Document:

Exhibit
4.1

       

       

      EXECUTION COPY

       

       

      INDENTURE

       

      PARTNERRE
FINANCE B LLC, Issuer

       

      And

       

      PARTNERRE
LTD., Guarantor

       

      To

       

      THE
BANK OF NEW YORK MELLON, Trustee

       

      
        INDENTURE

        

         

          
            

          

        

         

        

      

      Dated
as of March 15, 2010

       

      Senior
Debt Securities

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      Reconciliation
and tie between

      Trust
Indenture Act of 1939 (the “Trust Indenture Act”)

      and
Indenture

       

      
        
          	
                  
                    Trust
Indenture

                    Act
      Section

                  

                	 	
                  
                    Indenture

                    Section

                  

                
	
                  (S)(S)310(a)(1)

                	 	
                  6.07

                
	
                  (a)(2)

                	 	
                  6.07

                
	
                  (b)

                	 	
                  6.08

                
	
                  (S)(S)312(a)

                	 	
                  7.01

                
	
                  (b)

                	 	
                  7.02

                
	
                  (c)

                	 	
                  7.02

                
	
                  (S)(S)313(a)

                	 	
                  7.03

                
	
                  (b)(2)

                	 	
                  7.03

                
	
                  (c)

                	 	
                  7.03

                
	
                  (d)

                	 	
                  7.03

                
	
                  (S)(S)314(a)

                	 	
                  7.04

                
	
                  (c)(1)

                	 	
                  1.02

                
	
                  (c)(2)

                	 	
                  1.02

                
	
                  (e)

                	 	
                  1.02

                
	
                  (f)

                	 	
                  1.02

                
	
                  (S)(S)316(a) (last
    sentence)

                	 	
                  1.01

                
	
                  (a)(1)(A)

                	 	
                          
      5.02, 5.12

                
	
                  (a)(1)(B)

                	 	
                  5.13

                
	
                  (b)

                	 	
                  5.08

                
	
                  (S)(S)317(a)(1)

                	 	
                  5.03

                
	
                  (a)(2)

                	 	
                  5.04

                
	
                  (b)

                	 	
                  10.03  
      

                
	
                  (S)(S)318(a)

                	 	
                  1.08

                

        

        
          
______________________

        

      

      
        	
                Note:

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

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      TABLE
OF CONTENTS

       

      
        
          
            

          

      

      Page

      
        	
                ARTICLE 1

                Definitions and Other Provisions
      of General Application

              
	 	 	 
	
                Section 1.01.

              	
                Definitions

              	
                2

              
	
                Section
    1.02.

              	
                Compliance Certificates and
      Opinions

              	
                13

              
	
                Section
    1.03.

              	
                Form of Documents Delivered to
      Trustee

              	
                14

              
	
                Section 1.04.

              	
                Acts of
    Holders

              	
                14

              
	
                Section
    1.05.

              	
                Notices,
etc

              	
                17

              
	
                Section
    1.06.

              	
                Notice to Holders of Securities;
      Waiver

              	
                17

              
	
                Section
    1.07.

              	
                Language of
      Notices

              	
                18

              
	
                Section
    1.08.

              	
                Conflict with Trust Indenture
      Act

              	
                18

              
	
                Section
    1.09.

              	
                Effect of Headings and Table of
      Contents

              	
                18

              
	
                Section
    1.10.

              	
                Successors and
      Assigns

              	
                18

              
	
                Section
    1.11.

              	
                Separability
      Clause

              	
                19

              
	
                Section
    1.12.

              	
                Benefits of
      Indenture

              	
                19

              
	
                Section
    1.13.

              	
                Governing
    Law

              	
                19

              
	
                Section
    1.14.

              	
                Non-Business
      Days

              	
                19

              
	
                Section
    1.15.

              	
                Counterparts

              	
                19

              
	
                Section 1.16.

              	
                Judgment
      Currency

              	
                19

              
	
                Section
    1.17.

              	
                No Security Interest
      Created

              	
                20

              
	
                Section
    1.18.

              	
                Limitation on Individual
      Liability

              	
                20

              
	
                Section
    1.19.

              	
                Submission to
      Jurisdiction

              	
                21

              
	
                Section 1.20.

              	
                Waiver Of Jury
      Trial

              	
                22

              
	
                Section 1.21.

              	
                Force
    Majeure

              	
                22

              
	 
	
                ARTICLE 2

                Securities
      Forms

              
	 	 	 
	
                Section
    2.01.

              	
                Forms
    Generally

              	
                22

              
	
                Section
    2.02.

              	
                Form of Trustee’s Certificate of
      Authentication

              	
                22

              
	
                Section
    2.03.

              	
                Securities in Global
      Form

              	
                23

              
	 
	
                ARTICLE
3

              
	
                The
    Securities

              
	 	 	 
	
                Section
    3.01.

              	
                Amount Unlimited;
      Issuable in
      Series

              	
                24

              
	
                Section
    3.02.

              	
                Currency;
      Denominations

              	
                28

              
	
                Section
    3.03.

              	
                Execution, Authentication,
      Delivery and Dating

              	
                28

              
	
                Section
    3.04.

              	
                Temporary
      Securities

              	
                30

              
	
                Section
    3.05.

              	
                Registration, Transfer and
      Exchange

              	
                31

              
	
                Section
    3.06.

              	
                Mutilated, Destroyed, Lost and Stolen
      Securities

              	
                35

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
    3.07.

              	
                Payment of Interest and Certain
      Additional Amounts; Rights to Interest and Certain Additional Amounts
      Preserved

              	
                36

              
	
                Section
    3.08.

              	
                Persons Deemed
      Owners

              	
                38

              
	
                Section
    3.09.

              	
                Cancellation

              	
                39

              
	
                Section
    3.10.

              	
                Computation of
      Interest

              	
                39

              
	
                Section
    3.11.

              	
                CUSIP
    Numbers

              	
                39

              
	 
	
                ARTICLE 4

                Satisfaction and Discharge of
      Indenture

              
	 	 	 
	
                Section
    4.01.

              	
                Satisfaction and
      Discharge

              	
                40

              
	
                Section
    4.02.

              	
                Defeasance and Covenant
      Defeasance

              	
                41

              
	
                Section
    4.03.

              	
                Application of Trust Money

              	
                47

              
	
                Section
    4.04.

              	
                Reinstatement

              	
                47

              
	 
	
                ARTICLE
5

              
	
                Remedies

              
	 	 	 
	
                Section
    5.01.

              	
                Events of
      Default

              	
                47

              
	
                Section
    5.02.

              	
                Acceleration of Maturity;
      Rescission and Annulment

              	
                50

              
	
                Section
    5.03.

              	
                Collection of Indebtedness and
      Suits for Enforcement by Trustee

              	
                51

              
	
                Section
    5.04.

              	
                Trustee May File Proofs of
      Claim

              	
                52

              
	
                Section
    5.05.

              	
                Trustee May Enforce Claims without
      Possession of Securities or Coupons

              	
                53

              
	
                Section
    5.06.

              	
                Application of Money
      Collected

              	
                53

              
	
                Section
    5.07.

              	
                Limitations on
      Suits

              	
                53

              
	
                Section
    5.08.

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

              	
                54

              
	
                Section
    5.09.

              	
                Restoration of Rights and
      Remedies

              	
                54

              
	
                Section
    5.10.

              	
                Rights and Remedies
      Cumulative

              	
                55

              
	
                Section
    5.11.

              	
                Delay or Omission Not
      Waiver

              	
                55

              
	
                Section
    5.12.

              	
                Control by Holders of
      Securities

              	
                55

              
	
                Section
    5.13.

              	
                Waiver of Past
      Defaults

              	
                55

              
	
                Section
    5.14.

              	
                Waiver of Usury, Stay or Extension
      Laws

              	
                56

              
	
                Section
    5.15.

              	
                Undertaking for
      Costs

              	
                56

              
	 
	
                ARTICLE 6

                The
  Trustee

              
	 	 	 
	
                Section
    6.01.

              	
                Certain Rights of
Trustee

              	
                57

              
	
                Section
    6.02.

              	
                Notice of
      Defaults

              	
                59

              
	
                Section
    6.03.

              	
                Not Responsible for Recitals or
      Issuance of Securities

              	
                60

              
	
                Section
    6.04.

              	
                May Hold
      Securities

              	
                60

              
	
                Section
    6.05.

              	
                Money Held in
      Trust

              	
                60

              

      

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
    6.06.

              	
                Compensation, Reimbursement
      and
      Indemnification

              	
                60

              
	
                Section
    6.07.

              	
                Corporate Trustee Required;
      Eligibility

              	
                61

              
	
                Section
    6.08.

              	
                Resignation and Removal;
      Appointment of Successor

              	
                61

              
	
                Section
    6.09.

              	
                Acceptance of Appointment by
      Successor

              	
                63

              
	
                Section
    6.10.

              	
                Merger, Conversion,
      Consolidation or
      Succession to Business

              	
                65

              
	
                Section
    6.11.

              	
                Appointment of Authenticating
      Agent

              	
                65

              
	 
	
                ARTICLE
7

              
	
                Holders Lists and Reports by
      Trustee and Company

              
	 	 	 
	
                Section
    7.01.

              	
                Company to Furnish Trustee Names
      and Addresses of Holders

              	
                67

              
	
                Section
    7.02.

              	
                Preservation of Information;
      Communications to Holders

              	
                68

              
	
                Section
    7.03.

              	
                Reports by
      Trustee

              	
                68

              
	
                Section
    7.04.

              	
                Reports by
      Company

              	
                68

              
	 
	
                ARTICLE
8

              
	
                Consolidation, Amalgamations,
      Merger and Sales

              
	 	 	 
	
                Section
    8.01.

              	
                Company May Consolidate, Etc.,
      Only on Certain
      Terms

              	
                69

              
	
                Section
    8.02.

              	
                Successor Person Substituted for
      Company

              	
                70

              
	
                Section
    8.03.

              	
                Guarantor May Consolidate, Etc.,
      Only on Certain Terms

              	
                70

              
	
                Section
    8.04.

              	
                Successor Person Substituted for
      Guarantor

              	
                71

              
	 
	
                ARTICLE
9

              
	
                Supplemental
      Indentures

              
	 	 	 
	
                Section 9.01.

              	
                Supplemental Indentures Without
      Consent of Holders

              	
                72

              
	
                Section
    9.02.

              	
                Supplemental Indentures with
      Consent of Holders

              	
                73

              
	
                Section
    9.03.

              	
                Execution of Supplemental
      Indentures

              	
                74

              
	
                Section
    9.04.

              	
                Effect of Supplemental
      Indentures

              	
                75

              
	
                Section 9.05.

              	
                Reference in Securities to
      Supplemental Indentures

              	
                75

              
	
                Section
    9.06.

              	
                Conformity with Trust Indenture
      Act

              	
                75

              
	
                Section
    9.07.

              	
                Notice of Supplemental
      Indenture

              	
                75

              
	
                 

              
	
                ARTICLE
  10

              
	
                Covenants

              
	 	 	 
	
                Section
    10.01.

              	
                Payment of Principal, any Premium,
      Interest and
      Additional Amounts

              	
                75

              
	
                Section
    10.02.

              	
                Maintenance of Office or
      Agency

              	
                76

              
	
                Section
    10.03.

              	
                Money for Securities Payments To
      Be Held in Trust

              	
                77

              
	
                Section
    10.04.

              	
                [Reserved]

              	
                79

              
	
                Section
    10.05.

              	
                Organizational
      Existence

              	
                79

              
	
                Section
    10.06.

              	
                Waiver of Certain
      Covenants

              	
                79

              
	
                Section
    10.07.

              	
                Company and Guarantor’s Statement as to Compliance;
      Notice of Certain Defaults

              	
                79

              

      

       

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
    10.08.

              	
                Calculation of Original Issue
      Discount

              	
                80

              
	 
	
                ARTICLE
  11

              
	
                Redemption of
      Securities

              
	 	 	 
	
                Section
    11.01.

              	
                Applicability of Article

              	
                80

              
	
                Section
    11.02.

              	
                Election to Redeem; Notice to
      Trustee

              	
                81

              
	
                Section
    11.03.

              	
                Selection by Trustee of Securities
      To Be Redeemed

              	
                81

              
	
                Section
    11.04.

              	
                Notice of
      Redemption

              	
                82

              
	
                Section
    11.05.

              	
                Deposit of Redemption
      Price

              	
                83

              
	
                Section
    11.06.

              	
                Securities Payable on Redemption
      Date

              	
                83

              
	
                Section
    11.07.

              	
                Securities Redeemed in
      Part

              	
                84

              
	 
	
                ARTICLE
  12

              
	
                Sinking
    Funds

              
	 	 	 
	
                Section
    12.01.

              	
                Applicability of
      Article

              	
                85

              
	
                Section
    12.02.

              	
                Satisfaction of Sinking Fund
      Payments with Securities

              	
                85

              
	
                Section
    12.03.

              	
                Redemption of Securities for
      Sinking Fund

              	
                86

              
	 
	
                ARTICLE
  13

              
	
                Repayment at the Option of
      Holders

              
	 	 	 
	
                Section
    13.01.

              	
                Applicability of
      Article

              	
                86

              
	 
	
                ARTICLE
  14

              
	
                Securities in Foreign
      Currencies

              
	 	 	 
	
                Section
    14.01.

              	
                Applicability of
      Article

              	
                87

              
	 
	
                ARTICLE
  15

              
	
                Meetings of Holders of
      Securities

              
	 	 	 
	
                Section
    15.01.

              	
                Purposes for Which Meetings May Be
      Called

              	
                87

              
	
                Section
    15.02.

              	
                Call, Notice and Place of
      Meetings

              	
                88

              
	
                Section
    15.03.

              	
                Persons Entitled to Vote at
      Meetings

              	
                88

              
	
                Section
    15.04.

              	
                Quorum;
    Action

              	
                88

              
	
                Section 15.05.

              	
                Determination of Voting Rights;
      Conduct and Adjournment of Meetings

              	
                89

              
	
                Section
    15.06.

              	
                Counting Votes and Recording
      Action of Meetings

              	
                90

              
	 
	
                ARTICLE
  16

              
	
                Guarantee

              
	 	 	 
	
                Section
    16.01.

              	
                The
    Guarantee

              	
                91

              
	
                Section
    16.02.

              	
                Ranking

              	
                91

              

      

      

       

       

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

       

       

      
        

        INDENTURE, dated as of March 15, 2010 (the “Indenture”), among PARTNERRE FINANCE B LLC, a limited liability company duly organized and existing under the
laws of the State of Delaware (hereinafter called the “Company”), having its principal executive office
located at One Greenwich
Plaza, Greenwich, Connecticut 06830-6352, PARTNERRE LTD., a company duly
organized and existing under the laws of Bermuda (hereinafter called the
“Guarantor”), having its principal
executive office located at 90 Pitts Bay Road, Pembroke HM
08, Bermuda, and
The Bank of New
York Mellon, a New York banking corporation
(hereinafter called the “Trustee”), having its Corporate Trust Office
located at 101 Barclay
Street, Floor 8W,
New York, New York
10286.

         

        RECITALS

         

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

         

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

         

        For value received, the Guarantor has
duly authorized the execution and delivery of this Indenture to provide for the
issuance of the Guarantee
and the indemnity provided for herein. All things necessary to make this
Indenture a valid, legally
binding agreement of the
Guarantor, in accordance with its terms, have been done.

         

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

         

        NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

         

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

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        ARTICLE 1

        Definitions and Other Provisions of General
Application

         

        Section 1.01 .  Definitions.  Except as otherwise expressly provided
in or pursuant to this Indenture, or unless the context otherwise
requires, for all purposes
of this Indenture:

         

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

         

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

         

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

         

        (d) the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision; and

         

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

         

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

         

        “Act,” when used with respect to
any Holders, has the
meaning specified in Section
1.04.

         

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

         

        “Affiliate” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this
definition, “control,” when used with respect to any specified
Person, means the power to direct the management and policies of such Person,
directly or indirectly,
whether through 

         

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

         

        the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative
to the foregoing.

         

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

         

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

         

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

         

        “Bearer
Security” means any Security in the form
established pursuant
to Section
2.01 which is payable
to bearer.

         

        “Board of
Directors” means (i) the board of directors of the Company or, if none, of the sole member of the Company or any committee of that board or (ii) any authorized officers of the Company, in each
case that are duly authorized to act generally or in any particular respect for
the Company hereunder.

         

        “Board
Resolution” means a copy of one or more
resolutions, certified by the Secretary or an Assistant Secretary
of the Company (or its sole member) or the Guarantor, as applicable, to
have been duly adopted by the Board of Directors or the Guarantor’s Board of Directors, as the case may
be, and to be in full force and effect on the date of such certification,
delivered to the
Trustee.

         

        “Business
Day,” with respect to any Place of Payment or
other location, means, unless otherwise specified with
respect to any Securities pursuant to Section 3.01, any day other than a Saturday, Sunday
or other day on which
banking institutions in such Place of Payment or other location are authorized
or obligated by law, regulation or executive order to close.

         

        “Capital
Stock” of any Person means any and all shares,
interests, rights to purchase, warrants,
options, participations or
other equivalents of or interests in 

         

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

         

        (however designated) equity of such
Person, including Preferred Stock, but excluding any debt securities convertible
into such equity.

         

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

         

        “Code” means the Internal Revenue Code of
1986, as amended.

         

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

         

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

         

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

         

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

         

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

         

        “Corporate Trust
Office” means the principal corporate trust
office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date of original
execution of this Indenture is located at The Bank of New York Mellon, 101 Barclay Street, Floor 8W, New York,
New York 10286, Attention:
Corporate Trust Administration or at any other time at such other
address as the Trustee may designate from time to time by notice to the parties
hereto or at the principal corporate trust office of any 

         

         

        
          
            
            

          

          
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        successor trustee as to which such
successor trustee may notify the parties hereto in
writing.

         

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

         

        “Coupon” means any interest coupon appertaining
to a Bearer Security.

         

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

         

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

         

        “Defaulted
Interest” has the meaning specified in Section
3.07.

         

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

         

        “Event of
Default” has the meaning specified in Section
5.01.

         

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

         

        “Government
Obligations” means securities which are (i)
direct
obligations of the United States of America or the
other government or governments or confederation or association of governments
which issued the Foreign Currency in which the principal of or any premium or
interest on such Security or any Additional Amounts in respect thereof shall be
payable, in each case where the payment or payments thereunder are supported by the full faith and credit of such
government or governments or confederation or association of governments or (ii)
obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America or such other
government or governments or confederation or association of governments, in
each case where the timely payment or payments thereunder are unconditionally guaranteed as a full
faith and credit obligation by the United States of America or such other
government or governments or confederation or association of governments, and
which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers
thereof, and shall also include a depository 

         

         

        
          
            
            

          

          
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        receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or a
specific payment of interest on or principal of or other amount with respect to any such Government
Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository
receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of or other
amount with respect to the Government Obligation evidenced by such depository
receipt.

         

        “Guarantee” means the unconditional guarantee of
the payment of the principal of, any premium or interest
on, and any Additional Amounts with respect to the Securities by the Guarantor,
as more fully set forth in the Senior Debt Securities Guarantee Agreement.

         

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

         

        “Guarantor’s Board of
Directors” means the board of directors of
the Guarantor or any committee of that board
duly authorized to act generally or in any particular respect for the Guarantor
hereunder.

         

        “Guarantor’s Officer’s
Certificate” means a certificate signed by
the Chairman of the Guarantor’s Board of Directors, a Vice Chairman,
the Chief Executive
Officer, the Chief
Financial Officer, the Chief Accounting Officer, the Chief Legal Counsel, the Secretary or the Assistant Secretary of the Guarantor, that complies with the
requirements of Section 314(e) of the Trust Indenture Act and is delivered to
the Trustee.

         

        “Guarantor
Request” means a written request signed in the
name of the Guarantor by the Chairman of the
Guarantor’s Board of Directors, a Vice Chairman, the
Chief Executive
Officer, the Chief
Financial Officer, the Chief Accounting Officer, the Chief Legal Counsel, the Secretary or the Assistant Secretary of the Guarantor, and
delivered to the Trustee.

         

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

         

        “Indebtedness” means, with respect to any Person, (i) the principal
of and any premium and interest on (a)
indebtedness of such Person for money borrowed and (b) indebtedness evidenced by
notes, debentures, bonds or other similar 

         

         

        
          
            
            

          

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

         

        “Indenture” means this instrument as it may from
time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with
respect to any Security, by the terms and provisions of such Security and any
Coupon appertaining thereto established pursuant to Section
3.01 (as such terms and
provisions may be amended pursuant to the applicable provisions
hereof).

         

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

         

        “Indexed
Security” means a Security the terms of which
provide that the principal amount thereof payable at
Stated Maturity or upon acceleration pursuant 

         

         

        
          
            
            

          

          
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        to Section 5.02 may be more or less than the principal
face amount thereof at original issuance.

         

        “interest,” on the Security of any series (i) with
respect to any Original Issue Discount Security which by its
terms bears interest only after Maturity, means interest payable after Maturity
and (ii) when used with
respect to a Security which provides for the payment of Additional Amounts
pursuant to the terms of
such Security, includes
such Additional Amounts.

         

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

         

        “Judgment
Currency” has the meaning specified in
Section 1.16.

         

        “Local Business
Day” has the meaning specified in Section
4.02(e).

         

        “Maturity,” with respect to any Security, means the
date on which the principal of such Security or an
installment of principal
becomes due and payable as provided in or pursuant to this Indenture or the
related Series Authorization, whether at the Stated Maturity or by declaration
of acceleration, notice of redemption or repurchase, notice of option to elect
repayment or otherwise, and includes any
Redemption Date and the date of any required repurchase or
repayment.

         

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

         

        “Office” or “Agency,” with respect to any Securities, means
an office or agency of the Company maintained or designated as a
Place of Payment for such Securities pursuant to Section
10.02 or any other
office or agency of the Company maintained or designated for such Securities
pursuant to Section 10.02 or, to the extent designated or
required by Section 10.02 in lieu of such office or agency, the
Corporate Trust Office of the Trustee.

         

        “Officers’
Certificate” means a certificate signed by two
Authorized Officers, at least one of which is a
principal executive, principal financial or principal accounting officer, that
complies with the requirements of Section 314(e) of the Trust Indenture Act and
is delivered to the Trustee.

         

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

         

        “Original Issue
Discount Security” means a Security issued pursuant to
this Indenture or the related Series
Authorization which provides for declaration 

         

         

        
          
            
            

          

          
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        of an amount less than the principal
face amount thereof to be due and payable upon acceleration pursuant to
Section 5.02.

         

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

         

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

         

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

         

        (c)           any such Security with respect to which
the Company or the Guarantor has effected defeasance
pursuant to the terms hereof, except to the extent provided in Section
4.02;

         

        (d)           any such Security which has been paid pursuant to
Section 3.06 or in exchange for or in lieu of which
other Securities have been authenticated and delivered pursuant to
this Indenture, unless there shall have been presented to the Trustee
proof satisfactory to it
that such Security is held by a protected
purchaser in whose hands such Security is a valid obligation of the Company;
and

         

        (e)           any such Security converted or exchanged
as contemplated by this Indenture into Common Stock of the
Company or other securities
of the Guarantor or another issuer, if the
terms of such Security
provide for such conversion or exchange pursuant to
Section 3.01;

         

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

         

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        “principal” means, as of any date of determination
with respect to the Securities of any series, (i) in the
case of an Original Issue Discount Security or an Indexed Security,
the amount due and payable with respect to principal upon an acceleration
thereof pursuant to Section 5.02 at such time and (ii) in all other
cases, par or the stated face amount of the related Security.

         

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

         

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

         

        “Registered
Security” means any Security established pursuant
to Section 2.01 which is registered in a Security
Register.

         

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

         

        “Required
Currency” has the meaning specified in
Section 1.16.

         

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

         

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

         

        “Security
Register” and “Security
Registrar” have the respective
meanings specified in Section
3.05.

         

         

        
          
            
            

          

          
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        “Senior Debt Securities
Guarantee Agreement” means the Senior Debt Securities Guarantee
Agreement attached hereto as Exhibit A.

         

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

         

        “Special Record
Date” for the payment of any Defaulted
Interest on any Registered Security means a date fixed by the Company
pursuant to Section 3.07.

         

        “Stated
Maturity,” with respect to any Security or any
installment of principal thereof or interest thereon or
any Additional Amounts with respect thereto, means the date established by or pursuant to
this Indenture or the related Series Authorization as the fixed date on which
the principal of such Security or such installment of principal or interest is,
or such Additional Amounts are, due and payable.

         

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

         

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

         

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

         

         

        
          
            
            

          

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

         

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

         

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

         

        Section 1.02 . Compliance
Certificates and
Opinions.  Except as otherwise expressly provided
in this Indenture, upon any application or request by the Company to the Trustee
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers’ Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, such action is authorized or permitted by this
Indenture and that all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
or any of them is specifically required by any provision of this
Indenture relating to such particular
application or request, no additional certificate or opinion need be
furnished.

         

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

         

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

         

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

         

        (c) a statement that, in the opinion of such
individual, he has made such examination or
investigation as is necessary to enable him to express an informed

         

         

        
          
            
            

          

          
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        opinion as to whether or not such
condition or covenant has been complied with;
and

         

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

         

        Section 1.03 . Form of Documents
Delivered to Trustee.  In any case where several matters are
required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some
matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several
documents.

         

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

         

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

         

        Section 1.04 . Acts of
Holders.  (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by or pursuant to
this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. If, but only if, Securities of a series are issuable
as Bearer Securities, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in or
pursuant to this Indenture or the related Series Authorization to be given or
taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced by the
record of Holders of Securities of such series voting in favor thereof, either
in person or by proxies duly appointed in writing, at any meeting of Holders of
Securities of such series duly called and held in accordance with the provisions of

         

         

        
          
            
            

          

          
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        Article
15, or a combination of
such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
or record or both are
received by a Responsible Officer of the Trustee and, where it is hereby
expressly required, to the Company or the Guarantor. Such instrument or
instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments or so voting at any such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any
Person of a Security, shall be sufficient for any purpose of this
Indenture and (subject to Section 315 of the Trust
Indenture Act) conclusive in favor of the Trustee, the Company, the Guarantor
and any agent of the Trustee, the Company or the Guarantor, if made in the
manner provided in this
Section. The record of any meeting of Holders of Securities shall be proved in
the manner provided in Section 15.06.

         

        (b) Without limiting the generality of this
Section 1.04, unless otherwise provided in or pursuant to this Indenture
or the related Series Authorization, a Holder, including a U.S. Depository that
is a Holder of a global Security, may make, give or take, by a proxy or proxies
duly appointed in writing, any request, demand, authorization, direction, notice, consent,
waiver or other Act provided in or pursuant to this Indenture or the related
Series Authorization to be made, given or taken by Holders, and a U.S.
Depository that is a Holder of a global Security may provide its proxy
or proxies to the beneficial owners of
interests in any such global Security through such U.S. Depository’s standing instructions and customary
practices.

         

        (c) The Company shall fix a record date for
the purpose of determining the Persons who are beneficial owners of interest in any permanent global
Security held by a U.S. Depository entitled under the procedures of such U.S.
Depository to make, give or take, by a proxy or proxies duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in
or pursuant to this Indenture or the related Series Authorization to be made,
given or taken by Holders. If such a record date is fixed, the Holders on such
record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to
make, give or take such request, demand, authorization, direction, notice,
consent, waiver or other Act, whether or not such Holders remain Holders after
such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
Act shall be valid or effective if made, given or taken more than 90 days after
such record date.

         

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

         

         

        
          
            
            

          

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

         

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

         

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

         

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

         

         

        
          
            
            

          

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

         

        Section 1.05 . Notices, etc.  Any request, demand, authorization,
direction, notice, consent, waiver or other Act of Holders or other document
provided or permitted by this Indenture to be made upon, given or furnished to,
or filed with,

         

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

         

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

         

        Section 1.06 . Notice to Holders of
Securities; Waiver.  Except as otherwise expressly provided
in or pursuant to this Indenture or the related Series Authorization, where this Indenture
provides for notice to Holders of Securities of any event,

         

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

         

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

         

        In any case where notice to Holders of
Registered Securities is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder of a Registered
Security shall affect the sufficiency of 

         

         

        
          
            
            

          

          
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        such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided herein. Any notice which is mailed in the manner
herein provided shall be conclusively presumed to have been duly given or provided. In the case by
reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice by mail, then such notification as
shall be made with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder.

         

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

         

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

         

        Section 1.07 . Language of
Notices.  Any request, demand, authorization,
direction, notice, consent, election or waiver required or permitted under this Indenture shall
be in the English language, except that, if the Company so elects, any published notice
may be in an official language of the country of
publication.

         

        Section 1.08 . Conflict with Trust
Indenture Act.  If any provision hereof limits, qualifies or conflicts with any
duties under any required provision of the Trust Indenture Act imposed hereon by
Section 318(c) thereof, such required provision shall
control.

         

        Section 1.09 . Effect of Headings
and Table of Contents.  The Article and Section headings herein and the Table of Contents
are for convenience only and shall not affect the construction
hereof.

         

        Section 1.10 . Successors and
Assigns.  All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so
expressed or
not.

         

         

        
          
            
            

          

          
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        Section 1.11 . Separability
Clause.  In case any provision in this Indenture,
any Security or any Coupon shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

         

        Section 1.12 . Benefits of
Indenture.  Nothing in this Indenture, any Security
or any Coupon, express or implied, shall give to any Person, other than the
parties hereto, any Security Registrar, any Paying Agent, any Authenticating
Agent and their successors
hereunder and the Holders of Securities or Coupons, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

         

        Section 1.13 . Governing
Law.  This Indenture, the Securities and any
Coupons shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made or
instruments entered into and, in each case, performed in said
state.

         

        Section 1.14 . Non-Business
Days.  Unless otherwise specified in or
pursuant to this Indenture or the related Series Authorization, in any case where any Interest
Payment Date, Stated Maturity or Maturity of any Security, or the last date on
which a Holder has the right to convert or exchange Securities of a series that
are convertible or exchangeable, shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture, any Security or any
Coupon other than a provision in any Security or Coupon that specifically states
that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such
date, and such Securities need not be converted or exchanged on such date but
such payment may be made, and such Securities may be converted or
exchanged, on the next succeeding day that is a Business Day at such
Place of Payment with the
same force and effect as if made on the Interest Payment Date or at the Stated
Maturity or Maturity or on such last day for conversion or exchange, and no
interest shall accrue on the amount payable on such date or at such time for
the period from and after such Interest
Payment Date, Stated Maturity, Maturity or last day for conversion or exchange,
as the case may be, to such next succeeding Business Day.

         

        Section 1.15 . Counterparts.  This Indenture may be executed in
several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.

         

        Section 1.16 . Judgment
Currency.  The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is
necessary to convert the sum due in respect of the principal of, or premium or
interest, if any, or Additional Amounts, if any, on the Securities of any series (the
“Required
Currency”) into a currency in which a
judgment will
be rendered (the “Judgment
Currency”), the rate of exchange used shall be
the rate at which in accordance with normal
banking 

         

         

        
          
            
            

          

          
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        procedures the Trustee could purchase in
The City of New York the requisite amount of the Required Currency with the
Judgment Currency on the
New York Banking Day preceding the day on which a final unappealable judgment is
given and (b) its
obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged
or satisfied by any tender,
or any recovery pursuant to any judgment (whether or not entered in accordance
with clause (a)), in any currency other than the
Required Currency, except to the extent that such tender or recovery shall
result in the actual
receipt, by the payee, of the full amount of the Required Currency expressed to
be payable in respect of such payments, (ii) shall be enforceable as an alternative
or additional cause of action for the purpose of recovering in the Required Currency the amount,
if any, by which such actual receipt shall fall short of the full amount of the
Required Currency so expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum
due under this Indenture. For purposes of the foregoing, “New York Banking
Day” means any day except a Saturday, Sunday
or a legal holiday in The City of New York or
a day on which banking institutions in The City of New York are authorized or
obligated by law,
regulation or executive order to be closed.

         

        Section 1.17 . No Security Interest
Created.  Nothing in this Indenture or in any
Securities, express or implied, shall be construed to constitute a security
interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and
in effect in any jurisdiction where property of the Company or its Subsidiaries
is or may be located.

         

        Section 1.18 . Limitation on
Individual Liability.  No recourse under or upon any
obligation, covenant or agreement contained in this Indenture or in any Security,
or for any claim based thereon or otherwise in respect thereof, shall be had
against any incorporator, shareholder, officer or director, as such, past,
present or future, of the Company, either directly or through the Company, whether by virtue of any constitution,
statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and
that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, shareholders, officers or directors, as such, of
the Company, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any
Security or implied therefrom; and that any and all such personal liability of
every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such
rights and claims against, every such incorporator, shareholder, officer or
director, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or
agreements contained in this Indenture or
in any Security or implied therefrom, are hereby expressly waived and released
as a 

         

         

        
          
            
            

          

          
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        condition of, and as a consideration
for, the execution of this Indenture and the issuance of such
Security.

         

        Section 1.19 . Submission to
Jurisdiction.  The Company agrees that any judicial
proceedings instituted in relation to any matter arising under this Indenture,
the Securities or any Coupons appertaining thereto may be brought in any United
States Federal or New York State court sitting in the Borough of Manhattan, The City of New
York, New York to the extent that such court has subject matter jurisdiction
over the controversy, and, by execution and delivery of this Indenture, the
Company hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid
courts, acknowledges their competence and irrevocably agrees to be bound by any
judgment rendered in such proceeding. The Company also irrevocably and
unconditionally waives for the benefit of the Trustee and the Holders of the Securities and Coupons any
immunity from jurisdiction and any immunity from legal process (whether through
service or notice, attachment prior to judgment, attachment in the aid of
execution, execution or otherwise) in respect of this Indenture. The Company hereby irrevocably
designates and appoints, for the benefit of the Trustee and the
Holders of the Securities and Coupons for the term of this Indenture, PartnerRe U.S. Corporation, One
Greenwich Plaza, Greenwich, CT 06830-6352, as its agent to receive on its behalf service of all
process (with a copy of all such service of process to be delivered to the
Company pursuant to Section 1.05 and to Davis Polk & Wardwell, 450 Lexington
Avenue, New York, NY 10017, Attention:  Ethan T. James,
Esq.) brought against it
with respect to any such proceeding in any such court in The City of New York,
such service being hereby acknowledged by the Company to be effective and
binding service on it in every respect whether or not the Company shall then be doing or shall have
at any time done business in New York. Such appointment shall be irrevocable so
long as any of the Securities or Coupons or the obligations of the Company
hereunder remain outstanding, or until the appointment of a successor by the Company located in
New York or Connecticut and such successor’s acceptance of such appointment. Upon
such acceptance, the Company shall notify the Trustee in writing of the name and
address of such successor. The Company further agrees for the benefit of the Trustee and the
Holders of the Securities and the Coupons to take any and all action, including
the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of PartnerRe U.S. Corporation as its agent
in full force and effect so long as any of the Securities or Coupons or the
obligations of the Company hereunder shall be outstanding. The Trustee shall not
be obligated and shall have no responsibility with respect to any failure by the Company to take any
such action. Nothing herein shall affect the right to serve
process in any other manner permitted by any law or limit the right of the
Trustee or any Holder to institute proceedings against the Company in the
courts of any other
jurisdiction or jurisdictions.

         

        
 

        
          
            
            

          

          
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        Section 1.20 .  Waiver
Of Jury Trial.  EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE.

         

        Section 1.21 .  Force
Majeure.  In no
event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

         

         

        ARTICLE 2

        Securities Forms

         

        Section 2.01 . Forms
Generally.  Each Registered Security, Bearer
Security, Coupon and temporary or permanent global Security issued pursuant to
this Indenture shall be in the form established by or pursuant to the related
Series Authorization, shall
have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by or pursuant to this Indenture or the related
Series Authorization or any indenture supplemental hereto and may have such
letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing such Security or Coupon as evidenced by
their execution of such Security or Coupon.

         

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

         

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

         

        Section 2.02 . Form of
Trustee’s Certificate of
Authentication.  Subject to Section
6.11, the
Trustee’s certificate of authentication shall be
in substantially the following form:

         

         

        
          
            
            

          

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

         

        THE BANK OF NEW YORK MELLON, as Trustee

         

        By:______________________________

             Authorized Officer

         

        Dated: _____________

         

        Section 2.03 . Securities in Global
Form.  Unless otherwise provided in or pursuant to
the related Series Authorization, the Securities of a series shall not be
issuable in temporary or permanent global form. If Securities of a series shall
be issuable in global form, any such Security may provide that it or any number of such Securities shall
represent the aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect
exchanges. Any endorsement of any Security in global form to reflect the amount,
or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons
as shall be specified therein or in the Company Order to be delivered pursuant
to Section 3.03 or Section
3.04 with respect
thereto. Subject to the provisions of Section 3.03 and, if applicable, Section
3.04, the Trustee shall
deliver and redeliver, in each case at the Company’s expense, any Security in permanent
global form in the manner and upon written instructions given by the Person or
Persons specified therein or in the applicable Company Order. If a Company Order
pursuant to Section 3.03 or Section
3.04 has been, or
simultaneously is, delivered, any instructions by the Company with respect to a
Security in global form shall be in writing and, with respect to matters set
forth in this Section 2.03, need not be accompanied by or
contained in an Officers’ Certificate and need not be accompanied
by an Opinion of Counsel.

         

        Notwithstanding the provisions of
Section 3.07, unless otherwise specified in or
pursuant to the related
Series Authorization, payment of principal of, any premium and interest on, and
any Additional Amounts in respect of, any Security in temporary or permanent
global form shall be made to the Person or Persons specified
therein.

         

        Notwithstanding the provisions of Section
3.08 and except as
provided in the preceding paragraph, the Company, the Trustee and any agent of
the Company or the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a global Security (i) in
the case of a global Security in registered form, the Holder of such global
Security in registered form, or (ii) in 

         

         

        
          
            
            

          

          
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        the case of a global Security in bearer
form, the Person or Persons specified pursuant to Section
3.01.

         

         

        ARTICLE 3

        The Securities

         

        Section 3.01 . Amount Unlimited;
Issuable in Series.  The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series. With respect to any Securities to
be authenticated and delivered hereunder, there shall be established in the
related Series Authorization, the following:

         

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

         

        (b) any limit upon the aggregate principal amount
of the Securities of such title or the Securities of such series which may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of such series pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.05 or Section
11.07, upon repayment
in part of any Registered Security of such series pursuant to Article
13, upon surrender in
part of any Registered Security for conversion into Common Stock of the Company
or exchange for other
securities pursuant to its terms, or pursuant to or as contemplated by the terms
of such Securities);

         

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

         

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

         

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        such Securities may be redeemed, in
whole or in part, at the option of the Company;

         

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

         

        (l) the denominations in which any of such Securities
that are Registered Securities shall be issuable if other than denominations of
$2,000 and integral multiples of $1,000, and the denominations in which any of
such Securities that are Bearer Securities shall be issuable if other than the denomination of
$5,000;

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        issuance of Securities denominated or
payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign
Currency;

         

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

         

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

         

        (s) whether either or both of Section
4.02(b) relating to
defeasance or Section 4.02(c) relating to covenant defeasance shall
not be applicable to the Securities of such series, or any covenants in
addition to those specified in Section 4.02(c) relating to the Securities of such
series which shall be subject to covenant defeasance, and any deletions from, or
modifications or additions
to, the provisions of Article 4 in respect of the Securities of such
series;

         

        (t) the form or forms of the Senior Debt Securities Guarantee Agreement, if
different from the Senior
Debt Securities
Guarantee Agreement contemplated hereby and defined
herein;

         

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

         

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

         

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

         

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

         

        If any terms or provisions set forth in
the related Series Authorization pursuant to this Section
3.01 conflict
or are otherwise
inconsistent with other 

         

         

        
          
            
            

          

          
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        terms or provisions set forth in
this Indenture (regardless of whether this
Indenture otherwise provides that such other terms or provisions are subject to
the provisions of the related Series Authorization), the terms and provisions of the related Series
Authorization shall control.

         

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

         

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

         

        Section 3.02 . Currency;
Denominations.  Unless otherwise provided in or
pursuant to this Indenture
or the related Series Authorization, the principal of, any premium and interest
on and any Additional Amounts with respect to the Securities shall be payable in
Dollars. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization,
Registered Securities denominated in Dollars shall be issuable in registered
form without Coupons in denominations of $2,000 and integral multiples of $1,000, and the Bearer Securities denominated
in Dollars shall be issuable in the denomination of $5,000.
Securities not denominated in Dollars shall be issuable in such denominations as
are established with respect to such Securities in or pursuant to this Indenture
or the related Series Authorization.

         

        Section 3.03 . Execution,
Authentication, Delivery
and Dating.  Securities shall be executed on behalf
of the Company by an Authorized Officer.  Coupons, if any, shall be executed on behalf of the
Company by the Chief Financial Officer or Chief Accounting Officer of the
Company. The signature of
any of these 

         

         

        
          
            
            

          

          
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        officers on the Securities or any
Coupons appertaining thereto may be manual or facsimile.

         

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

         

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

         

        (a) an Opinion or Opinions of Counsel that
comply with Section 314 of the Trust Indenture Act; and

         

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

         

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

         

         

        
          
            
            

          

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

         

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

         

        No Security or Coupon appertaining
thereto shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for in
Section 2.02 or Section
6.11 executed by or on
behalf of the Trustee or by the Authenticating Agent by the manual signature of
one of its authorized officers. Such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 3.06 or Section
3.07, the Trustee shall
not authenticate and deliver any Bearer Security unless all Coupons
appertaining thereto then
matured have been detached and cancelled.

         

        Section 3.04 . Temporary
Securities.  Pending the preparation of definitive
Securities, the Company may execute and deliver to the Trustee and, upon Company
Order, the Trustee shall authenticate and deliver, in the manner provided in Section
3.03, temporary
Securities in lieu thereof which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized in or pursuant to this
Indenture or the related Series Authorization, in bearer form with one or more
Coupons or without Coupons and with such appropriate insertions, omissions, substitutions and other
variations as the officers of the Company executing such Securities may
determine, as conclusively evidenced by their execution of such Securities. Such
temporary Securities may be in global form.

         

        Except in the case of temporary Securities in global form, which
shall be exchanged in accordance with the provisions thereof, if temporary
Securities are issued, the Company shall cause definitive Securities to be
prepared without unreasonable delay. After the preparation of definitive Securities of the same series
and containing terms and provisions that are identical to those of any temporary
Securities, such temporary Securities shall be exchangeable for such definitive
Securities upon surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender

         

         

        
          
            
            

          

          
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        for cancellation of any one or more
temporary Securities (accompanied by any unmatured Coupons appertaining
thereto), the Company shall execute and the Trustee upon Company Order shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of
authorized denominations of the same series and containing identical terms and
provisions; provided, however, that no definitive Bearer Security, except as provided in or
pursuant to this Indenture or the related Series Authorization, shall be
delivered in exchange for a temporary Registered Security; and provided, further, that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in or pursuant to this Indenture or the
related Series Authorization. Unless otherwise provided in or pursuant to this
Indenture or the related Series Authorization with respect to a temporary global Security,
until so exchanged the temporary Securities of any series shall in all respects
be entitled to the same benefits under this Indenture as definitive
Securities of such series.

         

        Section 3.05 . Registration,
Transfer and Exchange.  With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept a register (each such
register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series
in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such
series. Such Office or Agency shall be the “Security
Registrar” for that series of Securities. Unless
otherwise specified in or pursuant to this Indenture or the
related Series Authorization, the Trustee shall be the initial Security
Registrar for each series of Securities. The Company shall have the right to
remove and replace from
time to time the Security Registrar for any series of Securities; provided that no such removal or replacement
shall be effective until a successor Security Registrar with respect to such
series of Securities shall have been appointed by the Company and shall have accepted such
appointment by the Company. In the event that the Trustee shall not be or shall
cease to be Security Registrar with respect to a series of Securities, it shall
have the right to examine the Security Register for such series at all reasonable times. There shall
be only one Security Register for each series of Securities.

         

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

         

        At the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of the
same series containing
identical terms and provisions, in any authorized denominations, and of a like
aggregate 

         

        
           

          
            
              
              

            

            
              31

              
                

              

            

            
              
              

            

          

           

        

         

        principal amount, upon surrender of the
Securities to be exchanged at any Office or Agency for such series. Whenever any
Registered Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Registered Securities which the Holder making the exchange is entitled to
receive.

         

        If provided in or pursuant to this
Indenture or the related Series Authorization, with respect to
Securities of any series, at the option of the Holder, Bearer Securities of such
series may be exchanged for Registered Securities of such series containing
identical terms, denominated as authorized in or pursuant to this Indenture or the related Series
Authorization and in the same aggregate principal amount, upon surrender of the
Bearer Securities to be exchanged at any Office or Agency for such series, with
all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a
Bearer Security is unable to produce any such unmatured Coupon or Coupons or
matured Coupon or Coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an
amount equal to the face amount of such missing Coupon or Coupons, or the
surrender of such missing Coupon or Coupons may be waived by the Company and the
Trustee if there is furnished to them such security or indemnity as they may require to save each of them
and any Paying Agent harmless. If thereafter the Holder of such Bearer Security
shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive the amount of such
payment; provided, however, that, except as otherwise provided in
Section 10.02, interest represented by Coupons shall
be payable only upon presentation and surrender of those Coupons at an Office or Agency for such series
located outside the United States.

         

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

         

         

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

         

         

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

         

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

         

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

         

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

         

         

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

         

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

         

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

         

        No service charge shall be made for any
registration of transfer or exchange, or redemption of Securities,
but the Company
or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge and any other expenses (including
fees and expenses of the Trustee) that may be imposed in connection with any
registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.04, Section
9.05 or Section
11.07 not involving any
transfer.

         

         

        
          
            
            

          

          
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        Except as otherwise provided in or
pursuant to this Indenture
or the related Series Authorization, the Company shall not be required (i) to
issue, register the transfer of or exchange any Securities during a period
beginning at the opening of business 15 days before the day of mailing of a
notice of redemption of Securities of like tenor
and the same series under Section 11.04 and ending at the close of business on
the day of such mailing, or (ii) to register the transfer of or exchange any
Registered Security selected for redemption in whole or in part,
except in the case of any Security to be redeemed in part, the portion thereof
not to be redeemed, or (iii) to exchange any Bearer Security selected for
redemption except, to the extent provided with respect to such Bearer Security, that such Bearer Security
may be exchanged for a Registered Security of like tenor and the same series,
provided that such Registered Security shall be
immediately surrendered for redemption with written instruction for payment
consistent with the
provisions of this Indenture or (iv) to issue, register the transfer of or
exchange any Security which, in accordance with its terms, has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

         

        Section 3.06 . Mutilated,
Destroyed, Lost and Stolen Securities.  If any mutilated Security or a Security
with a mutilated Coupon appertaining to it is surrendered to the Trustee,
subject to the provisions of this Section 3.06, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series containing identical terms and of like principal amount and
bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the
Coupons, if any, appertaining to the surrendered Security.

         

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

         

        Notwithstanding the foregoing provisions
of this Section 3.06, in case any mutilated, destroyed, lost
or stolen Security or Coupon has become or is about to 

         

         

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

         

         

        become due and payable, the Company in
its discretion may, instead of issuing a new Security, pay such Security or
Coupon; provided, however, that payment of principal of, any premium or
interest on or any Additional Amounts with respect to any Bearer Securities
shall, except as otherwise provided in Section 10.02, be payable only at an Office or Agency
for such Securities located
outside the United States and, unless otherwise provided in or pursuant to this
Indenture or the related Series Authorization, any interest on Bearer Securities
and any Additional Amounts with respect to such interest shall be payable only
upon presentation and surrender of the Coupons
appertaining thereto.

         

        Upon the issuance of any new Security
under this Section 3.06, the Company may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee and the fees
and expenses of the Trustee’s counsel) connected
therewith.

         

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

         

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

         

        Section 3.07 . Payment of Interest
and Certain Additional Amounts; Rights to Interest and
Certain Additional Amounts Preserved.  Unless otherwise provided in or pursuant to
this Indenture or the related Series Authorization, any interest on and any
Additional Amounts with respect to any Registered Security which shall be
payable, and are punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name such Security (or one or more Predecessor Securities) is
registered as of the close of business on the Regular Record Date for such
interest.

         

        Unless otherwise provided in or pursuant
to this Indenture or the related Series Authorization, any interest on and any
Additional Amounts with respect to any Registered Security which shall be
payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for
such Registered Security 

         

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

         

         

        (herein called “Defaulted
Interest”) shall forthwith cease to be payable to
the Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted
Interest may be paid by the
Company, at its election in each case, as provided in clause (a) or (b) below:

         

        (a) The Company may elect to make payment of
any Defaulted Interest to the Person in whose name such Registered Security (or a
Predecessor Security thereof) shall be registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed by the Company in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on such Registered Security, the
Special Record Date therefor and the date of the proposed payment, and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when so deposited to be held in trust in a segregated trust
account pursuant to express written instructions of the Company for the benefit
of the Person entitled to such Defaulted Interest as in this Clause provided. The Special Record
Date for the payment of such Defaulted Interest shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less
than 10 days after notification to the Trustee of the proposed payment. The
Trustee shall, in the name and at the expense of the Company, cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to the Holder of such Registered Security (or a
Predecessor Security thereof) at his address as it appears in the Security Register not less than 10 days
prior to such Special Record Date. If such Defaulted Interest relates to
Securities of a series that are issued as Bearer Securities, the Trustee shall,
in the name and at the expense of the Company cause a similar notice to be published at least once in an
Authorized Newspaper of general circulation in the Borough of Manhattan, The
City of New York, but such publication shall not be a condition precedent to the
establishment of such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Person in whose name such
Registered Security (or a Predecessor Security thereof) shall be
registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following
clause (b).

         

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

         

         

        
          
            
            

          

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

         

        Subject to the foregoing provisions of
this Section and Section 3.05, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry
the rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security.

         

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

         

        Section 3.08 . Persons Deemed
Owners.  Prior to due presentment of a
Registered Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is
registered in the Security Register as the owner of such Registered Security
for the purpose of receiving payment of
principal of, any premium and (subject to Sections 3.05 and 3.07) interest on and any Additional Amounts
with respect to such Registered Security and for all other purposes whatsoever, whether or
not any payment with respect to such Registered Security shall be overdue, and
none of the Company, the Trustee or any agent of the Company or the Trustee
shall be affected by notice to the contrary.

         

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

         

         

        
          
            
            

          

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

         

        Section 3.09 . Cancellation.  All Securities and Coupons surrendered
for payment, redemption, registration of transfer, exchange or conversion
or for credit against any sinking fund payment shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee, and any such
Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee for any such
purpose, shall be cancelled promptly by the Trustee. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and all
Securities so delivered shall be cancelled promptly by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture or the
related Series Authorization. All cancelled Securities and Coupons held by the
Trustee shall be disposed
of by the
Trustee in its customary
manner and the Trustee shall deliver a certificate of such disposition to
the Company upon its
written request therefor,
unless by a Company Order the Company directs that the cancelled Securities and
Coupons be
returned to it.

         

        Section 3.10 . Computation of
Interest.  Except as otherwise provided in or
pursuant to this Indenture or the related Series Authorization, interest on the
Securities shall be computed on the basis of a 360-day year of twelve 30-day
months.

         

        Section 3.11 . CUSIP
Numbers.  The Company in issuing the Securities
may use “CUSIP,” “CINS” and “ISIN” numbers (if then generally in use),
and the Trustee shall use
CUSIP, CINS or ISIN numbers, as the case may be, in notices of redemption or
exchange as a convenience to Holders and no representation shall be made as to
the correctness of such numbers either as printed on the Securities or as
contained in any notice of redemption or
exchange. The Company shall promptly notify the Trustee in writing of any change in CUSIP, CINS or ISIN
numbers.

         

         

        
          
            
            

          

          
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        ARTICLE 4

        Satisfaction and Discharge of Indenture

         

        Section 4.01 . Satisfaction and
Discharge.  Upon the direction of the
Company by a Company Order,
this Indenture shall cease to be of further effect with respect to any series of
Securities specified in such Company Order and any Coupons appertaining thereto,
and the Trustee, on receipt of a Company Order, at the expense of the
Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to such series,
when

         

        (a) either

         

        (i) all Securities of such series
theretofore authenticated and delivered and all Coupons appertaining
thereto (other than (A) Coupons appertaining to Bearer Securities of
such series surrendered in exchange for Registered Securities of such series
and maturing after such exchange whose surrender is not required or has
been waived as provided in Section 3.05, (B) Securities and Coupons of such series
which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.06, (C) Coupons appertaining to
Securities of such series
called for redemption and maturing after the
relevant Redemption Date whose surrender has been waived as provided in Section
11.07, and
(D) Securities
and Coupons of such series for whose payment
money has theretofore
been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation;
or

         

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

         

        (A) have become due and payable,

         

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

         

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

         

        and the Company, in the case of
(A), (B) or (C) above, has deposited or caused to be deposited with the Trustee
as trust funds in trust for such purpose, money in the Currency in which
such Securities are payable in an amount sufficient to pay

         

         

        
          
            
            

          

          
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        and discharge the entire indebtedness on
such Securities and any Coupons appertaining thereto not
theretofore delivered to the Trustee for cancellation,
including the principal of, any premium and interest on, and any Additional
Amounts with respect to such Securities and any Coupons appertaining thereto
(based upon applicable law
as in effect on the date of such deposit), to
the date of such deposit (in the case of Securities which have become due
and payable) or to the Maturity thereof, as the case may
be;

         

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

         

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

         

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

         

        Notwithstanding the satisfaction and
discharge of this Indenture
with respect to any series of Securities, the obligations of the Company to the
Trustee under Section 6.06 and, if money shall have been deposited
with the Trustee pursuant
to subclause (ii) of clause (a) of this Section, the obligations of the
Company and the Trustee with respect to the Securities of such series under
Sections 3.05, 3.06, 4.03, 10.02 and 10.03, with respect to the payment of
Additional Amounts, if any, with respect to such Securities as contemplated by
the terms of such
Securities (but only to the
extent that the Additional
Amounts payable with respect to such Securities exceed the amount deposited in
respect of such Additional Amounts pursuant to Section
4.01(a)(ii)), and with
respect to any rights to convert or exchange such Securities into Common Stock of
the Company or other securities shall survive such satisfaction and
discharge.

         

        Section 4.02 . Defeasance and
Covenant Defeasance.  (a) Unless pursuant to Section
3.01, either or both of
(i) defeasance of the Securities of or
within a series under clause (b) of this Section
4.02 shall not be
applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities
of or within a series under clause (c) of this Section
4.02 shall not be
applicable with respect to the Securities of such series, then such provisions,
together with the other
provisions of this Section 4.02 (with such modifications thereto as may be
specified pursuant to Section 3.01 with respect to any Securities), shall
be applicable to such Securities and any Coupons appertaining
thereto, and the Company may at its option by Board Resolution, at any time,
with respect to such 

         

         

        
          
            
            

          

          
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        Securities and any Coupons appertaining
thereto, elect to have Section 4.02(b) or Section
4.02(c) be applied to
such Outstanding Securities and any Coupons appertaining thereto upon compliance
with the conditions set forth below in this Section
4.02.

         

        (b) Upon the Company’s exercise of the above option applicable to this Section
4.02(b) with respect to
any Securities of or within a series, the Company and the Guarantor shall be
deemed to have been discharged from its obligations with respect to such
Outstanding Securities and
any Coupons appertaining thereto and under the Guarantee in respect thereof,
respectively, on the date the conditions set forth in clause (d) of this Section
4.02 are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance
means that the Company or the Guarantor shall be deemed
to have paid and discharged the entire Indebtedness represented by such
Outstanding Securities and any Coupons appertaining thereto, and under the
Guarantee in respect
thereof, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause
(e) of this Section
4.02 and the other
Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its
other obligations under such Securities and any Coupons appertaining thereto,
and under the Guarantee in respect thereof, and this Indenture insofar as such Securities and any Coupons
appertaining thereto, and the Guarantee in respect thereof, are concerned (and
the Trustee, at the expense of the Company and the Guarantor, shall execute
proper instruments provided
to it acknowledging the
same), except for the
following which shall survive until otherwise terminated or discharged
hereunder: (i) the rights
of Holders of such Outstanding Securities and any Coupons appertaining thereto
to receive, solely from the trust fund described in clause (d) of this Section
4.02 and as more fully
set forth in such clause, payments in respect of the principal of (and premium,
if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities and
any Coupons appertaining thereto when such payments are due, and any rights of
such Holder to convert such Securities into Common Stock of the Company or
exchange such Securities for securities of the Guarantor or another issuer, (ii) the obligations of the Company, the
Guarantor and the Trustee with respect to such Securities under Sections
3.05, 3.06, 10.02 and 10.03 and with respect to the payment of
Additional Amounts, if any, on such Securities as contemplated by the terms of such Securities (but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount deposited
in respect of such Additional Amounts pursuant to Section
4.02(d)(i) below), and
with respect to any rights to convert such Securities into Common Stock of the
Company or exchange such Securities for securities of the Guarantor
or another issuer, (iii)
the rights, powers, trusts, duties and immunities of the Trustee hereunder
including, without limitation, the compensation, reimbursement and indemnities
provided in Section 6.06 herein and (iv) this Section
4.02. The Company may
exercise its option under this Section 4.02(b) notwithstanding the prior exercise of
its option under clause
(c) of this Section
4.02 with respect to
such Securities and any Coupons appertaining thereto.

         

         

        
          
            
            

          

          
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        (c) Upon the Company’s exercise of the option to have this
Section 4.02(c) apply with respect to any Securities of
or within a series, the Company and the Guarantor shall be released from their
obligations under any covenant applicable to such Securities specified pursuant
to Section 3.01(s), including any obligation to redeem or
repurchase such securities at the option of the Holder thereof, with respect to
such Outstanding Securities and any Coupons appertaining thereto, and the
Guarantee in respect thereof, on and after the date the conditions set forth in clause (d) of this Section
4.02 are satisfied
(hereinafter, “covenant defeasance”), and such Securities and any Coupons
appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with any such
covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For
this purpose, such
covenant defeasance means that, with respect to
such Outstanding Securities and any Coupons appertaining thereto, the Company
and the Guarantor may omit to comply with, and shall have no liability in
respect of, any term, condition or limitation set forth in any such Section or
such other covenant or obligation, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or
obligation or by reason of reference in any such Section or such other covenant or obligation to
any other provision herein or in any other document and such omission to comply
shall not constitute a default or an Event of Default under Section
5.01 but, except as
specified above, the remainder of this Indenture and such
Securities and Coupons appertaining thereto and the Guarantee in respect thereof
shall be unaffected thereby.

         

        (d) The following shall be the conditions to
application of clause (b) or (c) of this Section
4.02 to any Outstanding
Securities of or within a series and any Coupons appertaining thereto and the
Guarantee in respect thereof:

         

        (i) The Company or the Guarantor shall
irrevocably have deposited
or caused to be deposited with the Trustee
(or another trustee satisfying the requirements of Section
6.07 who shall agree to
comply with the provisions of this Section
4.02 applicable to it)
as trust funds in trust for
the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities and any Coupons appertaining thereto,
(A) an amount in Dollars or in such Foreign Currency in which such
Securities and any Coupons appertaining thereto are then specified as payable at
Stated Maturity, or (B)
Government Obligations applicable to such
Securities and Coupons appertaining thereto (determined on the basis of the Currency in which
such Securities and Coupons appertaining thereto are then
specified as payable at Stated Maturity) which through the scheduled
payment of principal and interest in respect thereof in accordance with their
terms will provide, not
later than one day before the due date of any
payment with respect to such Securities and any Coupons appertaining thereto,
money in 

         

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

         

         

        an amount, or (C) a combination thereof, in any case, in an
amount, sufficient, without consideration of any reinvestment of such
principal and interest, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee (or
other qualifying trustee) to pay and
discharge, (y) the principal of (and premium, if any) and interest, if any,
on, and any Additional Amounts with respect to such Securities and Coupons
appertaining thereto (based upon applicable law as in effect on the date of such
deposit), such Outstanding Securities and any Coupons appertaining
thereto at the Stated Maturity or Redemption Date of such principal or
installment of principal or premium or interest and (z) any mandatory sinking
fund payments or analogous
payments applicable to such Outstanding
Securities and any Coupons appertaining thereto on the days on which such
payments are due and payable in accordance with the terms of this
Indenture and of such Securities and any Coupons appertaining thereto and, if applicable, shall
have made irrevocable arrangements satisfactory to the Trustee for the
redemption of any Securities to be redeemed at the option of the Company in
connection with such deposit.

         

        (ii) No Event of Default or event which
with notice or lapse of
time or both would become an Event of Default
with respect to such Securities and any Coupons appertaining thereto shall
have occurred and be continuing on the date of such deposit (after giving
effect thereto) and, with respect to defeasance only, no event described in
Section 5.01(f) or 5.01(g) at any time during the period ending on the 91st day
after the date of such deposit (it being understood that this condition
shall not be deemed
satisfied until the expiration of such
period).

         

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

         

        (iv) In the case of an election under clause
(b) of this Section
4.02 with respect to Registered Securities
and any Bearer Securities for which the Place of Payment is within the United States, the
Company or the Guarantor shall have delivered to the
Trustee an Opinion of Counsel stating that (A) the Company or the Guarantor has
received from the Internal Revenue Service a letter ruling, or
there has been published by
the Internal Revenue Service a Revenue
Ruling, or (B) since the
date of execution of this Indenture, there has
been a change in the applicable United States Federal income tax law, in either case
to the effect that, and based thereon such opinion shall confirm that,
the Holders of such Outstanding Securities and any Coupons appertaining
thereto will not 

         

         

        
          
            
            

          

          
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        recognize income, gain or loss for United States Federal income tax purposes as a result
of such defeasance and will be subject to United States Federal income tax on the same amounts,
in the same manner and at the same times as would
have been the case if such defeasance had not occurred.

         

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

         

        (vi) With respect to defeasance only, the
Company or the Guarantor shall have delivered to the Trustee an
Opinion of Counsel to the
effect that, after the 91st day after the date
of deposit, all money and Government Obligations (or other
property as may be provided pursuant to Section
3.01) (including the
proceeds thereof) deposited or caused to be deposited with the Trustee (or other
qualifying trustee) pursuant to this clause (d) to be held in trust will not be subject
to recapture or avoidance as a preference in any case or
proceeding (whether voluntary or involuntary) in respect of the Company
or the Guarantor under any Federal or State bankruptcy, insolvency,
reorganization or other similar law, or any decree or order for relief in
respect of the Company or the Guarantor issued in connection therewith
(for which purpose such
Opinion of Counsel may assume that no Holder is an
“insider”).

         

        (vii) With respect to defeasance only, the
Company and the Guarantor shall have delivered to the Trustee an
Officers’ Certificate and a Guarantor’s Officer’s Certificate as to solvency and the absence of any intent of preferring the Holders over
any other creditors of the Company.

         

        (viii) The Company and the Guarantor shall have
delivered to the Trustee an Officers’ Certificate and a Guarantor’s Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance or covenant defeasance under
clause (b) or (c) of this Section
4.02 (as the case may
be) have been complied
with.

         

        (ix) Notwithstanding any other provisions of
this Section 4.02(d), such defeasance or covenant defeasance shall
be effected in compliance with any additional or substitute terms,
conditions or 

         

         

        
          
            
            

          

          
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        limitations which may be imposed on the Company or the Guarantor in
connection therewith pursuant to Section
3.01.

         

        (e) Unless otherwise specified in or
pursuant to this Indenture or any Series Authorization, if, after a deposit
referred to in Section 4.02(d)(i) has been made, (i) the Holder of a Security in respect of
which such deposit was made is entitled to, and does, elect pursuant to
Section 3.01 or the terms of such Security to
receive payment in a
Currency other than that in which the deposit pursuant to Section
4.02(d)(i) has been
made in respect of such Security, or (ii) a Conversion Event occurs in respect of
the Foreign Currency in which the deposit pursuant to Section
4.02(d)(i) has been
made, the indebtedness represented by such Security and any Coupons appertaining
thereto shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (and premium, if
any), and interest, if any, on, and Additional Amounts, if any, with respect to,
such Security as the same becomes due out of the proceeds yielded by converting
(from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such
Security becomes payable as a result of such election or Conversion Event based
on (x) in the case of payments made pursuant to clause (i) above, the applicable market exchange
rate for such Currency in effect on the second Local Business Day prior to each
payment date, or (y) with respect to a Conversion Event, the applicable market
exchange rate for such Foreign Currency in effect (as nearly as
feasible) at the time of the Conversion Event. “Local Business
Day” means a day on which commercial banks are open for business
(including dealings in foreign exchange) in the principal financial center of
the Currency of such
payment.

         

        The Company and the Guarantor (without
duplication) shall pay and indemnify the Trustee (or other qualifying trustee,
collectively for purposes of this Section 4.02(e) and Section
4.03, the “Trustee”) against any tax, fee or
other charge, imposed on or assessed against
the Government Obligations deposited pursuant to this Section
4.02 or the principal
or interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of such Outstanding Securities and any Coupons
appertaining thereto.

         

        Anything in this Section
4.02 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request, or the Guarantor upon Guarantor Request, as the case may be, any money
or Government Obligations (or other property and any proceeds therefrom) held by
it as provided in clause (d) of this Section
4.02 which, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount
thereof which would then be required to be deposited to effect a defeasance or
covenant defeasance, as applicable, in accordance with this Section
4.02.

         

         

        
          
            
            

          

          
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        Section 4.03 . Application of Trust
Money.  Subject to the provisions of the last
paragraph of Section
10.03, all money and
Government Obligations (or other property as may be provided pursuant to
Section 3.01) (including the proceeds thereof)
deposited with the Trustee pursuant to Section 4.01 or 4.02 in respect of any Outstanding
Securities of any series and any Coupons appertaining thereto shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Securities and any Coupons
appertaining thereto and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining
thereto of all sums due and to become due thereon in respect of principal (and
premium, if any) and interest and Additional Amounts, if any; but such money and
Government Obligations need not be segregated from other funds except to the extent required by
law.

         

        Section 4.04 . Reinstatement.  If the Trustee or Paying Agent is unable
to apply any money or Government Obligations in accordance with Section
4.03 by reason of any
legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and
the Securities of the applicable series shall be revived and reinstated as
though no deposit had
occurred pursuant to Section 4.01 or 4.02, as the case may be, until such time as
the Trustee or Paying Agent is permitted to apply all such money or Government
Obligations in accordance
with Section 4.03; provided, that, if the Company has made any
payment of principal of or interest on the Securities of any series because of
the reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders
of such Securities to receive such payment from the money or Government
Obligations held by the Trustee or Paying Agent.

         

         

        ARTICLE 5

        Remedies

         

        Section 5.01 . Events of
Default.  “Event of
Default,” wherever used herein with respect to
Securities of any series, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless such event is specifically deleted or modified in or
pursuant to the related Series Authorization:

         

        (a) default in the payment of any interest
on any Security of such series, or any Additional Amounts payable with respect thereto, when
such interest becomes or such Additional Amounts become due and payable, and
continuance of such default for a period of 30 days; or

         

         

        
          
            
            

          

          
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        (b) default in the payment of the principal
of or any premium on any Security of such series, or any Additional Amounts payable
with respect thereto, when such principal or premium becomes or such Additional
Amounts become due and payable either at their Maturity, upon any redemption, by
declaration of acceleration or otherwise; or

         

        (c) default in the performance, or breach, of any
covenant or warranty of the Company or the Guarantor in this Indenture or the
Securities (other than a covenant or warranty a default in the performance or
the breach of which is elsewhere in this Section specifically dealt with or which has been expressly
included in this Indenture solely for the benefit of a series of Securities
other than such series), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, (i) to the Company or the Guarantor, as the
case may be, by the Trustee or (ii) to the Company and the Trustee, or the
Guarantor and the Trustee, as the case may be, by the Holders of at least 25% in
principal amount of the Outstanding Securities of such series, a
written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

         

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

         

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

         

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        Section 5.02 . Acceleration of
Maturity; Rescission and Annulment.  If an Event of Default with respect to
Securities of any series at the time Outstanding (other than an Event of Default
specified in clause (f) or (g) of Section 5.01) occurs and is continuing, then the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of such series may declare the principal of all the
Securities of such series, to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by the Holders), and upon any such declaration such
principal shall become immediately due and payable.

         

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

         

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

         

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

         

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

         

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

         

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

         

        (iv) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and all
other amounts due the Trustee under Section
6.06;
and

         

         

        
          
            
            

          

          
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        (b) all Events of Default with respect to
Securities of such series, other than the non-payment of the principal of, any
premium and interest on, and any Additional Amounts with respect to Securities
of such series which shall
have become due solely by such declaration of acceleration, shall have been
cured or waived as provided in Section 5.13.

         

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

         

        Section 5.03 . Collection of
Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that
if

         

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

         

        (b) default is made in the payment of the
principal of or any premium on any Security or any Additional Amounts with
respect thereto at their
Maturity, the Company shall, upon demand of the Trustee, pay to the Trustee, for
the benefit of the Holders of such Securities and any Coupons appertaining
thereto, the whole amount of money then due and payable with respect to
such Securities and any
Coupons appertaining thereto, with interest upon the overdue principal, any
premium and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest and Additional Amounts at
the rate or rates borne by or provided for in such Securities,
and, in addition thereto, such further amount of money as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other
amounts due to the Trustee under Section 6.06.

         

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

         

        If an Event of Default with respect to
Securities of any series occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders of
Securities of such series and any Coupons 

         

         

        
          
            
            

          

          
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        appertaining thereto by such appropriate
judicial proceedings as the Trustee shall deem necessary or advisable to protect and enforce any such rights,
whether for the specific
enforcement of any covenant or agreement in this Indenture or such Securities or
in aid of the exercise of any power granted herein or therein, or to enforce any
other proper remedy.

         

        Section 5.04 . Trustee May File
Proofs of Claim.  In case of the pendency of any
receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company and/or the Guarantor or any
other obligor upon the Securities of any series or the property of the
Company and/or the Guarantor or such other
obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company and/or the Guarantor for the payment of any overdue principal, premium,
interest or Additional Amounts) shall be entitled and empowered, to the extent
permitted by applicable law by intervention in such proceeding or otherwise,

         

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

         

        (b) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute the same;

         

        and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder of Securities or any Coupons to
make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders of Securities or
any Coupons, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other
amounts due the Trustee under Section 6.06.

         

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

         

         

        
          
            
            

          

          
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        authorize the Trustee to vote in respect
of the claim of any Holder of a Security or any Coupon in any such
proceeding.

         

        Section 5.05 . Trustee May Enforce
Claims without Possession of Securities or Coupons.  All rights of action and claims under
this Indenture or any of the Securities or Coupons may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or
Coupons or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery or judgment, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, shall be for the ratable benefit of each and every
Holder of the Securities or Coupons in respect of which such
judgment has been recovered.

         

        Section 5.06 . Application of Money
Collected.  Any money collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money on
account of principal, or
any premium, interest or Additional Amounts, upon presentation of the Securities
or Coupons, or both, as the case may be, and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully
paid:

         

        First: To the payment of all amounts due the
Trustee and any predecessor Trustee under Section
6.06;

         

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

         

        Third: The balance, if any, to the
Company or its successors as evidenced by an Officers’ Certificate or as a court of competent jurisdiction
may direct.

         

        Section 5.07 . Limitations on
Suits.  No Holder of any Security of any series or any Coupons
appertaining thereto shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder,
unless

         

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

         

        (b) the Holders of not less than 25% in
principal amount of the Outstanding Securities of such series shall have made
written request to the

         

         

        
          
            
            

          

          
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        Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee
hereunder;

         

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

         

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

         

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

         

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

         

        Section 5.08 . Unconditional Right
of Holders to Receive Principal and any Premium, Interest and
Additional Amounts.  Notwithstanding any other provision in
this Indenture, the Holder of any Security or Coupon shall have the right, which
is absolute and unconditional, to receive payment of the principal of, any
premium and (subject to Sections 3.05 and 3.07) interest on, and any Additional
Amounts with respect to such Security or payment of such Coupon, as the case may
be, on the respective Stated Maturity or Maturities therefor specified in such Security or Coupon
(or, in the case of redemption, on the Redemption Date or, in the case of
repayment at the option of such Holder if provided with respect to such
Security, on the date such repayment is due) and to institute suit
for the enforcement of any such payment, and
such right shall not be impaired without the consent of such
Holder.

         

        Section 5.09 . Restoration of
Rights and Remedies.  If the Trustee or any Holder of a
Security or a Coupon has instituted any proceeding to enforce any right
or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case the Company, the Guarantor, the Trustee and each such Holder shall, subject to any determination in
such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and
each such Holder shall continue as though no such proceeding had been instituted.

         

         

        
          
            
            

          

          
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        Section 5.10 . Rights and Remedies
Cumulative.  Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or Coupons in the last paragraph of Section
3.06, no right or remedy herein conferred upon
or reserved to the Trustee or to each and every Holder of a Security or a Coupon
is intended to be exclusive of any other right or remedy, and every right and
remedy, to the extent permitted by law, shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment
of any other appropriate right or remedy.

         

        Section 5.11 . Delay or Omission
Not Waiver.  No delay or omission of the Trustee or
of any Holder of any Security or Coupon to exercise any right or remedy accruing
upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to any Holder of a Security or a Coupon may
be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by such Holder, as the case may
be.

         

        Section 5.12 . Control by Holders
of Securities.  The Holders of a majority in principal
amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the
Securities of such series and any Coupons appertaining thereto, provided that

         

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

         

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

         

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

         

        Section 5.13 . Waiver of Past
Defaults.  Subject to Section
5.02, the Holders of
not less than a majority in principal amount of the Outstanding
Securities of any series on behalf of the Holders of all the Securities of such
series and any Coupons appertaining thereto may
waive any past default hereunder with respect to such series and its
consequences, except a default

         

         

        
          
            
            

          

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

         

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

         

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

         

        Section 5.14 . Waiver of Usury,
Stay or Extension Laws.  The Company covenants that (to the
extent that it may lawfully
do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or
extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this
Indenture; and the Company expressly waives (to the extent that it may lawfully
do so) all benefit or advantage of any such law and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been
enacted.

         

        Section 5.15 . Undertaking for
Costs.  All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to
pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such
suit having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section
5.15 shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding
in the aggregate more than 10% in principal amount of Outstanding Securities of
any series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of (or premium, if any) or interest, if any, on or
Additional Amounts, if any, with respect to any Security
on or after the respective Stated Maturities expressed in such Security (or, in
the case of redemption, on or after the Redemption Date, and, in the case of
repayment or repurchase, on or after the date for repayment or repurchase) or for the enforcement
of the right, if any, to convert or exchange any Security into Common Stock or
other securities in accordance with its terms.

         

         

        
          
            
            

          

          
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        ARTICLE 6

        The Trustee

         

        Section 6.01 . Certain Rights of
Trustee.  Subject to Sections 315(a) through
315(d) of the Trust
Indenture Act:

         

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

         

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

         

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

         

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

         

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

         

        (f) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, coupon or other paper or document, but the
Trustee, in its discretion, may but shall not be obligated to make such further
inquiry or investigation into such facts or matters as it may see fit, and, if
the Trustee shall determine to make such further inquiry 

         

         

        
          
            
            

          

          
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        or investigation, it shall be entitled to
examine, during business hours and upon reasonable notice, the books, records
and premises of the Company, personally or by agent or
attorney;

         

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

         

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

         

        (i) the Trustee shall not be liable
(including, without
limitation, for consequential loss or damages) with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with an Act of
the Holders hereunder, and,
to the extent not so provided herein, with respect to any act requiring the
Trustee to exercise its own discretion, relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the
Trustee, under this Indenture or any Securities, unless it shall be proved that,
in connection with any such action taken, suffered or omitted or any such act,
the Trustee was negligent, acted in bad faith or engaged in willful misconduct;

         

        (j) the Trustee is not responsible to see
that the Company or any other Person is maintaining any insurance required by
the Indenture;

         

        (k) the Trustee shall not be responsible for
the recording, rerecording, filing of UCC Statements or UCC Continuation Statements;

         

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

         

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

         

        (n) Except as expressly required by the
terms of this Indenture, none of the provisions of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any liability,
financial or otherwise, in
the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers if it 

         

         

        
          
            
            

          

          
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        shall have reasonable grounds for
believing that repayment of such funds or indemnity satisfactory to it against
such risk or liability is not assured to it;

         

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

         

        (p) The Trustee shall not be charged with
knowledge of any default or Event of Default (except in the case of a default in
the payment of principal of or interest on any Security) with respect to the Securities of any series
unless either (i) a Responsible Officer of the Trustee
shall have actual knowledge of such default or Event of Default or
(ii) written notice of such
default or Event of Default shall have been given to the Trustee by the Company or
any Holder of the Securities of any series and such notice references this
Indenture;

         

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

         

        (r) the Trustee may request that the Company
deliver a certificate and/or Board Resolutions, as the Company deems
appropriate, setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this
Indenture.

         

        In no event shall the Trustee be
responsible or liable for special, indirect, or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

         

        Section 6.02 . Notice of
Defaults.  Within 90 days after the occurrence of
any default hereunder with
respect to the Securities of any series, the Trustee shall transmit by mail to
all Holders of Securities of such series entitled to receive reports pursuant to
Section 7.03(c), notice of such default hereunder
actually known to a
Responsible Officer of the Trustee, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default
in the payment of the principal of (or premium, if any), or interest, if any,
on, or Additional Amounts
or any sinking fund or purchase fund installment with respect to, any Security
of such series, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee or a trust committee
of directors and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in
the best interest of the Holders of Securities and Coupons of such series; and
provided, further, that in the case of any default of the
character specified in
Section 5.01(d) with respect to Securities of such
series, no such notice to Holders shall be given 

         

         

        
          
            
            

          

          
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        until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice
or lapse of time or both would become, an
Event of Default with respect to Securities of such series.

         

        Section 6.03 . Not Responsible for
Recitals or Issuance of Securities.  The recitals contained herein and in the
Securities, except the
Trustee’s certificate of authentication, and in
any Coupons shall be taken as the statements of the Company and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of
this Indenture or of the Securities or the Coupons. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

         

        Section 6.04 . May Hold
Securities.  The Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other Person that may be an
agent of the Trustee or the Company, in its individual or any other capacity,
may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b)
and 311 of the Trust Indenture Act, may otherwise deal with the Company with the
same rights it would have if it were not the Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other Person.

         

        Section 6.05 . Money Held in
Trust.  Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money
received by it hereunder
except as otherwise agreed to in writing with the Company.

         

        Section 6.06 . Compensation,
Reimbursement and
Indemnification.  The Company agrees:

         

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

         

        (b) except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all expenses,
disbursements and advances reasonably incurred or made by the Trustee in
accordance with any provision of this Indenture or arising out of or in
connection with the acceptance or administration of the trust or trusts
hereunder (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as shall have been caused by the Trustee’s negligence, or willful misconduct; and

         

         

        
          
            
            

          

          
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        (c) to indemnify the Trustee and its agents, officers,
directors and employees for, and to hold them harmless against, any loss,
claim, damage, liability or expense incurred, arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including
the costs and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties
hereunder, except to the extent that any such loss, claim, damage, liability or expense shall be determined to have been caused
by the Trustee’s negligence or willful misconduct.

         

        As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien
prior to the Securities of any series upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal
of, and premium or interest on or any Additional Amounts with respect to
Securities or any Coupons appertaining thereto.

         

        To the extent permitted by law, any compensation or
expense incurred by the Trustee (including the fees and expenses of its counsel)
after a default specified in or pursuant to Section
5.01 is intended to
constitute an expense of administration under any then applicable bankruptcy
or insolvency law. “Trustee” for purposes of this Section
6.06 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section
6.06.

         

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

         

        Section 6.07 . Corporate Trustee
Required; Eligibility.  There shall at all times be a Trustee
hereunder that is a Corporation organized and doing business under the laws of the
United States of America, any state thereof or the District of Columbia, that is
eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at
least $50,000,000, and that is subject to supervision or examination by Federal
or state authority. If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

         

        Section 6.08 . Resignation and
Removal; Appointment of Successor.  (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee pursuant
to Section 6.09.

         

         

        
          
            
            

          

          
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        (b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
Section 6.09 shall not have been delivered
to the Trustee within
90 days after the giving of such notice of
resignation, the resigning Trustee may petition at the expense of the Company
any court of competent
jurisdiction for the appointment of a successor Trustee with respect to such
series.

         

        (c) The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series, delivered to the
Trustee and the Company.  If the instrument of
acceptance by a successor
Trustee required by Section 6.09 shall not have been delivered to the Trustee within
90 days after the giving of
such notice of removal, the removed Trustee may petition at the expense of the Company
any court of competent jurisdiction for the
appointment of a successor Trustee with respect to such
series.

         

        (d) If at any time:

         

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

         

        (ii) the Trustee shall cease to be eligible
under Section 6.07 and shall fail to resign after written request
therefor by the Company or any such Holder, or

         

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

         

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

         

        (e) If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
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        respect to the Securities of one or more
series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with
respect to the Securities of such series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 6.09. If, within one year after such
resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.09, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the
Holders of Securities and accepted appointment in the manner required by Section 6.09, any Holder of a Security who has been
a bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

         

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

         

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

         

        Section 6.09 . Acceptance of
Appointment by Successor.  (a) Upon the appointment hereunder of any
successor Trustee with respect to all Securities, such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the written request
of the Company or such successor Trustee, such retiring Trustee, upon payment of
its charges, shall execute and 

         

         

        
          
            
            

          

          
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        deliver an instrument transferring to
such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section
10.03, shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder, subject nevertheless to its claim, if
any, provided for in
Section 6.06.

         

        (b) Upon the appointment hereunder of any
successor Trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and such successor Trustee shall
execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (i) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, such
successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates, (ii) if
the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust, that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee and that no Trustee shall be responsible for any notice
given to, or received by, or any act or failure to act on the part of any other
Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the
resignation or removal of the retiring Trustee shall become effective to the
extent provided therein, such retiring Trustee shall have no further
responsibility for the exercise of rights and powers or for the performance
of the duties and obligations vested in
the Trustee under this Indenture with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates other than as
hereinafter expressly set forth, and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on written request of the Company
or such successor Trustee, such retiring Trustee, upon payment of its charges
with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates and subject to Section 10.03 shall duly assign, transfer and
deliver to such successor Trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to
which the appointment of
such successor Trustee relates, subject to its claim, if any, provided for in
Section 6.06.

         

         

        
          
            
            

          

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

         

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

         

        Section 6.10 . Merger, Conversion,
Consolidation or Succession to Business.  Any Corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been authenticated but not
delivered by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

         

        Section 6.11 . Appointment of
Authenticating Agent.  The Trustee may appoint one or more
Authenticating Agents acceptable to the Company with respect to one or more
series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of that or those series issued upon original
issue, exchange, registration of transfer, partial redemption or partial
repayment or pursuant to Section 3.06, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication
and delivery of Securities
by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the
Trustee by an Authenticating Agent.

         

        Each Authenticating Agent must be
acceptable to the Company and, except as provided in or pursuant to this
Indenture or the related Series Authorization, shall at all times be a
Corporation that would be permitted by the Trust Indenture Act to
act as trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as an Authenticating
Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the
Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating
Agent shall cease to be eligible in 

         

         

        
          
            
            

          

          
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        accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect specified in this
Section.

         

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

         

        An Authenticating Agent may resign at
any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint
a successor Authenticating Agent which shall be acceptable to the Company and
shall (i) mail written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Registered Securities, if any, of the series with
respect to which such Authenticating Agent shall serve, as their names and
addresses appear in the Security Register, and (ii) if Securities of the series are issued as Bearer
Securities, publish notice of such appointment at least once in an Authorized
Newspaper in the place where such successor Authenticating Agent has its
principal office if such office is located outside the United States. Any successor Authenticating Agent,
upon acceptance of its appointment hereunder, shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

         

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

         

        The provisions of Section
3.08, Section
6.03 and Section
6.04 shall be
applicable to each Authenticating Agent.

         

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

         

         

        
          
            
            

          

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

         

        THE BANK OF NEW YORK MELLON, as Trustee

         

        By:__________________________________

             as Authenticating
Agent

         

        By:__________________________________

             as Authorized Officer

         

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

         

         

        ARTICLE 7

        Holders Lists and Reports by Trustee and Company

         

        Section 7.01 . Company to Furnish
Trustee Names and Addresses of Holders.  In accordance with Section 312(a) of the Trust Indenture
Act, the Company shall furnish or cause to be furnished to the
Trustee

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        Section 7.02 . Preservation of
Information; Communications to Holders.  The Trustee shall comply with the obligations imposed upon
it pursuant to Section 312 of the Trust Indenture Act.

         

        Every Holder of Securities or Coupons,
by receiving and holding the same, agrees with the Company and the Trustee that
none of the Company, the Trustee, any Paying Agent or any Security Registrar
shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with Section 312(c) of
the Trust Indenture Act, regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture
Act.

         

        Section 7.03 . Reports by
Trustee.  (a) Within 60 days after May 15 of each year
commencing with the first
May 15 following the first issuance of Securities pursuant to Section
3.01, if required by
Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant
to Section 313(c) of the Trust Indenture Act, a brief report dated as of such
May 15 with respect to any of the events specified in said Section 313(a) which
may have occurred since the later of the immediately preceding May 15 and the
date of this Indenture.

         

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

         

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

         

        Section 7.04 . Reports by
Company.  The Company, pursuant to Section 314(a)
of the Trust Indenture Act,
shall:

         

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

         

         

        
          
            
            

          

          
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        (b) file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such additional information, documents and reports with
respect to compliance by the Company, with the conditions and covenants of
this Indenture as may be required from time to time by such rules and
regulations; and

         

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

         

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

         

         

        ARTICLE 8

        Consolidation, Amalgamations, Merger and Sales

         

        Section 8.01 . Company May
Consolidate, Etc., Only on Certain
Terms.  The Company shall not consolidate or
amalgamate with or merge into any other Person (whether or not affiliated with
the Company), or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to any other Person (whether or not affiliated with
the Company), and the Company shall not permit any other Person (whether or not
affiliated with the Company) to consolidate or amalgamate with or merge into the Company or
convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to the Company; unless:

         

        (a) in case the Company shall consolidate or
amalgamate with or merge into another Person or convey, transfer or lease its properties and
assets as an entirety or substantially as an entirety to any Person, the Person
formed by such consolidation or amalgamation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company as an entirety or substantially as an entirety shall be a
Corporation organized and existing under the laws of the United States of
America, any state thereof or the District of Columbia, Bermuda, or any other country which is on the date
of this Indenture a member of the Organization of Economic Cooperation and
Development, and shall expressly assume, by an indenture (or indentures, if at
such time there is more than one Trustee) supplemental hereto, executed by the successor Person and
delivered to the 

         

         

        
          
            
            

          

          
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        Trustee the due and punctual payment of
the principal of, any premium and interest on and any Additional Amounts with
respect to all the Securities and the performance of every obligation in this
Indenture and the Outstanding Securities on
the part of the Company to be performed or observed and shall provide for
conversion or exchange rights in accordance with the provisions of the
Securities of any series that are convertible or exchangeable into
Common Stock or other
securities;

         

        (b) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Company as a result of such transaction as having been incurred by the Company
at the time of such transaction, no Event of Default with respect to
the Company, or event which, after notice or lapse of time, or both, would
become an Event of Default with respect to the Company, shall have occurred and
be continuing; and

         

        (c) either the Company or the successor
Person shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and,
if a supplemental indenture is required in connection with such transaction,
such supplemental indenture complies with this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

         

        Section 8.02 . Successor Person
Substituted for Company.  Upon any consolidation or amalgamation
by the Company with or
merger of the Company into any other Person or any conveyance, transfer or lease
of the properties and assets of the Company substantially as an entirety to any
Person in accordance with Section 8.01, the successor Person formed by such consolidation or
amalgamation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture
with the same effect as if such successor
Person had been named as the Company herein; and thereafter, except in the case
of a lease, the predecessor Person shall be released from all obligations and
covenants under this Indenture, the Securities and the Coupons.

         

        Section 8.03 . Guarantor May
Consolidate, Etc., Only on Certain Terms.  The Guarantor shall not consolidate or
amalgamate with or merge into any other Person (whether or not affiliated with
the Guarantor), or convey, transfer or lease its properties and assets
as an entirety or
substantially as an entirety to any other Person (whether or not affiliated with
the Guarantor), and the Guarantor shall not permit any other Person (whether or
not affiliated with the Guarantor) to consolidate or amalgamate with or merge
into the Guarantor or convey, transfer or
lease its properties and assets as an entirety or substantially as an entirety
to the Guarantor; unless:

         

         

        
          
            
            

          

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

         

        (b) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Guarantor or a Subsidiary as a result of such transaction as having been incurred by the Guarantor or
such Subsidiary at the time of such transaction, no Event of Default with
respect to the Guarantor, or event which, after notice or lapse of time, or
both, would become an Event of Default with respect to the Guarantor, shall have occurred and be
continuing;

         

        (c) either the Guarantor or the successor
Person shall have delivered to the Trustee a Guarantor’s Officer’s Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or
lease and, if a
supplemental indenture is required in connection with such transaction, such
supplemental indenture
complies with this Article
and that all conditions precedent herein provided for relating to such
transaction have been complied with.

         

        Section 8.04 . Successor Person
Substituted for Guarantor.  Upon any consolidation or amalgamation
by the Guarantor with or merger of the Guarantor into any other Person or any
conveyance, transfer or lease of the properties and assets of the Guarantor
substantially as an entirety to any Person in accordance with
Section 8.03, the successor Person formed by such
consolidation or amalgamation or into which the Guarantor is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Guarantor under this Indenture with the
same effect as if such successor Person had been named as the Guarantor

         

         

        
          
            
            

          

          
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        herein; and thereafter, except in the
case of a lease, the predecessor Person shall be released from all
obligations and covenants under this Indenture, the Securities and the
Coupons.

         

         

        ARTICLE 9

        Supplemental
Indentures

         

        Section 9.01 . Supplemental
Indentures Without Consent of
Holders.  Without the consent of any Holders of Securities or
Coupons, the Company (when
authorized by or pursuant to a Board Resolution), the Guarantor (when authorized
by or pursuant to a Board Resolution by the Guarantor’s Board of Directors) and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental hereto, for any
of the following purposes:

         

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

         

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

         

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

         

        (d) to establish the forms or terms of
Securities of any series and any Coupons appertaining thereto as permitted by
Sections 2.01 and 3.01; or

         

        (e) to evidence and provide for the
acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the
requirements of Section 6.09; or

         

         

        
          
            
            

          

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

         

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

         

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

         

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

         

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

         

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

         

        Section 9.02 . Supplemental
Indentures with Consent of Holders.  With the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company (when authorized by or pursuant to a
Company’s Board Resolution), the Guarantor (when
authorized pursuant to a
Board Resolution of the Guarantor’s Board of Directors) and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this
Indenture or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture or of the Securities of such series;
provided, however, that no such supplemental indenture,
without the consent of the Holder of each Outstanding Security affected
thereby, shall

         

        (a) change the Stated Maturity of the
principal of, or any premium or installment of interest on or any Additional
Amounts with respect to, any Security, 

         

         

        
          
            
            

          

          
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        or reduce the principal amount thereof
(or modify the calculation
of such principal amount) or the rate (or modify the calculation of such rate)
of interest thereon or any Additional Amounts with respect thereto, or any
premium payable upon the redemption thereof or otherwise, or change the
obligation of the Company to pay Additional Amounts pursuant
to the terms of such
Security (except as
contemplated by Section 8.01(a) and permitted by Section
9.01(a)) or change the
redemption provisions or adversely affect the right of repayment at the option
of any Holder as contemplated by Article 13, or change the Place of Payment,
Currency in which the principal of, any premium or interest on, or any
Additional Amounts with respect to any Security is payable, or impair the
right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date or, in the case of repayment at the option of the Holder, on or after the date for
repayment), or

         

        (b) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such supplemental indenture, or the consent of whose Holders
is required for any waiver
(of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or reduce the
requirements of Section 15.04 for quorum or voting,
or

         

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

         

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

         

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

         

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

         

        Section 9.03 . Execution of
Supplemental Indentures.  As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this
Article or the modifications thereby of the trust 

         

         

        
          
            
            

          

          
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        created by this Indenture, in accordance
with Section 1.02, the Trustee shall be provided with, and (subject to Section 315 of the
Trust Indenture Act) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and an Officers’ Certificate stating that all conditions
precedent to the execution of such supplemental indenture have been fulfilled.
The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

         

        Section 9.04 . Effect of
Supplemental Indentures.  Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of a Security theretofore or
thereafter authenticated and delivered hereunder and of any Coupon appertaining
thereto shall be bound thereby.

         

        Section 9.05 . Reference in
Securities to Supplemental
Indentures.  Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Company, to any
such supplemental indenture may be prepared and executed by the
Company and authenticated
and delivered by the Trustee in exchange for Outstanding Securities of such
series.

         

        Section 9.06 . Conformity with
Trust Indenture Act.  Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect.

         

        Section 9.07 . Notice of
Supplemental Indenture.  Promptly after the execution by the
Company and the Guarantor, if applicable, and the Trustee of any supplemental
indenture pursuant to Section 9.02, the Company shall transmit to the Holders
of Outstanding Securities of any series affected thereby a notice setting forth
the substance of such supplemental indenture.

         

         

        ARTICLE 10

        Covenants

         

        Section 10.01 . Payment of
Principal, any Premium, Interest and Additional Amounts.  The Company covenants and agrees for the
benefit of the Holders of the Securities of each series that it will duly and
punctually pay the principal of, any premium and interest on and any Additional
Amounts with respect to the Securities of such series in accordance with the terms thereof, any

         

         

        
          
            
            

          

          
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        Coupons appertaining thereto and this
Indenture. Any interest due on any Bearer Security on or before the Maturity
thereof, and any Additional Amounts payable with respect to such interest, shall
be payable only upon presentation and surrender of the Coupons
appertaining thereto for such interest as they severally
mature.

         

        Section 10.02 . Maintenance of
Office or Agency.  The Company shall maintain in each Place
of Payment for any series of Securities an Office or Agency where Securities
of such series (but not
Bearer Securities, except as otherwise provided below, unless such Place of
Payment is located outside the United States) may be presented or surrendered
for payment, where Securities of such series may be surrendered for
registration of transfer or exchange, where
Securities of such series that are convertible or exchangeable may be
surrendered for conversion or exchange, and where notices and demands to or upon
the Company in respect of the Securities of such series relating
thereto and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company, except as
otherwise permitted or required in or pursuant to this Indenture or the related
Series Authorization shall maintain, subject to any laws or regulations applicable thereto, an
Office or Agency in a Place of Payment for such series which is located outside
the United States where Securities of such series and any Coupons appertaining
thereto may be presented and surrendered for payment; provided, however, that if the Securities of such series
are listed on The Stock Exchange of the United Kingdom and the Republic of
Ireland or the Luxembourg Stock Exchange or any other stock exchange located
outside the United States and such stock exchange shall so require, the Company shall
maintain a Paying Agent in London, Luxembourg or any other required city located
outside the United States, as the case may be, so long as the Securities of such series are listed on
such exchange. The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such Office or Agency. If at
any time the Company shall fail to maintain any such required Office or Agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, except that Bearer Securities of such series and any Coupons
appertaining thereto may be presented and surrendered for payment at
the place specified for the purpose with
respect to such Securities as provided in or pursuant to this Indenture or the
related Series Authorization, and the Company hereby appoints the Trustee as its
agent to receive all such presentations, surrenders, notices and demands.

         

        Except as otherwise provided in or
pursuant to this Indenture or the related Series Authorization, no payment of
principal, premium, interest or Additional Amounts, if any, with respect to Bearer Securities shall
be made at any Office or Agency in the United States or by check
mailed to any address in the United States or by wire transfer to an account
maintained with a bank located in the United States; provided, however, if amounts owing with respect to any
Bearer 

         

         

        
          
            
            

          

          
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        Securities shall be payable in Dollars, payment of principal of,
any premium or interest on and any Additional Amounts with respect to any such
Security may be made at the Corporate Trust Office of the Trustee or any Office
or Agency designated by the Company in the Borough of Manhattan, The City of New York, if (but
only if) payment of the full amount of such principal, premium, interest or
Additional Amounts at all offices outside the United States maintained for such
purpose by the Company in accordance with this Indenture is illegal or effectively precluded by
exchange controls or other similar restrictions.

         

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

         

        Unless otherwise specified with respect to any
Securities pursuant to Section 3.01, if and so long as the Securities of
any series (i) are denominated in a Foreign Currency or (ii) may be payable in a
Foreign Currency, or so long as it is required under any other provision of this
Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate
agent.

         

        Section 10.03 . Money for Securities
Payments To Be Held in
Trust.  If the Company shall at any time act as its own Paying
Agent with respect to any series of Securities, it shall, on or before each due
date of the principal of, any premium or interest on or Additional Amounts with respect to any
of the Securities of such series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum in the currency or currencies, currency unit
or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section
3.01 for the Securities
of such series) sufficient to pay the principal or any premium, interest or
Additional Amounts so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided, and shall promptly notify the
Trustee in writing of its action or failure so to act.

         

         

        
          
            
            

          

          
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        Whenever the Company shall have one or
more Paying Agents for any series of Securities, it shall, on or prior to 10:00
a.m., New York City time, on each due date of the principal of, any premium or
interest on or any Additional Amounts with respect to any Securities of such
series, deposit with any Paying Agent a sum (in the currency or currencies,
currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient
to pay the principal and any premium, interest or Additional Amounts so becoming
due, such sum to be held in trust for the benefit of the Persons entitled
thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
in writing of its action or failure so to act.

         

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

         

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

         

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

         

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

         

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

         

        Except as otherwise provided herein or
pursuant hereto, any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, any
premium or interest on or any Additional Amounts with respect to any Security of
any series or any Coupon appertaining thereto and remaining unclaimed for two years after such
principal 

         

         

        
          
            
            

          

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

         

        Section 10.04 .  [Reserved].  

         

        Section 10.05 . Organizational
Existence.  Subject to Article
8, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and
effect its organizational
existence and
rights (constitutive and statutory) and franchises;
provided, however, that the foregoing shall not obligate
the Company to preserve any such right or franchise if the Company shall
determine that the preservation thereof is no longer desirable in the conduct
of its business and that
the loss thereof is not disadvantageous in any material respect to any
Holder.

         

        Section 10.06 . Waiver of Certain
Covenants.  The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Section
10.05 with respect to
the Securities of any series if before the time for such compliance the Holders
of at least a majority in principal amount of the Outstanding Securities of such
series, by Act of such Holders, either shall waive such compliance in such instance or
generally shall have waived compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and
effect.

         

        Section 10.07 . Company and
Guarantor’s Statement as to
Compliance; Notice of Certain Defaults.  (a) The Company and the Guarantor shall
deliver to the Trustee, within 120 days after the end of each fiscal year, a
written statement (which need not be contained in or accompanied by an
Officers’ Certificate) signed by the
principal executive
officer, the principal financial officer or the 

         

         

        
          
            
            

          

          
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        principal accounting officer of the
Company or the Guarantor, as the case may be, stating that

         

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

         

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

         

        (b) The Company shall deliver to the Trustee,
within five days after the occurrence thereof, written notice of any Event of
Default or any event which after notice or lapse of time or both would become an
Event of Default pursuant to clause (d) of Section
5.01.

         

        (c) The Trustee shall have no duty to
monitor the Company’s compliance with the covenants
contained in this Article 10 other than as specifically set forth in
this Section 10.07.

         

        Section 10.08 . Calculation of
Original Issue Discount. The Company shall file with the Trustee
promptly at the end of each calendar year (a) a written notice specifying the amount
of original issue discount (including daily rates and accrual periods) accrued on
any Outstanding Original Issue Discount Securities as of the end of such year
and (b) such other specific
information relating to such original issue discount as may then be relevant
under the Code, as amended
from time to time.

         

         

        ARTICLE 11

        Redemption of Securities

         

        Section 11.01 . Applicability of
Article. Redemption of Securities of any series
as permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided herein or pursuant
hereto) this Article.

         

         

        
          
            
            

          

          
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        Section 11.02 . Election to Redeem;
Notice to Trustee. The election of the Company to redeem
any Securities shall be evidenced by or pursuant to a Board Resolution. In case
of any redemption at the election of the Company of (a) less than all of the Securities of any
series or (b) all of the Securities of any series,
with the same issue date, interest rate or formula, Stated Maturity and other
terms, the Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee in writing of such Redemption Date and of the principal amount of
Securities of such series to be redeemed; provided
that, the Trustee shall be given at least 15
days notice prior to sending the notice of redemption (unless a shorter notice
shall be satisfactory to the Trustee).

         

        Section 11.03 . Selection by Trustee
of Securities To Be
Redeemed. If less than all of the Securities of
any series with the same
issue date, interest rate or formula, Stated Maturity and other terms are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee from the Outstanding
Securities of such series not previously
called for redemption, by such method as the Trustee shall deem appropriate and
which may provide for the selection for redemption of portions of the principal
amount of Registered Securities of such series; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Registered Security of such
series not redeemed to less than the minimum denomination for a Security of such
series established herein or pursuant hereto.

         

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

         

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

         

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

         

         

        
          
            
            

          

          
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        Section 11.04 . Notice of
Redemption.  Notice of redemption shall be given
in the manner provided in
Section 1.06, not less than 30 nor more than 60 days
prior to the Redemption Date, unless a shorter period is specified in the
Securities to be redeemed, to the Holders of Securities to be redeemed.
Failure to give notice by
mailing in the manner herein provided to the Holder of any Registered Securities
designated for redemption as a whole or in part, or any defect in the notice to
any such Holder, shall not affect the validity of the proceedings for
the redemption of any other Securities or
portion thereof.

         

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

         

        All notices of redemption shall
state:

         

        (a) the Redemption Date,

         

        (b) the Redemption
Price,

         

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

         

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

         

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

         

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

         

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

         

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

         

        (i) if Bearer Securities of any series are
to be redeemed and no Registered Securities of such series are to be redeemed,
and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on the
Redemption Date pursuant to Section 3.05 or otherwise, the last date, as
determined by the Company, on which such exchanges may be
made,

         

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

         

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

         

        A notice of redemption published as
contemplated by Section 1.06 need not identify particular Registered
Securities to be redeemed.

         

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

         

        Section 11.05 . Deposit of
Redemption Price.  On or prior to 10:00 a.m., New York City
time, on any Redemption Date, the Company shall deposit, with respect to the
Securities of any series called for redemption, with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.03) an amount of money in the applicable
Currency sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date, unless otherwise specified
pursuant to Section 3.01 or in the Securities of such series)
any accrued interest on and Additional Amounts with respect thereto, all such Securities
or portions thereof which are to be redeemed on that date.

         

        Section 11.06 . Securities Payable
on Redemption Date.  Notice of redemption having been given
as aforesaid, the Securities so to be redeemed shall, become due and
payable on the Redemption
Date, at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and any
accrued interest or Additional Amounts) such Securities shall cease to
bear interest and the Coupons for such

         

         

        
          
            
            

          

          
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        interest appertaining to any Bearer
Securities so to be redeemed, except to the extent provided below, shall be
void. Upon surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto
maturing after the Redemption Date, such Security shall be paid by the Company
at the Redemption Price, together with any accrued interest and Additional
Amounts to the Redemption Date; provided, however, that, except as otherwise provided in or pursuant to the
related Series Authorization and the Coupons, installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of Coupons for such interest (at an Office or
Agency located outside the United States except as otherwise provided in
Section 10.02), and provided, further, that, except as otherwise specified in
or pursuant to the related Series Authorization, installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor
according to their terms and the provisions of Section
3.07 and installments
of interest on Registered Securities for which the Redemption Date is after a
Regular Record Date and on or before the following Interest Payment Date
shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record
Dates therefor according to their terms and the provisions of Section
3.07.

         

        If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant Coupons maturing after
the Redemption Date, such Security may be paid after deducting from the
Redemption Price an amount
equal to the face amount of all such missing Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter
the Holder of such Security shall surrender to the Trustee or any Paying Agent
any such missing Coupon in respect of which a deduction shall have been made
from the Redemption Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that any interest or Additional
Amounts represented by Coupons shall be payable only upon presentation and
surrender of those Coupons at an Office or Agency for such Security located
outside of the United States except as otherwise provided in
Section 10.02.

         

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

         

        Section 11.07 . Securities Redeemed
in Part.  Any Registered Security which is to be
redeemed only in part shall be surrendered at any Office or Agency for such
Security (with, if the Company or the Trustee so requires, due 

         

         

        
          
            
            

          

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

         

         

        ARTICLE 12

        Sinking Funds

         

        Section 12.01 . Applicability of
Article. The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise permitted or required in or pursuant to this
Indenture or the related Series Authorization.

         

        The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred
to as a “mandatory
sinking fund
payment,” and any payment in excess of such minimum
amount provided for by the terms of Securities of such series is herein referred
to as an “optional sinking fund
payment.” If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 12.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series and this Indenture.

         

        Section 12.02 . Satisfaction of
Sinking Fund Payments with Securities.  The Company may, in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of any series to be made
pursuant to the terms of such Securities (a) deliver Outstanding Securities of such
series (other than any of such Securities previously called for redemption or
any of such Securities in respect of which cash shall have been released to the
Company), together in the case of any Bearer Securities of such series with all unmatured Coupons
appertaining thereto, and (b) apply as a credit Securities of such
series which have been redeemed either at the election of the Company pursuant
to the terms of such series of Securities or through the application of permitted optional sinking
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        payments pursuant to the terms of such
Securities, provided that such series of Securities have not
been previously so credited.

         

        Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly. If, as a result of
the delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section
12.02, the principal
amount of Securities of such series to be redeemed in order to satisfy the
remaining sinking fund payment shall be less than $100,000, the Trustee need not
call Securities of such
series for redemption, except upon Company Request, and such cash payment shall
be held by the Trustee or a Paying Agent and applied to the next succeeding
sinking fund payment, provided, however, that the Trustee or such Paying Agent
shall at the written
request of the Company from time to time pay over and deliver to the Company any
cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that series purchased by the Company
having an unpaid principal amount equal
to the cash payment requested to be released to the Company.

         

        Section 12.03 . Redemption of
Securities for Sinking Fund.  Not less than 75 days prior to each
sinking fund payment date for any series of Securities, the Company
shall deliver to the
Trustee an Officers’ Certificate specifying the amount of
the next ensuing mandatory sinking fund payment for that series pursuant to the
terms of that series, the portion thereof, if any, which is to be satisfied by
payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that series pursuant to Section 12.02, and the optional amount, if any, to be
added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to
the Trustee any Securities to be so credited and not theretofore delivered. If
such Officers’ Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in
Section 11.03 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 11.04. Such notice having been duly given,
the redemption of such
Securities shall be made upon the terms and in the manner stated in Section
11.06 and Section
11.07.

         

         

        ARTICLE 13

        Repayment at the Option of Holders

         

        Section 13.01 . Applicability of
Article.  Securities of any series which are repayable at the
option of the Holders thereof before their Stated Maturity shall be

         

         

        
          
            
            

          

          
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        repaid in accordance with the terms of
the Securities of such series. The repayment of any principal amount of
Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section
3.09, shall not operate
as a payment, redemption or satisfaction of the Indebtedness represented by such
Securities unless and until
the Company, at its option, shall deliver or surrender the same to the Trustee
with a written directive that such Securities be cancelled. Notwithstanding
anything to the contrary contained in this Section 13.01, in connection with any repayment of Securities,
the Company may arrange for the purchase of any Securities by an agreement with
one or more investment bankers or other purchasers
to purchase such Securities by paying to the Holders of such Securities on or
before the close of
business on the repayment date an amount not less than the repayment price
payable by the Company on repayment of such Securities, and the obligation of
the Company to pay the repayment price of such Securities shall be satisfied and
discharged to the extent such payment is so paid
by such purchasers.

         

         

        ARTICLE 14

        Securities in Foreign Currencies

         

        Section 14.01 . Applicability of
Article.  Whenever this Indenture provides for
(a) any action by, or the determination of
any of the rights of, Holders of Securities of any series in which not all of
such Securities are denominated in the same Currency, or (b) any distribution to Holders of
Securities, in the absence of any provision to the
contrary in the form of Security of any particular series or pursuant to this Indenture or the related
Series Authorization, any amount in respect of any Security denominated in a
Currency other than Dollars shall be treated for any such action or distribution
as that amount of Dollars that could be obtained for such amount on such reasonable basis of
exchange and as of the record date with respect to Registered Securities of such
series (if any) for such action, determination of rights or distribution (or, if
there shall be no applicable record date, such other date reasonably proximate to the date of such
action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee.

         

         

        ARTICLE 15

        Meetings of Holders of Securities

         

        Section 15.01 . Purposes for Which
Meetings May Be Called.  A meeting of Holders of Securities of any series may be called
at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
Act provided by this Indenture to be made, given or taken by Holders of Securities of such
series.

         

         

        
          
            
            

          

          
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        Section 15.02 . Call, Notice and
Place of Meetings.  (a) The Trustee may at any time call a
meeting of Holders of Securities of any series for any purpose specified in
Section 15.01, to be held at such time and
at such place in the
Borough of Manhattan, The City of New York, or, if Securities of such series
have been issued in whole or in part as Bearer Securities, in London or in such
place outside the United States as the Trustee shall determine. Notice of
every meeting of Holders of Securities of any
series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 1.06, not less than 21 nor more than 180 days
prior to the date fixed for the meeting.

         

        (b) In case at any time the Company (by or
pursuant to a Board Resolution) or the Holders of at least 10% in principal
amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting
of the Holders of Securities of such series for any purpose specified in
Section 15.01, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed notice of or made the first publication of the notice of such meeting
within 21 days after receipt of such request (whichever shall be required
pursuant to Section 1.06) or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may determine the
time and the place in the Borough of Manhattan, The City of New York, or, if Securities of such
series are to be issued as Bearer Securities, in London for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in
clause (a) of this Section.

         

        Section 15.03 . Persons Entitled to
Vote at Meetings.  To be entitled to vote at any meeting of
Holders of Securities of any series, a Person shall be (a) a Holder of one or more Outstanding
Securities of such series, or (b) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote
at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its
counsel.

         

        Section 15.04 . Quorum;
Action.  The Persons entitled to vote a majority
in principal amount of the
Outstanding Securities of a series shall constitute a quorum for any meeting of
Holders of Securities of such series. In the absence of a quorum within 30
minutes after the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of
such series, be dissolved. In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
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        meeting, such reconvened meeting may be
further adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such reconvened meeting.
Notice of the reconvening of any adjourned meeting shall be given as
provided in Section 15.02(a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall
state expressly the percentage, as provided above, of the principal amount of
the Outstanding Securities of such series which shall constitute a
quorum.

         

        Except as limited by the proviso to
Section 9.02, any resolution presented to a meeting
or adjourned meeting duly reconvened at which a quorum is present as aforesaid
may be adopted only by the affirmative vote of the Holders of a majority in
principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso
to Section 9.02, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other Act
which this Indenture expressly provides may be made, given or
taken by the Holders of a specified percentage, which is less than a majority,
in principal amount of the Outstanding Securities of a series may be adopted at
a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by
the affirmative vote of the Holders of such specified percentage in principal
amount of the Outstanding Securities of such series.

         

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

         

        Section 15.05 . Determination of
Voting Rights; Conduct and
Adjournment of Meetings.  (a) Notwithstanding any other provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities of such series in regard
to proof of the holding of
Securities of such series and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct
of the meeting as it shall deem appropriate. Except as otherwise permitted or
required by any such regulations, the holding of Securities shall be proved in
the manner specified in Section 1.04 and the appointment of any proxy shall
be proved in the manner specified in Section 1.04 or by having the signature of the
person executing the proxy witnessed or guaranteed by any trust company, bank or
banker authorized by
Section 1.04 to certify to the holding of Bearer
Securities. Such regulations may provide that written instruments appointing
proxies, regular on their face, may be presumed valid and genuine without the
proof specified in
Section 1.04 or other proof.

         

         

        
          
            
            

          

          
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        (b) The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall
have been called by the Company or by Holders of Securities as provided in
Section 15.02(a), in which case the Company or the
Holders of Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority in
principal amount of the Outstanding Securities of such series represented at the
meeting.

         

        (c) At any meeting, each Holder of a
Security of such series or proxy shall be entitled to one vote for each $2,000 principal amount of Securities of such
series held or represented by him; provided, however, that no vote shall be cast or counted
at any meeting in respect of any Security challenged as not Outstanding and
ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote, except as a Holder of a Security of such series or
proxy.

         

        (d) Any meeting of Holders of Securities of
any series duly called pursuant to Section 15.02 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the meeting;
and the meeting may be held as so adjourned without further
notice.

         

        Section 15.06 . Counting Votes and
Recording Action of Meetings.  The vote upon any resolution submitted
to any meeting of Holders of Securities of any series shall be by written
ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports of all votes cast at the
meeting. A record of the proceedings of each meeting of Holders of Securities of any series
shall be prepared by the secretary of the meeting and there shall be attached to
said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was given as
provided in Section 15.02 and, if applicable, Section
15.04. Each copy shall
be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one
such copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein
stated.

         

         

         

        
          
            
            

          

          
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        ARTICLE 16

        Guarantee

         

        Section 16.01 . The
Guarantee.  The Guarantor hereby unconditionally
guarantees to the Trustee
and each Holder of a
Security authenticated and delivered by the Trustee all obligations of
the Company under this Indenture in accordance with the terms of the
Senior Debt Securities Guarantee
Agreement.

         

        Section 16.02 . Ranking.  Each Holder of Securities issued
hereunder agrees that the payment by the Guarantor pursuant to the Guarantee with respect to all
Securities of each series issued hereunder, shall rank in right of payment to
the extent and in the manner set forth in Sections 6.02 and 6.03 of the Senior Debt Securities Guarantee
Agreement.

         

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

         

        
          	
                  PARTNERRE
      FINANCE B LLC

                	 
	 	 
	
                  By:

                	/s/ Thomas L. Forsyth	 
	 	
                  Name:
      Thomas L. Forsyth

                	 
	 	
                  Title:
      EVP, General Counsel & 
Corporate Secretary

                	 

        

        
 

        
          	
                  PARTNERRE
      LTD., as Guarantor

                	 
	 	 
	
                  By:

                	/s/ William Babcock	 
	 	
                  Name:
      William Babcock

                	 
	 	
                  Title:
      Group Finance Director

                	 

        

        
 

        
          	
                  THE
      BANK OF
      NEW YORK MELLON,
      as Trustee

                	 
	 	 
	
                  By:

                	/s/ Cheryl L. Clarke	 
	 	
                  Name:
      Cheryl L. Clarke

                	 
	 	
                  Title:
      Vice President

                	 

        

        

      

       

      92Exhibit 4.2

       

       

      
        
          

        

      

       

      FIRST SUPPLEMENTAL
INDENTURE

       

      Dated as of March 15,
2010

       

       

      between

       

       

      PARTNERRE FINANCE B
LLC,

      Issuer

       

       

       

      PARTNERRE LTD.,

      Guarantor

       

       

       

      to

       

       

       

      THE BANK OF NEW YORK MELLON

      Trustee

       

      
        
          
            

          

          
            
              
              

            

            
              
              

              
              

            

            
              
              

            

          

      

      

      

       

       

      TABLE OF CONTENTS

       

      Page

      
        	
                ARTICLE 1

                Definitions

              
	
                Section 1.01.

              	
                Definitions of
      Terms

              	
                1

              
	 
	
                ARTICLE 2

                General Terms and Conditions of
      the Notes

              
	 	 	 
	
                Section 2.01.

              	
                Designation and Principal
      Amount

              	
                4

              
	
                Section 2.02.

              	
                Maturity

              	
                4

              
	
                Section 2.03.

              	
                Form and
      Payment

              	
                4

              
	
                Section 2.04.

              	
                Interest

              	
                5

              
	
                Section 2.05.

              	
                No Payment of Additional
      Amounts

              	
                5

              
	 
	
                ARTICLE 3

                Redemption of the
      Notes

              
	 	 	 
	
                Section 3.01.

              	
                Redemption

              	
                6

              
	
                Section 3.02.

              	
                Redemption Procedure for
      Notes

              	
                6

              
	
                Section 3.03.

              	
                Payment of Securities Called for
      Redemption

              	
                7

              
	 
	
                ARTICLE 4

                No Sinking
    Fund

              
	 	 	 
	
                Section 4.01.

              	
                No Sinking
    Fund

              	
                7

              
	 
	
                ARTICLE 5

                Form of
  Note

              
	 	 	 
	
                Section 5.01.

              	
                Form of
Note

              	
                7

              
	 
	
                ARTICLE 6

                Original Issue of
      Notes

              
	 	 	 
	
                Section 6.01.

              	
                Original Issue of
      Notes

              	
                12

              
	
                ARTICLE 7

                Covenants

              
	 
	
                Section
    7.01.

              	
                Activities of the
      Company

              	
                12

              
	
                Section
    7.02.

              	
                Use of
    Proceeds

              	
                12

              
	
                Section
    7.03.

              	
                Proper
    Records

              	
                13

              
	
                Section
    7.04.

              	
                Compliance with
      Laws

              	
                13

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                Section
    7.05.

              	
                Liens

              	
                13

              
	 
	
                ARTICLE 8

                Ranking

              
	 	 	 
	
                Section 8.01.

              	
                Ranking

              	
                14

              
	 
	
                ARTICLE 9

                Miscellaneous

              
	 	 	 
	
                Section 9.01.

              	
                Ratification of
      Indenture

              	
                14

              
	
                Section 9.02.

              	
                Trustee Not Responsible for
      Recitals

              	
                14

              
	
                Section 9.03.

              	
                Governing
    Law

              	
                14

              
	
                Section 9.04.

              	
                Separability

              	
                14

              
	
                Section 9.05.

              	
                Counterparts

              	
                14

              

      

       

       

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

       

      FIRST SUPPLEMENTAL INDENTURE, dated as
of March 15, 2010 (the “First Supplemental
Indenture”), among
PartnerRe Finance B LLC, a limited liability company duly organized and existing
under the laws of the State of Delaware (the “Company”), PartnerRe Ltd., a company duly
organized and existing under the Laws of Bermuda (the “Guarantor”), and The Bank of New York Mellon, a
New York banking corporation, as trustee (the “Trustee”), supplementing the Indenture among
the Company, the Guarantor and the Trustee, dated as of March 15, 2010 (the
“Base
Indenture”).

       

      WHEREAS, the Company has executed and
delivered the Base Indenture to the Trustee to provide for the future issuance
of the Company’s senior unsecured debentures, notes or other evidence of
indebtedness (the “Securities”), to be issued from time to time in
one or more series as might be determined by the Company under the Base
Indenture;

       

      WHEREAS, pursuant to the terms of the
Base Indenture and this First Supplemental Indenture (together, the
“Indenture”), the Company desires to provide for
the establishment of a new series of its Securities to be known as its 5.500%
Senior Notes due 2020 (the “Notes”), which shall be in the form of senior
unsecured notes, with specific terms and provisions, the form and substance of
such Notes and the terms, provisions and conditions thereof to be set forth as
provided in the Indenture; and

       

      WHEREAS, the Company has requested that
the Trustee execute and deliver this First Supplemental Indenture, and all
requirements necessary to make this First Supplemental Indenture a valid,
legally binding instrument in accordance with its terms, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee, the
valid, legally binding obligations of the Company, have been done and performed,
and the execution and delivery of this First Supplemental Indenture has been
duly authorized in all respects:

       

      NOW THEREFORE, in consideration of the
purchase and acceptance of the Notes by the Holders thereof, and for the purpose
of setting forth, as provided in this Indenture, the form and substance of the
Notes and the terms, provisions and conditions thereof, it is mutually
covenanted and agreed as follows:

       

       

      ARTICLE 1

      Definitions

       

      Section
1.01.  Definitions of
Terms.  Unless
the context otherwise requires:

       

      (a) a term not defined herein that is
defined in the Base Indenture has the same meaning when used in this First
Supplemental Indenture;

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      (b) the definition of any term in this First
Supplemental Indenture that is also defined in the Base Indenture shall
supersede the definition of such term in the Base Indenture;

       

      (c) a term defined anywhere in this First
Supplemental Indenture has the same meaning throughout;

       

      (d) the singular includes the plural and
vice versa;

       

      (e) headings are for convenience of
reference only and do not affect interpretation;

       

      (f) the following terms have the meanings
given to them in this Section 1.01(f):

       

      “Business
Day” means any day that is
not a Saturday, a Sunday, a legal holiday or a day on which banking institutions
or trust companies located in New York City are authorized or obligated by law to
close.

       

      “Company” shall have the meaning set forth in
the preamble of this First Supplemental Indenture.

       

      “Comparable Treasury
Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term (“Remaining
Life”) of the Notes 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 Notes.

       

      “Comparable Treasury
Price” means, with respect
to any redemption date, (1) the average of four Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest
Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.

       

      “Indenture” has the meaning set forth in the
preamble of this First Supplemental Indenture.

       

      “Interest Payment
Date” means each June 1 and
December 1, commencing June 1, 2010.

       

      “Interest Payment
Period” means the
semi-annual period, from and including an Interest Payment Date to but not
including the next succeeding Interest Payment Date, except for the first
Interest Payment Period which shall be determined from and including the date of
initial issuance of the Notes (subject to Section 2.01(b)) to but not including
June 1, 2010.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      “Make-Whole Redemption
Amount” means the sum of
the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (exclusive of interest accrued to the date of
redemption) discounted to the date of redemption on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the then current
Treasury Rate plus 30 basis points.

       

      “Maturity
Date” means the date on
which the Notes mature as specified in Section 2.02 hereof and on which the principal shall
be due and payable together with all accrued and unpaid interest
thereon.

       

      “Notes” shall have the meaning set forth in
the recitals of this First Supplemental Indenture.

       

      “Quotation
Agent” means one of the
Reference Treasury Dealers appointed by the Company.

       

      “Reference Treasury
Dealer” means (1) each
of Barclays Capital Inc., Banc of America Securities LLC and Credit Suisse
Securities (USA) LLC and their respective successors unless any of them ceases
to be a primary U.S. Government securities dealer in New York City
(“Primary Treasury
Dealer”), in which case the
Company shall substitute another Primary Treasury Dealer and (2) one other
Primary Treasury Dealer selected by the Company.

       

      “Reference Treasury
Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day
preceding such redemption date.

       

      “Regular Record
Date” has the meaning set
forth in Section 2.04(c).

       

      “Securities” has the meaning set forth in the
recitals of this First Supplemental Indenture.

       

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

       

      “Special Record
Date” has the meaning set
forth in Section 2.04(c).

       

      “Treasury
Rate” means, with respect
to any redemption date, the rate per year equal to: (1) the yield, under the
heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated
“H.15(519)” or any successor publication which is published weekly by the Board
of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable
Treasury Issue; provided
that, if no maturity is
within three months before or after the Remaining Life of the Notes to be
redeemed, yields for the two published maturities most closely corresponding to
the Comparable Treasury Issue shall be determined and the Treasury Rate shall be
interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) 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 year equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. The Treasury
Rate shall be calculated on the third Business Day preceding the redemption
date.

       

      “Trustee” shall have the meaning set forth in
the preamble of this First Supplemental Indenture.

       

       

      ARTICLE 2

      General Terms and Conditions of the
Notes

       

      Section
2.01.  Designation and Principal
Amount.  (a)
There is hereby authorized a series of Securities designated the 5.500% Senior
Notes due 2020, which shall be in the form of senior unsecured notes issued by
the Company under this Indenture, unlimited in aggregate principal
amount.

       

      (b) The Company may, from time to time,
subject to compliance with any other applicable provisions of this First
Supplemental Indenture but without the consent of the Holders, create and issue
pursuant to this First Supplemental Indenture an unlimited principal amount of
additional Securities (in excess of any amounts theretofore issued) having the
same terms and conditions to those of the other outstanding Securities, except
that any such additional Securities (i) may have a different issue date and
issue price from other outstanding Securities and (ii) may have a different amount of interest
payable on the first Interest Payment Date after issuance than is payable on
other outstanding Securities. The Company may not issue additional
Securities described in paragraph 2.01(b) unless such Securities are part of the
same issue as the other outstanding Securities for U.S. federal income tax
purposes.

       

      Section
2.02.  Maturity.  The Maturity Date will be June 1,
2020.

       

      Section
2.03.  Form and
Payment.  Except
as provided in Section 2.04, the Notes shall be issued in fully
registered certificated form without interest coupons in denominations of $2,000
and integral multiples of $1,000 in excess thereof, bearing identical
terms. Principal and interest on the Notes
issued in certificated 

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      form will be payable, the transfer of
such Notes will be registrable and such Notes will be exchangeable for Notes
bearing identical terms and provisions at the office or agency of the Trustee;
provided, however, that payment of interest may be made,
at the option of the Company, by check mailed to the Holder at such address as
shall appear in the Security Register.

       

      Section
2.04.  Interest.  (a) The Notes will bear interest, accruing
from the date of initial issuance, at the per annum rate of 5.500%, payable
semi-annually on each Interest Payment Date, commencing on June 1,
2010.

       

      (b) Interest payments will include accrued
interest from and including the last date in respect of which interest has been
duly paid or provided for to, but not including, the next succeeding Interest
Payment Date or the date of redemption, as the case may be.  The
amount of interest payable for any full Interest Payment Period will be computed
on the basis of a 360 day year of twelve thirty-day months, and the amount of
interest payable for any period shorter than a full Interest Payment Period for
which interest is computed will be computed on the basis of thirty-day months
and, for periods of less
than a thirty-day month, the actual number of days elapsed per thirty-day
month.

       

      (c) The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Base Indenture, be paid to the Person in whose name the Notes is
registered at the close of business on the day next preceding the Interest
Payment Date; provided, that in the event the Notes will not continue to remain
in book-entry form or are not in the form of a global certificate, the record
date for each Interest Payment Date shall be the fifteenth day of the month
preceding the month in which such Interest Payment Date occurs (the
“Regular
Record Date”). Any such
interest installment not punctually paid or duly provided for within five
Business Days of such Interest Payment Date shall forthwith cease to be payable
to the registered Holders on such Regular Record Date, and may be paid to the
Person in whose name the Notes is registered at the close of business on a
special record date to be fixed by the Company in accordance with the terms of
the Indenture (“Special Record
Date”) for the payment of
such interest after the Company has deposited with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
interest, notice whereof shall be given by the Trustee to the registered Holders
of this series of Notes not less than ten days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such
exchange.

       

      Section
2.05.  No Payment of Additional
Amounts.  The
Company will not be required to pay any Additional Amounts with respect to the
Notes.

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      ARTICLE 3

      Redemption of the
Notes

       

      The Company shall have the right to
redeem the Notes in accordance with Article 11 of the Base Indenture as amended
and supplemented by the following provisions.

       

      Section
3.01.  Redemption.  The Company may redeem the Notes at its
option, in whole or in part, at any time and from time to time at a redemption
price equal to the greater of:

       

      
        	
                ·     

              	
                100% of the principal amount of
      the Notes to be redeemed; or

              

      

       

      
        	
                ·     

              	
                the Make-Whole Redemption
      Amount.

              

      

       

      Section 3.02 .  Redemption
Procedure for Notes.  Notwithstanding the provisions of
Section 11.04 of the Base Indenture, the Company will mail, or cause the Trustee
to mail, notice of every redemption of Notes by first class mail, postage
prepaid, and addressed to the Holders of record of the Notes to be redeemed at
such Holder’s respective last address appearing on the Company’s books. Any
redemption pursuant to this Article 3 will be made upon not less than fifteen
days nor more than sixty days notice before the date fixed for redemption to the
registered Holder of the Notes. If the Notes are to be redeemed in part pursuant
to Section 3.01, the Notes will be redeemed pro rata or
by lot or by any other method utilized by the Trustee that the Trustee shall
deem appropriate. Any notice mailed as provided in this Section
3.02 shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice, but failure duly to give such notice by mail, or any
defect in such notice or in the mailing thereof, to any Holder of the Notes
designated for redemption shall not affect the redemption of any other Notes.
Each such notice given to a Holder shall state: (i) the date of redemption;
(ii) the redemption price;
(iii) that the Notes are
being redeemed pursuant to this Indenture or the terms of the Notes together
with the facts permitting such redemption; (iv) if less than all outstanding Notes are
to be redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of the particular Notes to be redeemed; (v) the place or places where the Notes are
to be redeemed; and (vi)
that interest on the Notes to be redeemed will cease to accrue on the date of
redemption. Notwithstanding the foregoing or any provision of the Base
Indenture, if the Notes are issued in book-entry form through The Depository
Trust Company or any other similar facility, notice of redemption may be given
to the Holders of Notes at such time and in any manner permitted by such
facility. The redemption price shall be paid prior to 10:00 a.m., New York City time, on the date of such redemption or
at such earlier time as the Company determines and specifies in the notice of
redemption. The Company shall deposit with the Trustee or with a Paying Agent an
amount of money 

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      sufficient to pay the redemption price
of such Notes or any portion thereof which are to be redeemed on that
date.

       

      Section
3.03.  Payment of Securities Called for
Redemption.  If
any notice of redemption has been given as provided in Section
3.02, the Notes or
portion of the Notes with respect to which such notice has been given shall
become due and payable on the date and at the place or places stated in such
notice at the applicable redemption price. From and after such date, the Notes
to be redeemed shall cease to bear interest. If any Notes called for redemption
shall not be so paid upon surrender thereof for redemption, the principal of and
premium, if any, on such Notes shall, until paid, bear interest from the date of
redemption. On presentation and surrender of such Notes at a place of payment in
said notice specified, the said securities or the specified portions thereof
shall be paid and redeemed by the Company at the applicable redemption price.
Upon presentation of any Notes redeemed in part only, the Company shall execute
and the Trustee shall authenticate and deliver to the Holder thereof, at the
expense of the Company, new Notes of the same series, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of
the Notes so presented and having the same original issue date, Maturity Date
and terms. If a global security is so surrendered, such new Notes will also be a
new global security.

       

       

      ARTICLE 4

      No Sinking Fund

       

      Article 12 of the Base Indenture shall
be superseded by this Article 4 with respect to the
Notes.

       

      Section
4.01.  No
Sinking Fund.  The Notes are not entitled to the
benefit of any sinking fund.

       

       

      ARTICLE 5

      Form of Note

       

      Section
5.01.  Form of
Note.  The Notes
and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the following forms:

       

      [FORM OF FACE OF
NOTE]

       

      [IF THE NOTE IS TO BE A GLOBAL SECURITY,
INSERT - THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN 

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      THE NAME OF THE CLEARING AGENCY OR A
NOMINEE OF THE CLEARING AGENCY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE CLEARING AGENCY TO A
NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE
CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.]

       

      [UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

       

      PARTNERRE FINANCE B
LLC

       

      5.500% Senior Notes due
2020

      
         

        
          	
                  No.
    R-1 

                	
                  $500,000,000

                
	 	
                   CUSIP No.  70213B
      AA9

                

        

      

       

      PARTNERRE FINANCE B LLC, a limited
liability company organized and existing under the laws of Delaware (hereinafter
called the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Cede & Co., as nominee for The Depository Trust
Company, or registered assigns, the principal sum of FIVE HUNDRED MILLION
dollars ($500,000,000) on June 1, 2020.  The Company further promises
to pay interest on said principal sum from March 15, 2010 or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on June 1 and December 1 in each year, commencing on June 1,
2010, at the rate set forth above, until the principal hereof is paid or duly
provided for.  Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months unless the period for which interest is
to be paid consists of less than a thirty-day month, in which case it will be
computed on the basis of the actual number of days elapsed per thirty-day
month.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date shall, as provided in
the 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 May 15 or November 15 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment
Date.  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 either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Company in accordance with the terms of the Indenture, notice whereof shall be
given by the Trustee to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said
Indenture.

       

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

       

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

       

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

       

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

       

      Dated:  March 15,
2010

       

      
        	
                PARTNERRE FINANCE B
      LLC

              	 
	 	 
	
                By:

              	 
    	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      
 

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      This is one of the Notes referred to in
the within mentioned Indenture.

       

      
        	
                THE BANK OF NEW YORK MELLON, as
      Trustee

              	 
	 	 
	
                By:

              	 
    	 
	 	
                Authorized
      Officer

              	 
	 
    	 

      

      

      [REVERSE OF NOTE]

       

      This Note is one of a duly authorized
issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or
more series under an Indenture, dated as of March 15, 2010 (herein called the
“Base
Indenture”), between the
Company, the Guarantor and The Bank of New York Mellon, as trustee (herein
called the “Trustee”), as supplemented by a First
Supplemental Indenture, dated as of March 15, 2010 (the “First Supplemental
Indenture” and the Base
Indenture as so supplemented, the “Indenture”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Trustee, the Company and the Holders of the Notes, and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
one of the series designated on the face hereof, initially limited in aggregate
principal amount to $500,000,000.

       

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

       

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

       

      The Indenture contains provisions for
satisfaction, discharge and defeasance at any time of the entire indebtedness of
this Note upon compliance by the Company with certain conditions set forth in
the Indenture.

       

      The Indenture permits, with certain
exceptions as therein provided, the Company and the Trustee at any time to enter
into a supplemental indenture or indentures for the purpose of modifying in any
manner the rights and obligations of the Company and of the Holders of the
Securities, with the consent of the Holders of not less than a majority in
principal amount of the Outstanding 

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      Securities of each series to be affected
by such supplemental indenture. The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

       

      As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is
registrable in the Securities Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company maintained under
Section 10.02 of the Base Indenture duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Securities Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series, 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, but the Company or the
Trustee 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 Note
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 Note is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

       

      The Notes are issuable only in
registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. This Global Security is exchangeable for
Notes in definitive form only under certain limited circumstances set forth in
the Indenture. Notes so issued are issuable only in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Base Indenture and subject to certain limitations
therein set forth, Notes are exchangeable for a like aggregate principal amount
of Notes of a different authorized denomination, as requested by the Holder
surrendering the same.

       

      No recourse shall be had for the payment
of the principal of or the interest on this Note, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture,
against any incorporator, shareholder, officer or director, past, present or
future, as such, of the Company or of any predecessor or successor corporation,
whether by virtue of any constitution, 

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issuance
hereof, expressly waived and released.

       

      THE INDENTURE AND THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE.

       

       

      ARTICLE 6

      Original Issue of
Notes

       

      Section
6.01.  Original
Issue of Notes.  Notes in the aggregate principal amount
not to exceed $500,000,000, except as provided in Section
2.01(b) hereof, may,
upon execution of this First Supplemental Indenture, be executed by the Company
and delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Notes to or upon the written order of the Company,
signed by its Chief Executive Officer, President, any Executive Vice President,
Chief Financial Officer, General Counsel or Corporate Secretary, without any
further action by the Company.

       

       

      ARTICLE 7

      Covenants

       

      Article 10 of the Base Indenture shall
be supplemented by the following provisions.

       

      Until all the principal of and interest
on each Note have been paid in full, the Company covenants and agrees with the
Holders that:

       

      Section 7.01.  Activities of the
Company.  The
Company’s activities shall be limited to issuing senior or subordinated debt
instruments and lending the proceeds from the sale of any such senior or
subordinated debt instruments to PartnerRe U.S. Corporation on terms identical
in all material respects to the terms of the debt instruments issued by the
Company in such transaction, and any other activities necessary or incidental to
these activities.  For the avoidance of doubt, the Company shall have
no employees, shall acquire no real property and shall incur no material
obligations other than the senior or subordinated debt obligations referred to
in this Section 7.01.

       

      Section 7.02.  Use of
Proceeds.  The Company shall use the proceeds of
the Notes to acquire debt instruments of PartnerRe U.S. Corporation on terms
identical in all material respects to those of these Notes and shall hold such
debt 

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

       

      instruments for so long as any Note
remains outstanding. Any such debt instrument of PartnerRe
U.S. Corporation shall be evidenced at all times by a note or agreement duly
executed and delivered by PartnerRe U.S. Corporation. The Company shall modify or waive the
terms of any such debt instrument of PartnerRe U.S. Corporation only if and to
the extent that the terms of the Notes have been modified or waived in
accordance with the terms of the Indenture.

       

      Section 7.03.  Proper
Records.  The
Company will keep proper books of record and account in which complete and
correct entries are made of all transactions relating to its business and
activities.

       

      Section 7.04.  Compliance with
Laws.  The
Company will comply with all laws, rules, regulations and orders of any
government agency applicable to it or its property, except where failures to do
so could not, in the aggregate, result in a material adverse effect on its
ability to satisfy its obligations on the Notes.

       

      Section 7.05.  Liens.  The Company shall not
create, agree to create, incur, assume or suffer to exist any Lien upon or with
respect to any of its property or assets, whether now owned or hereafter
acquired; provided that nothing in this Section
7.05 shall prevent the
creation, agreement to create, incurrence, assumption or existence of the
following Liens:

       

      (i) Liens in respect of banker’s liens,
rights of set-off or similar rights and remedies as to deposit accounts or other
funds maintained with a creditor depository or other financial institution;
provided, however, that (x) such deposit account is
not a dedicated cash collateral account and is not subject to restrictions
against access by the Company, and (y) such deposit account is not intended
by the Company to provide collateral to the depository
institution;

       

      (ii) Liens for taxes, assessments or
governmental charges or levies not yet due, or Liens for taxes, assessments or
governmental charges or levies being contested in good faith and by appropriate
proceedings for which adequate reserves have been established in accordance with
GAAP;

       

      (iii) judgment liens in respect of judgments
that do not constitute an Event of Default; and

       

      (iv) any extension, renewal or replacement of
the foregoing Liens.

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

       

      ARTICLE 8

      Ranking

       

      Section
8.01.  Ranking.  The Notes shall be the Company’s senior
unsecured indebtedness and shall rank equally with all of its other senior
unsecured indebtedness from time to time outstanding.

       

       

      ARTICLE 9

      Miscellaneous

       

      Section
9.01.  Ratification
of Indenture.  The Base Indenture as supplemented by
this First Supplemental Indenture, is in all respects ratified and confirmed,
and this First Supplemental Indenture shall be deemed part of the Base Indenture
in the manner and to the extent herein and therein provided.

       

      Section
9.02.  Trustee
Not Responsible for Recitals.  The recitals herein contained are made
by the Company and not by the Trustee, and the Trustee assumes no responsibility
for the correctness thereof.  The Trustee makes no
representation as to the validity or sufficiency of this First Supplemental
Indenture.

       

      Section
9.03.  Governing
Law.  This First
Supplemental Indenture and each Note shall be deemed to be a contract made under
the laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of said State applicable to contracts made
and to be performed entirely within said State.

       

      Section
9.04.  Separability.  In case any one or more of the
provisions contained in this First Supplemental Indenture or in the Notes shall
for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other
provisions of this First Supplemental Indenture or of the Notes, but this First
Supplemental Indenture and the Notes shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or
therein.

       

      Section
9.05.  Counterparts.  This First Supplemental Indenture may be
executed in any number of counterparts each of which shall be an original; but
such counterparts shall together constitute but one and the same
instrument.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

      IN WITNESS WHEREOF, the parties hereto
have caused this First Supplemental Indenture to be duly executed by their
respective officers thereunto duly authorized, on the date or dates indicated in
the acknowledgments and as of the day and year first above
written.

       

      
        	
                PARTNERRE FINANCE B
      LLC,

                as Company

                 

              	 
	
                By:

              	
                /s/ John N. Adimari

              	 
	 	
                  Name: John N.
      Adimari

              	 
	 	
                  Title: EVP & Chief
      Operating Officer

              	 

      

       

       

      
        	
                By:

              	
                /s/ Thomas L.
      Forsyth

              	 
	 	
                  Name: Thomas L.
      Forsyth

              	 
	 	
                  Title:

              	 

      

       

       

      
        	
                PARTNERRE LTD., as
      Guarantor

                 

              	 
	
                By:

              	
                /s/ William Babcock

              	 
	 	
                  Name: William
      Babcock

              	 
	 	
                  Title: Group Finance
      Director

              	 

      

       

       

       

      
        	
                THE BANK OF NEW YORK MELLON, as
      Trustee

                 

              	 
	
                By:

              	   /s/
      Cheryl
      L. Clarke	 
	 	
                  Name: Cheryl L.
      Clarke

              	 
	 	
                  Title: Vice
      President

              	 

      

       

      
 

    

     15

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