Document:

ex4-2.htm

     

    Exhibit
      4.2

     

     

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

       

      TRANSFERS
        OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
        TO
        NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
        NOMINEE.

       

      CSX
        CORPORATION

      

      

      $300,000,000

      5.600%
        NOTES DUE 2017

       

      
        
          
            
              	No.
                      1-A 	
                       CUSIP
                        No. 126408GJ6

                    

            

             

          

        

      

      This
        security (the “Security”) is one of a duly authorized issue of securities
        (herein called the “Securities”) of CSX Corporation, a Virginia corporation
        (hereinafter called the “Company,” which term includes any successor corporation
        under the Indenture hereinafter referred to), issued and to be issued in
        one or
        more series under an indenture, unlimited as to aggregate principal amount,
        dated as of August 1, 1990 between the Company and The Bank of New York,
        successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan
        Bank, as Trustee (herein called the “Trustee,” which term includes any successor
        trustee under the Indenture (as hereinafter defined)), as supplemented by
        a
        First Supplemental Indenture dated as of June 15, 1991, a Second Supplemental
        Indenture dated as of May 6, 1997, a Third Supplemental Indenture dated as
        of
        April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001,
        a
        Fifth Supplemental Indenture dated as of October 27, 2003, a Sixth Supplemental
        Indenture dated as of September 23, 2004, and a Seventh Supplemental Indenture
        dated as of April 25, 2007, to which indenture and all indentures supplemental
        thereto (the indenture, as supplemented being herein called the “Indenture”)
        reference is hereby made for a statement of the respective rights thereunder
        of
        the Company, the Trustee and the Holders of the Securities and of the terms
        upon
        which the Securities are, and are to be, authenticated and
        delivered.  This Security is one of the series designated on the face
        hereof, which series has been issued in an initial aggregate principal amount
        of
        $300,000,000 (THREE HUNDRED MILLION DOLLARS). All Securities of this series
        need
        not be issued at the same time and such series may be reopened at any time,
        without the consent of any Holder, for issuances of additional Securities
        of
        this series.  Any such additional Securities of this series will have
        the same interest rate, maturity and other terms as those initially
        issued.  Further Securities of this series may also be authenticated
        and delivered as provided by Sections 304, 305, 306 or 906 of the Indenture.
        This Security represents an aggregate initial principal amount of $300,000,000
        (THREE HUNDRED MILLION DOLLARS) (as adjusted from time to time in accordance
        with the terms and provisions hereof and as set forth on Exhibit A hereto,
        the
“Principal Amount”) of the Securities of such series, with the Interest Payment
        Dates, date of original issuance, and date of Maturity specified herein and
        bearing interest on said Principal Amount at the interest rate specified
        herein.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      The
        Company, for value received, hereby promises to pay CEDE & CO., or its
        registered assigns, the principal sum of $300,000,000 (THREE HUNDRED MILLION
        DOLLARS) on May 1, 2017 and to pay interest (computed on the basis of a 360-day
        year of twelve 30-day months) thereon from April 25, 2007 or from the most
        recent Interest Payment Date to which interest has been paid or duly provided
        for, or, if the date of this Security is an Interest Payment Date to which
        interest has been paid or duly provided for, then from the date hereof,
        semiannually in arrears on May 1 and November 1 of each year, commencing
        November 1, 2007, and at Maturity at the rate of 5.600% per annum, until
        the
        principal hereof is paid or duly made available for payment.  The
        Company shall pay interest on overdue principal and premium, if any, and
        (to the
        extent lawful) interest on overdue installments of interest at the rate per
        annum borne by the Security.  The interest so payable, and punctually
        paid or duly provided for, on any Interest Payment Date will, as provided
        in
        such Indenture, be paid to the Person in whose name this Security (or one
        or
        more Predecessor Securities) is registered at the close of business on the
        Regular Record Date for such interest, which shall be the April 15 or October
        15
        (whether or not a Business Day), as the case may be, next preceding such
        Interest Payment Date.  Except as otherwise provided in the Indenture,
        any such interest not so punctually paid or duly provided for shall forthwith
        cease to be payable to the Holder on such Regular Record Date and may be
        paid to
        the Person in whose name this Security (or one or more Predecessor Securities)
        is registered at the close of business on a Special Record Date to be fixed
        by
        the Trustee for the payment of such Defaulted Interest, notice whereof shall
        be
        given to the Holder of this Security not less than 10 days prior to such
        Special
        Record Date, or may be paid at any time in any other lawful manner not
        inconsistent with the requirements of any securities exchange or automated
        quotation system on which the Securities of this series may be listed or
        quoted,
        and upon such notice as may be required by such exchange or system, all as
        more
        fully provided in such Indenture.  Notwithstanding the foregoing,
        interest payable on this Security at Maturity will be payable to the person
        to
        whom principal is payable.

       

      This
        Security is exchangeable in whole or from time to time in part for definitive
        Registered Securities of this series only as provided in this
        paragraph.  If (x) the Depository with respect to the Securities of
        this series (the “Depository”) notifies the Company that it is unwilling, unable
        or ineligible to continue as Depository for this Security or if at any time
        the
        Depository ceases to be a clearing agency registered under the Securities
        Exchange Act of 1934, as amended, and a successor Depository is not appointed
        by
        the Company within 90 days, (y) the Company in its sole discretion determines
        that this Security shall be exchangeable for definitive Registered Securities
        and executes and delivers to the Trustee a Company Order providing that this
        Security shall be so exchangeable or (z) there shall have happened and be
        continuing an Event of Default or any event which, after notice or lapse
        of
        time, or both, would become an Event of Default with respect to the Securities
        of the series of which this Security is a part, this Security or any portion
        hereof shall, in the case of clause (x) above, be exchanged for definitive
        Registered Securities of this series, and in the case of clauses (y) and
        (z)
        above, be exchangeable for definitive Registered Securities of this series,
        provided that the definitive Security so issued in exchange for this Security
        shall be in authorized denominations and be of like tenor and of an equal
        aggregate principal amount as the portion of the Security to be exchanged,
        and
        provided further that, in the case of clauses (y) and (z) above, definitive
        Registered Securities of this series will be issued in exchange for this
        Security, or any portion hereof, only if such definitive Registered Securities
        were requested by written notice to the Security Registrar by or on behalf
        of a
        Person who is a beneficial owner of an interest herein given through the
        Holder
        hereof.  Any definitive Registered Security of this series issued in
        exchange for this Security, or any portion hereof, shall be registered in
        the
        name or names of such Person or Persons as the Holder hereof shall instruct
        the
        Security Registrar.  Except as provided above, owners of beneficial
        interests in this Security will not be entitled to receive physical delivery
        of
        Securities in definitive form and will not be considered the Holders thereof
        for
        any purpose under the Indenture.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      Any
        exchange of this Security or portion hereof for one or more definitive
        Registered Securities of this series will be made at the New York office
        of the
        Security Registrar or at the office of any transfer agent designated by the
        Company for that purpose.  Upon exchange of any portion of this
        Security for one or more definitive Registered Securities of this series,
        the
        Trustee shall endorse Exhibit A of this Security to reflect the reduction
        of its
        Principal Amount by an amount equal to the aggregate principal amount of
        the
        definitive Registered Securities of this series so issued in exchange, whereupon
        the Principal Amount hereof shall be reduced for all purposes by the amount
        so
        exchanged and noted.  Except as otherwise provided herein or in the
        Indenture, until exchanged in full for one or more definitive Registered
        Securities of this series, this Security shall in all respects be subject
        to and
        entitled to the same benefits and conditions under the Indenture as a duly
        authenticated and delivered definitive Registered Security of this
        series.

       

      The
        principal and any interest in respect of any portion of this Security payable
        in
        respect of an Interest Payment Date or at the Stated Maturity thereof, in
        each
        case occurring prior to the exchange of such portion for a definitive Registered
        Security or Securities of this series, will be paid, as provided herein,
        to the
        Holder hereof which will undertake in such circumstances to credit any such
        principal and interest received by it in respect of this Security to the
        respective accounts of the Persons who are the beneficial owners of such
        interests on such Interest Payment Date or at Stated Maturity.  If a
        definitive Registered Security or Registered Securities of this series are
        issued in exchange for any portion of this Security after the close of business
        at the office or agency where such exchange occurs on (i) any Regular Record
        Date and before the opening of business at such office or agency on the relevant
        Interest Payment Date, or (ii) any Special Record Date and before the opening
        of
        business at such office or agency on the related proposed date for payment
        of
        Defaulted Interest, then interest or Defaulted Interest, as the case may
        be,
        will not be payable on such Interest Payment Date or proposed date for payment,
        as the case may be, in respect of such Registered Security, but will be payable
        on such Interest Payment Date or proposed date for payment, as the case may
        be,
        only to the Holder hereof, and the Holder hereof will undertake in such
        circumstances to credit such interest to the account or accounts of the Persons
        who were the beneficial owners of such portion of this Security on such Regular
        Record Date or Special Record Date, as the case may be.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      Payment
        of the principal of and any such interest on this Security will be made at
        the
        offices of the Trustee as Paying Agent, in the Borough of Manhattan, The
        City of
        New York, or at such other office or agency of the Company as may be designated
        by it for such purpose in the Borough of Manhattan, The City of New York,
        in
        such coin or currency of the United States of America as at the time of payment
        shall be legal tender for the payment of public and private debts by check
        mailed to the registered Holders thereof; provided, however, that
        at the option of the Holder, payment of interest may be made by wire transfer
        of
        immediately available funds to an account of the Person entitled hereto as
        such
        account shall be provided to the Security Registrar and shall appear in the
        Security Register.

       

      The
        Securities shall be redeemable, in whole or in part, at the Company’s option at
        any time.  The Redemption Price for the Securities to be redeemed
        shall equal the greater of the following amounts, plus, in each case, accrued
        interest thereon to the Redemption Date:

       

      
        	
                ·  

              	
                100%
                  of the principal amount of such Securities;
                  or

              

      

       

      
        	
                ·  

              	
                As
                  determined by the Independent Investment Banker (as defined below),
                  the
                  sum of the present values of the remaining scheduled payments of
                  principal
                  and interest on the Securities (not including any portion of any
                  payments
                  of interest accrued from the most recent Interest Payment Date
                  to which
                  interest has been paid to the Redemption Date) discounted to the
                  Redemption Date on a semiannual basis at the Adjusted Treasury
                  Rate (as
                  defined below) plus 20 basis
                  points.

              

      

       

      The
        Redemption Price shall be calculated by the Independent Investment Banker
        assuming a 360-day year consisting of twelve 30-day months.

      

      “Adjusted
        Treasury Rate” means, with respect to any Redemption Date:

      

      
        	
                ·  

              	
                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 U.S. 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
                  remaining
                  term of the Securities, yields for the two published maturities
                  most
                  closely corresponding to the Comparable Treasury Issue will be
                  determined
                  and the Adjusted Treasury Rate will 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 semiannual equivalent yield to maturity
                  of the
                  Comparable Treasury Issue, assuming 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.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      The
        Adjusted Treasury Rate shall be calculated on the third Business Day preceding
        the Redemption Date.  The Company shall notify the Trustee, in an
        Officers’ Certificate, of the Redemption Price no later than the second Business
        Day preceding the Redemption Date. The Officers’ Certificate shall set forth the
        Redemption Price both as an aggregate amount for all the Securities to be
        redeemed and as an amount per $1,000.00 in principal amount of the Securities
        to
        be redeemed, subject to a minimum $2,000.00 denomination as set forth
        below.

       

      “Comparable
        Treasury Issue” means the U.S. Treasury security selected by the 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, (A) the average of
        five Reference Treasury Dealer Quotations for such Redemption Date, after
        excluding the highest and lowest such Reference Treasury Dealer Quotations,
        or
        (B) if the Independent Investment Banker obtains fewer than five such Reference
        Treasury Dealer Quotations, the average of all such quotations.

      

      “Independent
        Investment Banker” means Citigroup Global Markets Inc. and its successors, or if
        that firm is unwilling or unable to serve in that capacity, an independent
        investment and banking institution of national standing appointed by the
        Company.

      

      “Reference
        Treasury Dealer” means:

      

      
        	
                ·  

              	
                Citigroup
                  Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley
&
                  Co. Incorporated and their successors; provided that, if any ceases
                  to be
                  a primary U.S. Government securities dealer in the United States
                  (“Primary
                  Treasury Dealer”), the Company will substitute another Primary Treasury
                  Dealer; and

              

      

      
        	
                ·  

              	
                Up
                  to four other Primary Treasury Dealers selected by the
                  Company.

              

      

      

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

      

      Notice
        of
        redemption shall be given as provided in Section 1104 of the Indenture;
        provided, that such notice shall not be required to include the Redemption
        Price
        but shall instead include the manner of calculation of the Redemption
        Price.  If the Company elects to partially redeem the Securities, the
        Trustee will select in a fair and appropriate manner the Securities to be
        redeemed.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      Unless
        the Company defaults in payment of the Redemption Price, on and after the
        Redemption Date interest will cease to accrue on the Securities or portions
        thereof called for redemption.

      

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series (including this
        Security and the interests represented hereby) may be declared due and payable
        in the manner and with the effect provided in the Indenture. Upon payment
        (i) of
        the amount of principal so declared due and payable and (ii) of interest
        on any
        overdue principal and overdue interest (in each case to the extent that the
        payment of such interest shall be legally enforceable), all of the Company’s
        obligations in respect of the payment of the principal of and any interest
        on
        the Securities of this series (including this Security and the interests
        represented hereby) shall terminate.

       

      If
        a
        Change of Control Repurchase Event occurs, unless the Company have exercised
        the
        Company’s right to redeem the “Securities” as described above, the Company will
        be required to make an offer to each holder of the “Securities” to repurchase
        all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
        thereof) of that holder’s “Securities” at a repurchase price in cash equal to
        101% of the aggregate principal amount of the “Securities” repurchased plus any
        accrued and unpaid interest on the “Securities” repurchased to, but not
        including, the date of repurchase.  Within 30 days following any
        Change of Control Repurchase Event or, at the Company’s option, prior to any
        Change of Control, but after the public announcement of the Change of Control,
        the Control will mail a notice to each holder, with a copy to the Trustee,
        describing the transaction or transactions that constitute or may constitute
        the
        Change of Control Repurchase Event and offering to repurchase the “Securities”
on the payment date specified in the notice, which date will be no earlier
        than
        30 days and no later than 60 days from the date such notice is
        mailed.  The notice shall, if mailed prior to the date of consummation
        of the Change of Control, state that the offer to purchase is conditioned
        on a
        Change of Control Repurchase Event occurring on or prior to the payment date
        specified in the notice.  The Company will comply with the
        requirements of Rule 14e-1 under the Exchange Act, and any other securities
        laws
        and regulations thereunder to the extent those laws and regulations are
        applicable in connection with the repurchase of the “Securities” as a result of
        a Change of Control Repurchase Event.  To the extent that the
        provisions of any securities laws or regulations conflict with the Change
        of
        Control Repurchase Event provisions of the “Securities”, the Company will comply
        with the applicable securities laws and regulations and will not be deemed
        to
        have breached the Company’s obligations under the Change of Control Repurchase
        Event provisions of the “Securities” by virtue of such conflict.

       

      On
        the
        repurchase date following a Change of Control Repurchase Event, the Company
        will, to the extent lawful:

       

      
        	
                 

              	
                (1)

              	
                accept
                  for payment all the “Securities” or portions of the “Securities” properly
                  tendered pursuant to the Company’s
                  offer;

              

      

       

      
        	
                 

              	
                (2)

              	
                deposit
                  with the paying agent an amount equal to the aggregate purchase
                  price in
                  respect of all the “Securities” or portions of the “Securities” properly
                  tendered; and

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 

              	
                (3)

              	
                deliver
                  or cause to be delivered to the Trustee the “Securities” properly
                  accepted, together with an officers’ certificate stating the aggregate
                  principal amount of the “Securities” being purchased by the
                  Company.

              

      

       

      The
        paying agent will promptly mail to each holder of the “Securities” properly
        tendered the purchase price for the “Securities”, and the Trustee will promptly
        authenticate and mail (or cause to be transferred by book-entry) to each
        holder
        a new note equal in principal amount to any unpurchased portion of any
“Securities” surrendered; provided that each new note will be in a principal
        amount of $2,000 or an integral multiple of $1,000 in excess
        thereof.

       

      The
        Company will not be required to make an offer to repurchase the “Securities”
upon a Change of Control Repurchase Event if a third party makes such an
        offer
        in the manner, at the times and otherwise in compliance with the requirements
        for an offer made by the Company and such third party purchases all the
“Securities” properly tendered and not withdrawn under its offer.

       

      For
        purposes of the foregoing description of a repurchase at the option of holders,
        the following definitions are applicable:

       

      “Below
        Investment Grade Ratings Event” means that on any day within the 60-day period
        (which period shall be extended so long as the rating of the “Securities” is
        under publicly announced consideration for a possible downgrade by any of
        the
        Rating Agencies) after the earlier of (1) the occurrence of a Change of Control;
        or (2) public notice of the occurrence of a Change of Control or the intention
        by CSX to effect a Change of Control, the “Securities” are rated below
        Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing,
        a Below Investment Grade Ratings Event otherwise arising by virtue of a
        particular reduction in rating shall not be deemed to have occurred in respect
        of a particular Change of Control (and thus shall not be deemed a Below
        Investment Grade Ratings Event for purposes of the definition of Change of
        Control Repurchase Event hereunder) if the Rating Agencies making the reduction
        in rating to which this definition would otherwise apply do not announce
        or
        publicly confirm or inform the Trustee in writing at its request that the
        reduction was the result, in whole or in part, of any event or circumstance
        comprised of or arising as a result of, or in respect of, the applicable
        Change
        of Control (whether or not the applicable Change of Control shall have occurred
        at the time of the ratings event).

       

      “Change
        of Control” means the consummation of any transaction (including, without
        limitation, any merger or consolidation) the result of which is that any
        “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other
        than CSX or the Company’s subsidiaries, becomes the beneficial owner (as defined
        in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
        of
        more than 50% of the combined voting power of the Company’s Voting Stock or
        other Voting Stock into which the Company’s Voting Stock is reclassified,
        consolidated, exchanged or changed measured by voting power rather than number
        of shares.

       

      “Change
        of Control Repurchase Event” means the occurrence of both a Change of Control
        and a Below Investment Grade Ratings Event.

       

      “Fitch”
        means Fitch Ratings Ltd.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      “Investment
        Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
        successor rating categories of Moody’s); a rating of BBB- or better by S&P
        or Fitch (or its equivalent under any successor rating categories of S&P and
        Fitch); or the equivalent Investment Grade credit rating from any additional
        Rating Agency or Rating Agencies selected by the Company.

       

      “Moody’s”
        means Moody’s Investors Service Inc.

       

      “Rating
        Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s,
        S&P or Fitch ceases to rate the “Securities” or fails to make a rating of
        the “Securities” publicly available for reasons outside of the Company’s
        control, a “nationally recognized statistical rating organization” within the
        meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the
        Company (as certified by a resolution of the Chief Executive Officer or Chief
        Financial Officer) as a replacement agency for Moody’s, S&P or Fitch, or all
        of them, as the case may be.

       

      “S&P”
        means Standard & Poor’s Ratings Services, a division of McGraw-Hill,
        Inc.

       

      “Voting
        Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
        the Exchange Act) as of any date means the capital stock of such person that
        is
        at the time entitled to vote generally in the election of the board of directors
        of such person.

       

      The
        Indenture contains provisions for defeasance at any time of (a) the entire
        indebtedness of the Company on this Security and (b) certain restrictive
        covenants and the related defaults and Events of Default, upon compliance
        with
        certain conditions set forth therein, which provisions shall apply to this
        Security.

       

      The
        provisions of Article Fourteen of the Indenture apply to Securities of this
        series.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Company
        and
        the rights of the Holders of the Securities of each series to be affected
        under
        the Indenture at any time by the Company and the Trustee with the consent
        of the
        Holders of a majority in aggregate principal amount of the Securities at
        the
        time Outstanding of each series affected thereby.  The Indenture also
        contains provisions permitting the Holders of specified percentages in aggregate
        principal amount of the Securities of each series at the time Outstanding
        on
        behalf of the Holders of all Securities of such series to waive compliance
        by
        the Company with certain provisions of the Indenture and certain past defaults
        under the Indenture and their consequences.  Any such consent or
        waiver by the Holder of this Security shall be conclusive and binding upon
        such
        Holder and upon all future Holders of this Security  and the Persons
        who are beneficial owners of interests represented hereby, and of any Security
        issued in exchange herefor or in lieu hereof whether or not notation of such
        consent or waiver is made upon this Security.

       

      As
        set
        forth in, and subject to, the provisions of the Indenture, no Holder of any
        Security of this series will have any right to institute any proceeding with
        respect to the Indenture or for any remedy thereunder, unless such Holder
        shall
        have previously given to the Trustee written notice of a continuing Event
        of
        Default with respect to the Securities of this series, the Holders of not
        less
        than 25% in aggregate principal amount of the Outstanding Securities of this
        series shall have made written request, and offered reasonable indemnity,
        to the
        Trustee to institute such proceeding as trustee, and the Trustee shall not
        have
        received from the Holders of a majority in aggregate principal amount of
        the
        Outstanding Securities of this series a direction inconsistent with such
        request
        and shall have failed to institute such proceeding within 60 days; provided,
        however, that such limitations do not apply to a suit instituted by the Holder
        hereof for the enforcement of payment of the principal of (and premium, if
        any)
        or interest on this Security on or after the respective due dates expressed
        herein.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

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

       

      As
        provided in the Indenture and subject to certain limitations therein and
        herein
        set forth, the transfer of Registered Securities of the series of which this
        Security is a part may be registered on the Security Register of the Company,
        upon surrender of such Securities for registration of transfer at the office
        of
        the Security Registrar, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by the Holder thereof or his attorney duly authorized in writing,
        and
        thereupon one or two more new Securities of this Series and of like tenor,
        of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

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

       

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

       

      The
        Securities of this series of which this Security is a part are issuable only
        in
        registered form without coupons, in denominations of $2,000.00 and integral
        multiples of $1,000.00.  As provided in the Indenture and subject to
        certain limitations therein set forth, the Securities of this series are
        exchangeable for a like aggregate principal amount of Securities of this
        series
        and of like tenor of a different authorized denomination, as requested by
        the
        Holder surrendering the same.

       

      The
        Securities of this series shall be dated the date of their
        authentication.

       

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

       

      Unless
        the certificate of authentication hereon has been executed by or on behalf
        of
        the Trustee under the Indenture, or its successor thereunder, by the manual
        signature of one of its authorized officers, this Security shall not be entitled
        to any benefit under the Indenture or be valid or obligatory for any
        purpose.

       

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      

        IN
          WITNESS WHEREOF, the Company has caused this instrument to be duly executed
          under its corporate seal.

         

        

        Dated:
          April 25,
          2007                                                                                                                               CSX
          CORPORATION

         

         

          

        
          
            
              
                
                  	By:	 /s/
                          David A. Boor	 
	 	Name: 
                          David A. Boor
Title:    Vice President - Tax and
                          Treasurer 	 

                

              

            

          

        

         

        

        Attest:

         

        

        
          
            
              
                	
                        /s/
                          Mark D. Austin

                      
	
                        Assistant
                          Corporate
                          Secretary

                      

              

            

          

        

          
          

        

        

        

        

        TRUSTEE’S
          CERTIFICATE OF AUTHENTICATION

         

        This
          is
          one of the Securities of a series issued under the Indenture described
          herein.

         

        

                              THE
          BANK OF NEW YORK

        
                                                                  as
            Trustee

          
            
               

                

               

              
                
                  
                    
                      
                        
                          	By:	 /s/
                                  Michael A. Smith	 
	 	Authorized
                                  Officer	 

                        

                      

                    

                  

                

                 

              

            

          

        

         

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
         

        FORM
          OF
          TRANSFER NOTICE

         

         

        FOR
          VALUE
          RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
          transfer(s) unto

         

        Insert
          Taxpayer Identification No.

         

        
           

          
            
              
                
                  
                    	
                            Please
                              print or typewrite name and address including zip code
                              of assignee

                             

                          	 
	the
                            within Security and all rights thereunder, hereby irrevocably
                            constituting
                            and appointing	 

                  

                

              

            

          

           

          
            
              
                	 	attorney
                        to transfer said Security on the books of the Security Registrar
                        with full
                        power of substitution in the
                        premises.

              

            

          

           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	Date: 	 	 	 	 
	 	 	 	
                                            NOTICE:  The
                                              signature to this assignment must correspond
                                              with the name as written upon
                                              the face of the

                                          	 
	 	 	 	within-mentioned
                                            instrument in every particular, without
                                            alteration or any change
                                            whatsoever. 	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

                  

          

        

        
 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      EXHIBIT A

       

       

      Schedule
        of Exchangesex4-3.htm

     

    Exhibit
      4.3

     

    

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

       

      TRANSFERS
        OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
        TO
        NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
        NOMINEE.

       

      CSX
        CORPORATION

      

      

      $500,000,000

      6.150%
        NOTES DUE 2037

       

      No.
        R-1                                                                                      CUSIP
        No.
        126408GK3

       

      This
        security (the “Security”) is one of a duly authorized issue of securities
        (herein called the “Securities”) of CSX Corporation, a Virginia corporation
        (hereinafter called the “Company,” which term includes any successor corporation
        under the Indenture hereinafter referred to), issued and to be issued in
        one or
        more series under an indenture, unlimited as to aggregate principal amount,
        dated as of August 1, 1990 between the Company and The Bank of New York,
        successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan
        Bank, as Trustee (herein called the “Trustee,” which term includes any successor
        trustee under the Indenture (as hereinafter defined)), as supplemented by
        a
        First Supplemental Indenture dated as of June 15, 1991, a Second Supplemental
        Indenture dated as of May 6, 1997, a Third Supplemental Indenture dated as
        of
        April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001,
        a
        Fifth Supplemental Indenture dated as of October 27, 2003, a Sixth Supplemental
        Indenture dated as of September 23, 2004, and a Seventh Supplemental Indenture
        dated as of April 25, 2007, to which indenture and all indentures supplemental
        thereto (the indenture, as supplemented being herein called the “Indenture”)
        reference is hereby made for a statement of the respective rights thereunder
        of
        the Company, the Trustee and the Holders of the Securities and of the terms
        upon
        which the Securities are, and are to be, authenticated and delivered. This
        Security is one of the series designated on the face hereof, which series
        has
        been issued in an initial aggregate principal amount of $500,000,000 (FIVE
        HUNDRED MILLION DOLLARS). All Securities of this series need not be issued
        at
        the same time and such series may be reopened at any time, without the consent
        of any Holder, for issuances of additional Securities of this series. Any
        such
        additional Securities of this series will have the same interest rate, maturity
        and other terms as those initially issued. Further Securities of this series
        may
        also be authenticated and delivered as provided by Sections 304, 305, 306
        or 906
        of the Indenture. This Security represents an aggregate initial principal
        amount
        of $500,000,000 (FIVE HUNDRED MILLION DOLLARS) (as adjusted from time to
        time in
        accordance with the terms and provisions hereof and as set forth on Exhibit
        A
        hereto, the “Principal Amount”) of the Securities of such series, with the
        Interest Payment Dates, date of original issuance, and date of Maturity
        specified herein and bearing interest on said Principal Amount at the interest
        rate specified herein.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        Company, for value received, hereby promises to pay CEDE & CO., or its
        registered assigns, the principal sum of $500,000,000 (FIVE HUNDRED MILLION
        DOLLARS) on May 1, 2037 and to pay interest (computed on the basis of a 360-day
        year of twelve 30-day months) thereon from April 25, 2007 or from the most
        recent Interest Payment Date to which interest has been paid or duly provided
        for, or, if the date of this Security is an Interest Payment Date to which
        interest has been paid or duly provided for, then from the date hereof,
        semiannually in arrears on May 1 and November 1 of each year, commencing
        November 1, 2007, and at Maturity at the rate of 6.150% per annum, until
        the
        principal hereof is paid or duly made available for payment. The Company
        shall
        pay interest on overdue principal and premium, if any, and (to the extent
        lawful) interest on overdue installments of interest at the rate per annum
        borne
        by the Security. The interest so payable, and punctually paid or duly provided
        for, on any Interest Payment Date will, as provided in such Indenture, be
        paid
        to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered at the close of business on the Regular Record
        Date
        for such interest, which shall be the April 15 or October 15 (whether or
        not a
        Business Day), as the case may be, next preceding such Interest Payment Date.
        Except as otherwise provided in the Indenture, any such interest not so
        punctually paid or duly provided for shall forthwith cease to be payable
        to the
        Holder on such Regular Record Date and may be paid to the Person in whose
        name
        this Security (or one or more Predecessor Securities) is registered at the
        close
        of business on a Special Record Date to be fixed by the Trustee for the payment
        of such Defaulted Interest, notice whereof shall be given to the Holder of
        this
        Security not less than 10 days prior to such Special Record Date, or may
        be paid
        at any time in any other lawful manner not inconsistent with the requirements
        of
        any securities exchange or automated quotation system on which the Securities
        of
        this series may be listed or quoted, and upon such notice as may be required
        by
        such exchange or system, all as more fully provided in such Indenture.
        Notwithstanding the foregoing, interest payable on this Security at Maturity
        will be payable to the person to whom principal is payable.

       

      This
        Security is exchangeable in whole or from time to time in part for definitive
        Registered Securities of this series only as provided in this paragraph.
        If (x)
        the Depository with respect to the Securities of this series (the “Depository”)
        notifies the Company that it is unwilling, unable or ineligible to continue
        as
        Depository for this Security or if at any time the Depository ceases to be
        a
        clearing agency registered under the Securities Exchange Act of 1934, as
        amended, and a successor Depository is not appointed by the Company within
        90
        days, (y) the Company in its sole discretion determines that this Security
        shall
        be exchangeable for definitive Registered Securities and executes and delivers
        to the Trustee a Company Order providing that this Security shall be so
        exchangeable or (z) there shall have happened and be continuing an Event
        of
        Default or any event which, after notice or lapse of time, or both, would
        become
        an Event of Default with respect to the Securities of the series of which
        this
        Security is a part, this Security or any portion hereof shall, in the case
        of
        clause (x) above, be exchanged for definitive Registered Securities of this
        series, and in the case of clauses (y) and (z) above, be exchangeable for
        definitive Registered Securities of this series, provided that the definitive
        Security so issued in exchange for this Security shall be in authorized
        denominations and be of like tenor and of an equal aggregate principal amount
        as
        the portion of the Security to be exchanged, and provided further that, in
        the
        case of clauses (y) and (z) above, definitive Registered Securities of this
        series will be issued in exchange for this Security, or any portion hereof,
        only
        if such definitive Registered Securities were requested by written notice
        to the
        Security Registrar by or on behalf of a Person who is a beneficial owner
        of an
        interest herein given through the Holder hereof. Any definitive Registered
        Security of this series issued in exchange for this Security, or any portion
        hereof, shall be registered in the name or names of such Person or Persons
        as
        the Holder hereof shall instruct the Security Registrar. Except as provided
        above, owners of beneficial interests in this Security will not be entitled
        to
        receive physical delivery of Securities in definitive form and will not be
        considered the Holders thereof for any purpose under the Indenture.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Any
        exchange of this Security or portion hereof for one or more definitive
        Registered Securities of this series will be made at the New York office
        of the
        Security Registrar or at the office of any transfer agent designated by the
        Company for that purpose. Upon exchange of any portion of this Security for
        one
        or more definitive Registered Securities of this series, the Trustee shall
        endorse Exhibit A of this Security to reflect the reduction of its Principal
        Amount by an amount equal to the aggregate principal amount of the definitive
        Registered Securities of this series so issued in exchange, whereupon the
        Principal Amount hereof shall be reduced for all purposes by the amount so
        exchanged and noted. Except as otherwise provided herein or in the Indenture,
        until exchanged in full for one or more definitive Registered Securities
        of this
        series, this Security shall in all respects be subject to and entitled to
        the
        same benefits and conditions under the Indenture as a duly authenticated
        and
        delivered definitive Registered Security of this series.

       

      The
        principal and any interest in respect of any portion of this Security payable
        in
        respect of an Interest Payment Date or at the Stated Maturity thereof, in
        each
        case occurring prior to the exchange of such portion for a definitive Registered
        Security or Securities of this series, will be paid, as provided herein,
        to the
        Holder hereof which will undertake in such circumstances to credit any such
        principal and interest received by it in respect of this Security to the
        respective accounts of the Persons who are the beneficial owners of such
        interests on such Interest Payment Date or at Stated Maturity. If a definitive
        Registered Security or Registered Securities of this series are issued in
        exchange for any portion of this Security after the close of business at
        the
        office or agency where such exchange occurs on (i) any Regular Record Date
        and
        before the opening of business at such office or agency on the relevant Interest
        Payment Date, or (ii) any Special Record Date and before the opening of business
        at such office or agency on the related proposed date for payment of Defaulted
        Interest, then interest or Defaulted Interest, as the case may be, will not
        be
        payable on such Interest Payment Date or proposed date for payment, as the
        case
        may be, in respect of such Registered Security, but will be payable on such
        Interest Payment Date or proposed date for payment, as the case may be, only
        to
        the Holder hereof, and the Holder hereof will undertake in such circumstances
        to
        credit such interest to the account or accounts of the Persons who were the
        beneficial owners of such portion of this Security on such Regular Record
        Date
        or Special Record Date, as the case may be.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Payment
        of the principal of and any such interest on this Security will be made at
        the
        offices of the Trustee as Paying Agent, in the Borough of Manhattan, The
        City of
        New York, or at such other office or agency of the Company as may be designated
        by it for such purpose in the Borough of Manhattan, The City of New York,
        in
        such coin or currency of the United States of America as at the time of payment
        shall be legal tender for the payment of public and private debts by check
        mailed to the registered Holders thereof; provided,
        however,
        that at
        the option of the Holder, payment of interest may be made by wire transfer
        of
        immediately available funds to an account of the Person entitled hereto as
        such
        account shall be provided to the Security Registrar and shall appear in the
        Security Register.

       

      The
        Securities shall be redeemable, in whole or in part, at the Company’s option at
        any time. The Redemption Price for the Securities to be redeemed shall equal
        the
        greater of the following amounts, plus, in each case, accrued interest thereon
        to the Redemption Date:

      

      
        	 	
                ·

              	
                100%
                  of the principal amount of such Securities;
                  or

              

      

       

      
        	 	
                ·

              	
                As
                  determined by the Independent Investment Banker (as defined below),
                  the
                  sum of the present values of the remaining scheduled payments of
                  principal
                  and interest on the Securities (not including any portion of any
                  payments
                  of interest accrued from the most recent Interest Payment Date
                  to which
                  interest has been paid to the Redemption Date) discounted to the
                  Redemption Date on a semiannual basis at the Adjusted Treasury
                  Rate (as
                  defined below) plus 20 basis
                  points.

              

      

       

      The
        Redemption Price shall be calculated by the Independent Investment Banker
        assuming a 360-day year consisting of twelve 30-day months.

      

      “Adjusted
        Treasury Rate” means, with respect to any Redemption Date:

      

      
        	 	
                ·

              	
                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 U.S. 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
                  remaining
                  term of the Securities, yields for the two published maturities
                  most
                  closely corresponding to the Comparable Treasury Issue will be
                  determined
                  and the Adjusted Treasury Rate will 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 semiannual equivalent yield to maturity
                  of the
                  Comparable Treasury Issue, assuming 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.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      The
        Adjusted Treasury Rate shall be calculated on the third Business Day preceding
        the Redemption Date. The Company shall notify the Trustee, in an Officers’
Certificate, of the Redemption Price no later than the second Business Day
        preceding the Redemption Date. The Officers’ Certificate shall set forth the
        Redemption Price both as an aggregate amount for all the Securities to be
        redeemed and as an amount per $1,000.00 in principal amount of the Securities
        to
        be redeemed, subject to a minimum $2,000.00 denomination as set forth
        below.

      

      “Comparable
        Treasury Issue” means the U.S. Treasury security selected by the 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, (A) the average of
        five Reference Treasury Dealer Quotations for such Redemption Date, after
        excluding the highest and lowest such Reference Treasury Dealer Quotations,
        or
        (B) if the Independent Investment Banker obtains fewer than five such Reference
        Treasury Dealer Quotations, the average of all such quotations.

      

      “Independent
        Investment Banker” means Citigroup Global Markets Inc. and its successors, or if
        that firm is unwilling or unable to serve in that capacity, an independent
        investment and banking institution of national standing appointed by the
        Company.

      

      “Reference
        Treasury Dealer” means:

      

      
        	 	
                ·       
                  

              	
                Citigroup
                  Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley
&
                  Co. Incorporated and their successors; provided that, if any ceases
                  to be
                  a primary U.S. Government securities dealer in the United States
                  (“Primary
                  Treasury Dealer”), the Company will substitute another Primary Treasury
                  Dealer; and

              

      

      
        	 	
                ·       
                  

              	
                Up
                  to four other Primary Treasury Dealers selected by the
                  Company.

              

      

      

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

      

      Notice
        of
        redemption shall be given as provided in Section 1104 of the Indenture;
        provided, that such notice shall not be required to include the Redemption
        Price
        but shall instead include the manner of calculation of the Redemption Price.
        If
        the Company elects to partially redeem the Securities, the Trustee will select
        in a fair and appropriate manner the Securities to be redeemed.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      Unless
        the Company defaults in payment of the Redemption Price, on and after the
        Redemption Date interest will cease to accrue on the Securities or portions
        thereof called for redemption.

      

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series (including this
        Security and the interests represented hereby) may be declared due and payable
        in the manner and with the effect provided in the Indenture. Upon payment
        (i) of
        the amount of principal so declared due and payable and (ii) of interest
        on any
        overdue principal and overdue interest (in each case to the extent that the
        payment of such interest shall be legally enforceable), all of the Company’s
        obligations in respect of the payment of the principal of and any interest
        on
        the Securities of this series (including this Security and the interests
        represented hereby) shall terminate.

       

      If
        a
        Change of Control Repurchase Event occurs, unless the Company have exercised
        the
        Company’s right to redeem the “Securities” as described above, the Company will
        be required to make an offer to each holder of the “Securities” to repurchase
        all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
        thereof) of that holder’s “Securities” at a repurchase price in cash equal to
        101% of the aggregate principal amount of the “Securities” repurchased plus any
        accrued and unpaid interest on the “Securities” repurchased to, but not
        including, the date of repurchase. Within 30 days following any Change of
        Control Repurchase Event or, at the Company’s option, prior to any Change of
        Control, but after the public announcement of the Change of Control, the
        Control
        will mail a notice to each holder, with a copy to the Trustee, describing
        the
        transaction or transactions that constitute or may constitute the Change
        of
        Control Repurchase Event and offering to repurchase the “Securities” on the
        payment date specified in the notice, which date will be no earlier than
        30 days
        and no later than 60 days from the date such notice is mailed. The notice
        shall,
        if mailed prior to the date of consummation of the Change of Control, state
        that
        the offer to purchase is conditioned on a Change of Control Repurchase Event
        occurring on or prior to the payment date specified in the notice. The Company
        will comply with the requirements of Rule 14e-1 under the Exchange Act, and
        any
        other securities laws and regulations thereunder to the extent those laws
        and
        regulations are applicable in connection with the repurchase of the “Securities”
as a result of a Change of Control Repurchase Event. To the extent that the
        provisions of any securities laws or regulations conflict with the Change
        of
        Control Repurchase Event provisions of the “Securities”, the Company will comply
        with the applicable securities laws and regulations and will not be deemed
        to
        have breached the Company’s obligations under the Change of Control Repurchase
        Event provisions of the “Securities” by virtue of such conflict.

       

      On
        the
        repurchase date following a Change of Control Repurchase Event, the Company
        will, to the extent lawful:

       

      
        	 	
                (1)

              	
                accept
                  for payment all the “Securities” or portions of the “Securities” properly
                  tendered pursuant to the Company’s
                  offer;

              

      

       

      
        	 	
                (2)

              	
                deposit
                  with the paying agent an amount equal to the aggregate purchase
                  price in
                  respect of all the “Securities” or portions of the “Securities” properly
                  tendered; and

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (3)

              	
                deliver
                  or cause to be delivered to the Trustee the “Securities” properly
                  accepted, together with an officers’ certificate stating the aggregate
                  principal amount of the “Securities” being purchased by the
                  Company.

              

      

       

      The
        paying agent will promptly mail to each holder of the “Securities” properly
        tendered the purchase price for the “Securities”, and the Trustee will promptly
        authenticate and mail (or cause to be transferred by book-entry) to each
        holder
        a new note equal in principal amount to any unpurchased portion of any
“Securities” surrendered; provided that each new note will be in a principal
        amount of $2,000 or an integral multiple of $1,000 in excess
        thereof.

       

      The
        Company will not be required to make an offer to repurchase the “Securities”
upon a Change of Control Repurchase Event if a third party makes such an
        offer
        in the manner, at the times and otherwise in compliance with the requirements
        for an offer made by the Company and such third party purchases all the
“Securities” properly tendered and not withdrawn under its offer.

       

      For
        purposes of the foregoing description of a repurchase at the option of holders,
        the following definitions are applicable:

       

      “Below
        Investment Grade Ratings Event” means that on any day within the 60-day period
        (which period shall be extended so long as the rating of the “Securities” is
        under publicly announced consideration for a possible downgrade by any of
        the
        Rating Agencies) after the earlier of (1) the occurrence of a Change of Control;
        or (2) public notice of the occurrence of a Change of Control or the intention
        by CSX to effect a Change of Control, the “Securities” are rated below
        Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing,
        a Below Investment Grade Ratings Event otherwise arising by virtue of a
        particular reduction in rating shall not be deemed to have occurred in respect
        of a particular Change of Control (and thus shall not be deemed a Below
        Investment Grade Ratings Event for purposes of the definition of Change of
        Control Repurchase Event hereunder) if the Rating Agencies making the reduction
        in rating to which this definition would otherwise apply do not announce
        or
        publicly confirm or inform the Trustee in writing at its request that the
        reduction was the result, in whole or in part, of any event or circumstance
        comprised of or arising as a result of, or in respect of, the applicable
        Change
        of Control (whether or not the applicable Change of Control shall have occurred
        at the time of the ratings event).

       

      “Change
        of Control” means the consummation of any transaction (including, without
        limitation, any merger or consolidation) the result of which is that any
        “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other
        than CSX or the Company’s subsidiaries, becomes the beneficial owner (as defined
        in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
        of
        more than 50% of the combined voting power of the Company’s Voting Stock or
        other Voting Stock into which the Company’s Voting Stock is reclassified,
        consolidated, exchanged or changed measured by voting power rather than number
        of shares.

       

      “Change
        of Control Repurchase Event” means the occurrence of both a Change of Control
        and a Below Investment Grade Ratings Event.

       

      “Fitch”
        means Fitch Ratings Ltd.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      “Investment
        Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
        successor rating categories of Moody’s); a rating of BBB- or better by S&P
        or Fitch (or its equivalent under any successor rating categories of S&P and
        Fitch); or the equivalent Investment Grade credit rating from any additional
        Rating Agency or Rating Agencies selected by the Company.

       

      “Moody’s”
        means Moody’s Investors Service Inc.

       

      “Rating
        Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s,
        S&P or Fitch ceases to rate the “Securities” or fails to make a rating of
        the “Securities” publicly available for reasons outside of the Company’s
        control, a “nationally recognized statistical rating organization” within the
        meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the
        Company (as certified by a resolution of the Chief Executive Officer or Chief
        Financial Officer) as a replacement agency for Moody’s, S&P or Fitch, or all
        of them, as the case may be.

       

      “S&P”
        means Standard & Poor’s Ratings Services, a division of McGraw-Hill,
        Inc.

       

      “Voting
        Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
        the Exchange Act) as of any date means the capital stock of such person that
        is
        at the time entitled to vote generally in the election of the board of directors
        of such person.

       

      The
        Indenture contains provisions for defeasance at any time of (a) the entire
        indebtedness of the Company on this Security and (b) certain restrictive
        covenants and the related defaults and Events of Default, upon compliance
        with
        certain conditions set forth therein, which provisions shall apply to this
        Security.

       

      The
        provisions of Article Fourteen of the Indenture apply to Securities of this
        series.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Company
        and
        the rights of the Holders of the Securities of each series to be affected
        under
        the Indenture at any time by the Company and the Trustee with the consent
        of the
        Holders of a majority in aggregate principal amount of the Securities at
        the
        time Outstanding of each series affected thereby. The Indenture also contains
        provisions permitting the Holders of specified percentages in aggregate
        principal amount of the Securities of each series at the time Outstanding
        on
        behalf of the Holders of all Securities of such series to waive compliance
        by
        the Company with certain provisions of the Indenture and certain past defaults
        under the Indenture and their consequences. Any such consent or waiver by
        the
        Holder of this Security shall be conclusive and binding upon such Holder
        and
        upon all future Holders of this Security and the Persons who are beneficial
        owners of interests represented hereby, and of any Security issued in exchange
        herefor or in lieu hereof whether or not notation of such consent or waiver
        is
        made upon this Security.

       

      As
        set
        forth in, and subject to, the provisions of the Indenture, no Holder of any
        Security of this series will have any right to institute any proceeding with
        respect to the Indenture or for any remedy thereunder, unless such Holder
        shall
        have previously given to the Trustee written notice of a continuing Event
        of
        Default with respect to the Securities of this series, the Holders of not
        less
        than 25% in aggregate principal amount of the Outstanding Securities of this
        series shall have made written request, and offered reasonable indemnity,
        to the
        Trustee to institute such proceeding as trustee, and the Trustee shall not
        have
        received from the Holders of a majority in aggregate principal amount of
        the
        Outstanding Securities of this series a direction inconsistent with such
        request
        and shall have failed to institute such proceeding within 60 days; provided,
        however, that such limitations do not apply to a suit instituted by the Holder
        hereof for the enforcement of payment of the principal of (and premium, if
        any)
        or interest on this Security on or after the respective due dates expressed
        herein.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

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

       

      As
        provided in the Indenture and subject to certain limitations therein and
        herein
        set forth, the transfer of Registered Securities of the series of which this
        Security is a part may be registered on the Security Register of the Company,
        upon surrender of such Securities for registration of transfer at the office
        of
        the Security Registrar, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by the Holder thereof or his attorney duly authorized in writing,
        and
        thereupon one or two more new Securities of this Series and of like tenor,
        of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

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

       

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

       

      The
        Securities of this series of which this Security is a part are issuable only
        in
        registered form without coupons, in denominations of $2,000.00 and integral
        multiples of $1,000.00. As provided in the Indenture and subject to certain
        limitations therein set forth, the Securities of this series are exchangeable
        for a like aggregate principal amount of Securities of this series and of
        like
        tenor of a different authorized denomination, as requested by the Holder
        surrendering the same.

       

      The
        Securities of this series shall be dated the date of their
        authentication.

       

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

       

      Unless
        the certificate of authentication hereon has been executed by or on behalf
        of
        the Trustee under the Indenture, or its successor thereunder, by the manual
        signature of one of its authorized officers, this Security shall not be entitled
        to any benefit under the Indenture or be valid or obligatory for any
        purpose.

       

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Company has caused this instrument to be duly executed
        under its corporate seal.

       

      

      Dated:
        April 25,
        2007                                                                                                                               CSX
        CORPORATION

       

       

        

      
        
          
            
              
                
                  	By:	/s/
                          David A. Boor	 
	 	Name: 
                          David A. Boor
Title:    Vice President - Tax and
                          Treasurer 	 

                

              

            

          

        

         

        

        Attest:

         

        

        
          
            
              
                	
                        /s/
                          Mark D. Austin

                      
	
                        Assistant
                          Corporate
                          Secretary

                      

              

            

          

        

          
          

         

      

      

      

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

      This
        is
        one of the Securities of a series issued under the Indenture described
        herein.

       

      

                            THE
        BANK OF NEW YORK

                                                               as
        Trustee

      
        
           

            

           

          
            
              
                
                  
                    
                      	By:	 /s/
                              Michael A. Smith	 
	 	Authorized
                              Officer	 

                    

                  

                

              

            

             

          

        

      

       

       

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

       

       

       

      FORM
        OF
        TRANSFER NOTICE

       

       

      FOR
        VALUE
        RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
        transfer(s) unto

       

      Insert
        Taxpayer Identification No.

       

       

      
        
          
            
              
                	
                        Please
                          print or typewrite name and address including zip code
                          of assignee

                         

                      	 
	the
                        within Security and all rights thereunder, hereby irrevocably
                        constituting
                        and appointing	 

              

            

          

        

      

       

      
        
          
            	 	attorney
                    to transfer said Security on the books of the Security Registrar
                    with full
                    power of substitution in the
                    premises.

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	Date: 	 	 	 	 
	 	 	 	
                                        NOTICE:  The
                                          signature to this assignment must correspond
                                          with the name as written upon
                                          the face of the

                                      	 
	 	 	 	within-mentioned
                                        instrument in every particular, without alteration
                                        or any change
                                        whatsoever. 	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

                                                                          
          

      

       

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

      EXHIBIT A

       

      Schedule
        of Exchanges

       

    

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    

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

       

      TRANSFERS
        OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
        TO
        NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
        NOMINEE.

       

      CSX
        CORPORATION

      

      

      $200,000,000

      6.150%
        NOTES DUE 2037

       

      No.
        R-2                                                                                                                                                                                                                                                                               
        CUSIP
        No.
        126408GK3

       

      This
        security (the “Security”) is one of a duly authorized issue of securities
        (herein called the “Securities”) of CSX Corporation, a Virginia corporation
        (hereinafter called the “Company,” which term includes any successor corporation
        under the Indenture hereinafter referred to), issued and to be issued in
        one or
        more series under an indenture, unlimited as to aggregate principal amount,
        dated as of August 1, 1990 between the Company and The Bank of New York,
        successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan
        Bank, as Trustee (herein called the “Trustee,” which term includes any successor
        trustee under the Indenture (as hereinafter defined)), as supplemented by
        a
        First Supplemental Indenture dated as of June 15, 1991, a Second Supplemental
        Indenture dated as of May 6, 1997, a Third Supplemental Indenture dated as
        of
        April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001,
        a
        Fifth Supplemental Indenture dated as of October 27, 2003, a Sixth Supplemental
        Indenture dated as of September 23, 2004, and a Seventh Supplemental Indenture
        dated as of April 25, 2007, to which indenture and all indentures supplemental
        thereto (the indenture, as supplemented being herein called the “Indenture”)
        reference is hereby made for a statement of the respective rights thereunder
        of
        the Company, the Trustee and the Holders of the Securities and of the terms
        upon
        which the Securities are, and are to be, authenticated and delivered. This
        Security is one of the series designated on the face hereof, which series
        has
        been issued in an initial aggregate principal amount of $200,000,000 (TWO
        HUNDRED MILLION DOLLARS). All Securities of this series need not be issued
        at
        the same time and such series may be reopened at any time, without the consent
        of any Holder, for issuances of additional Securities of this series. Any
        such
        additional Securities of this series will have the same interest rate, maturity
        and other terms as those initially issued. Further Securities of this series
        may
        also be authenticated and delivered as provided by Sections 304, 305, 306
        or 906
        of the Indenture. This Security represents an aggregate initial principal
        amount
        of $200,000,000 (TWO HUNDRED MILLION DOLLARS) (as adjusted from time to time
        in
        accordance with the terms and provisions hereof and as set forth on Exhibit
        A
        hereto, the “Principal Amount”) of the Securities of such series, with the
        Interest Payment Dates, date of original issuance, and date of Maturity
        specified herein and bearing interest on said Principal Amount at the interest
        rate specified herein.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        Company, for value received, hereby promises to pay CEDE & CO., or its
        registered assigns, the principal sum of $200,000,000 (TWO HUNDRED MILLION
        DOLLARS) on May 1, 2037 and to pay interest (computed on the basis of a 360-day
        year of twelve 30-day months) thereon from April 25, 2007 or from the most
        recent Interest Payment Date to which interest has been paid or duly provided
        for, or, if the date of this Security is an Interest Payment Date to which
        interest has been paid or duly provided for, then from the date hereof,
        semiannually in arrears on May 1 and November 1 of each year, commencing
        November 1, 2007, and at Maturity at the rate of 6.150% per annum, until
        the
        principal hereof is paid or duly made available for payment. The Company
        shall
        pay interest on overdue principal and premium, if any, and (to the extent
        lawful) interest on overdue installments of interest at the rate per annum
        borne
        by the Security. The interest so payable, and punctually paid or duly provided
        for, on any Interest Payment Date will, as provided in such Indenture, be
        paid
        to the Person in whose name this Security (or one or more Predecessor
        Securities) is registered at the close of business on the Regular Record
        Date
        for such interest, which shall be the April 15 or October 15 (whether or
        not a
        Business Day), as the case may be, next preceding such Interest Payment Date.
        Except as otherwise provided in the Indenture, any such interest not so
        punctually paid or duly provided for shall forthwith cease to be payable
        to the
        Holder on such Regular Record Date and may be paid to the Person in whose
        name
        this Security (or one or more Predecessor Securities) is registered at the
        close
        of business on a Special Record Date to be fixed by the Trustee for the payment
        of such Defaulted Interest, notice whereof shall be given to the Holder of
        this
        Security not less than 10 days prior to such Special Record Date, or may
        be paid
        at any time in any other lawful manner not inconsistent with the requirements
        of
        any securities exchange or automated quotation system on which the Securities
        of
        this series may be listed or quoted, and upon such notice as may be required
        by
        such exchange or system, all as more fully provided in such Indenture.
        Notwithstanding the foregoing, interest payable on this Security at Maturity
        will be payable to the person to whom principal is payable.

       

      This
        Security is exchangeable in whole or from time to time in part for definitive
        Registered Securities of this series only as provided in this paragraph.
        If (x)
        the Depository with respect to the Securities of this series (the “Depository”)
        notifies the Company that it is unwilling, unable or ineligible to continue
        as
        Depository for this Security or if at any time the Depository ceases to be
        a
        clearing agency registered under the Securities Exchange Act of 1934, as
        amended, and a successor Depository is not appointed by the Company within
        90
        days, (y) the Company in its sole discretion determines that this Security
        shall
        be exchangeable for definitive Registered Securities and executes and delivers
        to the Trustee a Company Order providing that this Security shall be so
        exchangeable or (z) there shall have happened and be continuing an Event
        of
        Default or any event which, after notice or lapse of time, or both, would
        become
        an Event of Default with respect to the Securities of the series of which
        this
        Security is a part, this Security or any portion hereof shall, in the case
        of
        clause (x) above, be exchanged for definitive Registered Securities of this
        series, and in the case of clauses (y) and (z) above, be exchangeable for
        definitive Registered Securities of this series, provided that the definitive
        Security so issued in exchange for this Security shall be in authorized
        denominations and be of like tenor and of an equal aggregate principal amount
        as
        the portion of the Security to be exchanged, and provided further that, in
        the
        case of clauses (y) and (z) above, definitive Registered Securities of this
        series will be issued in exchange for this Security, or any portion hereof,
        only
        if such definitive Registered Securities were requested by written notice
        to the
        Security Registrar by or on behalf of a Person who is a beneficial owner
        of an
        interest herein given through the Holder hereof. Any definitive Registered
        Security of this series issued in exchange for this Security, or any portion
        hereof, shall be registered in the name or names of such Person or Persons
        as
        the Holder hereof shall instruct the Security Registrar. Except as provided
        above, owners of beneficial interests in this Security will not be entitled
        to
        receive physical delivery of Securities in definitive form and will not be
        considered the Holders thereof for any purpose under the Indenture.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Any
        exchange of this Security or portion hereof for one or more definitive
        Registered Securities of this series will be made at the New York office
        of the
        Security Registrar or at the office of any transfer agent designated by the
        Company for that purpose. Upon exchange of any portion of this Security for
        one
        or more definitive Registered Securities of this series, the Trustee shall
        endorse Exhibit A of this Security to reflect the reduction of its Principal
        Amount by an amount equal to the aggregate principal amount of the definitive
        Registered Securities of this series so issued in exchange, whereupon the
        Principal Amount hereof shall be reduced for all purposes by the amount so
        exchanged and noted. Except as otherwise provided herein or in the Indenture,
        until exchanged in full for one or more definitive Registered Securities
        of this
        series, this Security shall in all respects be subject to and entitled to
        the
        same benefits and conditions under the Indenture as a duly authenticated
        and
        delivered definitive Registered Security of this series.

       

      The
        principal and any interest in respect of any portion of this Security payable
        in
        respect of an Interest Payment Date or at the Stated Maturity thereof, in
        each
        case occurring prior to the exchange of such portion for a definitive Registered
        Security or Securities of this series, will be paid, as provided herein,
        to the
        Holder hereof which will undertake in such circumstances to credit any such
        principal and interest received by it in respect of this Security to the
        respective accounts of the Persons who are the beneficial owners of such
        interests on such Interest Payment Date or at Stated Maturity. If a definitive
        Registered Security or Registered Securities of this series are issued in
        exchange for any portion of this Security after the close of business at
        the
        office or agency where such exchange occurs on (i) any Regular Record Date
        and
        before the opening of business at such office or agency on the relevant Interest
        Payment Date, or (ii) any Special Record Date and before the opening of business
        at such office or agency on the related proposed date for payment of Defaulted
        Interest, then interest or Defaulted Interest, as the case may be, will not
        be
        payable on such Interest Payment Date or proposed date for payment, as the
        case
        may be, in respect of such Registered Security, but will be payable on such
        Interest Payment Date or proposed date for payment, as the case may be, only
        to
        the Holder hereof, and the Holder hereof will undertake in such circumstances
        to
        credit such interest to the account or accounts of the Persons who were the
        beneficial owners of such portion of this Security on such Regular Record
        Date
        or Special Record Date, as the case may be.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Payment
        of the principal of and any such interest on this Security will be made at
        the
        offices of the Trustee as Paying Agent, in the Borough of Manhattan, The
        City of
        New York, or at such other office or agency of the Company as may be designated
        by it for such purpose in the Borough of Manhattan, The City of New York,
        in
        such coin or currency of the United States of America as at the time of payment
        shall be legal tender for the payment of public and private debts by check
        mailed to the registered Holders thereof; provided,
        however,
        that at
        the option of the Holder, payment of interest may be made by wire transfer
        of
        immediately available funds to an account of the Person entitled hereto as
        such
        account shall be provided to the Security Registrar and shall appear in the
        Security Register.

       

      The
        Securities shall be redeemable, in whole or in part, at the Company’s option at
        any time. The Redemption Price for the Securities to be redeemed shall equal
        the
        greater of the following amounts, plus, in each case, accrued interest thereon
        to the Redemption Date:

      

      
        	 	
                ·

              	
                100%
                  of the principal amount of such Securities;
                  or

              

      

       

      
        	 	
                ·

              	
                As
                  determined by the Independent Investment Banker (as defined below),
                  the
                  sum of the present values of the remaining scheduled payments of
                  principal
                  and interest on the Securities (not including any portion of any
                  payments
                  of interest accrued from the most recent Interest Payment Date
                  to which
                  interest has been paid to the Redemption Date) discounted to the
                  Redemption Date on a semiannual basis at the Adjusted Treasury
                  Rate (as
                  defined below) plus 20 basis
                  points.

              

      

       

      The
        Redemption Price shall be calculated by the Independent Investment Banker
        assuming a 360-day year consisting of twelve 30-day months.

      

      “Adjusted
        Treasury Rate” means, with respect to any Redemption Date:

      

      
        	 	
                ·

              	
                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 U.S. 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
                  remaining
                  term of the Securities, yields for the two published maturities
                  most
                  closely corresponding to the Comparable Treasury Issue will be
                  determined
                  and the Adjusted Treasury Rate will 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 semiannual equivalent yield to maturity
                  of the
                  Comparable Treasury Issue, assuming 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.

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      The
        Adjusted Treasury Rate shall be calculated on the third Business Day preceding
        the Redemption Date. The Company shall notify the Trustee, in an Officers’
Certificate, of the Redemption Price no later than the second Business Day
        preceding the Redemption Date. The Officers’ Certificate shall set forth the
        Redemption Price both as an aggregate amount for all the Securities to be
        redeemed and as an amount per $1,000.00 in principal amount of the Securities
        to
        be redeemed, subject to a minimum $2,000.00 denomination as set forth
        below.

      

      “Comparable
        Treasury Issue” means the U.S. Treasury security selected by the 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, (A) the average of
        five Reference Treasury Dealer Quotations for such Redemption Date, after
        excluding the highest and lowest such Reference Treasury Dealer Quotations,
        or
        (B) if the Independent Investment Banker obtains fewer than five such Reference
        Treasury Dealer Quotations, the average of all such quotations.

      

      “Independent
        Investment Banker” means Citigroup Global Markets Inc. and its successors, or if
        that firm is unwilling or unable to serve in that capacity, an independent
        investment and banking institution of national standing appointed by the
        Company.

      

      “Reference
        Treasury Dealer” means:

      

      
        	 	
                ·       
                  

              	
                Citigroup
                  Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley
&
                  Co. Incorporated and their successors; provided that, if any ceases
                  to be
                  a primary U.S. Government securities dealer in the United States
                  (“Primary
                  Treasury Dealer”), the Company will substitute another Primary Treasury
                  Dealer; and

              

      

      
        	 	
                ·       
                  

              	
                Up
                  to four other Primary Treasury Dealers selected by the
                  Company.

              

      

      

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

      

      Notice
        of
        redemption shall be given as provided in Section 1104 of the Indenture;
        provided, that such notice shall not be required to include the Redemption
        Price
        but shall instead include the manner of calculation of the Redemption Price.
        If
        the Company elects to partially redeem the Securities, the Trustee will select
        in a fair and appropriate manner the Securities to be redeemed.

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
 

      Unless
        the Company defaults in payment of the Redemption Price, on and after the
        Redemption Date interest will cease to accrue on the Securities or portions
        thereof called for redemption.

      

      If
        an
        Event of Default with respect to Securities of this series shall occur and
        be
        continuing, the principal of the Securities of this series (including this
        Security and the interests represented hereby) may be declared due and payable
        in the manner and with the effect provided in the Indenture. Upon payment
        (i) of
        the amount of principal so declared due and payable and (ii) of interest
        on any
        overdue principal and overdue interest (in each case to the extent that the
        payment of such interest shall be legally enforceable), all of the Company’s
        obligations in respect of the payment of the principal of and any interest
        on
        the Securities of this series (including this Security and the interests
        represented hereby) shall terminate.

       

      If
        a
        Change of Control Repurchase Event occurs, unless the Company have exercised
        the
        Company’s right to redeem the “Securities” as described above, the Company will
        be required to make an offer to each holder of the “Securities” to repurchase
        all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
        thereof) of that holder’s “Securities” at a repurchase price in cash equal to
        101% of the aggregate principal amount of the “Securities” repurchased plus any
        accrued and unpaid interest on the “Securities” repurchased to, but not
        including, the date of repurchase. Within 30 days following any Change of
        Control Repurchase Event or, at the Company’s option, prior to any Change of
        Control, but after the public announcement of the Change of Control, the
        Control
        will mail a notice to each holder, with a copy to the Trustee, describing
        the
        transaction or transactions that constitute or may constitute the Change
        of
        Control Repurchase Event and offering to repurchase the “Securities” on the
        payment date specified in the notice, which date will be no earlier than
        30 days
        and no later than 60 days from the date such notice is mailed. The notice
        shall,
        if mailed prior to the date of consummation of the Change of Control, state
        that
        the offer to purchase is conditioned on a Change of Control Repurchase Event
        occurring on or prior to the payment date specified in the notice. The Company
        will comply with the requirements of Rule 14e-1 under the Exchange Act, and
        any
        other securities laws and regulations thereunder to the extent those laws
        and
        regulations are applicable in connection with the repurchase of the “Securities”
as a result of a Change of Control Repurchase Event. To the extent that the
        provisions of any securities laws or regulations conflict with the Change
        of
        Control Repurchase Event provisions of the “Securities”, the Company will comply
        with the applicable securities laws and regulations and will not be deemed
        to
        have breached the Company’s obligations under the Change of Control Repurchase
        Event provisions of the “Securities” by virtue of such conflict.

       

      On
        the
        repurchase date following a Change of Control Repurchase Event, the Company
        will, to the extent lawful:

       

      
        	 	
                (1)

              	
                accept
                  for payment all the “Securities” or portions of the “Securities” properly
                  tendered pursuant to the Company’s
                  offer;

              

      

       

      
        	 	
                (2)

              	
                deposit
                  with the paying agent an amount equal to the aggregate purchase
                  price in
                  respect of all the “Securities” or portions of the “Securities” properly
                  tendered; and

              

      

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (3)

              	
                deliver
                  or cause to be delivered to the Trustee the “Securities” properly
                  accepted, together with an officers’ certificate stating the aggregate
                  principal amount of the “Securities” being purchased by the
                  Company.

              

      

       

      The
        paying agent will promptly mail to each holder of the “Securities” properly
        tendered the purchase price for the “Securities”, and the Trustee will promptly
        authenticate and mail (or cause to be transferred by book-entry) to each
        holder
        a new note equal in principal amount to any unpurchased portion of any
“Securities” surrendered; provided that each new note will be in a principal
        amount of $2,000 or an integral multiple of $1,000 in excess
        thereof.

       

      The
        Company will not be required to make an offer to repurchase the “Securities”
upon a Change of Control Repurchase Event if a third party makes such an
        offer
        in the manner, at the times and otherwise in compliance with the requirements
        for an offer made by the Company and such third party purchases all the
“Securities” properly tendered and not withdrawn under its offer.

       

      For
        purposes of the foregoing description of a repurchase at the option of holders,
        the following definitions are applicable:

       

      “Below
        Investment Grade Ratings Event” means that on any day within the 60-day period
        (which period shall be extended so long as the rating of the “Securities” is
        under publicly announced consideration for a possible downgrade by any of
        the
        Rating Agencies) after the earlier of (1) the occurrence of a Change of Control;
        or (2) public notice of the occurrence of a Change of Control or the intention
        by CSX to effect a Change of Control, the “Securities” are rated below
        Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing,
        a Below Investment Grade Ratings Event otherwise arising by virtue of a
        particular reduction in rating shall not be deemed to have occurred in respect
        of a particular Change of Control (and thus shall not be deemed a Below
        Investment Grade Ratings Event for purposes of the definition of Change of
        Control Repurchase Event hereunder) if the Rating Agencies making the reduction
        in rating to which this definition would otherwise apply do not announce
        or
        publicly confirm or inform the Trustee in writing at its request that the
        reduction was the result, in whole or in part, of any event or circumstance
        comprised of or arising as a result of, or in respect of, the applicable
        Change
        of Control (whether or not the applicable Change of Control shall have occurred
        at the time of the ratings event).

       

      “Change
        of Control” means the consummation of any transaction (including, without
        limitation, any merger or consolidation) the result of which is that any
        “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other
        than CSX or the Company’s subsidiaries, becomes the beneficial owner (as defined
        in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
        of
        more than 50% of the combined voting power of the Company’s Voting Stock or
        other Voting Stock into which the Company’s Voting Stock is reclassified,
        consolidated, exchanged or changed measured by voting power rather than number
        of shares.

       

      “Change
        of Control Repurchase Event” means the occurrence of both a Change of Control
        and a Below Investment Grade Ratings Event.

       

      “Fitch”
        means Fitch Ratings Ltd.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      “Investment
        Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
        successor rating categories of Moody’s); a rating of BBB- or better by S&P
        or Fitch (or its equivalent under any successor rating categories of S&P and
        Fitch); or the equivalent Investment Grade credit rating from any additional
        Rating Agency or Rating Agencies selected by the Company.

       

      “Moody’s”
        means Moody’s Investors Service Inc.

       

      “Rating
        Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s,
        S&P or Fitch ceases to rate the “Securities” or fails to make a rating of
        the “Securities” publicly available for reasons outside of the Company’s
        control, a “nationally recognized statistical rating organization” within the
        meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the
        Company (as certified by a resolution of the Chief Executive Officer or Chief
        Financial Officer) as a replacement agency for Moody’s, S&P or Fitch, or all
        of them, as the case may be.

       

      “S&P”
        means Standard & Poor’s Ratings Services, a division of McGraw-Hill,
        Inc.

       

      “Voting
        Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
        the Exchange Act) as of any date means the capital stock of such person that
        is
        at the time entitled to vote generally in the election of the board of directors
        of such person.

       

      The
        Indenture contains provisions for defeasance at any time of (a) the entire
        indebtedness of the Company on this Security and (b) certain restrictive
        covenants and the related defaults and Events of Default, upon compliance
        with
        certain conditions set forth therein, which provisions shall apply to this
        Security.

       

      The
        provisions of Article Fourteen of the Indenture apply to Securities of this
        series.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Company
        and
        the rights of the Holders of the Securities of each series to be affected
        under
        the Indenture at any time by the Company and the Trustee with the consent
        of the
        Holders of a majority in aggregate principal amount of the Securities at
        the
        time Outstanding of each series affected thereby. The Indenture also contains
        provisions permitting the Holders of specified percentages in aggregate
        principal amount of the Securities of each series at the time Outstanding
        on
        behalf of the Holders of all Securities of such series to waive compliance
        by
        the Company with certain provisions of the Indenture and certain past defaults
        under the Indenture and their consequences. Any such consent or waiver by
        the
        Holder of this Security shall be conclusive and binding upon such Holder
        and
        upon all future Holders of this Security and the Persons who are beneficial
        owners of interests represented hereby, and of any Security issued in exchange
        herefor or in lieu hereof whether or not notation of such consent or waiver
        is
        made upon this Security.

       

      As
        set
        forth in, and subject to, the provisions of the Indenture, no Holder of any
        Security of this series will have any right to institute any proceeding with
        respect to the Indenture or for any remedy thereunder, unless such Holder
        shall
        have previously given to the Trustee written notice of a continuing Event
        of
        Default with respect to the Securities of this series, the Holders of not
        less
        than 25% in aggregate principal amount of the Outstanding Securities of this
        series shall have made written request, and offered reasonable indemnity,
        to the
        Trustee to institute such proceeding as trustee, and the Trustee shall not
        have
        received from the Holders of a majority in aggregate principal amount of
        the
        Outstanding Securities of this series a direction inconsistent with such
        request
        and shall have failed to institute such proceeding within 60 days; provided,
        however, that such limitations do not apply to a suit instituted by the Holder
        hereof for the enforcement of payment of the principal of (and premium, if
        any)
        or interest on this Security on or after the respective due dates expressed
        herein.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

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

       

      As
        provided in the Indenture and subject to certain limitations therein and
        herein
        set forth, the transfer of Registered Securities of the series of which this
        Security is a part may be registered on the Security Register of the Company,
        upon surrender of such Securities for registration of transfer at the office
        of
        the Security Registrar, duly endorsed by, or accompanied by a written instrument
        of transfer in form satisfactory to the Company and the Security Registrar
        duly
        executed by the Holder thereof or his attorney duly authorized in writing,
        and
        thereupon one or two more new Securities of this Series and of like tenor,
        of
        authorized denominations and for the same aggregate principal amount, will
        be
        issued to the designated transferee or transferees.

       

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

       

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

       

      The
        Securities of this series of which this Security is a part are issuable only
        in
        registered form without coupons, in denominations of $2,000.00 and integral
        multiples of $1,000.00. As provided in the Indenture and subject to certain
        limitations therein set forth, the Securities of this series are exchangeable
        for a like aggregate principal amount of Securities of this series and of
        like
        tenor of a different authorized denomination, as requested by the Holder
        surrendering the same.

       

      The
        Securities of this series shall be dated the date of their
        authentication.

       

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

       

      Unless
        the certificate of authentication hereon has been executed by or on behalf
        of
        the Trustee under the Indenture, or its successor thereunder, by the manual
        signature of one of its authorized officers, this Security shall not be entitled
        to any benefit under the Indenture or be valid or obligatory for any
        purpose.

       

       

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

       

      

        IN
          WITNESS WHEREOF, the Company has caused this instrument to be duly executed
          under its corporate seal.

         

        

        Dated:
          April 25,
          2007                                                                                                                               CSX
          CORPORATION

         

         

          

        
          
            
              
                
                  	By:	 /s/
                          David A. Boor	 
	 	Name: 
                          David A. Boor
Title:    Vice President - Tax and
                          Treasurer 	 

                

              

            

          

        

         

        

        Attest:

         

        

        
          
            
              
                	
                        /s/
                          Mark D. Austin

                      
	
                        Assistant
                          Corporate
                          Secretary

                      

              

            

          

        

          
          

        

        

        

        

        TRUSTEE’S
          CERTIFICATE OF AUTHENTICATION

         

        This
          is
          one of the Securities of a series issued under the Indenture described
          herein.

         

        

                              THE
          BANK OF NEW YORK

        
                                                                  as
            Trustee

          
            
               

                

               

              
                
                  
                    
                      
                        
                          	By:	 /s/
                                  Michael A. Smith	 
	 	Authorized
                                  Officer	 

                        

                      

                    

                  

                

                 

              

            

          

        

         

         

        
          
            
            

          

          
             

            
              

            

          

          
            
            

          

        

         

         

         

        FORM
          OF
          TRANSFER NOTICE

         

         

        FOR
          VALUE
          RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
          transfer(s) unto

         

        Insert
          Taxpayer Identification No.

         

        
           

          
            
              
                
                  
                    	
                            Please
                              print or typewrite name and address including zip code
                              of assignee

                             

                          	 
	the
                            within Security and all rights thereunder, hereby irrevocably
                            constituting
                            and appointing	 

                  

                

              

            

          

           

          
            
              
                	 	attorney
                        to transfer said Security on the books of the Security Registrar
                        with full
                        power of substitution in the
                        premises.

              

            

          

           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	Date: 	 	 	 	 
	 	 	 	
                                            NOTICE:  The
                                              signature to this assignment must correspond
                                              with the name as written upon
                                              the face of the

                                          	 
	 	 	 	within-mentioned
                                            instrument in every particular, without
                                            alteration or any change
                                            whatsoever. 	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

                  

          

        

        
 

      

      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

       

          EXHIBIT A

       

      Schedule
        of Exchanges

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