Document:

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                                                                  Exhibit 10.328

                                ESCROW AGREEMENT
                   (BEST BUY, MARSHALLS AND BED BATH & BEYOND
                         2004 REAL ESTATE TAX PAYMENTS)

     This ESCROW AGREEMENT (this "Agreement") is made and entered into as of the
24th day of August, 2004, by and among JACKSON PROPERTY ASSOCIATES, GP, a
Georgia general partnership (hereinafter referred to as "Seller"), INLAND
WESTERN JACKSON COLUMNS, L.L.C., a Delaware limited liability company
(hereinafter referred to as "Buyer"), and FIRST AMERICAN TITLE INSURANCE COMPANY
(hereinafter referred to as "Escrow Agent") having as its address attention:
Mary Lou Kennedy, 30 N. LaSalle Street, Suite 310, Chicago, Illinois 60602.

                                   WITNESSETH:

     WHEREAS, Buyer and Seller entered into that certain letter agreement having
a date of June 22, 2004, as amended August 2, 2004 (the "Contract"), in which
Seller agreed to sell and Buyer agreed to purchase that certain real property
known as Phases I and III of The Columns located in Jackson, Tennessee (the
"Property"); and

     WHEREAS, Best Buy Stores, L.P.'s ("Best Buy") lease for a portion of the
Property provides that Best Buy pays its prorata share of 2004 taxes the later
of (i) ten days prior to the due date and (ii) thirty days after billing from
landlord; and

     WHEREAS, Best Buy's estimated prorata share of 2004 city and county taxes
is $27,627.69 ($42,846.33 times 100% divided by 366 days per year times 236
days) (the "Best Buy Tax Proration"); and

     WHEREAS, Marshalls of MA, Inc.'s ("Marshalls") lease for a portion of the
Property provides that Marshalls pays its prorata share of 2004 taxes the later
of (i) thirty days after Marshalls' receipt of the tax bill and (ii) fifteen
days before the taxes are due; and

     WHEREAS, Marshalls' estimated prorata share of 2004 city and county taxes
is $24,364.25 ($133,058.01 divided by 98,600 times 28,000 divided by 366 days
per year times 236 days) (the "Marshalls Tax Proration"); and

     WHEREAS, Bed Bath & Beyond Inc.'s ("Bed Bath") lease for a portion of the
Property provides that Bed Bath pays its prorata share of 2004 taxes thirty days
after Bed Bath's receipt of the tax bill but no earlier than twenty days prior
to the date the taxes will be delinquent; and

     WHEREAS, Bed Bath's estimated prorata share of 2004 city and county taxes
is $17,403.04 ($133,058.01 divided by 98,600 times 20,000 divided by 366 days
per year times 236 days) (the "Bed Bath Tax Proration"); and

     WHEREAS, Seller has agreed to deposit into escrow the sum of Sixty-Nine
Thousand Three Hundred Ninety-Four and 98/100 Dollars ($69,394.98) (the "Escrow
Deposit"), which

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sum represents the Best Buy, Marshalls and Bed Bath Tax Prorations
(collectively, the "Tax Prorations"); and

     WHEREAS, Buyer and Seller have agreed that the Escrow Deposit is sufficient
security to account the Tax Prorations not yet due and payable from and not yet
collected from the Tenants; and

     WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold and
disburse same in accordance with the terms and conditions set forth below.

     NOW, THEREFORE, for and in consideration of the Property, the covenants and
agreements hereinafter made, and for Ten Dollars ($10.00) in hand paid to Escrow
Agent, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

     1.   At Closing, Seller shall deposit with Escrow Agent, and Escrow Agent
hereby acknowledges receipt of the sum of Sixty-Nine Thousand Three Hundred
Ninety-Four and 98/100 Dollars ($69,394.98) as the total Escrow Deposit. Escrow
Agent hereby agrees to deposit the Escrow Deposit into an interest bearing
account with a bank, savings and loan institution, money market account, or
other depository reasonably satisfactory to Buyer, Seller and Escrow Agent with
interest accruing for the benefit of Seller. The federal taxpayer identification
of Seller is 83-0353077.

     2.   Seller agrees that it shall be responsible for collecting 2004 taxes
from the Tenants pursuant to their respective leases. Within ten (10) days of
receipt of payment by the Tenants, or any of them, for any Tax Prorations, Buyer
shall provide notice to Seller, and the parties shall jointly instruct Escrow
Agent to pay such amount from the Escrow Deposit to Seller.

     3.   In the event that any of the Tenants fails or refuses to pay its
respective Tax Proration accrued through August 24, 2004, pursuant to said
Tenant's respective lease, then Buyer and Seller shall jointly direct Escrow
Agent to pay to Buyer from the Escrow Deposit an amount equal to the respective
Tenant's Tax Proration. Notwithstanding the foregoing, in no event shall Buyer
be paid more than the Best Buy Tax Proration for any unpaid 2004 tax by Best
Buy; more than the Marshalls Tax Proration for any unpaid 2004 tax by Marshalls;
nor more than the Bed Bath Tax Proration for any unpaid 2004 tax by Bed Bath.
Nothing contained herein shall preclude Seller from seeking to recover from the
Tenants, or any of them, any disbursements made to Buyer pursuant to this
paragraph.

     4.   Subject to the terms and conditions of this Agreement, Escrow Agent
shall retain the Escrow Deposit in the account until the later of (i) the date
on which the Tenants pay their share of 2004 taxes through August 24, 2004 or
(ii) March 31, 2005 (city taxes will be delinquent after December 31, 2004 and
county taxes will be delinquent after March 1, 2005).

     5.   In the event either party objects to the disbursement of the Escrow
Deposit as provided above, the Escrow Agent shall have the right, at its option,
either (a) to hold the Escrow Deposit in escrow pending resolution of such
objection by mutual agreement of the parties or by

                                        2
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judicial resolution of same or (b) to disburse the Escrow Deposit into the
Registry of the court having jurisdiction over such objection. After any
disbursement of the Escrow Deposit under the terms of this Escrow Agreement,
Escrow Agent's duties and obligations hereunder shall cease. In the event of any
dispute regarding disbursement of the Escrow Deposit, the party ultimately
receiving the Escrow Deposit after resolution of such dispute shall be entitled
to receive from the other party all the prevailing party's costs and expenses
incurred in connection with the resolution of such dispute including, without
limitation, all court costs and reasonable attorney's fees.

     6.   The reasonable costs of administration of this Escrow Agreement by
Escrow Agent shall be paid by Seller. This Escrow Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs,
principals, successors and assigns and shall be governed and construed in
accordance with the laws of the State of Illinois. No modification, amendment or
waiver of the terms hereof shall be valid or effective unless in writing and
signed by all of the parties hereto. This Escrow Agreement may be executed in
multiple counterpart originals, each of which shall be deemed to be and shall
constitute an original. If there is any conflict between the terms of this
Escrow Agreement and the terms of the Contract, the terms of this Escrow
Agreement shall control in all events.

     7.   NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall be personally delivered, sent by Federal Express or other overnight or
same day courier service providing a return receipt, (and shall be effective
when received, when refused or when the same cannot be delivered, as evidenced
on the return receipt) to the following addresses:

If to Seller:            c/o GBT Realty Corporation
                         201 Summit View Drive
                         Suite 110
                         Brentwood, Tennessee 37027
                         Attention: George B. Tomlin
                         Telephone: (615) 370-0670
                         Fax No.:   (615) 373-3111

With a copy to:          Hartman, Simons, Spielman, Simons, Spielman & Wood, LLP
                         6400 Powers Ferry Road, N.W.
                         Powers Ferry Landing
                         Suite 224
                         Atlanta, GA 30339
                         Attn: Peter Hartman, Esq.

If to Buyer:             Inland Western Jackson Columns, LLC
                         2901 Butterfield Road
                         Oak Brook, Illinois 60523
                         Attention: Lou Quilici
                         Telephone: (630) 218-4925
                         Fax No.:   (630) 218-4935

                                        3
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If to Escrow Agent:      First American Title Insurance Company
                         National Commercial Services
                         30 N. LaSalle Street, Suite 310
                         Chicago, Illinois 60602
                         Attention:  Mary Lou Kennedy
                         Telephone: (312) 917-7202
                         Fax No.:   (312) 553-0480

     8.   COUNTERPARTS. This Escrow Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Escrow Agreement, may be executed by
facsimile.

     9.   TIME OF THE ESSENCE. Time shall be of the essence in the performance
by the parties hereto of their respective agreements and obligations hereunder.

     10.  MODIFICATION. This Agreement shall not be modified or amended except
by a written instrument executed by or on behalf of each of the parties to this
Agreement.

     11.  NO ASSIGNMENT. The rights and obligations hereunder shall inure to the
benefit of Buyer and Seller. This Agreement may not be assigned by either party.

     12.  SEVERABILITY. In the event any provisions or portions of this
Agreement are held by any court of competent jurisdiction to be invalid or
unenforceable, such holding shall not affect the remainder hereof and the
remaining provisions hereof shall continue in full force and effect to the same
extent as would have been the case had such invalid or unenforceable provision
or portion never been a part hereof.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

                        SELLER:

                        JACKSON PROPERTY ASSOCIATES, GP
                        a Georgia general partnership

                        By: Jackson Management Associates, LLC,
                        a Georgia limited liability company, its General Partner

                        By:    /s/ [ILLEGIBLE]
                           ---------------------------
                        Name:  [ILLEGIBLE]
                             -------------------------
                        Title: [ILLEGIBLE]
                              ------------------------

                    [Signatures Continued on Following Page]

                                        4
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                   [Signatures Continued from Preceding Page]

                         BUYER:

                         INLAND WESTERN JACKSON COLUMNS, L.L.C.,
                         a Delaware limited liability company

                         By: Inland Western Retail Real Estate Trust, Inc.,
                             a Maryland corporation

                         By:   /s/ Lou Quilici
                             ----------------------
                         Name: Lou Quilici
                              ---------------------
                         As Its: AUTHORIZED AGENT
                                -------------------

                    [Signatures Continued on Following Page]

                                        5
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                   [Signatures Continued from Preceding Page]

                         ESCROW AGENT:

                         FIRST AMERICAN TITLE INSURANCE COMPANY

                         ----------------------------------------
                         Mary Lou Kennedy

                                        6
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                         Jackson Property Associates GP
                               Invoice Pro Rations

<Table>
<Caption>
                                                MONTHLY EXPENSE:    JACKSON:       INLAND:   COMMENTS:
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>         <C>          <C>         <C>
Bevis Commercial Maintenance Inc. -                                                          August bill paid by Jackson Property
Sweeping Lawn Mani                                      2,200.00    1,632.25        567.74   Associates
ADS Security - 06/01/04 through 08/31/04 &                                                   August & September bill paid by Jackson
 09/01/04 through 09/30/04                                210.00           -        254.19   Property Associates
Spann Insurance, Inc - Best Buy 08/23/04 -                                                   Paid by Jackson Property Associates -
 09/22/05                                                      -           -      7,333.00   Prepaid Best Buy Insurance
Spann Insurance, Inc - Umbrella Insurance                                                    Paid by Jackson Property Associates -
 08/23/04 - 09/22/05                                           -           -      2,000.00   Prepaid Umbrellas Insurance

                                                                              -------------
TO BE REIMBURSED BY INLAND:                                                      10,164.94
                                                                              =============
</Table>

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CITY OF JACKSON - DEPARTMENTS & SERVICES

Mayor/Council  Department  E-Government Meetings & Events Business About Jackson

[LOGO]      [LOGO]  REVENUE OFFICE
                    2001 TAX RATES:

                    Revenue Office Topics...

                    Sales Tax                  9.75% (6% state, 3.75% local)*
                    City Property Tax Rate     $2.22 per $100 assessed value
                    County Property Tax Rate   $2.46 per $100 assessed value
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HOME               * Note: the City receives only 0.72% of the local portion.

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Jackson

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FROM
ASSESSOR OF PROPERTY                ASSESSMENT    PRESORT
MADISON COUNTY                        CHANGE      FIRST-CLASS MAIL
118 E BALTIMORE STE 4                 NOTICE      U.S. POSTAGE PAID
JACKSON  TN        38301                          JACKSON TN
                                           72     PERMIT NO. 9

MAP AND PARCEL
DIST.  MAP NO. GP  CTL  MAP PARCEL S. INT. CITY
05     055         055      00825  000     359

PROPERTY ADDRESS                                  YOUR APPRAISED VALUE FOR
VANN  DR  1081  Phase I                        PROPERTY TAX PURPOSES HAS
                                               CHANGED. IF YOU WISH TO DISCUSS
SUBDIVISION NAME                               THIS NEW VALUE, YOU MAY CONTACT
RUSHMEADE COMMERCIAL                           THE ASSESSOR'S OFFICE. SEE
                                               REVERSE SIDE FOR INFORMATION
                                               ABOUT APPEALING YOUR ASSESSMENT.
 BLOCK  LOT NO. DEED ACRES   CALC. ACRES
0009    0901           11.47

APPRAISAL AS               MADISON COUNTY
OF JANUARY 1, 2004           TENNESSEE           JACKSON PROPERTY ASSOC GP

APPRAISED                                        201 SUMMIT VIEW DR # 110
VALUE       $7,107,800                           BRENTWOOD         TN 37027

ASSESSED VALUE
AT 40%      $2,843,120
COMMERCIAL

PREVIOUS ASSESSMENT & CLASS

    SEE REVERSE SIDE

County = $2,843,120 DIVIDED BY 100 x $2.46 = $69,940.75

City = $2,843,120 DIVIDED BY 100 x $222 = $63,111.26

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FROM
ASSESSOR OF PROPERTY                ASSESSMENT    PRESORT
MADISON COUNTY                        CHANGE      FIRST-CLASS MAIL
118 E BALTIMORE STE 4                 NOTICE      U.S. POSTAGE PAID
JACKSON  TN        38301                          JACKSON TN
                                           71     PERMIT NO. 9

MAP AND PARCEL
DIST.  MAP NO. GP  CTL  MAP PARCEL S. INT. CITY
05    055          055      00823  000     359

PROPERTY ADDRESS                                  YOUR APPRAISED VALUE FOR
VANN  DR  1170    Best Buy                     PROPERTY TAX PURPOSES HAS
                                               CHANGED. IF YOU WISH TO DISCUSS
SUBDIVISION NAME                               THIS NEW VALUE, YOU MAY CONTACT
RUSHMEADE COMMERCIAL                           THE ASSESSOR'S OFFICE. SEE
                                               REVERSE SIDE FOR INFORMATION
                                               ABOUT APPEALING YOUR ASSESSMENT.
 BLOCK  LOT NO. DEED ACRES   CALC. ACRES
0010    1003           3.43

APPRAISAL AS               MADISON COUNTY
OF JANUARY 1, 2004           TENNESSEE           JACKSON PROPERTY ASSOC GP

APPRAISED                                        201 SUMMIT VIEW DR   # 110
VALUE       $2,288,800                           BRENTWOOD         TN 37027

ASSESSED VALUE
AT 40% $915,520
COMMERCIAL

PREVIOUS ASSESSMENT & CLASS

    SEE REVERSE SIDE

County = $915,520 DIVIDED BY 100 x $2.46 = $22,521.79

City = $915,520 DIVIDED BY 100 x   $2.22 = $20,324.54

                                           $42,846.33

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therefrom, but with all the other rights and obligations attendant thereto, and
under the same terms and conditions of this Lease, notwithstanding any
amendments hereto which may have been made to effectuate an assignment to or
accommodate the defaulting assignee.

25.  REAL ESTATE TAXES.

If the Premises are separately assessed, Tenant shall pay all real estate taxes
and all installments of assessments (collectively, the "Taxes") payable with
respect to the Premises during the Lease Term promptly as the same shall become
due and before interest or penalty accrues thereon, and provide evidence to
Landlord of timely payment. Such payment shall be proportionately adjusted
during the first and the last years of the term hereof. Tenant shall not be
chargeable with nor be obligated to pay (a) any tax of any other kind whatsoever
which may be imposed on Landlord, the rents payable hereunder, or the Premises,
or (b) any interest or penalties payable as a result of Landlord's failure to
pay any Taxes or assessments prior to delinquency, except the Taxes mentioned in
this Article 25 if they are separately billed to Tenant, or (c) any tax
attributable to an increase in valuation of the Shopping Center, or any part
thereof, resulting from the sale or financing of the Shopping Center or any part
thereof.

If the Premises are not already separately assessed, Landlord shall upon the
execution of this Lease cause the Premises to be separately assessed by the
applicable taxing authorities. If Landlord is unable to cause the Premises to be
separately assessed by the applicable taxing authorities, Tenant shall pay to
Landlord Tenant's proportionate share of the Taxes payable with respect to the
Shopping Center during the Lease Term. Tenant's proportionate share shall be
equal to a fraction, the numerator of which is the number of leasable square
feet in the Premises and the denominator of which is the greater of (i) 30,000
square feet as shown on EXHIBIT B, or (ii) the number of leasable square feet in
all buildings (including mezzanines and basement areas, and areas outside of
each building if used for outdoor sales, storage or similar use by any tenant(s)
of the Shopping Center) of the Shopping Center (and any other buildings included
within the tax parcel).

Landlord shall submit a bill to Tenant together with photostatic copies of
all notices regarding the Taxes, including, but not limited to, any
assessments, changes of assessments, tax rates, changes of taxes, and tax
bills (the "Tax Bill"). The Tax Bill shall be submitted to Tenant at least
ten (10) days before the last date when Tenant must make appeals or take
other appropriate legal action in connection with such Taxes on the Premises.
Tenant shall pay the Tax Bill to Landlord on or before the later of (i) ten
(10) days prior to the due date of the Taxes and (ii) thirty (30) days
after billing from Landlord. Tenant shall pay only its proportionate share of
Taxes payable with respect to the Shopping Center land until such time as the
improvements comprising the Premises are separately assessed, and Tenant
shall not pay any Taxes against the buildings comprising the Shopping Center
until such time. Tenant shall under no circumstances be liable for increases
in real estate taxes due to expansion of or improvements to any adjacent
shopping center or other adjacent property or for any Taxes assessed but not
payable after the termination of this Lease. Landlord shall furnish Tenant
with proof of payment of the Taxes within thirty (30) days of Tenant's
payment.

Best Buy

                                       21
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Tenant shall have the right to contest, in good faith, the validity or the
amount of any Taxes levied against the Premises or the Shopping Center, whether
the Premises are separately assessed or not, by such appellate or other
proceedings as may be appropriate in the jurisdiction and may defer payment of
such obligations, pay same under protest or take such other steps as Tenant may
deem appropriate. Landlord shall cooperate, at Tenant's expense, with the
institution and in prosecution of any such proceedings and will execute and will
provide any documents reasonably required therefor. The expense of such
proceedings shall be borne by Tenant and any refunds or rebates secured shall
belong to Tenant. In the event Landlord contests the validity or the amount of
any Taxes levied against the Premises or the Shopping Center and if any refunds
or rebates are secured by Landlord as a result of such proceedings, Landlord
shall proportionately pass-through to Tenant the amount of any such refunds or
rebates, after costs. Further, if Landlord contracts with any outside
consultants or for such services for purposes of seeking any refunds or rebates
of the Taxes, such contracts will be written on a contingency basis not to
exceed, without Tenant's prior consent, one-third (1/3) of the savings.

Notwithstanding anything to the contrary contained herein, the definition of
Taxes shall not include, and Tenant shall have no obligation to pay, any
assessments levied, pending or assessed prior to the Commencement Date or which
relate to special assessments for work performed prior to the Commencement Date.
Landlord or Tenant shall have the right to contest or seek a reduction in Taxes.
In the event of any action to abate or reduce rents, any rebates, refunds or
abatements of Taxes, less reasonable out-of-pocket costs paid to independent
third parties to obtain the same, shall be refunded to Tenant on a pro-rata
basis to the extent previously paid by Tenant within thirty (30) days of receipt
by Landlord.

Tenant shall at all times be solely responsible for and shall pay before
delinquency all municipal, county, state or federal taxes assessed or levied
against any leasehold interest hereunder or any personal property of any kind
owned, installed or used by Tenant. If at any time during the term of this
Lease, a tax or excise on rents or other tax, however described, is levied or
assessed against Landlord on account of or measured by, in whole or in part, the
rent expressly reserved hereunder (excluding any income, corporate franchise,
corporate, estate, inheritance, succession, capital stock, corporate loan,
corporate bonus, transfer or profit tax of Landlord) as a substitute, in whole
or in part, for taxes assessed or imposed on land and buildings, such tax or
excise on rents or other tax shall be included as a part of the real property
taxes covered hereby, but only to the extent of the amount thereof which is
lawfully assessed or imposed as a direct result of Landlord's ownership of this
Lease or of the rentals accruing under this Lease. If any real property tax or
assessment levied against the land, buildings or improvements covered hereby or
the rents reserved therefrom shall be evidenced by improvement or other bonds or
in other form which may be paid in installments, Landlord shall, if permitted,
elect such installment payment plan and only the amount paid in any Lease Year
shall be included in the taxes for that Lease Year for purposes of this Article.

26.  RIGHT OF PROTEST.

As long as Tenant provides reasonably adequate protection of Landlord's interest
in the real property on which the Premises is constructed in the form of bonds
or other similar security to remove liens from Landlord's real property, Tenant
may contest any mechanics' or other liens

                                       22
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     5.2 All minimum rent shall be payable in monthly installments of
one-twelfth (1/12) the annual rate thereof then in effect, in advance, upon the
first (1st) day of each calendar month included within the term of this lease.
All rent and other payments to be made by Tenant to Landlord shall be made
payable to Landlord and sent to Landlord at the place to which notices to
Landlord are required to be sent, unless Landlord shall direct otherwise by
notice to Tenant. Rent for any fraction of a month at the commencement or
expiration of the term, or in which the rate thereof changes pursuant hereto,
shall be prorated on a per diem basis.

TAXES

6.1 Tenant shall pay to Landlord the amount of the real estate taxes
allocable to the Demised Premises (determined as below provided) for each tax
year included within the term of this lease; for the first and last tax years
included in part within the term of this lease, Tenant shall pay to Landlord
a pro rata share of such taxes for such tax years, based upon the portions of
such tax years included within the term of this lease. The amount of real
estate taxes allocable to the Demised Premises shall be equal to the total
real estate taxes upon the Shopping Center times a fraction whose numerator
is the ground floor area in the Demised Premises and whose denominator is the
total gross leaseable area in all buildings within the Shopping Center (such
fraction is hereinafter referred to as "Tenant's Fraction"). Landlord
warrants and represents that as of the date of this lease, the total gross
leaseable area in all buildings within the Shopping Center is approximately
one hundred thousand () square feet. Tenant's Fraction shall be adjusted in
the event of any increase or decrease in the total gross leasable area in all
buildings within the Shopping Center or the ground floor area of the Demised
Premises. Notwithstanding the foregoing, if the Demised Premises, or a
portion of the Shopping Center including the Demised Premises, is separately
assessed, and if the real estate taxes on such separately assessed parcel
multiplied by Tenant's Portion (hereinafter defined) is less than the amount
determined in the preceding sentence, the amount determined by this sentence
shall be the real estate taxes allocable to the Demised Premises. Tenant's
Portion is a fraction whose numerator is the ground floor area in the Demised
Premises and whose denominator is, the total gross leaseable area in all
buildings within such separately assessed parcel. If after the assessment
date for the tax year in which the Commencement Date occurs, any new
construction shall occur within the Shopping Center, then, to carry out the
intent of the parties, an appropriate adjustment shall be made in the amount
payable by Tenant under this Article VI with respect to any increase in the
real estate taxes upon the Shopping Center attributable thereto provided that
a supplemental tax bill from the taxing authority has been issued after the
assessment date and a copy thereof delivered to Tenant. The expression "real
estate taxes" used herein shall include all ad valorem taxes and general or
betterments assessments imposed or assessed upon or against the real estate
constituting the Shopping Center by any public authority having jurisdiction
except only that (A) if Landlord shall, at any time, have had the right to
elect to pay any such assessment in installments the real estate taxes for
any tax year shall include only the lowest such installments of such
assessment as Landlord shall have had the election to have allocable to said
tax year, together with any interest thereon accrued by law as the result of
the exercise, in fact, of Landlord's elections to pay in installments, and
(B) if for any tax year included within the term of this lease an assessment
is assessed on the Shopping Center for an improvement (such as a street or
sewer) made prior to the time the Demised Premises opened for business or in
connection with the construction of premises in the Shopping Center, such
assessment shall not be included in the real estate taxes upon the Shopping
Center for such tax year, and (C) if an assessment is assessed on the
Shopping Center for an off site improvement, such assessment shall not be
included in the real estate taxes upon the Shopping Center. In addition, real
estate taxes shall not include any income, excess profits, estate,
inheritance, succession, transfer, franchise, capital, personal property or
other tax or assessment upon Landlord or upon the rentals payable under this
lease, all of which shall be the obligation of Landlord. If the real estate
taxes of the Demised Premises for any year which commences after the
Commencement Date shall be increased on account of a re-valuation of the
Demised Premises because of any "change in ownership," Tenant shall not pay
or be charged with any increase in the real estate taxes attributable to or
arising from such change and not as the result of a normal re-assessment,
Tenant shall not pay or be charged with any increase in the real estate taxes
attributable to or arising from such change until the next normal
re-assessment (i.e., where the assessed value at that point is equal to what
it would have been in the absence of such transfer or change in ownership).
The provisions of the immediately preceding sentence shall not be applicable
to the first such change in

Marshalls

28,000 DIVIDED BY 128,600 = 21.77%

                                        7
<Page>

ownership during the term hereof or thereafter to the first such change in
ownership in any successive five year period during the term of this lease.

     6.2 If there shall be more than one taxing authority, the real estate taxes
for any period shall be the sum of the real estate taxes for such period
attributable to each taxing authority. If the number of square feet of floor
area of any building shall change during any tax year, the condition existing
upon the day as of which the real estate taxes are assessed for such tax year
shall control. The real estate taxes for any tax year shall mean such amounts as
shall be finally determined to be the real estate taxes assessed and payable for
such tax year less any abatements, refunds or rebates made thereof. For the
purpose of determining payments due from Tenant to Landlord in accordance with
the provisions of this Article VI, (A) the real estate taxes for any tax year
shall be deemed to be the real estate taxes assessed and payable for such tax
year until such time as the same may be reduced by abatement, refund or rebate
and (B) if any abatement, refund or rebate shall be made for such tax year, the
real estate taxes for such tax year shall be deemed to be the real estate taxes
as so reduced plus the expenses of obtaining the reduction (excluding any
"administration fee" or similar charge which does not reflect actual
out-of-pocket expenses incurred in obtaining such reduction), with an
appropriate adjustment to be made in the amount payable from or paid by Tenant
to Landlord an account of real estate taxes.

     6.3 Landlord shall submit to Tenant copies of real estate tax bills for
each tax year at least twenty (20) days prior to the expiration of the period by
which such taxes may be contested. Tenant shall have such rights to contest the
validity or amount of any real estate taxes as permitted to Landlord or Tenant
by law, either in its own name or in the name of Landlord. Landlord shall
cooperate, at no cost to Landlord, with Tenant in any such contest and, in
connection therewith, shall make available to Tenant such information in its
files as Tenant may reasonably request. If any abatement, refund or rebate shall
be obtained, the expenses of obtaining the same shall be a first charge thereon.
Landlord agrees to provide Tenant with notice prior to instituting any contest
with respect to the Shopping Center.

     6.4 Landlord shall submit to Tenant copies of the paid real estate tax
bills for each tax year. Landlord shall bill Tenant for any amount that may
be payable by Tenant pursuant to the provisions of this Article VI. Such bill
shall be accompanied by (a) copies of all notices concerning assessments,
changes of assessment and tax rates and (b) a computation of the amount
payable together with supporting documentation reasonably satisfactory to
Tenant relating to Landlord's calculation of Tenant's Portion or Tenant's
Fraction (as defined above) (including the then current total gross leaseable
area in all buildings within the Shopping Center and a breakdown of the
leaseable area occupied by each tenant and a current site plan of the Shopping
Center). The amount payable by Tenant hereunder for any tax year shall be
payable on the later of (a) thirty (30) days following Tenant's receipt of
the tax bill and supporting documentation therefor (but if Tenant shall not
have received a bill therefor and the supporting documentation referred to
above at least thirty (30) days prior to such time for payment, Tenant shall
not be required to make payment until thirty (30) days after the receipt of
such documentation), and (b) fifteen (15) days prior to the date the taxes
are payable to the taxing authority. (If real estate taxes are payable to any
taxing authority for any tax year in installments, the amount payable by
Tenant hereunder shall be payable in similar installments. If real estate
taxes are payable to different taxing authorities for any tax year at
different times, an appropriate apportionment shall be made of the amount
payable by Tenant for such tax year and the apportioned amounts shall be
payable at such times.) Landlord agrees that real estate taxes upon the
Shopping Center shall be paid by Landlord prior to the last day that the same
may be paid without penalty or interest, or if a discount shall be available
for early payment, prior to the last day that such discount shall be
available.

     6.5 Landlord agrees that neither the Shopping Center nor the construction
therefor nor any expansion thereof, shall be financed by or subject to, any
so-called "Tax Increment Financing" or similar financing which results in the
real estate taxes upon the Shopping Center being increased above the amount of
real estate taxes which would have been due with respect to the Shopping Center
if such financing had not been obtained.

                                   ARTICLE VII

                                        8
<Page>

hereof, neither Fixed Rent nor Tenant's Pro Rata Share shall be increased by
reason thereof. Landlord and Tenant shall each promptly execute and deliver to
the other an amendment memorializing any change to the Fixed Rent. Tenant's Pro
Rata Share, or any other applicable provisions of this Lease, made pursuant to
this Section 3.4. Any dispute between the parties with respect to the Floor Area
of the Premises, the square footage of said non-selling space or the Floor Area
of the Shopping Center shall be resolved by arbitration in accordance with the
provisions of Section 16.3 below.

                                    ARTICLE 4
                  FIXED RENT, TAXES; DETERMINATION AND PAYMENT

     Section 4.1   FIXED RENT. Commencing on the Rent Commencement Date and
continuing throughout the Term. Tenant shall pay to Landlord the Fixed Rent, in
equal successive monthly installments, in advance, on the first day of each and
every calendar month throughout the Term, except that Fixed Rent payable for any
partial calendar month during the Term shall be prorated based on a 365-day
year. Fixed Rent shall be paid without abatement, deduction or set-off, except
to the extent otherwise expressly provided herein.

     Section 4.2   PAYMENT OF RENT. All Rent shall be mailed or otherwise
delivered to Landlord's Mailing Address above or, upon at least thirty (30)
days' prior notice to Tenant, to such other address as Landlord may from time to
time designate. Landlord acknowledges and agrees that for administrative
purposes, Tenant has designated BBBY Management Corporation, a New York
corporation (the "PAYING AGENT"), to make all Rent payments due to Landlord
under this Lease. Said designation (which may be revoked by Tenant at any time)
is not intended as, and shall not constitute, an assignment of any rights or
obligations of Tenant to the Paying Agent, and Tenant shall remain primarily
liable for payment of Rent under this Lease. All payments of Rent received by
Landlord from the Paying Agent shall be credited to Tenant as if such payments
of Rent had been made by Tenant directly to Landlord.

     Section 4.3   REAL ESTATE AND OTHER TAXES.

           4.3.1   Landlord shall pay on or before the due dates thereof all
"Taxes" (defined in Subsection 4.3.3 below) other than personal property taxes
levied against tenants. Throughout the Term, Landlord shall cause the Shopping
Center to be maintained entirely within tax parcels and lots that exclude any
property not a part of the Shopping Center.

           4.3.2   (a)  Tenant shall pay to Landlord Tenant's Pro Rata Share of
the Taxes which accrue during the Term, subject to the provisions of this
Section 4.3. Any Taxes for a real estate fiscal tax year, only a part of which
is included within the Term, shall be adjusted between Landlord and Tenant on
the basis of a 365-day year as of the Rent Commencement Date or the date on
which the Term expires or earlier terminates, as the case may be, for the
purpose of computing Tenant's Pro Rata Share of Taxes. If, by law, any Taxes
may, at the option of the taxpayer, be paid in installments (whether or not
interest shall accrue on the unpaid balance thereof), Landlord shall exercise
such option so as to maximize the number of installments, and Landlord shall pay
the same as they come due and before any fine, penalty, interest or cost may be
added thereto for nonpayment thereof. This provision shall survive the
expiration or sooner termination of this Lease.

                   (b)  Landlord shall submit to Tenant a copy of the bill for
Taxes issued by the applicable taxing authority, a computation of Tenant's Pro
Rata Share of such Taxes and proof of the payment of Taxes for the previous
payment period, as well as copies of all notices concerning assessments, tax
rates, and changes thereto. Tenant shall pay Landlord in the amount required
by this Subsection 4.3.2 within thirty (30) days after receipt of such bill
(but in no event earlier than the twentieth (20th) day prior to the date on
which such Taxes would become delinquent).

           4.3.3   As used herein, "Taxes" shall mean all general, AD VALOREM
real estate taxes, and assessments for betterments and improvements that are
leveled or assessed by any lawful authority on the Shopping Center (general or
special), including any substitution therefor in whole or in part, due to a
future change in the method of taxation. Taxes shall be reduced by any deferral,
abatement, or other tax-lowering adjustment received by Landlord from the taxing
authorities. For purposes of computing Tenant's Pro Rata Share of Taxes, Taxes
shall not include any: (1) income, excise, profits, estate, inheritance,
succession, gift, transfer, franchise, capital, or other tax or assessment upon
Landlord or upon the rentals payable under this Lease; (2) taxes on rents (other
than to the extent that such taxes are customarily paid by retail tenants in the
state in which the Shopping Center is located), gross receipts or revenues of
Landlord from the Premises; (3) fine, penalty, cost or interest for any tax or
assessment, or part thereof, which Landlord or its lender failed to timely pay
(except it same are caused by an Event of Default); (4) assessment for a public
improvement arising from the initial construction or

Bed Bath

20,000 DIVIDED BY 128,600 = 15.55%

                                       12
<Page>

expansion of the Shopping Center or the Premises (it being agreed that all
assessments imposed during the Term which are permitted to be included within
Taxes hereunder shall, for the purposes of computing Tenant's Pro Rata Share
thereof, be deemed to have been paid in the maximum number of installments
permitted by the applicable taxing authority); (5) Taxes resulting directly from
an increase in the assessment caused by a sale or ground lease of all or any
portion of the Shopping Center to an Affiliate of Landlord or more than once
every five (5) years; or (6) fees imposed upon Landlord in connection with
Landlord's development of the Shopping Center (Including, without limitation,
trip generation fees). All Taxes payable by Tenant pursuant to this Section 4.3
shall be determined as if the Shopping Center was the only property owned by
Landlord. Landlord represents to Tenant that, as of the Effective Date and, to
the best of Landlord's knowledge, as of the anticipated Delivery Date, no
portion of the Shopping Center is or will be (i) subject to or the beneficiary
of an abatement of Taxes, (ii) subject to any special assessments or similar
charges, or (iii) are included in any special improvement district(s) which
would result in higher sales taxes or other similar impositions than would exist
in the absence of such district(s).

           4.3.4   At Tenant's request, Landlord shall contest the amount or
validity of any assessed valuation or Taxes, failing which, Tenant shall have
the right to contest the assessed valuation or Taxes by appropriate proceedings
conducted in good faith, whereupon Landlord shall cooperate with Tenant,
execute any and all documents reasonably required in connection therewith and,
if required by any governmental authority having jurisdiction, join with Tenant
in the prosecution thereof. If, as a result of any contest or otherwise, any
rebate or refund of Taxes is received, Tenant shall be entitled to Tenant's Pro
Rata Share thereof (after reasonable and customary expenses incurred by Landlord
and/or Tenant in connection with such contest are paid to the party which
incurred such expense).

                                    ARTICLE 5
                       COMMON AREAS, THEIR USE AND CHARGES

     Section 5.1   COMMON AREAS: MAINTENANCE.

           5.1.1   MAINTENANCE OF COMMON AREAS. Landlord shall operate,
maintain, repair and replace the Common Areas as required by this Lease and
otherwise to the standard by which Common Areas of first-class shopping
centers in the state in which the Shopping Center is located are operated,
maintained, repaired and replaced, INCLUDING, WITHOUT LIMITATION, snow, ice,
rubbish and debris removal (including installation and maintenance of sidewalk
refuse containers), landscaping (including, without limitation, the trimming and
pruning of trees to avoid interference with the use or visibility of canopies or
signs on the exterior of the Premises, subject to Legal Requirements), adequate
lighting, insurance, supervision, use, parking lot paving and striping,
drainage, security (as reasonably required), and control of all Common Areas,
and Landlord shall comply with all applicable Legal Requirements.

           5.1.2   TENANT'S PRO RATA SHARE OF COMMON AREAS CHARGES.

                   (a)  During the Term, Tenant shall pay to Landlord Tenant's
Pro Rata Share of the reasonable costs (hereinafter referred to as the "COMMON
AREAS CHARGES") Incurred by Landlord to operate, maintain, insure and repair the
Common Areas. Landlord shall be permitted to include in Common Area Charges (in
lieu of any cost(s) or expense(s) relating to the administration and management
of the Common Areas) for each calendar year an administrative fee (the
"ADMINISTRATIVE FEE") equal to five percent (5%) of the Common Areas Charges for
the calendar year in question, but excluding from the computation of such
Administrative Fee the cost of any replacement or improvement of a capital
nature (if such capital item is a permissible Common Areas Charge hereunder),
the cost of electricity and other utilities and "Landlord's Insurance Costs"
(defined in Section 10.3.3 below). Tenant's Pro Rata Share of Common Areas
Charges shall be paid in equal monthly installments on the first day of each
calendar month, in advance, during each calendar year based on Landlord's
reasonable budget.

                   (b)  Within ninety (90) days after the end of each calendar
year, Landlord shall provide to Tenant a statement, in reasonable detail, of
Common Areas Charges for such year, which statement shall be prepared in
accordance with generally accepted accounting principles consistently applied
(the "CAC RECONCILIATION STATEMENT"). The CAC Reconciliation Statement shall be
certified by Landlord as being accurate and shall be accompanied by a
calculation of Tenant's Pro Rata Share of Common Areas Charges, and payment to
Tenant in the amount of any overpayment made by Tenant during the preceding
calendar year. If Tenant's Pro Rata Share of the actual Common Areas Charges for
a calendar year shall exceed the aggregate monthly installments paid by Tenant
during said calendar year, Tenant shall pay to Landlord the deficiency within
thirty (30) days after receipt of such notice. Upon Tenant's request, Landlord
shall promptly deliver to Tenant copies of relevant backup materials (including,
but not limited to, contracts, correspondence and paid invoices) reasonably

                                       13
<Page>

<Table>
<Caption>
                                                                             MONTHLY PAYMENTS OF
        TENANT               SQUARE FEET          MONTHLY RENT                  CAM / TAX / INS
<S>                             <C>                <C>                   <C>
       Best Buy                 30,000               $40,000                   -o- / -o- / -o-

      Marshalls                 28,000             $18,107.23                $1,75O flat number

 Bed Bath and Beyond            20,000               $16,250                $1,666.67 flat number

   Books-A-Million              12,500             $11,197.92            1,562.50 /1,291.67 / 270.83

      Dress Barn                 7,762              $8,556.25             776.20 / 646.83 / 194.05

   Rack Room Shoes               6,000                $7,125                   600 / 500 / 150

Don Panchos Restaurant           4,000                $5,000                  4OO / 333.33 / 1OO

     Wells Fargo                 2,400                $3,100                    240 / 200 / 60

   Spoil Me Rotten               2,000              $2,583.33                 200 / 166.67 /50

       Quiznos                   1,600                $2,400                   160 /133.33 / 40

    Oreck Vacuums                1,600              $2,066.67                   160 /133.33 / 40

     Grass Monkey                1,600                $2,000                    160 /133.33 / 40

        rue21                    5,000                $5,000                  400 / 333.33 / 100
</Table>QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.1    
    

 

CVS CORPORATION  

as Issuer, 

and  

 THE BANK OF NEW YORK  

as Trustee 

INDENTURE  

Dated as of September 14, 2004 

$650,000,000 4% NOTES DUE SEPTEMBER 15, 2009  

 $550,000,000 47/8% NOTES DUE SEPTEMBER 15, 2014

 

 
 

CROSS-REFERENCE TABLE    
    

	Trust Indenture

Act Section
 
	 	Indenture Section

	310	(a)(1)	 	7.10
	 	(a)(2)	 	7.10
	 	(a)(3)	 	N/A
	 	(a)(4)	 	N/A
	 	(a)(5)	 	7.10
	 	(b)	 	7.10
	 	(c)	 	N/A
	311	(a)	 	7.11
	 	(b)	 	7.11
	 	(c)	 	N/A
	312	(a)	 	2.05
	 	(b)	 	10.03
	 	(c)	 	10.03
	313	(a)	 	N/A
	 	(b)(i)	 	N/A
	 	(b)(2)	 	7.06
	 	(c)	 	7.06
	 	(d)	 	7.06
	314	(a)	 	7.03
	 	(b)	 	N/A
	 	(c)(1)	 	10.04
	 	(c)(2)	 	10.04
	 	(c)(3)	 	N/A
	 	(d)	 	N/A
	 	(e)	 	10.05
	 	(f)	 	N/A
	315	(a)	 	7.01
	 	(b)	 	7.05; 10.02
	 	(c)	 	7.01
	 	(d)	 	7.01
	 	(e)	 	6.11
	316	(a)(1)(A)	 	6.05
	 	(a)(1)(B)	 	6.04
	 	(a)(2)	 	N/A
	 	(b)	 	6.07
	317	(a)(1)	 	6.08
	 	(a)(2)	 	6.09
	 	(b)	 	2.04
	318	(a)	 	10.01
	 	(b)	 	N/A
	 	(c)	 	10.01

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

 
 

TABLE OF CONTENTS    
    

	 
	 
	 	Page

	PARTIES	 	1
	

RECITALS OF THE COMPANY	
 	

1
	

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	
 	

1
	 	

Section 1.01	

Definitions.	
 	

1
	 	Section 1.02	Other Definitions.	 	6
	 	Section 1.03	Incorporation by Reference of Trust Indenture Act.	 	6
	 	Section 1.04	Rules of Construction.	 	6
	

ARTICLE II THE NOTES	
 	

7
	 	

Section 2.01	

Form and Dating.	
 	

7
	 	Section 2.02	Execution and Authentication.	 	8
	 	Section 2.03	Registrar and Paying Agent.	 	9
	 	Section 2.04	Paying Agent to Hold Money In Trust.	 	9
	 	Section 2.05	Lists of Holders of Notes.	 	9
	 	Section 2.06	Transfer and Exchange.	 	9
	 	Section 2.07	Replacement Notes.	 	14
	 	Section 2.08	Outstanding Notes.	 	15
	 	Section 2.09	Temporary Notes and Certificated Notes.	 	15
	 	Section 2.10	Cancellation.	 	16
	 	Section 2.11	Defaulted Interest.	 	16
	 	Section 2.12	CUSIP Number.	 	16
	

ARTICLE III REDEMPTION	
 	

16
	 	

Section 3.01	

Notices to Trustee.	
 	

16
	 	Section 3.02	Selection of Notes to be Redeemed.	 	17
	 	Section 3.03	Notice of Redemption.	 	17
	 	Section 3.04	Effect of Notice of Redemption.	 	18
	 	Section 3.05	Deposit of Redemption Price.	 	18
	 	Section 3.06	Notes Redeemed in Part.	 	18
	

ARTICLE IV COVENANTS	
 	

18
	 	

Section 4.01	

Payment of Principal, Premium and Interest.	
 	

18
	 	Section 4.02	Maintenance of Office or Agency.	 	18
	 	Section 4.03	SEC Reports.	 	19
	 	Section 4.04	Restrictions on Secured Funded Debt.	 	19
	 	Section 4.05	Limitation on Sale/Leaseback Transactions.	 	21
	 	Section 4.06	Compliance Certificates.	 	22
	 	Section 4.07	Further Instruments and Acts.	 	22
	 	Section 4.08	Calculation of Original Issue Discount.	 	22
	

ARTICLE V SUCCESSORS	
 	

22
	 	

Section 5.01	

When the Company May Merge, Consolidate or Dispose of Assets.	
 	

22
	 	Section 5.02	Successor Company Substituted.	 	23
	

ARTICLE VI DEFAULTS AND REMEDIES	
 	

23
	 	

Section 6.01	

Events of Default.	
 	

23
	 	Section 6.02	Acceleration.	 	24
	 	Section 6.03	Other Remedies.	 	24
	 	Section 6.04	Waiver of Past Defaults.	 	25
	 	Section 6.05	Control by Majority.	 	25
	 	Section 6.06	Limitation On Suits.	 	25
	 	Section 6.07	Unconditional Right of Holders of Notes to Receive Payment.	 	26
	 	Section 6.08	Collection Suit by Trustee.	 	26
	 	 	 	 

	 	Section 6.09	Trustee May File Proofs of Claim.	 	26
	 	Section 6.10	Priorities.	 	26
	 	Section 6.11	Undertaking for Costs.	 	26
	 	Section 6.12	Waiver of Stay, Extension and Usury Laws.	 	27
	

ARTICLE VII TRUSTEE	
 	

27
	 	

Section 7.01	

Duties of Trustee.	
 	

27
	 	Section 7.02	Rights of Trustee.	 	28
	 	Section 7.03	Individual Rights of Trustee.	 	28
	 	Section 7.04	Trustee's Disclaimer.	 	29
	 	Section 7.05	Notice of Default.	 	29
	 	Section 7.06	Reports by Trustee to Holders of Notes.	 	29
	 	Section 7.07	Compensation and Indemnity.	 	29
	 	Section 7.08	Replacement of Trustee.	 	30
	 	Section 7.09	Successor Trustee by Merger, Etc.	 	31
	 	Section 7.10	Eligibility; Disqualification.	 	31
	 	Section 7.11	Preferential Collection of Claims Against the Company.	 	31
	

ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE	
 	

31
	 	

Section 8.01	

Discharge of Liability on Notes; Defeasance.	
 	

31
	 	Section 8.02	Conditions to Defeasance.	 	32
	 	Section 8.03	Application of Trust Money.	 	33
	 	Section 8.04	Repayment to the Company.	 	33
	 	Section 8.05	Indemnity for Government Obligations.	 	33
	 	Section 8.06	Reinstatement.	 	33
	

ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER	
 	

33
	 	

Section 9.01	

Without Consent of Holders of Notes.	
 	

33
	 	Section 9.02	With Consent of Holders of Notes.	 	34
	 	Section 9.03	Compliance with Trust Indenture Act.	 	35
	 	Section 9.04	Revocation and Effect of Consents and Waivers.	 	35
	 	Section 9.05	Notation On or Exchange of Notes.	 	36
	 	Section 9.06	Trustee to Sign Amendments, Etc.	 	36
	

ARTICLE X MISCELLANEOUS	
 	

36
	 	

Section 10.01	

Trust Indenture Act Controls.	
 	

36
	 	Section 10.02	Notices.	 	36
	 	Section 10.03	Communication by Holders of Notes with Other Holders of Notes.	 	37
	 	Section 10.04	Certificate and Opinion as to Conditions Precedent.	 	37
	 	Section 10.05	Statements Required in Certificate or Opinion.	 	37
	 	Section 10.06	Rules by Trustee and Agents.	 	38
	 	Section 10.07	No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders.	 	38
	 	Section 10.08	Governing Law.	 	38
	 	Section 10.09	No Adverse Interpretation of Other Agreements.	 	38
	 	Section 10.10	Successors.	 	38
	 	Section 10.11	Severability.	 	38
	 	Section 10.12	Counterpart Originals.	 	38
	 	Section 10.13	Table of Contents, Headings, Etc.	 	38

EXHIBIT A—Form of Initial Note
 EXHIBIT B—Form of Exchange Note 

        INDENTURE, dated as of September 14, 2004, between CVS Corporation (the "Company"),
a corporation duly organized and existing under the laws of the State of Delaware, and The Bank of New York, a New York banking corporation, as trustee (the
"Trustee"). 

RECITALS OF THE COMPANY  

        The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of the Company's 4% Notes Due September 15, 2009
and 47/8% Notes Due September 15, 2014 issuable as provided in this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with
its terms, have been done, and the Company has done all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee hereunder and duly issued by the
Company, the valid obligations of the Company as hereinafter provided. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:  

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

 
 

ARTICLE I    
    
    DEFINITIONS AND INCORPORATION BY REFERENCE    
    

Section 1.01    Definitions.

        "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 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. 

        "Agent" means any Registrar, Paying Agent or co-registrar. 

        "Attributable Debt" means, in connection with any sale and leaseback transaction under which either the Company or any Restricted
Subsidiary is at the time liable as lessee for a term of more than 12 months and at any date as of which the amount thereof is to be determined, the lesser of (A) total net obligations
of the lessee for rental payments during the remaining term of the lease discounted from the respective due dates thereof to such determination date at a rate per annum equivalent to the greater of
(i) the weighted average Yield to Maturity of the Notes, such average being weighted by the principal amount of each series of Notes and (ii) the interest rate inherent in such lease (as
determined in good faith by the Company), both to be compounded semi-annually or (B) the sale price for the assets so sold and leased multiplied by a fraction the numerator of which
is the remaining portion of the base term of the lease included in such transaction and the denominator or which is the base term of the lease. 

        "Bankruptcy Law" means title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 

        "Board of Directors" means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board
of Directors. 

        "Business Day" means each day which is not a Legal Holiday. 

        "Capital Lease Obligations" means with respect to any Person any obligation which is required to be classified and accounted for as a
capital lease on the face of a balance sheet of such Person prepared in accordance with GAAP; the amount of such obligation shall be the capitalized amount thereof, determined in accordance with GAAP;
and the Stated Maturity thereof shall be the date of the 

 

last
payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 

        "Capital Stock" means with respect to any Person any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in such Person (however designated), including any preferred stock, but excluding debt securities convertible into or exchangeable for such equity. 

        "Code" means the U.S. Internal Revenue Code of 1986, as amended. 

        "Consolidated Net Tangible Assets" means, at any date, the total assets appearing on the most recent consolidated balance sheet of the
Company and its Restricted Subsidiaries as at the end of the fiscal quarter of the Company ending not more than 135 days prior to such date, prepared in accordance with U.S. generally accepted
accounting principles, less (i) all current liabilities (due within one year) as shown on such balance sheet, (ii) investments in and advances to Unrestricted Subsidiaries and
(iii) Intangible Assets and liabilities relating thereto. 

        "Corporate Trust Office of the Trustee" means the principal office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 101 Barclay Street, Floor 8 West, New York, New York 10286, Attention: Corporate Trust Administration, or such other address as the
Trustee may designate from time to time by notice to the Holders or the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may
designate from time to time by notice to the Holders and the Company). 

        "Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

        "Default" means any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default. 

        "Depositary" means The Depository Trust Company, its nominees and their respective successors. 

        "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended. 

        "Exchange Notes" means the Notes Due 2009 and Notes Due 2014 to be issued pursuant to this Indenture in connection with a Registered
Exchange Offer pursuant to the Registration Rights Agreement. 

        "Funded Debt" means (i) any Indebtedness of the Company or a Restricted Subsidiary maturing more than 12 months after the
time of computation thereof, (ii) guarantees of Funded Debt or of dividends of others (except guarantees in connection with the sale or discount of accounts receivable, trade acceptances and
other paper arising in the ordinary course of business), (iii) in the case of any Restricted Subsidiary, all preferred stock having mandatory redemption provisions of such Restricted Subsidiary
as reflected on such Restricted Subsidiary's balance sheet prepared in accordance with U.S. generally accepted accounting principles, and (iv) all Capital Lease Obligations. 

        "GAAP" means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those
set forth (i) in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; (ii) statements and pronouncements of the
Financial Accounting Standards Board; (iii) in such other statements by such other entity as approved by a significant segment of the accounting profession; and (iv) the rules and
regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange
Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. 

        "Holder" means the Person in whose name a Note is registered on the Note Register. 

2

 

        "Indebtedness" means, at any date, without duplication, all obligations for borrowed money of the Company or a Restricted Subsidiary. 

        "Indenture" means this Indenture, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

        "Initial Notes" means the Initial Notes Due 2009 and the Initial Notes Due 2014. 

        "Initial Notes Due 2009" means the Notes Due 2009 issued under this Indenture on or about the date hereof. 

        "Initial Notes Due 2014" means the Notes Due 2014 issued under this Indenture on or about the date hereof. 

        "Initial Purchasers" means (i) the several initial purchasers named in Schedule A to the Purchase Agreement, and
(ii) the initial purchasers of additional notes. 

        "Intangible Assets" means, at any date, the value, as shown on or reflected in the most recent consolidated balance sheet of the Company
and its Restricted Subsidiaries as at the end of the fiscal quarter of the Company ending not more than 135 days prior to such date, prepared in accordance with generally accepted accounting
principles of: (i) all trade names, trademarks, licenses, patents, copyrights, service marks, goodwill and other like intangibles; (ii) organizational and development costs;
(iii) deferred charges (other than prepaid items, such as insurance, taxes, interest, commissions, rents, pensions, compensation and similar items and tangible assets being amortized); and
(iv) unamortized debt discount and expense, less unamortized premium. 

        "Issue Date" means the date on which the Initial Notes are originally issued. 

        "Legal Holiday" means a Saturday, a Sunday or a day on which banking institutions in The City of New York, in the city of the Corporate
Trust Office of the Trustee or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

        "Liens" means such pledges, mortgages, security interests and other liens on any Principal Property of the Company or a Restricted
Subsidiary which secure Secured Debt. 

        "Nonrecourse Obligation" means indebtedness or lease payment obligations substantially related to (i) the acquisition of assets not
previously owned by the Company or any Restricted Subsidiary or (ii) the financing of a project involving the development or expansion of properties of Company or any Restricted Subsidiary, as
to which the obligee with respect to such indebtedness or obligation has no recourse to the Company or any Restricted Subsidiary or any assets of the Company or any Subsidiary other than the assets
which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof). 

        "Notes" means the Initial Notes, the Exchange Notes, the Private Exchange Notes, and any other Notes Due 2009 or Notes Due 2014 issued
after the Issue Date in accordance with clause (4) of the fifth paragraph of Section 2.02, in the case of each series, treated as a single class of securities for all purposes, including
voting, as amended or supplemented from time to time in accordance with the terms hereof, that are issued pursuant to this Indenture. 

        "Notes Custodian" means the custodian with respect to a Global Note (as appointed by the Depositary), or any successor person thereto and
shall initially be the Trustee. 

        "Notes Due 2009" means the Company's 4% Notes Due September 15, 2009. 

        "Notes Due 2014" means the Company's 47/8% Notes Due September 15, 2014. 

3

 

        "Officer" means with respect to any Person the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, Controller, Secretary or any Vice President of such Person. 

        "Officers' Certificate" means a certificate signed on behalf of the Company by two Officers of the Company. 

        "Opinion of Counsel" means a written opinion from legal counsel, who may be an employee of or counsel to the Company. 

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

        "Principal Property" means real and tangible property owned and operated now or hereafter by the Company or any Restricted Subsidiary
constituting a part of any store, warehouse or distribution center located within the United States of America or its territories or possessions (excluding current assets, motor vehicles, mobile
materials-handling equipment and other rolling stock, cash registers and other point-of-sale recording devices and related equipment and data processing and other office
equipment), the net book value of which (including leasehold improvements and store fixtures constituting a part of such store, warehouse or distribution center) as of the date on which the
determination is being made is more than 1.0% of Consolidated Net Tangible Assets. 

        "Private Exchange" means the offer by the Company, pursuant to the Registration Rights Agreement, to the Initial Purchasers to issue and
deliver to the Initial Purchasers, in exchange for the Initial Notes held by the Initial Purchasers as part of their initial distribution, a like aggregate principal amount of Private Exchange Notes. 

        "Private Exchange Notes" means the Notes Due 2009 and Notes Due 2014 to be issued pursuant to this Indenture in connection with a Private
Exchange effected pursuant to the Registration Rights Agreement. 

        "Registered Exchange Offer" means an offer by the Company, pursuant to the Registration Rights Agreement, to certain Holders of Initial
Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

        "Registration Rights Agreement" means (i) the Registration Rights Agreement dated September 14, 2004 among the Company and
the Initial Purchasers or (ii) any registration rights agreement entered into in connection with the issuance of additional notes following the Issue Date. 

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

        "Restricted Subsidiary" means each Subsidiary of the Company other than Unrestricted Subsidiaries. 

        "SEC" means the U.S. Securities and Exchange Commission. 

        "Secured Debt" means Funded Debt which is secured by any pledge of, or mortgage, security interest or other lien on any
(i) Principal Property (whether owned on the date of the Indenture or 

4

 

thereafter
acquired or created), (ii) shares of stock owned by the Company or a Subsidiary in a Restricted Subsidiary or (iii) Indebtedness of a Restricted Subsidiary. 

        "Securities Act" means the U.S. Securities Act of 1933, as amended. 

        "Shelf Registration Statement" means the registration statement issued by the Company in connection with the offer and sale of Notes
(other than Exchange Notes), pursuant to the Registration Rights Agreement. 

        "Stated Maturity" means with respect to any security the date specified in such security as the fixed date on which the principal of such
security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof
upon the happening of any contingency unless such contingency has occurred). 

        "Subsidiary" means any corporation of which at least a majority of the outstanding stock, which under ordinary circumstances (not
dependent upon the happening of a contingency) has voting power to elect a majority of the board of directors of such corporation (or similar management body), is owned directly or indirectly by the
Company or by one or more Subsidiaries of the Company, or by the Company and one or more Subsidiaries. 

        "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on
which this Indenture is qualified under the TIA. 

        "Transfer Restricted Notes" means Definitive Notes and Notes that bear or are required to bear the legend set forth in
Section 2.06(e). 

        "Trustee" means the party named as such above until a successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter such term shall mean such successor serving hereunder. 

        "U.S. Government Obligations" means direct obligations (or certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at
the issuer's option. 

        "Unrestricted Subsidiary" means Subsidiaries designated as Unrestricted Subsidiaries from time to time by the Board or Directors of the
Company; provided, however, that the Board of Directors of the Company (i) will not designate as
an Unrestricted Subsidiary any Subsidiary of the Company that owns any Principal Property or any stock of a Restricted Subsidiary, (ii) will not continue the designation of any Subsidiary of
the Company as an Unrestricted Subsidiary at any time that such Subsidiary owns any Principal Property, and (iii) will not, nor will it cause or permit any Restricted Subsidiary to, transfer or
otherwise dispose of any Principal Property to any Unrestricted Subsidiary (unless such Unrestricted Subsidiary will in connection therewith be redesignated as a Restricted Subsidiary and any pledge,
mortgage, security interest or other lien arising in connection with any Indebtedness or such Unrestricted Subsidiary so redesignated does not extend to such Principal Property (unless the existence
of such pledge, mortgage, security interest or other lien would otherwise be permitted under this Indenture)). 

        "Wholly Owned Subsidiary" means a Restricted Subsidiary all the Capital Stock of which is owned by the Company or another Wholly Owned
Subsidiary. 

5

 

Section 1.02    Other Definitions.

	Term
 
	 	Defined in

Article/Section

	"Agent Members"	 	Section 2.01
	"covenant defeasance"	 	Section 8.01
	"Default Amount"	 	Section 6.02
	"Definitive Notes"	 	Section 2.01
	"Event of Default"	 	Section 6.01
	"Global Note"	 	Section 2.01
	"legal defeasance"	 	Section 8.01
	"Note Register"	 	Section 2.03
	"Paying Agent"	 	Section 2.03
	"Purchase Agreement"	 	Section 2.01
	"QIB"	 	Section 2.01
	"Registrar"	 	Section 2.03
	"Regulation S"	 	Section 2.01
	"Rule 144A"	 	Section 2.01
	"Sale and Leaseback Transaction"	 	Section 4.05
	"Successor Company"	 	Section 5.01

Section 1.03    Incorporation by Reference of Trust Indenture Act.

        Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

        The
following TIA terms used in this Indenture have the following meanings: 

	(i)
	"indenture securities" means the Notes;

	(ii)
	"indenture security holder" means a Noteholder;

	(iii)
	"indenture to be qualified" means this Indenture;

	(iv)
	"indenture trustee" or "institutional trustee" means the Trustee; and

	(v)
	"obligor" upon the Notes means the Company and any successor obligor upon the Notes. 

        All
other terms used in this Indenture that are (i) defined by the TIA; (ii) defined by TIA reference to another statute; or (iii) defined by SEC rule under the TIA
have the meanings so assigned to them. 

Section 1.04    Rules of Construction.

        Unless
the context otherwise requires: 

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

	(ii)
	an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

	(iii)
	the
word "or" shall not be deemed to be exclusive;

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

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

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

6

 

 
 

ARTICLE II    
    
    THE NOTES    
    

Section 2.01    Form and Dating.

        The
Initial Notes and any additional notes issued in transactions exempt from registration under the Securities Act and the Trustee's certificate of authentication shall each be
substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this Indenture. The Exchange Notes, the
Private Exchange Notes and the Trustee's certificate of authentication shall be substantially in the form of Exhibit B, which is hereby
incorporated by reference and expressly made a part of this Indenture. The Notes may have such notations, legends or endorsements approved as to form by the Company and required, as applicable, by
law, stock exchange rule, agreements to which the Company is subject and/or usage. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in denominations of $1,000
and integral multiples thereof. The terms of the Notes set forth in Exhibit A and  Exhibit B are part of the terms of this Indenture. 

        The
Initial Notes are being offered and sold by the Company pursuant to a Purchase Agreement, dated September 9, 2004, among the Company and the Initial Purchasers (the
"Purchase Agreement"). 

        (a)   Global Notes. Notes of each series offered and sold to a "qualified institutional buyer" (as defined in Rule 144A
under the Securities Act) (a "QIB") in reliance on Rule 144A under the Securities Act
("Rule 144A") shall be issued initially in the form of one or more global securities in registered global form without interest coupons (the
"Restricted Global Note") deposited with the Trustee as custodian for the Depositary and registered in the name of Cede & Co., as nominee for the
Depositary. Notes of each series offered and sold to certain persons in offshore transactions in reliance on Regulation S under the Securities Act ("Regulation
S") shall be issued initially in the form of one or more global securities in registered global form without interest coupons (the "Regulation S
Global Note," and together with the Restricted Global Note, the "Global Notes") which will be deposited with the Trustee as custodian for the Depositary for the respective
accounts of the DTC participants for Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear System ("Euroclear"), and
Clearstream Banking SA ("Clearstream") and registered in the name of Cede & Co., as nominee for the Depositary. The Global Notes shall have the
global Note legend and the restricted Note legend or the Regulation S Global Note legend, as applicable, set forth in Exhibit A hereto. The Restricted Global Note shall be deposited on
behalf of the purchasers of the Initial Notes represented thereby with the Trustee, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and registered in the
name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Regulation S Global Note will be deposited with
the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided; provided that upon
such deposit all such Notes shall be credited to or through accounts maintained by the Depositary by or on behalf of Euroclear or Clearstream. The aggregate principal amount of the Global Notes of
each series may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided. 

        (b)   Book-Entry Provisions. This Section 2.01(b) shall apply only to the Global Notes of each series
deposited with or on behalf of the Depositary. 

        The
Company shall execute and the Trustee shall, in accordance with this Section 2.01(b), authenticate and deliver initially Global Notes of each series that (i) shall be
registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary's instructions or held by
the Trustee as custodian for the Depositary. 

7

 

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

        (c)   Certificated Notes. Except as provided Section 2.06 or 2.09, owners of beneficial interests in the Global Notes
will not be entitled to receive physical delivery of certificated Notes ("Definitive Notes"). Definitive Notes will bear the restricted securities
legend set forth on Exhibit A unless removed in accordance with Section 2.06(e). 

Section 2.02    Execution and Authentication.

        Two
Officers of the Company shall sign the Notes of each series for the Company by manual or facsimile signature. 

        If
an Officer whose signature is on a Note no longer holds that office at the time such Note is authenticated, such Note shall be valid nevertheless. 

        A
Note shall not be valid until authenticated by the manual signature of the Trustee. The signature of the Trustee shall be conclusive evidence that a Note has been authenticated in
accordance with the terms of this Indenture. 

        The
Notes Due 2009 and the Notes Due 2014 shall each constitute a separate series hereunder. 

        The
Trustee, upon a written order of the Company signed by two Officers of the Company, shall authenticate and deliver (1) Initial Notes Due 2009 for original issue in an
aggregate principal amount not to exceed $650,000,000, (2) Initial Notes Due 2014 for original issue in an aggregate principal amount not to exceed $550,000,000, (3) Exchange Notes or
Private Exchange Notes for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant to the Registration Rights Agreement, for a like principal amount of Initial Notes
Due 2009 and Initial Notes Due 2014, respectively, and (4) additional Notes of any series for original issue after the Issue Date (such Notes to be substantially in the form of Exhibits A or B,
as the case may be) in the amounts specified by the Company in such written order (and if in the form of Exhibit A or B, as the case may be, the same principle amount of Exchange Notes of such
series or Private Exchange Notes of such series in exchange therefor upon consummation of registered exchange offer) in each case upon a written order of the Company signed by two Officers or by an
Officer and either an Assistant Treasurer or an Assistant Secretary of the Company. Such order shall specify the amount of the Notes of such series to be authenticated, the date on which the original
issue of Notes of such series is to be authenticated, whether the Notes of such series are to be Initial Notes, Exchange Notes, Private Exchange Notes or Notes issued pursuant to clause (3)
above, and the aggregate principal amount of Notes of such series outstanding on the date of authentication. 

        The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, any such authenticating agent may
authenticate the Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such authenticating agent of the Trustee. An
authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

8

 

Section 2.03    Registrar and Paying Agent.

        The
Company shall maintain (i) an office or agency where the Notes may be presented for registration of transfer or for exchange (including any co-registrar, the
"Registrar"); and (ii) an office or agency where the Notes may be presented for payment ("Paying
Agent"). The Registrar shall keep a register of the Holders of Notes and of the transfer and exchange of such Notes (the "Note
Register"). The Company may appoint one or more co-registrars and one or more additional paying agents. The term "Paying Agent" shall include any such additional
paying agent. The Company may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder of a Note. The Company shall notify the Trustee and the Trustee shall
notify the Holders of the Notes of the name and address of any Agent not a party to this Indenture. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying
Agent, Registrar or co-registrar. The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the provisions of the
TIA. Any such agency agreement shall implement the provisions of this Indenture that relate to such Agent. If the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing
notice, the Trustee shall act as such, as appropriate, and shall be entitled to appropriate compensation in accordance with Section 7.07. 

        The
Company initially appoints the Trustee as Registrar, Paying Agent and agent for service of notices and demands in connection with the Notes. 

Section 2.04    Paying Agent to Hold Money In Trust.

        On
or prior to each due date of the principal of, premium, if any, and interest on any Note, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal,
premium, if any, and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit
of the Holders of the Notes of each series or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes of such series, and shall
notify the Trustee of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company) shall have no further liability for the money delivered to the Trustee. If the Company acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders of the Notes of each series all money held by it as Paying Agent. 

Section 2.05    Lists of Holders of Notes.

        The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders of Notes. If the Trustee is
not the Registrar, the Company shall furnish to the Trustee at least three Business Days before each interest payment date and at such other times as the Trustee may request in writing a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes, including the aggregate principal amount of Notes of each series held by each such
Holder of Notes. 

Section 2.06    Transfer and Exchange.

        (a)   Transfer and Exchange of Definitive Notes. Definitive Notes shall be issued in registered form and shall be transferable
only upon the surrender of Definitive Notes for registration of transfer. When Definitive Notes are presented to the Registrar with a request to register the transfer or to exchange them for an equal
principal amount of Definitive Notes of other denominations, the Registrar shall 

9

 

register
the transfer or make the exchange if its requirements for such transactions are met; provided,  however, that any Definitive Notes presented or surrendered
for registration of transfer or exchange: 

	(i)
	shall
be duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar and the Trustee duly executed by the Holder thereof or
by his attorney duly authorized in writing; and

	(ii)
	are
being transferred or exchanged pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.06(b) or pursuant to
clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable:

	(A)
	if
such Definitive Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that
effect (in the form set forth on the reverse of the Note); or

	(B)
	if
such Definitive Notes are being transferred to the Company a certification to that effect (in the form set forth on the reverse of the Note); or

	(C)
	if
such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144A or Regulation S under the Securities Act:
(i) a certificate to that effect (in the form set forth on the reverse of the Note), and (ii) if the Company or the Registrar so requests, evidence reasonably satisfactory to them as to
the compliance with the restrictions set forth in the legend set forth in Section 2.06(e)(i). 

        (b)   Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be
exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by
appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 

	(i)
	certification,
in the form set forth on the reverse of the Note, that such Definitive Note is being transferred to a QIB in accordance with Rule 144A under the
Securities Act or to a non-U.S. person in accordance with Rule 904 under the Securities Act; and

	(ii)
	written
instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect to such Global Note to
reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, 

then
the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and
the Notes Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased accordingly. If no Global Note is then outstanding, the Company shall issue and the Trustee
shall authenticate, upon written order of the Company in the form of an Officers' Certificate, a new Global Note in the appropriate principal amount. 

        (c)   Exchange Between Regulation S Global Notes and Restricted Global Notes.

	(i)
	Prior
to the expiration of the forty days following the later of commencement or closing of the offering of a series of Notes (the "Restricted Period"), beneficial
interest in a Regulation S Global Note of such series may be exchanged for beneficial interest in a Restricted Global Note of such series upon receipt by the Trustee of appropriate instruments
of transfer, in form satisfactory to the Trustee, together with certification, in the form set forth on the reverse of the Note, that such Note is being transferred to a QIB in accordance with
Rule 144A under the Securities Act.

	(ii)
	Whether
before or after the expiration of the Restricted Period, beneficial interest in a Restricted Global Note of a series may be transferred to a Person who takes
delivery in the 

10

 

form
of an interest in the Regulation S Global Note of such series upon receipt by the Trustee of appropriate instruments of transfer, in form satisfactory to the Trustee, together with
certification, in the form set forth on the reverse of the Note, to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if
available). If such transfer occurs prior to the expiration of the Restricted Period, the interest transferred will be held immediately thereafter through Euroclear or Clearstream. 

	(iii)
	Transfers
involving exchanges of beneficial interest between the Regulation S Global Notes and the Restricted Global Notes will be effected in DTC by means of
an instruction originated by the Trustee through the DTC Deposit/Withdraw at Custodian system and appropriate adjustments will be made to reflect a decrease in the principal amount of the
Regulation S Global Note and a corresponding increase in the principal amount of the Restricted Global Note or vice versa, as applicable. Any beneficial interest in one of the Global Notes that
is transferred to a Person who takes delivery in the form of an interest in the other Global Note will, upon transfer, cease to be an interest in such Global Note and will become an interest in the
other Global Note and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interest in such other Global Note for so long as it remains
such an interest. The policies and practices of DTC may prohibit transfers of beneficial interests in the Regulation S Global Note prior to the expiration of the Restricted Period. 

        (d)   Transfer and Exchange of Global Notes.

	(i)
	The
transfer and exchange of a Global Note or beneficial interests therein shall be effected through the Depositary, in accordance with this Indenture (including
applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor, if applicable.

	(ii)
	Notwithstanding
any other provisions of this Indenture (other than the provisions set forth in Section 2.09), a Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary.

	(iii)
	In
the event that a Global Note is exchanged for Notes in definitive form pursuant to Section 2.09, prior to the consummation of a Registered Exchange Offer or
the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions
of this Section 2.06 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A or
Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Company. 

        (e)   Legends.

(i)    (A)    Except
as permitted by the following paragraphs (ii) and (iv), each Restricted Global Note and Definitive Note issued in reliance on Rule 144A (and all
Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form: 

        "THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
UNDER APPLICABLE STATE SECURITIES LAWS, AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE 

11

 

EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

        THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (i) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN
A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (iii) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
CASES (i) THROUGH (iv) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE." 

        (B)    Each
Regulation S Global Note and Definitive Note issued in reliance on Regulation S (and all Notes issued in exchange therefor or substitution thereof)
shall bear a legend in substantially the following form: 

        "THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND
MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

        THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (i) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (iii) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE) OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (i) THROUGH (iv) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE." 

        (C)    When
set forth on a Definitive Note, the legends will include the following additional words: 

        "IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS." 

12

 

	(ii)
	Upon
any sale or transfer of a Transfer Restricted Note (other than a Transfer Restricted Note issued in reliance on Regulation S but including any Transfer
Restricted Note represented by the Global Note) pursuant to Rule 144 under the Securities Act:

	(A)
	in
the case of any Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a certificated Note
that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Note;

	(B)
	in
the case of any Transfer Restricted Note that is represented by a Global Note, the Registrar shall, subject to approval by the Company, permit the Holder thereof to request the
issuance of a certificated Note that does not bear the legend set forth above and rescind any restrictions on the transfer of such Transfer Restricted Note, if the sale or exchange was made in
reliance on Rule 144 and the Holder certifies to that effect in writing to the Registrar (such certification to be in the form set forth on the reverse of the Note).

	(iii)
	Upon
any sale or transfer of a Transfer Restricted Note issued in reliance on Regulation S, such Transfer Restricted Note shall bear the Regulation S
legend set forth above.

	(iv)
	After
a transfer of any Initial Notes or Private Exchange Notes pursuant to and during the period of the effectiveness of a Shelf Registration Statement with respect to
such Initial Notes or Private Exchange Notes, as the case may be, all requirements pertaining to legends on such Initial Note or such Private Exchange Note will cease to apply, the requirements
requiring any such Initial Note or such Private Exchange Note issued to certain Holders be issued in global form will cease to apply, and a certificated Initial Note or Private Exchange Note without
legends will be available (subject to Section 2.09) to the transferee of the Holder of such Initial Notes or Private Exchange Notes or upon receipt of directions to transfer such Holder's
interest in a Global Note, as applicable.

	(v)
	Upon
the consummation of a Registered Exchange Offer with respect to the Initial Notes pursuant to which Holders of such Initial Notes are offered Exchange Notes in
exchange for their Initial Notes, all requirements pertaining to such Initial Notes that Initial Notes issued to certain Holders be issued in global form will cease to apply and certificated Initial
Notes with the restricted securities legend set forth in Exhibit A hereto will be available to Holders of such Initial Notes that do not exchange their Initial Notes and Exchange Notes in
certificated form will be available (subject to Section 2.09) to Holders that exchange such Initial Notes in such Registered Exchange Offer.

	(vi)
	Upon
the consummation of a Private Exchange with respect to the Initial Notes pursuant to which Holders of such Initial Notes are offered Private Exchange Notes in
exchange for their Initial Notes, all requirements pertaining to such Initial Notes that Initial Notes issued to certain holders be issued in global form will still apply, and Private Exchange Notes
in global form with the restricted securities legend set forth in Exhibit A hereto will be available to Holders that exchange such Initial Notes in such Private Exchange. 

        (f)    Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note has either been
exchanged for certificated Notes, redeemed, repurchased or canceled, such Global Note shall be returned to the Depositary for cancellation or retained and canceled by the Trustee. At any time prior to
such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note
shall be reduced and an adjustment shall be made by the Trustee or the Notes Custodian to reflect such reduction on the books and records of the Notes Custodian for such Global Note with respect to
such Global Note. 

13

 

        (g)   Obligations with Respect to Transfers and Exchanges of Notes.

	(i)
	To
permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated Notes, Definitive Notes and the Global Note
at the Registrar's or co-registrar's request.

	(ii)
	The
Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to
this Section 2.06.

	(iii)
	The
Company shall not be required to make and the Registrar or co-registrar need not register transfers or exchanges of certificated or Definitive Notes
selected for redemption (except, in the case of any Definitive Note to be redeemed in part, the portion thereof not to be redeemed), or any Notes for a period of 15 days before a selection of
Notes to be redeemed or 15 days before an interest payment date.

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

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

        (h)   No Obligation of the Trustee.

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

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

Section 2.07    Replacement Notes.

        If
any mutilated Note is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Company
shall issue and 

14

 

the
Trustee shall authenticate a replacement Note if the Company's and the Trustee's reasonable requirements for the replacements of Notes are met. If required by the Trustee or the Company, an
indemnity bond shall be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent or any authenticating agent from any
loss which any of them may suffer if a Note is replaced. 

        Every
replacement Note shall be an obligation of the Company. 

Section 2.08    Outstanding Notes.

        The
Notes of each series outstanding at any time are all the Notes of such series authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation
and those described in this Section 2.08 as not outstanding. A Note does not cease to be outstanding because the Company, a Subsidiary of the Company or an Affiliate of the Company holds such
Note. 

        If
a Note is replaced pursuant to Section 2.07, it shall cease to be outstanding unless the Trustee receives proof satisfactory to it that such replaced Note is held by a bona
fide purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.07. 

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

Section 2.09    Temporary Notes and Certificated Notes.

        (a)   Until
definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the
form of definitive Notes but may have such variations as the Company and the Trustee consider appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. 

        (b)   The
Global Notes deposited with the Depositary or with the Trustee as custodian for the Depositary pursuant to Section 2.01 shall be transferred to the beneficial
owners thereof in the form of certificated Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies
with Section 2.06 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or if at any time such Depositary ceases to be
a "clearing agency" registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days of such notice, (ii) an Event of Default has occurred and
is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated Notes under this Indenture. 

        (c)   Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section shall be surrendered by the Depositary to the Trustee to be so
transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal
amount of Initial Notes of authorized denominations. Any portion of the Global Note transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations of $1,000
and any integral multiple thereof and registered in such names as the Depositary shall direct. Any Initial Note delivered in exchange for an 

15

 

interest
in the Global Note shall, except as otherwise provided by Section 2.06(d), bear the restricted securities legend set forth in Exhibit A hereto. 

        (d)   Subject
to the provisions of Section 2.09(c), the registered Holder of the Global Note may grant proxies and otherwise authorize any person, including agent
members, participants and persons that may hold interests through agent members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

        (e)   In
the event of the occurrence of any of the events specified in Section 2.09(b), the Company will promptly make available to the Trustee a reasonable supply of
certificated Notes in definitive, fully registered form without interest coupons. 

Section 2.10    Cancellation.

        The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation, and shall return such
canceled Notes (subject to the record retention requirement of the Exchange Act), to the Company, upon the written request of the Company. The Company may not issue new Notes to replace Notes it has
redeemed, paid or delivered to the Trustee for cancellation. 

Section 2.11    Defaulted Interest.

        If
the Company defaults in a payment of interest on the Notes of any series, the Company shall pay such defaulted interest in any lawful manner. The Company may pay such defaulted
interest to the Persons who are Holders of the Notes of such series on a subsequent special record date, which date shall be at the earliest practicable date but in all events at least five Business
Days prior to the payment date, in each case at the rate provided in the Notes. The Company shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days
prior to the special record date, the Company shall mail or cause to be mailed to each Holder of a Note of such series a notice that states such special record date, such related payment date
and the amount of any such defaulted interest to be paid to Holders of the Notes of such series. 

Section 2.12    CUSIP Number.

        The
Company in issuing the Notes may use "CUSIP," "CINS" and "ISIN" numbers, and, if the Company shall do so, the Trustee shall use such CUSIP, CINS and ISIN numbers in notices of
redemption or exchange as a convenience to Holders; provided, however, that any such notice may state
that no representation is made as to the correctness or accuracy of such numbers printed in such notice or on the Notes and that reliance may be placed only on the other identification numbers printed
on the Notes and any such redemption shall not be effected by any defect in or omission of such numbers.
The Company will notify the Trustee of any change in a CUSIP, CINS or ISIN number. The Regulation S Global Note and the Restricted Global Note shall be assigned separate CUSIP numbers. 

 
 

ARTICLE III    
    
    REDEMPTION    
    

Section 3.01    Notices to Trustee.

        If
the Company elects to redeem Notes of any series pursuant to paragraph 5 of the Notes, the Company shall notify the Trustee in writing of the redemption date, the principal
amount of Notes of such series to be redeemed and the paragraph of the Notes pursuant to which the redemption will occur. 

16

 

        The
Company shall give each notice to the Trustee provided for in this Section 3.01 at least 30 but not more than 60 days before the redemption date unless the Trustee
consents to a shorter period. Such notice shall be accompanied by an Officers' Certificate and an Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions
herein. If fewer than all of the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Company and given to the Trustee, which record date shall not be less
than 15 days after the date of notice to the Trustee. 

Section 3.02    Selection of Notes to be Redeemed.

        If
fewer than all the Notes of any series are to be redeemed, the Trustee shall select the Notes of such series to be redeemed pro rata, unless otherwise required by law or regulation
(including regulation of The Depository Trust Company). The Trustee shall make the selection from outstanding Notes of such series not previously called for redemption. The Trustee may select for
redemption portions of the principal of Notes of such series that have denominations larger than $1,000. Notes and portions of Notes of such series the Trustee selects shall be in amounts of $1,000 or
a whole multiple of $1,000. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes
called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 

Section 3.03    Notice of Redemption.

        The
Company shall, at least 30 days but not more than 60 days before a redemption date, mail or cause to be mailed, by first class-mail, a notice of redemption
to each Holder of Notes that are to be redeemed. 

        The
notice shall identify the Notes to be redeemed (including the CUSIP number) and shall state: 

	(i)
	the
redemption date;

	(ii)
	the
redemption price,

	(iii)
	if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed, and that after the redemption date upon surrender of such Note,
a new Note or Notes in principal amount equal to the unredeemed portion shall be issued;

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

	(v)
	that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

	(vi)
	that,
unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture,
interest on Notes called for redemption ceases to accrue on and after the redemption date;

	(vii)
	the
paragraph of the Notes and/or the Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

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

        At
the Company's request, at least five Business Days prior to the date upon which such notice is to be mailed unless the Trustee consents to a shorter period, the Trustee shall give the
notice of redemption in the Company's name and at the Company's expense. In such event, the Company shall provide the Trustee with the information required by this Section 3.03. 

17

 

Section 3.04    Effect of Notice of Redemption.

        Once
notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption shall become due and payable on the redemption date and at the redemption price
stated in such notice of redemption. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in such notice of redemption, plus accrued interest to the redemption
date. Failure to give notice to a Holder of a Note or any defect in any notice shall not affect the validity of any notice to any other Holder of a Note. 

Section 3.05    Deposit of Redemption Price.

        On
or prior to any redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money
sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with
the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed on that date other than Notes or
portions of Notes called for redemption which have been delivered by the Company to the Trustee for cancellation. 

Section 3.06    Notes Redeemed in Part.

        Upon
surrender of a Note that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder of the Notes (at the expense of the Company) a new Note in
principal amounts of $1,000 equal in principal amount to the unredeemed portion of the Note surrendered. 

 
 

ARTICLE IV    
    
    COVENANTS    
    

Section 4.01    Payment of Principal, Premium and Interest.

        The
Company shall duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of this Indenture and the Notes of each series.
Interest on the Notes of each series will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Section 4.02    Maintenance of Office or Agency.

        The
Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where any series of Notes may
be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes of such series and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and any change in such 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. 

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

18

 

Section 4.03    SEC Reports.

        So
long as the Notes of any series are outstanding, the Company will comply with the provisions of TIA § 314(a) and will furnish the Holders of the Notes of such series and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

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

Section 4.04    Restrictions on Secured Funded Debt.

        The
Company will not, nor will it permit any Restricted Subsidiary to, incur, issue, assume, guarantee or create any Secured Debt, without effectively providing concurrently with the
incurrence, issuance, assumption, guaranty or creation of any such Secured Debt that the Notes of each series (together with, if the Company shall so determine, any other Indebtedness of the Company
or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the Notes) will be secured equally and ratably with (or prior to) such Secured Debt, unless, after giving
effect thereto, the sum of the aggregate amount of all outstanding Secured Debt of the Company and its Restricted Subsidiaries together with all Attributable Debt in respect of sale and leaseback
transactions relating to a Principal Property (with the exception of Attributable Debt which is excluded pursuant to clauses (i) to (viii) of Section 4.05), would not exceed 15%
of Consolidated Net Tangible Assets; provided, however, that this Section 4.04 shall not apply to, and there shall be excluded from Secured Debt
in any computation under this Section 4.04 and under Section 4.05, Indebtedness, secured by: 

	(i)
	Liens
on property, shares of Capital Stock or Indebtedness of any corporation existing at the time such corporation becomes a Subsidiary;

	(ii)
	Liens
on property, shares of Capital Stock or Indebtedness existing at the time of acquisition thereof or incurred within 360 days of the time of acquisition
thereof (including, without limitation, acquisition through merger or consolidation) by the Company or any Restricted Subsidiary;

	(iii)
	Liens
on property, shares of Capital Stock or Indebtedness thereafter acquired (or constructed) by the Company or any Restricted Subsidiary and created prior to, at
the time of, or within 360 days (or thereafter if such Lien is created pursuant to a binding commitment entered into prior to, at the time of or within 360 days) after such acquisition
(including, without limitation, acquisition through merger or consolidation) (or the completion of such construction or commencement of commercial operation of such property, whichever is later) to
secure or provide for the payment of all or any part of the purchase price (or the construction price) thereof;

	(iv)
	Liens
in favor of the Company or any Restricted Subsidiary;

	(v)
	Liens
in favor of the United States of America, any State thereof or the District of Columbia or any foreign government, or any agency, department or other
instrumentality thereof, to secure partial, progress, advance or other payments pursuant to any contract or provisions of any statute;

	(vi)
	Liens
incurred or assumed in connection with the issuance of revenue bonds the interest on which is exempt from federal income taxation pursuant to
Section 103(b) of the Internal Revenue Code; 

19

 

	(vii)
	Liens
securing the performance of any contract or undertaking not directly or indirectly in connection with the borrowing of money, the obtaining of advances or credit
or the securing of Indebtedness, if made and continuing in the ordinary course of business;

	(viii)
	Liens
incurred (no matter when created) in connection with the Company's or a Restricted Subsidiary's engaging in leveraged or single-investor lease transactions;  provided, however, that the instrument creating or evidencing any borrowings secured by such Lien will
provide that such borrowings are payable solely out of the income and proceeds of the property subject to such Lien and are not a general obligation of the Company or such Restricted Subsidiary;

	(ix)
	Liens
in favor of a governmental agency to qualify the Company or any Restricted Subsidiary to do business, maintain self insurance or obtain other benefits, or Liens
under workers' compensation laws, unemployment insurance laws or similar legislation;

	(x)
	good
faith deposits in connection with bids, tenders, contracts or deposits to secure public or statutory obligations of the Company or any Restricted Subsidiary, or
deposits of cash or obligations of the United States of America to secure surety and appeal bonds to which the Company or any Restricted Subsidiary is a party or in lieu of such bonds, or pledges or
deposits for similar purposes in the ordinary course of business;

	(xi)
	Liens
imposed by law, such as laborers' or other employees', carriers', warehousemen's, mechanics', materialmen's and vendors' Liens;

	(xii)
	Liens
arising out of judgments or awards against the Company or any Restricted Subsidiary with respect to which the Company or such Restricted Subsidiary at the time
shall be prosecuting an appeal or proceedings for review or Liens arising out of individual final judgments or awards in amounts of less than $1,000,000;  provided that the aggregate amount of all such
individual final judgments or awards shall not at any one time exceed $1,000,000;

	(xiii)
	Liens
for taxes, assessments, governmental charges or levies not yet subject to penalties for nonpayment or the amount or validity of which is being in good faith
contested by appropriate proceedings by the Company or any Restricted Subsidiary, as the case may be;

	(xiv)
	minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions or Liens as to the use of real properties, which Liens, exceptions, encumbrances, easements, reservations, rights and restrictions do
not, in the opinion of the Company, in the aggregate materially detract from the value of said properties or materially impair their use in the operation of the business of the Company and its
Restricted Subsidiaries;

	(xv)
	Liens
incurred to finance all or any portion of the cost of construction, alteration or repair of any Principal Property or improvements thereto created prior to or
within 360 days (or thereafter if such Lien is created pursuant to a binding commitment to lend entered into prior to, at the time of, or within 360 days) after completion of such
construction, alteration or repair;

	(xvi)
	Liens
existing on the date of the Indenture;

	(xvii)
	Liens
created in connection with a project financed with, and created to secure, a Nonrecourse Obligation; or

	(xviii)
	Any
extension, renewal, refunding or replacement of the foregoing; provided that (i) such extension, renewal,
refunding or replacement Lien shall be limited to all or a part of the same property that secured the Lien extended, renewed, refunded or replaced (plus improvements 

20

 

on
such property) and (ii) the Funded Debt secured by such Lien at such time is not increased. 

Section 4.05    Limitation on Sale/Leaseback Transactions.

        The
Company will not, nor will it permit any Restricted Subsidiary to, enter into any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of
any Principal Property of the Company or any Restricted Subsidiary (which lease is required by GAAP to be capitalized on the balance sheet of such lessee), which Principal Property has been or is to
be sold or transferred by the Company or such Restricted Subsidiary to such person (a "Sale and Leaseback Transaction") unless, after giving effect
thereto, the aggregate amount of all Attributable Debt with respect to all such Sale and Leaseback Transactions plus all Secured Debt (with the exception of Funded Debt secured by Liens which is
excluded pursuant to clauses (i) to (xviii) of Section 4.04) would not exceed 15% of Consolidated Net Tangible Assets. This covenant will not apply to, and there will be excluded
from Attributable Debt in any computation under Section 4.04 or this Section 4.05, Attributable Debt with respect to any sale and leaseback transaction if: 

	(i)
	the
Company or a Restricted Subsidiary is permitted to create Funded Debt secured by a Lien pursuant to clauses (i) to (xviii) of Section 4.04 on
the Principal Property to be leased, in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction, without equally and ratably securing the Notes;

	(ii)
	the
property leased pursuant to such arrangement is sold for a price at least equal to such property's fair market value (as determined by the Chief Executive Officer,
the President, the Chief' Financial Officer, the Treasurer or the Controller of the Company) and the Company or a Restricted Subsidiary, within 360 days after the sale or transfer shall have
been made by the Company or a Restricted Subsidiary, shall apply the proceeds thereof to the retirement of Indebtedness or Funded Debt of the Company or any Restricted Subsidiary (other than
Indebtedness or Funded Debt owed by the Company or any Restricted Subsidiary); provided, however, that
no retirement referred to in this clause (ii) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment provision of Indebtedness or Funded Debt;

	(iii)
	the
Company or a Restricted Subsidiary applies the net proceeds of the sale or transfer of the Principal Property leased pursuant to such transaction to the purchase
of assets (and the cost of construction thereof) within 360 days prior or subsequent to such sale or transfer;

	(iv)
	the
effective date of any such arrangement or the purchaser's commitment therefor is within 36 months prior or subsequent to the acquisition of the Principal
Property (including, without limitation, acquisition by merger or consolidation) or the completion of construction and commencement of operation thereof (which, in the case of a retail store, is the
date of opening to the public), whichever is later;

	(v)
	the
lease in such Sale and Leaseback Transaction is for a term, including renewals, of not more than three years;

	(vi)
	the
Sale and Leaseback Transaction is entered into between the Company and a Restricted Subsidiary or between Restricted Subsidiaries,

	(vii)
	the
lease secures or relates to industrial revenue or pollution control bonds; or

	(viii)
	the
lease payment is created in connection with a project financed with, and such obligation constitutes, a Nonrecourse Obligation. 

21

 

Section 4.06    Compliance Certificates.

        The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, beginning December 31, 2001, an Officers' Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such Officers' Certificate, that to the best of his or her knowledge the
Company has kept, observed, performed and fulfilled each covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of
this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action each is taking or
proposes to take with respect thereto). The Company shall also comply with TIA § 314(a)(4). 

Section 4.07    Further Instruments and Acts.

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

Section 4.08    Calculation of Original Issue Discount.

        If
any Notes of any series shall be issued with original issue discount for U.S. federal income tax purposes, then the Company shall file with the Trustee promptly at the end of each
calendar year in which such Notes (the "OID Notes") are outstanding: 

	(i)
	a
written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding the OID Notes as of the end of such
year; and

	(ii)
	such
other specific information relating to such original issue discount as may then be relevant under the Code. 

 
 

ARTICLE V    
    
    SUCCESSORS    
    

Section 5.01    When the Company May Merge, Consolidate or Dispose of Assets.

        The
Company shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety
or substantially as an entirety in one transaction or a series of related transactions) to, any Person (other than a consolidation with or merger with or into a Restricted Subsidiary or a sale,
conveyance, transfer, lease or other disposition to a Restricted Subsidiary) or permit any Person to merge with or into the Company unless: 

	(i)
	either
(a) the Company shall be the continuing Person (the "Successor Company") or (b) the Successor
Company (if other than the Company) formed by such consolidation or into which the Company is merged or that acquired or leased such property and assets of the Company shall be a corporation organized
and validly existing under the laws of the United States of America or any jurisdiction thereof and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, all of
the obligations of the Company under each series of Notes and this Indenture, and the Company shall have delivered to the Trustee an Opinion of Counsel stating that such consolidation, merger or
transfer and such supplemental indenture complies with this provision and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with and that
such supplemental indenture constitutes the legal, valid and binding obligation of the Company or such successor 

22

 

enforceable
against such entity in accordance with its terms, subject to customary exceptions; and 

	(ii)
	the
Company shall have delivered to the Trustee an Officers' Certificate to the effect that immediately after giving effect to such transaction, no Default shall have
occurred and be continuing and an opinion of counsel as to the matters set forth in paragraph (i) above. 

Section 5.02    Successor Company Substituted.

        The
Successor Company shall be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, but
the predecessor Person in the case of a conveyance, transfer or lease shall not be released from the obligation to pay the principal of and interest on the Notes. 

 
 

ARTICLE VI    
    
    DEFAULTS AND REMEDIES    
    

Section 6.01    Events of Default.

        Each
of the following shall constitute an "Event of Default" with respect to each series of Notes individually: 

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

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

	(iii)
	the
Company defaults in the performance of or breaches any other covenant or agreement of the Company in the Indenture and such default or breach continues for a
period of 60 consecutive days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate principal amount of
the Notes of such series;

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

	(v)
	the
Company (1) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry
of an order for relief in an involuntary case under any such law, (2) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Company or for all or substantially all of the property and assets of the Company or (3) effects any general assignment for the benefit of creditors;

	(vi)
	an
event of default as defined in any one or more indentures or instruments evidencing or under which the Company has at the date of this Indenture or shall thereafter
have outstanding an aggregate of at least $50,000,000 aggregate principal amount of indebtedness for borrowed money, shall happen and be continuing and such indebtedness shall have been accelerated so
that the same shall be or become due and payable prior to the date on which 

23

 

the
same would otherwise have become due and payable and such acceleration shall not be rescinded or annulled within ten days after notice thereof shall have been given to the Company by the Trustee
(if such event be known to it), or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes of such series at the time outstanding;  provided that if such
event of default under such indentures or instruments shall be remedied or cured by the Company or waived by the holders of such
indebtedness, then the Event of Default under this clause (vi) shall be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of either the
Trustee or any of the Holders of such series; and 

	(vii)
	failure
by the Company to make any payment at maturity, including any applicable grace period, in respect of at least $50,000,000 aggregate principal amount of
indebtedness for borrowed money and such failure shall have continue for a period of ten days after notice thereof shall have been given to the Company by the Trustee (if such event be known to it),
or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes of such series at the time outstanding;  provided that if such failure shall be remedied or
cured by the Company or waived by the holders of such indebtedness, then the Event of Default under
this clause (vii) shall be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the Holders of such series. 

        The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

        The
Company shall deliver to the Trustee, within 30 days after the occurrence thereof, an Officers' Certificate of any Event of Default pursuant to clause (iii),
clause (iv), clause (v), clause (vi), or clause (vii) and any event which with the giving of notice or the lapse of time would become an Event of Default, its status and
what action the Company is taking or proposes to take in respect thereof. 

Section 6.02    Acceleration.

        If
an Event of Default occurs and is continuing, then, and in each and every such case, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes
of such series then outstanding by notice in writing to the Company (and to the Trustee if given by Holders), may declare the entire outstanding principal amount of all Notes of such series, and the
interest accrued thereon, if any, to be immediately due and payable (collectively, the "Default Amount"). Upon such a declaration, the Default Amount
shall be due and payable immediately. Notwithstanding the foregoing, in case of an Event of Default specified in clause (iv) or clause (v) of Section 6.01 with respect to a series
of Notes, then the principal amount of all the Notes of such series then outstanding and interest accrued thereon, if any, shall be and become immediately due and payable, without any notice or other
action by any Holder of the Notes of such series or the Trustee to the full extent permitted by applicable law. The Holders of a majority in aggregate principal amount of the then outstanding Notes of
such series by written notice to the Trustee may on behalf of all of the Holders of the Notes of such series rescind an acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

Section 6.03    Other Remedies.

        If
an Event of Default with respect to a series of Notes occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and
interest on the 

24

 

Notes
of such series or to enforce the performance of any provision of the Notes of such series and this Indenture. 

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

Section 6.04    Waiver of Past Defaults.

        Holders
of at least a majority in principal amount of the outstanding Notes of any series, by notice to the Trustee, may waive an existing Default or Event of Default and its
consequences, except (i) a Default in the payment of principal of or interest on any Note of such series as specified in clauses (i) or (ii) of Section 6.01 or
(ii) a Default in respect of a covenant or provision that under Section 9.02 cannot be modified or amended without the consent of the Holder of each outstanding Note of such series
affected. Upon any such waiver, such Default shall cease to exist with respect to the Notes of such series, 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 Event of Default or impair any right consequent thereto. 

Section 6.05    Control by Majority.

        Holders
of at least a majority in aggregate principal amount of the outstanding Notes of any series may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture with respect to the Notes of such series; provided
that the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that, subject to Section 7.01 may involve the Trustee in personal liability, or that the Trustee
determines in good faith may be unduly prejudicial to the rights of Holders of such series not joining in the giving of such direction; and provided
further that the Trustee may take any other action it deems proper that is not inconsistent with any directions received from Holders of Notes of such series pursuant to this
Section 6.05. 

Section 6.06    Limitation On Suits.

        No
Holder of any Notes of any series may institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes of such series, or for the appointment of a receiver
or trustee, or for any other remedy under this Indenture, unless: 

	(i)
	such
Holder has previously given to the Trustee written notice of a continuing Event of Default;

	(ii)
	the
Holders of at least 25% in aggregate principal amount of outstanding Notes of such 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 under the Indenture;

	(iii)
	such
Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against any costs, liabilities or expenses to be incurred in
compliance with such request;

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

	(v)
	during
such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes of such series have not given the Trustee a
direction that is inconsistent with such written request. 

25

 

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

Section 6.07    Unconditional Right of Holders of Notes to Receive Payment.

        Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on such Note, on or after the
respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of any
such Holder of a Note. 

Section 6.08    Collection Suit by Trustee.

        If
an Event of Default specified in Section 6.01(i) or Section 6.01(ii) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the entire amount then due and owing, plus the amounts provided for in Section 7.07. 

Section 6.09    Trustee May File Proofs of Claim.

        The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders of the Notes allowed
in any judicial proceedings relative to the Company, the Company's creditors or the Company's property, and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders of
Notes in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder of a Note to make
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to Trustee under Section 7.07. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder of a Note thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 

Section 6.10    Priorities.

        If
the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following order: 

	(i)
	FIRST:
to the Trustee for amounts due to it under Section 7.07;

	(ii)
	SECOND:
to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and

	(iii)
	THIRD:
to the Company. 

        The
Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11    Undertaking for Costs.

        In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 shall not apply
to a suit by the Trustee, a suit by a Holder of a Note pursuant 

26

 

to
Section 6.07, or a suit by Holders of more than 10% in principal amount of the Notes then outstanding. 

Section 6.12    Waiver of Stay, Extension and Usury Laws.

        The
Company (to the extent that it may lawfully do so) shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force, that 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 shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law had been enacted. 

 
 

ARTICLE VII    
    
    TRUSTEE    
    

Section 7.01    Duties of Trustee.

        (a)   If
an Event of Default of which a Responsible Officer of the Trustee is aware has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

        (b)   Except
during the continuance of an Event of Default of which a Responsible Officer of the Trustee is aware: 

	(i)
	the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set
forth in this Indenture and no others; and

	(ii)
	in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated therein). 

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

	(i)
	this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

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

	(iii)
	the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with a direction received by it pursuant to
Section 6.05. 

        (d)   Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a),
paragraph (b) and paragraph (c) of this Section 7.01. 

        (e)   No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if the Trustee shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 

27

 

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

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

        (h)   Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
Section 7.01 and to the provisions of the TIA. 

Section 7.02    Rights of Trustee.

        (a)   The
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document reasonably believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document. 

        (b)   Before
the Trustee acts or refrains from taking any act, the Trustee may require an Officers' Certificate or an Opinion of Counsel or both. The Trustee shall not be
liable for any action taken or omitted to be taken by it in good faith in reliance on such Officers' Certificate or such Opinion of Counsel. 

        (c)   The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent; provided,  however, that any such agent is
appointed by the Trustee with due care. 

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

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

        (f)    the
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

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

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

Section 7.03    Individual Rights of Trustee.

        The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights
as it would have if the Trustee were not the Trustee hereunder. However, in the event the Trustee acquires any conflicting interest in accordance with the TIA it must eliminate such conflicting
interest within 

28

 

90 days,
apply to the SEC for permission to continue as Trustee or resign. Any Paying Agent, Registrar or co-registrar may do the same with like rights. The Trustee shall at all
times remain subject to Section 7.10 and Section 7.11. 

Section 7.04    Trustee's Disclaimer.

        The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company's use of
the proceeds of the Notes and it shall not be responsible for any statement contained herein or any statement contained in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than the Trustee's certificates of authentication. 

Section 7.05    Notice of Default.

        If
a Default occurs and is continuing with respect to a series of Notes and if such Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Holder of a
Note of such series a notice of such Default within 90 days (or such shorter period as may be required by applicable law) after such Default occurs. Except in the case of a Default in
payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06    Reports by Trustee to Holders of Notes.

        Within
60 days after each May 15, beginning with May 15 following the date of this Indenture, the Trustee shall mail to Holders of the Notes a brief report dated as
of such reporting date that complies with TIA § 313(a) to the extent such a report is required by TIA § 313(a). The Trustee also shall comply with TIA § 313(b). 

        A
copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes may be listed.
The Company shall promptly notify the Trustee upon the Notes being listed on any stock exchange and any delisting thereof. 

Section 7.07    Compensation and Indemnity.

        The
Company shall pay to the Trustee from time to time such compensation as the Company and the Trustee shall agree to in writing from time to time for the Trustee's acceptance of this
Indenture and its services hereunder. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee for all
reasonable out-of-pocket expenses incurred or made by it in the course of its services hereunder. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee's agents, counsel, accountants and experts. 

        The
Company shall indemnify the Trustee and any predecessor Trustee against any and all loss, liability or reasonable expense, including taxes (other than taxes based upon, measured by
or determined by the income of the Trustee), incurred by it in connection with the administration of this trust and the performance of its duties under this Indenture, except any such loss, liability
or expense attributable to the negligence, willful misconduct or bad faith of the Trustee. 

        The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder except to the extent that the Company may be materially prejudiced by such failure. The Company shall defend the claim and the Trustee shall cooperate in the defense of such
claim. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss,
liability or 

29

 

expense
incurred by the Trustee through the Trustee's own negligence, willful misconduct or bad faith. The Company need not pay for any settlement made without its consent, which consent shall not be
unreasonably withheld. 

        The
Company's payment obligations under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 

        To
secure the Company's payment obligations under this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee,
except such money or
property that is held by it in trust for the benefit of Holders of Notes to pay principal and interest on particular Notes. 

        If
the Trustee shall incur expenses after the occurrence of a Default specified in Section 6.01(iv) or Section 6.01(v), such expenses (including the reasonable fees
and expenses of its agents and counsel) are intended to constitute expenses of administration under Bankruptcy Law. 

        The
provisions of this Section shall survive the termination of this Indenture. 

Section 7.08    Replacement of Trustee.

        A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this
Section 7.08. 

        The
Trustee may resign at any time and be discharged from the trust hereby created by so notifying the Company in writing. The Holders of Notes of not less than a majority in principal
amount of the Notes of any series then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company shall remove the Trustee if: 

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

	(ii)
	the
Trustee is adjudged bankrupt or insolvent;

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

	(iv)
	the
Trustee otherwise becomes incapable of acting. 

        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Company shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Company. 

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

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

        Any
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee
shall become effective, and the successor Trustee shall have all of the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. Notwithstanding
replacement of the Trustee pursuant 

30

 

to
this Section 7.08, the Company's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

Section 7.09    Successor Trustee by Merger, Etc.

        If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another corporation or banking association,
the resulting, surviving or transferee entity without any further act shall constitute the successor Trustee; provided,  however, that such entity shall be
otherwise qualified and eligible under this Article VII. 

        In
case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have
been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Notes so authenticated, and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.10    Eligibility; Disqualification.

        This
Indenture at all times shall have a Trustee which satisfies the requirements of TIA § 310(a). Trustee shall be a corporation organized and doing business under the laws
of the United States of America or of any State thereof authorized under such laws to exercise corporate trustee power, shall be subject to supervision or examination by federal or state authority and
shall have a combined capital and surplus of at least $50 million as set forth in its most recently published annual report of condition. The Trustee shall be subject to TIA §
310(b). 

Section 7.11    Preferential Collection of Claims Against the Company.

        The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee which has resigned or been removed shall be
subject to TIA § 311(a) to the extent indicated therein. 

 
 

ARTICLE VIII    
    
    DISCHARGE OF INDENTURE; DEFEASANCE    
    

Section 8.01    Discharge of Liability on Notes; Defeasance.

        (a)   When
(i) all Notes of any series previously authenticated and delivered (other than Notes replaced pursuant to Section 2.07) have been delivered to the
Trustee for cancellation and the Company has paid all sums payable by it with respect to that series of Notes under the Indenture, or (ii) (A) the Notes of any series mature within one
year or all of them are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption, (B) the Company irrevocably deposits in
trust with the Trustee, as trust funds solely for the benefit of the Holders of the Notes of such series for that purpose, money or U.S. Government Obligations or a combination thereof sufficient
(unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee),
without consideration of any reinvestment, to pay the principal of and interest on the Notes of such series (other than Notes of such series replaced pursuant to Section 2.07) to maturity or
redemption, as the case may be, and to pay all other sums payable by it under this Indenture, and (C) the Company delivers to the Trustee an Officers' Certificate and an Opinion of Counsel, in
each case stating that all conditions precedent provided for in this Article VIII relating to the satisfaction and discharge of the Indenture with respect to the Notes of such series have been
complied with, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect with respect to the Notes of 

31

 

such
series. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers' Certificate and an Opinion of Counsel and at the cost and
expense of the Company. 

        (b)   Subject
to Section 8.01(c) and Section 8.02, the Company at any time may terminate (i) all of the Company' obligations under the Notes of any series
and this Indenture ("legal defeasance"); or (ii) its obligations under Section 4.02, Section 4.03, Section 4.04,
Section 4.05, Section 4.06, Section 4.07, Section 6.01(vi) and Section 6.01(vii) ("covenant
defeasance"). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 

        If
the Company exercises its legal defeasance option, payment of the Notes of any series may not be accelerated because of an Event of Default. If the Company exercises its covenant
defeasance option, payment of the Notes of such series may not be accelerated because of an Event of Default specified in Section 6.01 (iii). 

        Upon
satisfaction of the conditions set forth herein and at the request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations of the Company
terminated thereby. 

        (c)   Notwithstanding
clause (a) and clause (b) above, the Company' obligations contained in Section 2.02, Section 2.03, Section 2.04,
Section 2.05, Section 2.06, Section 2.07, Section 7.07, Section 7.08 and this Article VIII shall survive until the Notes of such series have been paid in
full. Thereafter, the Company's obligations contained in Section 7.07, Section 8.04 and Section 8.05 shall survive. 

Section 8.02    Conditions to Defeasance.

        The
Company may exercise its legal defeasance option or its covenant defeasance option only if: 

	(i)
	with
reference to this Section 8.02, the Company has irrevocably deposited in trust with the Trustee as trust funds solely for the benefit of the Holders of the
Notes of such series, for payment of the principal of and interest on the Notes of such series, money or U. S. Government Obligations or a combination thereof sufficient (unless such funds consist
solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee) without consideration of any
reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay and discharge the principal of and accrued
interest on the outstanding Notes of such series to maturity or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be;

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

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

	(iv)
	the
Company shall have delivered to the Trustee an Opinion of Counsel that (1) the Holders of the Notes of such series will not recognize income, gain or loss
for Federal income tax purposes as a result of the Company's exercise of its option under this Section and will be subject to Federal income tax on the same amount and in the same manner and at the
same times as would have been the case if such deposit and defeasance had not occurred and (2) the Holders of the Notes of such series have a valid security interest in the trust funds; and 

32

 

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

        In
the case of legal defeasance under this Section 8.02 the Opinion of Counsel referred to in clause (iv)(1) above may be replaced by a ruling directed to the Trustee
received from the Internal Revenue Service to the same effect. Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of the Notes of such series
at a future date in accordance with Article III. 

Section 8.03    Application of Trust Money.

        The
Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money
from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of, and premium, if any, and interest on, the Notes of such series. 

Section 8.04    Repayment to the Company.

        The
Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them at any time. 

        Subject
to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest
that remains unclaimed for two years, and, thereafter, Holders of Notes of such series entitled to the money shall look to the Company for payment as general creditors. 

Section 8.05    Indemnity for Government Obligations.

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest
received on such U.S. Government Obligations. 

Section 8.06    Reinstatement.

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

 
 

ARTICLE IX    
    
    AMENDMENT, SUPPLEMENT AND WAIVER    
    

Section 9.01    Without Consent of Holders of Notes.

        The
Company and the Trustee may amend or supplement this Indenture or the Notes of any series without notice to or the consent of any Holder of a Note of such series: 

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

33

 

	(ii)
	to
provide for the assumption of the Company's obligations to the Holders of the Notes of such series in connection with a consolidation or merger of the Company or the
sale, conveyance, transfer, lease or other disposal of all or substantially all of the property and assets of the Company pursuant to Article V;

	(iii)
	to
comply with any requirements of the SEC in connection with the qualification of this Indenture under the TIA;

	(iv)
	to
evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee;

	(v)
	to
make any change that does not materially and adversely affect the rights of any Holder of the Notes of such series; or

	(vi)
	to
make any change to conform the Indenture to the "Description of Notes" contained in the Offering Circular dated September 9, 2004 relating to the Notes. 

        Upon
the request of the Company accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the
Trustee of the documents described in Section 9.06, the Trustee shall join with the Company in the execution of any amended or supplemental Indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations which may be contained therein, but the Trustee shall not be obligated to enter into such amended or supplemental
Indenture which adversely affects its own rights, duties or immunities under this Indenture or otherwise. 

        After
an amendment, supplement or waiver under this Section 9.01 becomes effective, the Company shall mail to the Holders of Notes of any series affected thereby a notice briefly
describing any such amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. Subject to Section 6.04 and Section 6.07, the Holders of a majority in aggregate principal amount of the Notes of such series then outstanding may waive
compliance by the Company in any particular instance with any provision of this Indenture or the Notes of such series. 

Section 9.02    With Consent of Holders of Notes.

        The
Company and the Trustee may amend or supplement this Indenture, the Notes of any series or any amended or supplemental Indenture with the written consent of the Holders of Notes of
at least a majority in aggregate principal amount of the Notes of such series then outstanding, and any existing Default and its consequences or compliance with any provision of this Indenture or the
Notes of such series may be waived with the consent of the Holders of a majority in principal amount of the Notes of
such series then outstanding. However, without the consent of each Holder of a Note of such series affected, any amendment, supplement or waiver may not: 

	(i)
	extend
the Stated Maturity of the principal of, or any installment of interest on, such Holder's Notes, or reduce the principal thereof or the rate of interest thereon,
or any premium payable with respect thereto, or change any place or currency of payment where any Note of such series or any premium or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the due date therefor;

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

	(iii)
	waive
a Default in the payment of principal of or interest on any Note of such Holder; or 

34

 

	(iv)
	modify
any of the provisions of this Section, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or
waived without the consent of the Holder of each outstanding Note of such series thereunder affected thereby. 

        Upon
the request of the Company accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon the filing with
the Trustee of evidence satisfactory with the Trustee of the consent of the Holders of Notes of such series as aforesaid and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall join with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture affects the Trustee's own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture. 

        It
shall not be necessary for the consent of the Holders of Notes of such series under this Section 9.02 to approve the particular form of any proposed amendment, supplement or
waiver, but it shall be sufficient if such consent approves the substance thereof. 

        After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Notes of such series affected thereby a notice briefly
describing any such amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is
fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders
after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior
to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action by an Holder be cancelled and of no further effect. 

Section 9.03    Compliance with Trust Indenture Act.

        Every
amendment or supplement to this Indenture or the Notes of any series shall be set forth in an amended or supplemental Indenture that complies with the TIA as then in effect. 

Section 9.04    Revocation and Effect of Consents and Waivers.

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

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Notes of any series entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, such Persons which were
Holders of Notes of such series at such record date (or their duly designated proxies), and only such Persons, shall be 

35

 

entitled
to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders of Notes of such series after such record date.
No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05    Notation On or Exchange of Notes.

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

Section 9.06    Trustee to Sign Amendments, Etc.

        The
Trustee shall sign any amended or supplemental Indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment or supplement the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Officer's Certificate and an Opinion of Counsel stating that such amendment or supplement is authorized or permitted pursuant to this
Indenture. The Company shall not sign any amendment or supplemental Indenture until the Board of Directors approves any such amendment or supplemental Indenture. 

 
 

ARTICLE X    
    
    MISCELLANEOUS    
    

Section 10.01    Trust Indenture Act Controls.

        If
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), such imposed duties shall control. 

Section 10.02    Notices.

        Any
notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return
receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the other's address: 

        If
to the Company: 

CVS
Corporation

One CVS Drive

Woonsocket, Rhode Island 02895

Telecopier No.: (401) 765-1500

Attention: General Counsel 

        If
to the Trustee: 

The
Bank of New York

101 Barclay Street—8W

New York, New York 10286

Telecopier No: (212) 815-5707

Attention: Corporate Trust Administration 

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

36

 

        All
notices and communications (other than those sent to Holders of Notes) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. 

        Any
notice or communication to a Holder of a Note shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next
day delivery to its address shown on the Note Register. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder of a Note or any defect in such notice shall not affect its sufficiency with respect to other Holders of Notes. 

        If
a notice or communication is mailed in the manner set forth above within the time prescribed, such notice or communication shall be deemed to be duly given whether or not the
addressee receives it. 

        If
the Company mails a notice or communication to Holders of Notes, it shall mail a copy to the Trustee and each Agent at the same time. 

Section 10.03    Communication by Holders of Notes with Other Holders of Notes.

        Holders
of Notes pursuant to TIA § 312(b) may communicate with other Holders of Notes with respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar, the Paying Agent and any other Person shall have the protection of TIA § 312(c). 

Section 10.04    Certificate and Opinion as to Conditions Precedent.

        Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee any certificates or opinions required by
the TIA, and: 

	(i)
	an
Officers' Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and

	(ii)
	an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all conditions and covenants have been
satisfied. 

Section 10.05    Statements Required in Certificate or Opinion.

        Each
certificate or opinion with respect to compliance with a condition or covenant contained in this Indenture shall include: 

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

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

	(iii)
	a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether such condition or covenant has been satisfied; and

	(iv)
	a
statement as to whether, in the opinion of such Person, such condition or covenant has been satisfied. 

37

 

Section 10.06    Rules by Trustee and Agents.

        The
Trustee may make reasonable rules for action by or at a meeting of Holders of Notes. The Registrar and Paying Agent may make reasonable rules and set reasonable requirements for
their functions. 

Section 10.07    No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders.

        No
director, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes or this Indenture or for
any claim based on, in respect of, or by reason of, such obligations. Each Holder of a Note by accepting a Note waives and releases all such liability. Such waiver and release form a part of
the consideration for issuance of the Notes. 

Section 10.08    Governing Law.

        THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICT OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 10.09    No Adverse Interpretation of Other Agreements.

        This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or its Subsidiaries. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. 

Section 10.10    Successors.

        All
agreements of the Company contained in this Indenture and the Notes shall bind the Company and its successors. All agreements of the Trustee in this Indenture shall bind the Trustee
and its successors. 

Section 10.11    Severability.

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

Section 10.12    Counterpart Originals.

        The
parties may sign any number of copies of this Indenture. Each such signed copy shall be deemed to be an original, and all of such signed copies together shall represent one and the
same agreement. 

Section 10.13    Table of Contents, Headings, Etc.

        The
Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience only, and shall not, for any reason, be deemed
to be part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

38

 
 

SIGNATURES    
    

	Dated as of September 14, 2004	 	CVS CORPORATION
	

 	
 	
By:	

 
	 	 	 	
 Name:

Title:
	

Attest:	
 	

 	

 
	

 Name:

Title:	
 	

 	

 
	

Dated as of September 14, 2004	
 	
THE BANK OF NEW YORK,
	 	 	 	as Trustee
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

  

 
 

EXHIBIT A    
    

[FORM OF FACE OF INITIAL NOTE]  

[Global Notes Legend]

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

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

	*
	This
legend should only be added if the Security is issued in global form. 

[Restricted Notes Legend]

        [FOR RESTRICTED GLOBAL NOTES: THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND UNDER APPLICABLE STATE SECURITIES LAWS, AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.]

        [FOR REGULATION S GLOBAL NOTES: THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S
UNDER THE SECURITIES ACT.]

        THE
HOLDER OF THIS NOTE AGREES FOR THE BENEFIT THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (i) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii) OUTSIDE THE UNITED STATES
IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (iii) PURSUANT TO AN EXEMPTION FROM REGISTRATION 

A-1

 

UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (i) THROUGH
(iv) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

A-2

 
CVS CORPORATION 

	No.	 	 	 	 	 	Principal Amount $    

CUSIP No.                   

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

        CVS
CORPORATION, a Delaware corporation, promises to pay to            , or registered assigns, the principal sum of  [NOTES DUE 2009: Six Hundred
Fifty Million] [NOTES DUE 2014: Five
Hundred Fifty Million] Dollars on [NOTES DUE 2009: September 15,
2009.] [NOTES DUE 2014: September 15, 2014.]

        Interest
Payment Dates: March 15 and September 15. 

        Record
Dates: March 1 and September 1. 

        Additional
provisions of this Note are set forth on the reverse side of this Note. 

Dated:            

	 	 	CVS CORPORATION
	

 	
 	

By	

 
	 	 	 	
 Title:
	

 	
 	

By	

 
	 	 	 	
 Title:

A-3

 
CVS CORPORATION 

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

TRUSTEE'S
CERTIFICATE OF

    AUTHENTICATION 

Dated:

THE
BANK OF NEW YORK,

    as Trustee, certifies

    that this is one of the

    Notes referred to in the

    Indenture.

	By	 	 	 
	 	 	
 Authorized Signatory	 

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[FORM OF REVERSE SIDE OF NOTE]  

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

        1.    Interest    

        CVS
CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the
"Company"), promises to pay interest on the principal amount of this Note at the rate per annum shown above  provided, however, that if a Registration Default (as defined in the Registration Rights Agreement)
occurs, interest will accrue on this security at a rate of 0.25% per annum for the first 90 days immediately following a Registration Default and such rate will increase by an additional 0.25%
per annum at the beginning of each subsequent 90-day period that such Registration Default continues; provided further that, at no time
shall such additional interest rate exceed 0.50% per annum and upon cessation of a Registration Default, such additional interest shall cease to accrue. Such additional interest shall accrue on this
Note over and above the interest set forth in the title of this Note from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured. 

        The
Company will pay interest semi-annually on March 15 and September 15 of each year, commencing March 15, 2005. Interest on the Notes will accrue from
the most recent date to which interest has been paid, or, if no interest has been paid, from September 14, 2004, or such other date on which the Notes are originally issued. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes. 

        2.    Method of Payment    

        The
Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 or
September 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent
to collect principal payments. The Company will pay principal, premium, if any, and interest and additional interest, if any, in money of the United States that at the time of payment is legal tender
for payment of public and private debts by wire transfer of immediately available funds to the accounts specified by the Holders, or, if no such account is specified, the Company may pay principal and
interest by check payable in such money. It may mail an interest check to a Holder's registered address. 

        3.    Paying Agent and Registrar    

        Initially,
The Bank of New York, a New York banking corporation (the "Trustee"), will act as Paying Agent and Registrar. The Company may
appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent,
Registrar or co-registrar. 

        4.    Indenture    

        The
Company issued the Notes under an Indenture dated as of September 14, 2004 (the "Indenture"), between the Company and the
Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15  U.S.C. §§77aaa-77bbbb) as in
effect on the date of the Indenture (the
"TIA"). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such
terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of those terms. 

        The
Notes are general obligations of the Company initially limited to [NOTES DUE 2009:
$650,000,000] [NOTES DUE 2014: $550,000,000] aggregate principal
amount (subject to Section 2.07 

A-5

 

of
the Indenture). The Company may at any time issue additional notes under the Indenture in unlimited amounts having the same terms as and treated as a single class with the Notes for all purposes
under the Indenture and will vote together as one class with respect to the Notes. The Indenture imposes certain limitations on the incurrence of certain additional indebtedness by the Company and
certain of its subsidiaries and the entry into certain sale and leaseback arrangements by the Company and certain of its subsidiaries. The Indenture also restricts the ability of the Company to
consolidate or merge with or into, or to transfer all or substantially all its assets to, another person. 

        5.    Optional Redemption    

        The
Company, at its option, may at any time redeem all or any portion of the Notes, at a redemption price plus accrued interest to the date of redemption, equal to the greater of
(i) 100% of their principal amount or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 20 basis points. 

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

        "Comparable Treasury Price" means, with respect to any redemption date applicable to the Notes, (i) the average of the applicable
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such applicable Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such Quotations. 

        "Independent Investment Banker" means, with respect to the Notes offered hereby, Credit Suisse First Boston LLC or, if such firm is
unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee. 

        "Reference Treasury Dealer" means, with respect to the Notes offered hereby, (i) Credit Suisse First Boston LLC and its successors;  provided, however, that if the foregoing shall cease to be a primary United States Government securities
dealer in New York City (a "Primary Treasury Dealer"), the Company shall substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Company. 

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

        "Treasury Yield" means, with respect to any redemption date applicable to the Notes, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury
Price for such redemption date. 

        6.    Notice of Redemption    

        Notice
of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address.
Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Notes (or
portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the 

A-6

 

redemption
date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 

        7.    Denominations; Transfer; Exchange    

        The
Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. Holders of Notes may transfer or exchange Notes in accordance with the
Indenture. The Registrar may require a Holder of a Note, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the
Indenture. The Registrar need not register the transfer of or exchange any Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be
redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 

        8.    Persons Deemed Owners    

        The
registered Holder of this Note may be treated as the sole owner of such Note for all purposes. 

        9.    Unclaimed Money    

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

        10.    Discharge and Defeasance    

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

        11.    Amendment; Waiver    

        Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in principal
amount outstanding of the Notes; and (ii) any default or compliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the Notes then
outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of a Note, the Company and the Trustee may amend the Indenture or the Notes to cure any
ambiguity, omission, defect or inconsistency, or to comply with Article V of the Indenture or that does not materially and adversely affect the rights of any Holder of a Note or to comply with
requirements of the SEC in connection with the qualification of the Indenture under the TIA. 

        12.    Defaults and Remedies    

        If
an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 

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

A-7

 

        13.    Trustee Dealings with the Company    

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

        14.    No Recourse Against Others    

        A
director, officer, employee or stockholder, as such, of the Company or the Trustee shall not have any liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of such obligations. By accepting a Note, each Holder of a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes. 

        15.    Authentication    

        This
Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the face of this Note. 

        16.    Abbreviations    

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

        17.    Holders' Compliance with Registration Rights Agreement    

        Each
Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including, without limitation, the obligations of the Holders
with respect to a registration and the indemnification of the Company to the extent provided therein. 

        18.    CUSIP Numbers    

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

        19.    Governing Law    

        This
Security shall be governed by, and construed in accordance with, the laws of the State of New York but without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be required thereby. 

        The
Company will furnish to any Holder of a Note upon written request and without charge to such Holder of a Note a copy of the Indenture. Requests may be made to: 

CVS
Corporation

670 White Plains Road, Suite 210

Scarsdale, New York 10583

Attention: Nancy R. Christal 

A-8

 
ASSIGNMENT FORM 

To
assign this Note, complete the form below: 

I
or we assign and transfer this Note to: 

        [Print or type assignee's name, address and zip code]

        [Insert assignee's soc. sec. or tax I.D. No.]

and
irremovably appoint                        agent to transfer this Note on the books of the Company. The agent may substitute
another to act for him. 

	

	

Date:	
 	

          
	
 	

Your Signature:	
 	

          

	

Sign
exactly as your name appears on the face of this Note. 

A-9

 
CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION

OF TRANSFER OF RESTRICTED NOTES  

This
certificate relates to $            principal amount of Notes held in (check applicable space)        book-entry
or        definitive form by the undersigned. 

The
undersigned (check one box below): 

	o
	has
requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a
Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above)
and the Company has consented to the exchange; or

	o
	has
requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

The undersigned confirms that such Notes are being: 

CHECK
ONE BOX BELOW: 

	(1)	 	o	 	acquired for the undersigned's own account, without Transfer (in satisfaction of Section 2.06(a)(ii)(A) of the Indenture); or
	

(2)	
 	

o	
 	

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

(3)	
 	

o	
 	

transferred pursuant to and in compliance with Regulation S under the Securities Act of 1933, as amended; or
	

(4)	
 	

o	
 	

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

(5)	
 	

o	
 	

transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended.

Unless
one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof;  provided, however, that if box (2), (3) or (4) is checked, the Company or the Trustee may
require evidence reasonably satisfactory to them as to the compliance with the restrictions set forth in the legend on the face of this Note. 

	 	 	
 Signature
	Signature Guarantee:	 	 
	 	 	
 Guaranteed:

A-10

[TO BE ATTACHED TO GLOBAL NOTES]

 
  SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE    
    

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

	Date of

Exchange
	 	Amount of decrease in

Principal Amount of

this Global Note
	 	Amount of increase in

Principal Amount of

this Global Note
	 	Principal Amount of

this Global Note

following such decrease

or increase
	 	Signature of authorized

signatory of Trustee or

Notes Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 
 

EXHIBIT B    
    

[FORM OF FACE OF EXCHANGE NOTE AND

PRIVATE EXCHANGE NOTE]  

*

	*
	If
the Note is to be issued in global form add the Global Notes Legend from Exhibit A and the attachment to  Exhibit A captioned "[TO BE ATTACHED TO GLOBAL
NOTES]—SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE". 

**

	**
	If
the Note is a Private Exchange Note issued in a Private Exchange to the Initial Purchaser holding an unsold portion of its initial allotment, add the restricted securities legend
from Exhibit A and include the "Certificate to be Delivered upon Exchange or Registration of Transfer of Restricted Notes" from  Exhibit A.

CVS CORPORATION 

	No.	 	 	 	 	 	Principal Amount $    

CUSIP No.                   

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

        CVS
CORPORATION, a Delaware corporation, promises to pay to            , or registered assigns, the principal sum of  [NOTES DUE 2009: Six Hundred
Fifty Million] [NOTES DUE 2014: Five
Hundred Fifty Million] Dollars on [NOTES DUE 2009: September 15,
2009.] [NOTES DUE 2014: September 15, 2014.]

        Interest
Payment Dates: March 15 and September 15. 

        Record
Dates: March 1 and September 1. 

        Additional
provisions of this Note are set forth on the reverse side of this Note. 

	 	 	CVS CORPORATION
	

 	
 	

By	

 
	Dated:	 	 	 
	 	 	 	
 Title:
	

 	
 	

 	

 Title

B-1

 
CVS CORPORATION 

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

TRUSTEE'S
CERTIFICATE OF

    AUTHENTICATION 

Dated:

THE
BANK OF NEW YORK, 

    as
Trustee, certifies

    that this is one of the

    Notes referred to

    in the Indenture. 

	By	 	 	 
	 	 	
 Authorized Signatory	 

B-2

 
[FORM OF REVERSE SIDE OF NOTE]  

[NOTES DUE 2009: 4% Notes Due September 15, 2009]

[NOTES DUE 2014: 47/8% Notes Due September 15, 2014]

        1.    Interest    

        CVS
CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the
"Company"), promises to pay interest on the principal amount of this Note at the rate per annum shown above  provided, however, that if a Registration Default (as defined in the Registration Rights Agreement)
occurs, interest will accrue on this security at a rate of 0.25% per annum for the first 90 days immediately following a Registration Default and such rate will increase by an additional 0.25%
per annum at the beginning of each subsequent 90-day period that such Registration Default continues; provided further that, at no time
shall such additional interest rate exceed 0.50% per annum and upon cessation of a Registration Default, such additional interest shall cease to accrue. Such additional interest shall accrue on this
Note over and above the interest set forth in the title of this Note from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured. 

        The
Company will pay interest semi-annually on March 15 and September 15 of each year, commencing March 15, 2004. Interest on the Notes will accrue from
the most recent date to which interest has been paid, or, if no interest has been paid, from September 14, 2004. Interest will be computed on the basis of a 360-day year of twelve
30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes. 

        2.    Method of Payment    

        The
Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 or
September 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent
to collect principal payments. The Company will pay principal, premium, if any, and interest and additional interest, if any, in money of the United States that at the time of payment is legal tender
for payment of public and private debts by wire transfer of immediately available funds to the accounts specified by the Holders, or, if no such account is specified, the Company may pay principal and
interest by check payable in such money. It may mail an interest check to a Holder's registered address. 

        3.    Paying Agent and Registrar    

        Initially,
The Bank of New York, a national banking association (the "Trustee"), will act as Paying Agent and Registrar. The Company may
appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent,
Registrar or co-registrar. 

        4.    Indenture    

        The
Company issued the Notes under an Indenture dated as of September 14, 2004 (the "Indenture"), between the Company and the
Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15  U.S.C.
§§77aaa-77bbbb) as in effect on the date of the Indenture (the "TIA"). Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of those
terms. 

        The
Notes are general obligations of the Company initially limited to [NOTES DUE 2009:
$650,000,000] [NOTES DUE 2014: $550,000,000] aggregate principal
amount (subject to Section 2.07 of the Indenture). The Company may at any time issue additional notes under the Indenture in 

B-3

 

unlimited
amounts having the same terms as and treated as a single class with the Notes for all purposes under the Indenture and will vote together as one class with respect to the Notes. The
Indenture imposes certain limitations on the incurrence of certain additional indebtedness by the Company and certain of its subsidiaries and the entry into certain sale and leaseback arrangements by
the Company and certain of its subsidiaries. The Indenture also restricts the ability of the Company to consolidate or merge with or into, or to transfer all or substantially all its assets to,
another person. 

        5.    Optional Redemption    

        The
Company, at its option, may at any time redeem all or any portion of the Notes, at a redemption price plus accrued interest to the date of redemption, equal to the greater of
(i) 100% of their principal amount or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 20 basis points. 

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

        "Comparable Treasury Price" means, with respect to any redemption date applicable to the Notes, (i) the average of the applicable
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such applicable Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such Quotations. 

        "Independent Investment Banker" means, with respect to the Notes offered hereby, Credit Suisse First Boston LLC or, if such firm is
unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee. 

        "Reference Treasury Dealer" means, with respect to the Notes offered hereby, (i) Credit Suisse First Boston LLC and its successors;  provided, however, that if the foregoing shall cease to be a primary United States Government securities
dealer in New York City (a "Primary Treasury Dealer"), the Company shall substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Company. 

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

        "Treasury Yield" means, with respect to any redemption date applicable to the Notes, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury
Price for such redemption date. 

        6.    Notice of Redemption    

        Notice
of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address.
Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Notes (or
portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest
ceases to accrue on such Notes (or such portions thereof) called for redemption. 

B-4

 

        7.    Denominations; Transfer; Exchange    

        The
Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. Holders of Notes may transfer or exchange Notes in accordance with the
Indenture. The Registrar may require a Holder of a Note, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the
Indenture. The
Registrar need not register the transfer of or exchange any Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes
for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 

        8.    Persons Deemed Owners    

        The
registered Holder of this Note may be treated as the sole owner of such Note for all purposes. 

        9.    Unclaimed Money    

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

        10.    Discharge and Defeasance    

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

        11.    Amendment; Waiver    

        Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in principal
amount outstanding of the Notes; and (ii) any default or compliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the Notes then
outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of a Note, the Company and the Trustee may amend the Indenture or the Notes to cure any
ambiguity, omission, defect or inconsistency, or to comply with Article V of the Indenture or that does not materially and adversely affect the rights of any Holder of a Note or to comply with
requirements of the SEC in connection with the qualification of the Indenture under the TIA. 

        12.    Defaults and Remedies    

        If
an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 

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

        13.    Trustee Dealings with the Company    

        Subject
to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise
deal 

B-5

 

with
and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

        14.    No Recourse Against Others    

        A
director, officer, employee or stockholder, as such, of the Company or the Trustee shall not have any liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of such obligations. By accepting a Note, each Holder of a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes. 

        15.    Authentication    

        This
Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the face of this Note. 

        16.    Abbreviations    

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

        17.    Holders' Compliance with Registration Rights Agreement    

        Each
Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including, without limitation, the obligations of the Holders
with respect to a registration and the indemnification of the Company to the extent provided therein. 

        18.    Governing Law    

        This
Security shall be governed by, and construed in accordance with, the laws of the State of New York but without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be required thereby. 

        19.    CUSIP Numbers    

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

        The
Company will furnish to any Holder of a Note upon written request and without charge to such Holder of a Note a copy of the Indenture. Requests may be made to: 

CVS
Corporation

670 White Plains Road, Suite 210

Scarsdale, New York 10583

Attention: Nancy R. Christal 

B-6

 
ASSIGNMENT FORM 

To
assign this Note, complete the form below: 

I
or we assign and transfer this Note to: 

        [Print or type assignee's name, address and zip code]

        [Insert assignee's soc. sec. or tax I.D. No.]

and
irremovably appoint                        agent to transfer this Note on the books of the Company. The agent may substitute
another to act for him. 

	

	

Date:	
 	

          
	
 	

Your Signature:	
 	

          

	

Sign
exactly as your name appears on the face of this Note. 

B-7

QuickLinks

Exhibit 4.1

CROSS-REFERENCE TABLE

TABLE OF CONTENTS

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE II THE NOTES

ARTICLE III REDEMPTION

ARTICLE IV COVENANTS

ARTICLE V SUCCESSORS

ARTICLE VI DEFAULTS AND REMEDIES

ARTICLE VII TRUSTEE

ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE

ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER

ARTICLE X MISCELLANEOUS

SIGNATURES

EXHIBIT A

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

EXHIBIT B

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