnity.  However, the failure by
the Trustee or the Agent to so notify the Company shall not relieve the Company
of its obligations hereunder.  The Company shall defend the claim and
the Trustee or such Agent shall cooperate in the defense (and may employ its own
counsel) at the Company’s expense.  The Trustee or such Agent may have
separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel.  The Company need not pay for any settlement made
without its written consent, which consent shall not be unreasonably
withheld.  The Company need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or such Agent as a result
of the violation of this Indenture by the Trustee or such Agent if such
violation arose from the Trustee’s or such Agent’s negligence or bad
faith.

       

       

      
        
          
          

        

        
          -30-

          
            

          

        

        
          
          

        

      

       

       

      To secure
the Company’s payment obligations in this Section 7.7, the Trustee and the
Agents shall have a senior lien prior to the Notes against all money or property
held or collected by the Trustee and the Agents, in its capacity as Trustee or
Agent, except money or property held in trust to pay principal, premium, if any,
interest or Additional Amounts, if any, on particular Notes.

       

      When the
Trustee or an Agent incurs expenses or renders services after an Event of
Default specified in Section 6.1(e) or (f) occurs, the expenses (including the
reasonable fees and expenses of its agents and counsel) and the compensation for
the services shall be preferred over the status of the Holders in a proceeding
under any Bankruptcy Law and are intended to constitute expenses of
administration under any Bankruptcy Law.  The Company’s obligations
under this Section 7.7 and any claim or lien arising hereunder shall survive the
resignation or removal of any Trustee or Agent, the discharge of the Company’s
obligations pursuant to Article VIII and any rejection or termination under any
Bankruptcy Law.

       

      SECTION
7.8.  Replacement of
Trustee.  The Trustee may resign as Trustee on behalf of the
Holders of Notes of a particular tranche at any time by so notifying the Company
and the Guarantor in writing.  The Holders of a majority in principal
amount of the outstanding Notes of a particular tranche may remove the Trustee
as Trustee on behalf of Holders of Notes of such tranche by so notifying the
Company, the Guarantor and the Trustee in writing and may appoint a successor
trustee with the Company’s and the Guarantor’s consent.  A resignation
or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as
provided in this section.  The Company or the Guarantor may remove the
Trustee if:

       

      (i)           the
Trustee fails to comply with Section 7.10;

       

      (ii)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law;

       

      (iii)           a
receiver or other public officer takes charge of the Trustee or its property;
or

       

      (iv)           the
Trustee becomes incapable of acting.

       

      If the
Trustee resigns or is removed or if a vacancy exists in the office of Trustee
for any reason, the Company shall notify each Holder of such event and shall
promptly appoint a successor Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of
the then outstanding Notes of a particular tranche may, with the Company’s
consent, appoint a successor Trustee to replace the  successor Trustee
appointed by the Company to serve as Trustee on behalf of Holders of Notes of
such tranche.

       

      Every
successor Trustee appointed hereunder with respect to the Notes of a particular
tranche shall execute, acknowledge and deliver to the Company, the Guarantor and
to the retiring Trustee an instrument accepting such appointment and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee without any further act, 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, the Guarantor 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.

       

      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 the
immediately preceding paragraph of this Section, as the case may
be.

       

       

      
        
          
          

        

        
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      If a
successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company, the Guarantor or the
Holders of at least 10% in principal amount of the then outstanding Notes of a
particular tranche may petition any court of competent jurisdiction for the
appointment of a successor Trustee to serve as Trustee on behalf of Holders of
Notes of such tranche.

       

      If the
Trustee after written request by any Holder who has been a Holder for at least
six months fails to comply with Section 7.10, such Holder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

       

      Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s
obligations under Section 7.7 shall continue for the benefit of the retiring
Trustee.

       

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

       

      SECTION
7.10.  Eligibility;
Disqualification; Corporate Trust Required; Conflicting
Interest.  The Trustee for the Notes shall be subject to the
provisions of Section 310(b) of the TIA (as if this Indenture were qualified
thereunder) during the period of time required thereby.  Nothing
herein shall prevent the Trustee from filing with the SEC the application
referred to in the penultimate paragraph of Section 310(b) of the
TIA.  In determining whether the Trustee has a conflicting interest as
defined in Section 310(b) of the TIA with respect to a tranche of Notes, there
shall be excluded Notes of the other tranche of Notes.

       

      The
Trustee shall not be deemed to have a conflict of interest under Section 310(b)
of the TIA with respect to any other indenture entered into with the Company or
the Guarantor, provided that the
Notes issued under this Indenture are wholly unsecured and any other indenture
and the securities issued thereunder are wholly unsecured and rank equally with
the Notes.

       

      There
shall at all times be a Trustee hereunder which shall be (i) 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, and subject to supervision or examination by
Federal or State authority, or (ii) a corporation or other Person organized and
doing business under the laws of a foreign government that is permitted to act
as Trustee pursuant to a rule, regulation, or other order of the SEC, authorized
under such laws to exercise corporate trust powers, and subject to supervision
or examination by authority of such foreign government or a political
subdivision thereof substantially equivalent to supervision or examination
applicable to United States institutional trustees, having, in either case, a
combined capital and surplus of at least $10,000,000.  If such
corporation publishes reports of condition at least annually, pursuant to law or
to requirements of the aforesaid supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  The Company, the
Guarantor or any Person directly or indirectly controlling, controlled by, or
under common control with the Company or the Guarantor shall not serve as
Trustee for the Notes.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereunder specified in this
Article.

       

       

      
        
          
          

        

        
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      SECTION
7.11.  Preferential Collection of
Claims Against Company.  The Trustee, in its capacity as
Trustee hereunder, shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b).  A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent
indicated.

       

      SECTION
7.12.  Authenticating
Agents.  From time to time, the Trustee may, subject to its
sole discretion, appoint one or more Authenticating Agents with respect to the
Notes of a particular tranche, which may include any director or officer of the
Company, the Guarantor or any Affiliate with power to act in the name of the
Trustee and subject to its discretion in the authentication and delivery of the
Notes of such tranche in connection with registrations of transfers and
exchanges under Sections 2.6, 2.7, and 3.7 as fully to all intents and purposes
as though such Authenticating Agent had been expressly authorized by those
Sections of this Indenture to authenticate and deliver such
Notes.  For all purposes of this Indenture the authentication and
delivery of such Notes by an Authentication Agent for such Notes pursuant to
this Section shall be deemed to be authentication and delivery of such Notes “by
the Trustee” for the Notes of such series.  Any such Authenticating
Agent shall at all times be a corporation organized and doing business under the
laws of the United States or of any State thereof, or the District of Columbia,
authorized under such laws to exercise corporate trust powers, and, if other
than an Affiliate of the Trustee, having a combined capital and surplus of at
least $10,000,000, and subject to supervision or examination by Federal, State,
or District of Columbia authority.  If such corporation publishes
reports of condition at least annually pursuant to law or the requirements of
such supervising or examining authority, then for the purposes of this Section
the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published.  If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

       

      Any
Authenticating Agent may resign at any time by giving written notice of
resignation to the Trustee and to the Company.  The Trustee may at any
time terminate the appointment of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the Company in the
manner set forth in Section 12.2.  Upon receiving such a notice of
resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible under this Section, the Trustee
may appoint a successor Authenticating Agent, shall give written notice of such
appointment to the Company and shall give written notice of such appointment to
all Holders of Notes of such tranche in the manner set forth in Section
12.3.  Any successor Authenticating Agent  upon acceptance
of his appointment hereunder, shall become vested with all the rights, powers
and duties of his 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 any corporation that has been appointed as
Authenticating Agent from time to time reasonable compensation for such
services.

      
 

      
        
          
          

        

        
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      If an
appointment with respect to the Notes of a particular tranche is made pursuant
to this Section, the Notes of such tranche may have endorsed thereon, in
addition to the Trustee’s certification of authentication, an alternate
certificate of authentication in the following form:

       

      “This is
one of the Notes designated therein described in the within-mentioned
Indenture.

       

                            
[-----------------------],

       

                    
as Trustee

       

      
        	 
      
	
                By:

              	 
      
	 
      	
                As
      Authenticating Agent

              

      

      

      

      
        	 
      
	
                By:

              	 
      
	 
      	 
      

      

       

       

       

       

      
 

      
        
          
          

        

        
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      ARTICLE
VIII

       

      SATISFACTION
AND DISCHARGE OF INDENTURE

       

      SECTION
8.1.  Option
To Effect Legal Defeasance or Covenant Defeasance.  The Company
or the Guarantor, as the case may be, may, at the option of its Board of
Directors evidenced by a resolution set forth in an Officers’ Certificate, at
any time, with respect to the Notes of a particular tranche, elect to have
either Section 8.2 or 8.3 be applied to all outstanding Notes of such tranche
upon compliance with the conditions set forth below in this Article
VIII.

       

      SECTION
8.2.  Legal
Defeasance and Discharge.  Upon the Company’s or the
Guarantor’s exercise under Section 8.1 of the option applicable to this Section
8.2, the Company or the Guarantor, as the case may be, shall be deemed to have
been discharged from its obligations with respect to all outstanding Notes of a
particular tranche or Guarantees with respect to such tranche of Notes, as the
case may be, on the date the conditions set forth below are satisfied
(hereinafter, “Legal
Defeasance”).  For this purpose, such Legal Defeasance means
that the Company shall be deemed to have paid and discharged all the obligations
relating to the outstanding Notes of such tranche or the Guarantor shall be
deemed to have discharged all the obligations relating to the Guarantees with
respect to such tranche of Notes, and such Notes and Guarantees, as applicable,
shall thereafter be deemed to be “outstanding” only for the purposes of Section
8.6, Section 8.8 and the other Sections of this Indenture referred to in clauses
(a) and (d) below, and to have satisfied all of their other respective
obligations under such Notes or Guarantees and this Indenture and cured all then
existing Events of Default with respect to such tranche of Notes (and the
Trustee, on demand of and at the expense of the Company or the Guarantor, as the
case may be, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of holders of outstanding Notes of such tranche and
Guarantees with respect to such tranche of Notes to receive payments in respect
of the principal, premium, if any and interest on such Notes when such payments
are due or on the Redemption Date solely out of the trust created pursuant to
this Indenture, (b) the right of holders of outstanding Notes of such tranche to
receive payments in respect of Additional Amounts, if any, on such Notes when
such payments are due or on the Redemption Date; (c) the rights, powers, trusts,
duties and immunities of the Trustee, and the Company’s and Guarantor’s
obligations in connection therewith; and (d) this Article VIII and the
obligations set forth in Section 8.6 hereof.

       

      Subject
to compliance with this Article VIII, the Company or the Guarantor may exercise
its option under this Section 8.2 notwithstanding the prior exercise of its
option under Section 8.3 with respect to the Notes of a particular tranche or
the Guarantee with respect to such tranche of Notes, as applicable.

       

      SECTION
8.3.  Covenant
Defeasance.  Upon the Company’s or the Guarantor’s exercise
under Section 8.1 of the option applicable to this Section 8.3, the Company or
the Guarantor, as the case may be, shall be released from any obligations under
the covenants contained in Sections 4.3, 4.4 and 4.6 hereof with respect to the
outstanding Notes of a particular tranche or Guarantees with respect to such
tranche of Notes, as the case may be, on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes of
such tranche and Guarantees with respect to such tranche of Notes, as
applicable, shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes and Guarantees shall not be deemed outstanding for
accounting purposes).  For this purpose, such Covenant Defeasance
means that, with respect to the outstanding Notes of a particular tranche and
Guarantees with respect to the Notes of such tranche, the Company and the
Guarantor, respectively, may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant,
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 and such omission to comply
shall not constitute a Default or Event of Default with respect to the Notes of
such tranche under Section 6.1(c), nor shall any event referred to in Sections
6.1(d) thereafter constitute a Default or Event of Default with respect to the
Notes of such tranche, but, except as specified above, the remainder of this
Indenture and such Notes and Guarantees shall be unaffected
thereby.

       

       

      
        
          
          

        

        
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      SECTION
8.4.  Conditions to Legal or
Covenant Defeasance.  The following shall be the conditions to
the application of either Section 8.2 or Section 8.3 to the outstanding Notes of
a particular tranche and Guarantees with respect to the Notes of such
tranche:

       

      (i)           in
the case of Legal Defeasance, either (A) all Notes of such tranche theretofore
authenticated and delivered under the Indenture must have been delivered to the
Trustee for cancellation or (B) the Company or the Guarantor, as the case may
be, must irrevocably deposit, or cause to be irrevocably deposited, with the
Trustee, in trust, for the benefit of the Holders of the Notes of such tranche,
cash in U.S. dollars, non-callable Government Securities or a combination
thereof in such amounts (and, in the case of Government Securities, together
with the predetermined and certain income to accrue thereon, without
consideration of any reinvestment thereof) as will be sufficient, as evidenced
by a Certificate of a Firm of Independent Public Accountants delivered to the
Trustee to pay the principal, premium, if any, interest and Additional Amounts,
if any, due on the outstanding Notes of such tranche on the stated maturity date
or on the applicable Redemption Date, as the case may be, of such principal,
premium, if any, interest and Additional Amounts, if any, on the outstanding
Notes of such tranche;

       

      (ii)           in
the case of Covenant Defeasance, the Company or the Guarantor, as the case may
be, must irrevocably deposit, or cause to be irrevocably deposited, with the
Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, non-callable Government Securities or a combination thereof in such
amounts (and, in the case of Government Securities, together with the
predetermined and certain income to accrue thereon, without consideration of any
reinvestment thereof) as will be sufficient, as evidenced by a Certificate of a
Firm of Independent Public Accountants delivered to the Trustee to pay the
principal, premium, if any, interest and Additional Amounts, if any, due on the
outstanding Notes of such tranche on the stated maturity date or on the
applicable Redemption Date, as the case may be, of such principal, premium, if
any, interest and Additional Amounts, if any, on the outstanding Notes of such
tranche;

       

      (iii)           in
the case of Legal Defeasance, the Company or the Guarantor, as the case may be,
shall have delivered to the Trustee (A) an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that, subject to
customary assumptions and exclusions, (1) the Company has received from, or
there has been published by, the U.S. Internal Revenue Service a ruling or (2)
since the Issuance Date, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and based thereon such
opinion of counsel in the United States shall confirm that, subject to customary
assumptions and exclusions, the Holders of the outstanding Notes of such tranche
will not recognize income, gain or loss for U.S. federal income tax purposes as
a result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred and (B) an Opinion of Counsel
in the United Kingdom reasonably acceptable to the Trustee to the effect that
Holders of the outstanding Notes of such tranche will not recognize income, gain
or loss for United Kingdom income tax purposes as a result of such Legal
Defeasance and will be subject to United Kingdom income tax on the same amounts,
in the same manner and at the same time as would have been the case if such
Legal Defeasance had not occurred;

       

       

      
        
          
          

        

        
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      (iv)           in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee
(A) an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that, subject to customary assumptions and exclusions, the
Holders of the outstanding Notes of such tranche will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to such tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred and (B) an Opinion of Counsel in the United Kingdom
reasonably acceptable to the Trustee to the effect that Holders of the
outstanding Notes of such tranche will not recognize income, gain or loss for
United Kingdom income tax purposes as a result of such Covenant Defeasance and
will be subject to United Kingdom income tax on the same amount in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

       

      (v)           such
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under any  material agreement or instrument to which the
Company or the Guarantor is a party or by which the Company or the Guarantor is
bound;

       

      (vi)           in
the case of Legal Defeasance, 91 days shall have passed during which no Event of
Default under Section 6.1(e) or 6.1(f) has occurred;

       

      (vii)           the
Company or the Guarantor, as the case may be, shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit was not made by the
Company or the Guarantor, as the case may be, with the intent of defeating,
hindering, delaying or defrauding any creditors of the Company or the Guarantor,
as the case may be, or others;

       

      (viii)           the
Company or the Guarantor, as the case may be, shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel complying with
Section 12.4; and

       

      (ix)           if
the Notes of such tranche are then listed on any securities exchange, the
Company or the Guarantor, as the case may be, has delivered to the Trustee an
Opinion of Counsel to the effect that such deposit and defeasance will not cause
such Notes to be delisted.

       

      SECTION
8.5.  Satisfaction and Discharge
of Indenture.  This Indenture will be discharged with respect
of the Notes of a particular tranche and will cease to be of further effect as
to all Notes of such tranche issued thereunder and all obligations of the
Guarantor with respect to the Notes of such tranche, including the Guarantees
with respect to the Notes of such tranche, when either (a) all such Notes
theretofore authenticated and delivered (except lost, stolen or destroyed Notes
of such tranche which have been replaced or paid and Notes of such tranche for
whose payment money has theretofore been deposited in trust and thereafter
repaid to the Company) have been delivered to the Trustee for cancellation; or
(b)(i) all such Notes not theretofore delivered to the Trustee for cancellation
have become due and payable by reason of the mailing of a notice of redemption
or otherwise or will become due and payable within one year and the Company or
the Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust an amount of money in U.S. dollars or Government
Securities or any combination thereof sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation for principal, premium, if any, accrued and unpaid interest and
Additional Amounts, if any, to the date of maturity or redemption; (ii) no
Default with respect to the Notes of such tranche shall have occurred within 91
days of such deposit or shall occur as a result of such deposit and such deposit
will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company or the Guarantor is a party or by which it
is bound; (iii) the Company or the Guarantor has paid or caused to be paid all
sums payable by it with respect to the Notes of such tranche under this
Indenture; and (iv) the Company or the Guarantor has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of such Notes at maturity or the redemption date, as the case
may be.  In addition, with respect to clause (b) of the preceding
sentence, the Company or the Guarantor shall have (i) delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of Notes will not recognize
income, gain or loss for United States federal income tax purposes or United
Kingdom income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to federal income tax on the same amount and in
the same manner and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred; (ii) if such Notes are then
listed on any securities exchange, delivered to the Trustee an Opinion of
Counsel to the effect that such deposit, defeasance and discharge will not cause
such Notes to be delisted; and (iii) delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, complying with Section 12.4.

       

       

      
        
          
          

        

        
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      SECTION
8.6.  Survival of Certain
Obligations.  Notwithstanding the satisfaction and discharge of
this Indenture with respect to a particular tranche of Notes and of the Notes of
such tranche and Guarantees with respect to the Notes of such tranche referred
to in Section 8.1, 8.2, 8.3, 8.4 or 8.5, the respective obligations of the
Company, the Guarantor and the Trustee under Sections 2.6, 2.7, 4.2, 7.7, 7.8
and 7.10 shall survive until the Notes of such tranche and related Guarantees
are no longer outstanding.  Nothing contained in this Article VIII
shall abrogate any of the obligations or duties of the Trustee under this
Indenture.

       

      SECTION
8.7.  Acknowledgment of Discharge
by Trustee.  Subject to Section 8.10, after (i) the conditions
of Section 8.4 or 8.5 have been satisfied, (ii) the Company or the Guarantor has
paid or caused to be paid all other sums payable hereunder by the Company or the
Guarantor and (iii) the Company and the Guarantor have delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent referred to in clause (i) above relating to the
satisfaction and discharge of this Indenture with respect to a particular
tranche of Notes have been complied with, the Trustee upon written request shall
acknowledge in writing the discharge of all of the Guarantor’s obligations under
this Indenture with respect to the Notes of such tranche and all of the
Company’s obligations under this Indenture with respect to the Notes of such
tranche except for those surviving obligations specified in this Article
VIII.

       

      SECTION
8.8.  Application of Trust
Moneys.  All cash in U.S. dollars and Government Securities
deposited with the Trustee pursuant to Section 8.4 or 8.5 in respect of Notes of
a particular tranche or Guarantees with respect to the Notes of such tranche
shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes, Guarantees and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all
sums due and to become due thereon for principal, premium, if any, interest and
Additional Amounts, if any but such money need not be segregated from other
funds except to the extent required by law.  The Holder of any Note
replaced pursuant to Section 2.7 shall not be entitled to any such payment and
shall look only to the Company or the Guarantor for any payment which such
Holder may be entitled to collect.  In connection with the
satisfaction and discharge of this Indenture or the defeasance of certain
obligations under this Indenture, the Company may direct the Trustee to (i)
invest any money received by the Trustee on the Government Securities deposited
in trust in additional Government Securities, and (ii) deliver or pay to the
Company from time to time upon the request of the Company any money or
Government Securities held by it, which, as evidenced by a Certificate of a Firm
of Independent Public Accountants, are in excess of the amount thereof which
would then have been required to be deposited for the purpose for which such
money or Government Securities were deposited or received.

       

      The
Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the Government Securities deposited pursuant to
Section 8.4 or 8.5 or the principal, premium, if any, interest and Additional
Amounts, if any, received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of outstanding
Notes.

       

       

      
        
          
          

        

        
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      SECTION
8.9.  Repayment to the Company;
Unclaimed Money.  The Trustee and any Paying Agent shall
promptly pay or return to the Company upon Company Order, as the case may be,
any cash or Government Securities held by them at any time that are not required
for the payment of the principal, premium, if any, interest and any Additional
Amounts, if any, on the Notes for which cash or Government Securities have been
deposited pursuant to Section 8.4 or 8.5.

       

      SECTION
8.10.  Reinstatement.  If
the Trustee or Paying Agent is unable to apply any cash or Government Securities
in accordance with Section 8.2, 8.3, 8.4 or 8.5 by reason of any legal
proceeding 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 Notes and the Guarantor’s
obligations under this Indenture shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.2, 8.3, 8.4 or 8.5 until such time as
the Trustee or Paying Agent is permitted to apply all such cash or Government
Securities in accordance with Section 8.2, 8.3, 8.4 or 8.5; provided, however, that if the
Company or the Guarantor has made any payment of principal, premium, if any,
interest or any Additional Amounts, if any, on any Notes because of the
reinstatement of its obligations, the Company and the Guarantor shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying
Agent.

       

       

      ARTICLE
IX

       

      AMENDMENTS,
SUPPLEMENTS AND WAIVERS

       

      SECTION
9.1.  Without Consent of Holders
of Notes.  Without notice to or the consent of any Holders, the
Company and the Guarantor, when each is 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 such Trustee, for any of
the following purposes:

       

      (i)           to
evidence the succession of another corporation or other Person to the Company or
the Guarantor, and the assumption by any such successor of the covenants of the
Company or the Guarantor, as the case may be, herein and in the
Notes;

       

      (ii)           to
add to the covenants of the Company or the Guarantor, for the benefit of the
Holders of Notes of a particular tranche, to convey, transfer, assign, mortgage
or pledge any property to or with the Trustee or otherwise secure the Notes of a
particular tranche or to surrender any right or power herein conferred upon the
Company or the Guarantor;

       

      (iii)           to
add any additional Events of Default with respect to the Notes;

       

      (iv)           to
evidence and provide for the acceptance of appointment hereunder of a Trustee
other than First Chicago, as Trustee 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;

       

       

      
        
          
          

        

        
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      (v)           to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Notes of a particular tranche 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 trust hereunder;

       

      (vi)           to
add to the conditions, limitations and restrictions on the authorized amount,
form, terms or purposes of issue, authentication and delivery of Notes, as
herein set forth, other conditions, limitations and restrictions thereafter to
be observed;

       

      (vii)           to
add to or change or eliminate any provisions of this Indenture as shall be
necessary or desirable in accordance with any amendments to the
TIA;

       

      (viii)           to
cure any ambiguity, omission, defect or inconsistency;

       

      (ix)           to
make any other amendment, modification, change or supplement to this Indenture
or the Notes of any tranche that does not materially adversely affect the rights
of any Holder of any Notes of that tranche;

       

      (x)           to
make any change that would provide any additional rights or benefits to the
Holders of the Notes or that does not adversely affect the legal rights under
this Indenture of any such Holder; and

       

      (xi)           to
surrender any right or power conferred upon the Company or the
Guarantor.

       

      The
Trustee may waive compliance by the Company or the Guarantor with any provision
of this Indenture or the Notes without notice to or consent of any Holder of any
Notes if such waiver does not materially adversely affect the rights of any
Holder of any Notes.

       

      SECTION
9.2.  With
Consent of Holders of Notes.  The Company, the Guarantor and
the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of amending or supplementing any of the provisions of this
Indenture, to the extent applicable to the Notes of a particular tranche, or the
Notes of a particular tranche or Guarantees of a particular tranche of Notes,
without notice to any Holder, but with the written consent of the Holders of a
majority in aggregate principal amount of the Notes of such tranche then
outstanding.  The Holders of a majority in principal amount of the
Notes of such tranche affected may waive compliance by the Company or the
Guarantor with any provision of this Indenture or the Notes of such tranche or
Guarantee of such tranche without notice to any Holder, in each case by act of
said Holders delivered to the Company the Guarantor and the
Trustee.  No such supplemental indenture shall, without the consent of
the Holder of each outstanding Note of such tranche affected
thereby:

       

      (i)           change
the Maturity Date of the principal of, or any installment of principal of or
interest on, any Note of such tranche, or reduce the principal amount thereof or
the rate of interest thereon, if any, or any premium payable upon the redemption
thereof, or change any obligation of the Company or the Guarantor to pay
Additional Amounts, if any, (except as contemplated by Sections 5.1 and 5.2 and
permitted by Section 9.1(i)) or change the Place of Payment or the currency in
which any Note of such tranche or the interest thereon is payable;

       

      (ii)           reduce
the percentage in principal amount of the Notes of such tranche, 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;

       

       

      
        
          
          

        

        
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      (iii)           modify
any of the provisions of this Section, 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 Note of such tranche affected
thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder of a Note of
such tranche 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 7.8, 7.10, 9.1(iv) and 9.1(v);
and

       

      (iv)           amend
the terms of the Notes of such tranche (including the Guarantees) or this
Indenture in a way that would result in the loss of an exemption from any taxes
or an exemption from any obligation to withhold or deduct taxes unless the
Company and the Guarantor agree to pay Additional Amounts, if any, in respect
thereof.

       

      After an
amendment, supplement or waiver under this Section becomes effective, the
Company or the Guarantor shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver.  Any
failure of the Company or the Guarantor to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such amendment or supplemental indenture or waiver.

       

      SECTION
9.3.  Compliance with
TIA.  From the date on which this Indenture is qualified under
the TIA, every amendment, waiver or supplement of this Indenture or the Notes
shall comply with the TIA as then in effect.

       

      SECTION
9.4.  Revocation and Effect of
Consents.  Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder of a Note is a continuing consent by the
Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the
consent is not made on any Note.  However, any such Holder of a Note
or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the waiver,
supplement or amendment becomes effective.  An amendment, supplement
or waiver becomes effective in accordance with its terms and thereafter binds
every Holder of a Note.

       

      The
Company may fix a record date for determining which Holders of the Notes must
consent to such amendment, supplement or waiver.  If the Company fixes
a record date, the record date shall be fixed at (i) the later of 30 days prior
to the first solicitation of such consent or the date of the most recent list of
Holders of Notes furnished to the Trustee prior to such solicitation pursuant to
Section 2.5 or (ii) such other date as the Company shall designate.

       

      SECTION
9.5.  Notation on or Exchange of
Notes.  The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter
authenticated.  The Company in exchange for all Notes of a particular
tranche may issue and the Trustee shall authenticate new Notes of such tranche
that reflect the amendment, supplement or waiver.

       

      Failure
to make the appropriate notation or issue a new Note of a particular tranche
shall not affect the validity and effect of such amendment, supplement or
waiver.

       

      SECTION
9.6.  Trustee To Sign Amendments,
Etc.  The
Trustee shall execute any amendment, supplement or waiver authorized pursuant to
this Article IX; provided, however, that the
Trustee may, but shall not be obligated to, execute any such amendment,
supplement or waiver which affects the Trustee’s own rights, duties or
immunities under this Indenture.  The Trustee shall be entitled to
receive indemnity reasonably satisfactory to it, and shall be fully protected in
relying upon, an Opinion of Counsel and an Officers’ Certificate from each of
the Company and the Guarantor each stating that the execution of any amendment,
supplement or waiver authorized pursuant to this Article IX is authorized or
permitted by this Indenture and constitutes the legal, valid and binding
obligations of the Company and the Guarantor enforceable in accordance with its
terms.  Such Opinion of Counsel shall not be an expense of the
Trustee.

       

       

      
        
          
          

        

        
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      SECTION
9.7.  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 Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

       

       

      ARTICLE
X

       

      GUARANTEES

       

      SECTION
10.1.  Guarantees.  The
Guarantor hereby unconditionally and irrevocably guarantees to each Holder and
to the Trustee and its successors and assigns (i)(a) the full and punctual
payment of principal and interest on the Notes of such Holder when due, whether
at maturity, by acceleration, by redemption or otherwise, and all other monetary
obligations of the Company under this Indenture and the Notes (including
Additional Amounts, if any) and (b) the full and punctual performance within
applicable grace periods of all other obligations of the Company under this
Indenture and the Notes and (ii) in the case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal (all of the foregoing being hereinafter collectively called
the “Guarantees”).

       

      The
Guarantor waives presentation to, demand of, payment from and protest to the
Company of any of the Guarantees and also waives notice of protest for
nonpayment.  The Guarantor waives notice of any default under the
Notes or the Guarantees.  The Guarantees hereunder shall not be
affected by (a) the failure of any Holder or the Trustee to assert any claim or
demand or to enforce any right or remedy against the Company or any other Person
under this Indenture, the Notes or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Notes or
any other agreement; (d) the release of any security held by any Holder or the
Trustee for the Guarantees or any of them; (e) the failure of any Holder or
Trustee to exercise any right or remedy against any other guarantor of the
Guarantees or (f) any change in the ownership of the Guarantor.

       

      The
Guarantor further agrees that its Guarantees hereunder constitute a guarantee of
payment, performance and compliance when due (and not a guarantee of
collection).

       

      The
Guarantor hereby agrees that its obligations hereunder shall be as principal and
not merely as surety, and shall be absolute and unconditional, irrespective of,
and shall be unaffected by, any invalidity, irregularity or failure to enforce
the provisions of any Note or this Indenture, or any waiver, modification,
consent or indulgence granted to the Company with respect thereto (unless the
same shall also be provided the Guarantor), by the Holder of any Note or the
Trustee, the recovery of any judgment against the Company or any action to
enforce the same, or any other circumstances which may otherwise constitute a
legal or equitable discharge of a surety or guarantor; provided that,
notwithstanding the foregoing, no such waiver, modification, indulgence or
circumstance shall, without the consent of the Guarantor, increase the principal
amount of a Note or the interest rate thereon or increase any premium payable
upon redemption thereof.  The Guarantees shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any
claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the
Guarantees or otherwise.  Without  limiting the generality
of the foregoing, the Guarantor covenants that the Guarantees shall not be
discharged or impaired or otherwise affected by the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of the Guarantor or would otherwise operate as a discharge
of the Guarantor as a matter of law or equity.

       

       

      
        
          
          

        

        
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      The
Guarantor further agrees that the Guarantees shall continue to be effective or
be reinstated, as the case may be, if at any time payment, or any part thereof,
of principal, premium, if any, interest or Additional Amounts, if any, on the
Tranche A Notes or the Tranche B Notes is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Company or otherwise.

       

      In
furtherance of the foregoing and not in limitation of any other right which any
Holder or the Trustee has at law or in equity against the Guarantor by virtue
hereof, upon the failure of the Company to pay the principal of, premium on, if
any, interest on, or Additional Amounts, if any, on the Tranche A Notes or the
Tranche B Notes when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, or to perform or comply with any other
obligation under the Notes, the Guarantor hereby promises to and will, upon
receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in
cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid
amount of such obligations under such Notes, (ii) accrued and unpaid interest on
such obligations under such Notes (but only to the extent not prohibited by law)
and (iii) all other monetary obligations with respect to such Notes (including
Additional Amounts, if any) of the Company to the Holders and the
Trustee.

       

      The
Guarantor will be subrogated to all rights of the Holder against the Company in
respect of any amount paid by the Guarantor pursuant to the provisions of the
Guarantee; provided, however, that the
Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon, such right of subrogation until the principal of, premium
on, if any, interest and Additional Amounts, if any, on such Note shall have
been paid in full.  The Guarantor further agrees that, as between it,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations with respect to the Tranche A Notes or Tranche B
Notes hereby may be accelerated as provided in Article VI for the purposes of
the Guarantees, herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations with
respect to such Notes, and (y) in the event of any declaration of acceleration
of such obligations as provided in Article VI, the  Guarantees
(whether or not due and payable) shall forthwith become due and payable by the
Guarantor for the purposes of this Section.

       

      The
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder
in enforcing any rights under this Section.

       

      SECTION
10.2.  Successors and
Assigns.  This Article X shall be binding upon the Guarantor
and its successors and assigns and shall inure to the benefit of the successors
and assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges
conferred upon that party in this Indenture and in the Notes shall automatically
extend to and be vested in such transferee or assignee, all subject to the terms
and conditions of this Indenture.

       

       

      
        
          
          

        

        
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      SECTION
10.3.  No
Waiver.  Neither a failure nor a delay on the part of either
the Trustee or the Holders in exercising any right, power or privilege under
this Article X shall operate as a waiver thereof, nor shall a single or partial
exercise thereof preclude any other or further exercise of any right, power or
privilege.  The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other
rights, remedies or benefits which either may have under this Article X at law,
in equity, by statute or otherwise.

       

      SECTION
10.4.  Modification.  No
modification, amendment or waiver of any provision of this Article X, nor the
consent to any departure by the Guarantor therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Trustee, and
then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given.  No notice to or demand on the
Guarantor in any case shall entitle the Guarantor to any other or further notice
or demand in the same, similar or other circumstances.

       

       

      ARTICLE
XI

       

      MEETINGS
OF HOLDERS OF THE NOTES

       

      SECTION
11.1.  Purposes of
Meetings.  A meeting of the Holders of a particular tranche of
Notes may be called at any time from time to time pursuant to this Article XI
for any of the following purposes:

       

      (1)  to
give any notice to the Company, the Guarantor or to the Trustee, or to give any
directions to the Trustee, or to consent to the waiving of any Default hereunder
and  its consequences, or to take any other action authorized to be
taken by Holders pursuant to Article VI hereof;

       

      (2)  to
remove the Trustee and appoint a successor trustee pursuant to Article VII
hereof;

       

      (3)  to
consent to the execution of an indenture supplemental hereto pursuant to Article
IX hereof; or

       

      (4)  to
take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the outstanding Notes of a
particular tranche under any other provision of this Indenture or under
applicable law.

       

      SECTION
11.2.  Place
of Meetings.  Meetings of Holders may be held at such place or
places as the Trustee or, in case of its failure to act, the Company, the
Guarantor or the Holders calling the meeting, shall from time to time
determine.

       

      SECTION
11.3.  Call
and Notice of Meetings.  (a)  The Trustee may at any
time call a meeting of Holders of a particular tranche of Notes to be held at
such time and at such place in the location determined by the Trustee pursuant
to Section 11.2 hereof.  Notice of every meeting of Holders, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be mailed to each Holder and
published in the manner contemplated by Section 12.3 hereof.  Such
notice shall be given not less than 20 days nor more than 90 days prior to the
date fixed for the meeting.

       

       

      
        
          
          

        

        
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      (b)  In
case at any time the Company or the Guarantor, as the case may be, pursuant to a
Board Resolution, or the Holders of at least a majority in aggregate principal
amount of the Notes of a particular tranche then outstanding, shall have
requested the Trustee to call a meeting of the Holders, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first giving of the notice of
such meeting within 20 days after receipt of such request, then the Company, the
Guarantor or the Holders in the amount above specified may determine the time
(not less than 21 days after notice is given) and the place in the location
determined by the Company, the Guarantor or the Holders pursuant to Section 11.2
hereof for such meeting and may call such meeting to take any action authorized
in Section 11.1 hereof by giving notice thereof as provided in Section 11.3(a)
hereof.

       

      SECTION
11.4.  Voting at
Meetings.  To be entitled to vote at any meeting of Holders, a
Person shall be (i) a Holder or (ii) a Person appointed in writing as proxy for
a Holder or Holders by such Holder or Holders.  The only Persons who
shall be entitled to be present or to speak at any meeting of Holders shall be
the Persons so entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel, any representatives of the
Company and its counsel and any representatives of the Guarantor and its
counsel.

       

      SECTION
11.5.  Voting Rights, Conduct and
Adjournment.  (a)  Notwithstanding any other
provisions of this Indenture, the Trustee may make such reasonable regulations
as it may deem advisable for any meeting of Holders in regard to proof of the
holding of Notes of a particular tranche and of the appointment of proxies and
in regard to the appointment and duties of inspectors of votes, the submission
and examination of proxies, certificates and other evidence of the right to
vote, and such other matters concerning the conduct of the meeting as it shall
deem appropriate.  Except as otherwise permitted or required by any
such regulations, the holding of Notes of a particular tranche shall be proved
in the manner specified in Article II hereof and the appointment of any proxy
shall be proved in such manner as is deemed appropriate by the Trustee or by
having the signature of the person executing the proxy witnessed or guaranteed
by any bank, banker or trust company customarily authorized to certify to the
holding of a security such as a Global Note.

       

      (b)  No
action at a meeting of Holders shall be effective unless approved by Persons
holding or representing Notes of a particular tranche in the aggregate principal
amount required by the provision of this Indenture pursuant to which such action
is being taken.

       

      (c)  At
any meeting of Holders, each Holder or proxy shall be entitled to one vote for
each $1,000 principal amount of outstanding Notes of a particular tranche held
or represented; provided, however, that no vote
shall be cast or counted at any meeting in respect of any Note of such tranche
challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding.  The chairman of the meeting shall have no right to vote
other than by virtue of outstanding Note of such tranche held by him or
instruments in writing duly designating him as the person to vote on behalf of
Holders.  Any meeting of Holders with respect to which a meeting was
duly called pursuant to the provisions of Section 11.3 may be adjourned from
time to time by a majority of such Holders present and the meeting may be held
as so adjourned without further notice.

       

      (d)  The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company, the Guarantor
or by Holders as provided in Section 11.3, in which case the Company, the
Guarantor or the Holders calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman.  A permanent chairman and a
permanent secretary of the meeting shall be elected by a majority vote of the
meeting.

       

      SECTION
11.6.  Revocation of Consent by
Holders.  At any time prior to (but not after) the evidencing
to the Trustee of the taking of any action at a meeting of Holders by the
Holders of the percentage in aggregate principal amount of the Notes of a
particular tranche specified in this Indenture in connection with such action,
any Holder of a Note of such tranche the serial number of which is included in
the Notes of such tranche the Holders of which have consented to such action
may, by filing written notice with the Trustee at its principal corporate trust
office and upon proof of holding as provided herein, revoke such consent so far
as concerns such Notes.  Except as aforesaid any such consent given by
the Holder of any Notes shall be conclusive and binding upon such Holder and
upon all future Holders and owners of such Notes and of any Notes issued in
exchange therefore, in lieu thereof or upon transfer thereof, irrespective of
whether or not any notation in regard thereto is made upon such
Notes.  Any action taken by the Holders of the percentage in aggregate
principal amount of the Holders specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the Guarantor, the
Trustee and the Holders of all the Notes of such tranche.

       

       

      
        
          
          

        

        
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      SECTION
11.7.  No
Delay of Rights by Meeting.  Nothing contained in this Article
XI shall be deemed or construed to authorize or permit, by reason of any call of
a meeting of Holders or any rights expressly or impliedly conferred hereunder to
make such call, any hindrance or delay in the exercise of any right or rights
conferred upon or reserved to the Trustee or to any Holder under any of the
provisions of this Indenture or of the Notes of any tranche.

       

       

      ARTICLE
XII

       

      MISCELLANEOUS

       

      SECTION
12.1.  TIA
Controls.  Except as otherwise provided herein, if any
provision hereof limits, qualifies or conflicts with the duties imposed by any
of Sections 310 through 317, inclusive, of the TIA through the operation of
Section 318(c) thereof, such imposed duties shall control.

       

      SECTION
12.2.  Notices.  Any
notice or communication shall be sufficiently given if in writing and delivered
in person or mailed by first-class mail addressed as follows:

       

      if to the
Company:

       

      Black
& Decker Holdings Inc.

      210 Bath
Road

      Slough,
Berkshire

      SL1 3YD
England

      Attention:
Secretary

       

      with a
copy to the Guarantor;

       

      if to the
Guarantor:

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21286

      Attention:
Treasurer

       

      with a
copy to:

       

      Miles
& Stockbridge P.C.

      10 Light
Street

      Baltimore,
Maryland 21202

      Attention:
Glenn Campbell

       

       

      
        
          
          

        

        
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      and

       

      The Black
& Decker Corporation

      701 East
Joppa Road

      Towson,
Maryland 21228

      Attention:
General Counsel

       

      if to the
Trustee:

       

      The First
National Bank of Chicago

      One First
National Plaza, Suite 0126

      Chicago,
Illinois 60670-0126

      Attention:
Corporate Trust Services Division

      Facsimile:
312-407-1708

       

      with a
copy to:

       

      The First
National Bank of Chicago

      153 West
51st Street, 6th Floor

      New York,
New York 10019

      Attention:
Michael Pinzon

       

      For
purposes of Section 4.2:

       

      The First
Chicago Trust Company of New York

      14 Wall
Street, 8th Floor

      New York,
New York 10005

      Attention:
Michael Pinzon

      Facsimile:
212-240-8938

       

      if to the
Exchange Agent or Paying Agent:

       

      The First
Chicago Trust Company of New York

      14 Wall
Street, 8th Floor

      New York,
New York 10005

      Attention:
Michael Pinzon

      Facsimile:
212-240-8938

       

      The
Company, the Guarantor or the Trustee by notice to the others may designate
additional or different addresses for subsequent notices or
communications.  If the Trustee of any Notes is other than the Trustee
initially named in this Indenture or any successor thereto, any notice or
communication shall be sufficiently given if in writing and delivered in person
or mailed by first class mail addressed to that Trustee at the address provided
for in the supplemental indenture executed in connection with the appointment of
that Trustee in respect of the Notes.

       

      SECTION
12.3.  Notice to
Holders.  Any notice or communication mailed to a Holder shall
be mailed by first-class mail or other equivalent means at that Holder’s address
as it appears on the registration books of the Exchange Agent and shall be
sufficiently given if so mailed within the time prescribed.

       

       

      
        
          
          

        

        
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      Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.  If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

       

      Notices
regarding the Notes of a particular tranche will be (i) published in a leading
newspaper having a general circulation in New York (which is expected to be
The Wall Street
Journal) (and so long as such Notes are listed on the Luxembourg Stock
Exchange and the rules of such Luxembourg Stock Exchange shall so require, a
newspaper having a general circulation in Luxembourg (which is expected to be
the Luxemburger Wort)) or (ii) in the case of Definitive Notes of a particular
tranche, mailed to Holders by first-class mail at their respective addresses as
they appear on the registration books of the Exchange Agent (and, so long as
such Notes are listed on the Luxembourg Stock Exchange and the rules of such
Stock Exchange shall so require, published in a newspaper having a general
circulation in Luxembourg (which is expected to be the Luxemburger
Wort)).  Notices given by publication will be deemed given on the
first date on which publication is made and notices given by first-class mail,
postage prepaid, will be deemed given five calendar days after
mailing.

       

      SECTION
12.4.  Compliance Certificates and
Opinions.  Upon any request or application by the Company or
the Guarantor to the Trustee to take any action under this Indenture, the
Company or the Guarantor shall furnish to the Trustee (i) an Officers’
Certificate stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and (ii) an Opinion of Counsel stating that, in
the opinion of such counsel, all such conditions precedent have been complied
with.

       

      Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include (i) a statement that the person
making such certificate or opinion has read such certificate or condition, (ii)
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, (iii) a statement that, in the opinion of such person, the person has
made such examination or investigation as is necessary to enable the person to
express an informed opinion as to whether such covenant or condition has been
complied with, and (iv) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

       

      SECTION
12.5.  Form
of Documents Delivered to Trustee.  Any certificate or opinion
of an officer of the Company or the Guarantor may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
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 or Guarantor stating that the information with respect
to such factual matters is in the possession of the Company or Guarantor, unless
such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are
erroneous.

       

      Where 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
12.6.  Rules
by Trustee, Paying Agent, Exchange Agent.  The Trustee, Paying
Agent or Exchange Agent may make reasonable rules for its
functions.

       

       

      
        
          
          

        

        
          -48-

          
            

          

        

        
          
          

        

      

       

       

      SECTION
12.7.  Non-Business
Day.  In any case where any payment date of a Note of any
particular tranche shall not be a Business Day at any Place of Payment with
respect to Notes of that tranche, then (notwithstanding any other provision of
this Indenture or of the Notes) payment of principal, premium, if any, interest
or Additional Amounts, if any, with respect to such Note 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 payment date, provided that no
interest shall accrue for the period from and after such payment
date.

       

      SECTION
12.8.  Governing Law and Submission
to Jurisdiction.  THIS INDENTURE, THE GUARANTEE AND THE NOTES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.  EACH OF THE COMPANY AND THE GUARANTOR AGREES TO SUBMIT TO
THE JURISDICTION OF THE U.S. FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE
BOROUGH OF MANHATTAN, CITY AND STATE OF NEW YORK FOR PURPOSES OF ANY LEGAL
ACTIONS AND PROCEEDINGS ARISING OUT OF OR BASED UPON THE NOTES AND THE
INDENTURE, IN THE CASE OF THE COMPANY, AND THE GUARANTEES AND THE INDENTURE IN
THE CASE OF THE GUARANTOR.

       

      SECTION
12.9.  No
Adverse Interpretation of Other Agreements.  This Indenture may
not be used to interpret another indenture, loan or debt agreement of any of the
Company, the Guarantor or any of its Subsidiaries.  Any such
indenture, loan or debt agreement may not be used to interpret this
Indenture.

       

      SECTION
12.10.  Immunity of Incorporators,
Stockholders, Employees, Officers and Directors.  A director,
officer, employee, stockholder or incorporator, as such, of the Company or the
Guarantor shall not have any liability for any obligation of the Company or the
Guarantor under the Notes or the Indenture or for any claim based on, with
respect to or by reason of such obligations or their creation.  All
such liability is waived and released as a condition of, and as partial
consideration for, the execution of this Indenture and the issue of the
Notes.

       

      SECTION
12.11.  Successors and
Assigns.  Except as otherwise provided herein, all covenants
and agreements in this Indenture by the Company and the Guarantor shall bind
their successors and assigns, whether so expressed or not.

       

      SECTION
12.12.  Counterpart
Originals.  All parties hereto may sign any number of copies of
this Indenture.  Each signed copy or counterpart shall be an original,
but all of them together shall represent one and the same
agreement.

       

      SECTION
12.13.  Severability.  In
any case any provision in this Indenture or in the Notes 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
12.14.  Table of Contents, Headings,
etc.  The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

       

      SECTION
12.15.  Benefits of
Indenture.  Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the parties hereto,
any Paying Agent, any Exchange Agent or co-Exchange Agent and their successors
hereunder and the Holders of Notes, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

       

       

      
        
          
          

        

        
          -49-

          
            

          

        

        
          
          

        

      

       

       

      SECTION
12.16.  Language of Notices,
etc.  Any
request, demand, authorization, direction, notice, consent or waiver required or
permitted under this Indenture shall be in the English language, and any
published notice may also be in an official language of the country or province
of publication.

       

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

       

      
        	
                [SEAL]

              	
                BLACK
      & DECKER HOLDINGS INC.,

              
	 
      	
                as
      Issuer

              

      

      

       

      
        
          	 	 	 	 	 	 
	Attest: 	
                  /s/
      Norman R. Judd

                	 	By:	
                  /s/ 
      Mark M. Rothleitner

                	 
	 	
                  
                    Title:   
      Norman R. Judd

                  

                	 	 	
                  Name: 
      Mark M. Rothleitner

                	 
	 	
                   

                	 	 	
                   

                	 

        

      

      
 

    

    
      	
              [SEAL]

            	
              THE
      BLACK & DECKER CORPORATION,

            
	 
      	
              as
      Guarantor

            

    

     

    
       

      
        
          	 	 	 	 	 	 
	Attest: 	
                  /s/
      Lucy A. Bosley

                	 	By:	
                  /s/ 
      Thomas M. Schoewe

                	 
	 	
                  
                    Title:   
      Asst.
      Secretary

                  

                	 	 	
                  Name: 
      Thomas M. Schoewe

                	 
	 	
                   

                	 	 	
                  Title:   
      Senior Vice President and Chief
      Financial Officer   

                	 

        

      

       

    

     

    
      
        	 	THE
      FIRST NATIONAL BANK OF CHICAGO,	 
	 	
                as
      Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/
      Michael Pinzon 	 
	 	 	Name: 
      Michael Pinzon 	 
	 	 	Title:    Trust
      Officer	 
	 	 	 	 

      

    

    
 

    

    -50-

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