Document:

Exhibit 10.13

 

EXECUTION COPY

 

TRANSACTION FEE AGREEMENT

TRANSACTION FEE
AGREEMENT, dated as of October 20, 2004, by and among Edgen Corporation, a
Nevada corporation (the “Company”), Jed DiPaolo (“DiPaolo”), John B.
Elstrott (“Elstrott”), Edgar Hotard (“Hotard”), Dan O’Leary (“O’Leary”)
and David L. Laxton, III (“Laxton”).

W I T N E S S E T H:

WHEREAS, the Company and
its subsidiaries (the “Subsidiaries”) are in the business of supplying
and distributing prime carbon and alloy steel pipe to the energy, process and
fabrication industries;

WHEREAS, the Company is
evaluating possible transactions pursuant to which one or more third parties
would acquire, either directly or through a subsidiary, substantially all of
the assets or alternatively, all of the issued and outstanding capital shares
of the Company and/or its Subsidiaries (a “Sale”);

WHEREAS, each of DiPaolo,
Elstrott and Hotard serves as a director of the Company (collectively, the “Directors”);

WHEREAS, O’Leary serves
as President and Chief Executive Officer of the Company and Edgen Louisiana
Corporation, a Louisiana corporation and a wholly-owned subsidiary of the
Company (“Edgen Louisiana”), and Laxton serves as Chief Financial
Officer and Senior Vice, President of the Company and Edgen Louisiana (collectively,
the “Executives”);

WHEREAS, the Company
desires that each of the Directors continue his directorship arrangement with
the Company until the consummation of the Sale;

WHEREAS, the Company
desires that each of the Executives continue his employment with the Company
and Edgen Louisiana until the consummation of the Sale;

NOW, THEREFORE, in
consideration of the mutual covenants herein contained, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, hereto, intending to be legally bound hereby, agree
as follows:

1.             Effective Date.  This Agreement shall be effective as of the
date first above written (the “Effective Date”),

2.             Compensation.  Concurrent with the closing of (i) a stock
sale, merger, joint venture formation or other business combination or
recapitalization of the Company or its Subsidiaries in connection with which
control of the Company or its Subsidiaries, as the case may be, is assumed by
one or more unaffiliated third parties (collectively, a “Business
Combination”), or (ii) a sale of all or substantially all of the Company’s
or its Subsidiaries’ assets (an “Asset Sale”, and, together with a
Business Combination, a “Transaction”), the 

 

Company will pay
to the Directors, Executives and certain other individuals an aggregate amount
equal to 2% of the Transaction Amount (the “Transaction Fee”).

(a)           Concurrent with, and
as a condition to, the closing of a Transaction, the Company will pay to each
Director, in consideration of such Director’s continued services as a director
of the Company until the consummation of a Transaction, a fee in an amount set
forth opposite such Director’s name on Schedule A attached hereto (the “Director
Transaction Fee”).

(b)           Concurrent with, and
as a condition to, the closing of a Transaction, the Company will pay to each
Executive, in consideration of such Executive’s continued employment with the
Company and with Edgen Louisiana until the consummation of a Transaction, a fee
in an amount equal to the percentage set forth opposite such Executive’s name
on Schedule A attached hereto of the Transaction Fee (the “Executive
Transaction Fee”).

(c)           The balance of the
Transaction Fee shall be paid to certain individuals at the discretion of, and
by the mutual agreement of, Ira Kleinman and O’Leary.

(d)           “Transaction
Amount” as used herein, is defined as the total consideration paid or
contributed for the assets, or existing and any newly issued stock of the
Company or any of its Subsidiaries, and shall include amounts paid in cash,
notes, property, stock or other evidences of indebtedness or securities.  Any securities that form part or all of the
Transaction Amount will be valued at the quoted public market price or, in the
absence of a quoted market price, the fair value thereof.  If part of the consideration paid or
contributed in a Business Combination or Asset Sale shall be payable in
installments or shall be contingent, then the amount, if any, of the
Transaction Fee shall be payable in the proportionate amounts and at the same
time as such installments or contingent payments are made.  In the event of a recapitalization,
Transaction Amount shall equal the value of cash, notes, property and
securities distributed to the Company’s stockholders. The Transaction Fee will
be payable so long as a Transaction is consummated.

3.             Term.  The term of this Agreement shall commence on
the date hereof and shall terminate upon March 31, 2005 (the “Term”).

4.             Assignment.  Neither the Executive nor the Company may
assign this Agreement or any of their respective rights or obligations
hereunder, except that either of them may assign or transfer this Agreement to
any other person who or which acquires all or substantially all of their
respective property, business and assets.

5.             Severability.  The invalidity or unenforceability of any
provision of this Agreement shall, not in any manner or way affect any other
provision hereof; and this Agreement shall be construed, if possible, as if
amended to conform to legal requirement, failing which it shall be construed as
if any such offending provision were omitted.

6.             Governing Law.  This Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of New York,
without giving effect to the conflicts of law principles there of.

2

7.             Entire Agreement.  This Agreement constitutes the entire
understanding of the parties hereto with respect to the subject matter hereof.

8.             Binding Nature.  Subject to the restrictions on assignability
contained herein, each and all of the covenants, terms, conditions, provisions
and agreements herein contained shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors, heirs and permitted
assigns.

9.             Amendment, etc.  The provisions of this Agreement may not be
amended, waived, modified or changed except by an instrument in writing signed
by all of the parties hereto.  No waiver
of any breach or condition of this Agreement shall be deemed to be a waiver of
any other or subsequent breach or condition, whether or like or different
nature.

10.           Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original and all of which, when
taken together, shall constitute one and the same instrument.

 

3

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their
representatives thereinto duly authorized on the date first above written.

	
  EDGEN CORPORATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Ira Kleinman

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jed DiPaolo

  
	
   

  	
   

  	
  Jed DiPaolo

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John B. Elsrott

  
	
   

  	
   

  	
  John B. Elsrott

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Edgar Hotard

  
	
   

  	
   

  	
  Edgar Hotard

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Dan O’Leary

  
	
   

  	
   

  	
  Dan O’Leary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David L. Laxton

  
	
   

  	
   

  	
  David L. Laxton, III

  

 

 

4

SCHEDULE
A

	
  Director

  	
   

  	
  Director Transaction Fee Amount

  
	
  Jed DiPaolo

  	
   

  	
  The lesser of $50,000 and 8.33% of the Transaction
  Fee

  
	
  John B. Elsrott

  	
   

  	
  The lesser of $50,000 and 8.33% of the Transaction
  Fee

  
	
  Edgar Hotard

  	
   

  	
  The lesser of $50,000 and 8.33% of the Transaction
  Pee

  
	
   

  	
   

  	
   

  
	
  Executive

  	
   

  	
  Executive Transaction Fee Amount Multiplier

  
	
  Dan O’Leary

  	
   

  	
  50%

  
	
  David L. Laxton III

  	
   

  	
  25%

  

 

 

5EXHIBIT 4.4

 

[FORM OF SENIOR GUARANTEED INDENTURE]

 

 

 

 

CREDIT SUISSE GROUP FINANCE (GUERNSEY) LIMITED

 

as the Company,

 

CREDIT SUISSE GROUP

 

as the Guarantor

 

and

 

JPMORGAN CHASE BANK, N.A.

 

as Trustee

 

SENIOR INDENTURE

 

Dated as of                        

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
  ARTICLE 1

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  
	
  Section 1.01.

  	
  Definitions

  	
  1

  
	
  Section 1.02.

  	
  Other Definitions

  	
  5

  
	
  Section 1.03.

  	
  Incorporation by
  Reference of Trust Indenture Act

  	
  6

  
	
  Section 1.04.

  	
  Rules of
  Construction

  	
  6

  
	
  ARTICLE 2

  
	
  THE SECURITIES

  
	
  Section 2.01.

  	
  Form and Dating

  	
  7

  
	
  Section 2.02.

  	
  Execution and
  Authentication

  	
  7

  
	
  Section 2.03.

  	
  Amount Unlimited;
  Issuable in Series

  	
  8

  
	
  Section 2.04.

  	
  Denomination and Date
  of Securities; Payments of Interest

  	
  11

  
	
  Section 2.05.

  	
  Registrar and Paying
  Agent; Agents Generally

  	
  11

  
	
  Section 2.06.

  	
  Paying Agent to Hold
  Money in Trust

  	
  12

  
	
  Section 2.07.

  	
  Transfer and Exchange

  	
  13

  
	
  Section 2.08.

  	
  Replacement Securities

  	
  15

  
	
  Section 2.09.

  	
  Outstanding Securities

  	
  16

  
	
  Section 2.10.

  	
  Temporary Securities

  	
  17

  
	
  Section 2.11.

  	
  Cancellation

  	
  17

  
	
  Section 2.12.

  	
  CUSIP Numbers

  	
  17

  
	
  Section 2.13.

  	
  Defaulted Interest

  	
  17

  
	
  Section 2.14.

  	
  Series May Include
  Tranches

  	
  18

  
	
  Section 2.15.

  	
  Computation of Interest

  	
  18

  
	
  Section 2.16.

  	
  ERISA

  	
  18

  
	
  ARTICLE 3

  
	
  REDEMPTION

  
	
  Section 3.01.

  	
  Applicability of
  Article

  	
  18

  
	
  Section 3.02.

  	
  Notice of Redemption;
  Partial Redemptions

  	
  19

  
	
  Section 3.03.

  	
  Payment of Securities
  Called for Redemption

  	
  20

  
	
  Section 3.04.

  	
  Exclusion of Certain
  Securities from Eligibility for Selection for Redemption

  	
  21

  

 

i

 

	
   

  	
   

  	
  Page

  
	
  Section 3.05.

  	
  Mandatory and Optional
  Sinking Funds

  	
  21

  
	
  ARTICLE 4

  
	
  COVENANTS

  
	
  Section 4.01.

  	
  Payment of Securities

  	
  23

  
	
  Section 4.02.

  	
  Maintenance of Office
  or Agency

  	
  24

  
	
  Section 4.03.

  	
  Certificate to Trustee

  	
  25

  
	
  Section 4.04.

  	
  Reports by the Company
  and the Guarantor

  	
  25

  
	
  Section 4.05.

  	
  Calculation of Original
  Issue Discount

  	
  25

  
	
  ARTICLE 5

  
	
  SUCCESSOR CORPORATION

  
	
  Section 5.01.

  	
  When the Company May Merge,
  Etc.

  	
  26

  
	
  Section 5.02.

  	
  Successor Substituted

  	
  26

  
	
  ARTICLE 6

  
	
  THE GUARANTEE BY AND COVENANTS
  OF THE GUARANTOR

  
	
  Section 6.01.

  	
  Guarantee

  	
  26

  
	
  Section 6.02.

  	
  When the Guarantor May Merge,
  Etc.

  	
  29

  
	
  Section 6.03.

  	
  Successor Substituted

  	
  29

  
	
  ARTICLE 7

  
	
  DEFAULT AND REMEDIES

  
	
  Section 7.01.

  	
  Events of Default

  	
  29

  
	
  Section 7.02.

  	
  Acceleration

  	
  30

  
	
  Section 7.03.

  	
  Other Remedies

  	
  32

  
	
  Section 7.04.

  	
  Waiver of Past Defaults

  	
  32

  
	
  Section 7.05.

  	
  Control by Majority

  	
  33

  
	
  Section 7.06.

  	
  Limitation on Suits

  	
  33

  
	
  Section 7.07.

  	
  Rights of Holder to
  Receive Payment

  	
  33

  
	
  Section 7.08.

  	
  Collection Suit by
  Trustee

  	
  34

  
	
  Section 7.09.

  	
  Trustee May File
  Proofs of Claim

  	
  34

  
	
  Section 7.10.

  	
  Application of Proceeds

  	
  34

  
	
  Section 7.11.

  	
  Restoration of Rights
  and Remedies

  	
  35

  
	
  Section 7.12.

  	
  Undertaking for Costs

  	
  35

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
  Section 7.13.

  	
  Rights and Remedies
  Cumulative

  	
  35

  
	
  Section 7.14.

  	
  Delay or Omission Not
  Waiver

  	
  36

  
	
  ARTICLE 8

  
	
  TRUSTEE

  
	
  Section 8.01.

  	
  General

  	
  36

  
	
  Section 8.02.

  	
  Certain Rights of
  Trustee

  	
  36

  
	
  Section 8.03.

  	
  Individual Rights of
  Trustee

  	
  38

  
	
  Section 8.04.

  	
  Trustee’s Disclaimer

  	
  38

  
	
  Section 8.05.

  	
  Notice of Default

  	
  38

  
	
  Section 8.06.

  	
  Reports by Trustee to
  Holders

  	
  39

  
	
  Section 8.07.

  	
  Compensation and
  Indemnity

  	
  39

  
	
  Section 8.08.

  	
  Replacement of Trustee

  	
  40

  
	
  Section 8.09.

  	
  Successor Trustee by
  Merger, Etc.

  	
  41

  
	
  Section 8.10.

  	
  Eligibility

  	
  41

  
	
  Section 8.11.

  	
  Money Held in Trust

  	
  41

  
	
  ARTICLE 9

  
	
  DISCHARGE OF INDENTURE

  
	
  Section 9.01.

  	
  Defeasance within One
  Year of Payment

  	
  41

  
	
  Section 9.02.

  	
  Defeasance

  	
  42

  
	
  Section 9.03.

  	
  Covenant Defeasance

  	
  43

  
	
  Section 9.04.

  	
  Application of Trust
  Money

  	
  44

  
	
  Section 9.05.

  	
  Repayment to Company
  and Guarantor

  	
  44

  
	
  ARTICLE 10

  
	
  AMENDMENTS, SUPPLEMENTS AND
  WAIVERS

  
	
  Section 10.01.

  	
  Without Consent of
  Holders

  	
  44

  
	
  Section 10.02.

  	
  With Consent of Holders

  	
  45

  
	
  Section 10.03.

  	
  Revocation and Effect
  of Consent

  	
  46

  
	
  Section 10.04.

  	
  Notation on or Exchange
  of Securities

  	
  47

  
	
  Section 10.05.

  	
  Trustee to Sign
  Amendments, Etc.

  	
  47

  
	
  Section 10.06.

  	
  Conformity with Trust
  Indenture Act

  	
  47

  

 

iii

 

	
   

  	
  Page

  
	
  ARTICLE 11

  
	
  MISCELLANEOUS

  
	
  Section 11.01.

  	
  Trust Indenture Act of
  1939

  	
  47

  
	
  Section 11.02.

  	
  Notices

  	
  48

  
	
  Section 11.03.

  	
  Certificate and Opinion
  as to Conditions Precedent

  	
  49

  
	
  Section 11.04.

  	
  Statements Required in
  Certificate or Opinion

  	
  49

  
	
  Section 11.05.

  	
  Evidence of Ownership

  	
  49

  
	
  Section 11.06.

  	
  Rules by Trustee,
  Paying Agent or Registrar

  	
  50

  
	
  Section 11.07.

  	
  Payment Date other than
  a Business Day

  	
  50

  
	
  Section 11.08.

  	
  Governing Law

  	
  51

  
	
  Section 11.09.

  	
  No Adverse
  Interpretation of Other Agreements

  	
  51

  
	
  Section 11.10.

  	
  Successors

  	
  51

  
	
  Section 11.11.

  	
  Duplicate Originals

  	
  51

  
	
  Section 11.12.

  	
  Separability

  	
  51

  
	
  Section 11.13.

  	
  Table of Contents,
  Headings, Etc.

  	
  51

  
	
  Section 11.14.

  	
  Incorporators,
  Stockholders, Officers and Directors of Company Exempt from Individual
  Liability

  	
  51

  
	
  Section 11.15.

  	
  Judgment Currency

  	
  51

  

 

iv

 

SENIOR
INDENTURE, dated as of                ,
20     , among Credit Suisse Group Finance (Guernsey)
Limited, a limited company organized under the laws of Guernsey, as the
Company, Credit Suisse Group, a company organized under the laws of
Switzerland, as the Guarantor, and JPMorgan Chase Bank, N.A., a national banking
association, as the Trustee.

 

RECITALS OF THE COMPANY AND THE GUARANTOR

 

WHEREAS, the
Company has duly authorized the issue from time to time of its senior debentures,
notes or other evidences of indebtedness to be issued in one or more series (the
“Securities”) up to such principal amount or amounts as may from time to
time be authorized in accordance with the terms of this Indenture and to
provide, among other things, for the authentication, delivery and
administration of the Securities, the Company has duly authorized the execution
and delivery of this Indenture;

 

WHEREAS, all
things necessary to make this Indenture a valid indenture and agreement
according to its terms have been done and performed; and

 

WHEREAS, all
acts and things necessary to make the Guarantee of the Securities, as in this
Indenture provided, the valid, binding and legal obligation of the Guarantor,
and to constitute a valid Guarantee and agreement according to its terms, have
been done and performed, and the execution by the Guarantor of this Indenture
has in all respects been duly authorized;

 

NOW,
THEREFORE:

 

In
consideration of the premises and the purchases of the Securities by the
holders thereof, the Company, the Guarantor and the Trustee mutually covenant
and agree for the equal and proportionate benefit of the respective holders
from time to time of the Securities or of any and all series thereof and
of the coupons, if any, appertaining thereto as follows:

 

ARTICLE 1

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.                             Definitions.

 

“Agent” means
any Registrar, Paying Agent, transfer agent or Authenticating Agent.

 

“Authorized
Newspaper” means a newspaper (which, in the case of The City of New York, will,
if practicable, be The Wall Street Journal (Eastern Edition) and in the case of
London, will, if practicable, be the Financial Times (London Edition))
published in an official language of the country of publication customarily published
at least once a day for at least five days in each calendar week and of general
circulation in The City of New York or London, as applicable. If it shall be
impractical in the opinion of the Trustee to make any publication of any

 

 

notice required hereby in an Authorized Newspaper, any publication or
other notice in lieu thereof which is made or given with the approval of the
Trustee shall constitute a sufficient publication of such notice.

 

“Board
Resolution” means one or more resolutions of the board of directors of the
Company, the Guarantor or any authorized committee of the Company or the
Guarantor, certified by the secretary or an assistant secretary of the Company
or the Guarantor, as the case may be, to have been duly adopted and to be in
full force and effect on the date of certification, and delivered to the
Trustee.

 

“Business Day”
means, with respect to any Security, a day that is not a day on which banking
institutions are authorized or required by law or regulation to close, in the
city (or in any of the cities, if more than one) unless otherwise specified, in
which amounts are payable, as specified in the form of such Security.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s capital stock or equity, including, without
limitation, all Common Stock and Preferred Stock.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution of this
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”
means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s common stock, whether now outstanding or issued
after the date of this Indenture, including, without limitation, all series and
classes of such common stock.

 

“Company”
means the party named as such in the first paragraph of this Indenture until a
successor replaces it pursuant to Article 5 of this Indenture and
thereafter means the successor.

 

“Corporate
Trust Office” means the office of the Trustee at which the corporate trust
business of the Trustee shall, at any particular time, be principally
administered, which office is, at the date of this Indenture, located at 4 New
York Plaza, 15th Floor, New York, New York 10004, Attention: Worldwide
Securities Services.

 

“Default”
means any event that is, or after notice or passage of time or both would be,
an Event of Default as defined in Section 7.01.

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in the form
of one or more Registered Global Securities, the Person designated as
Depositary by the Company pursuant to Section 2.03 until a successor
Depositary shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Depositary” shall mean or include each Person who is
then a Depositary hereunder, and if at any time there is more than

 

2

 

one such Person, “Depositary” as used with respect to the Securities of
any such series shall mean the Depositary with respect to the Registered Global
Securities of that series.

 

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

 

“Guarantee”
means the guarantee of the Guarantor as endorsed on each Security authenticated
and delivered pursuant to this Indenture and shall include the guarantee of the
Guarantor set forth in Section 6.01 of this Indenture and shall include
all other obligations and covenants of the Guarantor contained in this
Indenture and any Securities.

 

“Guarantor”
means the party named as such in the first paragraph of this Indenture until a
successor replaces it pursuant to Article 6 of this Indenture and
thereafter means the successor.

 

“Holder” or “Securityholder”
means the registered holder of any Security with respect to Registered
Securities and the bearer of any Unregistered Security or any coupon
appertaining thereto, as the case may be.

 

“Indenture”
means this Indenture as originally executed or as it may be amended or
supplemented from time to time by one or more indentures supplemental to this
Indenture entered into pursuant to the applicable provisions of this Indenture
and shall include the forms and terms of the Securities of each series established
as contemplated pursuant to Sections 2.01 and 2.03.

 

“Officer”
means, with respect to the Company, the president, any vice-president, the
treasurer, any deputy treasurer, any assistant treasurer, the secretary or any
assistant secretary of the Company, and with respect to the Guarantor, the Chairman or Co-Chairman or Vice Chairman of
the Group Executive Board, the Chief Executive Officer or Co-Chief Executive
Officer, the Chief Financial Officer, the Chief Risk Officer, the Group General
Counsel, the Group Head of Capital and Funding and the Group Head of
Accounting/Reporting, or any such other officers or employees of the Guarantor
exercising the same or similar functions.

 

“Officers’
Certificate” means a certificate by any two Officers of the Company or of the
Guarantor, as the case may be, complying with Section 11.04 and delivered
to the Trustee. Each such certificate shall comply with Section 314 of the
Trust Indenture Act and include (except as otherwise expressly provided in this
Indenture) the statements provided in Section 11.04.

 

“Opinion of
Counsel” means a written opinion signed by legal counsel, who may be an
employee of or counsel to the Company or to the Guarantor, or to both,
satisfactory to the Trustee and complying with Section 11.04. Each such
opinion shall comply with Section 314 of the Trust Indenture Act and
include the statements provided in Section 11.04, if and to the extent
required thereby.

 

“original
issue date” of any Security (or portion thereof) means the earlier of (a) the
date of authentication of such Security or (b) the date of any Security
(or portion thereof) for which such Security was issued (directly or
indirectly) on registration of transfer, exchange or substitution.

 

3

 

“Original
Issue Discount Security” means any Security that provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of
acceleration of the maturity thereof pursuant to Section 7.02.

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the specific
terms of which Securities, including, without limitation, the rate or rates of
interest, if any, thereon, the stated maturity or maturities thereof and the
redemption provisions, if any, with respect thereto, are to be determined by
the Company or its agents upon the issuance of such Securities.

 

“Person” means
an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

 

“Preferred
Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s preferred or preference stock, whether now
outstanding or issued after the date of the Indenture, including, without
limitation, all series and classes of such preferred or preference stock.

 

“Principal” of
a Security means the principal amount of, and, unless the context indicates
otherwise, includes any premium payable on, the Security.

 

“Registered
Global Security” means a Security evidencing all or a part of a series of
Registered Securities, issued to the Depositary for such series in accordance
with Section 2.02, and bearing the legend prescribed in Section 2.02.

 

“Registered
Security” means any Security registered on the Security Register (as defined in
Section 2.05).

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the
Corporate Trust Office, including any Vice President, Managing Director,
Assistant Vice President, Secretary, Assistant Secretary or Assistant Treasurer
or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge and familiarity with the particular subject.

 

“Securities”
means any of the securities, as defined in the first paragraph of the recitals
hereof, that are authenticated and delivered under this Indenture and, unless
the context indicates otherwise, shall include any coupon appertaining thereto.

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other
business entity of which more than 50% of the outstanding Voting Stock is
owned, directly or indirectly, by such Person and one or more other
Subsidiaries of such Person.

 

4

 

“Trustee”
means the party named as such in the first paragraph of this Indenture until a
successor replaces it in accordance with the provisions of Article 8 and
thereafter means such successor.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as it may be amended from
time to time.

 

“Unregistered
Security” means any Security other than a Registered Security.

 

“U.S. GAAP”
means the generally accepted accounting principles in the United States.

 

“U.S.
Government Obligations” means securities that are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of an agency or instrumentality of
the United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, and
shall also include a depositary receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or Principal of any such U.S. Government Obligation held
by such custodian for the account of the holder of a depositary 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 depositary receipt from
any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of interest on or Principal of the U.S.
Government Obligation evidenced by such depositary receipt.

 

“Voting Stock”
means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other
voting members of the governing body of such Person.

 

“Yield to
Maturity” means, as the context may require, the yield to maturity (i) on
a series of Securities or (ii) if the Securities of a series are issuable
from time to time, on a Security of such series, calculated at the time of
issuance of such series in the case of clause (i) or at the time of
issuance of such Security of such series in the case of clause (ii), or, if
applicable, at the most recent redetermination of interest on such series or on
such Security, and calculated in accordance with the constant interest method
or such other accepted financial practice as is specified in the terms of such
Security.

 

Section 1.02.                             Other
Definitions. Each of the following terms is defined in the section set
forth opposite such term:

 

	
  TERM

  	
   

  	
  SECTION

  
	
   

  	
   

  	
   

  
	
  Authenticating Agent

  	
   

  	
  2.02

  
	
  cash transaction

  	
   

  	
  8.03

  
	
  Code

  	
   

  	
  2.16

  
	
  Dollars

  	
   

  	
  4.02

  
	
  ERISA

  	
   

  	
  2.16

  
	
  Events of Default

  	
   

  	
  7.01

  
	
  Judgment Currency

  	
   

  	
  11.15

  
	
  mandatory sinking fund payment

  	
   

  	
  3.05

  

 

5

 

	
  optional sinking fund payment

  	
   

  	
  3.05

  
	
  Paying Agent

  	
   

  	
  2.05

  
	
  Plan

  	
   

  	
  2.16

  
	
  record date

  	
   

  	
  2.04

  
	
  Registrar

  	
   

  	
  2.05

  
	
  Required Currency

  	
   

  	
  11.15

  
	
  Security Register

  	
   

  	
  2.05

  
	
  self-liquidating paper

  	
   

  	
  8.03

  
	
  Similar Law

  	
   

  	
  2.16

  
	
  sinking fund payment date

  	
   

  	
  3.05

  
	
  tranche

  	
   

  	
  2.14

  

 

Section 1.03.                             Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the Trust Indenture Act, the provision is incorporated by
reference in and made a part of this Indenture. The following terms used in
this Indenture that are defined by the Trust Indenture Act have the following
meanings:

 

“indenture
securities” means the Securities and the Guarantee;

 

“indenture
security holder” means a Holder or a Securityholder;

 

“indenture to
be qualified” means this Indenture;

 

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

 

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

 

All other
terms used in this Indenture that are defined by the Trust Indenture Act,
defined by reference in the Trust Indenture Act to another statute or defined
by a rule of the Commission and not otherwise defined herein have the meanings
assigned to them therein. If any provision of this Indenture limits, qualifies
or conflicts with another provision hereof that is required to be included in
this Indenture by any of the provisions of the Trust Indenture Act, such
required provision shall control.

 

Section 1.04.                             Rules
of Construction. Unless the context otherwise requires:

 

(a)                                  an accounting term
not otherwise defined has the meaning assigned to it in accordance with U.S.
GAAP or such other generally accepted accounting principles under which the
Guarantor may in the future prepare its financial statements;

 

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

 

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

 

(d)                                 all references to
Sections or Articles refer to Sections or Articles of this Indenture unless
otherwise indicated; and

 

6

 

(e)                                  use of masculine,
feminine or neuter pronouns should not be deemed a limitation, and the use of
any such pronouns should be construed to include, where appropriate, the other
pronouns.

 

ARTICLE 2

 

THE SECURITIES

 

Section 2.01.                             Form
and Dating. The Securities of each series shall be substantially in such form
or forms (not inconsistent with this Indenture) as shall be established by or
pursuant to one or more Board Resolutions of the Company or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have imprinted or otherwise reproduced thereon such
legend or legends or endorsements, not inconsistent with the provisions of this
Indenture, as may be required to comply with any law, or with any rules of any
securities exchange or usage, all as may be determined by the Officers
executing such Securities as evidenced by their execution of the Securities. Unless
otherwise so established, Unregistered Securities shall have coupons attached.

 

Section 2.02.                             Execution
and Authentication. The Securities (other than coupons) and the Guarantee
shall be executed on behalf of the Company and of the Guarantor, as the case may
be, by two of their respective Officers by facsimile or manual signature in the
name and on behalf of the Company and of the Guarantor, as the case may be. If
an Officer whose signature is on a Security or the Guarantee no longer holds
that office at the time the Security or the Guarantee is authenticated, the
Security or the Guarantee shall nevertheless be valid.

 

The Trustee,
at the expense of the Company, or if the Company shall fail to pay such
expense, the Guarantor, may appoint an authenticating agent (the “Authenticating
Agent”) to authenticate Securities (other than coupons). The Authenticating
Agent may authenticate Securities whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes
authentication by such Authenticating Agent.

 

A Security
(other than coupons) shall not be valid until the Trustee or Authenticating
Agent manually signs the certificate of authentication on the Security. The
signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series having attached thereto
appropriate coupons, if any, executed by the Company, with the Guarantee of the
Guarantor endorsed thereon, to the Trustee for authentication together with the
applicable documents referred to below in this Section, and the Trustee shall
thereupon authenticate and make available for delivery such Securities to or
upon the written order of the Company. In authenticating any Securities of a
series, the Trustee shall be entitled to receive prior to the first
authentication of any Securities of such series, and shall be fully protected
in relying upon, unless and until such documents have been superseded or
revoked:

 

7

 

(a)                                  any Board Resolution
of the Company and/or executed supplemental indenture referred to in Sections
2.01 and 2.03 by or pursuant to which the forms and terms of the Securities of
that series were established;

 

(b)                                 an Officers’
Certificate of the Company and the Guarantor setting forth the form or forms
and terms of the Securities and the Guarantee thereof, stating that the form or
forms and terms of the Securities of such series have been, or will be when
established in accordance with such procedures as shall be referred to therein,
established in compliance with this Indenture; and

 

(c)                                  an Opinion of Counsel
of the Company and the Guarantor substantially to the effect that the form or
forms and terms of the Securities of such series and the Guarantee thereof have
been, or will be when established in accordance with such procedures as shall
be referred to therein, established in compliance with this Indenture and that
the supplemental indenture, to the extent applicable, and the Securities and
the Guarantee thereof have been duly authorized and, if executed and
authenticated, or in the case of the Guarantee, if the Security on which the
Guarantee shall have been endorsed shall have been authenticated, in accordance
with the provisions of the Indenture and delivered to and duly paid for by the
purchasers thereof on the date of such opinion, would be entitled to the
benefits of the Indenture and would be valid and binding obligations of the
Company and the Guarantor, as the case may be, enforceable against the Company
and the Guarantor, as the case may be, in accordance with their respective
terms, subject to bankruptcy, insolvency, reorganization, receivership,
moratorium and other similar laws affecting creditors’ rights generally,
general principles of equity, and such other matters as shall be specified
therein.

 

If the Company
shall establish pursuant to Section 2.03 that the Securities of a series or
a portion thereof are to be issued in the form of one or more Registered Global
Securities, then the Company shall execute, and the Guarantor shall execute the
Guarantee endorsed thereon, and the Trustee shall authenticate and make
available for delivery one or more Registered Global Securities, having a
Guarantee executed by the Guarantor endorsed thereon that (i) shall
represent and shall be denominated in an amount equal to the aggregate
principal amount of all of the Securities of such series issued in such form and
not yet canceled, (ii) shall be registered in the name of the Depositary
for such Registered Global Security or Securities or the nominee of such
Depositary, (iii) shall be delivered by the Trustee to such Depositary or
its custodian or pursuant to such Depositary’s instructions and (iv) shall
bear a legend substantially to the following effect:

 

“Unless and until it is exchanged in whole or
in part for Securities in definitive registered form, this Security may not be
transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary.”

 

Section 2.03.                             Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

8

 

The Securities
may be issued in one or more series and each such series shall rank equally and
pari passu with all other unsecured and unsubordinated debt of the Company. There
shall be established in or pursuant to a Board Resolution of the Company or one
or more indentures supplemental hereto, prior to the initial issuance of
Securities of any series (subject to the last sentence of this Section 2.03):

 

(a)                                  the designation of
the Securities of the series, which shall distinguish the Securities of the series
from the Securities of all other series;

 

(b)                                 any limit upon the
aggregate principal amount of the Securities of the series that may be authenticated
and delivered under this Indenture and any limitation on the ability of the
Company to increase such aggregate principal amount after the initial issuance
of the Securities of that series (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
or upon redemption of, other Securities of the series pursuant hereto);

 

(c)                                  the date or dates on
which the Principal of the Securities of the series is payable (which date or
dates may be fixed or are subject to extension);

 

(d)                                 the rate or rates
(which may be fixed or variable) per annum at which the Securities of the series
shall bear interest, if any, the date or dates from which such interest shall
accrue, on which such interest shall be payable and (in the case of Registered
Securities) on which a record shall be taken for the determination of Holders
to whom interest is payable and/or the method by which such rate or rates or
date or dates shall be determined;

 

(e)                                  if other than as
provided in Section 4.02, the place or places where the Principal of and
any interest on Securities of the series shall be payable, any Registered
Securities of the series may be surrendered for exchange, notices, demands to
or upon the Company in respect of the Securities of the series and this
Indenture may be served and notice to Holders may be published;

 

(f)                                    the right, if any,
of the Company to redeem Securities of the series, in whole or in part, at its
option and the period or periods within which, the price or prices at which and
any terms and conditions upon which Securities of the series may be so
redeemed, pursuant to any sinking fund or otherwise;

 

(g)                                 the obligation, if
any, of the Company to redeem, purchase or repay Securities of the series pursuant
to any mandatory redemption, sinking fund or analogous provisions or at the
option of a Holder thereof and the price or prices at which and the period or
periods within which and any of the terms and conditions upon which Securities
of the series shall be redeemed, purchased or repaid, in whole or in part,
pursuant to such obligation;

 

(h)                                 if other than
denominations of $2,000 and any integral multiple of $1,000 in excess thereof,
the denominations in which Securities of the series shall be issuable;

 

(i)                                     if other than the
entire principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of
acceleration of the maturity thereof;

 

9

 

(j)                                     if other than the
coin or currency in which the Securities of the series are denominated, the
coin or currency in which payment of the Principal of or interest on the
Securities of the series shall be payable or if the amount of payments of
Principal of and/or interest on the Securities of the series may be determined
with reference to an index based on a coin or currency other than that in which
the Securities of the series are denominated, the manner in which such amounts
shall be determined;

 

(k)                                  if payment of the
Principal of and interest on the Securities of the series shall be payable in
currency or currencies other than the currency of the United States, the manner
in which any such currency shall be valued against other currencies in which
any other Securities shall be payable;

 

(l)                                     whether the
Securities of the series or any portion thereof will be issuable as Registered
Securities (and if so, whether such Securities will be issuable as Registered
Global Securities) or Unregistered Securities (with or without coupons), or any
combination of the foregoing, any restrictions applicable to the offer, sale or
delivery of Unregistered Securities or the payment of interest thereon and, if
other than as provided herein, the terms upon which Unregistered Securities of
any series may be exchanged for Registered Securities of such series and vice
versa;

 

(m)                               whether and under what
circumstances the Company will pay additional amounts on the Securities in
respect of any tax, assessment or governmental charge withheld or deducted and,
if so, whether the Company will have the option to redeem such Securities
rather than pay such additional amounts;

 

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

 

(o)                                 any trustees,
depositaries, authenticating or paying agents, transfer agents or the registrar
or any other agents with respect to the Securities of the series;

 

(p)                                 provisions, if any,
for the defeasance of the Securities of the series (including provisions
permitting defeasance of less than all Securities of the series), which
provisions may be in addition to, in substitution for, or in modification of
(or any combination of the foregoing) the provisions of Article 9;

 

(q)                                 if the Securities of
the series are issuable in whole or in part as one or more Registered Global
Securities, the identity of the Depositary for such Registered Global Security
or Securities;

 

(r)                                    any other events of
default or covenants with respect to the Securities of the series;

 

(s)                                  whether and under
what circumstances the Holders may or are required to convert or exchange the
Securities into or for other securities of the Company or of another entity,
and if so, the terms relating to such conversion or exchange; and

 

10

 

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

 

All Securities
of any one series and coupons, if any, appertaining thereto shall be
substantially identical, except in the case of Registered Securities as to date
and denomination, except in the case of any Periodic Offering and except as may
otherwise be provided by or pursuant to the Board Resolution referred to above
or as set forth in any such indenture supplemental hereto. All Securities of
any one series need not be issued at the same time and may be issued from time
to time, consistent with the terms of this Indenture, if so provided by or
pursuant to such Board Resolution or in any such indenture supplemental hereto
and any forms and terms of Securities to be issued from time to time may be
completed and established from time to time prior to the issuance thereof by
procedures described in such Board Resolution or supplemental indenture.

 

Section 2.04.                             Denomination
and Date of Securities; Payments of Interest. The Securities of each series
shall be issuable as Registered Securities or Unregistered Securities in
denominations established as contemplated by Section 2.03 or, if not so
established with respect to Securities of any series, in denominations of $2,000
and any integral multiple of $1,000 in excess thereof.

 

The Securities
of each series shall be numbered, lettered or otherwise distinguished in such
manner or in accordance with such plan as the Officers of the Company executing
the same may determine, as evidenced by their execution thereof.

 

Each Security
shall be dated the date of its authentication. The Securities of each series shall
bear interest, if any, from the date, and such interest shall be payable on the
dates, established as contemplated by Section 2.03.

 

The person in
whose name any Registered Security of any series is registered at the close of
business on any record date applicable to a particular series with respect to
any interest payment date for such series shall be entitled to receive the
interest, if any, payable on such interest payment date notwithstanding any
transfer or exchange of such Registered Security subsequent to the record date
and prior to such interest payment date, except if and to the extent the
Company shall default in the payment of the interest due on such interest
payment date for such series, in which case the provisions of Section 2.13
shall apply. The term “record date” as used with respect to any interest
payment date (except a date for payment of defaulted interest) for the
Securities of any series shall mean the date specified as such in the terms of
the Registered Securities of such series established as contemplated by Section 2.03,
or, if no such date is so established, the fifteenth day next preceding such
interest payment date, whether or not such record date is a Business Day.

 

Section 2.05.                             Registrar
and Paying Agent; Agents Generally. The Company shall maintain an office or
agency where Securities may be presented for registration, registration of
transfer or exchange (the “Registrar”) and the Company and the Guarantor shall
maintain an office or agency where Securities may be presented for payment or
where, in the case of the Guarantor, Securities may be presented for payment
under the Guarantees endorsed thereon (the “Paying Agent”), which shall be in
the Borough of Manhattan, The City of New York. The Company shall cause the
Registrar to keep a register of the Registered Securities and of their

 

11

 

registration, transfer and exchange (the “Security Register”). The
Company and the Guarantor may have one or more additional Paying Agents or
transfer agents with respect to any series.

 

The Company
shall enter into an appropriate agency agreement with any Agent that is not a
party to this Indenture. The agreement shall implement the provisions of this
Indenture and the Trust Indenture Act that relate to such Agent. The Company
shall give prompt written notice to the Trustee of the name and address of any
Agent and any change in the name or address of an Agent. If the Company fails
to maintain a Registrar or if the Company or the Guarantor fail to maintain a
Paying Agent, the Trustee shall act as such. The Company or the Guarantor may remove
any Agent appointed by it upon written notice to such Agent and the Trustee; provided
that no such removal shall become effective until (i) the acceptance of an
appointment by a successor Agent to such Agent as evidenced by an appropriate
agency agreement entered into by the Company or the Guarantor and such
successor Agent and delivered to the Trustee or (ii) notification to the
Trustee that the Trustee shall serve as such Agent until the appointment of a
successor Agent in accordance with clause (i) of this proviso. The
Company, the Guarantor or any affiliate of the Company or the Guarantor may act
as Paying Agent or Registrar; provided that neither the Company, the
Guarantor nor an affiliate of the Company or the Guarantor shall act as Paying
Agent in connection with the defeasance of the Securities or the discharge of
this Indenture under Article 9.

 

The Company
initially appoints the Trustee as Registrar and Authenticating Agent and the
Company and the Guarantor initially appoint the Trustee as Paying Agent. If, at
any time, the Trustee is not the Registrar, the Registrar shall make available
to the Trustee ten days prior to each interest payment date and at such other
times as the Trustee may reasonably request the names and addresses of the
Holders as they appear in the Security Register.

 

Section 2.06.                             Paying
Agent to Hold Money in Trust. Not later than 10:00 a.m., New York City
time, on each due date of any Principal or interest on any Securities, the
Company shall deposit with the Paying Agent money in immediately available
funds sufficient to pay such Principal or interest. The Company shall require
each Paying Agent other than the Trustee to agree in writing that such Paying
Agent shall hold in trust for the benefit of the Holders of such Securities or
the Trustee all money held by the Paying Agent for the payment of Principal of
and interest on such Securities and shall promptly notify the Trustee in
writing of any default in making any such payment. The Company at any time may require
a Paying Agent to pay all money held by it to the Trustee and account for any
funds disbursed, and the Trustee may at any time during the continuance of any
payment default, upon written request to a Paying Agent, require such Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed. Upon doing so, the Paying Agent shall have no further liability for
the money so paid over to the Trustee. If the Company, the Guarantor or any
affiliate of the Company or the Guarantor acts as Paying Agent, it will, on or
before each due date of any Principal of or interest on any Securities,
segregate and hold in a separate trust fund for the benefit of the Holders
thereof a sum of money sufficient to pay such Principal or interest so becoming
due until such sum of money shall be paid to such Holders or otherwise disposed
of as provided in this Indenture, and will promptly notify the Trustee in
writing of its action or failure to act as required by this Section.

 

12

 

Section 2.07.                             Transfer
and Exchange. Unregistered Securities (except for any temporary global
Unregistered Securities) and coupons (except for coupons attached to any
temporary global Unregistered Securities) shall be transferable by delivery.

 

At the option
of the Holder thereof, Registered Securities of any series (other than a
Registered Global Security, except as set forth below) may be exchanged for a
Registered Security or Registered Securities of such series and tenor having
authorized denominations and an equal aggregate principal amount, upon
surrender of such Registered Securities to be exchanged at the agency of the
Company that shall be maintained for such purpose in accordance with Section 2.05
and upon payment, if the Company shall so require, of the charges hereinafter
provided. If the Securities of any series are issued in both registered and
unregistered form, except as otherwise established pursuant to Section 2.03,
at the option of the Holder thereof, Unregistered Securities of any series may be
exchanged for Registered Securities of such series and tenor having authorized
denominations and an equal aggregate principal amount, upon surrender of such
Unregistered Securities to be exchanged at the agency of the Company that shall
be maintained for such purpose in accordance with Section 4.02, with, in
the case of Unregistered Securities that have coupons attached, all unmatured
coupons and all matured coupons in default thereto appertaining, and upon
payment, if the Company shall so require, of the charges hereinafter provided.

 

At the option
of the Holder thereof, if Unregistered Securities of any series, maturity date,
interest rate and original issue date are issued in more than one authorized
denomination, except as otherwise established pursuant to Section 2.03,
such Unregistered Securities may be exchanged for Unregistered Securities of
such series and tenor having authorized denominations and an equal aggregate
principal amount, upon surrender of such Unregistered Securities to be
exchanged at the agency of the Company that shall be maintained for such
purpose in accordance with Section 4.02, with, in the case of Unregistered
Securities that have coupons attached, all unmatured coupons and all matured
coupons in default thereto appertaining, and upon payment, if the Company shall
so require, of the charges hereinafter provided. Registered Securities of any series
may not be exchanged for Unregistered Securities of such series.

 

Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and make available for delivery, the Securities,
having a Guarantee executed by the Guarantor endorsed thereon, which the Holder
making the exchange is entitled to receive.

 

Upon surrender for registration of transfer
of any Registered Security of a series at the agency of the Company that shall
be maintained for such purpose in accordance with Section 2.05 and upon
payment, if the Company shall so require, of the charges hereinafter provided,
the Company shall execute, and the Trustee shall authenticate and make
available for delivery, in the name of the designated transferee or
transferees, one or more new Registered Securities of the same series, having a
Guarantee executed by the Guarantor endorsed thereon, of any authorized
denominations and of like tenor and aggregate principal amount.

 

All Registered
Securities presented for registration of transfer, exchange, redemption or
payment shall be duly endorsed by, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company, the Guarantor and
the Trustee duly executed by, the holder or his attorney duly authorized in
writing.

 

The Company may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any exchange or registration of
transfer of Securities. No service charge shall be made for any such
transaction.

 

13

 

Notwithstanding
any other provision of this Section 2.07, unless and until it is exchanged
in whole or in part for Securities in definitive registered form, a Registered
Global Security representing all or a portion of the Securities of a series may
not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor Depositary for such series or a nominee of such
successor Depositary.

 

If at any time
the Depositary for any Registered Global Securities of any series notifies the
Company that it is unwilling or unable to continue as Depositary for such
Registered Global Securities or if at any time the Depositary for such
Registered Global Securities shall no longer be eligible under applicable law,
the Company shall appoint a successor Depositary eligible under applicable law
with respect to such Registered Global Securities. If a successor Depositary eligible
under applicable law for such Registered Global Securities is not appointed by
the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility, the Company will execute, and the Trustee, upon
receipt of the Company’s order for the authentication and delivery of
definitive Registered Securities of such series and tenor, will authenticate
and make available for delivery Registered Securities of such series and tenor,
in any authorized denominations, in an aggregate principal amount equal to the
principal amount of such Registered Global Securities, having a Guarantee
executed by the Guarantor endorsed thereon, in exchange for such Registered
Global Securities.

 

Definitive Registered Securities of a series
may be issued if the Company at any time determines in its sole discretion
(subject to the procedures of the Depositary) that Registered Global Securities
of such series shall no longer be maintained in global form or if an Event of
Default with respect to such Registered Global Securities has occurred and is
continuing. In either such case, the Company will execute, and the Trustee,
upon receipt of the Company’s order for the authentication and delivery of
definitive Registered Securities of such series and tenor, will authenticate
and make available for delivery, Registered Securities of such series and tenor
in any authorized denominations, in an aggregate principal amount equal to the
principal amount of such Registered Global Securities, having a Guarantee executed
by the Guarantor endorsed thereon, in exchange for such Registered Global
Securities.

 

Any time the
Registered Securities of any series are not in the form of Registered Global
Securities pursuant to the preceding two paragraphs, the Company agrees to
supply the Trustee with a reasonable supply of certificated Registered
Securities, having a Guarantee executed by the Guarantor endorsed thereon,
without the legend required by Section 2.02 and the Trustee agrees to hold
such Registered Securities in safekeeping until authenticated and delivered
pursuant to the terms of this Indenture.

 

If established
by the Company pursuant to Section 2.03 with respect to any Registered
Global Security, the Depositary for such Registered Global Security may surrender
such Registered Global Security in exchange in whole or in part for Registered
Securities of the same series and tenor in definitive registered form on such
terms as are acceptable to the Company and such Depositary. Thereupon, the
Company shall execute, and the Trustee shall authenticate and make available
for delivery, without service charge,

 

(i) to
the Person specified by such Depositary new Registered Securities of the same series
and tenor, having a Guarantee executed by the Guarantor endorsed thereon,

 

14

 

of any authorized denominations as requested by such Person, in an
aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Registered Global Security; and

 

(ii) to
such Depositary a new Registered Global Security, having a Guarantee executed
by the Guarantor endorsed thereon, in a denomination equal to the difference,
if any, between the principal amount of the surrendered Registered Global
Security and the aggregate principal amount of Registered Securities
authenticated and delivered pursuant to clause (i) above.

 

Registered
Securities issued in exchange for a Registered Global Security, having a
Guarantee executed by the Guarantor endorsed thereon, pursuant to this Section 2.07
shall be registered in such names and in such authorized denominations as the
Depositary for such Registered Global Security, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Trustee or
an agent of the Company or the Trustee in writing. The Trustee or such agent
shall deliver such Securities to or as directed in writing by the Persons in
whose names such Securities are so registered.

 

All Securities
(including the Guarantee endorsed thereon) issued upon any transfer or exchange
of Securities shall be valid obligations of the Company and the Guarantor,
evidencing the same debt, and entitled to the same benefits under this
Indenture and the Guarantee endorsed thereon, as the Securities surrendered
upon such transfer or exchange.

 

Notwithstanding
anything herein or in the forms or terms of any Securities to the contrary,
none of the Company, the Trustee or any agent of the Company or the Trustee
shall be required to exchange any Unregistered Security for a Registered
Security if such exchange would result in adverse Federal income tax
consequences to the Company or to the Guarantor (such as, for example, the
imposition of any excise tax on the Company or the Guarantor) under then
applicable United States Federal income tax laws. The Trustee and any such
agent shall be entitled to rely conclusively on an Officers’ Certificate or an
Opinion of Counsel in determining such result.

 

The Registrar
shall not be required (i) to issue, authenticate, register the transfer of
or exchange Securities of any series for a period of 15 days before a selection
of such Securities to be redeemed or (ii) to register the transfer of or
exchange any Security selected for redemption in whole or in part.

 

Section 2.08.                             Replacement
Securities. If a defaced or mutilated Security of any series is surrendered
to the Trustee or if a Holder claims that its Security of any series has been
lost, destroyed or wrongfully taken and presents to the Trustee, the Company,
the Guarantor and any Agent evidence to their satisfaction of the loss,
destruction or wrongful taking of such Security, the Company shall issue and
the Trustee shall authenticate a replacement Security of such series and tenor
and principal amount, having a Guarantee executed by the Guarantor endorsed
thereon, bearing a number not contemporaneously outstanding. An indemnity bond
must be furnished that is sufficient in the judgment of the Trustee, the
Company and the Guarantor to protect the Trustee, the Company, the Guarantor
and any Agent from any loss that any of them may suffer if a Security is
replaced. The Company may charge such Holder for its

 

15

 

expenses and the expenses of the Trustee (including without limitation
attorneys’ fees and expenses) in replacing a Security. In case any such
mutilated, defaced, lost, destroyed or wrongfully taken Security has become or
is about to become due and payable, the Company and the Guarantor in their
discretion may pay such Security instead of issuing a new Security (with the
Guarantee endorsed thereon) in replacement thereof.

 

Every
replacement Security (including the Guarantee endorsed thereon) is an
additional obligation of the Company and the Guarantor and shall be entitled to
the benefits of this Indenture equally and proportionately with any and all
other Securities of such series and the Guarantee endorsed thereon duly
authenticated and delivered hereunder.

 

To the extent
permitted by law, the foregoing provisions of this Section are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or
wrongfully taken Securities.

 

Section 2.09.                             Outstanding
Securities. Securities outstanding at any time are all Securities that have
been authenticated by the Trustee except for those Securities canceled by it,
those Securities delivered to it for cancellation, those paid pursuant to Section 2.08
and those Securities described in this Section as not outstanding.

 

If a Security
is replaced pursuant to Section 2.08, it ceases to be outstanding unless
and until the Trustee, the Company and the Guarantor receive proof satisfactory
to them that the replaced Security is held by a holder in due course.

 

If the Paying
Agent (other than the Company, the Guarantor or an affiliate of the Company or
the Guarantor) holds on the maturity date or any redemption date or date for
repurchase of the Securities money sufficient to pay Securities payable or to
be redeemed or repurchased on such date, then on and after such date such Securities
shall cease to be outstanding and interest on them shall cease to accrue.

 

A Security
does not cease to be outstanding because the Company, the Guarantor or one of
the affiliates of the Company or the Guarantor holds such Security, provided,
however, that, in determining whether the Holders of the requisite
principal amount of the outstanding Securities shall have given any request,
demand, authorization, direction, notice, consent or waiver hereunder,
Securities owned by the Company, the Guarantor or any affiliate of the Company
or the Guarantor shall be disregarded and deemed not to be outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities as to which a Responsible Officer of the Trustee has received
written notice to be so owned shall be so disregarded. Any Securities so owned
which are pledged by the Company, the Guarantor, or any affiliate of the
Company or the Guarantor, as security for loans or other obligations, otherwise
than to another such affiliate of the Company or the Guarantor, shall be deemed
to be outstanding, if the pledgee is entitled pursuant to the terms of its
pledge agreement and is free to exercise in its discretion the right to vote
such securities, uncontrolled by the Company, the Guarantor or any such
affiliate.

 

16

 

Section 2.10.                             Temporary
Securities. Until definitive Securities of any series are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities of such series, having the Guarantee of the Guarantor endorsed
thereon. Temporary Securities of any series shall be substantially in the form of
definitive Securities of such series, but may have insertions, substitutions,
omissions and other variations determined to be appropriate by the Officers of
the Company and the Guarantor executing the temporary Securities or the
Guarantee endorsed thereon, as evidenced by their execution of such temporary
Securities or Guarantee, as applicable. If temporary Securities of any series are
issued, the Company will cause definitive Securities of such series, having the
Guarantee of the Guarantor endorsed thereon to be prepared without unreasonable
delay. After the preparation of definitive Securities of any series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series and tenor upon surrender of such temporary Securities
at the office or agency of the Company designated for such purpose pursuant to Section 4.02,
without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series the Company shall execute and the
Trustee shall authenticate and make available for delivery in exchange therefor
a like principal amount of definitive Securities of such series and tenor and
authorized denominations, having a Guarantee executed by the Guarantor endorsed
thereon. Until so exchanged, the temporary Securities of any series shall be
entitled to the same benefits under this Indenture as definitive Securities of
such series.

 

Section 2.11.                             Cancellation.
The Company or the Guarantor at any time may deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company or the Guarantor may have acquired in any manner whatsoever,
and may deliver to the Trustee for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold. The
Registrar, any transfer agent and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for transfer, exchange or payment. The
Trustee shall cancel all Securities surrendered for transfer, exchange, payment
or cancellation and shall deliver such canceled Securities to the Company or
the Guarantor, as applicable. The Company may not issue new Securities to
replace Securities it has paid in full or delivered to the Trustee for
cancellation.

 

Section 2.12.                             CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP” and “CINS”
numbers (if then generally in use), and the Trustee shall use CUSIP numbers or
CINS 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.

 

Section 2.13.                             Defaulted
Interest. If the Company defaults in a payment of interest on the Securities,
it shall pay, or shall deposit with the Paying Agent money in immediately
available funds sufficient to pay, the defaulted interest plus (to the extent
lawful) any interest payable on the defaulted interest (as may be specified in
the terms thereof, established pursuant to Section 2.03) to the Persons
who are Holders on a subsequent special record date, which shall mean the 15th
day next preceding the date fixed by the Company for the payment of defaulted
interest, whether or not such day is a Business Day. At least 15 days before
such special record date, the Company shall mail to each Holder and to the
Trustee a

 

17

 

notice that states the special record date, the payment date and the
amount of defaulted interest to be paid.

 

Section 2.14.                             Series
May Include Tranches. A series of Securities may include one or more
tranches (each a “tranche”) of Securities, including Securities issued in a
Periodic Offering. The Securities of different tranches may have one or more
different terms, including authentication dates and public offering prices, but
all the Securities within each such tranche shall have identical terms,
including authentication date and public offering price. Notwithstanding any
other provision of this Indenture, with respect to Sections 2.02 (other than
the fourth paragraph thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through
3.05, 4.02, 7.01 through 7.14, 9.01 through 9.05 and 10.02, if any series of
Securities includes more than one tranche, all provisions of such sections
applicable to any series of Securities shall be deemed equally applicable to
each tranche of any series of Securities in the same manner as though
originally designated a series unless otherwise provided with respect to such series
or tranche pursuant to Section 2.03. In particular, and without limiting
the scope of the next preceding sentence, any of the provisions of such
sections which provide for or permit action to be taken with respect to a series
of Securities shall also be deemed to provide for and permit such action to be
taken instead only with respect to Securities of one or more tranches within
that series (and such provisions shall be deemed satisfied thereby), even if no
comparable action is taken with respect to Securities in the remaining tranches
of that series.

 

Section 2.15.                             Computation
of Interest. Except as otherwise specified pursuant to Section 2.03
for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 2.16.                             ERISA. No
Securities may be sold or otherwise transferred unless the purchaser or
transferee of such Securities represents, or is deemed to represent, that on
each day from the date of acquisition through and including the date of
disposition either (i) it is not an employee benefit plan or other plan
subject to Title I of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as
amended (the “Code”), a governmental or other plan subject to substantially
similar federal, state or local law (“Similar Law”), an entity whose underlying
assets include “plan assets” by reason of any such plan’s investment in the
entity or otherwise (each of the foregoing, a “Plan”) or acting on behalf of or
investing the assets of any such Plan or (ii) its acquisition, holding and
disposition of the Securities will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code including by reason of Prohibited Transaction Class Exemption 96-23,
95-60, 91-38, 90-1 or 84-14 or in a violation of Similar Law.

 

ARTICLE 3

 

REDEMPTION

 

Section 3.01.                             Applicability
of Article. The provisions of this Article shall be applicable to the
Securities of any series which are redeemable before their maturity or to any
sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section 2.03 for Securities of such series.

 

18

 

Section 3.02.                             Notice
of Redemption; Partial Redemptions. Notice of redemption to the Holders of
Registered Securities of any series to be redeemed as a whole or in part at the
option of the Company shall be given by mailing notice of such redemption by
first class mail, postage prepaid, at least 30 days and not more than 60 days
prior to the date fixed for redemption to such Holders of Registered Securities
of such series at their last addresses as they shall appear upon the Security
Register of the Company. Notice of redemption to the Holders of Unregistered
Securities of any series to be redeemed as a whole or in part, who have filed
their names and addresses with the Trustee pursuant to Section 313(c)(2) of
the Trust Indenture Act, shall be given by mailing notice of such redemption,
by first class mail, postage prepaid, at least 30 days and not more than 60
days prior to the date fixed for redemption, to such Holders at such addresses
as were so furnished to the Trustee (and, in the case of any such notice given
by the Company, the Trustee shall make such information available to the
Company for such purpose). Notice of redemption to all other Holders of
Unregistered Securities of any series to be redeemed as a whole or in part shall
be published in an Authorized Newspaper in The City of New York and in an
Authorized Newspaper in London, in each case, once in each of three successive
calendar weeks, the first publication to be not less than 30 days nor more than
60 days prior to the date fixed for redemption. Any notice which is mailed or
published in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give
notice by mail, or any defect in the notice to the Holder of any Security of a series
designated for redemption as a whole or in part shall not affect the validity
of the proceedings for the redemption of any other Security of such series.

 

The notice of
redemption to each such Holder shall specify the principal amount of each
Security of such series held by such Holder to be redeemed, the CUSIP and CINS
numbers of the Securities to be redeemed, the date fixed for redemption, the
redemption price, the place or places of payment, that payment will be made
upon presentation and surrender of such Securities and, in the case of
Securities with coupons attached thereto, of all coupons appertaining thereto
maturing after the date fixed for redemption, that such redemption is pursuant
to the mandatory or optional sinking fund, or both, if such be the case, that
interest accrued to the date fixed for redemption will be paid as specified in
such notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue. In case any Security of a series is
to be redeemed in part only, the notice of redemption shall state the portion
of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, upon surrender of such Security, a new
Security or Securities of such series and tenor in principal amount equal to
the unredeemed portion thereof will be issued.

 

The notice of
redemption of Securities of any series to be redeemed at the option of the
Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company.

 

On or before
10:00 a.m., New York City time, on the redemption date specified in the
notice of redemption given as provided in this Section, the Company will
deposit with the Trustee or with one or more Paying Agents (or, if the Company
is acting as its own Paying Agent, set aside, segregate and hold in trust as
provided in Section 2.06) an amount of money sufficient to redeem on the
redemption date all the Securities of such series so called for redemption at
the appropriate redemption price, together with accrued interest to the date
fixed for redemption. If all of the outstanding Securities of a series are to
be redeemed, the Company

 

19

 

will deliver to the Trustee at least 10 days prior to the last date on
which notice of redemption may be given to Holders pursuant to the first
paragraph of this Section 3.02 (or such shorter period as shall be
acceptable to the Trustee) an Officers’ Certificate stating that all such
Securities are to be redeemed.

 

If less than
all the outstanding Securities of a series are to be redeemed, the Company will
deliver to the Trustee at least 15 days prior to the last date on which notice
of redemption may be given to Holders pursuant to the first paragraph of this Section 3.02
(or such shorter period as shall be acceptable to the Trustee) an Officers’
Certificate stating the aggregate principal amount of such Securities to be
redeemed. In case of a redemption at the election of the Company prior to the
expiration of any restriction on such redemption, the Company shall deliver to
the Trustee, prior to the giving of any notice of redemption to Holders
pursuant to this Section, an Officers’ Certificate stating that such redemption
is not prohibited by such restriction. If less than all the Securities of a series
are to be redeemed, the Trustee shall select, pro rata, by lot or in such
manner as it shall deem appropriate and fair, Securities of such series to be
redeemed in whole or in part. Securities may be redeemed in part in principal
amounts equal to the authorized denominations for Securities of such series. The
Trustee shall promptly notify the Company and the Guarantor in writing of the
Securities of such series selected for redemption and, in the case of any
Securities of such series 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 Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Security which has been or
is to be redeemed.

 

Section 3.03.                             Payment
of Securities Called for Redemption. If notice of redemption has been given
as above provided, the Securities or portions of Securities specified in such
notice shall become due and payable on the date and at the place stated in such
notice at the applicable redemption price, together with interest accrued to
the date fixed for redemption, and on and after such date (unless the Company
shall default in the payment of such Securities at the redemption price,
together with interest accrued to such date) interest on the Securities or
portions of Securities so called for redemption shall cease to accrue, and the
unmatured coupons, if any, appertaining thereto shall be void and, except as
provided in Sections 8.11 and 9.04, such Securities shall cease from and after
the date fixed for redemption to be entitled to any benefit under this
Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption.

 

On
presentation and surrender of such Securities at a place of payment specified
in said notice, together with all coupons, if any, appertaining thereto
maturing after the date fixed for redemption, said Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable
redemption price, together with interest accrued thereon to the date fixed for
redemption; provided that payment of interest becoming due on or prior
to the date fixed for redemption shall be payable in the case of Securities
with coupons attached thereto, to the Holders of the coupons for such interest
upon surrender thereof, and in the case of Registered Securities, to the
Holders of such Registered Securities registered as such on the relevant record
date subject to the terms and provisions of Sections 2.04 and 2.13 hereof. If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the Principal shall,

 

20

 

until paid or duly provided for, bear interest from the date fixed for
redemption at the rate of interest or Yield to Maturity (in the case of an
Original Issue Discount Security) borne by such Security.

 

If any
Security with coupons attached thereto is surrendered for redemption and is not
accompanied by all appurtenant coupons maturing after the date fixed for
redemption, the surrender of such missing coupon or coupons may be waived by
the Company, the Guarantor and the Trustee, if there be furnished to each of
them such security or indemnity as they may require to save each of them
harmless.

 

Upon
presentation of any Security of any series redeemed in part only, the Company
shall execute and the Trustee shall authenticate and make available for
delivery to or on the order of the Holder thereof, at the expense of the
Company, a new Security or Securities of such series and tenor (with any
unmatured coupons attached), each having a Guarantee executed by the Guarantor
endorsed thereon, of authorized denominations, in principal amount equal to the
unredeemed portion of the Security so presented.

 

Section 3.04.                             Exclusion
of Certain Securities from Eligibility for Selection for Redemption. Securities
shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in a written statement signed
by an Officer of the Company and delivered to the Trustee at least 60 days
prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a) the
Company, (b) the Guarantor or (c) an entity specifically identified
in such written statement as directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or the
Guarantor.

 

Section 3.05.                             Mandatory
and Optional Sinking Funds. The minimum amount of any sinking fund payment
provided for by the terms of the 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 the Securities of any series is
herein referred to as an “optional sinking fund payment.” The date on which a
sinking fund payment is to be made is herein referred to as the “sinking fund
payment date.”

 

In lieu of
making all or any part of any mandatory sinking fund payment with respect to
any series of Securities in cash, the Company may at its option (a) deliver
to the Trustee Securities of such series theretofore purchased or otherwise
acquired (except through a mandatory sinking fund payment) by the Company or
receive credit for Securities of such series (not previously so credited)
theretofore purchased or otherwise acquired (except as aforesaid) by the
Company and delivered to the Trustee for cancellation pursuant to Section 2.11,
(b) receive credit for optional sinking fund payments (not previously so
credited) made pursuant to this Section, or (c) receive credit for Securities
of such series (not previously so credited) redeemed by the Company through any
optional sinking fund payment. Securities so delivered or credited shall be
received or credited by the Trustee at the sinking fund redemption price
specified in such Securities.

 

On or before
the sixtieth day next preceding each sinking fund payment date for any series,
or such shorter period as shall be acceptable to the Trustee, the Company will
deliver

 

21

 

to the Trustee an Officers’ Certificate (a) specifying the portion
of the mandatory sinking fund payment to be satisfied by payment of cash and
the portion to be satisfied by credit of specified Securities of such series and
the basis for such credit, (b) stating that none of the specified
Securities of such series has theretofore been so credited, (c) stating
that no defaults in the payment of interest or Events of Default with respect
to such series have occurred (which have not been waived or cured) and are
continuing and (d) stating whether or not the Company intends to exercise
its right to make an optional sinking fund payment with respect to such series and,
if so, specifying the amount of such optional sinking fund payment which the
Company intends to pay on or before the next succeeding sinking fund payment
date. Any Securities of such series to be credited and required to be delivered
to the Trustee in order for the Company to be entitled to credit therefor as
aforesaid which have not theretofore been delivered to the Trustee shall be
delivered for cancellation pursuant to Section 2.11 to the Trustee with
such Officers’ Certificate (or reasonably promptly thereafter if acceptable to
the Trustee). Such Officers’ Certificate shall be irrevocable and, upon its
receipt by the Trustee, the Company shall become unconditionally obligated to
make all the cash payments or delivery of Securities therein referred to, if
any, on or before the next succeeding sinking fund payment date. Failure of the
Company, on or before any such sixtieth day, to deliver such Officers’
Certificate and Securities specified in this paragraph, if any, shall not
constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Company (i) that the mandatory sinking fund
payment for such series due on the next succeeding sinking fund payment date
shall be paid entirely in cash without the option to deliver or credit
Securities of such series in respect thereof and (ii) that the Company
will make no optional sinking fund payment with respect to such series as
provided in this Section.

 

If the sinking
fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any
preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser
sum if the Company shall so request with respect to the Securities of any
series), such cash shall be applied on the next succeeding sinking fund payment
date to the redemption of Securities of such series at the sinking fund
redemption price thereof together with accrued interest thereon to the date
fixed for redemption. If such amount shall be $50,000 (or such lesser sum) or
less and the Company makes no such request then it shall be carried over until
a sum in excess of $50,000 (or such lesser sum) is available. The Trustee shall
select, in the manner provided in Section 3.02, for redemption on such
sinking fund payment date a sufficient principal amount of Securities of such series
to absorb said cash, as nearly as may be, and shall (if requested in writing by
the Company) inform the Company of the serial numbers of the Securities of such
series (or portions thereof) so selected. Securities shall be excluded from
eligibility for redemption under this Section if they are identified by
registration and certificate number in an Officers’ Certificate delivered to
the Trustee at least 60 days prior to the sinking fund payment date as being
owned of record and beneficially by, and not pledged or hypothecated by either (a) the
Company, (b) the Guarantor or (c) an entity specifically identified
in such Officers’ Certificate as directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company or
the Guarantor. The Trustee, in the name and at the expense of the Company (or
the Company, if it shall so request the Trustee in writing) shall cause notice
of redemption of the Securities of such series to be given in substantially the
manner provided in Section 3.02 (and with the effect provided in Section 3.03)
for the redemption of Securities of such series in part at the option of the
Company. The amount of any sinking fund payments not so applied or allocated to
the redemption of Securities of such series shall be added to the next cash
sinking

 

22

 

fund payment for such series and, together with such payment, shall be
applied in accordance with the provisions of this Section. Any and all sinking
fund moneys held on the stated maturity date of the Securities of any
particular series (or earlier, if such maturity is accelerated), which are not
held for the payment or redemption of particular Securities of such series shall
be applied, together with other moneys, if necessary, sufficient for the
purpose, to the payment of the Principal of, and interest on, the Securities of
such series at maturity.

 

On or before
10:00 a.m., New York City time, on each sinking fund payment date, the
Company shall pay to the Trustee in cash or shall otherwise provide for the
payment of all interest accrued to the date fixed for redemption on Securities
to be redeemed on the next following sinking fund payment date. The Trustee
shall not redeem or cause to be redeemed any Securities of a series with
sinking fund moneys or mail any notice of redemption of Securities of such series
by operation of the sinking fund during the continuance of a Default in payment
of interest on such Securities or of any Event of Default except that, where
the mailing of notice of redemption of any Securities shall theretofore have
been made, the Trustee shall redeem or cause to be redeemed such Securities, provided
that it shall have received from the Company a sum sufficient for such
redemption. Except as aforesaid, any moneys in the sinking fund for such series
at the time when any such Default or Event of Default shall occur, and any
moneys thereafter paid into the sinking fund, shall, during the continuance of
such default or Event of Default, be deemed to have been collected under Article 7
and held for the payment of all such Securities. In case such Event of Default
shall have been waived as provided in Section 7.04 or the Default cured on
or before the sixtieth day preceding the sinking fund payment date in any year,
such moneys shall thereafter be applied on the next succeeding sinking fund
payment date in accordance with this Section to the redemption of such
Securities.

 

ARTICLE 4

 

COVENANTS

 

Section 4.01.                             Payment
of Securities. The Company shall pay the Principal of and interest on the
Securities on the dates and in the manner provided in the Securities and this
Indenture. The interest on Securities with coupons attached (together with any
additional amounts payable pursuant to the terms of such Securities) shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature. The
interest on any temporary Unregistered Securities (together with any additional
amounts payable pursuant to the terms of such Securities) shall be paid, as to
the installments of interest evidenced by coupons attached thereto, if any,
only upon presentation and surrender thereof, and, as to the other installments
of interest, if any, only upon presentation of such Unregistered Securities for
notation thereon of the payment of such interest. The interest on Registered
Securities (together with any additional amounts payable pursuant to the terms
of such Securities) shall be payable only to the Holders thereof and at the
option of the Company may be paid by mailing checks for such interest payable
to or upon the written order of such Holders at their last addresses as they
appear on the Security Register of the Company.

 

Notwithstanding
any provisions of this Indenture and the Securities of any series to the
contrary, if the Company and a Holder of any Registered Security so agree or if
expressly provided pursuant to Section 2.03, payments of interest on, and
any portion of the Principal of,

 

23

 

such Holder’s Registered Security (other than interest payable at
maturity or on any redemption or repayment date or the final payment of
Principal on such Security) shall be made by the Paying Agent, upon receipt
from the Company of immediately available funds by 11:00 a.m., New York
City time (or such other time as may be agreed to between the Company and the
Paying Agent), directly to the Holder of such Security (by Federal funds wire
transfer or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be
so made and designating the bank account to which such payments shall be so
made and in the case of payments of Principal surrenders the same to the
Trustee in exchange for a Security or Securities aggregating the same principal
amount as the unredeemed principal amount of the Securities surrendered. The
Trustee shall be entitled to rely on the last instruction delivered by the
Holder pursuant to this Section 4.01 unless a new instruction is delivered
15 days prior to a payment date. The Company will indemnify and hold each of
the Trustee and any Paying Agent harmless against any loss, liability or
expense (including attorneys’ fees) resulting from any act or omission to act
on the part of the Company or any such Holder in connection with any such
agreement or from making any payment in accordance with any such agreement.

 

The Company
shall pay interest on overdue Principal, and interest on overdue installments
of interest, to the extent lawful, at the rate per annum specified in the
Securities.

 

Section 4.02.                             Maintenance
of Office or Agency. The Company will maintain in the Borough of Manhattan,
The City of New York, an office or agency where Securities may be surrendered
for registration of transfer or exchange or for presentation for payment and
where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served; and the Guarantor will maintain in the
Borough of Manhattan, The City of New York, an office or agency where
Securities may be presented for payment under the Guarantees endorsed thereon
and where notices and demands to or upon the Guarantor in respect of the
Guarantee and this Indenture may be served. The Company and the Guarantor
hereby initially designate the Corporate Trust Office of the Trustee, located
in the Borough of Manhattan, The City of New York, as such office or agency of
the Company and the Guarantor. The Company and the Guarantor 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 or the Guarantor shall
fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the address of the Trustee set forth in Section 11.02.

 

The Company
and the Guarantor will maintain one or more agencies in a city or cities
located outside the United States (including any city in which such an agency
is required to be maintained under the rules of any stock exchange on which the
Securities of any series are listed) where the Unregistered Securities, if any,
of each series and coupons, if any, appertaining thereto may be presented for
payment or for payment under the Guarantees endorsed thereon, as the case may be.
No payment on any Unregistered Security or coupon or the Guarantee endorsed
thereon will be made upon presentation of the same at an agency of the Company
or the Guarantor within the United States nor will any payment be made by
transfer to an account in, or by mail to an address in, the United States
unless, pursuant to applicable United States laws and regulations then in
effect, such payment can be made without adverse tax consequences to the
Company or the Guarantor. Notwithstanding the foregoing, if full payment in
United States

 

24

 

Dollars (“Dollars”) at each agency maintained by the Company or the
Guarantor outside the United States for payment on such Unregistered Securities
or coupons appertaining thereto or the Guarantees endorsed thereon, as the case
may be, is illegal or effectively precluded by exchange controls or other
similar restrictions, payments in Dollars of Unregistered Securities of any
series, coupons appertaining thereto or the Guarantee endorsed thereon which
are payable in Dollars may be made at an agency of the Company or the Guarantor
maintained in the Borough of Manhattan, The City of New York.

 

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

 

Section 4.03.                             Certificate
to Trustee. The Company and the Guarantor each will furnish to the Trustee
annually, on or before a date not more than four months after the end of its
fiscal year (which, on the date hereof, in the case of each of the Company and
the Guarantor, is a calendar year), a brief certificate (which need not contain
the statements required by Section 11.04) from its principal executive,
financial or accounting officer as to his or her knowledge of the compliance of
the Company or the Guarantor, as the case may be, with all conditions and
covenants under this Indenture (such compliance to be determined without regard
to any period of grace or requirement of notice provided under this Indenture)
which certificate shall comply with the requirements of the Trust Indenture
Act.

 

Section 4.04.                             Reports
by the Company and the Guarantor. The Company and the Guarantor each
covenant to file with the Trustee, within 15 days after the Company or the
Guarantor is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports which the
Company or the Guarantor may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act. Delivery of
such reports, information and documents to the Trustee is for informational
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 compliance of the Company and of
the Guarantor with any of the covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

 

Section 4.05.                             Calculation
of Original Issue Discount. The Company shall file with the Trustee
promptly at the end of each calendar year a written notice specifying the
amount of original issue discount (including daily rates and accrual periods)
accrued on outstanding Securities as of the end of such year.

 

25

 

ARTICLE 5

 

SUCCESSOR CORPORATION

 

Section 5.01.                             When
the Company May Merge, Etc. The Company shall not consolidate with, merge
with or into, or sell, convey, transfer, lease or otherwise dispose of all or
substantially all of its property and assets (as an entirety or substantially
as an entirety in one transaction or a series of related transactions) to, any
Person (other than with or into the Guarantor) or permit any Person to merge
with or into the Company unless:

 

(a)                                  either (x) the
Company shall be the continuing Person or (y) the Person (if other than the
Company) formed by such consolidation or into which the Company is merged or
that acquired or leased such property and assets of the Company shall expressly
assume, by a supplemental indenture, executed and delivered to the Trustee, all
of the obligations of the Company on all of the Securities and under this
Indenture and the Company shall have delivered to the Trustee an Opinion of
Counsel stating that such consolidation, merger or transfer and such
supplemental indenture complies with this provision and that all conditions
precedent provided for herein relating to such transaction have been complied
with and that such supplemental indenture constitutes the legal, valid and binding
obligation of the Company or such successor enforceable against such entity in
accordance with its terms, subject to customary exceptions; and

 

(b)                                 the Company shall have
delivered to the Trustee an Officers’ Certificate to the effect that
immediately after giving effect to such transaction, no Default shall have
occurred and be continuing and an Opinion of Counsel as to the matters set
forth in Section 5.01(a)(y).

 

Section 5.02.                             Successor
Substituted. Upon any consolidation or merger, or any sale, conveyance,
transfer, lease or other disposition of all or substantially all of the
property and assets of the Company in accordance with Section 5.01 of this
Indenture, the successor Person formed by such consolidation or into which the
Company is merged or to which such sale, conveyance, transfer, lease or other
disposition 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.

 

ARTICLE 6

 

THE GUARANTEE BY AND COVENANTS OF THE
GUARANTOR

 

Section 6.01.                             Guarantee.
The Guarantor by its execution of this Indenture hereby agrees with each Holder
of the Securities authenticated and delivered by the Trustee, and with the
Trustee, on behalf of each such Holder, to be unconditionally bound by the
terms and provisions of the Guarantee set forth below and authorizes the
Trustee to confirm such Guarantee to the Holder of each such Security by its
execution and delivery of each such Security, with such Guarantee endorsed
thereon, authenticated and delivered by the Trustee.

 

The Guarantee
to be endorsed on the Securities shall be in substantially the form set forth
below:

 

26

 

“GUARANTEE

 

OF

 

CREDIT SUISSE GROUP

 

For value received, Credit
Suisse Group, a company organized under the laws of Switzerland, having its
principal executive offices at Paradeplatz 8, P.O. Box 1, CH 8070, Zurich,
Switzerland (herein called the “Guarantor,” which term includes any Person as a
successor Guarantor under the Indenture referred to in the Security upon which
this Guarantee is endorsed), hereby fully and unconditionally guarantees to the
Holder of the Security upon which this Guarantee is endorsed and to the Trustee
on behalf of each such Holder the due and punctual payment of the Principal of
and interest on such Security and the due and punctual payment of the sinking
fund or analogous payments referred to therein, if any, when and as the same
shall become due and payable, whether on the stated maturity date, by
declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure
of Credit Suisse Group Finance (Guernsey) Limited, a limited company organized
under the laws of Guernsey (herein called the “Borrower”, which term includes
any successor Person under such Indenture), to punctually make any such payment
of Principal or interest or any such sinking fund or analogous payment, the
Guarantor hereby agrees to cause any such payment to be made punctually when
and as the same shall become due and payable, whether on the stated maturity
date or by declaration of acceleration, call for redemption or otherwise, and
as if such payment were made by the Borrower.

 

The indebtedness evidenced by
this Guarantee is ranked equally and pari passu with all other unsecured and
unsubordinated debt of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be as if it were the principal debtor and
not merely surety, and shall be absolute and unconditional, irrespective of,
and shall be unaffected by, any invalidity, irregularity or unenforceability of
such Security or such Indenture, any failure to enforce the provisions of such
Security or such Indenture, or any waiver, modification or indulgence granted
to the Borrower with respect thereto, by the Holder of such Security or the
Trustee or any other circumstance which may otherwise constitute a legal or
equitable discharge of a surety or Guarantor; provided, however, that,
notwithstanding the foregoing, no such waiver, modification or indulgence
shall, without the consent of the Guarantor, increase the Principal amount of
such Security, or increase the interest rate thereon, or alter the stated
maturity date thereof, or increase the principal amount of any Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the maturity thereof pursuant to Article 7 of such
Indenture. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of
the Borrower, any right to require a proceeding first against the Borrower,
protest or notice with respect to such Security or the indebtedness evidenced
thereby or with respect to any sinking fund or analogous payment required under
such Security and all demands whatsoever, and covenants that this Guarantee
will not be discharged except by payment in full of the Principal of and
interest on such Security. This Guarantee is a guarantee of payment and

 

27

 

not of collection.

 

The Guarantor shall be
subrogated to all rights of the Holder of such Security and the Trustee against
the Borrower in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guarantee; provided, however, that the
Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon such right of subrogation until the Principal of and
interest on all Securities of the same series issued under such Indenture shall
have been paid in full.

 

No reference herein to such
Indenture and no provision of this Guarantee or of such Indenture shall alter
or impair the guarantees of the Guarantor which are absolute and unconditional,
of the due and punctual payment of the Principal of and interest on, and any
sinking fund or analogous payments with respect to, the Security upon which
this Guarantee is endorsed.

 

This Guarantee shall not be
valid or obligatory for any purpose until the certificate of authentication of
such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture.

 

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

 

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

 

Executed and dated the date
on the face hereof.

 

	
   

  	
  CREDIT SUISSE GROUP,

  
	
   

  	
  as the Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:”

  

 

28

 

Section 6.02.                             When
the Guarantor May Merge, Etc. The Guarantor shall not consolidate with,
merge with or into, or sell, convey, transfer, lease or otherwise dispose of
all or substantially all of its property and assets (as an entirety or
substantially as an entirety in one transaction or a series of related
transactions) to, any Person (other than with or into the Company) or permit
any Person to merge with or into the Guarantor unless:

 

(a)                                  either (x) the
Guarantor shall be the continuing Person or (y) the Person (if other than the
Guarantor) formed by such consolidation or into which the Guarantor is merged
or that acquired or leased such property and assets of the Guarantor shall
expressly assume, by a supplemental indenture, executed and delivered to the
Company and to the Trustee, all of the obligations of the Guarantor on the
Guarantee and under this Indenture and the Guarantor shall have delivered to
the Trustee an Opinion of Counsel stating that such consolidation, merger or
transfer and such supplemental indenture complies with this provision and that
all conditions precedent provided for herein relating to such transaction have
been complied with and that such supplemental indenture constitutes the legal,
valid and binding obligation of the Guarantor or such successor enforceable
against such entity in accordance with its terms, subject to customary
exceptions; and

 

(b)                                 the Guarantor shall
have delivered to the Trustee an Officers’ Certificate to the effect that
immediately after giving effect to such transaction, no Default shall have
occurred and be continuing and an Opinion of Counsel as to the matters set
forth in Section 6.02(a)(y).

 

Section 6.03.                             Successor
Substituted. Upon any consolidation or merger, or any sale, conveyance,
transfer, lease or other disposition of all or substantially all of the
property and assets of the Guarantor in accordance with Section 6.02 of
this Indenture, the successor Person formed by such consolidation or into which
the Guarantor is merged or to which such sale, conveyance, transfer, lease or
other disposition 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 herein.

 

ARTICLE 7

 

DEFAULT AND REMEDIES

 

Section 7.01.                             Events
of Default. An “Event of Default” shall mean any one of the following
events with respect to the Securities of any series:

 

(a)                                  default in the
payment of all or any part of the Principal of any Security of such series when
the same becomes due and payable at maturity, upon acceleration, redemption or
mandatory repurchase, including as a sinking fund installment, or otherwise;

 

(b)                                 default in the payment
of any interest on any Security of such series when the same becomes due and
payable, and such default continues for a period of 30 days;

 

(c)                                  a default or breach
of any other covenant or agreement of the Company or the Guarantor in this
Indenture with respect to any Security of such series or in the Securities of
such series and such default or breach continues for a period of 60 days after
written notice thereof has been given to the Company and the Guarantor by the
Trustee or to the Company, the

 

29

 

Guarantor and the Trustee by the Holders of 25% or more in aggregate
principal amount of the Securities of all series affected thereby;

 

(d)                                 commencement of an
involuntary case or other proceeding against the Company, with respect to the
Company or its debts under any bankruptcy, insolvency or other similar law now
or hereafter in effect seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or for any
substantial part of the property and assets of the Company, and such
involuntary case or other proceeding shall remain undismissed and unstayed for
a period of 60 days; or an order for relief shall be entered against the
Company, under any bankruptcy, insolvency or other similar law now or hereafter
in effect;

 

(e)                                  commencement by the
Company of a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or the Company’s consent to the
entry of an order for relief in an involuntary case under any such law, or its
consent to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Company or for all
or substantially all of the property and assets of the Company, or any general
assignment by the Company for the benefit of creditors;

 

(f)                                    commencement of an
involuntary case or other proceeding against the Guarantor, with respect to the
Guarantor or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Guarantor or for any
substantial part of the property and assets of the Guarantor, and such
involuntary case or other proceeding shall remain undismissed and unstayed for
a period of 60 days, except that the issuance of a writ of payment under the
Swiss debt enforcement and bankruptcy laws shall not constitute such
involuntary case or proceeding for the purpose of this clause; or an order for
relief shall be entered against the Guarantor, under any bankruptcy, insolvency
or other similar law now or hereafter in effect;

 

(g)                                 commencement by the
Guarantor of a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or the Guarantor’s consent to the
entry of an order for relief in an involuntary case under any such law, or its
consent to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Company
or for all or substantially all of the property and assets of the Company, or
any general assignment by the Guarantor for the benefit of creditors; or

 

(h)                                 any other Event of
Default established pursuant to Section 2.03 with respect to the
Securities of such series occurs.

 

Section 7.02.                             Acceleration.
(a) If an Event of Default described in Section 7.01(a) or (b) with
respect to the Securities of any series then outstanding occurs and is
continuing, then, and in each and every such case, except for any series of
Securities the Principal of which shall have already become due and payable,
either the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Securities of any such affected series then outstanding hereunder
(each such series treated as a separate class) by notice in writing to the Company
and to the Guarantor (and to the Trustee if given by Securityholders), may declare
the entire principal amount (or, if the Securities of any such series are
Original Issue Discount

 

30

 

Securities, such portion of the principal amount as may be specified in
the terms of such series established pursuant to Section 2.03) of all
Securities of such affected series, and the interest accrued thereon, if any,
to be due and payable immediately, and upon any such declaration the same shall
become immediately due and payable.

 

(b)                                 If an Event of Default
described in Section 7.01(c) or (h) with respect to the
Securities of one or more but not all series then outstanding, occurs and is
continuing, then, and in each and every such case, except for any series of
Securities the Principal of which shall have already become due and payable,
either the Trustee or the Holders of not less than 25% in aggregate principal
amount (or, if the Securities of any such series are Original Issue Discount
Securities, the amount thereof that may be accelerated under this Section) of
the Securities of all such affected series then outstanding hereunder (treated
as a single class) by notice in writing to the Company and to the Guarantor (and
to the Trustee if given by Securityholders), may declare the entire principal
amount (or, if the Securities of any such series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of such series established pursuant to Section 2.03) of all
Securities of all such affected series, and the interest accrued thereon, if
any, to be due and payable immediately, and upon any such declaration the same
shall become immediately due and payable.

 

(c)                                  If an Event of
Default described in Section 7.01(d), (e), (f) or (g) occurs and
is continuing, then the principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as may be specified in
the terms thereof established pursuant to Section 2.03) of all the
Securities then outstanding and interest accrued thereon, if any, shall be and
become immediately due and payable, without any notice or other action by any
Holder or the Trustee, to the full extent permitted by applicable law.

 

(d)                                 If an Event of Default
described in Section 7.01(c) or (h) with respect to the
Securities of all series then outstanding, occurs and is continuing, then, and
in each and every such case, either the Trustee or the Holders of not less than
25% in aggregate principal amount (or, if the Securities of any outstanding series
are Original Issue Discount Securities, the amount thereof accelerable under
this Section) of all Securities of any series then outstanding hereunder except
for any series of Securities the Principal of which shall have already become
due and payable (treated as a single class) by notice in writing to the Company
and to the Guarantor (and to the Trustee if given by Securityholders), may declare
the entire principal amount (or, if the Securities of any such series are
Original Issue Discount Securities, such portion of the principal amount as may
be specified in the terms of such series established pursuant to Section 2.03)
of all Securities of any series then outstanding, and the interest accrued
thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.

 

The foregoing
provisions, however, are subject to the condition that if, at any time after
the principal amount (or, if the Securities are Original Issue Discount
Securities, such portion of the Principal as may be specified in the terms
thereof established pursuant to Section 2.03) of the Securities of any series
(or of all the Securities, as the case may be) shall have been so declared due
and payable, and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Company or
the Guarantor shall pay or shall deposit with the Trustee a sum sufficient to
pay all matured installments of

 

31

 

interest upon all the Securities of each such series (or of all the
Securities, as the case may be) and the Principal of any and all Securities of
each such series (or of all the Securities, as the case may be) which shall
have become due otherwise than by acceleration (with interest upon such
Principal and, to the extent that payment of such interest is enforceable under
applicable law, on overdue installments of interest, at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of each such series to the date of such
payment or deposit) and such amount as shall be sufficient to cover all amounts
owing to the Trustee under Section 8.07, and if any and all Events of
Default under this Indenture, other than the non-payment of the Principal of
Securities which shall have become due by acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then and in every such case
the Holders of a majority in aggregate principal amount of all the then
outstanding Securities of all such series that have been accelerated (voting as
a single class), by written notice to the Company, to the Guarantor and to the
Trustee, may waive all defaults with respect to all such series (or with
respect to all the Securities, as the case may be) and rescind and annul such
declaration and its consequences, but no such waiver or rescission and
annulment shall extend to or shall affect any subsequent default or shall
impair any right consequent thereon.

 

For all
purposes under this Indenture, if a portion of the Principal of any Original
Issue Discount Securities shall have been accelerated and declared due and
payable pursuant to the provisions hereof, then, from and after such
declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed,
for all purposes hereunder, to be such portion of the Principal thereof as
shall be due and payable as a result of such acceleration, and payment of such
portion of the Principal thereof as shall be due and payable as a result of
such acceleration, together with interest, if any, thereon and all other
amounts owing thereunder, shall constitute payment in full of such Original
Issue Discount Securities.

 

Section 7.03.                             Other
Remedies. If a payment default or an Event of Default with respect to the
Securities of any series occurs and is continuing, the Trustee may pursue, in
its own name or as trustee of an express trust, any available remedy by
proceeding at law or in equity to collect the payment of Principal of and
interest on the Securities of such series or to enforce the performance of any
provision of the Securities of such series or this Indenture.

 

The Trustee may
maintain a proceeding even if it does not possess any of the Securities or does
not produce any of them in the proceeding.

 

Section 7.04.                             Waiver
of Past Defaults. Subject to Sections 7.02, 7.07 and 10.02, the Holders of
at least a majority in principal amount (or, if the Securities are Original
Issue Discount Securities, such portion of the Principal as is then accelerable
under Section 7.02) of the outstanding Securities of all series affected
(voting as a single class), by notice to the Trustee, may waive an existing
Default or Event of Default with respect to the Securities of such series and
its consequences, except a Default in the payment of Principal of or interest
on any Security as specified in Section 7.01(a) or (b) or in
respect of a covenant or provision of this Indenture which cannot be modified
or amended without the consent of the Holder of each outstanding Security
affected. Upon any such waiver, such Default shall cease to exist, and any
Event of Default with respect to the Securities of such series arising
therefrom shall be deemed to have

 

32

 

been cured, for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereto.

 

Section 7.05.                             Control
by Majority. Subject to Sections 8.01 and 8.02(e), the Holders of at least
a majority in aggregate principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as is then accelerable
under Section 7.02) of the outstanding Securities of all series affected
(voting as a single class) may 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
by this Indenture; provided, that the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that may involve the Trustee in
personal liability or that the Trustee determines in good faith may be unduly
prejudicial to the rights of Holders not joining in the giving of such
direction; and provided  further, that the Trustee may take any
other action it deems proper that is not inconsistent with any directions
received from Holders of Securities pursuant to this Section 7.05.

 

Section 7.06.                             Limitation
on Suits. No Holder of any Security of any series may institute any
proceeding, judicial or otherwise, with respect to this Indenture or the
Securities of such series, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless:

 

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

 

(b)                                 the Holders of at
least 25% in aggregate principal amount of outstanding Securities of all such series
affected shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

 

(c)                                  such Holder or
Holders have offered to the Trustee indemnity reasonably satisfactory to the
Trustee against any costs, liabilities or expenses 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)                                  during such 60-day
period, the Holders of a majority in aggregate principal amount of the
outstanding Securities of all such affected series have not given the Trustee a
direction that is inconsistent with such written request.

 

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

 

Section 7.07.                             Rights
of Holder to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security to receive payment of
Principal of or interest, if any, on such Holder’s Security on or after the
respective due dates expressed on such Security, or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

 

33

 

Section 7.08.                             Collection
Suit by Trustee. If an Event of Default with respect to the Securities of
any series in payment of Principal or interest specified in Section 7.01(a) or
(b) occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company and the Guarantor
for the whole amount (or such portion thereof as specified in the terms
established pursuant to Section 2.03 of Original Issue Discount
Securities) of Principal of, and accrued interest remaining unpaid on, together
with interest on overdue Principal of, and, to the extent that payment of such
interest is lawful, interest on overdue installments of interest on, the
Securities of such series, in each case at the rate or Yield to Maturity (in
the case of Original Issue Discount Securities) specified in such Securities,
and such further amount as shall be sufficient to cover all amounts owing the
Trustee under Section 8.07.

 

Section 7.09.                             Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for amounts due the Trustee under Section 8.07)
and the Holders allowed in any judicial proceedings relative to the Company (or
any other obligor on the Securities), the Guarantor, the creditors of the
Company or the Guarantor, or the property of the Company or the Guarantor and
shall be entitled and empowered to collect and receive any moneys, securities
or other property payable or deliverable upon conversion or exchange of the
Securities or upon 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 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, to pay to
the Trustee any amount due to it under Section 8.07. Nothing herein
contained shall be deemed to empower the Trustee to authorize or consent to, or
accept or adopt on behalf of any Holder, any plan of reorganization,
arrangement, adjustment or composition affecting the Securities, the Guarantee
or the rights of any Holder under the Securities or the Guarantee, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

 

Section 7.10.                             Application
of Proceeds. Any moneys collected by the Trustee pursuant to this Article in
respect of the Securities of any series shall be applied in the following order
at the date or dates fixed by the Trustee and, in case of the distribution of
such moneys on account of Principal or interest, upon presentation of the
several Securities and coupons appertaining to such Securities in respect of
which moneys have been collected and noting thereon the payment, or issuing
Securities of such series and tenor in reduced principal amounts in exchange for
the presented Securities of such series and tenor if only partially paid, or
upon surrender thereof if fully paid:

 

FIRST:  To the payment of all amounts due the Trustee
under Section 8.07 applicable to the Securities of such series in respect
of which moneys have been collected;

 

SECOND:  In case the Principal of the Securities of
such series in respect of which moneys have been collected shall not have
become and be then due and payable, to the payment of interest on the
Securities of such series in default in the order of the maturity of the
installments of such interest, with interest (to the extent that such interest
has been collected by the Trustee) upon the overdue installments of interest at
the same

 

34

 

rate as the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) specified in such Securities, such payments
to be made ratably to the persons entitled thereto, without discrimination or
preference;

 

THIRD:  In case the Principal of the Securities of
such series in respect of which moneys have been collected shall have become
and shall be then due and payable, to the payment of the whole amount then
owing and unpaid upon all the Securities of such series for Principal and
interest, with interest upon the overdue Principal, and (to the extent that
such interest has been collected by the Trustee) upon overdue installments of
interest at the same rate as the rate of interest or Yield to Maturity (in the
case of Original Issue Discount Securities) specified in the Securities of such
series; and in case such moneys shall be insufficient to pay in full the whole
amount so due and unpaid upon the Securities of such series, then to the
payment of such Principal and interest or Yield to Maturity, without preference
or priority of Principal over interest or Yield to Maturity, or of interest or
Yield to Maturity over Principal, or of any installment of interest over any
other installment of interest, or of any Security of such series over any other
Security of such series, ratably to the aggregate of such Principal and accrued
and unpaid interest or Yield to Maturity; and

 

FOURTH:  To the payment of the remainder, if any, to
the Company, or to the extent the Trustee collects any amount pursuant to the
Guarantee, the Guarantor, or any other person lawfully entitled thereto.

 

Section 7.11.                             Restoration
of Rights and Remedies. If the Trustee or any Holder 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, subject to any determination in such proceeding, the Company, the
Guarantor, the Trustee and the Holders shall be restored to their former
positions hereunder and thereafter all rights and remedies of the Company, the
Guarantor, Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

Section 7.12.                             Undertaking
for Costs. In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, in either case in respect to the Securities of any
series, a court may require any party litigant in such suit (other than the
Trustee) to file an undertaking to pay the costs of the suit, and the court may
assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant (other than the Trustee) in the suit having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 7.12 does not apply to a suit by a Holder pursuant
to Section 7.07 or a suit by Holders of more than 10% in principal amount
of the outstanding Securities of such series.

 

Section 7.13.                             Rights
and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or wrongfully taken
Securities in Section 2.08, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right

 

35

 

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 prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section 7.14.                             Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder 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 7
or by law to the Trustee or to the Holders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

 

ARTICLE 8

 

TRUSTEE

 

Section 8.01.                             General.
The duties and responsibilities of the Trustee shall be as provided by the
Trust Indenture Act and as set forth herein. Notwithstanding the foregoing, no
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, unless
it receives indemnity satisfactory to it against any loss, liability or expense.
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Article 8. The
Trustee, prior to the occurrence of an Event of Default of which a Responsible
Officer of the Trustee has actual knowledge and after the curing of all Events
of Default which may have occurred, 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. If an
Event of Default to the actual knowledge of a Responsible Officer of the
Trustee has occurred (which has not been cured or waived), 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 or her own
affairs.

 

Section 8.02.                             Certain
Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through
(d):

 

(a)                                  the Trustee may conclusively
rely and shall be fully protected in acting or refraining from acting upon any
Officers’ Certificate, Opinion of Counsel (or both), resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper person or persons. The Trustee need not investigate any fact or
matter stated in the document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see
fit;

 

(b)                                 before the Trustee
acts or refrains from acting, it may require an Officers’ Certificate and/or an
Opinion of Counsel, which shall conform to Section 11.04. The Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on such certificate or opinion. Subject to Sections 8.01 and 8.02,
whenever in the administration of the

 

36

 

trusts of this Indenture the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to taking or suffering
or omitting to take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers’ Certificate delivered to
the Trustee, and such certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions of this
Indenture upon the faith thereof;

 

(c)                                  the Trustee may act
through its attorneys, Agents, custodians and nominees not regularly in its
employ and shall not be responsible for the misconduct or negligence of any
Agent, attorney, custodian and nominee appointed with due care;

 

(d)                                 any request,
direction, order or demand of the Company or the Guarantor mentioned herein
shall be sufficiently evidenced by an Officers’ Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the
secretary or an assistant secretary of the Company or the Guarantor, as the
case may be;

 

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

 

(f)                                    the Trustee shall
not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within its rights or powers or for any action it
takes or omits to take in accordance with the direction of the Holders in
accordance with Section 7.05 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;

 

(g)                                 the Trustee may consult
with counsel of its selection and the 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 to be taken by it hereunder in good faith
and in reliance thereon;

 

(h)                                 prior to the
occurrence of an Event of Default hereunder and after the curing or waiving of
all Events of Default, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, Officers’
Certificate, Opinion of Counsel, Board Resolution, statement, instrument,
opinion, report, notice, request, consent, order, approval, appraisal, bond,
debenture, note, coupon, security, or other paper or document unless requested
in writing so to do by the Holders of not less than a majority in aggregate
principal amount of the Securities of all series affected then outstanding; provided
that, if the payment within a reasonable time to the Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may

 

37

 

require indemnity satisfactory to it against such expenses or
liabilities as a condition to proceeding; and

 

(i)                                     if the Trustee is
acting as Paying Agent or Transfer Agent and Registrar herein the rights and
protections afforded the Trustee under this Article 8 shall also be
afforded to such Paying Agent or Transfer Agent and Registrar.

 

Section 8.03.                             Individual
Rights of Trustee. The Trustee, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with the
Company, the Guarantor or their respective affiliates with the same rights it
would have if it were not the Trustee. Any Agent may do the same with like
rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and
311. For purposes of Trust Indenture Act Section 311(b)(4) and (6),
the following terms shall mean:

 

(a)                                  “cash transaction”
means any transaction in which full payment for goods or securities sold is
made within seven days after delivery of the goods or securities in currency or
in checks or other orders drawn upon banks or bankers and payable upon demand;
and

 

(b)                                 “self-liquidating paper”
means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred by the Company or the Guarantor for the purpose
of financing the purchase, processing, manufacturing, shipment, storage or sale
of goods, wares or merchandise and which is secured by documents evidencing
title to, possession of, or a lien upon, the goods, wares or merchandise or the
receivables or proceeds arising from the sale of the goods, wares or
merchandise previously constituting the security, provided the security is
received by the Trustee simultaneously with the creation of the creditor
relationship with the Company or the Guarantor arising from the making,
drawing, negotiating or incurring of the draft, bill of exchange, acceptance or
obligation.

 

[For purposes of clause (i) of
the first proviso to Trust Indenture Act Section 310(b), the following indentures
are hereby excluded: the senior indenture dated             
between Credit Suisse Group, as the company, and JPMorgan Chase Bank, N.A. as
the trustee, the senior indenture dated             
among Credit Suisse Group Finance (Delaware) LLC I, as the company, Credit
Suisse Group, as the guarantor, and JPMorgan Chase Bank, N.A., as the trustee,
and the senior indenture dated             
among Credit Suisse Group Finance (Luxembourg) S.A., as the company, Credit
Suisse Group, as the guarantor, and JPMorgan Chase Bank, N.A., as the trustee.]

 

Section 8.04.                             Trustee’s
Disclaimer. The recitals contained herein and in the Securities (except the
Trustee’s certificate of authentication) shall be taken as statements of the
Company or the Guarantor and not of the Trustee and the Trustee assumes no
responsibility for the correctness of the same. Neither the Trustee nor any of
its agents (i) makes any representation as to the validity or adequacy of
this Indenture, the Securities or the Guarantees and (ii) shall be
accountable for the Company’s or the Guarantor’s use or application of the
proceeds from the Securities or for monies paid over to the Company or the
Guarantor pursuant to the Indenture.

 

Section 8.05.                             Notice
of Default. If any Default with respect to the Securities of any series occurs
and is continuing and if such Default is known to the actual knowledge of a
Responsible Officer of the Trustee, the Trustee shall give to each Holder of
Securities of such series notice of such Default within 90 days after it occurs
(i) if any Unregistered Securities of such series are then outstanding, to
the Holders thereof, by publication at least once in an Authorized Newspaper in
the Borough of Manhattan, The City of New York and at least once in

 

38

 

an Authorized Newspaper in London and (ii) to all Holders of
Securities of such series in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, unless such Default shall have been cured or waived
before the mailing or publication of such notice; provided, however,
that, except in the case of a Default in the payment of the Principal of or
interest on any Security, the Trustee shall be fully protected in withholding
such notice if the Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders.

 

Section 8.06.                             Reports
by Trustee to Holders. Within 60 days after each May 1, beginning with
May 1, 20   , the Trustee shall mail to each Holder as and
to the extent provided in Trust Indenture Act Section 313(c) a brief
report dated as of such May 1, if required by Trust Indenture Act Section 313(a).

 

Section 8.07.                             Compensation
and Indemnity. The Company, or failing which, the Guarantor, shall pay to
the Trustee such compensation as shall be agreed upon in writing from time to
time for its services. The compensation of the Trustee shall not be limited by
any law on compensation of a Trustee of an express trust. The Company, or
failing which, the Guarantor, shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses, disbursements and advances incurred or made
by the Trustee. Such expenses shall include the reasonable compensation and
expenses of the Trustee’s agents, counsel and other persons not regularly in
its employ.

 

The Company,
or failing which, the Guarantor, shall indemnify the Trustee and its officers,
directors, employees and Agents for, and hold it and them harmless against, any
and all loss, damage, claim or liability or expense (including legal fees and
expenses) including taxes (other than taxes based on the income of the Trustee)
incurred by it or them without negligence or bad faith on its part arising out
of or in connection with the acceptance or administration of this Indenture and
the Securities or the issuance of the Securities or a series thereof or the
trusts hereunder and the performance of its duties under this Indenture and the
Securities, including the costs and expenses of defending itself against or
investigating any claim or liability and of complying with any process served
upon it or any of its officers in connection with the exercise or performance of
any of its powers or duties under this Indenture and the Securities.

 

To secure the
Company’s and the Guarantor’s payment obligations in this Section 8.07,
the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee, in its capacity as Trustee, except money or
property held in trust to pay Principal of, and interest on particular
Securities.

 

The
obligations of the Company and the Guarantor under this Section to compensate
and indemnify the Trustee and each predecessor Trustee and to pay or reimburse
the Trustee and each predecessor Trustee for expenses, disbursements and
advances shall constitute additional indebtedness hereunder and shall survive
the satisfaction and discharge of this Indenture or the rejection or
termination of this Indenture under bankruptcy, insolvency or similar law or
the earlier resignation or removal of the Trustee. Such additional indebtedness
shall be a senior claim to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
benefit of the Holders of particular Securities or coupons, and the Securities
are hereby subordinated to such senior claim. If the

 

39

 

Trustee renders services and incurs expenses following an Event of
Default under Section 7.01(d), (e), (f) or (g) hereof, the
parties hereto and the Holders by their acceptance of the Securities hereby
agree that such expenses are intended to constitute expenses of administration
under any bankruptcy, insolvency or similar law.

 

Section 8.08.                             Replacement
of Trustee. A resignation or removal of the Trustee as Trustee with respect
to the Securities of any series and appointment of a successor Trustee as
Trustee with respect to the Securities of any series shall become effective
only upon the successor Trustee’s acceptance of appointment as provided in this
Section 8.08.

 

The Trustee may
resign as Trustee with respect to the Securities of any series at any time by so
notifying the Company and the Guarantor in writing. The Holders of a majority
in principal amount of the outstanding Securities of any series may remove the
Trustee as Trustee with respect to the Securities of such series by so
notifying the Trustee in writing and may appoint a successor Trustee with
respect thereto with the consent of the Company. The Company may remove the
Trustee as Trustee with respect to the Securities of any series if: (i) the
Trustee is no longer eligible under Section 8.10 of this Indenture; (ii) the
Trustee is adjudged a bankrupt or insolvent; (iii) a receiver or other
public officer takes charge of the Trustee or its property; or (iv) the
Trustee becomes incapable of acting.

 

If the Trustee
resigns or is removed as Trustee with respect to the Securities of any series,
or if a vacancy exists in the office of Trustee with respect to the Securities
of any series for any reason, the Company shall promptly appoint a successor
Trustee with respect thereto. Within one year after the successor Trustee takes
office, the Holders of a majority in principal amount of the outstanding
Securities of such series may appoint a successor Trustee in respect of such
Securities to replace the successor Trustee appointed by the Company. If the
successor Trustee with respect to the Securities of any series does not deliver
its written acceptance required by the next succeeding paragraph of this Section 8.08
within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of a majority in principal amount of the
outstanding Securities of such series may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect thereto.

 

A successor
Trustee with respect to the Securities of any series shall deliver a written
acceptance of its appointment to the retiring Trustee, to the Company and to
the Guarantor. Immediately after the delivery of such written acceptance,
subject to the lien provided for in Section 8.07 and subject to the
payment of any and all amounts then due and owing to the retiring Trustee, (i) the
retiring Trustee shall transfer all property held by it as Trustee in respect
of the Securities of such series to the successor Trustee, (ii) the
resignation or removal of the retiring Trustee in respect of the Securities of
such series shall become effective and (iii) the successor Trustee shall
have all the rights, powers and duties of the Trustee in respect of the
Securities of such series under this Indenture. A successor Trustee shall mail
notice of its succession to each Holder of Securities of such series.

 

Upon request
of any such successor Trustee, the Company and the Guarantor shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts referred to in the
preceding paragraph.

 

40

 

The Company
shall give notice of any resignation and any removal of the Trustee with
respect to the Securities of any series and each appointment of a successor
Trustee in respect of the Securities of such series to all Holders of
Securities of such series. Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office. Notwithstanding
replacement of the Trustee with respect to the Securities of any series pursuant
to this Section 8.08, the Company’s and the Guarantor’s obligations under Section 8.07
shall continue for the benefit of the retiring Trustee.

 

Section 8.09.                             Successor
Trustee by Merger, Etc. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or national banking association, the
resulting, surviving or transferee corporation or national banking association
without any further act shall be the successor Trustee with the same effect as
if the successor Trustee had been named as the Trustee herein; provided
that such successor Trustee shall be otherwise qualified and eligible under
this Article 8.

 

Section 8.10.                             Eligibility.
This Indenture shall always have a Trustee who satisfies the requirements of
Trust Indenture Act Section 310(a). The Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition.

 

Section 8.11.                             Money
Held in Trust. The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law and except for money held in trust under Article 9
of this Indenture.

 

ARTICLE 9

 

DISCHARGE OF INDENTURE

 

Section 9.01.                             Defeasance
within One Year of Payment. Except as otherwise provided in this Section 9.01,
the Company or the Guarantor may terminate the obligations of the Company and
the Guarantor under the Securities of any series, the Guarantee and this
Indenture with respect to Securities of such series if:

 

(a)                                  all Securities of
such series previously authenticated and delivered (other than destroyed, lost
or wrongfully taken Securities of such series that have been replaced or paid
or Securities of such series that are paid pursuant to Section 4.01 or
Securities of such series for whose payment money or securities have
theretofore been held in trust and thereafter repaid to the Company or the
Guarantor, as provided in Section 9.05) have been delivered to the Trustee
for cancellation and the Company (or the Guarantor pursuant to the Guarantee)
has paid all sums payable by it hereunder; or

 

(b)                                 (i)                                     the Securities of
such series mature within one year or all of them are to be called for
redemption within one year under arrangements satisfactory to the Trustee for
giving the notice of redemption, (ii) the Company or the Guarantor
irrevocably deposits in trust with the Trustee, as trust funds solely for the
benefit of the Holders of such Securities for that purpose, money or U.S.
Government Obligations or a combination thereof sufficient (unless such funds

 

41

 

consist solely of money, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee), without consideration of any reinvestment, to pay
the Principal of and interest on the Securities of such series to maturity or
redemption, as the case may be, and to pay all other sums payable by it
hereunder, and (iii) the Company delivers to the Trustee an Officers’
Certificate and an Opinion of Counsel, in each case stating that all conditions
precedent provided for herein relating to the satisfaction and discharge of
this Indenture with respect to the Securities of such series have been complied
with.

 

With respect
to the foregoing clause (a), only the Company’s and the Guarantor’s obligations
under Section 8.07 in respect of the Securities of such series shall
survive. With respect to the foregoing clause (b), only the obligations of the
Company and the Guarantor in Sections 2.02 through 2.12, 4.02, 8.07, 8.08, 9.04
and 9.05, as applicable, in respect of the Securities of such series and the
Guarantee thereof shall survive until such Securities of such series are no
longer outstanding. Thereafter, only the obligations of the Company and the
Guarantor in Sections 8.07, 9.04 and 9.05, as applicable, in respect of the
Securities of such series and the Guarantee thereof shall survive. After any
such irrevocable deposit, the Trustee upon written request shall acknowledge in
writing the discharge of the obligations of the Company and the Guarantor under
the Securities of such series, the Guarantee thereof and this Indenture with
respect to the Securities of such series except for those surviving obligations
specified above.

 

Section 9.02.                             Defeasance.
Except as provided below, the Company will be deemed to have paid and the
Company and the Guarantor will be discharged from any and all obligations in
respect of the Securities of any series and the Guarantee thereof, and the
provisions of this Indenture will no longer be in effect with respect to the
Securities of such series and the Guarantee thereof (and the Trustee, at the
expense of the Company and the Guarantor, shall execute proper instruments
acknowledging the same); provided that the following conditions shall
have been satisfied:

 

(a)                                  the Company or the
Guarantor has irrevocably deposited in trust with the Trustee as trust funds
solely for the benefit of the Holders of the Securities of such series, for
payment of the Principal of and interest on the Securities of such series,
money or U.S. Government Obligations or a combination thereof sufficient
(unless such funds consist solely of money, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee) without consideration of any
reinvestment and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof payable by the Trustee, to pay and
discharge the Principal of and accrued interest on the outstanding Securities
of such series to maturity or earlier redemption (irrevocably provided for
under arrangements satisfactory to the Trustee), as the case may be;

 

(b)                                 such deposit will not
result in a breach or violation of, or constitute a default under, this
Indenture or any other material agreement or instrument to which the Company or
the Guarantor, as the case may be, is a party or by which it is bound;

 

(c)                                  no Default with
respect to the Securities of such series shall have occurred and be continuing
on the date of such deposit;

 

42

 

(d)                                 the Company shall have
delivered to the Trustee either (x) a ruling directed to the Trustee received
from the Internal Revenue Service to the effect that the Holders of the
Securities of such series will not recognize income, gain or loss for federal
income tax purposes as a result of such discharge under this Section 9.02
and will be subject to federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred or (y) an Opinion of Counsel to the same effect as
the ruling described in clause (x) above; and

 

(e)                                  the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in
each case stating that all conditions precedent provided for herein relating to
the defeasance contemplated by this Section 9.02 of the Securities of such
series have been complied with.

 

The
obligations of the Company and the Guarantor in Sections 2.02 through 2.12,
4.02, 8.07, 8.08, 9.04 and 9.05, as applicable, with respect to the Securities
of such series and the Guarantee thereof shall survive until such Securities
are no longer outstanding. Thereafter, only the obligations of the Company and
the Guarantor in Sections 8.07 and 9.05, as applicable, shall survive.

 

Section 9.03.                             Covenant
Defeasance. The Company and the Guarantor may omit to comply with any
specific covenant relating to such series provided for in a Board Resolution or
supplemental indenture pursuant to Section 2.03 which may by its terms be
defeased pursuant to this Section 9.03, and such omission shall be deemed
not to be an Event of Default under Section 7.01(c) or (h), with
respect to the outstanding Securities of a series if:

 

(a)                                  the Company or the
Guarantor has irrevocably deposited in trust with the Trustee as trust funds
solely for the benefit of the Holders of the Securities of such series, for
payment of the Principal of and interest, if any, on the Securities of such
series, money or U.S. Government Obligations or a combination thereof in an
amount sufficient (unless such funds consist solely of money, in the opinion of
a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee) without consideration
of any reinvestment and after payment of all federal, state and local taxes or
other charges and assessments in respect thereof payable by the Trustee, to pay
and discharge the Principal of and interest on the outstanding Securities of
such series to maturity or earlier redemption (irrevocably provided for under
arrangements satisfactory to the Trustee), as the case may be;

 

(b)                                 such deposit will not
result in a breach or violation of, or constitute a default under, this
Indenture or any other material agreement or instrument to which the Company or
the Guarantor, as the case may be, is a party or by which it is bound;

 

(c)                                  no Default with
respect to the Securities of such series shall have occurred and be continuing
on the date of such deposit;

 

(d)                                 the Company has
delivered to the Trustee an Opinion of Counsel to the effect that such Holders
will not recognize income, gain or loss for federal income tax purposes as a
result of such deposit and covenant defeasance and will be subject to federal
income tax on the

 

43

 

same amount and in the same manner and at the same times as would have
been the case if such deposit and defeasance had not occurred; and

 

(e)                                  the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in
each case stating that all conditions precedent provided for herein relating to
the covenant defeasance contemplated by this Section 9.03 of the
Securities of such series have been complied with.

 

Section 9.04.                             Application
of Trust Money. Subject to Section 9.05, the Trustee or Paying Agent
shall hold in trust money or U.S. Government Obligations deposited with it
pursuant to Section 9.01, 9.02 or 9.03, as the case may be, in respect of
the Securities of any series and shall apply the deposited money and the
proceeds from deposited U.S. Government Obligations in accordance with the
Securities of such series and this Indenture to the payment of Principal of and
interest on the Securities of such series; but such money need not be
segregated from other funds except to the extent required by law. The Company,
and failing which, the Guarantor, agrees to pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 9.01, 9.02 or 9.03 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
outstanding Securities.

 

Section 9.05.                             Repayment
to Company and Guarantor. Subject to Sections 8.07, 9.01, 9.02 and 9.03,
the Trustee and the Paying Agent shall promptly pay to the Company or to the
Guarantor, as the case may be, upon request set forth in an Officers’
Certificate any money originally paid by a party making such request held by
them at any time and not required to make payments hereunder and thereupon
shall be relieved from all liability with respect to such money. The Trustee
and the Paying Agent shall pay to the Company or to the Guarantor, as the case may
be, upon written request any money originally paid by a party making such
request held by them and required to make payments hereunder that remains
unclaimed for two years; provided that the Trustee or such Paying Agent
before being required to make any payment may cause to be published at the
expense of the Company or to the Guarantor, as the case may be, once in an
Authorized Newspaper in The City of New York and once in an Authorized
Newspaper in London or mail to each Holder entitled to such money at such
Holder’s address (as set forth in the Security Register) notice that such money
remains unclaimed and that after a date specified therein (which shall be at
least 30 days from the date of such publication or mailing) any unclaimed
balance of such money then remaining will be repaid to the Company or to the
Guarantor, as the case may be. After payment to the Company or to the
Guarantor, Holders entitled to such money must look to the Company or to the
Guarantor, as the case may be, for payment as general creditors unless an
applicable law designates another Person, and all liability of the Trustee and
such Paying Agent with respect to such money shall cease.

 

ARTICLE 10

 

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

Section 10.01.                       Without
Consent of Holders. The Company, the Guarantor and the Trustee may amend or
supplement this Indenture, the Guarantee or the Securities of any series without
notice to or the consent of any Holder:

 

44

 

(a)                                  to cure any
ambiguity, defect or inconsistency in this Indenture; provided that such
amendments or supplements shall not materially and adversely affect the
interests of the Holders;

 

(b)                                 to comply with Section 5.01,
5.02, 6.01 and 6.02;

 

(c)                                  to comply with any
requirements of the Commission in connection with the qualification of this
Indenture under the Trust Indenture Act;

 

(d)                                 to evidence and
provide for the acceptance of appointment hereunder with respect to the
Securities of any or all series by a successor Trustee;

 

(e)                                  to establish the form
or forms or terms of Securities of any series or of the coupons appertaining to
such Securities as permitted by Section 2.03;

 

(f)                                    to provide for
uncertificated or Unregistered Securities and to make all appropriate changes
for such purpose;

 

(g)                                 to provide for a
further guarantee from a third party on outstanding Securities of any series and
the Securities of any series that may be issued under this Indenture; or

 

(h)                                 to make any change
that does not materially and adversely affect the rights of any Holder.

 

Section 10.02.                       With
Consent of Holders. Subject to Sections 7.04 and 7.07, without prior notice
to any Holders, the Company, the Guarantor and the Trustee may amend this
Indenture, the Guarantee and the Securities of any series with the written
consent of the Holders of a majority in principal amount (or, if any Securities
are Original Issue Discount Securities, such portion of the Principal as may then
be accelerated under Section 7.02) of the outstanding Securities of all series
affected by such amendment (all such series voting as one class), and the
Holders of a majority in principal amount (or, if any Securities are Original
Issue Discount Securities, such portion of the Principal as may then be
accelerated under Section 7.02) of the outstanding Securities of all series
affected thereby (all such series voting as one class) by written notice to the
Trustee may waive future compliance by the Company and the Guarantor with any
provision of this Indenture, the Guarantee or the Securities of such series.

 

Notwithstanding
the provisions of this Section 10.02, without the consent of each Holder
affected thereby, an amendment or waiver, including a waiver pursuant to Section 7.04,
may not:

 

(a)                                  extend the stated
maturity of the Principal of, or any sinking fund obligation or any installment
of interest on, such Holder’s Security, or reduce the Principal thereof or the
rate of interest thereon (including any amount in respect of original issue
discount), or adversely affect the rights of such Holder under any mandatory
redemption or repurchase provision or any right of redemption or repurchase at
the option of such Holder, or reduce the amount of the Principal of an Original
Issue Discount Security that would be due and payable upon an acceleration of
the maturity thereof pursuant to Section 7.02 or the amount thereof
provable in bankruptcy, insolvency or similar proceeding, or change any place
of payment where, or the

 

45

 

currency in which, any Principal or the interest thereon is payable,
modify any right to convert or exchange such Holder’s Security for another
security to the detriment of the Holder, or impair the right to institute suit
for the enforcement of any such payment on or after the due date therefor;

 

(b)                                 reduce the percentage
in principal amount of outstanding Securities of the relevant series the
consent of whose Holders is required for any such supplemental indenture, or
for any waiver of compliance with certain provisions of this Indenture or
certain Defaults and their consequences provided for in this Indenture;

 

(c)                                  waive a Default in
the payment of Principal of or interest on any Security of such Holder; or

 

(d)                                 modify any of the
provisions of this Section 10.02, 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.

 

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

 

It shall not
be necessary for the consent of any Holder under this Section 10.02 to
approve the particular form of any proposed amendment, supplement or waiver,
but it shall be sufficient if such consent approves the substance thereof.

 

After an
amendment, supplement or waiver under this Section 10.02 becomes
effective, the Company shall give to the Holders affected thereby a notice
briefly describing the amendment, supplement or waiver. The Company will mail
supplemental indentures to Holders upon request. Any failure of the Company to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture or waiver.

 

Section 10.03.                       Revocation
and Effect of Consent. Until an amendment or waiver becomes effective, a
consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the
same debt as the Security of the consenting Holder, even if notation of the
consent is not made on any Security. However, any such Holder or subsequent
Holder may revoke the consent as to its Security or portion of its Security. Such
revocation shall be effective only if the Trustee receives the notice of
revocation before the date the amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver shall become effective with
respect to any Securities affected thereby on receipt by the Trustee of written
consents from the requisite Holders of outstanding Securities affected thereby.

 

The Company
may, but shall not be obligated to, fix a record date (which may be not less
than 10 nor more than 60 days prior to the solicitation of consents) for the
purpose of determining the Holders of the Securities of any series affected
entitled to consent to any

 

46

 

amendment, supplement or waiver. If a record date is fixed, then, notwithstanding
the immediately preceding paragraph, those Persons who were such Holders at
such record date (or their duly designated proxies) and only those Persons
shall be entitled to consent to such amendment, supplement or waiver or to
revoke any consent previously given, whether or not such Persons continue to be
such Holders after such record date. No such consent shall be valid or
effective for more than 90 days after such record date.

 

After an
amendment, supplement or waiver becomes effective with respect to the
Securities of any series affected thereby, it shall bind every Holder of such
Securities unless it is of the type described in any of clauses(a) through
(d) of Section 10.02. In case of an amendment or waiver of the type
described in clauses (a) through (d) of Section 10.02, the
amendment or waiver shall bind each such Holder who has consented to it and
every subsequent Holder of a Security that evidences the same indebtedness as
the Security of the consenting Holder.

 

Section 10.04.                       Notation
on or Exchange of Securities. If an amendment, supplement or waiver changes
the terms of any Security, the Trustee may require the Holder thereof to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security about the changed terms and return it to the Holder and the Trustee may
place an appropriate notation on any Security of such series thereafter
authenticated. Alternatively, if the Company or the Trustee so determines, the
Company in exchange for the Security shall issue and the Trustee shall
authenticate a new Security of the same series and tenor that reflects the
changed terms.

 

Section 10.05.                       Trustee
to Sign Amendments, Etc.. The Trustee shall be entitled to receive, and
shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of any amendment, supplement or waiver authorized pursuant to
this Article 10 is authorized or permitted by this Indenture, stating that
all requisite consents have been obtained or that no consents are required and
stating that such supplemental indenture constitutes the legal, valid and
binding obligation of the Company and the Guarantor, enforceable against the
Company and the Guarantor in accordance with its terms, subject to customary
exceptions. Subject to the preceding sentence, the Trustee shall sign such
amendment, supplement or waiver if the same does not adversely affect the
rights of the Trustee. The Trustee may, but shall not be obligated to, execute
any such amendment, supplement or waiver that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

Section 10.06.                       Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to
this Article 10 shall conform to the requirements of the Trust Indenture
Act as then in effect.

 

ARTICLE 11

 

MISCELLANEOUS

 

Section 11.01.                       Trust
Indenture Act of 1939. This Indenture shall incorporate and be governed by
the provisions of the Trust Indenture Act that are required to be part of and
to govern indentures qualified under the Trust Indenture Act.

 

47

 

Section 11.02.                       Notices.
Any notice or communication shall be sufficiently given if written and (a) if
delivered in person, when received or (b) if mailed by first class mail, 5
days after mailing, or (c) as between any two of the Company, the
Guarantor and the Trustee if sent by facsimile transmission, when transmission
is confirmed, in each case addressed as follows:

 

if to the
Company:

 

Credit Suisse
Group Finance (Guernsey) Limited

Helvetia Court

South Esplanade

St. Peter Port

Guernsey, Channel Islands GYI 3WF

Facsimile No.:  +44-1481-700-234

Attention:  CS Group New Business Dept.

 

with a copy to the Guarantor at the address indicated below

 

if to the
Guarantor:

 

Credit Suisse
Group

Paradeplatz 8, P.O. Box 1

CH 8070 Zurich, Switzerland

Facsimile No.:  +41-44-210-2120

Attention:  General Counsel

 

if to the
Trustee:

 

JPMorgan Chase
Bank, N.A.

4 New York Plaza

15th Floor

New York, New York 10004

Attention: Worldwide Securities Services

Facsimile No.: (212) 623-6883

 

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

 

Any notice or
communication shall be sufficiently given to Holders of any Unregistered
Securities by publication at least once in an Authorized Newspaper in The City
of New York and at least once in an Authorized Newspaper in London, and by
mailing to the Holders thereof who have filed their names and addresses with
the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act
at such addresses as were so furnished to the Trustee and to Holders of
Registered Securities by mailing to such Holders at their addresses as they
shall appear on the Security Register. Notice mailed shall be sufficiently
given if so mailed within the time prescribed. Copies of any such communication
or notice to a Holder shall also be mailed to the Trustee and each Agent at the
same time.

 

48

 

Failure to
mail a notice or communication to a Holder or any defect in it shall not affect
its sufficiency with respect to other Holders. Except as otherwise provided in
this Indenture, if a notice or communication is mailed in the manner provided
in this Section 11.02, it is duly given, whether or not the addressee
receives it.

 

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

 

In case it
shall be impracticable to give notice as herein contemplated, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

 

Section 11.03.                       Certificate
and Opinion as to Conditions Precedent. Upon any request or application by
the Company or the Guarantor to the Trustee to take any action under this
Indenture, the Company or the Guarantor, as the case may be, shall furnish to
the Trustee:

 

(a)                                  an Officers’
Certificate stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

 

(b)                                 an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Section 11.04.                       Statements
Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture shall include:

 

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

 

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

 

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

 

(d)                                 a statement as to
whether or not, in the opinion of each such person, such condition or covenant
has been complied with; provided, however, that, with respect to
matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or
certificates of public officials.

 

Section 11.05.                       Evidence
of Ownership. The Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may deem and treat the Holder of any
Unregistered Security and the Holder of any coupon as the absolute owner of
such

 

49

 

Unregistered Security or coupon (whether or not such Unregistered
Security or coupon shall be overdue) for the purpose of receiving payment
thereof or on account thereof and for all other purposes, and neither the
Company, the Guarantor, the Trustee, nor any agent of the Company, the
Guarantor or the Trustee shall be affected by any notice to the contrary. The
fact of the holding by any Holder of an Unregistered Security, and the
identifying number of such Security and the date of his holding the same, may be
proved by the production of such Security or by a certificate executed by any
trust company, bank, banker or recognized securities dealer wherever situated
satisfactory to the Trustee, if such certificate shall be deemed by the Trustee
to be satisfactory.

 

Each such
certificate shall be dated and shall state that on the date thereof a Security
bearing a specified identifying number was deposited with or exhibited to such
trust company, bank, banker or recognized securities dealer by the person named
in such certificate. Any such certificate may be issued in respect of one or
more Unregistered Securities specified therein. The holding by the person named
in any such certificate of any Unregistered Securities specified therein shall
be presumed to continue for a period of one year from the date of such
certificate unless at the time of any determination of such holding (a) another
certificate bearing a later date issued in respect of the same Securities shall
be produced or (b) the Security specified in such certificate shall be
produced by some other Person, or (c) the Security specified in such
certificate shall have ceased to be outstanding. Subject to Article 8, the
fact and date of the execution of any such instrument and the amount and
numbers of Securities held by the Person so executing such instrument may also
be proven in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in any other manner which the Trustee may deem
sufficient.

 

The Company,
the Guarantor, the Trustee and any agent of the Company, the Guarantor, or the
Trustee may deem and treat the person in whose name any Registered Security
shall be registered upon the Security Register for such series as the absolute
owner of such Registered Security (whether or not such Registered Security
shall be overdue and notwithstanding any notation of ownership or other writing
thereon) for the purpose of receiving payment of or on account of the Principal
of and, subject to the provisions of this Indenture, interest on such
Registered Security and for all other purposes; and neither the Company, the
Guarantor, the Trustee nor any agent of the Company, the Guarantor or the
Trustee shall be affected by any notice to the contrary.

 

Section 11.06.                       Rules by
Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Paying Agent or Registrar may make
reasonable rules for its functions.

 

Section 11.07.                       Payment
Date other than a Business Day. If any date for payment of Principal or
interest on any Security shall not be a Business Day at any place of payment,
then payment of Principal of or interest on such Security, as the case may be,
need not be made on such date, but may be made on the next succeeding Business
Day at any place of payment with the same force and effect as if made on such
date and no interest shall accrue in respect of such payment for the period
from and after such date.

 

50

 

Section 11.08.                       Governing
Law. The laws of the State of New York (without regard to conflicts of laws
principles thereof) shall govern this Indenture, the Guarantee and the Securities.

 

Section 11.09.                       No
Adverse Interpretation of Other Agreements. This Indenture may not be used
to interpret another indenture or loan or debt agreement of the Company, the
Guarantor or any Subsidiary of the Company or the Guarantor. Any such indenture
or agreement may not be used to interpret this Indenture.

 

Section 11.10.                       Successors.
All agreements of the Company and the Guarantor in this Indenture, the
Guarantee and the Securities shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors.

 

Section 11.11.                       Duplicate
Originals. The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

 

Section 11.12.                       Separability.
In case any provision in this Indenture or in the Securities shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.13.                       Table of
Contents, Headings, Etc.. The Table of Contents and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms and provisions hereof.

 

Section 11.14.                       Incorporators,
Stockholders, Officers and Directors of Company Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture or any indenture supplemental hereto, or in any
Security or any coupons appertaining thereto, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, as such, or against
any past, present or future stockholder, officer, director or employee, as such,
of the Company, of the Guarantor or of any successor, either directly or
through the Company, the Guarantor or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Securities and the
coupons appertaining thereto by the holders thereof and as part of the
consideration for the issue of the Securities and the coupons appertaining
thereto.

 

Section 11.15.                       Judgment
Currency. The Company and the Guarantor severally agree, to the fullest
extent that they 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 interest on the Securities of any
series (the “Required Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment
Currency on the day on which final unappealable judgment is entered, unless
such day is not a Business Day in The City of New York, then, to the extent
permitted by applicable law, the rate of exchange used

 

51

 

shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the Business Day in The City of New York preceding the
day on which a final unappealable judgment is entered and (b) their
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 subsection (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.

 

52

 

SIGNATURES

 

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

 

	
   

  	
  CREDIT SUISSE GROUP FINANCE

  
	
   

  	
  (GUERNSEY) LIMITED

  
	
   

  	
  as the Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT SUISSE GROUP,

  
	
   

  	
  as the Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

53

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]