Document:

Exhibit 4(b)(1)

 

[CONFORMED]

 

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

TO

 

THE CHASE MANHATTAN BANK

(NATIONAL ASSOCIATION)

 

Trustee

 

 

INDENTURE

 

Dated as of December 1, 1993

 

 

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

Certain Sections of this Indenture

relating to Sections 310 through 318,

inclusive, of the Trust Indenture Act of 1939:

	
  Trust
  Indenture

  Act Section

  	
   

  	
   

  	
  Indenture Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section  310

  	
  (a) (1)

  	
   

  	
  609

  	
   

  
	
   

  	
  (a) (2)

  	
   

  	
  609

  	
   

  
	
   

  	
  (a) (3)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (a) (4)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (b)

  	
   

  	
  608

  	
   

  
	
   

  	
   

  	
   

  	
  610

  	
   

  
	
  Section  311

  	
  (a)

  	
   

  	
  613

  	
   

  
	
   

  	
  (b)

  	
   

  	
  613

  	
   

  
	
  Section  312

  	
  (a)

  	
   

  	
  701

  	
   

  
	
   

  	
   

  	
   

  	
  702

  	
   

  
	
   

  	
  (b)

  	
   

  	
  702

  	
   

  
	
   

  	
  (c)

  	
   

  	
  702

  	
   

  
	
  Section  313

  	
  (a)

  	
   

  	
  703

  	
   

  
	
   

  	
  (b)

  	
   

  	
  703

  	
   

  
	
   

  	
  (c)

  	
   

  	
  703

  	
   

  
	
   

  	
  (d)

  	
   

  	
  703

  	
   

  
	
  Section  314

  	
  (a)

  	
   

  	
  704

  	
   

  
	
   

  	
  (a) (4)

  	
   

  	
  101

  	
   

  
	
   

  	
   

  	
   

  	
  1004

  	
   

  
	
   

  	
  (b)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (c) (1)

  	
   

  	
  102

  	
   

  
	
   

  	
  (c) (2)

  	
   

  	
  102

  	
   

  
	
   

  	
  (c) (3)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (d)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (e)

  	
   

  	
  102

  	
   

  
	
  Section  315

  	
  (a)

  	
   

  	
  601

  	
   

  
	
   

  	
  (b)

  	
   

  	
  602

  	
   

  
	
   

  	
  (c)

  	
   

  	
  601

  	
   

  
	
   

  	
  (d)

  	
   

  	
  601

  	
   

  
	
   

  	
  (e)

  	
   

  	
  514

  	
   

  
	
  Section  316

  	
  (a)

  	
   

  	
  101

  	
   

  
	
   

  	
  (a) (1) (A)

  	
   

  	
  502

  	
   

  
	
   

  	
   

  	
   

  	
  512

  	
   

  
	
   

  	
  (a) (1) (B)

  	
   

  	
  513

  	
   

  
	
   

  	
  (a) (2)

  	
   

  	
  Not
  Applicable

  	
   

  
	
   

  	
  (b)

  	
   

  	
  508

  	
   

  
	
   

  	
  (c)

  	
   

  	
  104

  	
   

  
	
  Section  317

  	
  (a) (1)

  	
   

  	
  503

  	
   

  
	
   

  	
  (a) (2)

  	
   

  	
  504

  	
   

  
	
   

  	
  (b)

  	
   

  	
  1003

  	
   

  
	
  Section  318

  	
  (a)

  	
   

  	
  107

  	
   

  
						

 

NOTE:  THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED
TO BE A PART OF THE INDENTURE.

 

2

 

INDENTURE,
dated as of December 1, 1993, between Overseas Shipholding Group, Inc., a
corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”), having its principal office at 1114 Avenue of
the Americas, New York, New York 10036, and The Chase Manhattan Bank (National
Association), a national banking association duly organized and existing under
the laws of the United States of America, as Trustee (herein called the
“Trustee”).

 

RECITALS OF THE COMPANY

 

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

 

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

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 101.       DEFINITIONS.

 

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

 

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

 

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

 

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

 

 

(4)  unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an
Article or a Section, as the case may be, of this Indenture; and

 

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

 

“Act”, when
used with respect to any Holder, has the meaning specified in Section 104.

 

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

 

“Attributable
Debt” of a Person means, as to any sale and leaseback transaction relating to
any property or assets under which any Person is at the time liable and which
is not permitted under Section 1010(2), at any date as of which the amount
thereof is to be determined, the lesser of (i) the fair market value of the
assets subject to such transaction as determined by any two of the Chairman of
the Board of the Company, its President, any Executive or Senior Vice President
of the Company, its Chief Financial Officer, its Treasurer and its Controller
or (ii) the total net amount of Rentals required to be paid by such Person
under such lease during the remaining term thereof, discounted from the
respective due dates thereof to such date at a rate per annum equal to the
discount rate which would be applicable to a capital lease obligation with like
term in accordance with generally accepted accounting principles.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 614
to act on behalf of the Trustee to authenticate Securities of one or more
series.

 

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

 

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

 

“Business Day”,
when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment are authorized or obligated by law or executive order
to close.

 

ii

 

“Capitalized
Lease” means any lease the obligation for Rentals with respect to which is
required to be capitalized on a balance sheet of the lessee in accordance with
generally accepted accounting principles.

 

“Capitalized
Rentals” of any Person means as of the date of any determination thereof the
amount at which the aggregate Rentals due and to become due under all
Capitalized Leases under which such Person is a lessee would be reflected as a
liability on a balance sheet of such Person in accordance with generally
accepted accounting principles.

 

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

 

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

 

“Company
Request” or “Company Order” means a written request or order signed in the name
of the Company by its Chairman of the Board, its Vice Chairman of the Board,
its President or a Vice President, and by its Controller, Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

 

“Consolidated
Net Tangible Assets of the Company and its Restricted Subsidiaries” means the
aggregate amount of assets (less applicable reserves and other properly
deductible items) after deducting therefrom (a) all current liabilities
(excluding any thereof constituting Funded Debt) and (b) all goodwill,
trade names, trademarks, patents, copyrights, franchises, experimental expense,
organization expense, unamortized debt discount and expenses, deferred charges
(other than unamortized deferred dry dock costs, unterminated voyage expenses,
prepaid insurance, prepaid taxes, prepaid charter hire and other prepaid items
properly excludable from intangibles under generally accepted accounting
principles) and other like intangibles, all as set forth on or included in the
most recent consolidated balance sheet of the Company and its Restricted
Subsidiaries, such balance sheet to be prepared (except for the exclusion of
Subsidiaries which are not Restricted Subsidiaries) in accordance with
generally accepted accounting principles.

 

“Corporate
Trust Office” means the principal office of the Trustee in The City of New York
at which at any particular time its corporate trust business shall be
administered.

 

“corporation” means a corporation,
association, company, joint-stock company or business trust.

 

iii

 

“Covenant
Defeasance” has the meaning specified in Section 1303.

 

“Debt” of a
Person means, without duplication, (i) any indebtedness for money borrowed,
whether or not evidenced by notes, bonds, debentures or other similar evidences
of indebtedness for money borrowed, (ii) all Capitalized Rentals of such
Person (other than Rentals owing from the Company or any Restricted Subsidiary
to the Company or another Restricted Subsidiary), and (iii) all Guaranties by
such Person of any obligation described in clause (i) or (ii) of any other
Person (other than any such obligation of the Company or any Subsidiary).

 

“Defaulted
Interest” has the meaning specified in Section 307.

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under
the Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 301.

 

“Event of
Default” has the meaning specified in Section 501.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

 

“Expiration
Date” has the meaning specified in Section 104.

 

“Funded Debt”
means all Debt having (a) a maturity of more than 12 months from the date as of
which the amount thereof is to be determined or (b) a maturity of less than 12
months and that is (i) by its terms renewable or extendable beyond 12 months
from such date at the option of the borrower or (ii) included in long-term Debt
on the consolidated balance sheet of the Company in accordance with generally
accepted accounting principles.

 

“Global
Security” means a Security that evidences all or part of the Securities of any
series and bears the legend set forth in Section 204 (or such legend as
may be specified as contemplated by Section 301 for such Securities).

 

“Guaranties”
by any Person shall mean all obligations (other than endorsements in the
ordinary course of business of negotiable instruments for deposit or
collection) of such Person guaranteeing, or in effect guaranteeing, any
indebtedness, dividend or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without
limitation, all obligations incurred through an agreement, contingent or
otherwise, by such Person: (i) to purchase such indebtedness or obligation
or any property or assets constituting security therefor, (ii) to advance
or supply funds (x) for the purchase or payment of such indebtedness or
obligation, (y) to maintain working capital or other balance sheet
condition or otherwise to advance or make available funds for the purchase or

 

iv

 

payment of such indebtedness or
obligation, (iii) to lease property or to purchase securities or other
property or services primarily for the purpose of assuring the owner of such
indebtedness or obligation of the ability of the primary obligor to make
payment of the indebtedness or obligation, or (iv) otherwise to assure the
owner of the indebtedness or obligation of the primary obligor against loss in
respect thereof. For the purposes of all computations made under this
Indenture, a Guaranty in respect of any indebtedness for borrowed money shall
be deemed to be indebtedness equal to the principal amount of such indebtedness
for borrowed money which has been guaranteed, and a Guaranty in respect of any
other obligation or liability or any dividend shall be deemed to be
indebtedness equal to the maximum aggregate amount of such obligation,
liability or dividend.

 

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

 

“Incur”, with
respect to any Debt, means to incur, create, issue, assume, guarantee or
otherwise become liable for any such Debt (and “Incurrence”, “Incurred”,
“Incurrable” and “Incurring” shall have meanings correlative to the foregoing).

 

“Indenture”
means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall
also include the terms of particular series of Securities established as
contemplated by Section 301.

 

“interest”,
when used with respect to an Original Issue Discount Security which by its
terms bears interest only after Maturity, means interest payable after
Maturity.

 

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

 

“Investment
Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.

 

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

 

“Mortgage”
means any pledge of, conditional sale or other title retention of, or mortgage
or other lien or security interest or encumbrance of any kind on, any property
or assets owned or leased by the Company or any Subsidiary, or any shares of
stock or Debt of any Subsidiary.

 

v

 

“Notice of
Default” means a written notice of the kind specified in Section 501(4) or
501(5).

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the President or a Vice President, and by the
Controller, the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary, of the Company, and delivered to the Trustee. One of the
officers signing an Officers’ Certificate given pursuant to Section 1004
shall be the principal executive, financial or accounting officer of the
Company.

 

“Opinion of
Counsel” means a written opinion of counsel, who may be counsel for the Company
(whether inside counsel or outside counsel).

 

“Original
Issue Discount Security” means any Security which 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 502.

 

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

 

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

 

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

 

(3)  Securities as to which
Defeasance has been effected pursuant to Section 1302; and

 

(4)  Securities which have been
paid pursuant to Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to 

 

vi

 

Section 502, (B) if,
as of such date, the principal amount payable at the Stated Maturity of a
Security is not determinable, the principal amount of such Security which shall
be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 301, (C) the principal amount of a Security
denominated in one or more foreign currencies or currency units which shall be
deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 301, of the
principal amount of such Security (or, in the case of a Security described in
Clause (A) or (B) above, of the amount determined as provided in such
Clause), and (D) Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only
Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.

 

“Person” means
any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“Place of
Payment”, when used with respect to the Securities of any series, means the
place or places where the principal of and any premium and interest on the
Securities of that series are payable as specified as contemplated by
Section 301.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and
delivered under Section 306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as
the mutilated, destroyed, lost or stolen Security.

 

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

 

“Redemption
Price”, when used with respect to any Security to be redeemed, means the price
at which it is to be redeemed pursuant to this Indenture.

 

“Regular
Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as
contemplated by Section 301.

 

vii

 

“Rentals”
means, as of the date of any determination thereof, all rent payable by the
lessee under a lease of any property or assets, after excluding amounts
required to be paid on account of maintenance and repairs, insurance, taxes,
assessments, water rates and similar charges. Rents under any “percentage
leases” shall be computed solely on the basis of minimum rents, if any, required
to be paid by the lessee regardless of sales volume or gross revenues. In the
case of any lease which is terminable by the lessee upon the payment of a
penalty, such net amount shall also include the amount of such penalty, but no
rent shall be considered as required to be paid under such lease subsequent to
the first date upon which it may be so terminated.

 

“Responsible
Officer”, when used with respect to the Trustee, means the chairman or any
vice-chairman of the board of directors, the chairman or any vice-chairman of
the executive committee of the board of directors, the chairman of the trust
committee, the president, any vice president, the secretary, any assistant
secretary, the treasurer, any assistant treasurer, the cashier, any assistant
cashier, any trust officer or assistant trust officer, the controller or any
assistant controller or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

 

“Restricted
Subsidiary” means any Subsidiary existing on the date hereof and any Subsidiary
existing, created or acquired subsequent to the date hereof unless designated
by the Board of Directors as an Unrestricted Subsidiary in accordance with
Section 1012.

 

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

 

“Securities Act” means the Securities Act of
1933 and any statute successor thereto, in each case as amended from time to
time.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in
Section 305.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by
the Trustee pursuant to Section 307.

 

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

 

“Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the

 

viii

 

Company and one or more other
Subsidiaries. For the purposes of this definition, “voting stock” means stock
which ordinarily has voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by
reason of any contingency.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this instrument was executed; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of
1939 as so amended.

 

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

 

“Unrestricted
Subsidiary” means any Subsidiary that is not a Restricted Subsidiary.

 

“U.S.
Government Obligation” has the meaning specified in Section 1304.

 

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

 

SECTION 102.       COMPLIANCE CERTIFICATES AND OPINIONS.

 

Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture Act.
Each such certificate or opinion shall be given in the form of an Officers’
Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the Trust Indenture Act and any other requirements set forth in this Indenture.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (except for certificates provided for in
Section 1004) shall include,

 

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

 

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

 

ix

 

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

 

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

 

SECTION 103.       FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

 

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

 

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

 

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

 

SECTION 104.       ACTS OF HOLDERS; RECORD DATES.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be

 

x

 

sufficient for any purpose of
this Indenture and (subject to Section 601) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

 

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

 

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

 

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

 

The Company may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities of any
series entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such
series, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or
making of any notice, declaration, request or direction referred to in the next
paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such
Holders remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Company, at its own expense, shall
cause notice of such record date, the proposed action by Holders and the
applicable Expiration

 

xi

 

Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 106.

 

The Trustee
may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration
referred to in Section 502, (iii) any request to institute proceedings
referred to in Section 507(2) or (iv) any direction referred to in Section
512, in each case with respect to Securities of such series. If any record date
is set pursuant to this paragraph, the Holders of Outstanding Securities of
such series on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such
Holders remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

 

With respect
to any record date set pursuant to this Section, the party hereto which sets
such record dates may designate any day as the “Expiration Date” and from time
to time may change the Expiration Date to any earlier or later day; provided
that no such change shall be effective unless notice of the proposed new
Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section
106, on or prior to the existing Expiration Date. If an Expiration Date is not
designated with respect to any record date set pursuant to this Section, the
party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.

 

Without
limiting the foregoing, a Holder entitled hereunder to take any action
hereunder with regard to any particular Security may do so with regard to all
or any part of the principal amount of such Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

 

xii

 

SECTION 105.       NOTICES, ETC., TO TRUSTEE AND COMPANY.

 

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

 

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

 

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

 

SECTION 106.       NOTICE TO HOLDERS; WAIVER.

 

Where this
Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at his address as it appears in the Security Register, not later than the
latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder shall affect the sufficiency of
such notice with respect to other Holders. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

 

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

 

SECTION 107.       CONFLICT WITH TRUST INDENTURE ACT.

 

If any
provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act which is required under such Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this
Indenture modifies or

 

xiii

 

excludes any provision of the
Trust Indenture Act which may be so modified or excluded, the latter provision
shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be.

 

SECTION 108.       EFFECT OF HEADINGS AND TABLE OF CONTENTS.

 

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

 

SECTION 109.       SUCCESSORS AND ASSIGNS.

 

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

 

SECTION 110.       SEPARABILITY CLAUSE.

 

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

 

SECTION 111.       BENEFITS OF INDENTURE.

 

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

 

SECTION 112.       GOVERNING LAW.

 

This Indenture
and the Securities shall be governed by and construed in accordance with the
law of the State of New York.

 

SECTION 113.       LEGAL HOLIDAYS.

 

In any case
where any Interest Payment Date, Redemption Date or Stated Maturity of any Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities (other than a provision
of any Security which specifically states that such provision shall apply in
lieu of this Section)) payment of interest or principal (and premium, if any)
need not be made at such Place of Payment on such date, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the

 

xiv

 

Interest Payment Date or
Redemption Date, or at the Stated Maturity.

 

SECTION 114.       NO RECOURSE.

 

A director,
officer, employee, stockholder or Affiliate, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or
this Indenture. Each Holder by accepting a Security waives and releases all
such liability; provided, however, that nothing in this Section shall be deemed
to relieve any Person referred to herein for any liability imposed by the
Securities Act or the Trust Indenture Act.

 

ARTICLE TWO

 

SECURITY FORMS

 

SECTION 201.       FORMS GENERALLY.

 

The Securities
of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form
of Securities of any series is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by
Section 303 for the authentication and delivery of such Securities.

 

The definitive
Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers
executing such Securities, as evidenced by their execution of such Securities.

 

SECTION 202.       FORM OF FACE OF SECURITY.

 

[Insert any
legend required by the Internal Revenue Code and the regulations thereunder.]

 

xv

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

	
  No.

  	
   

  	
  $

  

 

Overseas
Shipholding Group, Inc., a corporation duly organized and existing under the
laws of Delaware (herein called the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to
                                                  ,or
registered assigns, the principal sum of
                                             
Dollars on
                                                           
[if the Security is to bear interest prior to Maturity, insert — , and to
pay interest thereon from  or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on
                           
and
                          
in each year, commencing
              ,
at the rate of           %
per annum, until the principal hereof is paid or made available for payment [if
applicable, insert —, provided that any principal and premium, and any such
instalment of interest, which is overdue shall bear interest at the rate of
    % per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on
demand]. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the              
or             
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture].

 

[If the Security is not to bear
interest prior to Maturity, insert — The principal of this Security shall
not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the
overdue principal and any overdue premium shall bear interest at the rate of
       % per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such
amounts are due until they are paid or made available for payment. Interest on
any overdue principal or premium shall be payable on demand. [Any such interest
on overdue principal or premium which is not paid on demand shall bear interest
at the rate of
             %
per annum (to the extent that the payment of such interest on interest shall be
legally enforceable), from the date of such demand until the amount so demanded
is paid or made

 

xvi

 

available for payment. Interest
on any overdue interest shall be payable on demand.]]

 

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

 

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

 

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

 

In Witness
Whereof, the Company has caused this instrument to be duly executed under its
corporate seal.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  Overseas
  Shipholding Group, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  
			

 

SECTION 203.       FORM OF REVERSE OF SECURITY.

 

This Security
is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of
             ,
199   (herein called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and
                    ,
as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for
a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof [if

 

xvii

 

applicable, insert — , limited
in aggregate principal amount to
$                                                        ].

 

[If
applicable, insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail, [if applicable, insert —
(1) on
             
in any year commencing with the year
               
and ending with the year              
through operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (2)] at any time [if applicable,
insert — on or after
                  ,
19     ], as a whole or in part, at the election of
the Company, at the following Redemption Prices (expressed as percentages of
the principal amount): If redeemed [if applicable, insert — on or before
                        ,         %,
and if redeemed] during the 12-month period beginning                              
of the years indicated,

 

	
  Year

  	
   

  	
  Redemption
Price

  	
   

  	
  Year

  	
   

  	
  Redemption
Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

and thereafter at a Redemption
Price equal to        % of the principal
amount, together in the case of any such redemption [if applicable,
insert — (whether through operation of the sinking fund or otherwise)]
with accrued interest to the Redemption Date, but interest instalments whose
Stated Maturity is on or prior to such Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, of record at
the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.]

 

[If
applicable, insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail, (1) on
                     
in any year commencing with the year
         and ending with the year
        through operation of the sinking
fund for this series at the Redemption Prices for redemption through operation
of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below, and (2) at any time [if applicable,
insert — on or after
                    ],
as a whole or in part, at the election of the Company, at the Redemption Prices
for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If
redeemed during the 12-month period beginning
                                of the years indicated,

 

	
  Year

  	
   

  	
  Redemption
  Price
For Redemption

  Through Operation

  of the

  Sinking Fund

  	
   

  	
  Redemption Price For

  Redemption Otherwise

  Than Through Operation

  of the Sinking Fund

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

xviii

 

and thereafter at a Redemption
Price equal to
            % of
the principal amount, together in the case of any such redemption (whether
through operation of the sinking fund or otherwise) with accrued interest to
the Redemption Date, but interest instalments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]

 

[If
applicable, insert — Notwithstanding the foregoing, the Company may not,
prior to
                       ,
redeem any Securities of this series as contemplated by [if applicable,
insert — Clause (2) of] the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or
indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less
than
              %
per annum.]

 

[If
applicable, insert — The sinking fund for this series provides for the
redemption on
                
in each year beginning with the year
           and ending with
the year
             of [if
applicable, insert — not less than $           
(“mandatory sinking fund”) and not more than]
$            
aggregate principal amount of Securities of this series. Securities of this
series acquired or redeemed by the Company otherwise than through [if
applicable, insert — mandatory] sinking fund payments may be credited
against subsequent [if applicable, insert — mandatory] sinking fund
payments otherwise required to be made [if applicable, insert — , in
the inverse order in which they become due].]

 

[If the
Security is subject to redemption of any kind, insert — In the event of
redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.]

 

[If
applicable, insert paragraph regarding subordination of the Security.]

 

[If
applicable, insert — The Indenture contains provisions for defeasance at
any time of [the entire indebtedness of this Security] [or] [certain
restrictive covenants and Events of Default with respect to this Security] [,
in each case] upon compliance with certain conditions set forth in the
Indenture.]

 

[If the
Security is not an Original Issue Discount Security, insert — If an Event
of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.]

 

xix

 

[If the
Security is an Original Issue Discount Security, insert — If an Event of
Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the Indenture. Such
amount shall be equal to — insert formula for determining the amount. Upon
payment (i) of the amount of principal so declared due and payable and
(ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of
66 2/3% in principal amount of the Securities at the time Outstanding of
each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in
and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

 

No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and any premium and interest on this
Security at the 

 

xx

 

times, place and rate, and in
the coin or currency, herein prescribed.

 

As provided in
the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest
on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

 

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

 

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

 

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

 

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

 

SECTION 204.       FORM OF LEGEND FOR GLOBAL SECURITIES.

 

Unless
otherwise specified as contemplated by Section 301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

 

THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY
NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE

 

xxi

 

THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

SECTION 205.       FORM OF TRUSTEE’S CERTIFICATE OF
AUTHENTICATION.

 

The Trustee’s
certificates of authentication shall be in substantially the following form:

 

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

 

	
   

  	
  The Chase Manhattan Bank

  (National Association),

  
	
   

  	
   

  
	
   

  	
  As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ Kathleen
  Perry

  
	
   

  	
  Authorized Officer

  

 

ARTICLE THREE

 

THE SECURITIES

 

SECTION 301.       AMOUNT UNLIMITED; ISSUABLE IN SERIES.

 

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

 

The Securities
may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 303, set forth, or
determined in the manner provided, in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series,

 

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

 

(2)  any limit upon the
aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to
Section 304, 305, 306, 906 or 1107 and except for any Securities which,
pursuant to Section 303, are deemed never to have been authenticated and
delivered hereunder);

 

(3)  the Person to whom any
interest on a Security of the series shall be payable, if other than the Person
in whose name 

 

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that Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest;

 

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

 

(5)  the rate or rates at which
any Securities of the series shall bear interest, if any, the date or dates
from which any such interest shall accrue, the Interest Payment Dates on which
any such interest shall be payable and the Regular Record Date for any such
interest payable on any Interest Payment Date;

 

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

 

(7)  the period or periods
within which, the price or prices at which and the terms and conditions upon
which any Securities of the series may be redeemed, in whole or in part, at the
option of the Company and, if other than by a Board Resolution, the manner in
which any election by the Company to redeem the Securities shall be evidenced;

 

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

 

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

 

(10)  if the amount of principal
of or any premium or interest on any Securities of the series may be determined
with reference to an index or pursuant to a formula, the manner in which such
amounts shall be determined;

 

(11)  if other than the currency
of the United States of America, the currency, currencies or currency units in
which the principal of or any premium or interest on any Securities of the
series shall be payable and the manner of determining the equivalent thereof in
the currency of the United States of America for any purpose, including for purposes
of the definition of “Outstanding” in Section 101;

 

(12)  if the principal of or any
premium or interest on any Securities of the series is to be payable, at the
election of the Company or the Holder thereof, in one or more currencies or
currency units other than that or those in which such Securities are stated to
be payable, the currency, currencies or currency units in which the principal
of or any premium or interest on such Securities as to which such election is
made shall be payable, the periods within which and the terms and conditions

 

xxiii

 

upon which
such election is to be made and the amount so payable (or the manner in which
such amount shall be determined);

 

(13)  if other than the entire principal
amount thereof, the portion of the principal amount of any Securities of the
series which shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 502;

 

(14)  if the principal amount
payable at the Stated Maturity of any Securities of the series will not be
determinable as of any one or more dates prior to the Stated Maturity, the
amount which shall be deemed to be the principal amount of such Securities as
of any such date for any purpose thereunder or hereunder, including the
principal amount thereof which shall be due and payable upon any Maturity other
than the Stated Maturity or which shall be deemed to be Outstanding as of any
date prior to the Stated Maturity (or, in any such case, the manner in which such
amount deemed to be the principal amount shall be determined);

 

(15)  if applicable, that the
Securities of the series, in whole or any specified part, shall be defeasible
pursuant to Section 1302 or Section 1303 or both such Sections and, if
other than by a Board Resolution, the manner in which any election by the
Company to defease such Securities shall be evidenced;

 

(16)  if applicable, that any
Securities of the series shall be issuable in whole or in part in the form of
one or more Global Securities and, in such case, the respective Depositaries
for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu of that set forth
in Section 204 and any circumstances in addition to or in lieu of those set
forth in Clause (2) of the last paragraph of Section 305 in which any such
Global Security may be exchanged in whole or in part for Securities registered,
and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof;

 

(17)  any addition to or change
in the Events of Default which applies to any Securities of the series and any
change in the right of the Trustee or the requisite Holders of such Securities
to declare the principal amount thereof due and payable pursuant to Section
502;

 

(18)  any addition to or change
in the covenants set forth in Article Ten which applies to Securities of the
series; and

 

(19)  any other terms of the
series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 901(5)).

 

All Securities
of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 303) set forth, or determined in
the manner provided, in the Officers’ Certificate referred to above or in any
such indenture supplemental hereto.

 

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

 

SECTION 302.       DENOMINATIONS.

 

The Securities
of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by
Section 301. In the absence of any such specified denomination with
respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $1,000 and any integral multiple thereof.

 

SECTION 303.       EXECUTION, AUTHENTICATION, DELIVERY AND
DATING.

 

The Securities
shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its President or one of its Vice Presidents, under
its corporate seal reproduced thereon attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities
may be manual or facsimile.

 

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

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or pursuant
to one or more Board Resolutions as permitted by Sections 201 and 301, in
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected
in relying upon, an Opinion of Counsel stating,

 

(1)  if the form of such
Securities has been established by or pursuant to Board Resolution as permitted
by Section 201, that such form has been established in conformity with the
provisions of this Indenture;

 

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(2)  if the terms of such
Securities have been established by or pursuant to Board Resolution as
permitted by Section 301, that such terms have been established in
conformity with the provisions of this Indenture; and

 

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

 

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

 

Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall
not be necessary to deliver the Officers’ Certificate otherwise required
pursuant to Section 301 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

 

Each Security
shall be dated the date of its authentication.

 

No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 309, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

SECTION 304.       TEMPORARY SECURITIES.

 

Pending the
preparation of definitive Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the

 

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tenor of the definitive
Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of
such Securities.

 

If temporary
Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or
agency of the Company in a Place of Payment for that series, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and
aggregate principal amount. Until so exchanged, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor.

 

SECTION 305.       REGISTRATION, REGISTRATION OF TRANSFER
AND EXCHANGE.

 

The Company
shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of
the Company in a Place of Payment being herein sometimes collectively referred
to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

 

Upon surrender
for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of like tenor and aggregate
principal amount.

 

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

 

All Securities
issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the
same

 

xxvii

 

benefits under this Indenture,
as the Securities surrendered upon such registration of transfer or exchange.

 

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

 

No service
charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906 or 1107 not involving any transfer.

 

If the
Securities of any series (or of any series and specified tenor) are to be
redeemed in part, the Company shall not be required (A) to issue, register
the transfer of or exchange any Securities of that series (or of that series
and specified tenor, as the case may be) during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under
Section 1103 and ending at the close of business on the day of such
mailing, or (B) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part.

 

The provisions
of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

 

(1)  Each Global Security
authenticated under this Indenture shall be registered in the name of the
Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes
of this Indenture.

 

(2)  Notwithstanding any other
provision in this Indenture, no Global Security may be exchanged in whole or in
part for Securities registered, and no transfer of a Global Security in whole
or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such
Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a
clearing agency registered under the Exchange Act, (B) there shall have
occurred and be continuing an Event of Default with respect to such Global
Security or (C) there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as
contemplated by Section 301.

 

(3)  Subject to Clause (2)
above, any exchange of a Global Security for other Securities may be made in
whole or in part, and all Securities issued in exchange for a Global Security
or

 

xxviii

 

any portion
thereof shall be registered in such names as the Depositary for such Global Security
shall direct.

 

(4)  Every Security
authenticated and delivered upon registration of transfer of, or in exchange
for or in lieu of, a Global Security or any portion thereof, whether pursuant
to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

 

SECTION 306.       MUTILATED, DESTROYED, LOST AND STOLEN
SECURITIES.

 

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

 

If there shall
be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

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

 

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

 

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

 

The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with

 

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respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

SECTION 307.       PAYMENT OF INTEREST; INTEREST RIGHTS
PRESERVED.

 

Except as
otherwise provided as contemplated by Section 301 with respect to any
series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

 

Any interest
on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided
in Clause (1) or (2) below:

 

(1)  The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this Clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than
10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be given to each Holder of Securities of such series in the manner
set forth in Section 106, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following Clause (2).

 

xxx

 

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

 

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

 

SECTION 308.       PERSONS DEEMED OWNERS.

 

Prior to due
presentment of a Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and any premium and (subject to
Section 307) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

 

SECTION 309.       CANCELLATION.

 

All Securities
surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held
by the Trustee shall be disposed of as directed by a Company Order.

 

SECTION 310.       COMPUTATION OF INTEREST.

 

Except as
otherwise specified as contemplated by Section 301 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.

 

xxxi

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE

 

SECTION 401.       SATISFACTION AND DISCHARGE OF INDENTURE.

 

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

 

(1)   either

 

(A)  all Securities theretofore
authenticated and delivered (other than (i) Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in
Section 306 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for
cancellation; or

 

(B)   all such Securities not
theretofore delivered to the Trustee for cancellation

 

(i)            have become due and
payable, or

 

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

 

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

 

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

 

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

 

(3)   the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for
relating to the

 

xxxii

 

satisfaction
and discharge of this Indenture have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 607, the obligations of the Trustee
to any Authenticating Agent under Section 614 and, if money shall have
been deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Trustee under
Section 402 and the last paragraph of Section 1003 shall survive.

 

SECTION 402.       APPLICATION OF TRUST MONEY.

 

Subject to the
provisions of the last paragraph of Section 1003, all money deposited with
the Trustee pursuant to Section 401 shall be held in trust and applied by
it, in accordance with the provisions of the Securities and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal and any premium and interest for whose
payment such money has been deposited with the Trustee.

 

ARTICLE FIVE

 

REMEDIES

 

SECTION 501.       EVENTS OF DEFAULT.

 

“Event of
Default”, wherever used herein with respect to Securities of any series, means
any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body):

 

(1)  default in the payment of
any interest upon any Security of that series when it becomes due and payable,
and continuance of such default for a period of 30 days; or

 

(2)  default in the payment of
the principal of or any premium on any Security of that series at its Maturity;
or

 

(3)  default in the deposit of
any sinking fund payment, when and as due by the terms of a Security of that
series; or

 

(4)  default in the performance,
or breach, of any covenant or warranty of the Company in this Indenture (other
than a covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit

 

xxxiii

 

of series of
Securities other than that series), and continuance of such default or breach
for a period of 30 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

 

(5)  a default under any bond,
debenture, note or other evidence of indebtedness for money borrowed by the
Company or any Restricted Subsidiary (including a default with respect to
Securities of any series other than that series) having an aggregate principal
amount outstanding of at least $10,000,000, or under any Mortgage, indenture or
instrument (including this Indenture) under which there may be issued or by
which there may be secured or evidenced any indebtedness for money borrowed by
the Company or any Restricted Subsidiary having an aggregate principal amount
outstanding of at least $10,000,000, whether such indebtedness now exists or
shall hereafter be created, which default shall have resulted in such
indebtedness becoming or being declared due and payable prior to the date on which
it would otherwise have become due and payable, without such indebtedness
having been discharged, or such acceleration having been rescinded or annulled,
within a period of 10 days after there shall have been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
and requiring the Company to cause such indebtedness to be discharged or cause
such acceleration to be rescinded or annulled, as the case may be, and stating
that such notice is a “Notice of Default” hereunder; provided, however, that,
subject to the provisions of Sections 601 and 602, the Trustee shall not be
deemed to have knowledge of such default unless either (A) a Responsible
Officer of the Trustee shall have actual knowledge of such default or
(B) the Trustee shall have received written notice thereof from the
Company, from any Holder, from the holder of any such indebtedness or from the
trustee under any such mortgage, indenture or other instrument; or

 

(6)  the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging the Company a bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under
any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of any substantial part of its property, or ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a
period of 60 consecutive days; or

 

xxxiv

 

(7)  the commencement by the
Company of a voluntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or of any other
case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or to the commencement
of any bankruptcy or insolvency case or proceeding against it, or the filing by
it of a petition or answer or consent seeking reorganization or relief under
any applicable Federal or State law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or the making by it
of an assignment for the benefit of creditors, or the admission by it in
writing of its inability to pay its debts generally as they become due, or the
taking of corporate action by the Company in furtherance of any such action; or

 

(8)  any other Event of Default
provided with respect to Securities of that series.

 

SECTION 502.       ACCELERATION OF MATURITY; RESCISSION AND
ANNULMENT.

 

If an Event of
Default (other than an Event of Default specified in Section 501(6) or
501(7)) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of that series
may declare the principal amount of all the Securities of that series (or, if
any Securities of that series are Original Issue Discount Securities, such
portion of the principal amount of such Securities as may be specified by the
terms thereof) to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and
payable.  If an Event of Default
specified in Section 501(6) or 501(7) with respect to Securities of any
series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) shall automatically, and
without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable.

 

At any time
after such a declaration of acceleration with respect to Securities of any
series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided,
the Holders of a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if

 

xxxv

 

(1)   the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)  all overdue interest on all
Securities of that series,

 

(B)   the principal of (and
premium, if any, on) any Securities of that series which have become due
otherwise than by such declaration of acceleration and any interest thereon at
the rate or rates prescribed therefor in such Securities,

 

(C)   to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates
prescribed therefor in such Securities, and

 

(D)  all sums paid or advanced by
the Trustee hereunder and the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel;

 

and

 

(2)   all
Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due
solely by such declaration of acceleration, have been cured or waived as
provided in Section 513.

 

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

 

SECTION 503.       COLLECTION OF INDEBTEDNESS AND SUITS FOR
ENFORCEMENT BY TRUSTEE.

 

The Company covenants that if

 

(1)   default
is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of
30 days, or

 

(2)   default
is made in the payment of the principal of (or premium, if any, on) any Security
at the Maturity thereof,

 

the Company will, upon demand
of the Trustee, pay to it, for the benefit of the Holders of such Securities,
the whole amount then due and payable on such Securities for principal and any
premium and interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and premium and on any
overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

xxxvi

 

If an Event of
Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of Securities of such series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy.

 

SECTION 504.       TRUSTEE MAY FILE PROOFS OF CLAIM.

 

In case of any
judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all
actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder 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 it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 607.

 

No provision
of this Indenture shall be deemed to authorize 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
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or
other similar committee.

 

SECTION 505.       TRUSTEE MAY ENFORCE CLAIMS WITHOUT
POSSESSION OF SECURITIES.

 

All rights of
action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and

 

xxxvii

 

counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has
been recovered.

 

SECTION 506.       APPLICATION OF MONEY COLLECTED.

 

Any money
collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or any premium or interest,
upon presentation of the Securities and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:

 

First:       To the payment of all amounts due the
Trustee under Section 607; and

 

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

 

SECTION 507.       LIMITATION ON SUITS.

 

No Holder of
any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

(2)  the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series 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;

 

(3)  such Holder or Holders have
offered to the Trustee reasonable indemnity against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

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

 

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

 

it being understood and
intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of,

 

xxxviii

 

or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of
all of such Holders.

 

SECTION 508.       UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE
PRINCIPAL, PREMIUM AND INTEREST.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the
principal of and any premium and (subject to Section 307) interest on such
Security on the respective Stated Maturities expressed in such Security (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

SECTION 509.       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 Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

 

SECTION 510.       RIGHTS AND REMEDIES CUMULATIVE.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 306,
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 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 511.       DELAY OR OMISSION NOT WAIVER.

 

No delay or
omission of the Trustee or of any Holder of any Securities 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. 

 

xxxix

 

Every right and remedy given by
this Article 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.

 

SECTION 512.       CONTROL BY HOLDERS.

 

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

 

(1)  such direction shall not be
in conflict with any rule of law or with this Indenture, and

 

(2)  the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such
direction.

 

SECTION 513.       WAIVER OF PAST DEFAULTS.

 

The Holders of
not less than a majority in principal amount of the Outstanding Securities of
any series may on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its
consequences, except a default

 

(1)  in the payment of the
principal of or any premium or interest on any Security of such series, or

 

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

 

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

 

SECTION 514.       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, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to
pay the costs of such suit, and may assess costs against any such party
litigant, in the manner and to the extent provided in the Trust Indenture Act;
provided that neither this Section nor the Trust Indenture Act shall be deemed
to authorize any court to require

 

xl

 

such an undertaking or to make
such an assessment in any suit instituted by the Company.

 

SECTION 515.       WAIVER OF USURY, STAY OR EXTENSION LAWS.

 

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

 

ARTICLE SIX

 

THE TRUSTEE

 

SECTION 601.       CERTAIN DUTIES AND RESPONSIBILITIES.

 

The duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. 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, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. 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 Section.

 

SECTION 602.       NOTICE OF DEFAULTS.

 

If a default
occurs hereunder with respect to Securities of any series, the Trustee shall
give the Holders of Securities of such series notice of such default as and to
the extent provided by the Trust Indenture Act; provided, however, that in the
case of any default of the character specified in Section 501(4) with
respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. For the purpose of
this Section, the term “default” means any event which is, or after notice or
lapse of time or both would become, an Event of Default with respect to
Securities of such series.

 

SECTION 603.       CERTAIN RIGHTS OF TRUSTEE.

 

Subject to the
provisions of Section 601:

 

xli

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

xlii

 

SECTION 604.       NOT RESPONSIBLE FOR RECITALS OR ISSUANCE
OF SECURITIES.

 

The recitals
contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

 

SECTION 605.       MAY HOLD SECURITIES.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 608 and 613, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other agent.

 

SECTION 606.       MONEY HELD IN TRUST.

 

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

 

SECTION 607.       COMPENSATION AND REIMBURSEMENT.

 

The Company
agrees

 

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

 

(2)  except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and

 

xliii

 

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

 

When the
Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 501(6) or 501(7), such expenses (including the
reasonable charges and expenses of its counsel) and the compensation for such
services are intended to constitute expenses of administration under any
bankruptcy law.

 

SECTION 608.       CONFLICTING INTERESTS.

 

If the Trustee
has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to
the extent and in the manner provided by, and subject to the provisions of, the
Trust Indenture Act and this Indenture. To the extent permitted by such Act,
the Trustee shall not be deemed to have a conflicting interest by virtue of
being a trustee under this Indenture with respect to Securities of more than
one series.

 

SECTION 609.       CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

 

There shall at
all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one
or more other series. Each Trustee shall be a Person that is eligible pursuant
to the Trust Indenture Act to act as such, has a combined capital and surplus
of at least $50,000,000. If any such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee
with respect to the Securities of any series shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

 

SECTION 610.       RESIGNATION AND REMOVAL; APPOINTMENT OF
SUCCESSOR.

 

No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of
Section 611.

 

xliv

 

The Trustee
may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

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

 

If at any
time:

 

(1)  the Trustee shall fail to
comply with Section 608 after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security for at least six
months, or

 

(2)  the Trustee shall cease to
be eligible under Section 609 and shall fail to resign after written
request therefor by the Company or by any such Holder, or

 

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

 

then, in any such case,
(A) the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B) subject to Section 514, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and
the appointment of a successor Trustee or Trustees.

 

If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of
one or more series, the Company, by a Board Resolution, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those
series (it being understood that any such successor Trustee may be appointed
with respect to the Securities of one or more or all of such series and that at
any time there shall be only one Trustee with respect to the Securities of any
particular series) and shall comply with the applicable requirements of
Section 611. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 611,

 

xlv

 

become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by
Section 611, any Holder who has been a bona fide Holder of a Security of
such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

The Company
shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor
Trustee with respect to the Securities of any series to all Holders of
Securities of such series in the manner provided in Section 106. Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

 

SECTION 611.       ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

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

 

In case of the
appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor Trustee all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Securities, shall contain
such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as
shall be necessary to

 

xlvi

 

provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

 

Upon request
of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in the first
or second preceding paragraph, as the case may be.

 

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

 

SECTION 612.       MERGER, CONVERSION, CONSOLIDATION OR
SUCCESSION TO BUSINESS.

 

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

 

SECTION 613.       PREFERENTIAL COLLECTION OF CLAIMS AGAINST
COMPANY.

 

If and when
the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee 

 

xlvii

 

shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor).

 

SECTION 614.       APPOINTMENT OF AUTHENTICATING AGENT.

 

The Company
may appoint an Authenticating Agent or Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon original issue and upon
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 306, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Trustee and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

 

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

 

An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Company may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Trustee. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating

 

xlviii

 

Agent shall cease to be
eligible in accordance with the provisions of this Section, the Company may
appoint a successor Authenticating Agent which shall be acceptable to the
Trustee and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section.

 

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

 

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

 

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

 

	
   

  	
  The Chase Manhattan Bank

  (National Association)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  As Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  ,

  
	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  
					

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.       COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES
OF HOLDERS.

 

The Company
will furnish or cause to be furnished to the Trustee

 

(1)  semi-annually, not later
than 15 days after the Regular Record Date for each series of Securities, a
list, in such form 

 

xlix

 

as the Trustee
may reasonably require, of the names and addresses of the Holders of Securities
of each series as of such Regular Record Day, and

 

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

 

excluding from any such list
names and addresses received by the Trustee in its capacity as Security
Registrar.

 

SECTION 702.       PRESERVATION OF INFORMATION;
COMMUNICATIONS TO HOLDERS.

 

The Trustee
shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 701 and the names and addresses of Holders
received by the Trustee in its capacity as Security Registrar. The Trustee may
destroy any list furnished to it as provided in Section 701 upon receipt
of a new list so furnished.

 

The rights of
Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder
of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any agent of either of
them shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders made pursuant to the Trust Indenture Act.

 

SECTION 703.       REPORTS BY TRUSTEE.

 

The Trustee
shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at
the times and in the manner provided pursuant thereto.

 

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

 

SECTION 704.       REPORTS BY COMPANY.

 

The Company
shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other

 

l

 

reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant to such Act; provided that any such
information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with
the Trustee within 15 days after the same is so required to be filed with
the Commission.

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION 801.       COMPANY MAY CONSOLIDATE, ETC., ONLY ON
CERTAIN TERMS.

 

The Company
shall not consolidate with or merge into any other Person or convey, transfer
or lease its properties and assets substantially as an entirety to any Person,
and the Company shall not permit any Person to consolidate with or merge into
the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

 

(1)  in case the Company shall
consolidate with or merge into another Person or convey, transfer or lease its
properties and assets substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company substantially as an entirety shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal
of and any premium and interest on all the Securities (and any Successor
Additional Amounts in respect thereof) and the performance or observance of
every covenant of this Indenture on the part of the Company to be performed or
observed;

 

(2)  immediately after giving
effect to such transaction and treating any Debt which becomes an obligation of
the Company or any Restricted Subsidiary as a result of such transaction as
having been Incurred by the Company or such Restricted Subsidiary at the time
of such transaction, no Event of Default, and no event which, after notice or
lapse of time or both, would become an Event of Default, shall have happened
and be continuing;

 

(3)  if, as a result of any such
consolidation or merger or such conveyance, transfer or lease, properties or
assets of the Company would become subject to a Mortgage which would not be
permitted by this Indenture, the Company or such successor Person, as the case
may be, shall take such steps as shall be necessary effectively to secure the
Securities equally and ratably with (or prior to) all Debt secured thereby; and

 

li

 

(4)  any Person formed by the
consolidation with the Company or into which the Company is merged or which
acquires by conveyance or transfer, or which leases, the properties and assets
substantially as an entirety of the Company and which is not organized and
validly existing under the laws of the United States, any State thereof or the
District of Columbia, shall expressly agree, by an indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, (A) to indemnify the Holder of each Security against (i) any
tax, assessment or governmental charge imposed on such Holder or required to be
withheld or deducted from any payment to such Holder as a consequence of such
consolidation, merger, conveyance, transfer or lease, to the extent that, in
the aggregate, such tax, assessment or governmental charge imposed upon such
Holder (net of deductions or credits) exceeds the aggregate amount of such tax,
assessment or governmental charge which would have been imposed on such Holder
if the successor Person had been organized and validly existing under the laws
of the United States, any State thereof or the District of Columbia; provided,
however, that such successor Person will not be required to agree to indemnify,
pursuant to this clause (A), against any tax, assessment or governmental charge
of the type described in clause (a) or (d) below that is imposed by the
jurisdiction of organization of such Person or any of its territories or
political subdivisions, and (ii) any costs or expenses of the act of such
consolidation, merger, conveyance, transfer or lease, and (B) that all
payments pursuant to the Securities in respect of the principal of and any
premium and interest on the Securities shall be made without withholding or
deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of the jurisdiction of organization of such Person or any political
subdivision or taxing authority thereof or therein, unless such taxes, duties,
assessments or governmental charges are required by such jurisdiction or any
such subdivision or authority to be withheld or deducted, in which case such
Person will pay such additional amounts of, or in respect of, principal and any
premium and interest (“Successor Additional Amounts”) as will result (after
deduction of such taxes, duties, assessments or governmental charges and any
additional taxes, duties, assessments or governmental charges payable in
respect of such) in the payment to each Holder of a Security of the amounts
which would have been payable pursuant to the Securities had no such
withholding or deduction been required, except that no Successor Additional
Amounts shall be so payable for or on account of:

 

(a)  any tax, duty, assessment
or other governmental charge which would not have been imposed but for the fact
that such Holder: (i) was a resident, domiciliary or national of, or
engaged in business or maintained a permanent establishment or was physically
present in, the jurisdiction of organization of such Person or any of its
territories or any

 

lii

 

political
subdivision thereof or otherwise had some connection with such jurisdiction
other than the mere ownership of, or receipt of payment under, such Security;
(ii) presented such Security for payment in such jurisdiction or any of
its territories or any political subdivision thereof, unless such Security
could not have been presented for payment elsewhere; or (iii) presented
such Security more than thirty (30) days after the date on which the payment in
respect of such Security first became due and payable or provided for,
whichever is later, except to the extent that the Holder would have been
entitled to such Successor Additional Amounts if it had presented such Security
for payment on any day within such period of thirty (30) days;

 

(b)  any estate, inheritance,
gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge;

 

(c)  any tax, assessment or
other governmental charge which is payable otherwise than by withholding or
deduction from payments of (or in respect of) principal of or any premium or
interest on, the Securities;

 

(d)  any tax, assessment or
other governmental charge that is imposed or withheld by reason of the failure
to comply by the Holder or the beneficial owner of a Security with a request of
the Company addressed to the Holder (i) to provide information concerning the
nationality, residence or identity of the Holder or such beneficial owner or
(ii) to make any declaration or other similar claim or satisfy any information
or reporting requirement, which, in the case of (i) or (ii), is required or
imposed by statute, treaty, regulation or administrative practice of the taxing
jurisdiction as a precondition to exemption from all or part of such tax,
assessment or other governmental charge; or

 

(e)  any combination of items
(a), (b), (c) and (d);

 

nor shall
Successor Additional Amounts be paid with respect to any payment of the
principal of or any premium or interest on any such Security to any Holder who
is a fiduciary or partnership or other than the sole beneficial owner of such
Security to the extent such payment would be required by the laws of the
jurisdiction of organization of such Person (or any political subdivision or
taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to
such Successor Additional Amounts of interest had it been the Holder of the
Security; and

 

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

 

liii

 

SECTION 802.  SUCCESSOR SUBSTITUTED.

 

Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety in accordance with Section 801, the successor
Person formed by such consolidation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities.

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

SECTION 901. 
SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

 

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

 

(1)  to evidence the succession
of another Person to the Company and the assumption by any such successor of
the covenants of the Company herein and in the Securities; or

 

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

 

(3)  to add any additional
Events of Default for the benefit of the Holders of all or any series of
Securities (and if such additional Events of Default are to be for the benefit
of less than all series of Securities, stating that such additional Events of
Default are expressly being included solely for the benefit of such series); or

 

(4)  to add to or change any of
the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Securities in bearer form, registrable or not
registrable as to principal, and with or without interest coupons, or to permit
or facilitate the issuance of Securities in uncertificated form; or

 

(5)  to add to, change or
eliminate any of the provisions of this Indenture in respect of one or more
series of Securities, provided that any such addition, change or elimination
(A) shall

 

liv

 

neither
(i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor
(ii) modify the rights of the Holder of any such Security with respect to
such provision or (B) shall become effective only when there is no such
Security Outstanding; or

 

(6)  to secure the Securities
pursuant to the requirements of Section 1009 or otherwise; or

 

(7)  to establish the form or
terms of Securities of any series as permitted by Sections 201 and 301; or

 

(8)  to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to
the Securities of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant
to the requirements of Section 611; or

 

(9)  to cure any ambiguity, to
correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided
that such action pursuant to this Clause (9) shall not adversely affect the
interests of the Holders of Securities of any series in any material respect.

 

SECTION 902.       SUPPLEMENTAL
INDENTURES WITH CONSENT OF HOLDERS.

 

With the
consent of the Holders of not less than 66  % in principal amount of
the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

 

(1)  change the Stated Maturity
of the principal of, or any instalment of principal of or interest on, any
Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the
amount of the principal of an Original Issue Discount Security or any other
Security which would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 502, or change the coin or currency
in which, any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), or

 

lv

 

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

 

(3)  modify any of the
provisions of this Section, Section 513 or Section 1013, except to
increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this
Section and Section 1013, or the deletion of this proviso, in accordance
with the requirements of Sections 611 and 901(8).

 

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

 

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

 

SECTION 903.       EXECUTION
OF SUPPLEMENTAL INDENTURES.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 601) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

SECTION 904.       EFFECT
OF SUPPLEMENTAL INDENTURES.

 

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

 

lvi

 

SECTION 905.       CONFORMITY
WITH TRUST INDENTURE ACT.

 

Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

 

SECTION 906.       REFERENCE
IN SECURITIES TO SUPPLEMENTAL INDENTURES.

 

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

 

ARTICLE TEN

 

COVENANTS

 

SECTION 1001.     PAYMENT
OF PRINCIPAL, PREMIUM AND INTEREST.

 

The Company
covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and
this Indenture.

 

SECTION 1002.     MAINTENANCE
OF OFFICE OR AGENCY.

 

The Company
will maintain in each Place of Payment for any series of Securities an office
or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

 

lvii

 

The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for such
purposes. The Company 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 1003.    MONEY FOR SECURITIES
PAYMENTS TO BE HELD IN TRUST.

 

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

 

Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to each due date of the principal of or
any premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(2) during the continuance of any default by the Company (or any other
obligor upon the Securities of that series) in the making of any payment in
respect of the Securities of that series, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities of that series.

 

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

 

lviii

 

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

 

SECTION 1004.    STATEMENT BY OFFICERS
AS TO DEFAULT.

 

The Company will deliver to the Trustee, within 120 days after the
end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not to the best knowledge of the
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard
to any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

 

SECTION 1005.    EXISTENCE.

 

Subject to Article Eight, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and franchises; provided, however,
that the Company shall not be required to preserve any such right or franchise
if the Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and that the
loss thereof is not disadvantageous in any material respect to the Holders.

 

SECTION 1006.    MAINTENANCE OF
PROPERTIES.

 

The Company will cause all properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in
good condition, repair and working order, ordinary wear and tear excepted, and
supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as
in the judgment of the Company may be necessary so that the

 

lix

 

business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this
Section shall prevent the Company from discontinuing the operation or
maintenance of any of such properties if such discontinuance is, in the
judgment of the Company, desirable in the conduct of its business or the
business of any Subsidiary and not disadvantageous in any material respect to
the Holders.

 

SECTION 1007.    INSURANCE.

 

The Company will maintain, and cause its Subsidiaries to maintain,
insurance coverage by financially sound and reputable insurers in such forms
and amounts and against such risks as are at that time customary for
corporations of established reputation engaged in the same or a similar
business and owning and operating similar properties including general
liability insurance and (but without duplication) protection and indemnity insurance,
hull and machinery insurance, oil pollution insurance and, if available at
commercially reasonable rates, loss of hire insurance.

 

SECTION 1008.    PAYMENT OF TAXES AND
OTHER CLAIMS.

 

The Company will pay or discharge or cause to be paid or discharged,
(1) before the same shall become delinquent, all material taxes,
assessments and governmental charges levied or imposed upon the Company or any
Subsidiary or upon the income, profits or property of the Company or any
Subsidiary, and (2) all material lawful claims for labor, materials and
supplies which give rise to a lien or which, if unpaid, might by law become a
lien upon the property of the Company or any Subsidiary, prior to the time the
holder of such lien evidences its intention to realize upon its lien; provided,
however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

 

SECTION 1009.    LIMITATION ON LIENS.

 

The Company will not itself, and will not permit any Restricted
Subsidiary to, Incur any Debt secured by a Mortgage on any property or assets
owned or leased by the Company or any Restricted Subsidiary, or any shares of
stock or Debt of any Subsidiary, without effectively providing that the
Securities (together with, if the Company shall so determine, any other Debt of
the Company or such Restricted Subsidiary then existing or thereafter created
which is not subordinate to the Securities) shall be secured equally and
ratably with (or prior to) such secured Debt, so long as such secured Debt
shall be so secured, unless, after giving effect thereto, the aggregate amount
of all such secured Debt Incurred after the date hereof and then outstanding
plus all Attributable Debt Incurred after the date hereof and then outstanding
of the Company and its Restricted Subsidiaries in respect to sale and leaseback
transactions (as defined in Section 1010) would not exceed 15% of Consolidated
Net Tangible Assets of the Company and its Restricted

 

lx

 

Subsidiaries; provided, however, that this Section shall not apply
to, and there shall be excluded from secured Debt in any computation under this
Section, Debt secured by:

 

(1) 
Mortgages on property of, or on any shares of stock or Debt of, any
corporation existing at the time such corporation becomes a Subsidiary;

 

(2) 
Mortgages in favor of the Company or any Restricted Subsidiary;

 

(3)  Mortgages
in favor of the United States of America, or any agency, department or other
instrumentality thereof, to secure progress, advance or other payments pursuant
to any contract or provision of any statute;

 

(4) 
Mortgages on property, shares of stock or Debt existing at the time of
acquisition thereof (including acquisition through merger or consolidation) or
to secure the payment of all or any part of the purchase price or construction
cost thereof or to secure any Debt Incurred or committed to under a binding
agreement prior to, at the time of, or within 120 days after, the acquisition
of such property or shares or Debt or the completion of any such construction
for the purpose of financing all or any part of the purchase price or
construction cost thereof; and

 

(5) 
any extension, renewal or replacement (or successive extensions,
renewals or replacements), as a whole or in part, of any Mortgage referred to
in the foregoing clauses (1) to (4), inclusive whether existing now or
hereafter or of any Mortgage existing on the date hereof; provided, that (i)
such extension, renewal or replacement Mortgage shall be limited to all or a
part of the same property, shares of stock or Debt that secured the Mortgage
extended, renewed or replaced (plus improvements on such property) and (ii) the
Debt secured by such Mortgage at such time is not increased.

 

SECTION 1010.    LIMITATION ON SALES
AND LEASEBACKS.

 

The Company will not itself, and it will not permit any Restricted
Subsidiary to, enter into any arrangement with any bank, insurance company or
other lender or investor (not including the Company or any Restricted
Subsidiary) or to which any such lender or investor is a party, providing for
the leasing by the Company or any such Restricted Subsidiary for a period, including
renewals, in excess of three years of any property or assets owned or leased by
the Company or such Restricted Subsidiary which has been or is to be sold or
transferred, more than 120 days after the acquisition thereof or after the
completion of construction and commencement of full operation thereof, by the
Company or any such Restricted Subsidiary to such lender or investor or to any
person to whom funds have been or are to be advanced by such lender or investor
on

 

lxi

 

the security of such property or assets (herein referred to as a “sale
and leaseback transaction”) unless either:

 

(1) 
the Company or such Restricted Subsidiary could create Debt secured by a
Mortgage pursuant to Section 1009 on the property or assets to be leased
back in an amount equal to the Attributable Debt with respect to such sale and
leaseback transaction without equally and ratably securing the Securities, or

 

(2) 
the Company or such Restricted Subsidiary within 120 days after the sale
or transfer shall have been made by the Company or by any such Restricted
Subsidiary, applies an amount not less than the greater of (i) the net proceeds
of the sale of the property or assets sold and leased back pursuant to such
arrangement or (ii) the fair market value of the property or assets so sold and
leased back at the time of entering into such arrangement (as determined by any
two of the following: the Chairman of the Board of the Company, its President,
any Executive or Senior Vice President of the Company, its Chief Financial
Officer, its Treasurer and its Controller) to (a) the purchase, acquisition or
construction of property or assets to be used in the business of the Company
and its Restricted Subsidiaries (which shall include the entering into, within
such 120 day period, of an agreement for such purchase, acquisition or
construction of property or assets) or (b) to the retirement of Funded Debt of
the Company or any Restricted Subsidiary; provided, that (x) the amount to be applied
to the retirement of Funded Debt of the Company shall be reduced by the
principal amount of any Securities delivered within 120 days after such sale to
the Trustee for retirement and cancellation and (y) the amount to be applied to
the retirement of Funded Debt of the Company or any Restricted Subsidiary shall
be reduced by the principal amount of Funded Debt of the Company, other than
Securities, or the principal amount of Funded Debt of any Restricted
Subsidiary, as the case may be, voluntarily retired by the Company or any
Restricted Subsidiary within 120 days after such sale. Notwithstanding the
foregoing, no retirement referred to in this clause (2) may be effected by
payment at maturity or pursuant to any mandatory prepayment provision.

 

SECTION 1011.              LIMITATION ON
INCURRENCE OF INDEBTEDNESS

 

BY
RESTRICTED SUBSIDIARIES.

 

The Company will not permit any of its Restricted Subsidiaries to Incur
any Funded Debt unless after giving effect to the Incurrence of such Funded
Debt by such Restricted Subsidiary and the receipt and application of the
proceeds thereof, the aggregate outstanding amount of Funded Debt of all
Restricted Subsidiaries of the Company shall not exceed 10% of Consolidated Net
Tangible Assets of the Company and its Restricted Subsidiaries; provided,
however, that this sentence shall not apply to, and there shall be excluded
from Funded Debt at the time of any computation under this sentence, (a) any
Funded Debt owed to the Company or to any other

 

lxii

 

Restricted Subsidiary, (b) any Funded Debt of a Restricted
Subsidiary outstanding on the date hereof, (c) any Funded Debt that (i) is
supported in full by a direct-pay or standby letter of credit or letter of
guarantee on which the Company (but not any of its Restricted Subsidiaries) is
the account party and as to which the terms of the related reimbursement
agreement shall not permit the issuing bank any recourse against any Restricted
Subsidiary of the Company and (ii) is not supported by any other letter of
credit, letter of guarantee or similar instrument in respect of which any
Restricted Subsidiary of the Company has any obligation and (d) any Funded Debt
of a Restricted Subsidiary Incurred pursuant to a United States Government
sponsored vessel financing program, including Title XI or a successor or
similar program.

 

SECTION 1012.    RESTRICTED
SUBSIDIARIES.

 

Each Subsidiary of the Company shall be a Restricted Subsidiary unless
such Subsidiary has been designated as an Unrestricted Subsidiary in accordance
with the provisions set forth herein.

 

The Board of Directors may designate any Person as an Unrestricted
Subsidiary if and only if (A) the Company has delivered to the Trustee an
Officer’s Certificate within 60 days after such Person became a Subsidiary (the
“Notice Period”) designating such Person as an Unrestricted Subsidiary and (B)
(i) such Person is not a Subsidiary on the date hereof, (ii) such Person was
not a Restricted Subsidiary prior to the commencement of the Notice Period, (iii) an
Officers’ Certificate is delivered to the Trustee stating that the Board of
Directors has determined that at the time of such Person’s acquisition or
formation it was not contemplated that such Person would own, acquire or lease
under a lease which would be considered a Capitalized Lease any ocean going
vessel designed to carry cargo in bulk which vessel was originally contracted
for by the Company or one of its Subsidiaries, (iv) neither the Company
nor any Restricted Subsidiary has guaranteed or in any other manner become
liable for or otherwise created a Mortgage on its property as security for any
Funded Debt of such Person, and (v) such Person does not own or hold,
directly or indirectly, any Funded Debt or equity securities of any Restricted
Subsidiary or own, lease or operate any assets or properties (other than cash,
cash equivalents or marketable securities) transferred to it by the Company or
any Restricted Subsidiary.

 

The Company may change the designation of any Subsidiary from
Unrestricted Subsidiary to Restricted Subsidiary by giving written notice to
the Trustee that the Board of Directors has made such change, provided that no
such change shall be effective if after giving effect to such change the
aggregate amount of Funded Debt of all Restricted Subsidiaries of the Company
then outstanding (after giving effect to the exclusions provided for in
Section 1011 hereof) would exceed 10% of the Consolidated Net Tangible
Assets of the Company and its Restricted Subsidiaries. If at any time (i) the
Company or a Restricted Subsidiary guarantees or in any other manner becomes
liable for or otherwise creates a Mortgage on its

 

lxiii

 

property as security for any Funded Debt of an Unrestricted Subsidiary,
(ii) an Unrestricted Subsidiary owns or holds, directly or indirectly, any
Funded Debt or equity securities of any Restricted Subsidiary or (iii) an
Unrestricted Subsidiary owns, leases or operates any assets or properties
(other than cash, cash equivalents and marketable securities) transferred to it
by the Company or any Restricted Subsidiary, the designation of such
Unrestricted Subsidiary shall thereupon, without further action, but subject to
the condition set forth in the proviso to the first sentence of this paragraph,
be deemed to have been changed to a Restricted Subsidiary. The Company will not
itself, and it will not permit any Subsidiary to, take any of the actions
referred to in clauses (i), (ii) or (iii) of the preceding sentence unless the
Unrestricted Subsidiary referred to in such sentence can be designated a
Restricted Subsidiary in conformity with the provisions of this Section.

 

The acquisition of a Restricted Subsidiary or the change of designation
of an Unrestricted Subsidiary to a Restricted Subsidiary shall, as of the date
of such acquisition or change, constitute an Incurrence by Restricted
Subsidiaries of the Company of Funded Debt in the amount of the Funded Debt of
such Restricted Subsidiary as of such date, and, for purposes of determining
Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries
as of such date, pro forma effect shall be given to such acquisition or change.

 

SECTION 1013.    WAIVER OF CERTAIN
COVENANTS.

 

Except as otherwise specified as contemplated by Section 301 for
Securities of such series, the Company may, with respect to the Securities of
any series, omit in any particular instance to comply with any term, provision
or condition set forth in any covenant provided pursuant to Section 301(18),
901(2) or 901(7) for the benefit of the Holders of such series or in any of
Sections 1006 to 1012, inclusive, if before the time for such compliance
the Holders of at least 66  % in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

 

lxiv

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

SECTION 1101.    APPLICABILITY OF
ARTICLE.

 

Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for such Securities) in
accordance with this Article.

 

SECTION 1102.    ELECTION TO REDEEM;
NOTICE TO TRUSTEE.

 

The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution or in another manner specified as contemplated by
Section 301 for such Securities. In case of any redemption at the election
of the Company of less than all the Securities of any series (including any
such redemption affecting only a single Security), the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date, of the principal amount of Securities of such series to
be redeemed and, if applicable, of the tenor of the Securities to be redeemed.
In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with such restriction.

 

SECTION 1103.    SELECTION BY TRUSTEE
OF SECURITIES TO BE REDEEMED.

 

If less than all the Securities of any series are to be redeemed
(unless all the Securities of such series and of a specified tenor are to be
redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security
of such series, provided that the unredeemed portion of the principal amount of
any Security shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. If less than all
the Securities of such series and of a specified tenor are to be redeemed
(unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee, from the Outstanding Securities of such
series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

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

 

The provisions of the two preceding paragraphs shall not apply with
respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized 

 

lxv

 

denomination (which shall not be less than the minimum authorized denomination)
for such Security.

 

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

 

SECTION 1104.    NOTICE OF REDEMPTION.

 

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

 

All notices of redemption shall state:

 

(1)  the Redemption Date,

 

(2)  the Redemption Price,

 

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

 

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

 

(5)  the place or places where
each such Security is to be surrendered for payment of the Redemption Price,
and

 

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

 

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

 

SECTION 1105.    DEPOSIT OF REDEMPTION
PRICE.

 

Prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 1003) an amount
of money sufficient to pay the Redemption

 

lxvi

 

Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Securities which are to be redeemed
on that date.

 

SECTION 1106.    SECURITIES PAYABLE ON
REDEMPTION DATE.

 

Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security
shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that, unless otherwise
specified as contemplated by Section 301, instalments of interest whose
Stated Maturity is on or prior to the Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 307.

 

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

 

SECTION 1107.    SECURITIES REDEEMED
IN PART.

 

Any Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities of the same
series and of like tenor, of any authorized denomination as requested by such
Holder, in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE TWELVE

 

SINKING FUNDS

 

SECTION 1201.    APPLICABILITY OF
ARTICLE.

 

The provisions of this Article shall be applicable to any sinking
fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities.

 

lxvii

 

The minimum amount of any sinking fund payment provided for by the
terms of any Securities 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 such Securities is herein referred to as an “optional sinking fund
payment”. If provided for by the terms of any Securities, the cash amount of
any sinking fund payment may be subject to reduction as provided in
Section 1202. Each sinking fund payment shall be applied to the redemption
of Securities as provided for by the terms of such Securities.

 

SECTION 1202.    SATISFACTION OF
SINKING FUND PAYMENTS WITH SECURITIES.

 

The Company (1) may deliver Outstanding Securities of a series
(other than any previously called for redemption) and (2) may apply as a
credit Securities of a series which have been redeemed either at the election
of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms
of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to any Securities of such series required to
be made pursuant to the terms of such Securities as and to the extent provided
for by the terms of such Securities; provided that the Securities to be so
credited have not been previously so credited. The Securities to be so credited
shall be received and credited for such purpose by the Trustee at the Redemption
Price, as specified in the Securities so to be redeemed, for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

 

SECTION 1203.    REDEMPTION OF
SECURITIES FOR SINKING FUND.

 

Not less than 45 days prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for such
Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities pursuant
to Section 1202 and will also deliver to the Trustee any Securities to be
so delivered. Not less than 30 days prior to each such sinking fund payment
date, the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 1103 and cause notice
of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 1104. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Sections 1106 and 1107.

 

lxviii

 

ARTICLE THIRTEEN

 

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 1301.    COMPANY’S OPTION TO
EFFECT DEFEASANCE OR COVENANT DEFEASANCE.

 

The Company may elect, at its option at any time, to have
Section 1302 or Section 1303 applied to any Securities or any series
of Securities, as the case may be, designated pursuant to Section 301 as
being defeasible pursuant to such Section 1302 or 1303, in accordance with
any applicable requirements provided pursuant to Section 301 and upon
compliance with the conditions set forth below in this Article. Any such
election shall be evidenced by a Board Resolution or in another manner
specified as contemplated by Section 301 for such Securities.

 

SECTION 1302.    DEFEASANCE AND DISCHARGE.

 

Upon the Company’s exercise of its option (if any) to have this
Section applied to any Securities or any series of Securities, as the case
may be, the Company shall be deemed to have been discharged from its
obligations with respect to such Securities as provided in this Section on
and after the date the conditions set forth in Section 1304 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), subject to the following which shall
survive until otherwise terminated or discharged hereunder: (1) the rights
of Holders of such Securities to receive, solely from the trust fund described
in Section 1304 and as more fully set forth in such Section, payments in
respect of the principal of and any premium and interest on such Securities
when payments are due, (2) the Company’s obligations with respect to such
Securities under Sections 304, 305, 306, 1002 and 1003, (3) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and
(4) this Article. Subject to compliance with this Article, the Company may
exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have
Section 1303 applied to such Securities.

 

SECTION 1303.    COVENANT DEFEASANCE.

 

Upon the Company’s exercise of its option (if any) to have this
Section applied to any Securities or any series of Securities, as the case
may be, (1) the Company shall be released from its obligations under
Section 801(3), Sections 1006 through 1012, inclusive, and any
covenants provided pursuant to Section 301(18), 901(2) or 901(7) for the
benefit of the Holders of such Securities and (2) the occurrence of any
event specified in Sections 501(4)

 

lxix

 

(with respect to any of Section 801(3), Sections 1006 through
1012, inclusive, and any such covenants provided pursuant to
Section 301(18), 901(2) or 901(7)), 501(5) and 501(8) shall be deemed not
to be or result in an Event of Default in each case with respect to such
Securities as provided in this Section on and after the date the
conditions set forth in Section 1304 are satisfied (hereinafter called
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that,
with respect to such Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such specified Section (to the extent so specified in the case of
Section 501(4)), whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or by reason of any reference in any
such Section to any other provision herein or in any other document, but
the remainder of this Indenture and such Securities shall be unaffected
thereby.

 

SECTION 1304.    CONDITIONS TO
DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to the application of
Section 1302 or Section 1303 to any Securities or any series of
Securities, as the case may be:

 

(1) 
The Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 609 and agrees to comply with the provisions of
this Article applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and
dedicated solely to, the benefits of the Holders of such Securities,
(A) money in an amount, or (B) U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, money in an amount, or (C) a combination thereof, in
each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective
Stated Maturities, in accordance with the terms of this Indenture and such
Securities. As used herein, “U.S. Government Obligation” means (x) any
security which is (i) a direct obligation of the United States of America
for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as 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, which, in either case (i) or (ii),
is not callable or redeemable at the option of the issuer thereof, and
(y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any
U.S. Government Obligation which is specified in Clause (x) above and held
by such bank for the

 

lxx

 

account of the holder of such depositary receipt, or with respect to
any specific payment of principal of or interest on any U.S. Government
Obligation which is so specified and held, 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 principal or interest evidenced by such depositary receipt.

 

(2) 
In the event of an election to have Section 1302 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that (A) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (B) since the date of this instrument, there has been
a change in the applicable Federal income tax law, in either case (A) or (B) to
the effect that, and based thereon such opinion shall confirm that, the Holders
of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such Securities and will be subject to Federal income tax on
the same amount, in the same manner and at the same times as would be the case
if such deposit, Defeasance and discharge were not to occur.

 

(3) 
In the event of an election to have Section 1303 apply to any
Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities will not recognize gain or loss for Federal income
tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on
the same amount, in the same manner and at the same times as would be the case
if such deposit and Covenant Defeasance were not to occur.

 

(4) 
The Company shall have delivered to the Trustee an Officer’s Certificate
to the effect that neither such Securities nor any other Securities of the same
series, if then listed on any securities exchange, will be delisted as a result
of such deposit.

 

(5) 
No event which is, or after notice or lapse of time or both would
become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit
or, with regard to any such event specified in Sections 501(6) and (7), at
any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such
90th day).

 

(6) 
Such Defeasance or Covenant Defeasance shall not cause the Trustee to
have a conflicting interest within the meaning of the Trust Indenture Act
(assuming all Securities are in default within the meaning of such Act).

 

lxxi

 

(7) 
Such Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any other agreement or instrument
to which the Company is a party or by which it is bound.

 

(8) 
Such Defeasance or Covenant Defeasance shall not result in the trust
arising from such deposit constituting an investment company within the meaning
of the Investment Company Act unless such trust shall be registered under such
Act or exempt from registration thereunder.

 

(9) 
The Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that all conditions precedent with
respect to such Defeasance or Covenant Defeasance have been complied with.

 

SECTION 1305.              DEPOSITED MONEY AND
U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; MISCELLANEOUS PROVISIONS.

 

Subject to the provisions of the last paragraph of Section 1003,
all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of
this Section and Section 1306, the Trustee and any such other trustee
are referred to collectively as the “Trustee”) pursuant to Section 1304 in
respect of any Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any such Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the
Holders of such Securities, of all sums due and to become due thereon in
respect of principal and any premium and interest, but money so held in trust
need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and 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.

 

Anything in this Article to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
Section 1304 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect the
Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

 

 

lxxii

 

SECTION 1306.              REINSTATEMENT.

 

If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the obligations
under this Indenture and such Securities from which the Company has been
discharged or released pursuant to Section 1302 or 1303 shall be revived
and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities, until such time as the Trustee or
Paying Agent is permitted to apply all money held in trust pursuant to
Section 1305 with respect to such Securities in accordance with this
Article; provided, however, that if the Company makes any payment of principal
of or any premium or interest on any such Security following such reinstatement
of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held
in trust.

 

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

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

 

	
   

  	
  OVERSEAS SHIPHOLDING GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gabriel Kahana

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Robert N. Cowen

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE CHASE MANHATTAN BANK

  
	
   

  	
       (NATIONAL ASSOCIATION)

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
    /s/ Ann L. Edmonds

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/ Kathleen Perry

  	
   

  	
   

  	
   

  
							

 

lxxiii

 

	
  State of New York

  	
  )

  	
   

  
	
   

  	
  )  ss.:

  	
   

  
	
  County of New York

  	
  )

  	
   

  
	
   

  	
   

  	
   

  

 

On the 2nd day of December, 1993, before me personally came Gabriel
Kahana, to me known, who, being by me duly sworn, did depose and say that he is
Senior Vice President and Treasurer of Overseas Shipholding Group, Inc., one of
the corporations described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation; and that he signed his name thereto by like
authority.

 

	
   

  	
    /s/ Burt H. Liebman

  	
   

  
	
   

  	
  Burt H. Liebman

  	
   

  
	
   

  	
  Notary Public, State of New York

  

 

	
  State of New York

  	
  )

  	
   

  
	
   

  	
  )  ss.:

  	
   

  
	
  County of Kings

  	
  )

  	
   

  
	
   

  	
   

  	
   

  

 

On the 2nd day of December, 1993, before me personally came Ann L. Edmonds,
to me known, who, being by me duly sworn, did depose and say that she is Vice
President of The Chase Manhattan Bank, N.A., one of the corporations described
in and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by authority of the Board of Directors of said
corporation; and that he signed his name thereto by like authority.

 

	
   

  	
    /s/Della K. Benjamin

  	
   

  
	
   

  	
  Della K. Benjamin

  	
   

  
	
   

  	
  Notary Public, State of New York

  

 

lxxivExhibit 4(b)(2)

 

I, Robert N. Cowen, Senior Vice President, General
Counsel and Secretary of Overseas Shipholding Group, Inc., a Delaware
corporation (“OSG”), pursuant to the resolutions (the “Resolutions”) adopted by
the Board of Directors of OSG on September 14, 1993, hereby create two
series of Debt Securities (as defined in the Resolutions) under the Indenture,
dated as of December 1, 1993 (the “Indenture”) between OSG and The Chase
Manhattan Bank (National Association), as trustee.  All terms contained herein and not otherwise defined shall have
the meanings ascribed to them in the Indenture.

 

RESOLVED,
that the form, terms and provisions of the Indenture in the form provided to
the undersigned be, and they hereby are, approved in all respects and any officer
of OSG (whether or not one of the Designated officers, as defined in the
Resolutions) be, and hereby is, authorized to execute and deliver the
Indenture, with any additions, deletions or changes thereto as the executing
officer shall determine to be necessary or desirable, the execution of the
Indenture to be deemed conclusive evidence of such determination and of the
approval of OSG’s Board of Directors; and further

 

RESOLVED,
that the form, terms and provisions of the Underwriting Agreement, dated of
even date herewith (the “Underwriting Agreement”), between OSG and Goldman,
Sachs & Co., J.P. Morgan Securities Inc., Citicorp Securities, Inc. and
Chase Securities, Inc. in the form provided to the undersigned be, and they
hereby are, approved in all respects and any officer of OSG (whether or not one
of the Designated officers) be, and hereby is, authorized to execute and
deliver the Underwriting Agreement with any additions, deletions or changes
thereto as the executing officer shall determine to be necessary or desirable,
the execution of the Underwriting Agreement to be deemed conclusive evidence of
such determination and of the approval of OSG’s Board of Directors; and further

 

RESOLVED,
that the issuance and sale of two series of Debt Securities pursuant to the
Indenture in the form and with the terms and for the price set forth below are
hereby authorized; and further

 

 

RESOLVED,
that pursuant to Section 201 of the Indenture, the Debt Securities
hereinafter authorized shall be in the form attached hereto as Annex A,
in the case of the Notes, as defined below, and Annex B, in the case of
the Debentures, as defined below; and further

 

RESOLVED,
that pursuant to Section 301 of the Indenture, the Debt Securities
authorized hereby shall have the following terms:

 

1.                                       The
title of the Debt Securities shall be: 
(i) “8% Notes due December 1, 2003” (the “Notes”); and (ii) “8-3/4%
Debentures due December 1, 2013” (the “Debentures”).

 

2.                                       The
aggregate principal amount of each of the Notes and the Debentures which may be
authenticated and delivered under the Indenture is limited in each case to
$100,000,000 (subject to the exceptions set forth in Section 301(2) of the
Indenture).

 

3.                                       The
principal of the Notes shall be payable on December 1, 2003, and the principal
of the Debentures shall be payable on December 1, 2013, in each case in
immediately available funds.

 

4.                                       The
Notes shall bear interest at the rate of 8% per annum, and  the Debentures shall  bear 
interest at the rate of 8-3/4% per annum, in each case from
December 1, 1993 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, to the persons in whose names the
Notes and the Debentures, respectively, are registered at the close of business
on the May 15 or November 15, as the case may be (each, a “Regular Record
Date”), next preceding such Interest Payment Date.

 

5.                                       Until
otherwise notified to the Trustee pursuant to Section 1002 of the
Indenture, principal of and interest on the Notes and Debentures shall be made
at the Corporate Trust office (as defined in the Indenture) of the Trustee.

 

6.                                       Interest
on the Notes and the Debentures shall be payable semi-annually on June 1
and December 1 of each year commencing June 1, 1994, in each case in
immediately available funds.

 

7.                                       The
Notes and the Debentures may be redeemable at the option of OSG, in whole or
from time to time in part, upon not less than 30 nor more than 60 days’ notice
mailed to each Holder of Securities to be redeemed at the address of such
Holder appearing in the Security Register, on any date prior to maturity at (i)
a Redemption Price equal to 100% of the principal amount thereof plus (ii)
accrued interest to the Redemption Date

 

 

(subject to the right of Holders of record on the relevant Regular
Record Date to receive interest due on an Interest Payment Date that is due on
or prior to the Redemption Date), plus (iii) a Make-Whole Premium, if any, as
provided in the Pricing Agreement authorized below.

 

8.                                       The
Notes and the Debentures will not be entitled to the benefit of any sinking
fund.

 

9.                                       The
Notes and the Debentures shall have the events of default as provided in
Section 501 of the Indenture; the Trustee shall have the right to
accelerate the payment of the principal of the Notes and Debentures as provided
in Section 502 of the Indenture; and the Notes and the Debentures shall be
subject to defeasance and covenant defeasance as provided in
Article Thirteen of the Indenture.

 

10.                                 The
Notes and the Debentures shall be represented by one or more Global Securities,
registered in the name of a nominee of The Depository Trust Company, as
Depositary, and the Global Securities shall bear the legends set forth in the
forms of Notes and Debentures attached as Annex A and Annex B
hereto, respectively. and further

 

RESOLVED,
that the purchase price by the Underwriters and the price to the public of the
Notes shall be 98.759% and 99.759%, respectively, and the purchase price by the
Underwriters and the price to the public of the Debentures shall be 98.428% and
99.678%, respectively; and further

 

RESOLVED,
that the form, terms and provisions of the Pricing Agreement, a copy of which
is attached hereto as Annex C, be, and they hereby are, approved in all
respects and any officer of OSG (whether or not one of the Designated Officers)
be, and hereby is, authorized to execute and deliver the Pricing Agreement,
with any additions, deletions or changes thereto as the executing officer shall
determine to be necessary or desirable, the execution of the Pricing Agreement
to be deemed conclusive evidence of such determination and of the approval of
OSG’s Board of Directors; and further

 

RESOLVED,
that any and all actions heretofore taken by any officer  of OSG in furtherance of the
preceding resolutions or the Resolutions on or prior to the date hereof are
hereby confirmed, approved and ratified in all respects; and further

 

RESOLVED,
that any officer of OSG, including any officer that is not one of the
Designated Officers, be, and each hereby is, authorized for and on behalf of
OSG to execute and deliver such agreements, instruments, applications and other
..

 

 

documents and to effect such filings with governmental agencies
(including the filing of an appropriate Prospectus Supplement pursuant to Rule
424(b) under the Securities Act of 1933 in the form attached hereto as Annex
D) or others and to make any and all payments and take such further action,
as such officer or officers shall determine to be necessary or desirable in
order to carry out the foregoing resolutions and the Resolutions, the taking of
any such action and execution and delivery of any such agreement, instrument,
application or document to be deemed conclusive evidence of such determination.

 

INWITNESS WHEREOF, I have hereunto adopted these resolutions this 2nd
day of December, 1993.

 

	
   

  	
  OVERSEAS SHIPHOLDING GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  s/ Robert N. Cowen

  	
   

  
	
   

  	
  Robert N. Cowen

  
	
   

  	
  Senior Vice President, General

  Counsel and Secretary

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