Document:

Exhibit
4.4

 

 

 

 

 

 

 

 

 

CRYSTAL
RIVER CAPITAL, INC.,

 

Issuer

 

AND

 

[           ]

 

Trustee

 

 

INDENTURE

 

Dated
as of [                   ],
2007

 

 

Subordinated
Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

CROSS-REFERENCE
TABLE*

 

	
  Section of

  	
   

  	
   

  
	
  Trust Indenture Act

  	
   

  	
  Section of

  
	
  of 1939, as amended

  	
   

  	
  Indenture

  
	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
  7.09

  
	
  310(b)

  	
   

  	
  7.08

  
	
    

  	
   

  	
  7.10

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  7.13(a)

  
	
  311(b)

  	
   

  	
  7.13(b)

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  5.01

  
	
   

  	
   

  	
  5.02(a)

  
	
  312(b)

  	
   

  	
  5.02(b)

  
	
  312(c)

  	
   

  	
  5.02(c)

  
	
  313(a)

  	
   

  	
  5.04(a)

  
	
  313(b)

  	
   

  	
  5.04(b)

  
	
  313(c)

  	
   

  	
  5.04(a)

  
	
   

  	
   

  	
  5.04(b)

  
	
  313(d)

  	
   

  	
  5.04(c)

  
	
  314(a)

  	
   

  	
  5.03

  
	
  314(b)

  	
   

  	
  Inapplicable

  
	
  314(c)

  	
   

  	
  13.06

  
	
  314(d)

  	
   

  	
  Inapplicable

  
	
  314(e)

  	
   

  	
  13.06

  
	
  314(f)

  	
   

  	
  Inapplicable

  
	
  315(a)

  	
   

  	
  7.01(a)

  
	
   

  	
   

  	
  7.02

  
	
  315(b)

  	
   

  	
  6.07

  
	
  315(c)

  	
   

  	
  7.01

  
	
  315(d)

  	
   

  	
  7.01(b)

  
	
   

  	
   

  	
  7.01(c)

  
	
  315(e)

  	
   

  	
  6.07

  
	
  316(a)

  	
   

  	
  6.06

  
	
   

  	
   

  	
  8.04

  
	
  316(b)

  	
   

  	
  6.04

  
	
  316(c)

  	
   

  	
  8.01

  
	
  317(a)

  	
   

  	
  6.02

  
	
  317(b)

  	
   

  	
  4.03

  
	
  318(a) 

  	
   

  	
  13.08

  

 

*                                         This
Cross-Reference Table does not constitute part of the Indenture and shall not
have any bearing on the interpretation of any of its terms or provisions.

 

 

 

 

 

TABLE OF
CONTENTS*

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  PARTIES

  	
   

  	
   

  	
   

  	
  1

  
	
  RECITALS

  	
   

  	
   

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ARTICLE I.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01

  	
   

  	
  Definitions of Terms

  	
   

  	
  1

  
	
   

  	
   

  	
  Affiliate

  	
   

  	
  1

  
	
   

  	
   

  	
  Authenticating Agent

  	
   

  	
  1

  
	
   

  	
   

  	
  Bankruptcy Law

  	
   

  	
  1

  
	
   

  	
   

  	
  Board of Directors

  	
   

  	
  1

  
	
   

  	
   

  	
  Board Resolution

  	
   

  	
  1

  
	
   

  	
   

  	
  Business Day

  	
   

  	
  1

  
	
   

  	
   

  	
  Certificate

  	
   

  	
  1

  
	
   

  	
   

  	
  Company

  	
   

  	
  2

  
	
   

  	
   

  	
  Corporate Trust Office

  	
   

  	
  2

  
	
   

  	
   

  	
  Custodian

  	
   

  	
  2

  
	
   

  	
   

  	
  Default

  	
   

  	
  2

  
	
   

  	
   

  	
  Depositary

  	
   

  	
  2

  
	
   

  	
   

  	
  Event of Default

  	
   

  	
  2

  
	
   

  	
   

  	
  Global Security

  	
   

  	
  2

  
	
   

  	
   

  	
  Governmental Obligations

  	
   

  	
  2

  
	
   

  	
   

  	
  “herein”, “hereof” and
  “hereunder”

  	
   

  	
  2

  
	
   

  	
   

  	
  Indenture

  	
   

  	
  2

  
	
   

  	
   

  	
  Interest Payment Date

  	
   

  	
  2

  
	
   

  	
   

  	
  Officers’ Certificate

  	
   

  	
  2

  
	
   

  	
   

  	
  Opinion of Counsel

  	
   

  	
  2

  
	
   

  	
   

  	
  Outstanding

  	
   

  	
  2

  
	
   

  	
   

  	
  Person

  	
   

  	
  3

  
	
   

  	
   

  	
  Predecessor Security

  	
   

  	
  3

  
	
   

  	
   

  	
  Responsible Officer

  	
   

  	
  3

  
	
   

  	
   

  	
  Securities

  	
   

  	
  3

  
	
   

  	
   

  	
  Securityholder

  	
   

  	
  3

  
	
   

  	
   

  	
  Subsidiary

  	
   

  	
  3

  
	
   

  	
   

  	
  Trust Indenture Act

  	
   

  	
  3

  
	
   

  	
   

  	
  Trustee

  	
   

  	
  3

  
	
   

  	
   

  	
  Voting Stock

  	
   

  	
  3

  

 

 

*                                         This Table of
Contents does not constitute part of the Indenture and shall not have any
bearing on the interpretation of any of its terms or provisions.

 

 

i

 

TABLE OF
CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE
  II.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ISSUE,
  DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01

  	
   

  	
  Designation and Terms of
  Securities

  	
   

  	
  3

  
	
  SECTION 2.02

  	
   

  	
  Form of Securities and
  Trustee’s Certificate

  	
   

  	
  5

  
	
  SECTION 2.03

  	
   

  	
  Denominations; Provisions
  for Payment

  	
   

  	
  5

  
	
  SECTION 2.04

  	
   

  	
  Execution and
  Authentications

  	
   

  	
  6

  
	
  SECTION 2.05

  	
   

  	
  Registration of Transfer
  and Exchange

  	
   

  	
  7

  
	
  SECTION 2.06

  	
   

  	
  Temporary Securities

  	
   

  	
  7

  
	
  SECTION 2.07

  	
   

  	
  Mutilated, Destroyed, Lost
  or Stolen Securities

  	
   

  	
  8

  
	
  SECTION 2.08

  	
   

  	
  Cancellation

  	
   

  	
  8

  
	
  SECTION 2.09

  	
   

  	
  Benefits of Indenture

  	
   

  	
  8

  
	
  SECTION 2.10

  	
   

  	
  Authenticating Agent

  	
   

  	
  9

  
	
  SECTION 2.11

  	
   

  	
  Global Securities

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REDEMPTION
  OF SECURITIES AND SINKING FUND PROVISIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.01

  	
   

  	
  Redemption

  	
   

  	
  10

  
	
  SECTION 3.02

  	
   

  	
  Notice of Redemption

  	
   

  	
  10

  
	
  SECTION 3.03

  	
   

  	
  Payment Upon Redemption

  	
   

  	
  10

  
	
  SECTION 3.04

  	
   

  	
  Sinking Fund

  	
   

  	
  11

  
	
  SECTION 3.05

  	
   

  	
  Satisfaction of Sinking
  Fund Payments with Securities

  	
   

  	
  11

  
	
  SECTION 3.06

  	
   

  	
  Redemption of Securities
  for Sinking Fund

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CERTAIN
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01

  	
   

  	
  Payment of Principal,
  Premium and Interest

  	
   

  	
  11

  
	
  SECTION 4.02

  	
   

  	
  Maintenance of Office or
  Agency

  	
   

  	
  11

  
	
  SECTION 4.03

  	
   

  	
  Paying Agents

  	
   

  	
  12

  
	
  SECTION 4.04

  	
   

  	
  Appointment to Fill Vacancy
  in Office of Trustee

  	
   

  	
  12

  
	
  SECTION 4.05

  	
   

  	
  Compliance with
  Consolidation Provisions

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECURITYHOLDERS’
  LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01

  	
   

  	
  Company to Furnish Trustee
  Names and Addresses of Securityholders

  	
   

  	
  13

  
	
  SECTION 5.02

  	
   

  	
  Preservation of
  Information; Communications with Securityholders

  	
   

  	
  13

  
	
  SECTION 5.03

  	
   

  	
  Reports by the Company

  	
   

  	
  13

  
	
  SECTION 5.04

  	
   

  	
  Reports by the Trustee

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VI.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  REMEDIES
  OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01

  	
   

  	
  Events of Default

  	
   

  	
  14

  
	
  SECTION 6.02

  	
   

  	
  Collection of Indebtedness
  and Suits for Enforcement by Trustee

  	
   

  	
  15

  
	
  SECTION 6.03

  	
   

  	
  Application of Moneys
  Collected

  	
   

  	
  16

  
	
  SECTION 6.04

  	
   

  	
  Limitation on Suits

  	
   

  	
  16

  
	
  SECTION 6.05

  	
   

  	
  Rights and Remedies Cumulative;
  Delay or Omission Not Waiver

  	
   

  	
  16

  
	
  SECTION 6.06

  	
   

  	
  Control by Securityholders

  	
   

  	
  17

  
	
  SECTION 6.07

  	
   

  	
  Undertaking to Pay Costs

  	
   

  	
  17

  

 

 

ii

 

TABLE OF
CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONCERNING
  THE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01

  	
   

  	
  Certain Duties and
  Responsibilities of Trustee

  	
   

  	
  17

  
	
  SECTION 7.02

  	
   

  	
  Certain Rights of Trustee

  	
   

  	
  18

  
	
  SECTION 7.03

  	
   

  	
  Trustee Not Responsible for
  Recitals or Issuance or Securities

  	
   

  	
  19

  
	
  SECTION 7.04

  	
   

  	
  May Hold Securities

  	
   

  	
  19

  
	
  SECTION 7.05

  	
   

  	
  Moneys Held in Trust

  	
   

  	
  19

  
	
  SECTION 7.06

  	
   

  	
  Compensation and
  Reimbursement

  	
   

  	
  19

  
	
  SECTION 7.07

  	
   

  	
  Reliance on Officers’
  Certificate

  	
   

  	
  20

  
	
  SECTION 7.08

  	
   

  	
  Disqualification;
  Conflicting Interests

  	
   

  	
  20

  
	
  SECTION 7.09

  	
   

  	
  Corporate Trustee Required;
  Eligibility

  	
   

  	
  20

  
	
  SECTION 7.10

  	
   

  	
  Resignation and Removal;
  Appointment of Successor

  	
   

  	
  20

  
	
  SECTION 7.11

  	
   

  	
  Acceptance of Appointment
  By Successor

  	
   

  	
  21

  
	
  SECTION 7.12

  	
   

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
   

  	
  22

  
	
  SECTION 7.13

  	
   

  	
  Preferential Collection of
  Claims Against the Company

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CONCERNING
  THE SECURITYHOLDERS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01

  	
   

  	
  Evidence of Action by
  Securityholders

  	
   

  	
  22

  
	
  SECTION 8.02

  	
   

  	
  Proof of Execution by
  Securityholders

  	
   

  	
  23

  
	
  SECTION 8.03

  	
   

  	
  Who May be Deemed Owners

  	
   

  	
  23

  
	
  SECTION 8.04

  	
   

  	
  Certain Securities Owned by
  Company Disregarded

  	
   

  	
  23

  
	
  SECTION 8.05

  	
   

  	
  Actions Binding on Future
  Securityholders

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IX.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUPPLEMENTAL
  INDENTURES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01

  	
   

  	
  Supplemental Indentures
  Without the Consent of Securityholders

  	
   

  	
  23

  
	
  SECTION 9.02

  	
   

  	
  Supplemental Indentures
  With Consent of Securityholders

  	
   

  	
  24

  
	
  SECTION 9.03

  	
   

  	
  Effect of Supplemental
  Indentures

  	
   

  	
  25

  
	
  SECTION 9.04

  	
   

  	
  Securities Affected by
  Supplemental Indentures

  	
   

  	
  25

  
	
  SECTION 9.05

  	
   

  	
  Execution of Supplemental
  Indentures

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  X.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUCCESSOR
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01

  	
   

  	
  Company May Consolidate,
  Etc

  	
   

  	
  25

  
	
  SECTION 10.02

  	
   

  	
  Successor Corporation
  Substituted

  	
   

  	
  26

  
	
  SECTION 10.03

  	
   

  	
  Evidence of Consolidation,
  Etc. to Trustee

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XI.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SATISFACTION
  AND DISCHARGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.01

  	
   

  	
  Satisfaction and Discharge
  of Indenture

  	
   

  	
  26

  
	
  SECTION 11.02

  	
   

  	
  Discharge of Obligations

  	
   

  	
  26

  
	
  SECTION 11.03

  	
   

  	
  Deposited Moneys to be Held
  in Trust

  	
   

  	
  27

  
	
  SECTION 11.04

  	
   

  	
  Payment of Moneys Held by
  Paying Agents

  	
   

  	
  27

  
	
  SECTION 11.05

  	
   

  	
  Repayment to Company

  	
   

  	
  27

  

 

 

iii

 

TABLE OF
CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XII.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IMMUNITY
  OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION
  12.01

  	
   

  	
  No
  Recourse

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS
  PROVISIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.01

  	
   

  	
  Effect on Successors and
  Assigns

  	
   

  	
  27

  
	
  SECTION 13.02

  	
   

  	
  Actions by Successor

  	
   

  	
  27

  
	
  SECTION 13.03

  	
   

  	
  Surrender of Company Powers

  	
   

  	
  28

  
	
  SECTION 13.04

  	
   

  	
  Notices

  	
   

  	
  28

  
	
  SECTION 13.05

  	
   

  	
  Governing Law

  	
   

  	
  28

  
	
  SECTION 13.06

  	
   

  	
  Treatment of Securities as
  Debt

  	
   

  	
  28

  
	
  SECTION 13.07

  	
   

  	
  Compliance Certificates and
  Opinions

  	
   

  	
  28

  
	
  SECTION 13.08

  	
   

  	
  Payments on Business Days

  	
   

  	
  28

  
	
  SECTION 13.09

  	
   

  	
  Conflict with Trust
  Indenture Act

  	
   

  	
  28

  
	
  SECTION 13.10

  	
   

  	
  Counterparts

  	
   

  	
  29

  
	
  SECTION 13.11

  	
   

  	
  Separability

  	
   

  	
  29

  
	
  SECTION 13.12

  	
   

  	
  Assignment

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XIV.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBORDINATION
  OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.01

  	
   

  	
  Subordination Terms

  	
   

  	
  29

  

 

 

iv

 

 

                INDENTURE, dated as of [ ], 2007, among Crystal River
Capital, Inc., a Maryland corporation (the “Company”), and [ ], as trustee (the
“Trustee”):

 

                WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of unsecured subordinated debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to
be issued from time to time in one or more series as in this Indenture
provided, as registered Securities without coupons, to be authenticated by the
certificate of the Trustee;

 

                WHEREAS, to provide the terms and conditions upon
which the Securities are to be authenticated, issued and delivered, the Company
has duly authorized the execution of this Indenture; and

 

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

 

                NOW, THEREFORE, in consideration of the premises and
the purchase of the Securities by the holders thereof, it is mutually
covenanted and agreed as follows for the equal and ratable benefit of the
holders of Securities:

 

ARTICLE
I

 

DEFINITIONS

 

                SECTION 1.01 Definitions of Terms.

 

                The terms defined in this Section (except as in this
Indenture otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental
hereto shall have the respective meanings specified in this Section and shall
include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or
that are by reference in such Act defined in the Securities Act of 1933, as
amended (except as herein otherwise expressly provided or unless the context
otherwise requires), shall have the meanings assigned to such terms in said
Trust Indenture Act and in said Securities Act as in force at the date of the
execution of this instrument.

 

                “Affiliate” means, with respect to a specified
Person, (a) any Person directly or indirectly owning, controlling or holding
with power to vote 10% or more of the outstanding voting securities or other
ownership interests of the specified Person, (b) any Person 10% or more of
whose outstanding voting securities or other ownership interests are directly
or indirectly owned, controlled or held with power to vote by the specified
Person, (c) any Person directly or indirectly controlling, controlled by, or
under common control with the specified Person, (d) a partnership in which the
specified Person is a general partner, (e) any officer or director of the
specified Person, and (f) if the specified Person is an individual, any entity
of which the specified Person is an officer, director or general partner.

 

                “Authenticating Agent” means an authenticating agent
with respect to all or any of the series of Securities appointed with respect
to all or any series of the Securities by the Trustee pursuant to Section 2.10.

 

                “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 duly authorized committee of such Board.

 

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

 

                “Business Day” means, with respect to any series of
Securities, any day other than a day on which Federal or State banking
institutions in the Borough of Manhattan, The City of New York, are authorized
or obligated by law, executive order or regulation to close.

 

                “Certificate” means a certificate signed by the
principal executive officer, the principal financial officer, the Treasurer or
the principal accounting officer of the Company. The Certificate need not
comply with the provisions of Section 13.07.

 

1

 

 

                “Company” means Crystal River Capital, Inc., a
corporation duly organized and existing under the laws of the State of
Maryland, and, subject to the provisions of Article Ten, shall also include its
successors and assigns.

 

                “Corporate Trust Office” means the office of the
Trustee at which, at any particular time, its corporate trust business shall be
principally administered, which office at the date hereof is located at [ ],
except that whenever a provision herein refers to an office or agency of the
Trustee in the Borough of Manhattan, The City of New York, such office is
located, at the date hereof, at [ ].

 

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

 

                “Default” means any event, act or condition that with
notice or lapse of time, or both, would constitute an Event of Default.

 

                “Depositary” means, with respect to Securities of any
series, for which the Company shall determine that such Securities will be
issued as a Global Security, The Depository Trust Company, New York, New York,
another clearing agency, or any successor registered as a clearing agency under
the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or
other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.01 or 2.11.

 

                “Event of Default” means, with respect to Securities
of a particular series any event specified in Section 6.01, continued for the
period of time, if any, therein designated.

 

                “Global Security” means, with respect to any series
of Securities, a Security executed by the Company and delivered by the Trustee
to the Depositary or pursuant to the Depositary’s instruction, all in
accordance with the Indenture, which shall be registered in the name of the
Depositary or its nominee.

 

                “Governmental Obligations” means securities that are
(i) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United
States of America, the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America that, in either
case, are not callable or redeemable at the option of the issuer thereof, and
shall also include a depositary receipt issued by a bank (as defined in Section
3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to
any such Governmental Obligation or a specific payment of principal of or
interest on any such Governmental Obligation held by such custodian for the
account of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Governmental Obligation
or the specific payment of principal of or interest on the Governmental
Obligation evidenced by such depositary receipt.

 

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

 

                “Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into in accordance with the terms
hereof.

 

                “Interest Payment Date”, when used with respect to
any installment of interest on a Security of a particular series, means the
date specified in such Security or in a Board Resolution or in an indenture
supplemental hereto with respect to such series as the fixed date on which an
installment of interest with respect to Securities of that series is due and
payable.

 

                “Officers’ Certificate” means a certificate signed by
two of the following officers: the President, any Senior Vice President, any
Executive Vice President, any Vice President, the Treasurer, any Assistant
Treasurer, the Secretary or any Assistant Secretary of the Company that is
delivered to the Trustee in accordance with the terms hereof. Each such
certificate shall include the statements provided for in Section 13.07, if and
to the extent required by the provisions thereof.

 

                “Opinion of Counsel” means an opinion in writing of
legal counsel, who may be an employee of or counsel for the Company or its
external manager, if any, that is delivered to the Trustee in accordance with
the terms hereof. Each such opinion shall include the statements provided for
in Section 13.07, if and to the extent required by the provisions thereof.

 

                “Outstanding”, when used with reference to Securities
of any series, means, subject 

 

2

 

to the provisions of Section
8.04, as of any particular time, all Securities of that series theretofore
authenticated and delivered by the Trustee under this Indenture, except (a)
Securities theretofore canceled by the Trustee or any paying agent, or
delivered to the Trustee or any paying agent for cancellation or that have
previously been canceled; (b) Securities or portions thereof for the payment or
redemption of which moneys or Governmental Obligations in the necessary amount
shall have been deposited in trust with the Trustee or with any paying agent
(other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own paying agent); provided,
however, that if such Securities or portions of such Securities are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article Three provided, or provision satisfactory to the
Trustee shall have been made for giving such notice; and (c) Securities in lieu
of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

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

 

                “Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 2.07 in lieu
of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security.

 

                “Responsible Officer” when used with respect to the
Trustee means the Chairman of the Board of Directors, the Chairman, any Vice
President, the Secretary, the Treasurer, any trust officer, any corporate trust
officer or any other officer or assistant officer of the Trustee customarily
performing 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 his or her knowledge of and familiarity with the particular
subject.

 

                “Securities” means the debt Securities authenticated
and delivered under this Indenture.

 

                “Securityholder”, “holder of Securities”, “registered
holder”, or other similar term, means the Person or Persons in whose name or
names a particular Security shall be registered on the books of the Company
kept for that purpose in accordance with the terms of this Indenture.

 

                “Subsidiary” means, with respect to any Person, (i)
any corporation at least a majority of whose outstanding Voting Stock shall at
the time be owned, directly or indirectly, by such Person or by one or more of
its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii)
any general partnership, joint venture or similar entity, at least a majority
of whose outstanding partnership or similar interests shall at the time be
owned by such Person, or by one or more of its Subsidiaries, or by such Person
and one or more of its Subsidiaries and (iii) any limited partnership of which
such Person or any of its Subsidiaries is a general partner.

 

                “Trust Indenture Act” means the Trust Indenture Act
of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01,
as in effect at the date of execution of this instrument.

 

                “Trustee” means [ ], and, subject to the provisions
of Article Seven, shall also include its successors and assigns, and, if at any
time there is more than one Person acting in such capacity hereunder, “Trustee”
shall mean each such Person. The term “Trustee” as used with respect to a
particular series of the Securities shall mean the trustee with respect to that
series.

 

                 “Voting
Stock”, as applied to stock of any Person, means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

 

ARTICLE
II

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION,

REGISTRATION
AND EXCHANGE OF SECURITIES

 

                SECTION 2.01 Designation and Terms of Securities.

 

                (a) The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal
amount of Securities of that series from time to time authorized by or pursuant
to a Board Resolution of the Company or pursuant to one or more indentures
supplemental hereto. 

 

3

 

Prior to the initial issuance
of Securities of any series, there shall be established in or pursuant to a
Board Resolution of the Company, and set forth in an Officers’ Certificate of
the Company, or established in one or more indentures supplemental hereto:

 

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

 

(2)
any limit upon the aggregate principal amount of the Securities of that series
that may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of that series);

 

(3)
the date or dates on which the principal of the Securities of the series is
payable;

 

(4)
the rate or rates at which the Securities of the series shall bear interest or
the manner of calculation of such rate or rates, if any;

 

(5)
the date or dates from which such interest shall accrue, the Interest Payment
Dates on which such interest will be payable or the manner of determination of
such Interest Payment Dates and the record date for the determination of
holders to whom interest is payable on any such Interest Payment Dates;

 

(6)
the right, if any, to extend the interest payment periods and the duration of
such extension;

 

(7)
the period or periods within which, the price or prices at which and the terms
and conditions upon which, Securities of the series may be redeemed, in whole
or in part, at the option of the Company;

 

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

 

(9)
the subordination terms of the Securities of the series;

 

(10)
the form of the Securities of the series including the form of the Certificate
of Authentication for such series;

 

(11)
if other than denominations of one thousand U.S. dollars ($1,000) or any
integral multiple thereof, the denominations in which the Securities of the
series shall be issuable;

 

(12)
any and all other terms with respect to such series (which terms shall not be
inconsistent with the terms of this Indenture) including any terms which may be
required by or advisable under United States laws or regulations or advisable
in connection with the marketing of Securities of that series;

 

(13)
whether the Securities are issuable as a Global Security and, in such case, the
identity for the Depositary for such series;

 

(14)
whether the Securities will be convertible into shares of common stock or other
securities of the Company and, if so, the terms and conditions upon which such
Securities will be so convertible, including the conversion price and the
conversion period;

 

(15)
if the amount of payments of principal of and any premium or interest on the
Securities of the series may be determined with reference to an index, the
manner in which such amounts shall be determined;

 

4

 

(16)
if other than the principal amount thereof, the portion of the principal amount
of Securities of the series which shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.01;

 

(17)
any additional or different Events of Default or restrictive covenants provided
for with respect to the Securities of the series;

 

(18)
any provisions granting special rights to holders when a specified event
occurs; and

 

(19)
any special tax implications of the notes, including provisions for original
issue discount securities, if offered.

 

                All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise
be provided in or pursuant to any such Board Resolution or in any indentures
supplemental hereto.

 

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

 

                Securities of any particular series may be issued at
various times, with different dates on which the principal or any installment
of principal is payable, with different rates of interest, if any, or different
methods by which rates of interest may be determined, with different dates on
which such interest may be payable and with different redemption dates. Unless
otherwise provided, a series may be reopened for issuances of additional
Securities of such series.

 

                SECTION 2.02 Form of Securities and Trustee’s
Certificate.

 

                The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more indentures
supplemental hereto or as provided in a Board Resolution of the Company and as
set forth in an Officers’ Certificate of the Company and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation
made pursuant thereto or with any rule or regulation of any stock exchange on
which Securities of that series may be listed, or to conform to usage.

 

                SECTION 2.03 Denominations; Provisions for Payment.

 

                The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or
any integral multiple thereof, subject to Section 2.01(11). The Securities of a
particular series shall bear interest payable on the dates and at the rate
specified with respect to that series. The principal of and the interest on the
Securities of any series, as well as any premium thereon in case of redemption
thereof prior to maturity, shall be payable in the coin or currency of the
United States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, the City and State of New York. Each
Security shall be dated the date of its authentication. Interest on the
Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

                The interest installment on any Security that is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date for Securities of that series shall be paid to the Person in whose name
said Security (or one or more Predecessor Securities) is registered at the
close of business on the regular record date for such interest installment. In
the event that any Security of a particular series or portion thereof is called
for redemption and the redemption date is subsequent to a regular record date
with respect to any Interest Payment Date and prior to such Interest Payment
Date, interest on such Security will be paid upon presentation and surrender of
such Security as provided in Section 3.03.

 

                Any interest on any Security that is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date for
Securities of the same series (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder; and such Defaulted Interest
shall be paid by the Company, at its election, as provided in clause (1) or
clause (2) below:

 

5

 

(1)
The Company may make payment of any Defaulted Interest on Securities to the
Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special record date
for the payment of such Defaulted Interest, which shall be fixed in the
following manner: the Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each such Security and the date of
the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a special record date for the payment of such Defaulted
Interest which shall not be more than 15 nor less than 10 days prior to the
date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such special record date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the special record date therefor to be mailed, first
class postage prepaid, to each Securityholder at his or her address as it appears
in the Security Register (as hereinafter defined), not less than 10 days prior
to such special record date. Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered on such
special record date and shall be no longer payable pursuant to the following
clause (2).

 

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

 

                Unless otherwise set forth in a Board Resolution of
the Company or one or more indentures supplemental hereto establishing the
terms of any series of Securities pursuant to Section 2.01 hereof, the term
“regular record date” as used in this Section with respect to a series of
Securities with respect to any Interest Payment Date for such series shall mean
either the fifteenth day of the month immediately preceding the month in which
an Interest Payment Date established for such series pursuant to Section 2.01
hereof shall occur, if such Interest Payment Date is the first day of a month,
or the last day of the month immediately preceding the month in which an
Interest Payment Date established for such series pursuant to Section 2.01
hereof shall occur, if such Interest Payment Date is the fifteenth day of a
month, whether or not such date is a Business Day.

 

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

 

                SECTION 2.04 Execution and Authentications.

 

                The Securities shall be signed on behalf of the
Company by two of its officers, under its corporate seal attested by its
Secretary or one of its Assistant Secretaries. Signatures may be in the form of
a manual or facsimile signature. The Company may use the facsimile signature of
any Person who shall have been an officer thereof, notwithstanding the fact
that at the time the Securities shall be authenticated and delivered or disposed
of such Person shall have ceased to be such officer of the Company. The seal of
the Company may be in the form of a facsimile of such seal and may be
impressed, affixed, imprinted or otherwise reproduced on the Securities. The
Securities may contain such notations, legends or endorsements required by law,
stock exchange rule or usage. Each Security shall be dated the date of its
authentication by the Trustee.

 

                A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee, or by an Authenticating
Agent. Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture.

 

6

 

                At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any
series executed by the Company to the Trustee for authentication, together with
a written order of the Company for the authentication and delivery of such
Securities, signed by two of its officers in accordance with such written order
shall authenticate and deliver such Securities.

 

                In authenticating such Securities and accepting the
additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject to Section
7.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the
provisions of this Indenture.

 

                The Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner that is not reasonably acceptable to
the Trustee.

 

                SECTION 2.05 Registration of Transfer and Exchange.

 

                (a) Securities of any series may be exchanged upon
presentation thereof at the office or agency of the Company designated for such
purpose in the Borough of Manhattan, the City and State of New York, for other
Securities of such series of authorized denominations, and for a like aggregate
principal amount, upon payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, all as provided in this Section. In
respect of any Securities so surrendered for exchange, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver
in exchange therefor the Security or Securities of the same series that the
Securityholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

 

                (b) The Company shall keep, or cause to be kept, at
its office or agency designated for such purpose in the Borough of Manhattan,
the City and State of New York, or such other location designated by the
Company a register or registers (herein referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Company shall register the Securities and the transfers of Securities as in
this Article provided and which at all reasonable times shall be open for
inspection by the Trustee. The registrar for the purpose of registering
Securities and transfer of Securities as herein provided shall be appointed as
authorized by Board Resolution (the “Security Registrar”).

 

                Upon surrender for transfer of any Security at the
office or agency of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver
in the name of the transferee or transferees a new Security or Securities of
the same series as the Security presented for a like aggregate principal amount.

 

                All Securities presented or surrendered for exchange
or registration of transfer, as provided in this Section, shall be accompanied
(if so required by the Company or the Security Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or
the Security Registrar, duly executed by the registered holder or by such
holder’s duly authorized attorney in writing.

 

                (c) No service charge shall be made for any exchange
or registration of transfer of Securities, or issue of new Securities in case
of partial redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.06, the second paragraph of
Section 3.03 and Section 9.04 not involving any transfer.

 

                (d) The Company shall not be required (i) to issue,
exchange or register the transfer of any Securities during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of
redemption of less than all the Outstanding Securities of the same series and
ending at the close of business on the day of such mailing, nor (ii) to
register the transfer of or exchange any Securities of any series or portions
thereof called for redemption. The provisions of this Section 2.05 are, with
respect to any Global Security, subject to Section 2.11 hereof.

 

                SECTION 2.06 Temporary Securities.

 

                Pending the preparation of definitive Securities of
any series, the Company may execute, and the Trustee shall authenticate and
deliver, temporary Securities (printed, lithographed or typewritten) of any
authorized denomination. Such temporary Securities shall be substantially in
the form of the definitive Securities in lieu of which they are issued, but
with such omissions, insertions and variations as may be appropriate for
temporary Securities, all as may be determined by the Company. Every temporary
Security of any series shall be executed by the Company and be authenticated by
the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities of such series. Without
unnecessary delay the Company will execute and will 

 

7

 

furnish definitive Securities
of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the
office or agency of the Company designated for the purpose in the Borough of
Manhattan, the City and State of New York, and the Trustee shall authenticate
and such office or agency shall deliver in exchange for such temporary
Securities an equal aggregate principal amount of definitive Securities of such
series, unless the Company advises the Trustee to the effect that definitive
Securities need not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Securities of such series shall be
entitled to the same benefits under this Indenture as definitive Securities of
such series authenticated and delivered hereunder.

 

                SECTION 2.07 Mutilated, Destroyed, Lost or Stolen
Securities.

 

                In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the
next succeeding sentence) shall execute, and upon the Company’s request the
Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in
exchange and substitution for the mutilated Security, or in lieu of and in
substitution for the Security so destroyed, lost or stolen. In every case the
applicant for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to save each of
them harmless, and, in every case of destruction, loss or theft, the applicant
shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of the applicant’s Security and
of the ownership thereof. The Trustee may authenticate any such substituted
Security and deliver the same upon the written request or authorization of any
officer of the Company. Upon the issuance of any substituted Security, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
In case any Security that has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Security) if the applicant for
such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of
destruction, loss or theft, evidence to the satisfaction of the Company and the
Trustee of the destruction, loss or theft of such Security and of the ownership
thereof.

 

                Every replacement Security issued pursuant to the
provisions of this Section shall constitute an additional contractual
obligation of the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of the same series duly issued hereunder. All
Securities shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the
extent lawful) any and all other rights or remedies, notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without
their surrender.

 

                SECTION 2.08 Cancellation.

 

                All Securities surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered
to the Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and
no Securities shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company
canceled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company. If the
Company shall otherwise acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are
delivered to the Trustee for cancellation.

 

                SECTION 2.09 Benefits of Indenture.

 

                Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other
than the parties hereto and the holders of the Securities (and, with respect to
the provisions of Article Fourteen, the holders of Senior Indebtedness) any
legal or equitable right, remedy or claim under or in respect of this
Indenture, or under any covenant, condition or provision herein contained; all
such covenants, conditions and provisions being for the sole benefit of the
parties hereto and of the holders of the Securities (and, with respect to the
provisions of Article Fourteen, the holders of Senior Indebtedness).

 

8

 

                SECTION 2.10 Authenticating Agent.

 

                So long as any of the Securities of any series remain
Outstanding there may be an Authenticating Agent for any or all such series of
Securities which the Trustee shall have the right to appoint. Said
Authenticating Agent shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, transfer or
partial redemption thereof, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each
Authenticating Agent shall be acceptable to the Company and shall be a corporation
that has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction under which it
is organized or in which it is doing business to conduct a trust business, and
that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by Federal or State authorities. If at
any time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

 

                Any Authenticating Agent may at any time resign by
giving written notice of resignation to the Trustee and to the Company. The
Trustee may at any time (and upon request by the Company shall) terminate the
agency of any Authenticating Agent by giving written notice of termination to
such Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint
an eligible successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor
hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

                SECTION 2.11 Global Securities.

 

                (a) If the Company shall establish pursuant to
Section 2.01 that the Securities of a particular series are to be issued as a
Global Security, then the Company shall execute and the Trustee shall, in
accordance with Section 2.04, authenticate and deliver, a Global Security that
(i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of such
series, (ii) shall be registered in the name of the Depositary or its nominee,
(iii) shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction and (iv) shall bear a legend substantially to the
following effect: “Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in part, only to
another nominee of the Depositary or to a successor Depositary or to a nominee
of such successor Depositary.”

 

                (b) Notwithstanding the provisions of Section 2.05,
the Global Security of a series may be transferred, in whole but not in part
and in the manner provided in Section 2.05, only to another nominee of the
Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary.

 

                (c) If at any time the Depositary for a series of the
Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series
shall no longer be registered or in good standing under the Exchange Act, or
other applicable statute or regulation, and a successor Depositary for such
series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such condition, as the case may be,
this Section 2.11 shall no longer be applicable to the Securities of such
series and the Company will execute, and subject to Section 2.05, the Trustee
will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. In addition, the Company
may at any time determine that the Securities of any series shall no longer be
represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series. In such event the
Company will execute and subject to Section 2.05, the Trustee, upon receipt of
an Officers’ Certificate evidencing such determination by the Company, will
authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in
authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be registered in such names and
in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so registered.

 

9

 

ARTICLE
III.

 

REDEMPTION
OF SECURITIES AND

SINKING
FUND PROVISIONS

 

                SECTION 3.01 Redemption.

 

                The Company may redeem the Securities of any series
issued hereunder on and after the dates and in accordance with the terms
established for such series pursuant to Section 2.01 hereof.

 

                SECTION 3.02 Notice of Redemption.

 

                (a) In case the Company shall desire to exercise such
right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with the right reserved so to do, the Company shall, or
shall cause the Trustee to, give notice of such redemption to holders of the
Securities of such series to be redeemed by mailing, first class postage
prepaid, a notice of such redemption not less than 30 days and not more than 90
days before the date fixed for redemption of that series to such holders at
their last addresses as they shall appear upon the Security Register unless a
shorter period is specified in the Securities to be redeemed. Any notice that
is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the registered holder receives the notice. In
any case, failure duly to give such notice to the holder of any Security of any
series designated for redemption in whole or in part, or any defect in the
notice, shall not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the case of any
redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with any such restriction.

 

                Each such notice of redemption shall specify the date
fixed for redemption and the redemption price at which Securities of that
series are to be redeemed, and shall state that payment of the redemption price
of such Securities to be redeemed will be made at the office or agency of the
Company in the Borough of Manhattan, the City and State of New York, upon
presentation and surrender of such Securities, that interest accrued to the
date fixed for redemption will be paid as specified in said notice, that from
and after said date interest will cease to accrue and that the redemption is
for a sinking fund, if such is the case. If less than all the Securities of a
series are to be redeemed, the notice to the holders of Securities of that
series to be redeemed in whole or in part shall specify the particular
Securities to be so redeemed. In case any Security is to be redeemed in part
only, the notice that relates to such Security shall state the portion of the
principal amount thereof to be redeemed, and shall state that on and after the
redemption date, upon surrender of such Security, a new Security or Securities
of such series in principal amount equal to the unredeemed portion thereof will
be issued.

 

                (b) If less than all the Securities of a series are
to be redeemed, the Company shall give the Trustee at least 35 days’ notice in
advance of the date fixed for redemption as to the aggregate principal amount
of Securities of the series to be redeemed, and thereupon the Trustee shall
select, by lot or in such other manner as it shall deem appropriate and fair in
its discretion and that may provide for the selection of a portion or portions
(equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof)
of the principal amount of such Securities of a denomination larger than
$1,000, the Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed, in whole or
in part.

 

                The Company may, if and whenever it shall so elect,
by delivery of instructions signed on its behalf by two of its officers,
instruct the Trustee or any paying agent to call all or any part of the
Securities of a particular series for redemption and to give notice of
redemption in the manner set forth in this Section, such notice to be in the
name of the Company or its own name as the Trustee or such paying agent may
deem advisable. In any case in which notice of redemption is to be given by the
Trustee or any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying agent, as
the case may be, such Security Register, transfer books or other records, or
suitable copies or extracts therefrom, sufficient to enable the Trustee or such
paying agent to give any notice by mail that may be required under the
provisions of this Section.

 

                SECTION 3.03 Payment Upon Redemption.

 

                (a) If the giving of notice of redemption shall have
been completed as above provided, the Securities or portions of Securities of
the series to be redeemed specified in such notice shall become due and payable
on the date and at the place stated in such notice at the applicable redemption
price, together with interest accrued to the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on
and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any
such Security or portion thereof. On presentation and surrender of such
Securities on or after the date fixed for redemption at the place of payment
specified in the notice, said Securities shall be paid and redeemed at the
applicable redemption price for such series, together with interest accrued
thereon to the date fixed for redemption (but if the date fixed for redemption
is an interest payment 

 

10

 

date, the interest
installment payable on such date shall be payable to the registered holder at
the close of business on the applicable record date pursuant to Section 2.03).

 

                (b) Upon presentation of any Security of such series
that is to be redeemed in part only, the Company shall execute and the Trustee
shall authenticate and the office or agency where the Security is presented
shall deliver to the holder thereof, at the expense of the Company, a new
Security of the same series of authorized denominations in principal amount
equal to the unredeemed portion of the Security so presented.

 

                SECTION 3.04 Sinking Fund.

 

                The provisions of Sections 3.04, 3.05 and 3.06 shall
be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 for Securities of
such series.

 

                The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as
a “mandatory sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of Securities of any series is herein referred
to as an “optional sinking fund payment”. If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 3.05. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series.

 

                SECTION 3.05 Satisfaction of Sinking Fund Payments
with Securities.

 

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

 

                SECTION 3.06 Redemption of Securities for Sinking
Fund.

 

                Not less than 35 days prior to each sinking fund
payment date for any series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the
portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.05 and the basis for such
credit and will, together with such Officers’ Certificate, deliver to the
Trustee any Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section
3.02 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 3.02. Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Section 3.03.

 

 

ARTICLE
IV.

 

CERTAIN
COVENANTS

 

                SECTION 4.01 Payment of Principal, Premium and
Interest.

 

                The Company will duly and punctually pay or cause to
be paid the principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided herein and
established with respect to such Securities.

 

                SECTION 4.02 Maintenance of Office or Agency.

 

                So long as any series of the Securities remain
Outstanding, the Company agrees to maintain an office or agency in the Borough
of Manhattan, the City and State of New York, with respect to each such series
and at such other location or locations as may be designated as provided in
this Section 4.02, where (i) Securities of that series may be presented for
payment, (ii) Securities of that series may be presented as hereinabove
authorized for registration of transfer and exchange, and (iii) notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be given or served, such designation to continue with
respect to such office or 

 

11

 

agency until the Company
shall, by written notice signed by one of its officers and delivered to the
trustee, designate some other office or agency for such purposes or any of
them. 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, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, notices and demands.

 

                SECTION 4.03 Paying Agents.

 

                (a) If the Company shall appoint one or more paying
agents for all or any series of the Securities, other than the Trustee, the
Company will cause each such paying agent to execute and deliver to the Trustee
an instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section:

 

(1)
that it will hold all sums held by it as such agent for the payment of the
principal of (and premium, if any) or interest on the Securities of that series
(whether such sums have been paid to it by the Company or by any other obligor
of such Securities) in trust for the benefit of the Persons entitled thereto;

 

(2)
that it will give the Trustee notice of any failure by the Company (or by any
other obligor of such Securities) to make any payment of the principal of (and
premium, if any) or interest on the Securities of that series when the same
shall be due and payable;

 

(3)
that it will, at any time during the continuance of any failure referred to in
the preceding paragraph (a)(2) above, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such paying agent;
and

 

(4)
that it will perform all other duties of paying agent as set forth in this
Indenture.

 

                (b) If the Company shall act as its own paying agent
with respect to any series of the Securities, it will on or before each due
date of the principal of (and premium, if any) or interest on Securities of
that series, set aside, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay such principal (and premium,
if any) or interest so becoming due on Securities of that series until such
sums shall be paid to such Persons or otherwise disposed of as herein provided
and will promptly notify the Trustee of such action, or any failure (by it or
any other obligor on such Securities) to take such action. Whenever the Company
shall have one or more paying agents for any series of Securities, it will,
prior to each due date of the principal of (and premium, if any) or interest on
any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (an premium, if any) or interest so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company
will promptly notify the Trustee of this action or failure so to act.

 

                (c) Notwithstanding anything in this Section to the
contrary, (i) the agreement to hold sums in trust as provided in this Section
is subject to the provisions of Section 11.05, and (ii) the Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to
the Trustee all sums held in trust by the Company or such paying agent, such
sums to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such paying agent; and, upon such
payment by any paying agent to the Trustee, such paying agent shall be released
from all further liability with respect to such money.

 

                SECTION 4.04 Appointment to Fill Vacancy in Office of
Trustee.

 

                The Company, whenever necessary to avoid or fill a
vacancy in the office of Trustee, will appoint, in the manner provided in
Section 7.10, a Trustee, so that there shall at all times be a Trustee
hereunder.

 

                SECTION 4.05 Compliance with Consolidation
Provisions.

 

                The Company will not, while any of the Securities
remain Outstanding, consolidate with, or merge into, or merge into itself, or
sell or convey all or substantially all of its property to any other company
unless the provisions of Article Ten hereof are complied with.

 

12

 

ARTICLE
V.

 

SECURITYHOLDERS’
LISTS AND REPORTS

BY
THE COMPANY AND THE TRUSTEE

 

 

                SECTION 5.01 Company to Furnish Trustee Names and
Addresses of Securityholders.

 

                The Company will furnish or cause to be furnished to
the Trustee (a) on a monthly basis on each regular record date (as defined in
Section 2.03) a list, in such form as the may reasonably require, of the names
and addresses of the holders of each series of Securities as of such regular
record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list at any time that the list shall not differ in any
respect from the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing within 30 days
after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is
furnished; provided, however, that, in either case, no such list need be
furnished for any series for which the Trustee shall be the Security Registrar.

 

                SECTION 5.02 Preservation of Information;
Communications with Securityholders.

 

                (a) The Trustee shall preserve, in as current a form
as is reasonably practicable, all information as to the names and addresses of
the holders of Securities contained in the most recent list furnished to it as
provided in Section 5.01 and as to the names and addresses of holders of
Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity).

 

                (b) The Trustee may destroy any list furnished to it
as provided in Section 5.01 upon receipt of a new list so furnished.

 

                (c) Securityholders may communicate as provided in
Section 312(b) of the Trust Indenture Act with other Securityholders with
respect to their rights under this Indenture or under the Securities.

 

                SECTION 5.03 Reports by the Company.

 

                (a) The Company covenants and agrees to file with the
Trustee, within 30 days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such sections, then to
file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports that may be
required pursuant to Section 13 of the Exchange Act, in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations.

 

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

 

                (c) The Company covenants and agrees to transmit by
mail, first class postage prepaid, or reputable over-night delivery service
that provides for evidence of receipt, to the Securityholders, as their names
and addresses appear upon the Security Register, within 30 days after the
filing thereof with the Trustee, such summaries of any information, documents
and reports required to be filed by the Company pursuant to subsections (a) and
(b) of this Section as may be required by rules and regulations prescribed from
time to time by the Commission.

 

                SECTION 5.04 Reports by the Trustee.

 

                (a) On or before July 15 in each year in which any of
the Securities are Outstanding, the Trustee shall transmit by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear
upon the Security Register, a brief report dated as of the preceding May 15, if
and to the extent required under Section 313(a) of the Trust Indenture Act.

 

                (b) The Trustee shall comply with Section 313(b) and
313(c) of the Trust Indenture Act.

 

                (c) A copy of each such report shall, at the time of
such transmission to Securityholders, be filed by the Trustee with the Company,
with each stock exchange upon which any Securities are listed (if so listed)
and also with the Commission. The Company agrees to notify the Trustee when any
Securities

 

13

 

become listed on any stock
exchange.

 

ARTICLE
VI.

 

REMEDIES
OF THE TRUSTEE AND

SECURITYHOLDERS
ON EVENT OF DEFAULT

 

                SECTION 6.01 Events of Default.

 

                (a) Whenever used herein with respect to Securities
of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing:

 

(1)
the Company defaults in the payment of any installment  of interest upon
any of the Securities of that series, as and when the  same shall
become due and payable, and continuance of such default for a  period of 90
days; provided, however, that a valid extension of an  interest payment
period by the Company in accordance with the terms of  any indenture
supplemental hereto, shall not constitute a default in the  payment of
interest for this purpose;  

 

(2)
the Company defaults in the payment of the principal  of (or premium, if any, on)
any of the Securities of that series as and  when the same shall become
due and payable whether at maturity, upon  redemption, by declaration or
otherwise, or in any payment required by  any sinking or analogous fund
established with respect to that series;  provided, however, that a
valid extension of the maturity of such  Securities in accordance with
the terms of any indenture supplemental  hereto shall not constitute a
default in the payment of principal or  premium, if any;

 

(3)
the Company fails to observe or perform any other of  its covenants or agreements
with respect to that series contained in this  Indenture or otherwise
established with respect to that series of  Securities pursuant to
Section 2.01 hereof (other than a covenant or  agreement that has been
expressly included in this Indenture solely for  the benefit of one or more
series of Securities other than such series)  for a period of 90 days after
the date on which written notice of such  failure, requiring the same
to be remedied and stating that such notice  is a “Notice of Default”
hereunder, shall have been given to the Company  by the Trustee, by registered
or certified mail, or to the Company and  the Trustee by the holders of
at least 25% in principal amount of the  Securities of that series at
the time Outstanding;

 

(4)
the Company, pursuant to or within the meaning of any  Bankruptcy Law,
(i) commences a voluntary case, (ii) consents to the entry  of an order for
relief against it in an involuntary case, (iii) consents  to the
appointment of a Custodian of it or for all or substantially all  of its property
or (iv) makes a general assignment for the benefit of its  creditors; or

 

(5)
a court of competent jurisdiction enters an order  under any Bankruptcy Law that
(i) is for relief against the Company in an  involuntary case, (ii)
appoints a Custodian of the Company for all or  substantially all of their
respective property, or (iii) orders the  liquidation of the Company,
and the order or decree remains unstayed and  in effect for 90 days.

 

                (b) In each and every such case, unless the principal
of all the Securities of that series shall have already become due and payable,
either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by notice
in writing to the Company (and to the Trustee if given by such
Securityholders), may declare the principal of all the Securities of that
series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable, notwithstanding
anything contained in this Indenture or in the Securities of that series or
established with respect to that series pursuant to Section 2.01 to the
contrary.

 

                (c) At any time after the principal of the Securities
of that series shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company

 

14

 

and the Trustee, may rescind
and annul such declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal of (and
premium, if any, on) any and all Securities of that series that shall have become
due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under
applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or
deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any
and all Events of Default under the Indenture with respect to such series,
other than the nonpayment of principal on Securities of that series that shall
not have become due by their terms, shall have been remedied or waived as
provided in Section 6.06.

 

                No such rescission and annulment shall extend to or
shall affect any subsequent default or impair any right consequent thereon.

 

                (d) In case the Trustee shall have proceeded to
enforce any right with respect to Securities of that series under this
Indenture and such proceedings shall have been discontinued or abandoned
because of such rescission or annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such case the
Company, and the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers of the
Company and the Trustee shall continue as though no such proceedings had been
taken.

 

                SECTION 6.02 Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

                (a) The Company covenants that (1) in case it shall
default in the payment of any installment of interest on any of the Securities
of a series, or any payment required by any sinking or analogous fund
established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90
Business Days, or (2) in case it shall default in the payment of the principal
of (or premium, if any, on) any of the Securities of a series when the same
shall have become due and payable, whether upon maturity of the Securities of a
series or upon redemption or upon declaration or otherwise, then, upon demand
of the Trustee, the Company will pay to the Trustee, for the benefit of the
holders of the Securities of that series, the whole amount that then shall have
been become due and payable on all such Securities for principal (and premium,
if any) or interest, or both, as the case may be, with interest upon the
overdue principal (and premium, if any) and (to the extent that payment of such
interest is enforceable under applicable law) upon overdue installments of interest
at the rate per annum expressed in the Securities of that series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, and the amount payable to the Trustee under Section
7.06.

 

                (b) If the Company shall fail to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company
or other obligor upon the Securities of that series and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or other obligor upon the Securities of that series,
wherever situated.

 

                (c) In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition
or judicial proceedings affected the Company, or its creditors or property, the
Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be
otherwise provided by law) be entitled to file such proofs of claim and other
papers and documents as may be necessary or advisable in order to have the
claims of the Trustee and of the holders of Securities of such series allowed
for the entire amount due and payable by the Company under the Indenture at the
date of institution of such proceedings and for any additional amount that may
become due and payable by the Company after such date, and to collect and
receive any moneys or other property payable or deliverable on any such claim,
and to distribute the same after the deduction of the amount payable to the
Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy
or reorganization is hereby authorized by each of the holders of Securities of
such series to make such payments to the Trustee, and, in the event that the
Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

                (d) All rights of action and of asserting claims
under this Indenture, or under any of the terms established with respect to
Securities of that series, may be enforced by the Trustee without the
possession of any of such Securities, or the production thereof at any trial or
other proceeding relative thereto, and any such suit or proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, after provision for payment to the Trustee
of any amounts due under Section 7.06, be for the ratable benefit of the
holders of the Securities of such series.

 

                In case of an Event of Default hereunder, the Trustee
may in its discretion proceed

 

15

 

to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in the
Indenture or in aid of the exercise of any power granted in this Indenture, or
to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law.

 

                Nothing contained herein shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities of that series or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding.

 

                SECTION 6.03 Application of Moneys Collected.

 

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

 

FIRST:
To the payment of costs and expenses of collection  and of all amounts payable to
the Trustee under Section 7.06;

 

SECOND:
To the payment of all Senior Indebtedness of the Company if and to the extent
required by Article Fourteen; and

 

THIRD:
To the payment of the amounts then due and unpaid  upon Securities of such
series for principal (and premium, if any) and  interest, in respect of which
or for the benefit of which such money has  been collected,

 

ratably, without preference
or priority of any kind, according to the  amounts due and payable on
such Securities for principal (and premium, if  any) and interest,
respectively.

 

                SECTION 6.04 Limitation on Suits.

 

                No holder of any Security of any series shall have
any right by virtue or by availing of any provision of this Indenture to
institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have
given to the Trustee written notice of an Event of Default and of the
continuance thereof with respect to the Securities of such series specifying
such Event of Default, as hereinbefore provided; (ii) the holders of not less
than 25% in aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as trustee hereunder; (iii) such
holder or holders shall have offered to the Trustee such reasonable indemnity
as it may require against the costs, expenses and liabilities to be incurred
therein or thereby; and (iv) the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity, shall have failed to institute any such
action, suit or proceeding and (v) during such 60 day period, the holders of a
majority in principal amount of the Securities of that series do not give the
Trustee a direction inconsistent with the request.

 

                Notwithstanding anything contained herein to the
contrary, any other provisions of this Indenture, the right of any holder of
any Security to receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the respective due
dates expressed in such Security (or in the case of redemption, on the
redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and
holder of every Security of such series with every other such taker and holder
and the Trustee, that no one or more holders of Securities of such series shall
have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the
holders of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of such series. For the
protection and enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

                SECTION 6.05 Rights and Remedies Cumulative; Delay or
Omission Not Waiver.

 

                (a) Except as otherwise provided in Section 2.07, all
powers and remedies given by

 

16

 

this Article to the Trustee
or to the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to the
Trustee or the holders of the Securities, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements
contained in this Indenture or otherwise established with respect to such
Securities.

 

                (b) No delay or omission of the Trustee or of any
holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or on
acquiescence therein; and, subject to the provisions of Section 6.04, every
power and remedy given by this Article or by law to the Trustee or the
Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

 

                SECTION 6.06 Control by Securityholders.

 

                The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in
accordance with Section 8.04, shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to such
series; provided, however, that such direction shall not be in conflict with
any rule of law or with this Indenture or be unduly prejudicial to the rights
of holders of Securities of any other series at the time Outstanding determined
in accordance with Section 8.04. Subject to the provisions of Section 7.01, the
Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the
Trustee, determine that the proceeding so directed would involve the Trustee in
personal liability. The holders of a majority in aggregate principal amount of
the Securities of any series at the time Outstanding affected thereby,
determined in accordance with Section 8.04, may on behalf of the holders of all
of the Securities of such series waive any past default in the performance of
any of the covenants contained herein or established pursuant to Section 2.01
with respect to such series and its consequences, except a default in the
payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and
principal and any premium has been deposited with the Trustee (in accordance
with Section 6.01(c)). Upon any such waiver, the default covered thereby shall
be deemed to be cured for all purposes of this Indenture and the Company, the
Trustee and the holders of the Securities of such series shall be restored to
their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent
thereon.

 

                SECTION 6.07 Undertaking to Pay Costs.

 

                All parties to this Indenture agree, and each holder
of any Securities by such holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder, or
group of Securityholders, holding more than 10% in aggregate principal amount
of the Outstanding Securities of any series, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of (or
premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this
Indenture.

 

ARTICLE
VII.

 

CONCERNING
THE TRUSTEE

 

                SECTION 7.01 Certain Duties and Responsibilities of
Trustee.

 

                (a) The Trustee, prior to the occurrence of an Event
of Default with respect to the Securities of a series and after the curing of
all Events of Default with respect to the Securities of that series that may
have occurred, shall undertake to perform with respect to the Securities of
such series such duties and only such duties as are specifically set forth in
this Indenture, and no implied covenants shall be read into this Indenture
against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall
exercise with respect to Securities of that series 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.

 

17

 

                (b) No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

 

(1)
prior to the occurrence of an Event of Default with  respect to the Securities of
a series and after the curing or waiving of  all such Events of Default
with respect to that series that may have  occurred:

 

(i)
the duties and obligations of the Trustee  shall with respect to the
Securities of such series be determined  solely by the express
provisions of this Indenture, and the  Trustee shall not be liable
with respect to the Securities of  such series except for the
performance of such duties and  obligations as are
specifically set forth in this Indenture, and  no implied covenants or
obligations shall be read into this  Indenture against the
Trustee; and

 

(ii)
in the absence of bad faith on the part of  the Trustee, the Trustee may
with respect to the Securities of  such series conclusively
rely, as to the truth of the statements  and the correctness of the
opinions expressed therein, upon any  certificates or opinions
furnished to the Trustee and conforming  to the requirements of this
Indenture; but in the case of any  such certificates or opinions
that by any provision hereof are  specifically required to be
furnished to the Trustee, the Trustee  shall be under a duty to
examine the same to determine whether or  not they conform to the
requirement of this Indenture;

 

(2)
the Trustee shall not be liable for any error of  judgment made in good faith
by a Responsible Officer or Responsible  Officers of the Trustee,
unless it shall be proved that the Trustee, was  negligent in ascertaining the
pertinent facts;

 

(3)
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 the direction of the
holders of not less than a majority in  principal amount of the
Securities of any series at the time Outstanding  relating to the time, method
and place of conducting any proceeding for  any remedy available to the
Trustee, or exercising any trust or power  conferred upon the Trustee
under this Indenture with respect to the  Securities of that series;
and

 

(4)
None of the provisions contained in this Indenture  shall require the Trustee to
expend or risk its own funds or otherwise  incur personal financial
liability in the performance of any of its  duties or in the exercise of
any of its rights or powers, if there is  reasonable ground for
believing that the repayment of such funds or  liability is not reasonably
assured to it under the terms of this  Indenture or adequate
indemnity against such risk is not reasonably  assured to it.

 

                SECTION 7.02 Certain Rights of Trustee.

 

                Except as otherwise provided in Section 7.01:

 

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

 

                (b) Any request, direction, order or demand of the
Company mentioned herein shall be sufficiently evidenced by a Board Resolution
or an instrument signed in the name of the Company, by the Chairman or any Vice
President and by the Secretary or an Assistant Secretary or the Treasurer or an
Assistant Treasurer thereof (unless other evidence in respect thereof is specifically
prescribed herein);

 

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

 

18

 

                (d) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Securityholders, pursuant to the
provisions of this Indenture, unless such Securityholders shall have offered to
the Trustee reasonable security or indemnity against the costs, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein
shall, however, relieve the Trustee of the obligation, upon the occurrence of
an Event of Default with respect to a series of the Securities (that has not
been cured or waived) to exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and to 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;

 

                (e) The Trustee shall not be liable for any action
taken or omitted to be taken by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

 

                (f) The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond, security, or other papers or documents, unless requested in
writing so to do by the holders of not less than a majority in principal amount
of the Outstanding Securities of the particular series affected thereby
(determined as provided in Section 8.04); provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such costs, expenses or liabilities as a condition
to so proceeding. The reasonable expense of every such examination shall be
paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand; and

 

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

 

                SECTION 7.03 Trustee Not Responsible for Recitals or
Issuance or Securities.

 

                (a) The recitals contained herein and in the
Securities shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for the correctness of the same.

 

                (b) The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities.

 

                (c) The Trustee shall not be accountable for the use
or application by the Company of any of the Securities or of the proceeds of
such Securities, or for the use or application of any moneys paid over by the
Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received
by any paying agent other than the Trustee.

 

                SECTION 7.04 May Hold Securities.

 

                The Trustee or any paying agent or Security
Registrar, in its individual or any other capacity, may become the owner or
pledgee of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

 

                SECTION 7.05 Moneys Held in Trust.

 

                Subject to the provisions of Section 11.05, all
moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any moneys received by it hereunder
except such as it may agree with the Company to pay thereon.

 

                SECTION 7.06 Compensation and Reimbursement.

 

                (a) The Company covenants and agrees to pay to the
Trustee, and the Trustee shall be entitled to, such reasonable compensation
(which shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust), as the Company, and the Trustee may from
time to time agree in writing, for all services rendered by it in the execution
of the trusts hereby created and in the exercise and performance of any of the
powers and duties hereunder of the Trustee, and, except as otherwise expressly
provided herein, the Company will pay or reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including
the reasonable compensation

 

19

 

and the expenses and
disbursements of its counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance as may arise from its
negligence or bad faith. The Company also covenants to indemnify the Trustee
(and its officers, agents, directors and employees) for, and to hold it
harmless against, any loss, liability or expense incurred without negligence or
bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and
expenses of defending itself against any claim of liability in the premises.

 

                (b) The obligations of the Company under this Section
to compensate and indemnify the Trustee and to pay or reimburse the Trustee for
expenses, disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by a lien prior to
that of the Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the holders of
particular Securities.

 

                SECTION 7.07 Reliance on Officers’ Certificate.

 

                Except as otherwise provided in Section 7.01,
whenever in the administration of the provisions of this Indenture the Trustee
shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting to take any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officers’
Certificate delivered to the Trustee and such certificate, in the absence of
negligence or bad faith on the part of the Trustee, shall be full warrant to
the Trustee for any action taken, suffered or omitted to be taken by it under
the provisions of this Indenture upon the faith thereof.

 

                SECTION 7.08 Disqualification; Conflicting Interests.

 

                If the Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the
Trustee and the Company shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act.

 

                SECTION 7.09 Corporate Trustee Required; Eligibility.

 

                There shall at all times be a Trustee with respect to
the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States of America or any State
or Territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of at least 50 million U.S. dollars ($50,000,000), and subject to supervision
or examination by Federal, State, Territorial, or District of Columbia
authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Company, serve as
Trustee. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

 

                SECTION 7.10 Resignation and Removal; Appointment of
Successor.

 

                (a) The Trustee or any successor hereafter appointed,
may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of
resignation by mail, first class postage prepaid, to the Securityholders of
such series, as their names and addresses appear upon the Security Register.
Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee with respect to Securities of such series by written
instrument, in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee. If no successor trustee shall have been so appointed and
have accepted appointment within 30 days after the mailing of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee with respect to
Securities of such series, or any Securityholder of that series who has been a
bona fide holder of a Security or Securities for at least six months may on
behalf of himself and all others similarly situated, petition any such court
for the appointment of a successor trustee. Such court may thereupon after such
notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

 

                (b) In case at any time any one of the following
shall occur:

 

(1)
the Trustee shall fail to comply with the provisions  of Section 7.08 after written
request therefor by the Company or by any  Securityholder who has been a
bona fide holder of a Security or  

 

20

 

Securities for at least six
months; or

 

(2)
the Trustee shall cease to be eligible in accordance  with the provisions of
Section 7.09 and shall fail to resign after  written request therefor by
the Company or by any such Securityholder; or

 

(3)
the Trustee shall become incapable of acting, or shall  be adjudged a
bankrupt or insolvent, or commence a voluntary bankruptcy  proceeding, or a
receiver of the Trustee or of its property shall be  appointed or consented to, or
any public officer shall take charge or  control of the Trustee or of
its property or affairs for the purpose of  rehabilitation, conservation
or liquidation, then, in any such case, the  Company may remove the
Trustee with respect to all Securities and appoint  a successor trustee by
written instrument, in duplicate, executed by  order of the Board of
Directors, one copy of which instrument shall be  delivered to the Trustee so
removed and one copy to the successor trustee,  or, unless the Trustee’s duty
to resign is stayed as provided herein, any  Securityholder who has been a
bona fide holder of a Security or  Securities for at least six
months may, on behalf of that holder and all  others similarly situated,
petition any court of competent jurisdiction  for the removal of the
Trustee and the appointment of a successor  trustee. Such court may
thereupon after such notice, if any, as it may  deem proper and prescribe, remove
the Trustee and appoint a successor  trustee.

 

                (c) The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding may at any time
remove the Trustee with respect to such series by so notifying the Trustee and
the Company and may appoint a successor Trustee for such series with the
consent of the Company.

 

                (d) Any resignation or removal of the Trustee and
appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon
acceptance of appointment by the successor trustee as provided in Section 7.11.

 

                (e) Any successor trustee appointed pursuant to this
Section may be appointed with respect to the Securities of one or more series
or all of such series, and at any time there shall be only one Trustee with
respect to the Securities of any particular series.

 

                SECTION 7.11 Acceptance of Appointment By Successor.

 

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

 

                (b) In case of the appointment hereunder of a
successor trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor trustee with
respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor trustee relates, (2) shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the part of any
other Trustee hereunder; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, such retiring Trustee shall
with respect to the Securities of that or those series to which the

 

21

 

appointment of such successor
trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture, and each such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
trustee relates; but, on request of the Company or any successor trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor
trustee, to the extent contemplated by such supplemental indenture, the
property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor
trustee relates.

 

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

 

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

 

                (e) Upon acceptance of appointment by a successor
trustee as provided in this Section, the Company shall transmit notice of the
succession of such trustee hereunder by mail, first class postage prepaid, to
the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be transmitted at the expense of the Company.

 

                SECTION 7.12 Merger, Conversion, Consolidation or
Succession to Business.

 

                Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be qualified under the provisions of Section 7.08 and
eligible under the provisions of Section 7.09, without the execution or filing
of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding. In case any Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such
Securities.

 

                SECTION 7.13 Preferential Collection of Claims
Against the Company.

 

                The Trustee shall comply with Section 311(a) of the
Trust Indenture Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the Trust Indenture Act to the extent
included therein.

 

ARTICLE
VIII.

 

CONCERNING
THE SECURITYHOLDERS

 

                SECTION 8.01 Evidence of Action by Securityholders.

 

                Whenever in this Indenture it is provided that the
holders of a majority or specified percentage in aggregate principal amount of
the Securities of a particular series may take any action (including the making
of any demand or request, the giving of any notice, consent or waiver or the
taking of any other action), the fact that at the time of taking any such
action the holders of such majority or specified percentage of that series have
joined therein may be evidenced by any instrument or any number of instruments
of similar tenor executed by such holders of Securities of that series in
Person or by agent or proxy appointed in writing.

 

                If the Company shall solicit from the Securityholders
of any series any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an
Officers’ Certificate, fix in advance a record date for such series for the
determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the
Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other
action may be given before or after the record date, but only the
Securityholders of record at the close of business on the record date shall be
deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Securities of that
series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Securities of that series shall

 

22

 

be computed as of the record
date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.

 

                SECTION 8.02 Proof of Execution by Securityholders.

 

                Subject to the provisions of Section 7.01, proof of
the execution of any instrument by a Securityholder (such proof will not
require notarization) or his agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the following
manner:

 

                (a) The fact and date of the execution by any such
Person of any instrument may be proved in any reasonable manner acceptable to
the Trustee.

 

                (b) The ownership of Securities shall be proved by
the Security Register of such Securities or by a certificate of the Security
Registrar thereof.

 

                (c) The Trustee may require such additional proof of
any matter referred to in this Section as it shall deem necessary.

 

                SECTION 8.03 Who May be Deemed Owners.

 

                Prior to the due presentment for registration of
transfer of any Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such Security
shall be registered upon the books of the Company as the absolute owner of such
Security (whether or not such Security shall be overdue and notwithstanding any
notice of ownership or writing thereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the
principal of, premium, if any, and (subject to Section 2.03) interest on such
Security and for all other purposes; and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar shall be affected by any notice
to the contrary.

 

                SECTION 8.04 Certain Securities Owned by Company
Disregarded.

 

                In determining whether the holders of the requisite
aggregate principal amount of Securities of a particular series have concurred
in any direction, consent of waiver under this Indenture, the Securities of
that series that are owned by the Company or any other obligor on the
Securities of that series or by any Person directly or indirectly controlling
or controlled by or under common control with the Company or any other obligor
on the Securities of that series shall be disregarded and deemed not to be
Outstanding for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in relying on any
such direction, consent or waiver, only Securities of such series that the
Trustee actually knows are so owned shall be so disregarded. The Securities so
owned that have been pledged in good faith may be regarded as Outstanding for
the purposes of this Section, if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not a Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or
any such other obligor. In case of a dispute as to such right, any decision by
the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

 

                SECTION 8.05 Actions Binding on Future
Securityholders.

 

                At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the
evidence to be included in the Securities the holders of which have consented
to such action may, by filing written notice with the Trustee, and upon proof
of holding as provided in Section 8.02, revoke such action so far as concerns
such Security. Except as aforesaid any such action taken by the holder of any
Security shall be conclusive and binding upon such holder and upon all future
holders and owners of such Security, and of any Security issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Security.
Any action taken by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this
Indenture in connection with such action shall be conclusively binding upon the
Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE
IX.

 

SUPPLEMENTAL
INDENTURES

 

                SECTION 9.01 Supplemental Indentures Without the
Consent of Securityholders.

 

23

 

                In addition to any supplemental indenture otherwise
authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Securityholders, for one or more of the
following purposes:

 

                (a) to cure any ambiguity, defect, or inconsistency
herein, in the Securities of any series;

 

                (b) to comply with Article Ten;

 

                (c) to provide for uncertificated Securities in
addition to or in place of certificated Securities;

 

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

 

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

 

                (f) to make any change that does not adversely affect
the rights of any Securityholder in any material respect; or

 

                (g) to provide for the issuance of and establish the
form and terms and conditions of the Securities of any series as provided in
Section 2.01, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities.

 

                The Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein contained,
but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

 

                Any supplemental indenture authorized by the
provisions of this Section may be executed by the Company and the Trustee
without the consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section 9.02.

 

                SECTION 9.02 Supplemental Indentures With Consent of
Securityholders.

 

                With the consent (evidenced as provided in Section
8.01) of the holders of not less than a majority in aggregate principal amount
of the Securities of each series affected by such supplemental indenture or indentures
at the time Outstanding, the Company, when authorized by Board Resolutions, and
the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.01 the rights of the holders of the Securities of such
series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the holders of each Security then
Outstanding and affected thereby, (i) extend the fixed maturity of any
Securities of any series, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon, or reduce any premium
payable upon the redemption thereof; (ii) change any obligation to pay
additional amounts; (iii) reduce the amount of principal of an original issue
discount security or any other Security payable upon acceleration of the
maturity thereof; (iv) change currency in which any Security or any premium or
interest is payable; (v) impair the right to enforce any payment on or with
respect to any Security; (vi) adversely change the right to convert or
exchange, including decreasing the conversion rate or increasing the conversion
price of, such Security (if applicable); (vii) modify the subordination provisions
in a manner adverse to the holders of such Securities; (viii) if the Securities
are secured, change the terms and conditions pursuant to which the Securities
are secured in a manner adverse to the holders of the Securities; (ix) reduce
the percentage in principal amount of outstanding Securities of any series, the
consent of whose holders is required for modification or amendment of the
indenture or for waiver of compliance with certain provisions of the indenture
or for waiver of certain defaults; (x) reduce the requirements contained in the
indenture for quorum or voting; (xi) change any obligations of the Company to
maintain an office or agency in the places and for the purposes required by the
indentures; or (xii) modify any of the above provisions.

 

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

 

24

 

                SECTION 9.03 Effect of Supplemental Indentures.

 

                Upon the execution of any supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, this Indenture
shall, with respect to such series, be and be deemed to be modified and amended
in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the holders of Securities of the series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

 

                SECTION 9.04 Securities Affected by Supplemental
Indentures.

 

                Securities of any series, affected by a supplemental
indenture, authenticated and delivered after the execution of such supplemental
indenture pursuant to the provisions of this Article or of Section 10.01, may
bear a notation in form approved by the Company, provided such form meets the
requirements of any exchange upon which such series may be listed, as to any
matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities of that series so modified as to conform, in the
opinion of the Board of Directors of the Company, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for the
Securities of that series then Outstanding.

 

                SECTION 9.05 Execution of Supplemental Indentures.

 

                Upon the request of the Company, accompanied by its
Board Resolutions authorizing the execution of any such supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless
such 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 supplemental
indenture. The Trustee, subject to the provisions of Section 7.01, may receive
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and conforms
to, the terms of this Article and that it is proper for the Trustee under the
provisions of this Article to join in the execution thereof; provided, however,
that such Opinion of Counsel need not be provided in connection with the
execution of a supplemental indenture that establishes the terms of a series of
Securities pursuant to Section 2.01 hereof.

 

                Promptly after the execution by the Company and the
Trustee of any supplemental indenture pursuant to the provisions of this
Section, the Trustee shall transmit by mail, first class postage prepaid, a
notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as their names
and addresses appear upon the Security Register. Any failure of the Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture.

 

ARTICLE
X.

 

SUCCESSOR
CORPORATION

 

                SECTION 10.01 Company May Consolidate, Etc.

 

                Nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Company with or
into any other corporation or corporations or other entity or entities (whether
or not affiliated with the Company) or successive consolidations or mergers in
which the Company or its successor or successors shall be a party or parties,
or shall prevent any sale, conveyance, transfer or other disposition of the
property of the Company or its successor or successors as an entirety, or substantially
as an entirety, to any other corporation or entity (whether or not affiliated
with the Company or its successor or successors) authorized to acquire and
operate the same; provided, however, the Company hereby covenants and agrees
that, upon any such consolidation, merger, sale, conveyance, transfer or other
disposition, the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the
terms of each series, according to their tenor and the due and punctual
performance and observance of all the covenants and conditions of this
Indenture with respect to each series or established with respect to such
series pursuant to Section 2.01 to be kept or performed by the Company shall be
expressly assumed, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act, as then in effect) satisfactory in form
to the Trustee executed and delivered to the Trustee by the entity formed by
such consolidation, or into which the Company shall have been merged, or by the
entity which shall have acquired such property.

 

25

 

                SECTION 10.02 Successor Corporation Substituted.

 

                (a) In case of any such consolidation, merger, sale,
conveyance, transfer or other disposition and upon the assumption by the
successor corporation, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual
payment of the principal of, premium, if any, and interest on all of the
Securities of all series Outstanding and the due and punctual performance of
all of the covenants and conditions of this Indenture or established with
respect to each series of the Securities pursuant to Section 2.01 to be
performed by the Company with respect to each series, such successor
corporation or entity shall succeed to and be substituted for the Company with
the same effect as if it had been named as the Company herein, and thereupon
the predecessor corporation shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

                (b) In case of any such consolidation, merger, sale,
conveyance, transfer or other disposition such changes in phraseology and form
(but not in substance) may be made in the Securities thereafter to be issued as
may be appropriate.

 

                (c) Nothing contained in this Indenture or in any of
the Securities shall prevent the Company from merging into itself or acquiring
by purchase or otherwise all or any part of the property of any other Person
(whether or not affiliated with the Company).

 

                SECTION 10.03 Evidence of Consolidation, Etc. to
Trustee.

 

                The Trustee, subject to the provisions of Section
7.01, may receive an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, sale, conveyance, transfer or other disposition, and any
such assumption, comply with the provisions of this Article.

 

ARTICLE
XI.

 

SATISFACTION
AND DISCHARGE

 

                SECTION 11.01 Satisfaction and Discharge of
Indenture.

 

                If at any time: (a) the Company shall have delivered
to the Trustee for cancellation all Securities of a series theretofore
authenticated (other than any Securities that shall have been destroyed, lost
or stolen and that shall have been replaced or paid as provided in Section
2.07) and Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust by the
Company (and thereupon repaid to the Company or discharged from such trust, as
provided in Section 11.05); or (b) all such Securities of a particular series
not theretofore delivered to the Trustee for cancellation shall have become due
and payable, or are by their terms to become due and payable within one year or
are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and the Company shall
deposit or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations sufficient or a combination
thereof, sufficient in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to
such date of maturity or date fixed for redemption, as the case may be, and if
the Company shall also pay or cause to be paid all other sums payable hereunder
with respect to such series by the Company then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the
provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case may be, and
Sections 7.06 and 11.05, that shall survive to such date and thereafter, and
the Trustee, on demand of the Company and at the cost and expense of the
Company shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such series.

 

                SECTION 11.02 Discharge of Obligations.

 

                If at any time all such Securities of a particular
series not heretofore delivered to the Trustee for cancellation or that have
not become due and payable as described in Section 11.01 shall have been paid
by the Company by depositing irrevocably with the Trustee as trust funds moneys
or an amount of Governmental Obligations sufficient to pay at maturity or upon
redemption all such Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date fixed for redemption,
as the case may be, and if the Company shall also pay or cause to be paid all
other sums payable hereunder by the Company with respect to such series, then
after the date such moneys or Governmental Obligations, as the case may be, are
deposited with the Trustee the obligations of the Company under this Indenture
with respect to such series shall cease to be of further effect except for the
provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05
hereof that shall survive until such Securities shall mature and be paid.
Thereafter, Sections 7.06 and 11.05

 

26

 

shall survive.

 

                SECTION 11.03 Deposited Moneys to be Held in Trust.

 

                All moneys or Governmental Obligations deposited with
the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and
shall be available for payment as due, either directly or through any paying
agent (including the Company acting as its own paying agent), to the holders of
the particular series of Securities for the payment or redemption of which such
moneys or Governmental Obligations have been deposited with the Trustee.

 

                SECTION 11.04 Payment of Moneys Held by Paying
Agents.

 

                In connection with the satisfaction and discharge of
this Indenture all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of the Company,
be paid to the Trustee and thereupon such paying agent shall be released from
all further liability with respect to such moneys or Governmental Obligations.

 

                SECTION 11.05 Repayment to Company.

 

                Any moneys or Governmental Obligations deposited with
any paying agent or the Trustee, or then held by the Company, in trust for
payment of principal of or premium or interest on the Securities of a
particular series that are not applied but remain unclaimed by the holders of
such Securities for at least two years after the date upon which the principal
of (and premium, if any) or interest on such Securities shall have respectively
become due and payable, shall be repaid to the Company on May 31 of each year
or (if then held by the Company) shall be discharged from such trust; and
thereupon the paying agent and the Trustee shall be released from all further
liability with respect to such moneys or Governmental Obligations, and the
holder of any of the Securities entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

 

ARTICLE
XII.

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS,

OFFICERS
AND DIRECTORS

 

                SECTION 12.01 No Recourse.

 

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

 

ARTICLE
XIII.

 

MISCELLANEOUS
PROVISIONS

 

                SECTION 13.01 Effect on Successors and Assigns.

 

                All the covenants, stipulations, promises and
agreements in this Indenture contained by or on behalf of the Company shall
bind their respective successors and assigns, whether so expressed or not.

 

                SECTION 13.02 Actions by Successor.

 

                Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board,
committee or officer of the Company shall and may be done and performed

 

27

 

with like force and effect by
the corresponding board, committee or officer of any corporation that shall at
the time be the lawful sole successor of the Company.

 

                SECTION 13.03 Surrender of Company Powers.

 

                The Company by instrument in writing executed by
authority of 2/3 (two-thirds) of its Board of Directors and delivered to the
Trustee may surrender any of the powers reserved to the Company, and thereupon
such power so surrendered shall terminate both as to the Company and as to any
successor corporation.

 

                SECTION 13.04 Notices.

 

                Except
as otherwise expressly provided herein any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by
the Trustee or by the holders of Securities to or on the Company may be given
or served by being deposited first class postage prepaid in a post-office
letterbox addressed (until another address is filed in writing by the Company
with the Trustee), as follows: Crystal River Capital, Inc., Three World
Financial Center, 200 Vesey Street, 10th Floor, New York, NY 10281. Any notice,
election, request or demand by the Company or any Securityholder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

 

                SECTION 13.05 Governing Law.

 

                This Indenture and each Security shall be deemed to
be a contract made under the internal laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said State.

 

                SECTION 13.06 Treatment of Securities as Debt.

 

                It is intended that the Securities will be treated as
indebtedness and not as equity for federal income tax purposes. The provisions
of this Indenture shall be interpreted to further this intention.

 

                SECTION 13.07 Compliance Certificates and Opinions.

 

                (a) Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture,
the Company, shall furnish to the Trustee an Officers’ Certificate stating that
all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent have been complied
with, except that in the case of any such application or demand as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.

 

                (b) Each certificate or opinion provided for in this
Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture shall include (1) a statement that the
Person making such certificate or opinion has read such covenant or condition;
(2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (3) a statement that, in the opinion of such
Person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and (4) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with.

 

                SECTION 13.08 Payments on Business Days.

 

                Except as provided pursuant to Section 2.01 pursuant
to a Board Resolution, and as set forth in an Officers’ Certificate, or
established in one or more indentures supplemental to this Indenture, in any
case where the date of maturity of interest or principal of any Security or the
date of redemption of any Security shall not be a Business Day, then payment of
interest or principal (and premium, if any) may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of
maturity or redemption, and no interest shall accrue for the period after such
nominal date.

 

                SECTION 13.09 Conflict with Trust Indenture Act.

 

                If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by Sections
310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

 

28

 

                SECTION 13.10 Counterparts.

 

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

 

                SECTION 13.11 Separability.

 

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

 

                SECTION 13.12 Assignment.

 

                The Company will have the right at all times to
assign any of its rights or obligations under this Indenture to a direct or
indirect wholly-owned Subsidiary of the Company, provided that, in the event of
any such assignment, the Company will remain liable for all such obligations.
Subject to the foregoing, the Indenture is binding upon and inures to the
benefit of the parties thereto and their respective successors and assigns.
This Indenture may not otherwise be assigned by the parties thereto.

 

ARTICLE
XIV.

 

SUBORDINATION
OF SECURITIES

 

                SECTION 14.01 Subordination Terms.

 

                The payment by the Company of the principal of,
premium, if any, and interest on any series of Securities issued hereunder
shall be subordinated to the extent set forth in an indenture supplemental
hereto relating to such Securities.

 

 

 

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

 

	
   

  	
  CRYSTAL RIVER CAPITAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [                                                                                         ],

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

29Filed by Automated Filing Services Inc. (604) 609-0244 - The Cavalier Group - Exhibit 10.1

THE CAVALIER GROUP 

CODE OF BUSINESS CONDUCT AND ETHICS & 
COMPLIANCE
PROGRAM 

The following Code of Business Conduct and Ethics and
Compliance Program was adopted by the Board of Directors of The Cavalier Group
on April 30, 2005. 

The upholding of a strong sense of ethics and integrity is of
the highest importance to The Cavalier Group (the “Company”) and critical
to its success in the business environment. The Company’s Code of Business
Conduct and Ethics and Compliance Program embodies the Company’s commitment to
such ethical principles and sets forth the responsibilities of the Company to
its shareholders, employees, customers, lenders and other stakeholders. The
Company’s Code of Business Conduct and Ethics and Compliance Program addresses
general business ethical principles, conflicts of interests, special ethical
obligations for employees with financial reporting responsibilities, insider
trading laws, reporting of any unlawful or unethical conduct, political
contributions and other relevant issues. 

GENERAL PRINCIPLES 

It is the Company’s firm belief that effective business
relationships can only be built on mutual trust and fair dealing. The Company
and all its directors, officers and employees, to whom the Company’s Code of
Business Conduct and Ethics and Compliance Program is applicable, will conduct
themselves in accordance with the standards established herein. 

The Company’s Code of Business Conduct and Ethics and
Compliance Program outlines the fundamental principles of legal and ethical
business conduct as adopted by the Board of Directors of the Company. It is not
intended to be a comprehensive list addressing all legal or ethical issues which
may confront the Company’s personnel. Hence, it is essential that all personnel
subject to the Company’s Code of Business Conduct and Ethics and Compliance
Program employ good judgment in the application of the principles contained
herein. 

CONFLICTS OF INTEREST 

Directors, officers and employees of the Company are expected
to make decisions and take actions based on the best interests of the Company,
as a whole, and not based on personal relationships or benefits. Generally, a
“conflict of interest” is an activity that it inconsistent with or opposed to
the best interest of the Company or one which gives the appearance of
impropriety. As conflicts of interest can compromise the ethical behavior of
Company personnel, they should be avoided.

Employees should avoid any relationship which would create a
conflict of interest. Employees are expected to disclose such relationships and
conflicts to their immediate supervisors. Conflicts of interest involving those
with whom the Company does business should also be disclosed in writing to such
third parties. Any waivers of conflicts of interest must be approved by the
Board of Directors or an appropriate committee. 

	THE CAVALIER GROUP
    
	Code of Business Conduct 
	Page 1 of 6 

Members of the Board of Directors are to disclose any conflicts of interest and potential conflicts of interest to the entire Board of Directors as well as the committees on which they serve. Directors are to recuse themselves from participation in
any decision of the Board or a committee thereof in any matter in which there is a conflict of interest or potential conflict of interest.

Set forth below is specific guidance in respect to certain conflicts of interest situations. As it is not possible to list all conflicts of interest situations, it is the responsibility of the individual, ultimately, to avoid and properly address
any situation involving a conflict of interest or potential conflict of interest.  Company personnel who wish to obtain clarification of the Company’s conflicts of interest principles or further guidance with respect to the proper handling of
any specific situation should consult his or her immediate supervisor, the Company’s corporate secretary or the Company’s outside legal counsel. 

Interest in Other Businesses: All Company’s directors, officers and employees and their family members must avoid any direct or indirect financial relationship with third parties with whom the Company has relationships which would
involve a conflict of interest or a potential conflict of interest or compromise the individual’s loyalty to the Company. Permission must be obtained from the Company’s president before any such individual commences an employment, business
or consulting relationship with third parties with whom the Company has relationships. 

Outside Directorships: All Company’s directors, officers and employees may serve on the boards of directors of other profit-making organizations so long as those other companies are not in direct competition with the Company. Direct
competition does not include being in the same type of resource industry business as the Company, and directors, officers and employees are not obliged to refer to the Company every opportunity they may have in the Company’s area of the
resource industry.

Individuals who serve as directors of other companies may retain any compensation earned from that outside directorship without accounting for same to the Company. Individuals may receive compensation (whether in the form of cash, stock or options)
for service on a boards of director of another business organization if such service is at the request of the Company or in connection with the investment of the Company in such business organization, so long as the individual discloses the
compensation to the Company. All individuals must recuse themselves from any matters pertaining to the Company and the business organization of which they are directors. 

Proper Payments: All individuals should pay for and receive only that which is proper. Company personnel should not make improper payments for the purposes of influencing another’s acts or decisions and should not receive any improper
payments or gifts from others for the purposes influencing the decisions or actions of Company’s personnel. No individual should give gifts beyond those extended in the context of normal business circumstances.  Company personnel must observe
all government restrictions on gifts and entertainment. 

Supervisory Relationships:   Supervisory relationships with family members present special workplace issues.  Accordingly, Company personnel should where possible avoid a direct reporting relationship with a family member. If such a
relationship exists or occurs, the individuals involved must report the relationship in writing to the Board of Directors. 

INSIDER TRADING 

 It is the policy of the Company to prohibit the unauthorized
  disclosure of any nonpublic information acquired in the workplace and the misuse
  of material nonpublic information in 

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	Code of Business Conduct 
	Page 2 of 6 

securities trading. It is not possible to define all categories of material information. However, information should be regarded as material if there is a reasonable likelihood that it would be considered important to an investor in making an
investment decision regarding the purchase or sale of the Company’s securities.  Nonpublic information is information that has not been previously disclosed to the general public and is otherwise not available to the general public. While it
may be difficult to determine whether particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material.  In addition, material information
may be positive or negative. Examples of such information may include: 

	
Financial results
	
Projections of future earnings or losses
	
Major contract awards, cancellations or write-offs
	
Joint ventures with third parties
	
Research, exploration or development milestones
	
News of a pending or proposed merger or acquisition
	
News of the disposition of material assets
	
Impending bankruptcy or financial liquidity problems
	
Gain or loss of a substantial customer or supplier
	
New product announcements or resource discoveries of a material nature
	
Significant pricing changes
	
Stock splits
	
New equity or debt offerings
	
Significant litigation exposure due to actual or threatened litigation
	
Changes in senior management
	
Capital investment plans
	
Changes in dividend policy

Trading on Material Non-public Information:  With certain limited exceptions, no officer or director of the Company, no employee of the Company or its subsidiaries and no consultant or contractor to the Company or any of its subsidiaries and
no members of the immediate family or household of any such person, shall engage in any transaction involving a purchase or sale of the Company’s securities, including any offer to purchase or offer to sell, during any period commencing with
the date that he or she possesses material nonpublic information concerning the Company, and ending at the close of business on the second trading day following the date of public disclosure of that information, or at such time as such nonpublic
information is no longer material. The term “trading day” shall mean a day on which national stock exchanges and the NASDAQ National Market are open for trading. 

Tipping:  No insider shall disclose (“tip”) material nonpublic information to any other person (including family members) where such information may be used by such person to his or her profit by trading in the securities of
companies to which such information relates, nor shall such insider or related person make recommendations or express opinions on the basis of material nonpublic information as to trading in the Company’s securities. 

 Regulation FD (Fair Disclosure) implemented by the Securities
  and Exchange Commission provides that when the Company, or person acting on
  its behalf, discloses material nonpublic information to certain enumerated persons
  (in general, securities market professionals and holders of the Company’s
  securities who may well trade on the basis of the information), it must make
  public disclosure of that information. The timing of the required public disclosure
  depends on 

	THE CAVALIER GROUP
    
	Code of Business Conduct 
	Page 3 of 6 

whether the selective disclosure was intentional or unintentional; for an intentional selective disclosure, the Company must make public disclosures simultaneously; for a non-intentional disclosure the Company must make public disclosure promptly.
Under the regulation, the required public disclosure may be made by filing or furnishing a Form 8-K, or by another method or combination of methods that is reasonably designed to effect broad, non-exclusionary distribution of the information to the
public. 

It is the policy of the Company that all communications with the press be handled through the Company president or his specifically designated appointee. 

Confidentiality of Nonpublic Information: Nonpublic information relating to the Company is the property of the Company and the unauthorized disclosure of such information is strictly forbidden.

Applicability of Insider Trading Regulations to Securities of Other Companies:  The insider trading guidelines described herein also apply to material nonpublic information relating to other companies, including the Company’s customers,
vendors or suppliers (“business partners”), when that information is obtained in the course of employment with, or other services performed on behalf of the Company.  All employees should treat material nonpublic information about the
Company’s business partners with the same care as is required with respect to information relating directly to the Company. 

COMPLIANCE PROGRAM 

In order to implement the principles of the Company’s Code of Business Conduct and Ethics and to establish a Compliance Program, the Company has adopted the following policies: 

Size of the Board: The Board will periodically review the appropriate size of the Board. 

Independent Directors: It is the policy of the Company that at least one of the directors will be non-employees and non-officers of the Company and will otherwise meet the appropriate standards of independence. In determining independence,
the Board will consider the definition of “independence” under the relevant rules and regulations of the Securities and Exchange Commission and the stock exchange or market on which the Company’s shares are listed for trading. 

Management Directors: The Board anticipates that the Company’s Chief Executive Officer will be nominated annually to serve on the Board. The Board may also nominate other members of management. 

Chair; Lead Independent Director: The Board will periodically appoint a Chair.  Both independent and management directors, including the CEO, are eligible for appointment as the Chair. The Chair or one of the independent directors (if the
Chair is not an independent director) may be designated by the Board to be the “lead independent director.”  The lead independent director may periodically help schedule or conduct separate meetings of the independent directors. 

 Selection of Board Nominees: The Board will be responsible
  for the selection of candidates for the nomination of all Board members. The
  Nominating and Corporate Governance Committee, if constituted, shall recommend
  candidates for election to the Board. 

	THE CAVALIER GROUP
    
	Code of Business Conduct 
	Page 4 of 6 

Board Membership Criteria: The Board’s policy is to encourage selection of directors who will contribute to the Company’s overall corporate goals of responsibility to its shareholders and other stakeholders.

Independent Directors’ Discussions: It is the policy of the Board that the independent directors, under the direction of the lead independent director, may meet separately without management directors at least once per year to discuss
such matters as the independent directors may consider appropriate. The Company’s independent auditors, outside legal counsel, finance staff, legal staff and other employees may be invited to attend. 

Access to Information: The Board encourages the presentation at meetings by managers who can provide additional insight into matters being discussed.  The Company’s executive management will afford each Board member full access to the
Company’s records, information, employees, outside auditors and outside counsel.

Board Committees: The Board shall have three standing committees: the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee. From time to time, the Board may establish additional committees. 

Committee Member Selection:  The Board will designate the members and Chairs of each committee.  The membership of the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee shall meet all applicable
criteria of the rules and regulations of the Securities and Exchange Commission and the stock exchange or market on which the Company’s shares are listed for trading. 

Committee Functions: The Board of Directors shall adopt a Committee Charter for each of the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee which shall provide the structure and guiding principles
of such committees. The full authority and responsibilities of each committee are fixed by resolution of the full Board of Directors and the Committee Charter. The following is a brief summary of the authority of each committee: 

	
Audit Committee. Review the Company’s financial procedures and controls; monitor financial reporting and select and meet with independent auditors.
	
Compensation Committee. Review and approve compensation arrangements for the Company’s executive officers and awards under employee benefit plans, including the Company’s stock option plans.
	
Nominating and Corporate Governance Committee. Recommend to the full Board candidates for election to the Board and changes to governance policies.

Insider Trading Compliance: The Board of Directors shall adopt an Insider Trading Compliance Program for the purposes of educating and ensuring the all subject persons are fully aware of the rules and regulations of the Securities and
Exchange Commission with respect to insider trading. The Company will, within reason, endeavor to make the Company’s outside legal counsel available to Company personnel with respect to any insider trading questions or issues. 

 Financial Reporting; Legal Compliance and Ethics: The
  Board’s governance and oversight functions do not relieve the Company’s
  executive management of its primary responsibility of preparing financial statements
  which accurately and fairly present the Company’s financial results and
  condition, the responsibility of each executive officer to fully comply with
  applicable 

	THE CAVALIER GROUP
    
	Code of Business Conduct 
	Page 5 of 6 

legal and regulatory requirements or the responsibility of each
executive officer to uphold the ethical principles adopted by the Company. 

Corporate Communications: Management has the primary
responsibility to communicate with investors, the press, employees and other
stakeholders on a timely basis and to establish policies for such communication.

Access to Outside Counsel: The Company will, within
reason, endeavor to provide Company personnel access to the Company’s outside
legal counsel with respect to any matter which may arise relating to the
Company’s Code of Business Conduct and Ethics and Compliance Program.

 

APPROVED AND ADOPTED this 30th day of April, 2005 

/s/         
 “Gerald W. Williams” 

Gerald W. Williams 
Secretary 

 

 

CERTIFICATE OF SECRETARY 

I, Gerald W. Williams, hereby certify that I am the duly
appointed Secretary of THE CAVALIER GROUP and that the foregoing Code of
Business Conduct and Ethics and Compliance Program constitutes the code of
Business Conduct and Ethics and the Compliance Program of THE CAVALIER GROUP as
duly adopted at a regular meeting of the Board of Directors of the Corporation.

DATED this 30th day of April, 2005. 

/s/         
 “Gerald W. Williams” 

  Gerald W. Williams

  Secretary 

	THE CAVALIER GROUP
    
	Code of Business Conduct 
	Page 6 of 6

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