Document:

ex4_2.htm

    Exhibit
4.2

     

    

     

    RAYMOND
JAMES FINANCIAL, INC.,

     

    as
Issuer

     

    and

     

    The Bank
of New York Mellon Trust Company, N.A.,

     

    as
Trustee

     

    _________________

     

    INDENTURE

     

    Dated as
of August 10, 2009

     

    _________________

     

    Senior
Debt Securities

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CROSS-REFERENCE SHEET*

    

    Between

    

    Provisions
of Sections 310 through 318 of the Trust Indenture Act of 1939, as amended, and
the within Indenture between Raymond James Financial, Inc. and The Bank of New
York Mellon Trust Company, N.A., Trustee:

    

    ______________

    

    

    
      	
              SECTION
      OF ACT

            	
              SECTION
      OF INDENTURE

            
	 
      	 
      
	
              310(a)(1)
      and (2)

            	
              7.09

            
	
              310(a)(3)
      and (4)

            	
              Not
      applicable

            
	
              310(b)

            	
              7.08
      and 7.10

            
	
              310(c)

            	
              Not
      applicable

            
	
              311(a)
      and (b)

            	
              7.13

            
	
              311(c)

            	
              Not
      applicable

            
	
              312(a)

            	
              5.01
      and 5.02(a)

            
	
              312(b)
      and (c)

            	
              5.02(b)
      and (c)

            
	
              313(a)

            	
              5.04(a)

            
	
              313(b)(1)

            	
              Not
      applicable

            
	
              313(b)(2)

            	
              5.04(b)

            
	
              313(c)

            	
              5.04(c)

            
	
              313(d)

            	
              5.04(d)

            
	
              314(a)

            	
              5.03

            
	
              314(b)

            	
              Not
      applicable

            
	
              314(c)(1)
      and (2)

            	
              14.04

            
	
              314(c)(3)

            	
              Not
      applicable

            
	
              314(d)

            	
              Not
      applicable

            
	
              314(e)

            	
              15.05

            
	
              314(f)

            	
              Not
      applicable

            
	
              315(a),
      (c) and (d)

            	
              7.01

            
	
              315(b)

            	
              7.14

            
	
              315(e)

            	
              6.14

            
	
              316(a)(1)

            	
              6.12

            
	
              316(a)(2)

            	
              Omitted

            
	
              316(a)
      last sentence

            	
              8.04

            
	
              316(b)

            	
              6.08

            
	
              317(a)

            	
              6.03
      and 6.04

            
	
              317(b)

            	
              4.03(a)

            
	
              318(a)

            	
              15.07

            

    

    

    

    *This
Cross-Reference Sheet is not part of the Indenture.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    
      	
              TABLE
      OF CONTENTS

            
	 
      	 
      	
              PAGE

            
	
              ARTICLE
      1

            
	 
      	 
      	 
      
	
              DEFINITIONS

            
	 
      	 
      	 
      
	
              SECTION
      1.01.

            	
              Definitions

            	
              1

            
	 
      	 
      	 
      
	
              ARTICLE
      2

            
	 
      	 
      	 
      
	
              ISSUE,
      EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

            
	 
      	 
      	 
      
	
              SECTION
      2.01.

            	
              Amount
      Unlimited; Issuable in Series

            	
              9

            
	
              SECTION
      2.02.

            	
              Form
      of Trustee’s Certificate of Authentication

            	
              9

            
	
              SECTION
      2.03.

            	
              Form
      of Securities Generally; Establishment of Terms of Series

            	
              9

            
	
              SECTION
      2.04.

            	
              Securities
      in Global Form

            	
              13

            
	
              SECTION
      2.05.

            	
              Denominations;
      Record Date; Payment of Interest

            	
              13

            
	
              SECTION
      2.06.

            	
              Execution,
      Authentication, Delivery and Dating of Securities

            	
              14

            
	
              SECTION
      2.07.

            	
              Exchange
      and Registration of Transfer of Securities

            	
              17

            
	
              SECTION
      2.08.

            	
              Temporary
      Securities

            	
              20

            
	
              SECTION
      2.09.

            	
              Mutilated,
      Destroyed, Lost or Stolen Securities and Coupons

            	
              23

            
	
              SECTION
      2.10.

            	
              Cancellation

            	
              24

            
	
              SECTION
      2.11.

            	
              Book-Entry
      Only System

            	
              24

            
	 
      	 
      	 
      
	
              ARTICLE
      3

            
	 
      	 
      	 
      
	
              REDEMPTION
      OF SECURITIES

            
	 
      	 
      	 
      
	
              SECTION
      3.01.

            	
              Redemption
      of Securities; Applicability of Section

            	
              25

            
	
              SECTION
      3.02.

            	
              Notice
      of Redemption; Selection of Securities

            	
              25

            
	
              SECTION
      3.03.

            	
              Payment
      of Securities Called for Redemption

            	
              26

            
	
              SECTION
      3.04.

            	
              Redemption
      Suspended During Event of Default

            	
              27

            
	 
      	 
      	 
      
	
              ARTICLE
      4

            
	 
      	 
      	 
      
	
              PARTICULAR
      COVENANTS OF THE COMPANY

            
	 
      	 
      	 
      
	
              SECTION
      4.01.

            	
              Payment
      of Principal, Premium and Interest

            	
              28

            
	
              SECTION
      4.02.

            	
              Offices
      for Notices and Payments, etc.

            	
              28

            
	
              SECTION
      4.03.

            	
              Provisions
      as to Paying Agent

            	
              30

            
	
              SECTION
      4.04.

            	
              Statement
      as to Compliance

            	
              31

            
	
              SECTION
      4.05.

            	
              Corporate
      Existence

            	
              31

            
	
              SECTION
      4.06.

            	
              Limitation
      on Sale or Issuance of Capital Stock of a Principal
    Subsidiary

            	
              31

            
	
              SECTION
      4.07.

            	
              Waiver
      of Covenants

            	
              33

            
	
              SECTION
      4.08.

            	
              Notice
      of Default

            	
              33

            
	
              SECTION
      4.09.

            	
              Determination
      of Additional Amounts

            	
              33

            
	 
      	 
      	 
      
	
              ARTICLE
      5

            
	 
      	 
      	 
      
	
              SECURITYHOLDER
      LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

            
	 
      	 
      	 
      
	
              SECTION
      5.01.

            	
              Securityholder
      Lists

            	
              34

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS
INDENTURE, dated as of August 10, 2009 between Raymond James Financial, Inc., a
corporation duly organized and existing under the laws of the State of Florida
(hereinafter called the “Company”), and The Bank of New York Mellon Trust
Company, N.A. (hereinafter sometimes called the “Trustee”, which term shall
include any successor trustee appointed pursuant to Article 7 of this
Indenture).

    W I T N E
S S E T H:

     

    WHEREAS,
the Company deems it necessary to issue from time to time for its lawful
purposes securities (hereinafter called the “Securities”) evidencing its
unsecured indebtedness and has duly authorized the execution and delivery of
this Indenture to provide for the issuance of the Securities in one or more
series, unlimited as to principal amount, to bear such rates of interest, to
mature at such time or times, and to have such other provisions as shall be
fixed as hereinafter provided; and

    

    WHEREAS,
the Company represents that all acts and things necessary to constitute these
presents a valid indenture and agreement according to its terms have been done
and performed, and the execution of this Indenture has in all respects been duly
authorized, and the Company, in the exercise of legal right and power in it
vested, is executing this Indenture;

    

    NOW,
THEREFORE:

    

    In order
to declare the terms and conditions upon which the Securities are authenticated,
issued and received, and in consideration of the premises, of the purchase and
acceptance of the Securities by the holders thereof and of the sum of One Dollar
to it duly paid by the Trustee at the execution of these presents, the receipt
whereof is hereby acknowledged, the Company covenants and agrees with the
Trustee, for the equal and proportionate benefit of the respective holders from
time to time of the Securities, as follows:

    ARTICLE
1                                                                                                         

     

    

     

    DEFINITIONS

     

    
      	
              SECTION
      1.01.  

            	
              Definitions.

            

    

     

    The terms
defined in this Section (except as herein 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.  All other terms used in this Indenture that are defined
in the Trust Indenture Act of 1939 or that are by reference therein defined in
the Securities Act of 1933 shall have the meanings (except as herein otherwise
expressly provided or unless the context otherwise requires) assigned to such
terms in said Trust Indenture Act of 1939 and in said Securities Act as in force
at the date of this Indenture as originally executed.  All accounting
terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the
term “generally accepted accounting principles” means such accounting principles
as are generally accepted at the time of any computation.  The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other
subdivision.  The terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the
singular.

    

    Additional
Amounts:

     

    The term
“Additional Amounts” shall mean any additional amounts to be paid by the Company
in respect of Securities of a series, as may be specified pursuant to
Section 2.03(b) hereof and in such Security and under the circumstances
specified therein, in respect of specified taxes, assessments or other
governmental charges imposed on certain holders who are United States Aliens,
and which may be owing to such holders as set forth in Section 4.08
hereof.

    

    Agreement
Accounting Principles:

     

    The term
“Agreement Accounting Principles” shall mean generally accepted accounting
principles as in effect from time to time, applied in a manner consistent with
those used in preparing the Company’s financial statements.

    

    Authorized
Newspaper:

     

    The term
“Authorized Newspaper” shall mean a newspaper (which, in the case of the United
Kingdom, will, if practicable, be the Financial Times (London Edition) and, in
the case of Luxembourg, will, if practicable, be the Luxemburger Wort) of
general circulation in the place of publication, published in an official
language of the country of publication and customarily published at least once a
day for at least five days in each calendar week.  Whenever successive
weekly publications in an Authorized Newspaper are authorized or required
hereunder, they may be made (unless otherwise provided herein) on the same or
different days of the week and in the same or different Authorized
Newspapers.  If it shall be impractical in the opinion of the Trustee
to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof which is made or
given with the approval of the Trustee shall constitute a sufficient publication
of such notice.

    

    Bearer
Security:

     

    The term
“Bearer Security” shall mean any Security established pursuant to
Section 2.01 and Section 2.03(b) hereof which is payable to bearer
(including without limitation any Security in temporary or permanent global
bearer form) and title to which passes by delivery only, but does not include
any coupons.

    

    Board of
Directors:

     

    The term
“Board of Directors” or “Board” shall mean the Board of Directors of the Company
or any duly authorized committee of such Board.

    

    Board
Resolution:

     

    The term
“Board Resolution” shall mean a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of
Directors or by a committee acting under authority of or appointment by the
Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

    

    Business
Day:

     

    The term
“business day” shall mean, unless otherwise specified pursuant to
Section 2.03(b), with respect to any Place of Payment or any other
particular location referred to in this Indenture or in the Securities, a day
that in the city (or in any one of the cities, if more than one) in which
amounts are payable, as specified in the form of such Security, is not a day on
which banking institutions are authorized or required by law or regulation to be
closed.

    

    Capital
Stock:

     

    The term
“Capital Stock” shall mean, as to shares of a particular corporation,
outstanding shares of stock of any class, whether now or hereafter authorized,
irrespective of whether such class shall be limited to a fixed sum or percentage
in respect of the rights of the holders thereof to participate in dividends and
in the distribution of assets upon the voluntary liquidation, dissolution or
winding up of such corporation.

    

    Clearstream,
Luxembourg:

     

    The term
“Clearstream, Luxembourg” shall mean Clearstream Banking, société anonyme,
Luxembourg, or any successor thereof.

    

    Common
Depositary:

     

    The term
“Common Depositary” shall have the meaning set forth in Section 2.08
hereof.

    

    Commission:

     

    The term
“Commission” shall mean the Securities and Exchange Commission or any successor
entity.

    

    Company:

     

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

    Company
Request, Company Order and Company Consent:

     

    The terms
“Company Request,” “Company Order” and “Company Consent” mean, respectively, a
written request, order or consent signed in the name of the Company by its
Chairman of the Board, Chief Executive Officer, President, Chief Financial
Officer, Vice President, General Counsel, Deputy or Associate General Counsel or
Treasurer and delivered to the Trustee.

    

    Coupon:

     

    The term
“coupon” shall mean any interest coupon appertaining to a Bearer
Security.

    Credit
Agreement:

     

    The term
“Credit Agreement” shall mean the $100,000,000 Credit Agreement, dated as of
February 6, 2009, among the Company, as borrower, the lenders name therein,
JPMorgan Chase Bank, National Association, as administrative agent, Regions
Bank, as co-syndication agent, Fifth Third Bank, as co-syndication agent and PNC
Bank, National Association, as co-syndication agent, as amended from time to
time.

    

    Default:

     

    The term
“Default” or “default” shall have the meaning specified in Article
6.

    

    Dollar or
$:

     

    The term
“Dollar” or “$” shall mean a dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.

    

    Euroclear:

     

    The term
“Euroclear” shall mean Morgan Guaranty Trust Company of New York, Brussels
office, or any successor thereof, as the operator of the Euroclear
System.

    

    Euro
Security:

     

    The term
“Euro Security” shall mean any Bearer Security, any Security initially
represented by a Security in temporary global form exchangeable for Bearer
Securities and any Security in permanent global form exchangeable for Bearer
Securities.

    

    Event of
Default:

     

    The term
“Event of Default” shall have the meaning specified in Article 6.

    

    Exchange
Act:

     

    The term
“Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended.

    

    Exchange
Date:

     

    The term
“Exchange Date” shall have the meaning set forth in Section 2.08
..

    

    Holder:

     

    The terms
“holder,” “holder of Securities,” “securityholder” or other similar term shall
mean (a) in the case of any Registered Security, the person in whose name
such Security is registered in the Security Register kept by the Company for
that purpose, in accordance with the terms hereof, and (b) in the case of
any Bearer Security, the bearer thereof, and as used with respect to any coupon
appertaining to any Bearer Security, the term “holder” shall mean the bearer
thereof.

    

    Indenture:

     

    The term
“Indenture” shall mean this instrument as originally executed and delivered or
as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including without limitation, the forms and terms of particular series of
Securities established as contemplated by Article 2.

    

    Officers’
Certificate:

     

    The term
“Officers’ Certificate” shall mean a certificate signed by the Chairman of the
Board, the Chief Executive Officer, President, Chief Financial Officer, Vice
President, General Counsel, Deputy or Assistant General Counsel or Treasurer of
the Company and delivered to the Trustee.

    

    Opinion
of Counsel:

     

    The term
“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel,
who may be an employee of or counsel to the Company and who shall be
satisfactory to the Trustee, or who may be other counsel satisfactory to the
Trustee.

    

    Original
Issue Discount Securities:

     

    The term
“Original Issue Discount Securities” shall mean any Securities which are
initially sold at a discount from the principal amount thereof and which provide
upon an Event of Default for declaration of an amount less than the principal
amount thereof to be due and payable upon acceleration thereof.

    

    Outstanding:

     

    The term
“Outstanding” or “outstanding,” when used with reference to Securities, shall,
subject to the provisions of Section 7.08, Section 8.01 and
Section 8.04, mean, as of any particular time, all Securities authenticated
and delivered by the Trustee under this Indenture, except:

    

     

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

     

    Securities,
or portions thereof, for the payment or redemption of which moneys 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 and held in trust by the Company (if the Company shall act as its own
paying agent) for the holders of such Securities and any coupons appertaining
thereto; provided, that if such Securities, or portions thereof, are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as provided in Article 3, or provision satisfactory to the Trustee
shall have been made for giving such notice;

     

    Securities
that have been defeased pursuant to Section 14.02 hereof; and

     

    Securities
that have been paid pursuant to Section 2.09, or Securities in exchange
for, in lieu of and in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.07, unless
proof satisfactory to the Trustee is presented that any such Securities are held
by bona fide holders in due course.

     

    Periodic
Offering:

     

    The term
“Periodic Offering” shall mean an offering of Securities of a series, from time
to time, the specific terms of which (including, without limitation, the rate or
rates of interest or formula for determining the rate or rates of interest
thereon, if any, the maturity date or dates thereof and the redemption
provisions, if any, with respect thereto) are to be determined by the Company
upon the issuance of such Securities.

     

    Person:

     

    The term
“Person” or “person” shall mean any individual, corporation, partnership, joint
venture, association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

    

    Place of
Payment:

     

    The term
“Place of Payment,” when used with respect to the Securities of any series,
means the place or places where, subject to the provisions of Section 4.02,
the principal of (and premium, if any, on) and any interest on the Securities of
that series are payable as specified as contemplated by
Section 2.03(b).

    

    Possessions:

     

    The term
“possessions,” when used with respect to the United States, shall include Puerto
Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern
Mariana Islands.

    

    Principal
Subsidiary:

     

    The term
“Principal Subsidiary” shall mean any Subsidiary the total assets of which as
set forth in the most recent statement of financial condition of such Subsidiary
equal more than 10% of the total consolidated assets of the Company and its
subsidiaries as determined from the most recent consolidated statement of
financial condition of the Company and its subsidiaries.

    

    Record
Date:

     

    The term
“record date” as used with respect to any interest payment date shall have the
meaning specified in Section 2.05.

    

    Registered
Security:

     

    The term
“Registered Security” shall mean any Security established pursuant to
Section 2.01 and Section 2.03(b) which is registered on the Security
Register of the Company.

    

    Responsible
Officer:

     

    The term
“Responsible Officer,” when used with respect to the Trustee, shall mean any
officer within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee), including any Vice President, Assistant Vice President,
Assistant Secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also shall mean, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such officer’s knowledge of
and familiarity with the particular subject.

    

    Securities:

     

    The term
“Securities” shall have the meaning set forth in the preamble of this
Indenture.

    

    Securities
Act:

     

    The term
“Securities Act” shall mean the Securities Act of 1933, as amended.

    

    Security
Register and Security Registrar:

     

    The terms
“Security Register” and “Security Registrar” shall have the respective meanings
set forth in Section 2.07(a) hereof.

     

    Subsidiary:

     

    The term
“Subsidiary” shall mean any subsidiary of the Company which is an entity
organized and doing business under any State or Federal law.

    

    Trust
Indenture Act of 1939:

     

    Except as
otherwise provided in this Indenture, the term “Trust Indenture Act of 1939”
shall mean the Trust Indenture Act of 1939, as amended, as in force at the date
of this Indenture as originally executed.

    

    Trustee:

     

    The term
“Trustee” shall mean the person identified as “Trustee” in the first paragraph
hereof until the acceptance of appointment of a successor trustee pursuant to
the provisions of Article 7, and thereafter shall mean such successor
trustee.

    

    United
States Alien:

     

    The term
“United States Alien” shall mean any person who, for United States Federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership to the extent that one or more of its members is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or
trust.

    

    U.S.
Depositary:

     

    The term
“U.S. Depositary” shall mean, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more permanent
global Securities, the person designated as U.S. Depositary by the Company
pursuant to Section 2.03(b), which must be a clearing agency registered
under the Exchange Act, until a successor U.S. Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “U.S.
Depositary” shall mean or include each person who is then a U.S. Depositary
hereunder, and if at any time there is more than one such person, “U.S.
Depositary” as used with respect to the Securities of any series shall mean the
U.S. Depositary with respect to the Securities of such series.

    

    Vice
President:

     

    The term
“Vice President” when used with respect to the Company or the Trustee shall mean
any vice president, whether or not designated by a number or word or words added
before or after the title “vice president,” including any Executive or Senior
Vice President.

    

    Wholly-Owned
Subsidiary:

     

    “Wholly-Owned
Subsidiary” of a Person means (a) any Subsidiary all of the outstanding voting
securities of which shall at the time be owned or controlled, directly or
indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such
Person, or by such Person and one or more Wholly-Owned Subsidiaries of such
Person, or (b) any partnership, limited liability company, association, joint
venture or similar business organization 100% of the ownership interests having
ordinary voting power of which shall at the time be so owned or
controlled.

    

    ARTICLE
2                                                                                                         

     

    ISSUE,
EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

     

    
      	
              SECTION
      2.01.  

            	
              Amount
      Unlimited; Issuable in Series.

            

    

     

    Upon the
execution of this Indenture, or from time to time thereafter, Securities up to
the aggregate principal amount and containing terms and conditions from time to
time authorized by or pursuant to a Board Resolution, or in an indenture
supplemental hereto, as set forth in Section 2.03, may be executed by the
Company and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and make available for delivery said Securities to or
upon Company Order, without any further action by the Company but subject to the
provisions of Section 2.03, or in an indenture supplemental hereto, as set
forth in Section 2.03.

    

    The
Securities may be issued in one or more series.  The aggregate
principal amount of Securities of all series that may be authenticated and
delivered and outstanding under this Indenture is not limited.  The
Securities of a particular series may be issued up to the aggregate principal
amount of Securities for such series from time to time authorized by or pursuant
to a Board Resolution.

    

    
      	
              SECTION
      2.02.  

            	
              Form
      of Trustee’s Certificate of
Authentication.

            

    

     

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

    [Form of
Trustee’s Certificate of Authentication]

     

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

    
      	
              Dated:  ________________________

            	 
      
	 
      	
              The
      Bank of New York Mellon Trust Company, N.A., as Trustee

              By:

              Authorized
      Signatory

            

    

    

    
      	
              SECTION
      2.03.  

            	
              Form
      of Securities Generally; Establishment of Terms of
  Series.

            

    

     

    (a) The
Registered Securities, if any, of each series, the Bearer Securities, if any, of
each series and related coupons, if any, the temporary global Securities of each
series, if any, and the permanent global Securities of each series, if any,
shall be in the forms established from time to time in or pursuant to one or
more Board Resolutions (and, to the extent established pursuant to rather than
set forth in one or more Board Resolutions, in an Officers’ Certificate (to
which shall be attached true and correct copies of the relevant Board
Resolution(s)) detailing such establishment) or established in an indenture
supplemental hereto.

     

    The
Securities may be issued in typewritten, printed or engraved form with such
letters, numbers or other marks of identification or designation (including
“CUSIP” numbers, if then generally in use) 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 the
Securities may be listed, or to conform to usage.  Unless otherwise
specified as contemplated hereinafter, Securities in bearer form shall have
interest coupons attached.

    

    (b) At or
prior to the initial issuance of Securities of any series, the particular terms
of Securities of such series shall be established in or pursuant to one or more
Board Resolutions (and to the extent established pursuant to rather than set
forth in one or more Board Resolutions, in an Officers’ Certificate (to which
shall be attached true and correct copies of the relevant Board Resolutions(s))
detailing such establishment) or established in an indenture supplemental
hereto, including the following:

     

    (1) the
designation of the particular series (which shall distinguish such series from
all other series);

     

    (2) the
aggregate principal amount of such series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to this Indenture and except for any
Securities which, pursuant to Section 2.06, are deemed never to have been
authenticated and delivered hereunder);

     

    (3) whether
Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without coupons) or both, whether any Securities of the
series are to be issuable initially in temporary global form with or without
coupons and, if so, the name of the Common Depositary with respect to any such
temporary global Security, and whether any Securities of the series are to be
issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may
exchange such interests for Securities of such series and of like tenor of any
authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in Section 2.06
and the name of the Common Depositary or the U.S. Depositary with respect to any
such permanent global Security;

     

    (4) the date
as of which any Bearer Securities of such series and any temporary Security in
global form representing Outstanding Securities of such series shall be dated,
if other than the date of original issuance of the first Securities of the
series to be issued;

     

    (5) the
person to whom any interest on any Registered Security of the series shall be
payable, if other than the person in whose name that Security (or one or more
predecessor Securities) is registered at the close of business on the regular
record date for such interest, the manner in which, or the person to whom, any
interest on any Bearer Security of the series shall be payable, if otherwise
than upon presentation and surrender of the coupons appertaining thereto as they
severally mature, the extent to which, or the manner in which, any interest
payable on a temporary global Security on an interest payment date will be paid
if other than in the manner provided in Section 2.08 and the extent to
which, or the manner in which, any interest payable on a permanent global
Security on an interest payment date will be paid;

     

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

     

    (7) the rate
or rates, and if applicable the method used to determine the rate, at which the
Securities of such series shall bear interest, if any, the date or dates from
which such interest shall accrue, the date or dates on which such interest shall
be payable and the record date or dates for the interest payable on any
Registered Securities on any interest payment date;

     

    (8) the place
or places at which, subject to the provisions of Section 4.02, the
principal of (and premium, if any, on) and any interest on Securities of such
series shall be payable, any Registered Securities of the series may be
surrendered for registration of transfer, Securities of the series may be
surrendered for exchange and notices and demands to or upon the Company in
respect of the Securities of the series and this Indenture may be
served;

     

    (9) the
obligation, if any, of the Company to redeem or purchase Securities of such
series, at the option of the Company or at the option of a holder thereof,
pursuant to any sinking fund or other redemption provisions and 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 so redeemed or purchased, in whole or
in part;

     

    (10) if other
than denominations of $1,000 and any integral multiple thereof, the
denominations in which any Registered Securities of such series shall be
issuable, and the denomination or denominations in which any Bearer Securities
of the series shall be issuable, if other than the denomination of
$5,000;

     

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

     

    (12) the
currency, currencies or currency units in which payment of the principal of (and
premium, if any, on) and any interest on any Securities of the series shall be
payable if other than the currency of the United States of America and the
manner of determining the equivalent thereof in the currency of the United
States of America for purposes of the definition of “Outstanding” in
Section 1.01;

     

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

     

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

     

    (15) whether
the Securities will be issued in book-entry only form;

     

    (16) any
interest rate calculation agents, exchange rate calculation agents or other
agents with respect to Securities of such series;

     

    (17) if either
or both of Sections 14.02 and 14.03 do not apply to the Securities of the
series;

     

    (18) whether
and under what circumstances the Company will pay Additional Amounts in respect
of any series of Securities and whether the Company has the option to redeem
such Securities rather than pay such Additional Amounts;

     

    (19) any
provisions relating to the extension of maturity of, or the renewal of,
Securities of such series, or the conversion of Securities of such series into
other securities of the Company;

     

    (20) any
provisions relating to the purchase or redemption of all or any portion of a
tranche or series of Securities, including the period of notice required to
redeem those Securities; and

     

    (21) any other
terms of the Securities or provisions relating to the payment of principal,
premium (if any) or interest thereon, including, but not limited to, whether
such Securities are issuable at a discount or premium, as amortizable
Securities, and if payable in, convertible or exchangeable for commodities or
for the securities of the Company or any third party.

     

    All
Securities of any one series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution or Officers’ Certificate
referred to above or as set forth in an indenture supplemental hereto, and,
unless otherwise provided, the authorized principal amount of any series may be
increased to provide for issuances of additional Securities of such
series.  If so provided by or pursuant to the Board Resolution or
Officers’ Certificate or supplemental indenture referred to above, the terms of
such Securities to be issued from time to time may be determined as set forth in
such Board Resolution, Officers’ Certificate or supplemental indenture, as the
case may be.  All Securities of any one series shall be substantially
identical except as to denomination, interest rate, maturity and other similar
terms and except as may be provided otherwise by or pursuant to such Board
Resolution, Officers’ Certificate or supplemental indenture.

    

    
      	
              SECTION
      2.04.  

            	
              Securities
      in Global Form.

            

    

     

    If
Securities of a series are issuable in global form, as specified as contemplated
by Section 2.03(b), then, notwithstanding clause (10) of
Section 2.03(b) and the provisions of Section 2.05, any such Security
in global form shall represent such of the Securities of such series Outstanding
as shall be specified therein, and any such Security in global form may provide
that it shall represent the aggregate amount of Securities Outstanding from time
to time endorsed thereon and that the aggregate amount of Securities Outstanding
represented thereby may from time to time be reduced to reflect any exchanges of
beneficial interests in such Security in global form for Securities of such
series as contemplated herein.  Any endorsement of a Security in
global form to reflect the amount, or any decrease in the amount, of Securities
Outstanding represented thereby shall be made by the Trustee or the Security
Registrar in such manner and upon instructions given by such person or persons
as shall be specified in such Security in global form or in the Company Order to
be delivered to the Trustee pursuant to Section 2.06 or
Section 2.08.  Subject to the provisions of Section 2.06
and, if applicable, Section 2.08, the Trustee or the Security Registrar
shall deliver and redeliver any Security in permanent global form in the manner
and upon instructions given by the person or persons specified in such Security
in global form or in the applicable Company Order.  If a Company Order
pursuant to Section 2.06 or 2.08 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not be
represented by a Company Order and need not be accompanied by an Opinion of
Counsel.

    

    The
provisions of the last sentence of Section 2.06 shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee or the Security
Registrar the Security in global form together with written instructions (which
need not be represented by a Company Order and need not be accompanied by an
Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated
by the last sentence of Section 2.06.

    Notwithstanding
the provisions of Section 2.05, unless otherwise specified as contemplated
by Section 2.03(b), payment of principal of and any premium and interest on
any Security in permanent global form shall be made to the persons or persons
specified therein.

    

    
      	
              SECTION
      2.05.  

            	
              Denominations;
      Record Date; Payment of Interest.

            

    

     

    (a) Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any
series of Securities, any Registered Securities of a series shall be issuable
without coupons in denominations of $1,000 and any Bearer Securities of a series
shall be issuable, with interest coupons attached, in the denomination of
$5,000.

     

    (b) The term
“record date” as used with respect to an interest payment date for any series of
a Registered Security shall mean such day or days as shall be specified as
contemplated by Section 2.03(b); provided, however, that in the absence of
any such provisions with respect to any series, such term shall mean
(1) the last day of the calendar month next preceding such interest payment
date if such interest payment date is the 15th day of a calendar month; or
(2) the 15th day of a calendar month next preceding such interest payment
date if such interest payment date is the first day of the calendar
month.

     

    Unless
otherwise provided as contemplated by Section 2.03(b) with respect to any
series of Securities, the person in whose name any Registered Security is
registered at the close of business on the record date with respect to an
interest payment date shall be entitled to receive the interest payable on such
interest payment date notwithstanding the cancellation of such Security upon any
registration of transfer or exchange thereof subsequent to such record date and
prior to such interest payment date; provided, however, that if and to the
extent the Company shall default in the payment of the interest due on such
interest payment date, such defaulted interest shall be paid to the persons in
whose names the Securities are registered on a subsequent record date
established by notice given to the extent and in the manner set forth in
Section 15.04 by or on behalf of the Company to the holders of Securities
of the series in default not less than 15 days preceding such subsequent record
date, such record date to be not less than five days preceding the date of
payment of such defaulted interest, or in any other lawful manner acceptable to
the Trustee.

    

    (c) Unless
otherwise specified by Board Resolution or Company Order for a particular series
of Securities, the principal of, redemption premium, if any, on and interest, if
any, on the Securities of any series shall be payable at the office or agency of
the Company maintained pursuant to Section 4.02 in a Place of Payment for
such series, in New York Clearing House funds; provided, however, that, at the
option of the Company, payment of interest with respect to a Registered Security
may be paid by check mailed to the holders of the Registered Securities entitled
thereto at their last addresses as they appear on the Security
Register.

     

    
      	
              SECTION
      2.06.  

            	
              Execution,
      Authentication, Delivery and Dating of
  Securities.

            

    

     

    The
Securities shall be signed on behalf of the Company by its Chairman of the
Board, its President or one of its Vice Presidents under its corporate seal and
attested by its Secretary or one of its Assistant Secretaries.  Such
signatures may be the manual or facsimile signatures of such then current
officers.

    

    The seal
of the Company may be in the form of a facsimile thereof and may be impressed,
affixed, imprinted or otherwise reproduced on the Securities.  Coupons
shall bear the facsimile signature of the Secretary or one of the Assistant
Secretaries of the Company or such other officer of the Company as may be
specified pursuant to Section 2.03(b).  Any Security or coupon
may be signed on behalf of the Company by such persons as, at the actual date of
the execution of such Security, shall be the proper officers of the Company,
although at the date of the execution of this Indenture any such person was not
such officer.  Securities and coupons bearing the manual or facsimile
signatures of individuals who were, at the actual date of the execution of such
Security or coupon, the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities, or the
delivery of such coupons, as the case may be, or did not hold such offices at
the date of such Securities.

    

    Upon the
execution and delivery of this Indenture, the Company shall deliver to the
Trustee an Officers’ Certificate as to the incumbency and specimen signatures of
officers authorized to execute and deliver the Securities and coupons and give
instructions under this Section and, as long as Securities are Outstanding under
this Indenture, shall deliver a similar Officers’ Certificate each year on the
anniversary of the date of the first such Officers’ Certificate.  The
Trustee may conclusively rely on the documents delivered pursuant to this
Section (unless revoked by superseding comparable documents) and
Section 2.03 hereof as to the authorization of the Board of Directors of
any Securities delivered hereunder, and the form and terms thereof, and as to
the authority of the instructing officers referred to in this Section so to
act.

    

    The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in an unlimited aggregate principal amount upon receipt by the
Trustee of a Company Order; provided, however, that with respect to Securities
of a series subject to a Periodic Offering, (a) such Company Order may be
delivered to the Trustee prior to the delivery to the Trustee of such Securities
for authentication and delivery, (b) the Trustee shall authenticate and
deliver Securities of such series for original issue from time to time, in an
aggregate principal amount not exceeding the aggregate principal amount, if any,
established for such series, pursuant to a Company Order or pursuant to such
procedures acceptable to the Trustee as may be specified from time to time by a
Company Order, (c) the maturity date or dates, original issue date or
dates, interest rate or rates and any other terms of Securities of such series
shall be determined by Company Order or pursuant to such procedures, and
(d) if provided for in such procedures, such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing; and provided further, however, that definitive
Euro Securities may only be delivered at an office or agency outside the United
States and its possessions in exchange for a portion of a Euro Security in
temporary global form of equal aggregate principal amount and series and only if
(x) prior to such delivery, the owner of such Euro Security or a financial
institution or clearing organization through which the owner holds such Euro
Security, directly or indirectly, shall have furnished a certificate in the form
set forth in Exhibit A.1 to this Indenture, dated no earlier than 15 days prior
to the date on which Euroclear or Clearstream, Luxembourg, as the case may be,
furnishes to the Common Depositary, in accordance with the procedures
established in Section 2.08, a certificate in the form set forth in Exhibit
A.2 to this Indenture that relates to all or such portion of such temporary
global Security, and (y) the person to whom such certificate is provided
does not know or have reason to know that the information contained in such
certificate is false.  If any Euro Security initially represented by a
portion of a temporary global Security is exchanged for a portion of a permanent
global Security in equal aggregate principal amount and series, then, for
purposes of this Section and Section 2.08, the notation of a beneficial
owner’s interest therein upon exchange shall be deemed to be delivery of
definitive Euro Securities representing such beneficial owner’s
interest.  Except as permitted by Section 2.09, the Trustee shall
not authenticate and deliver any Bearer Security unless all appurtenant coupons
for interest then matured have been detached and cancelled.

    

    Prior to
the issuance of a Security of any new series and any related coupons, and the
authentication thereof by the Trustee, the Trustee shall have received and
(subject to Section 7.02) shall be fully protected in relying
on:

    

    (i) The Board
Resolution or Officers’ Certificate or indenture supplemental hereto
establishing the terms and the form of the Securities of that series pursuant to
Sections 2.01 and 2.03;

     

    (ii) An
Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the authentication and delivery of Securities in such form
have been complied with;

     

    (iii) An
Opinion of Counsel stating that:  (1) the form and terms of such
Securities and coupons, if any, have been established by or pursuant to a Board
Resolution in conformity with the provisions of this Indenture;
(2) Securities in such form, when completed by appropriate insertions and
executed and delivered by the Company to the Trustee for authentication in
accordance with this Indenture, authenticated and delivered by the Trustee in
accordance with this Indenture, and sold in the manner specified in such Opinion
of Counsel, will be valid and legally binding obligations of the Company and
enforceable in accordance with their terms, subject to applicable bankruptcy,
reorganization, fraudulent conveyance, insolvency, moratorium and other similar
laws affecting the rights of creditors now or hereafter in effect, and to
equitable principles that may limit the right to specific enforcement of
remedies, and further subject to the application of principles of public policy;
(3) all laws and requirements in respect of the execution and delivery by
the Company of the Securities and coupons, if any, have been complied with and
that authentication and delivery of the Securities by the Trustee will not
violate the terms of the Indenture; and (4) such other matters as the
Trustee may reasonably request; provided, however, that with respect to
Securities of a series subject to a Periodic Offering, the Trustee shall be
entitled to receive such Opinion of Counsel only once at or prior to the time of
the first authentication of Securities of such series and that the opinions
described in clauses (1) and (2) above may state, respectively, (x) that
when certain terms of such Securities and coupons, if any, have been established
pursuant to a Board Resolution, Officers’ Certificate or an indenture
supplemental hereto pursuant to Section 2.03(b) hereof, and when such other
terms as are to be established pursuant to procedures set forth in a Company
Order shall have been established, all such terms will have been duly authorized
by the Company and will have been established in conformity with the provisions
of this Indenture; and (y) that Securities in such Series, when
(A) executed by the Company, (B) completed, authenticated and
delivered by the Trustee in accordance with this Indenture, (C) issued and
delivered by the Company and (D) paid for, all as contemplated by and in
accordance with the Company Order or specified procedures, as the case may be,
will have been duly issued under this Indenture and will constitute valid and
legally binding obligations of the Company, enforceable in accordance with their
terms, subject to applicable bankruptcy, reorganization, fraudulent conveyance,
insolvency, moratorium and other similar laws affecting the rights of creditors
now or hereafter in effect, and to equitable principles that may limit the right
to specific enforcement of remedies and further subject to the application of
principles of public policy.

     

    With
respect to Securities of a series offered in a Periodic Offering, the Trustee
may rely, as to the authorization by the Company of any of such Securities, the
form and terms thereof and of any coupons and the legality, validity, binding
effect and enforceability thereof, upon the Opinion of Counsel and other
documents delivered pursuant to this Section in connection with the first
authentication of Securities of such series unless and until such Opinion of
Counsel or other documents have been superseded or revoked.  In
connection with the authentication and delivery of Securities of a series
subject to a Periodic Offering, the Trustee shall be entitled to assume that the
Company’s instructions to authenticate and deliver such Securities do not
violate any rules, regulations or orders of any governmental agency or
commission having jurisdiction over the Company.

    

    Each
Registered Security shall be dated the date of its authentication except as
otherwise provided by Board Resolution or Officers’ Certificate or indenture
supplemental hereto; and each Bearer Security shall be dated as of the date of
original issuance of the first Security of such series to be issued unless
otherwise specified pursuant to Section 2.03(b) hereof.

    

    The
aggregate principal amount of Securities of any series outstanding at any time
may not exceed any limit upon the maximum principal amount for such series set
forth in or pursuant to the Board Resolution or Officers’ Certificate or
indenture supplemental hereto delivered pursuant to Section 2.03, except as
provided in Section 2.08.

    

    No
Security or coupon shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security, or
the Security to which such coupon appertains, a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual
signature, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and
delivered hereunder.  Notwithstanding the foregoing, if any Security
shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 2.09 together with a written statement
stating that such Security has never been issued and sold by the Company, for
all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

    

    
      	
              SECTION
      2.07.  

            	
              Exchange
      and Registration of Transfer of
Securities.

            

    

     

    (a) The
Company shall keep, at an office or agency to be designated and maintained by
the Company in accordance with Section 4.02 (as such, a “Security
Registrar”), registry books (the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall register
Registered Securities and shall register the transfer of Registered Securities
of each such series as provided in this Article 2.  Such Security
Register shall be in written form or in any other form capable of being
converted into written form within a reasonable time.  At all
reasonable times such Security Register shall be open for inspection by the
Trustee.  Upon due presentment for registration of transfer of any
Registered Security of a particular series at such office or agency maintained
pursuant to Section 4.02 for such purpose in a Place of Payment, the
Company shall execute and register and the Trustee shall authenticate and make
available for delivery in the name of the transferee or transferees a new
Registered Security or Registered Securities of such series of any authorized
denominations and for an equal aggregate principal amount and
tenor.

     

    (b) At the
option of the holder, Registered Securities of any series may be exchanged for
other Registered Securities of the same series of any authorized denominations
and of an equal aggregate principal amount and tenor.  Registered
Securities to be exchanged shall be surrendered at any such office or agency
maintained pursuant to Section 4.02 for such purpose in a Place of Payment,
and the Company shall execute and register and the Trustee shall authenticate
and make available for delivery in exchange therefor the Security or Securities
that the securityholder making the exchange shall be entitled to
receive.  Registered Securities, including Registered Securities
received in exchange for Bearer Securities, may not be exchanged for Bearer
Securities, unless the Company otherwise expressly provides for the issuance,
upon such terms and conditions as may be provided with respect to such series,
by the Company of Registered Securities of a series that may be exchanged, at
the option of the securityholder upon such conditions and limitations as may be
specified by the Company, for Bearer Securities of such series.

     

    At the
option of the holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denominations and of
a like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at any such office or agency, with all unmatured
coupons (except as provided below) and with all matured coupons in default
appertaining thereto.  If the holder of a Bearer Security is unable to
produce any such unmatured coupon or coupons or matured coupon or coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company in an amount equal to the face
amount of such missing coupon or coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there is
furnished to them such security or indemnity as they may require to save each of
them and any paying agent harmless.  If thereafter the holder of such
Securities shall surrender to any paying agent any such missing coupon in
respect of which such a payment shall have been made, such holder shall be
entitled to receive the amount of such payment; provided, however, that, except
as otherwise provided in Section 4.02, interest represented by coupons
shall be payable only upon presentation and surrender of those coupons at an
office or agency located outside the United States and its
possessions.  Notwithstanding the foregoing, in case a Bearer Security
of any series is surrendered at any such office or agency in exchange for a
Registered Security of the same series and like tenor after the close of
business at such office or agency on (i) any record date and before the
opening of business at such office or agency on the relevant interest payment
date, or (ii) any special record date and before the opening of business at
such office or agency on the related proposed date for payment of defaulted
interest as set forth in Section 2.05, such Bearer Security shall be
surrendered without the coupon relating to such interest payment date or
proposed date for payment, as the case may be, and interest or defaulted
interest, as the case may be, will not be payable on such interest payment date
or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the holder of such coupon when due in accordance with the provisions of this
Indenture.

    

    Whenever
any Securities are so surrendered for exchange, the Company shall execute and
register, and the Trustee shall authenticate and make available for delivery,
the Securities which the holder making the exchange is entitled to
receive.

    

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

     

    All
Registered Securities presented for registration of transfer or for exchange,
redemption or payment, as the case may be, shall (if so required by the Company
or the Trustee) be duly endorsed by, or be accompanied by a written instrument
or instruments of transfer in form satisfactory to the Company and the Trustee
or the Security Registrar duly executed by, the holder thereof or his attorney
duly authorized in writing.

    

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

    

    The
Company shall not be required (1) to issue, to exchange or register the
transfer of Securities of any series to be redeemed for a period of 15 days next
preceding any selection of such Securities to be redeemed, or (2) to
exchange or register the transfer of any Registered Security so selected, called
or being called for redemption, except in the case of any such series to be
redeemed in part the portion thereof not to be so redeemed, or (3) to
exchange any Bearer Security so selected for redemption except that such a
Bearer Security may be exchanged for a Registered Security of that series and of
like tenor, provided that such Registered Security shall be simultaneously
surrendered for redemption.

    

    (d) Notwithstanding
the foregoing, except as otherwise specified as contemplated by
Section 2.03(b), any permanent global Security shall be exchangeable
pursuant to this Section only as provided in this paragraph.  If the
beneficial owners of interests in a permanent global Security are entitled to
exchange such interests for Securities of such series and of like tenor and
principal amount of another authorized form and denomination, as specified as
contemplated by Section 2.03(b), then without unnecessary delay but in any
event not later than the earliest date on which such interests may be so
exchanged, the Company shall deliver to the Trustee or the Security Registrar
definitive Securities of that series in aggregate principal amount equal to the
principal amount of such permanent global Security executed by the
Company.  On or after the earliest date on which such interests may be
so exchanged, in accordance with instructions given by the Company to the
Trustee or the Security Registrar and the Common Depositary or the U.S.
Depositary, as the case may be (which instructions shall be in writing), such
permanent global Security shall be surrendered from time to time by the Common
Depositary or the U.S. Depositary, as the case may be, or such other depositary
or Common Depositary or U.S. Depositary, as the case may be, as shall be
specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, or to the Security Registrar, to be exchanged,
in whole or in part, for definitive Securities of the same series without charge
and the Trustee shall authenticate and make available for delivery in accordance
with such instructions, in exchange for each portion of such permanent global
Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged which (unless the Securities of the
series are not issuable both as Bearer Securities and as Registered Securities,
in which case the definitive Securities exchanged for the permanent global
Security shall be issuable only in the form in which the Securities are
issuable, as specified as contemplated by Section 2.03(b)), shall be in the
form of Bearer Securities or Registered Securities, or any combination thereof,
as shall be specified by the beneficial owner thereof; provided, however, that
no such exchanges may occur for a period of 15 days next preceding any selection
of Securities of that series and of like tenor for redemption; and provided,
further, that no Bearer Security delivered in exchange for a portion of a
permanent global security shall be mailed or otherwise delivered to any location
in the United States or its possessions.  Promptly following any such
exchange in part, such permanent global Security should be returned by the
Trustee or the Security Registrar to the Common Depositary or the U.S.
Depositary, as the case may be, or such other depositary or Common Depositary or
U.S. Depositary referred to above in accordance with the instructions of the
Company referred to above.  If a Registered Security is issued in
exchange for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i) any
record date and before the opening of business at such office or agency on the
relevant interest payment date, or (ii) any special record date and before
the opening of business at such office or agency on the related proposed date
for payment of defaulted interest as provided in Section 2.05, interest or
defaulted interest, as the case may be, will not be payable on such interest
payment date or proposed date for payment, as the case may be, in respect of
such Registered Security, but will be payable on such interest payment date or
proposed date for payment, as the case may be, only to the person to whom
interest in respect of such portion of such permanent global Security is payable
in accordance with the provisions of this Indenture.

     

    
      	
              SECTION
      2.08.  

            	
              Temporary
      Securities.

            

    

     

    Pending
the preparation of definitive Securities of any series, the Company may execute
and the Trustee shall, upon Company Order, authenticate and make available for
delivery, temporary Securities of such series (typewritten, printed,
lithographed or otherwise produced).  Such temporary Securities, in
any authorized denominations, shall be substantially in the form of the
definitive Securities in lieu of which they are issued, in registered form or,
if authorized, in bearer form with one or more or without coupons, in the form
approved from time to time by or pursuant to a Board Resolution but with such
omissions, insertions, substitutions and other variations as may be appropriate
for temporary Securities, all as may be determined by the Company, but not
inconsistent with the terms of this Indenture or any provision of applicable
law.  In the case of any series issuable as Bearer Securities, such
temporary Securities shall be delivered only in compliance with the conditions
set forth in Section 2.06 and may be in global form.

    

    Except in
the case of temporary Securities in global form (which shall be exchanged as
hereinafter provided), if temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay.  After the preparation of definitive Securities of
such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company maintained pursuant to
Section 4.02 in a Place of Payment for such series for the purpose of
exchanges of Securities of such series, without charge to the
holder.  Upon surrender for cancellation of any one or more temporary
Securities of any series (accompanied by any unmatured coupons appertaining
thereto), the Company shall execute and the Trustee shall authenticate and make
available for delivery in exchange therefor a like aggregate principal amount of
definitive Securities of the same series and of like tenor of authorized
denominations; provided, however, that, except as otherwise expressly provided
by the Company as contemplated in Section 2.07(b), no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security; and
provided further, however, that a definitive Bearer Security shall be delivered
in exchange for a temporary Bearer Security only in compliance with the
conditions set forth in Section 2.06.

    

    All Euro
Securities shall be issued initially in the form of a temporary global Security
and any such temporary global Security shall, unless otherwise provided therein,
be delivered to the London office of a depositary or common depositary (the
“Common Depositary”), for the benefits of Euroclear and Clearstream, Luxembourg,
for credit to the respective accounts for the beneficial owners of such
Securities (or to such other accounts as they may direct).

    

    Without
unnecessary delay but in any event not later than the date specified in, or
determined pursuant to the terms of, any such temporary global Security of a
series (the “Exchange Date”), the Company shall deliver to the Trustee
definitive Securities of that series, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the
Company.  On or after the Exchange Date such temporary global Security
shall be presented and surrendered by the Common Depositary to the Trustee, as
the Company’s agent for such purpose, or to the Security Registrar, to be
exchanged, in whole or from time to time in part, for definitive Securities of
such series without charge, and the Trustee shall authenticate and make
available for delivery, in exchange for each portion of such temporary global
Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such
temporary global Security to be exchanged; provided, however, that, unless
otherwise specified in such temporary global Security, upon such presentation by
the Common Depositary, such temporary global Security must be accompanied by a
certificate dated the Exchange Date or a subsequent date and signed by Euroclear
as to the portion of such temporary global Security held for its account then to
be exchanged and a certificate dated the Exchange Date or a subsequent date and
signed by Clearstream, Luxembourg as to the portion of such temporary global
Security held for its account then to be exchanged, each in the form set forth
in Exhibit A.2 to this Indenture.  The definitive Securities to be
delivered in exchange for any such temporary global Security shall be in bearer
form, registered form, permanent global bearer form or permanent global
registered form, or any combination thereof, as specified as contemplated by
Section 2.03(b), and, if any combination thereof is so specified, as
requested by the beneficial owner thereof; provided, however, that definitive
Securities shall be delivered in exchange for a portion of a temporary global
Security only in compliance with the requirements of
Section 2.06.

    

    Unless
otherwise specified in such temporary global Security, the interest of a
beneficial owner of Securities of a series in a temporary global Security shall
be exchanged for definitive Securities of the same series and of like tenor upon
the receipt by Euroclear or Clearstream, Luxembourg, as the case may be, after
the Exchange Date of a certificate in the form set forth in Exhibit A.1 to this
Indenture (whether or not such certificate is delivered in connection with the
payment of interest, as hereinafter provided) signed by the owner of the
Security or a financial institution or clearing organization through which the
owner directly or indirectly holds such Security, and dated no earlier than 15
days prior to the date on which Euroclear or Clearstream, Luxembourg, as the
case may be, furnishes to the Common Depositary in accordance with the preceding
paragraph a certificate in the form set forth in Exhibit A.2 to this Indenture
that relates to the interest to be exchanged for definitive
Securities.  Copies of the certificate in the form set forth in
Exhibit A.1 to this Indenture shall be available from the offices of Euroclear
and Clearstream, Luxembourg, the Trustee, any authenticating agent appointed for
such series of Securities and each paying agent.  Unless otherwise
specified in such temporary global Security, any such exchange shall be made
free of charge to the beneficial owners of such temporary global Security,
except that a person receiving definitive Securities must bear the cost of
insurance, postage, transportation and the like in the event that such person
does not take delivery of such definitive Securities in person at the offices of
Euroclear or Clearstream, Luxembourg.  Definitive Securities to be
delivered in exchange for any portion of a temporary global Security shall be
delivered only outside the United States and its possessions.

    

    Until
exchanged in full as hereinabove provided, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 2.03(b), interest payable on a temporary global
Security on any interest payment date for Securities of such series occurring
prior to the exchange of such temporary global Security shall be payable to
Euroclear and Clearstream, Luxembourg on such interest payment date upon
delivery by Euroclear and Clearstream, Luxembourg to the Trustee or the
applicable paying agent of a certificate or certificates in the form set forth
in Exhibit A.3 to this Indenture, for credit without further interest on or
after such interest payment date to the respective accounts of the persons for
whom Euroclear or Clearstream, Luxembourg, as the case may be, holds such
temporary global Security on such interest payment date and who have each
delivered to Euroclear or Clearstream, Luxembourg, as the case may be, a
certificate in the form set forth in Exhibit A.1 to this
Indenture.  If such interest payment date occurs on or after the
Exchange Date, Euroclear or Clearstream, Luxembourg, as the case may be,
following the receipt of such certificate shall exchange, in accordance with the
procedures hereinabove provided, the portion of the temporary global Security
that relates to such certificate for definitive Securities (which, in the
absence of instructions to the contrary, shall be an interest in a permanent
global Security).  Any interest so received by Euroclear and
Clearstream, Luxembourg and not paid as herein provided shall be returned to the
Trustee or the applicable paying agent immediately prior to the expiration of
two years after such interest payment date in order to be repaid to the Company
in accordance with Section 12.04.

    

    The terms
and form of the certificates to be delivered hereunder, and procedures
established with respect thereto, are intended to ensure that (i) interest
payable by the Company on Securities of a series issuable in bearer form is
deductible by the Company under Section 163(f) of the Internal Revenue Code
of 1986, as may be amended from time to time, or any successor provision and
(ii) the Company meets the requirements, if any, established by Euroclear
or Clearstream, Luxembourg from time to time, and any such certificates or the
procedures with respect thereto may be amended or modified by the Company upon
delivery of a Company Order to the Trustee accompanied by an Opinion of Counsel
to the effect that the proposed modification or amendment will effect continued
compliance by the Company with provisions of such Code or Euroclear or
Clearstream, Luxembourg, as the case may be.

    

    Every
temporary Security 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.

    

    
      	
              SECTION
      2.09.  

            	
              Mutilated,
      Destroyed, Lost or Stolen Securities and
  Coupons.

            

    

     

    If any
mutilated Security or a Security with a mutilated coupon appertaining thereto is
surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and make available for delivery in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security.

    

    If there
shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or coupon and
(ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security or coupon has been acquired by a
bona fide purchaser, the Company shall, subject to the following paragraph,
execute and the Trustee shall authenticate and make available for delivery, in
lieu of any such destroyed, lost or stolen Security or in exchange for the
Security to which a destroyed, lost or stolen coupon appertains (with all
appurtenant coupons not destroyed, lost or stolen), a new Security of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains.

    

    In case
any such mutilated, destroyed, lost or stolen Security or coupon has become or
is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security or coupon; provided, however, that
principal of (and premium, if any, on) and any interest on Bearer Securities
shall, except as otherwise provided in Section 4.02, be payable only at an
office or agency located outside the United States and its
possessions.

    

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

    

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

    

    The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or coupons.

    

    
      	
              SECTION
      2.10.  

            	
              Cancellation.

            

    

     

    All
Securities surrendered for payment, redemption, exchange or registration of
transfer or for credit against any sinking fund payment, as the case may be, and
any coupons surrendered for payment, shall, if surrendered to the Company or any
agent of the Company or of the Trustee, be delivered to the
Trustee.  All Registered Securities and matured coupons so delivered
shall be promptly cancelled by the Trustee.  All Bearer Securities and
unmatured coupons so delivered shall be held by the Trustee, and upon
instruction by a Company Order, shall be cancelled or held for
reissuance.  All Bearer Securities and unmatured coupons held by the
Trustee pending such cancellation or reissuance shall be deemed to be delivered
for cancellation for all purposes of this Indenture and the
Securities.  The Company may deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the
Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not
issued and sold, and all Securities so delivered shall be promptly cancelled by
the Trustee.  No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section except as
expressly provided by this Indenture.  Any cancelled Securities and
coupons held by the Trustee shall be delivered to the Company or disposed of as
directed by the Company; provided, however, that the Trustee may, but shall not
be required to, destroy such Securities.

    

    
      	
              SECTION
      2.11.  

            	
              Book-Entry
      Only System.

            

    

     

    If
specified by the Company pursuant to Section 2.03(b) with respect to
Securities represented by a Security in global form, a series of Securities may
be issued initially in book-entry only form and, if issued in such form, shall
be represented by one or more Securities in global form registered in the name
of the U.S. or Common Depositary or other depositary designated with respect
thereto.  So long as such system of registration is in effect,
(a) Securities of such series so issued in book-entry only form will not be
issuable in the form of or exchangeable for Securities in certificated or
definitive registered form, (b) the records of the U.S. or Common
Depositary or such other depositary will be determinative for all purposes and
(c) neither the Company, the Trustee nor any paying agent, Security
Registrar or transfer agent for such Securities will have any responsibility or
liability for (i) any aspect of the records relating to or payments made on
account of owners of beneficial interests in the Securities of such series,
(ii) maintaining, supervising or reviewing any records relating to such
beneficial interests, (iii) receipt of notices, voting and requesting or
directing the Trustee to take, or not to take, or consenting to, certain actions
hereunder, or (iv) the records and procedures of the U.S. or Common
Depositary, or such other depositary, as the case may be.

    

    ARTICLE
3                                                                                                         

     

    REDEMPTION
OF SECURITIES

     

    
      	
              SECTION
      3.01.  

            	
              Redemption
      of Securities; Applicability of
Section.

            

    

     

    Redemption
of Securities of any series as permitted or required by the terms thereof shall
be made in accordance with the terms of such Securities as specified pursuant to
Section 2.03(b) hereof and this Article; provided, however, that if any
provision of any series of Securities shall conflict with any provision of this
Section, the provision of such series of Securities shall govern.

    

    
      	
              SECTION
      3.02.  

            	
              Notice
      of Redemption; Selection of
Securities.

            

    

     

    In case
the Company shall desire to exercise the right to redeem all or, as the case may
be, any part of a series of Securities pursuant to Section 3.01, it shall
fix a date for redemption.  Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company, or, at
the Company’s request, by the Trustee in the name and at the expense of the
Company.  The Company or the Trustee, as the case may be, shall give
notice of such redemption, in the manner and to the extent set forth in Section
15.04, on that date prior to the date fixed for a redemption to the holders of
such Securities so to be redeemed, as a whole or in part, (a) as set forth in
Board Resolutions, as described in Section 2.03(b), or (b) as determined by the
Chief Executive Officer, the Chief Financial Officer, any Senior or other Vice
President or the Treasurer of the Company (each, an “Authorized Officer”) and
evidenced by the preparation of an offering document or an Officer’s Certificate
specifying the period of notice of such redemption. If the Board Resolutions or
an Authorized Officer do not specify a period of notice of such redemption, the
Company or the Trustee, as the case may be, shall give notice of such
redemption, in the manner and to the extent set forth in Section 15.04, at least
10 business days and not more than 60 calendar days prior to the date fixed for
a redemption to the holders of such Securities so to be redeemed as a whole or
in part.  Notice given in such manner shall be conclusively presumed
to have been duly given, whether or not the holder receives such
notice.  In any case, failure to give such notice or any defect in the
notice to the holder of any such Security designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption
of any other such Security.  If the Company requests the Trustee to
give any notice of redemption, it shall make such request at least ten days
prior to the designated date for delivering such notice, unless a shorter period
is satisfactory to the Trustee.

    

    Each such
notice of redemption shall specify the date fixed for redemption, the redemption
price at which such Securities are to be redeemed, the CUSIP numbers of such
Securities, the Place of Payment where such Securities, together, in the case of
Bearer Securities, with all coupons appertaining thereto, if any, maturing after
the date of redemption, are to be surrendered for payment of the redemption
prices, that payment will be made upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid
as specified in said notice, and that on and after said date interest thereon or
on the portions thereof to be redeemed will cease to accrue.  If less
than all of a series is to be redeemed, the notice of redemption shall specify
the numbers of the Securities to be redeemed.  In case any Security is
to be redeemed in part only, the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that, upon surrender
of such Security, a new Security or Securities of the same series in principal
amount equal to the unredeemed portion thereof will be issued.

    

    On or
before the redemption date specified in the notice of redemption given as
provided in this Section, the Company will deposit in trust with the Trustee or
with one or more paying agents an amount of money sufficient to redeem on the
redemption date all the Securities or portions of Securities so called for
redemption at the appropriate redemption price, together with accrued interest,
if any, to the date fixed for redemption.  If less than all of a
series of Securities is to be redeemed, the Company will give the Trustee
adequate written notice at least 45 days in advance (unless a shorter notice
shall be satisfactory to the Trustee) as to the aggregate principal amount of
Securities to be redeemed.

    

    If less
than all the Securities of a series are to be redeemed, the Trustee shall
select, pro rata or by lot or in such other manner is it shall deem appropriate
and fair, not more than 60 days prior to the date of redemption, the numbers of
such Securities Outstanding not previously called for redemption, to be redeemed
in whole or in part.  The portion of principal of Securities so
selected for partial redemption shall be equal to the minimum authorized
denomination for Securities of that series or any integral multiple
thereof.  The Trustee shall promptly notify the Company of the
Securities to be redeemed.  If, however, less than all the Securities
of a series having differing issue dates, interest rates and stated maturities
are to be redeemed, the Company in its sole discretion shall select the
particular Securities of such series to be redeemed and shall notify the Trustee
in writing at least 45 days prior to the relevant redemption date.

    

    

    
      	
              SECTION
      3.03.  

            	
              Payment
      of Securities Called for
Redemption.

            

    

     

    If notice
of redemption has been given as above provided, the Securities or portions of
Securities with respect to which such notice has been given shall become due and
payable on the date and at the place stated in such notice at the applicable
redemption price, together with any interest accrued to the date fixed for
redemption, and on and after said date (unless the Company shall default in the
payment of such Securities at the redemption price, together with interest
accrued to said date) interest on such Securities or portions of Securities so
called for redemption shall cease to accrue and the coupons, if any, for such
interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void.  On presentation and surrender
of such Securities subject to redemption at the Place of Payment and in the
manner specified in such notice, together with all coupons, if any, appertaining
thereto and maturing after the date specified in such notice for redemption,
such Securities or the specified portions thereof shall be paid and redeemed by
the Company at the applicable redemption price, together with interest accrued
thereon to the date fixed for redemption; provided, however, that installments
of interest on Bearer Securities whose stated maturity date is on or prior to
the date of redemption shall be payable only at an office or agency located
outside the United States and its possessions (except as otherwise provided in
Section 4.02) and, unless otherwise specified as contemplated by
Section 2.03(b), only upon presentation and surrender of coupons for such
interest; and provided, further, that unless otherwise specified as contemplated
by Section 2.03(b), installments of interest on Registered Securities whose
stated maturity date is on or prior to the date of redemption shall be payable
to the holders of such Registered Securities, or one or more predecessor
Securities, registered as such at the close of business on the relevant record
dates according to their terms and the provisions of
Section 2.05.

    

    At the
option of the Company, payment with respect to Registered Securities may be made
by check to the holders of such Securities or other persons entitled thereto
against presentation and surrender of such Securities.

    

    If any
Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant coupons maturing after the date of redemption, such Security may be
paid after deducting from the redemption price an amount equal to the face
amount of all such missing coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there is furnished to
them such security or indemnity as they may require to save each of them and any
paying agent harmless.  If thereafter the holder of such Security
shall surrender to the Trustee or any paying agent any such missing coupon in
respect of which a deduction shall have been made from the redemption price,
such holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at an office
or agency located outside the United States and its possessions (except as
otherwise provided in Section 4.02) and, unless otherwise specified as
contemplated by Section 2.03(b), only upon presentation and surrender of
those coupons.

    

    Any
Security (including any coupons appertaining thereto) that is to be redeemed
only in part shall be surrendered at a Place of Payment therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the holder thereof or such holder’s attorney duly authorized in writing),
and upon such presentation, the Company shall execute and the Trustee shall
authenticate and make available for delivery to the holder thereof, at the
expense of the Company, a new Security or Securities of the same series, of
authorized denominations, in aggregate principal amount equal to the unredeemed
portion of the principal of the Security so presented.  If a temporary
global Security or permanent global Security is so surrendered, such new
Security so issued shall be a new temporary global Security or permanent global
Security, respectively.

    

    
      	
              SECTION
      3.04.  

            	
              Redemption
      Suspended During Event of Default.

            

    

     

    The
Trustee shall not redeem any Securities (unless all Securities then outstanding
are to be redeemed) or commence the giving of any notice or redemption of
Securities during the continuance of any Event of Default of which a Responsible
Officer of the Trustee has actual knowledge or notice, except that where the
giving of notice of redemption of any Securities shall theretofore have been
made, the Trustee shall redeem such Securities, provided funds are deposited
with it for such purpose.  Except as aforesaid, any moneys theretofore
or thereafter received by the Trustee shall, during the continuance of such
Event of Default, be held in trust for the benefit of the securityholders and
applied in the manner set forth in Section 6.06; provided, however, that in
case such Event of Default shall have been waived as provided herein or
otherwise cured, such moneys shall thereafter be held and applied in accordance
with the provisions of this Article.

     

    

    ARTICLE
4                                                                                                         

     

    PARTICULAR
COVENANTS OF THE COMPANY 

     

    

    
      	
              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, on) and any interest on each of the Securities of a series at
the place, at the respective times and in the manner provided in the terms of
the Securities, any coupons appertaining thereto and this
Indenture.  Unless otherwise specified as contemplated by
Section 2.03(b) with respect to any series of Securities, any interest due
on and any Additional Amounts payable in respect of Bearer Securities on or
before maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature.

    

    
      	
              SECTION
      4.02.  

            	
              Offices
      for Notices and Payments, etc.

            

    

     

    If
Securities of a series are issuable only as Registered Securities, the Company
will maintain in each Place of Payment for such series an office or agency where
Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served.  If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City of New York (or in such
other place or places in the United States as the Company may designate from
time to time by Company Order delivered to the Trustee), an office or agency
where any Registered Securities of that series may be presented or surrendered
for payment, where any Registered Securities of that series may be surrendered
for registration of transfer, where Securities of that series may be surrendered
for exchange, where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served and where Bearer
Securities of that series and related coupons may be presented or surrendered
for payment in the circumstances described below (and not otherwise),
(B) subject to any laws or regulations applicable thereto, in a Place of
Payment for that series which is located outside the United States and its
possessions, an office or agency where Securities of that series and related
coupons may be presented and surrendered for payment (including payment of any
Additional Amounts payable on Securities of that series pursuant to
Section 4.09); provided, however, that if the Securities of that series are
listed on The International Stock Exchange of the United Kingdom and the
Republic of Ireland, Limited, the Luxembourg Stock Exchange or any other stock
exchange located outside the United States and its possessions and such stock
exchange shall so require, the Company will maintain a paying agent for the
Securities of that series in London, Luxembourg or any other required city
located outside the United States and its possessions, as the case may be, so
long as the Securities of that series are listed on such exchange, and
(C) subject to any laws or regulations applicable thereto, in a Place of
Payment for that series which is located outside the United States and its
possessions, an office or agency where any Registered Securities of that series
may be surrendered for registration of transfer, where Securities of that series
may be surrendered for exchange and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be
served.

    

    The
Company will give to the Trustee notice of the location of each such office or
agency and of any change in the location thereof.  In case the Company
shall fail to maintain any such office or agency as required, or shall fail to
give such notice of the location or of any change in the location thereof,
presentations and surrenders of Securities of that series may be made and
notices and demands may be served at the principal corporate trust office of the
Trustee, except that Bearer Securities of that series and the related coupons
may be presented and surrendered for payment (including payment of any
Additional Amounts payable on Bearer Securities of that series pursuant to
Section 4.09) at any paying agent for such series located outside the
United States and its possessions or, if none have been so appointed, then at
the London office of the Trustee, and the Company hereby appoints the same as
its agent to receive such respective presentations, surrenders, notices and
demands.

    

    No
payment of principal, premium or interest on Bearer Securities shall be made at
any office or agency of the Company in the United States or its possessions or
by check mailed to any address in the United States or its possessions or by
transfer to any account maintained with a financial institution located in the
United States or its possessions; provided, however, that, if the Securities of
a series are denominated and payable in Dollars, payment of principal of (and
premium, if any) and any interest on any Bearer Security (including any
Additional Amounts payable on Securities of such series pursuant to
Section 4.09) shall be made at the office of the Company’s paying agent in
the Borough of Manhattan, The City of New York (or in such other place or places
in the United States as the Company may designate from time to time by Company
Order delivered to the Trustee), if (but only if) payment in Dollars of the full
amount of such principal, premium, interest or Additional Amounts, as the case
may be, at all offices or agencies outside the United States and its possessions
maintained for the purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar
restrictions.

    

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

    

    The
Company hereby initially designates the principal corporate trust office of The
Bank of New York Mellon Trust Company, N.A. as the office of the Company in the
Borough of Manhattan, the City of New York, where Registered Securities may be
presented for payment, for registration of transfer and for exchange as in this
Indenture provided and where notices and demands to or upon the Company in
respect of the Securities or of this Indenture may be served.

    

    
      	
              SECTION
      4.03.  

            	
              Provisions
      as to Paying Agent.

            

    

     

    (a) Whenever
the Company shall appoint a paying agent other than the Trustee with respect to
the Securities of any series, it will cause 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 sums held by it as such agent for the payment of the principal of (and
premium, if any, on) or any interest on the Securities of such series (whether
such sums have been paid to it by the Company or by any other obligor on the
Securities of such series) in trust for the benefit of the persons entitled
thereto until such sums shall be paid to such persons or otherwise disposed of
as herein provided and will notify the Trustee of the receipt of sums to be so
held;

     

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

     

    (3) that at
any time when any such failure has occurred and is continuing, it will, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such paying agent.

     

    (b) If the
Company shall act as its own paying agent, it will, on or before each due date
of the principal of (and premium, if any) or any interest on the Securities of
any 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 any interest so becoming due until such sums shall be paid to such
persons or otherwise disposed of as herein provided.  The Company will
promptly notify the Trustee of any failure to take such action.

     

    (c) Whenever
the Company shall have one or more paying agents with respect to a series of
Securities, it will, on or prior to each due date of the principal of (and
premium, if any, on) or any interest on, any Securities, deposit with a paying
agent a sum sufficient to pay the principal (and premium, if any) or any
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 its action
or failure so to act.

     

    (d) Anything
in this Section to the contrary notwithstanding, the Company may, at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture
with respect to one or more or all series of Securities hereunder, or for any
other reason, pay or cause to be paid to the Trustee all sums held in trust for
such series by it or any paying agent hereunder as required by this Section,
such sums to be held by the Trustee upon the trusts herein contained, 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.

     

    (e) Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section is subject to the provisions of
Sections 12.03 and 12.04.

     

    
      	
              SECTION
      4.04.  

            	
              Statement
      as to Compliance.

            

    

     

    The
Company will deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, commencing with the fiscal year ending in the year
during which the first series of Securities is issued hereunder (but in no event
more than one year from the issuance of the first series hereunder), a written
statement signed by the Chairman of the Board, President or other principal
executive officer and by the Treasurer or other principal financial officer or
principal accounting officer of the Company, stating, as to each signer thereof,
that:

    

    (a) a review
of the activities of the Company during such year and of performance under this
Indenture has been made under his supervision; and

     

    (b) to the
best of his knowledge, based on such review, the Company has fulfilled all its
obligations under this Indenture throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to him and the nature and status thereof.

     

    
      	
              SECTION
      4.05.  

            	
              Corporate
      Existence.

            

    

     

    Subject
to the provisions of Article 11, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises and the corporate
existence and rights (charter and statutory) and franchises of its subsidiaries;
provided, however, that the Company shall not be required to, or to cause any
subsidiary to, preserve any right or franchise or to keep in full force and
effect the corporate existence of any subsidiary if the Company shall determine
that the keeping in existence or preservation thereof is no longer desirable in
or consistent with the conduct of the business of the Company.

    

    
      	
              SECTION
      4.06.  

            	
              Limitation
      on Sale or Issuance of Capital Stock of a Principal
      Subsidiary.

            

    

     

    Subject
to the provisions of Article 11, the Company will not sell, assign, transfer or
otherwise dispose of, or permit the issuance of, or permit a subsidiary to sell,
assign, transfer or dispose of, any shares of Capital Stock of, or any
securities convertible into or options, warrants or rights to subscribe for or
purchase shares of, Capital Stock of, any Principal Subsidiary or any subsidiary
which owns shares of Capital Stock of, or any securities convertible into or
options, warrants or rights to subscribe for or purchase shares of Capital Stock
of, any Principal Subsidiary, except:

    

    (1) any sale,
assignment, transfer or other disposition or issuance made, in the minimum
amount required by law, to any person for the purpose of the qualification of
such person to serve as a director; or

     

    (2) any sale,
assignment, transfer or other disposition or issuance for not less than fair
market value (as determined by the Board of Directors, such determination being
evidenced by a Board Resolution, which determination shall be conclusive), if,
after giving effect to such disposition and to conversion of any shares or
securities convertible into Capital Stock of a Principal Subsidiary, the Company
would own directly or indirectly not less than 80% of each class of the Capital
Stock of such Principal Subsidiary (or any successor corporation thereto);
or

     

    (3) any sale,
assignment, transfer or other disposition or issuance made in compliance with an
order of a court or regulatory authority of competent jurisdiction;
or

     

    (4) any sale
by a Principal Subsidiary (or any successor corporation thereto) of additional
shares of its Capital Stock to its stockholders at any price, so long as
(1) prior to such sale the Company owns, directly or indirectly, shares of
the same class and (2) immediately after such sale, the Company owns,
directly or indirectly, at least as great a percentage of each class of Capital
Stock of such Principal Subsidiary as it owned prior to such sale of additional
shares; or

     

    (5) any sale
by a Principal Subsidiary (or any successor corporation thereto) of additional
securities convertible into shares of its Capital Stock to its stockholders at
any price, so long as (1) prior to such sale the Company owns, directly or
indirectly, securities of the same class and (2) immediately after such
sale the Company owns, directly or indirectly, at least as great a percentage of
each class of such securities convertible into shares of Capital Stock of such
Principal Subsidiary as it owned prior to such sale of additional securities;
or

     

    (6) any sale
by a Principal Subsidiary (or any successor corporation thereto) of additional
options, warrants or rights to subscribe for or purchase shares of its Capital
Stock to its stockholders at any price, so long as (1) prior to such sale
the Company owns, directly or indirectly, options, warrants or rights, as the
case may be, of the same class and (2) immediately after such sale, the
Company owns, directly or indirectly, at least as great a percentage of each
class of such options, warrants or rights, as the case may be, to subscribe for
or purchase shares of Capital Stock of a Principal Subsidiary as it owned prior
to such sale of additional options, warrants or rights; or

     

    (7) any
issuance of shares of Capital Stock, or securities convertible into or options,
warrants or rights to subscribe for or purchase shares of Capital Stock, of a
Principal Subsidiary or any subsidiary which owns shares of Capital Stock, or
securities convertible into, or options, warrants or rights to acquire Capital
Stock of any Principal Subsidiary to the Company or another Wholly-Owned
Subsidiary.

     

    The
Trustee shall have no duty or responsibility to monitor compliance with this
Section 4.06.

    

    
      	
              SECTION
      4.07.  

            	
              Waiver
      of Covenants.

            

    

     

    The
Company may omit in any particular instance to comply with any covenant or
condition set forth herein if before or after the time for such compliance the
holders of a majority in principal amount of the Securities of all series
affected thereby then Outstanding shall either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.

    

    
      	
              SECTION
      4.08.  

            	
              Notice
      of Default.

            

    

     

    The
Company shall file with the Trustee written notice of the occurrence of any
Default or Event of Default within five business days of its becoming aware of
any such Default or Event of Default.

    

    
      	
              SECTION
      4.09.  

            	
              Determination
      of Additional Amounts.

            

    

     

    If the
Securities of a series provide for the payment of Additional Amounts, the
Company will pay to the holder of any Security of such series or any coupon
appertaining thereto Additional Amounts as provided therein.  Whenever
in this Indenture there is mentioned, in any context, the payment of the
principal of or any premium or interest on, or in respect of, any Security of
any series or payment of any related coupon or the net proceeds received on the
sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided for in this
Section to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section
and express mention of the payment of Additional Amounts (if applicable) in any
provisions hereof shall not be construed as excluding Additional Amounts in
those provisions hereof where such express mention is not made.

    

    If the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first interest payment date with respect to that series of
Securities (or, if the Securities of that series will not bear interest prior to
maturity (including any maturity occurring by reason of a call of redemption or
otherwise), the first day on which a payment of principal and any premium is
made), and at least 10 days prior to each date of payment of principal and any
premium or interest if there has been any change with respect to the matters set
forth in the below-mentioned Officers’ Certificate, the Company will furnish the
Trustee and the Company’s principal paying agent or paying agents, if other than
the Trustee, with an Officers’ Certificate instructing the Trustee and such
paying agent or paying agents whether such payment of principal of (and premium,
if any, on) or any interest on the Securities of that series shall be made to
holders of Securities of that series or any related coupons who are United
States Aliens without withholding for or on account of any tax, assessment or
other governmental charge described in the Securities of that
series.  If any such withholding shall be required, then such
Officers’ Certificate shall specify by country the amount, if any, required to
be withheld on such payments to such holders of Securities or coupons and the
Company will pay to the Trustee or such paying agent the Additional Amounts
required by this Section.  The Company covenants to indemnify the
Trustee and any paying agent for, and to hold them harmless against, any loss,
liability or expense reasonably incurred without negligence or bad faith on
their part arising out of or in connection with actions taken or omitted by any
of them in reliance on any Officers’ Certificate furnished pursuant to this
Section.

    

    ARTICLE
5                                                                                                         

     

    SECURITYHOLDER
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

     

    
      	
              SECTION
      5.01.  

            	
              Securityholder
      Lists.

            

    

     

    The
Company covenants and agrees that it will furnish or cause to be furnished to
the Trustee (1) semiannually, not later than January 15 and July 15 in each
year, when any Securities of a series are Outstanding, a list, in such form as
the Trustee may reasonably require, of all information in the possession or
control of the Company as to the names and addresses of the holders of such
Registered Securities as of such date, and (2) at such other times as the
Trustee may request in writing, within 30 days after receipt by the Company of
any such request, a list, in such form as the Trustee may reasonably require, of
all information in the possession or control of the Company as to the names and
addresses of the holders of Registered Securities of a particular series
specified by the Trustee as of a date not more than 15 days prior to the time
such information is furnished; provided, however, that if and so long as the
Trustee shall be the Security Registrar with respect to such series, such list
shall not be required to be furnished.

    

    
      	
              SECTION
      5.02.  

            	
              Preservation
      and Disclosure of Lists.

            

    

     

    (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 each series of
Securities contained in the most recent list furnished to it as provided in
Section 5.01 or received by the Trustee in its capacity as Security
Registrar.  The Trustee may destroy any list furnished to it as
provided in Section 5.01 upon receipt of a new list so
furnished.

     

    (b) In case
three or more holders of Securities of a series (hereinafter referred to as
“applicants”) apply in writing to the Trustee and furnish to the Trustee
reasonable proof that each such applicant has owned a Security of such series
for a period of at least six months preceding the date of such application, and
such application states that the applicants desire to communicate with other
holders of Securities of a particular series (in which case the applicants must
hold Securities of such series) or with holders of all Securities with respect
to their rights under this Indenture or under such Securities and it is
accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall, within five business
days after the receipt of such application, at its election, either

     

    (i) afford to
such applicants access to the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section,
or

     

    (ii) inform
such applicants as to the approximate number of holders of Securities of such
series or all Securities, as the case may be, whose names and addresses appear
in the information preserved at the time by the Trustee, in accordance with the
provisions of subsection (a) of this Section and as to the approximate cost
of mailing to such securityholders the form of proxy or other communication, if
any, specified in such application.

     

    If the
Trustee shall elect not to afford to such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each
securityholder of such series or all Securities, as the case may be, whose name
and address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section, a copy of
the form of proxy or other communication which is specified in such request,
with reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless within five days after such tender, the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion of
the Trustee, such mailing would be contrary to the best interests of the holders
of Securities of such series or all Securities, as the case may be, or would be
in violation of applicable law.  Such written statement shall specify
the basis of such opinion.  If the Commission, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, the Commission shall
find, after notice and opportunity for hearing, that all the objections so
sustained have been met, and shall enter an order so declaring, the Trustee
shall mail copies of such material to all such securityholders with reasonable
promptness after the entry of such order and the renewal of such tender;
otherwise the Trustee shall be relieved of any obligation or duty to such
applicants respecting their application.

    

    (c) Each and
every holder of Securities or coupons, by receiving and holding the same, agrees
with the Company and the Trustee that neither the Company nor the Trustee nor
any agent of the Company or of the Trustee shall be deemed to be in violation of
any law or shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the holders of Securities in
accordance with the provisions of subsection (b) of this Section,
regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under said subsection (b).

     

    
      	
              SECTION
      5.03.  

            	
              Reports
      by the Company.

            

    

     

    The
Company covenants so long as Securities are Outstanding:

    

    (a) to file
with the Trustee, within 15 days after the Company is required to file the same
with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe)
which the Company may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the 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 rules and regulations prescribed from time to time by said Commission, such
of the supplementary and periodic information, documents and reports which 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) to file
with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such additional
information, documents, and reports with respect to compliance by the Company
with the conditions and covenants provided for in this Indenture as may be
required from time to time by such rules and regulations; and

     

    (c) to
transmit by mail to all the holders of Registered Securities of each series, as
the names and addresses of such holders appear on the registry books, 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 with
respect to each such series 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 May 15 of each year after the date hereof, so long as any Securities are
outstanding hereunder and if there has been any change in the following, the
Trustee shall transmit to the securityholders, as provided in
subsection (c) of this Section, in accordance with and to the extent
required by Section 3.13(a) of the Act, a brief report dated as of the
preceding May 15, with respect to:

     

    (1) any
change to its eligibility under Section 7.09, and its qualification under
Section 7.08;

     

    (2) the
creation of or any material change to a relationship specified in paragraphs (1)
through (10) of Section 7.08(c);

     

    (3) the
character and amount of any advances (and if the Trustee elects so to state, the
circumstances surrounding the making thereof) made by the Trustee (as such)
which remain unpaid on the date of such report, and for the reimbursement of
which it claims or may claim a lien or charge, prior to that of the Securities,
on any property or funds held or collected by it as Trustee, except that the
Trustee shall not be required (but may elect) to report such advances if such
advances so remaining unpaid aggregate not more than one-half of one percent
(0.5%) of the principal amount of the Securities for any series Outstanding on
the date of such Report;

     

    (4) any
change to the amount, interest rate and maturity date of all other indebtedness
owing by the Company (or by any other obligor on the Securities) to the Trustee
in its individual capacity, on the date of such report, with a brief description
of any property held as collateral security therefor, except as indebtedness
based upon a creditor relationship arising in any manner described in paragraph
(2), (3), (4), or (6) of subsection (b) of Section 7.13;

     

    (5) any
change to the property and funds, if any, physically in the possession of the
Trustee as such on the date of such report;

     

    (6) any
additional issue of Securities that it has not previously reported;
and

     

    (7) any
action taken by the Trustee in the performance of its duties under this
Indenture that it has not previously reported and that in its opinion materially
affects the Securities, except action in respect of a default, notice of which
has been or is to be withheld by it in accordance with the provisions of
Section 7.14.

     

    (b) The
Trustee shall transmit to the holders of Securities of any series, as provided
in subsection (c) of this Section, a brief report with respect to the
character and amount of any advances (and if the Trustee elects so to state, the
circumstances surrounding the making thereof) made by the Trustee (as such)
since the date of the last report transmitted pursuant to the provisions of
subsection (a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this Indenture), for the
reimbursement of which it claims or may claim a lien or charge prior to that of
the Securities of any series on property or funds held or collected by it as
Trustee, and which it has not previously reported pursuant to this
subsection (b), except that the Trustee for each series shall not be
required (but may elect) to report such advances if such advances remaining
unpaid at any time aggregate 10% or less of the principal amount of Securities
for such series Outstanding at such time, such report to be transmitted within
90 days after such time.

     

    (c) Reports
pursuant to this Section shall be transmitted by mail:

     

    (1) to all
holders of Registered Securities, as the names and addresses of such holders
appear in the Security Register;

     

    (2) to such
holders of Bearer Securities as have, within the two years preceding such
transmission, filed their names and addresses with the Trustee for that purpose;
and

     

    (3) except in
the case of reports pursuant to subsection (b) of this Section, to all
holders of Securities whose names and addresses are at that time preserved by
the Trustee, as provided in 5.02(a).

     

    (d) A copy of
each such report shall, at the time of such transmission to holders of
Securities, be filed by the Trustee with each stock exchange upon which the
Securities are listed and also with the Commission and the
Company.  The Company agrees to promptly notify the Trustee when and
as the Securities become listed on any stock exchange.

     

    ARTICLE
6                                                                                                         

     

    REMEDIES

     

    
      	
              SECTION
      6.01.  

            	
              Events
      of Default; Acceleration of
Maturity.

            

    

     

    In case
one or more of the following Events of Default with respect to a particular
series shall have occurred and be continuing:

    

    (a) default
in the payment of the principal of (or premium, if any, on) any of the
Securities of such series as and when the same shall become due and payable
either at maturity, upon redemption, by declaration or otherwise;
or

     

    (b) default
in the payment of any installment of interest upon any of the Securities of such
series as and when the same shall become due and payable, and continuance of
such default for a period of 30 days; or

     

    (c) failure
on the part of the Company duly to observe or perform any other of the covenants
or agreements on the part of the Company in the Securities or in this Indenture
contained for a period of 90 days after the date on which written notice of such
failure, requiring the Company to remedy the same, shall have been given to the
Company by the Trustee, or to the Company and the Trustee by the holders of at
least 25% in aggregate principal amount of the Securities affected thereby at
the time Outstanding; or

     

    (d) a court
having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Company in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or for any substantial part of its property, or
ordering the winding-up or liquidation of its affairs and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days;
or

     

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

     

    (f) a Default
under the Credit Agreement (as defined therein);

     

    then, if
an Event of Default described in clause (a), (b) or (c) shall have occurred and
be continuing, and in each and every such case, unless the principal amount of
all the Securities of such 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 all series affected thereby then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by
securityholders) may declare the principal amount of all the Securities (or,
with respect to Original Issue Discount Securities, such lesser amount as may be
specified in the terms of such Securities) affected thereby to be due and
payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, anything in this Indenture or in the
Securities of such series contained to the contrary notwithstanding, or, if an
Event of Default described in clause (d) or (e) shall have occurred and be
continuing, and in each and every such case, unless the principal of all the
Securities of such series shall have already become due and payable, either the
Trustee or the holders of not less than 25% in aggregate principal amount of all
the Securities then Outstanding hereunder (voting as one class), by notice in
writing to the Company (and to the Trustee if given by securityholders), may
declare the principal of all the Securities (or, with respect to Original Issue
Discount Securities, such lesser amount as may be specified in the terms of such
Securities) to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable, anything in this
Indenture or in the Securities contained to the contrary
notwithstanding.

     

    
      	
              SECTION
      6.02.  

            	
              Rescission
      and Annulment.

            

    

     

    The
provisions in Section 6.01 are subject to the condition that if, at any
time after the principal of the Securities of any one or more of all series, as
the case may be, shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of such series or of all the Securities, as the case may be, and
the principal of (and premium, if any, on) all Securities of such series or of
all the Securities, as the case may be (or, with respect to Original Issue
Discount Securities, such lesser amount as may be specified in the terms of such
Securities), which shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any) and, to the extent that
payment of such interest is enforceable under applicable law, on overdue
installments of interest, at the same rate as the rate of interest specified in
the Securities of such series or all Securities, as the case may be (or, with
respect to Original Issue Discount Securities, at the rate specified in the
terms of such Securities for interest on overdue principal thereof upon
maturity, redemption or acceleration of such series, as the case may be), to the
date of such payment or deposit, and such amount as shall be sufficient to cover
reasonable compensation to the Trustee, its agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee except as a result of its negligence or bad faith, and any and all
defaults under the Indenture, other than the non-payment of the principal of
Securities, which shall have become due by acceleration, shall have been
remedied; then and in every such case the holders of a majority in aggregate
principal amount of the Securities of such series (or of all the Securities, as
the case may be) then Outstanding, by written notice to the Company and to the
Trustee, may waive all defaults with respect to that series or with respect to
all Securities, as the case may be in such case, treated as a single class and
rescind and annul such declaration and its consequences; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent default
or shall impair any right consequent thereon.

    

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

    

    
      	
              SECTION
      6.03.  

            	
              Collection
      of Indebtedness and Suits for Enforcement by
  Trustee.

            

    

     

    The
Company covenants that if

     

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

     

    (2) default
is made in the payment of the principal or premium, if any, of any Security at
the maturity thereof, including any maturity occurring by reason of a call for
redemption or otherwise,

     

    the
Company will, upon demand of the Trustee, pay to it, for the benefit of the
holders of such Securities and any coupons appertaining thereto, the whole
amount that shall have become due and payable on such Securities and coupons for
principal or premium, if any, and interest, with interest upon the overdue
principal and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest, at the rate borne by such
Securities; and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

     

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may prosecute
such proceedings to judgment or final decree, and may enforce the same against
the Company or any other obligor upon the Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Securities, wherever
situated.

    

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

    

    
      	
              SECTION
      6.04.  

            	
              Trustee
      May File Proofs of Claim.

            

    

     

    In the
case of the pendency of a receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

    

    (i) to file
and prove a claim for the whole amount of principal and premium, if any, and any
interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the
holders of Securities and coupons allowed in such judicial proceeding;
and

     

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

     

    and any
receiver, assignee, trustee, liquidator or sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each holder of
Securities and coupons to make such payments to the Trustee, and in the event
that the Trustee shall consent to the making of such payments directly to the
holders of Securities and coupons, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.06.  To the extent that such payment of reasonable
compensation, expenses, disbursements, advances and other amounts out of the
estate in any such proceedings shall be denied for any reason, payment of the
same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, moneys, securities and other property which the
holders of the Securities and coupons may be entitled to receive in such
proceedings, whether in liquidation or under any plan or reorganization or
arrangements or otherwise.

     

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

    

    
      	
              SECTION
      6.05.  

            	
              Trustee
      May Enforce Claims Without Possession of Securities or
      Coupons.

            

    

     

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

    

    
      	
              SECTION
      6.06.  

            	
              Application
      of Money Collected.

            

    

     

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

    FIRST:  To
the payment of all amounts due the Trustee under Section 7.06;

     

    SECOND:  To
the payment of the amounts then due and unpaid upon the Securities for principal
of and premium, if any, and any interest on the Securities and coupons, 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 and coupons, for principal and any interest,
respectively; and

     

    THIRD:  To
the Company or its successors or assigns, or to whomsoever may be lawfully
entitled to receive the same.

     

    
      	
              SECTION
      6.07.  

            	
              Limitation
      on Suits.

            

    

     

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

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

     

    (2) the
holders of not less than 25% in principal amount of the Outstanding Securities
shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee
hereunder;

     

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

     

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

     

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

     

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

     

    
      	
              SECTION
      6.08.  

            	
              Unconditional
      Right of Securityholders to Receive Principal and
  Interest.

            

    

     

    Notwithstanding
any other provision in this Indenture, the holder of any Security or coupon
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and premium, if any, and (subject to Sections 2.05 and
3.02) any interest on such Security or payment of such coupon on the respective
stated maturities expressed in such Security or coupon (or, in the case of
redemption, on the redemption date) and to institute suit for the enforcement of
any such payment, and such right shall not be impaired without the consent of
such holder.

    

    
      	
              SECTION
      6.09.  

            	
              Restoration
      of Rights and Remedies.

            

    

     

    If the
Trustee or any holder of a Security or coupon has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such holder, then and in every such case the Company, the
Trustee and the holders of Securities and coupons shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and the holders shall continue as though no such proceeding has been
instituted.

    

    
      	
              SECTION
      6.10.  

            	
              Rights
      and Remedies Cumulative.

            

    

     

    Except as
provided in Section 2.09, no right or remedy herein conferred upon or
reserved to the Trustee or to the holders of Securities or coupons is intended
to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise.  The assertion or employment of any right or
remedy hereunder or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

    
      	
              SECTION
      6.11.  

            	
              Delay
      or Omission Not Waiver.

            

    

     

    No delay
or omission of the Trustee or of any holder of any Security or coupon to
exercise any right or remedy accruing upon any Default shall impair any such
right or remedy or constitute a waiver of any such Default or an acquiescence
therein.  Every right and remedy given by this Article or by law to
the Trustee or to the holders of Securities or coupons may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the
holders of Securities or coupons, as the case may be.

    

    
      	
              SECTION
      6.12.  

            	
              Control
      by Securityholders.

            

    

     

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

    

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

     

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

     

    (3) the
Trustee need not take any action which it in good faith determines might involve
it in personal liability or be unjustly prejudicial to the securityholders not
consenting.

     

    Upon
receipt by the Trustee of any such direction with respect to Securities of a
series all or part of which is represented by a temporary global Security or a
permanent global Security, the Trustee shall establish a record date for
determining holders of Outstanding Securities of such series entitled to join in
such direction, which record date shall be at the close of business on the day
the Trustee receives such direction.  The holders on such record date,
or their duly designated proxies, and only such persons, shall be entitled to
join in such direction, whether or not such holders remain holders after such
record date, provided that, unless such majority in principal amount shall have
been obtained prior to the day which is 90 days after such record date, such
direction shall automatically and without further action by any holder be
cancelled and of no further effect.  Nothing in this paragraph shall
prevent a holder, or a proxy of a holder, from giving, after expiration of such
90-day period, a new direction identical to a direction which has been cancelled
pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this
Section 6.12.

    

    
      	
              SECTION
      6.13.  

            	
              Waiver
      of Past Defaults.

            

    

     

    The
holders of a majority in principal amount of the Outstanding Securities of each
series may, on behalf of the holders of all the Securities and any coupons
appertaining thereto, waive any past default hereunder and its consequences,
except a default

    

    (1) in the
payment of the principal of, premium, if any, or any interest on any Security;
or

     

    (2) in
respect of a covenant or provision hereof that pursuant to Article 10 cannot be
modified or amended without the consent of the holder of each Outstanding
Security affected.

     

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

     

    
      	
              SECTION
      6.14.  

            	
              Undertaking
      for Costs.

            

    

     

    All
parties to this Indenture agree, and each holder of any Security or coupon by
his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered 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 holder, or group of holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Securities,
or to any suit instituted by any holder of any Securities or coupons for the
enforcement of the payment of the principal of, premium, if any, or any interest
on any Security or the payment of any coupon on or after the respective stated
maturities expressed in such Security or coupon (or, in the case of redemption,
on or after the redemption date, except, in the case of a partial redemption,
with respect to the portion not so redeemed).

    

    
      	
              SECTION
      6.15.  

            	
              Waiver
      of Stay or Extension Laws.

            

    

     

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

     

    ARTICLE
7                                                                                                         

     

    CONCERNING
THE TRUSTEE 

     

    
      	
              SECTION
      7.01.  

            	
              Duties
      and Responsibilities of Trustee.

            

    

     

    (a) The
Trustee, prior to the occurrence of an Event of Default of a particular series
and after the curing of all Events of Default of such series which may have
occurred, undertakes to perform such duties and only such duties with respect to
such series as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee
and in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which 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 requirements of
this Indenture.

     

    (b) In case
an Event of Default with respect to a particular series has occurred (which has
not been cured), the Trustee shall exercise with respect to such 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.

     

    (c) No
provisions 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 a particular series and
after the curing of all Events of Default with respect to such series which may
have occurred, the duties and obligations of the Trustee with respect to such
series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable 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;

     

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

     

    (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
Securities pursuant to Section 6.12 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.

     

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

     

    
      	
              SECTION
      7.02.  

            	
              Reliance
      on Documents, Opinions, etc. 

            

    

     

    Subject
to the provisions of 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, bond, debenture, note, coupon 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 Company Request or Company Order (unless other
evidence in respect thereof be herein specifically prescribed); and any Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the
Secretary or any Assistant Secretary of the Company; and whenever in the
administration of this Indenture the Trustee shall deem it desirable that a
matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officers’
Certificate;

     

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

     

    (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
holders of any Securities or any related coupons pursuant to the provisions of
this Indenture, unless such holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be
incurred therein or thereby;

     

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

     

    (f) 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; and

     

    (g) the
Trustee shall not be liable for any action taken, suffered 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.

     

    
      	
              SECTION
      7.03.  

            	
              No
      Responsibility for Recitals, etc.

            

    

     

    The
recitals contained herein and in the Securities, other than the Trustee’s
certificate of authentication, and in any coupons shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.  The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities or coupons,
provided that the Trustee shall not be relieved of its duty to authenticate
Securities only as authorized by this Indenture.  The Trustee shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof.

    

    
      	
              SECTION
      7.04.  

            	
              Ownership
      of Securities.

            

    

     

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

    

    
      	
              SECTION
      7.05.  

            	
              Moneys
      to be Held in Trust.

            

    

     

    Subject
to the provisions of Section 12.04 hereof, all moneys received by the
Trustee or any paying agent 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.  Neither the Trustee nor any paying agent shall be under any
liability for interest on any moneys received by it hereunder except such as it
may agree in writing with the Company to pay thereon.

    

    
      	
              SECTION
      7.06.  

            	
              Compensation
      and Expenses of Trustee.

            

    

     

    The
Company covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to, such compensation for all services rendered by it
hereunder as the Company and the Trustee shall from time to time agree in
writing (which to the extent permitted by law shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), and, except as otherwise expressly provided, the Company will pay or
reimburse the Trustee forthwith 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
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.  If any property other than
cash shall at any time be subject to the lien of this Indenture, the Trustee, if
and to the extent authorized by a receivership or bankruptcy court of competent
jurisdiction or by the supplemental instrument subjecting such property to such
lien, shall be entitled to make and to be reimbursed for, advances for the
purpose of preserving such property or of discharging tax liens or other prior
liens or encumbrances thereon.  The Company also covenants to
indemnify the Trustee for, and to hold it harmless against, any and all loss,
damage, claims, liability or expense, including taxes (other than taxes based
upon, measured or determined by, the income of the Trustee) incurred without
negligence or bad faith on the part of the Trustee, 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.  The obligations of the Company under this Section 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.

    

    To secure
the Company’s obligations under this Section, the Trustee shall have a senior
claim to which the Securities are hereby made subordinate on all money or
property held or collected by the Trustee, except that held in trust to pay
principal of (and premium, if any) and interest, if any, on particular
Securities.

    

    When the
Trustee incurs expenses or renders services after an Event of Default, the
expenses and the compensation for the services are intended to constitute
expenses of administration under any bankruptcy law.

    

    
      	
              SECTION
      7.07.  

            	
              Officers’
      Certificate as Evidence.

            

    

     

    Subject
to the provisions of 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 any action
to be taken 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 by it under the
provisions of this Indenture upon the faith thereof.

    

    
      	
              SECTION
      7.08.  

            	
              Disqualifications;
      Conflicting Interest of Trustee.

            

    

     

    (a) If the
Trustee has or shall acquire any conflicting interest, as defined in this
Section, it shall, within 90 days after ascertaining that it has such
conflicting interest, and if an Event of Default as defined in
subsection (c) of this Section to which such conflicting interest relates
has not been cured or duly waived or otherwise eliminated before the end of such
90-day period, either eliminate such conflicting interest or resign in the
manner and with the effect specified in Section 7.10.

     

    (b) In the
event that the Trustee shall fail to comply with the provisions of
subsection (a) of this Section, the Trustee shall, within ten days after
the expiration of such 90-day period, transmit notice of such failure in the
manner and to the extent set forth in Section 5.04(c), to all
securityholders of the series affected by the conflicting interest.

     

    (c) For the
purposes of this Section the Trustee shall be deemed to have a conflicting
interest with respect to a particular series if such Securities are in default
and:

     

    (1) the
Trustee is trustee under this Indenture with respect to the outstanding
Securities of any other series or is trustee under another indenture under which
any other securities, or certificates of interest or participation in any other
securities, of the Company are outstanding, unless such other indenture is a
collateral trust indenture under which the only collateral consists of
Securities issued under this Indenture; provided that there shall be excluded
from the operation of this paragraph (A) this Indenture with respect to any
other series, and (B) any other indenture or indentures under which other
securities, or certificates of interest or participation in other securities of
the Company are outstanding if

     

    (i) this
Indenture is, and, if applicable, such other indenture or indentures, are wholly
unsecured and rank equally, and such other indenture or indentures are hereafter
qualified under the Trust Indenture Act of 1939, as in effect at the time of
such qualification, unless the Commission shall have found and declared by order
pursuant to subsection (b) of Section 305 or subsection (c) of
Section 307 of the Trust Indenture Act of 1939 that differences exist
between the provisions of this Indenture with respect to such particular series
and (A) one or more other series in this Indenture or (B) the
provisions of such other indenture or indentures which are so likely to involve
a material conflict of interest as to make it necessary in the public interest
or for the protection of investors to disqualify the Trustee from acting as such
under this Indenture with respect to such particular series and such other
series or such other indenture or indentures, or

     

    (ii) the
Company shall have sustained the burden of proving, on application to the
Commission and after opportunity for hearing thereon, that trusteeship under
this Indenture with respect to such particular series and such other series or
under this Indenture and such other indenture or indentures is not so likely to
involve a material conflict of interest as to make it necessary in the public
interest or for the protection of investors to disqualify the Trustee from
acting as such under this Indenture with respect to such particular series and
such other series or under this Indenture and such other indenture or
indentures;

     

    (2) the
Trustee or any of its directors or executive officers is an underwriter for an
obligor upon the Securities of any series issued under this
Indenture;

     

    (3) the
Trustee directly or indirectly controls or is directly or indirectly controlled
by or is under direct or indirect common control with an underwriter for the
Company;

     

    (4) the
Trustee or any of its directors or executive officers is a director, officer,
partner, employee, appointee, or representative of the Company, or of an
underwriter (other than the Trustee itself) for the Company who is currently
engaged in the business of underwriting, except that (A) one individual may
be a director or an executive officer or both of the Trustee and a director or
an executive officer or both of the Company, but may not be at the same time an
executive officer of both the Trustee and the Company; (B) if and so long
as the number of directors of the Trustee in office is more than nine, one
additional individual may be a director or an executive officer or both of the
Trustee and a director of the Company; and (C) the Trustee may be
designated by the Company or by any underwriter for the Company to act in the
capacity of transfer agent, registrar, custodian, paying agent, fiscal agent,
escrow agent, or depositary, or in any other similar capacity, or, subject to
the provisions of paragraph (1) of this subsection (c), to act as trustee,
whether under an indenture or otherwise;

     

    (5) 10% or
more of the voting securities of the Trustee are beneficially owned either by
the Company or by any director, partner, or executive officer thereof, or 20% or
more of such voting securities are beneficially owned, collectively, by any two
or more of such persons, or 10% or more of the voting securities of the Trustee
are beneficially owned either by an underwriter for the Company or by any
director, partner, or executive officer thereof, or are beneficially owned,
collectively, by any two or more such persons;

     

    (6) the
Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default, (A) 5% or more of the voting securities, or
10% or more of any other class of security, of the Company, not including the
Securities issued under this Indenture and securities issued under any other
indenture under which the Trustee is also trustee, or (B) 10% or more of
any class of security of an underwriter for the Company;

     

    (7) the
Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default, 5% or more of the voting securities of any
person who, to the knowledge of the Trustee, owns 10% or more of the voting
securities of, or controls directly or indirectly or is under direct or indirect
common control with, the Company;

     

    (8) the
Trustee is the beneficial owner of, or holds as collateral security for an
obligation which is in default, 10% or more of any class of security of any
person who, to the knowledge of the Trustee, owns 50% or more of the voting
securities of the Company; or

     

    (9) the
Trustee owns on the date of default as defined in subsection (c) of this
Section or any anniversary of such default while such default remains
outstanding, in the capacity of executor, administrator, testamentary or inter
vivos trustee, guardian, committee or conservator, or in any other similar
capacity, an aggregate of 25% or more of the voting securities, or of any class
of security, of any person, the beneficial ownership of a specified percentage
of which would have constituted a conflicting interest under paragraph (6), (7)
or (8) of this subsection (c).  As to any such securities of
which the Trustee acquired ownership through becoming executor, administrator,
or testamentary trustee of an estate which included them, the provisions of the
preceding sentence shall not apply, for a period of not more than two years from
the date of such acquisition, to the extent that such securities included in
such estate do not exceed 25% of such voting securities or 25% of any such class
of security.  Promptly after the dates of any such default and
annually in each succeeding year that the Securities of any series hereunder
remain in default, the Trustee shall make a check of its holdings of such
securities in any of the above-mentioned capacities as of such
dates.  If the Company fails to make payment in full of principal of
or interest on any of the Securities when and as the same becomes due and
payable, and such failure continues for 30 days thereafter, the Trustee shall
make a prompt check of its holdings of such securities in any of the
above-mentioned capacities as of the date of the expiration of such 30-day
period, and after such date, notwithstanding the foregoing provisions of this
paragraph (9), all such securities so held by the Trustee, with sole or joint
control over such securities vested in it, shall, but only so long as such
failure shall continue, be considered as though beneficially owned by the
Trustee for the purposes of paragraphs (6), (7) and (8) of this
subsection (c); or

     

    (10) except
under the circumstances described in Section 7.13, the Trustee shall be or
shall become a creditor of the Company.

     

    The
specification of percentages in paragraphs (5) to (9), inclusive, of this
subsection (c) shall not be construed as indicating that the ownership of
such percentages of the securities of a person is or is not necessary or
sufficient to constitute direct or indirect control for the purposes of
paragraph (3) or (7) or this subsection (c).

    

    For the
purposes of paragraphs (6), (7), (8) and (9) of this subsection (c) only,
(A) the terms “security” and “securities” shall include only such
securities as are generally known as corporate securities, but shall not include
any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or
evidence of indebtedness; (B) an obligation shall be deemed to be in
default when a default in payment of principal shall have continued for 30 days
or more and shall not have been cured; and (C) the Trustee shall not be
deemed to be the owner or holder of (i) any security which it holds as
collateral security (as trustee or otherwise) for any obligation which is not in
default as defined in clause (B) above, or (ii) any security which it holds
as collateral security under this Indenture, irrespective of any default
hereunder, or (iii) any security which it holds as agent for collection, or
as custodian, escrow agent, or depositary, or in any similar representative
capacity.

    

    (d) For the
purposes of this Section:

     

    (1) The term
“underwriter” when used with reference to the Company shall mean every person
who, within one year prior to the time as of which the determination is made,
has purchased from the Company with a view to, or has offered or has sold for
the Company in connection with, the distribution of any security of the Company
outstanding at such time, or has participated or has had a direct or indirect
participation in any such undertaking, or has participated or has had a
participation in the direct or indirect underwriting of any such undertaking,
but such term shall not include a person whose interest was limited to a
commission from an underwriter or dealer not in excess of the usual and
customary distributors’ or sellers’ commission.

     

    (2) The term
“director” shall mean any director of a corporation or any individual performing
similar functions with respect to any organization whether incorporated or
unincorporated.

     

    (3) The term
“person” shall mean an individual, a corporation, a partnership, an association,
a joint-stock company, a trust, an unincorporated organization, or a government
or political subdivision thereof.  As used in this paragraph, the term
“trust” shall include only a trust where the interest or interests of the
beneficiary or beneficiaries are evidenced by a security.

     

    (4) The term
“voting security” shall mean any security presently entitling the owner or
holder thereof to vote in the direction or management of the affairs of a
person, or any security issued under or pursuant to any trust, agreement or
arrangement whereby a trustee or trustees or agent or agents for the owner or
holder of such security currently are entitled to vote in the direction or
management of the affairs of a person.

     

    (5) The term
“Company” shall mean any obligor upon the Securities.

     

    (6) The term
“executive officer” shall mean the president, every vice president, every trust
officer, the cashier, the secretary, and the treasurer of a corporation, and any
individual customarily performing similar functions with respect to any
organization whether incorporated or unincorporated but shall not include the
chairman of the board of directors.

     

    (7) The
percentages of voting securities and other securities specified in this Section
shall be calculated in accordance with the following provisions:

     

    (i) A
specified percentage of the voting securities of the Trustee, the Company or any
other person referred to in this Section (each of whom is referred to as a
“person” in this paragraph) means such amount of the outstanding voting
securities of such person as entitles the holder or holders thereof to cast such
specified percentage of the aggregate votes which the holders of all the
outstanding voting securities of such person are entitled to cast in the
direction or management of the affairs of such person.

     

    (ii) A
specified percentage of a class of securities of a person means such percentage
of the aggregate amount of securities of the class outstanding.

     

    (iii) The term
“amount”, when used in regard to securities, means the principal amount if
relating to evidences of indebtedness, the number of shares if relating to
capital shares, and the number of units if relating to any other kind of
security.

     

    (iv) The term
“outstanding” means issued and not held by or for the account of the
issuer.  The following securities shall not be deemed outstanding
within the meaning of this definition:

     

    (A) securities
of an issuer held in a sinking fund relating to securities of the issuer of the
same class;

     

    (B) securities
of an issuer held in a sinking fund relating to another class of securities of
the issuer, if the obligation evidenced by such other class of securities is not
in default as to principal or interest or otherwise;

     

    (C) securities
pledged by the issuer thereof as security for an obligation of the issuer not in
default as to principal or interest or otherwise; and

     

    (D) securities
held in escrow if placed in escrow by the issuer thereof;

     

    provided,
however, that any voting securities of an issuer shall be deemed outstanding if
any person other than the issuer is entitled to exercise the voting rights
thereof.

     

    (v) A
security shall be deemed to be of the same class as another security if both
securities confer upon the holder or holders thereof substantially the same
rights and privileges, provided, however, that in the case of secured evidences
of indebtedness, all of which are issued under a single indenture, differences
in the interest rates or maturity dates of various series thereof shall not be
deemed sufficient to constitute such series different classes and provided,
further, that, in the case of unsecured evidences of indebtedness, differences
in the interest rates or maturity dates thereof shall not be deemed sufficient
to constitute them securities of different classes, whether or not they are
issued under a single indenture.

     

    (e) Except in
the case of a default in the payment of the principal of or interest on any
Securities of any series or any coupon issued hereunder, or in the payment of
any sinking or purchase fund installment, the Trustee shall not be required to
resign as provided by subsection (c) of this Section if the Trustee shall
have sustained the burden of proving, on application to the Commission and after
opportunity for hearing thereon, that (i) such default may be cured or
waived during a reasonable period and under the procedures described in such
application, and (ii) a stay of the Trustee’s duty to resign will not be
inconsistent with the interests of the holders of the Securities of any series
issued hereunder.  The filing of such an application shall
automatically stay the performance of the duty to resign until such Commission
orders otherwise.  Any resignation of the Trustee shall become
effective only upon the appointment of a successor trustee and such successor’s
acceptance of such appointment as provided in Section 7.11.

     

    (f) If
Section 310(b) of the Trust Indenture Act of 1939 is amended at any time
after the date of this Indenture to change the circumstances under which a
Trustee shall be deemed to have a conflicting interest with respect to the
Securities of any series or to change any of the definitions in connection
therewith, this Section 7.08 shall be automatically amended to incorporate
such changes, unless such changes would cause any Trustee then acting as Trustee
hereunder with respect to any Outstanding Securities to be deemed to have a
conflicting interest, in which case such changes shall be incorporated herein
only to the extent that such changes (i) would not cause the Trustee to be
deemed to have a conflicting interest, or (ii) are required by
law.

     

    
      	
              SECTION
      7.09.  

            	
              Eligibility
      of Trustee.

            

    

     

    There
shall at all times be a Trustee hereunder which shall be a corporation organized
and doing business under the laws of the United States or of any State or
Territory thereof or of the District of Columbia, which (a) is authorized
under such laws to exercise corporate trust powers, (b) is subject to
supervision or examination by Federal, State, Territorial or District of
Columbia authority, (c) shall have at all times a combined capital and
surplus of not less than $5,000,000 and (d) shall not be the Company or any
person directly or indirectly controlling, controlled by, or under common
control with the Company.  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 at any time shall
be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  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
      or Removal of Trustee.

            

    

     

    (a) The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign
with respect to one or more or all series by giving written notice of
resignation to the Company.  Upon receiving such notice of resignation
the Company shall promptly appoint a successor trustee with respect to the
applicable series by written instrument, in duplicate, executed by order of the
Board of Directors of the Company, 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.  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 of the following shall occur:

     

    (1) the
Trustee shall fail to comply with the provisions of subsection (a) of
Section 7.08 with respect to any series of Securities after written request
therefor by the Company or by any securityholder who has been a bona fide holder
of a Security or Securities of such series for at least six months,
or

     

    (2) the
Trustee shall cease to be eligible in accordance with the provisions of
Section 7.09 with respect to any series of Securities 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 with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

     

    then, in
any such case, the Company may remove the Trustee with respect to the applicable
series of Securities and appoint a successor trustee with respect to such series
by written instrument, in duplicate, executed by order of the Board of Directors
of the Company, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee, or, subject to the provisions
of Section 6.14, any securityholder of such series who has been a bona fide
holder of a Security or Securities of the applicable series for at least six
months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series.  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 all
series (voting as one class) at the time Outstanding may at any time remove the
Trustee with respect to Securities of all series and appoint a successor trustee
with respect to the Securities of all series.

     

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

     

    
      	
              SECTION
      7.11.  

            	
              Acceptance
      by Successor Trustee.

            

    

     

    Any
successor trustee appointed as provided in Section 7.10 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee with respect to all or any applicable
series shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties
and obligations with respect to such series of its predecessor hereunder, with
like effect as if originally named as trustee herein; but, nevertheless, on the
written request of the Company or of the successor trustee, the predecessor
trustee shall, upon payment of any amounts then due it pursuant to the
provisions of Section 7.06, execute and deliver an instrument transferring
to such successor trustee all the rights and powers of the predecessor
trustee.  Upon request of any such successor trustee, the Company
shall execute any and all instruments in writing in order more fully and
certainly to vest in and confirm to such successor trustee all such rights and
powers.  Any trustee, including the initial Trustee, ceasing to act
shall, nevertheless, retain a lien upon all property or funds held or collected
by such trustee to secure any amounts then due it pursuant to the provisions of
Section 7.06.

    

    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 predecessor
Trustee and each successor trustee with respect to the Securities of any
applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor
Trustee is not retiring shall continue to be vested in the predecessor Trustee,
and 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 and that each such trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such trustee.

    

    No
successor trustee shall accept appointment as provided in this Section unless at
the time of such acceptance such successor trustee shall be qualified and
eligible under the provisions of this Article 7.

    

    Upon
acceptance of appointment by a successor trustee as provided in this Section,
the Company shall mail notice of the succession of such trustee hereunder to all
holders of Securities of any applicable series as the names and addresses of
such holders shall appear on the registry books.  If the Company fails
to mail such notice in the prescribed manner within ten days after the
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be so mailed at the expense of the Company.

    

    
      	
              SECTION
      7.12.  

            	
              Successor
      by Merger, etc.

            

    

     

    Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be qualified and eligible under the provisions of this Article
7, 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.  

            	
              Limitations
      on Rights of Trustee as Creditor.

            

    

     

    (a) Subject
to the provisions of subsection (b) of this Section, if the Trustee shall
be or shall become a creditor, directly or indirectly, secured or unsecured, of
the Company or of any other obligor on the Securities within three months prior
to a default, as defined in subsection (c) of this Section, or subsequent
to such a default, then, unless and until such default shall be cured, the
Trustee shall set apart and hold in a special account for the benefit of the
Trustee individually, the holders of the Securities and the holders of other
indenture securities (as defined in subsection (c) of this
Section):

     

    (1) an amount
equal to any and all reductions in the amount due and owing upon any claim as
such creditor in respect of principal or interest, effected after the beginning
of such three months’ period and valid as against the Company and its other
creditors, except any such reduction resulting from the receipt or disposition
of any property described in paragraph (2) of this subsection or from the
exercise of any right of set-off which the Trustee could have exercised if a
petition in bankruptcy had been filed by or against the Company upon the date of
such default; and

     

    (2) all
property received by the Trustee in respect of any claim as such creditor,
either as security therefor, or in satisfaction or composition thereof, or
otherwise, after the beginning of such three months’ period, or an amount equal
to the proceeds of any such property, if disposed of, subject, however, to the
rights, if any, of the Company and its other creditors in such property or such
proceeds.

     

    Nothing
herein contained, however, shall affect the right of the Trustee:

    

    (3) to retain
for its own account (i) payments made on account of any such claim by any
person (other than the Company) who is liable thereon, and (ii) the
proceeds of the bona fide sale of any such claim by the Trustee to a third
person, and (iii) distributions made in cash, securities, or other property
in respect of claims filed against the Company in bankruptcy or receivership or
in proceedings for reorganization pursuant to Title 11 of the United States Code
or applicable State law;

     

    (4) to
realize, for its own account, upon any property held by it as security for any
such claim, if such property was so held prior to the beginning of such three
months’ period;

     

    (5) to
realize, for its own account, but only to the extent of the claim hereinafter
mentioned, upon any property held by it as security for any such claim, if such
claim was created after the beginning of such three months’ period and such
property was received as security therefor simultaneously with the creation
thereof, and if the Trustee shall sustain the burden of proving that at the time
such property was so received the Trustee had no reasonable cause to believe
that a default as defined in subsection (c) of this Section would occur
within three months; or

     

    (6) to
receive payment on any claims referred to in paragraph (4) or (5), against the
release of any property held as security for such claim as provided in such
paragraph (4) or (5), as the case may be, to the extent of the fair value of
such property.

     

    For the
purposes of paragraphs (4), (5) and (6), property substituted after the
beginning of such three months’ period for property held as security at the time
of such substitution shall, to the extent of the fair value of the property
released, have the same status as the property released, and, to the extent that
any claim referred to in any of such paragraphs is created in renewal of or in
substitution for or for the purpose of repaying or refunding any pre-existing
claim of the Trustee as such creditor, such claim shall have the same status as
such preexisting claim.

    

    If the
Trustee shall be required to account, the funds and property held in such
special account and the proceeds thereof shall be apportioned between the
Trustee, the securityholders and the holders of other indenture securities in
such manner that the Trustee, the securityholders and the holders of other
indenture securities realize, as a result of payments from such special account
and payments of dividends on claims filed against the Company in bankruptcy or
receivership or in proceedings for reorganization pursuant to Title 11 of the
United States Code or applicable State law, the same percentage of their
respective claims, figured before crediting to the claim of the Trustee anything
on account of the receipt by it from the Company of the funds and property in
such special account and before crediting to the respective claims of the
Trustee, the securityholders and the holders of other indenture securities,
dividends on claims filed against the Company in bankruptcy or receivership or
in proceedings for reorganization pursuant to Title 11 of the United States Code
or applicable State law, but after crediting thereon receipts on account of the
indebtedness represented by their respective claims from all sources other than
from such dividends and from the funds and property so held in such special
account.  As used in this paragraph, with respect to any claim, the
term “dividends” shall include any distribution with respect to such claim, in
bankruptcy or receivership or in proceedings for reorganization pursuant to
Title 11 of the United States Code or applicable State law, whether such
distribution is made in cash, securities, or other property, but shall not
include any such distribution with respect to the secured portion, if any, of
such claim.  The court in which such bankruptcy, receivership, or
proceeding for reorganization is pending shall have jurisdiction (i) to
apportion between the Trustee, the securityholders and the holders of other
indenture securities, in accordance with the provisions of this paragraph, the
funds and property held in such special account and the proceeds thereof, or
(ii) in lieu of such apportionment, in whole or in part, to give to the
provisions of this paragraph due consideration in determining the fairness of
the distributions to be made to the Trustee, the securityholders and the holders
of other indenture securities with respect to their respective claims, in which
event it shall not be necessary to liquidate or to appraise the value of any
securities or other property held in such special account or as security for any
such claim, or to make a specific allocation of such distributions as between
the secured and unsecured portions of such claims or otherwise to apply the
provisions of this paragraph as a mathematical formula.

    

    Any
Trustee who has resigned or been removed after the beginning of such three
months’ period shall be subject to the provisions of this subsection (a) as
though such resignation or removal had not occurred.  If any Trustee
has resigned or been removed prior to the beginning of such three months’ period
it shall be subject to the provisions of this subsection (a) if and only if
the following conditions exist:

    

    (i) the
receipt of property or reduction of claim which would have given rise to the
obligation to account, if such Trustee had continued as trustee, occurred after
the beginning of such three months’ period; and

     

    (ii) such
receipt of property or reduction of claim occurred within three months after
such resignation or removal.

     

    (b) There
shall be excluded from the operation of subsection (a) of this Section a
creditor relationship arising from:

     

    (1) the
ownership or acquisition of securities issued under any indenture, or any
security or securities having a maturity of one year or more at the time of
acquisition by the Trustee;

     

    (2) advances
authorized by a receivership or bankruptcy court of competent jurisdiction, or
by this Indenture, for the purpose of preserving any property which shall at any
time be subject to the lien of this Indenture or of discharging tax liens or
other prior liens or encumbrances thereon, if notice of such advance and of the
circumstances surrounding the making thereof is given to the securityholders at
the time and in the manner provided in this Indenture;

     

    (3) disbursements
made in the ordinary course of business in the capacity of trustee under an
indenture, transfer agent, registrar, custodian, paying agent, fiscal agent or
depositary, or other similar capacity;

     

    (4) an
indebtedness created as a result of services rendered or premises rented; or an
indebtedness created as a result of goods or securities sold in a cash
transaction as defined in subsection (c) of this Section;

     

    (5) the
ownership of stock or of other securities of a corporation organized under the
provisions of Section 25(a) of the Federal Reserve Act, as amended, which
is directly or indirectly a creditor of the Company; or

     

    (6) the
acquisition, ownership, acceptance or negotiation of any drafts, bills of
exchange, acceptances, or obligations which fall within the classification of
self-liquidating paper as defined in subsection (c) of this
Section.

     

    (c) As used
in this Section:

     

    (1) The term
“default” shall mean any failure to make payment in full of the principal of or
interest upon any of the Securities or the other indenture securities when and
as such principal or interest becomes due and payable.

     

    (2) The term
“other indenture securities” shall mean securities upon which the Company is an
obligor (as defined in the Trust Indenture Act of 1939) outstanding under any
other indenture (A) under which the Trustee is also trustee, (B) which
contains provisions substantially similar to the provisions of
subsection (a) of this Section, and (C) under which a default exists
at the time of the apportionment of the funds and property held in the special
account referred to in such subsection (a).

     

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

     

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

     

    (5) The term
“Company” shall mean any obligor upon the Securities.

     

    
      	
              SECTION
      7.14.  

            	
              Notice
      of Default.

            

    

     

    Within 90
days after the occurrence of any default on a series of Securities hereunder,
the Trustee shall transmit to all securityholders of that series, in the manner
and to the extent provided in Section 15.04, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; provided, however, that except in the case of a default in the payment
of the principal of or interest on any Security or on the payment of any sinking
or purchase fund installment, the Trustee shall be protected in withholding such
notice if and so long as the trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the security-holders; and provided, further, that
in the case of any default of the character specified in clause (c) of
Section 6.01 no such notice to securityholders shall be given until at
least 30 days after the occurrence thereof.  For the purpose of this
Section, the term “default” means any event which is, or after notice or lapse
of time or both would become, an Event of Default with respect to Securities of
such series.

    

    
      	
              SECTION
      7.15.  

            	
              Appointment
      of Authenticating Agent.

            

    

     

    The
Trustee may appoint an authenticating agent or agents (which may be an affiliate
or affiliates of the Company) with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue or upon exchange,
registration of transfer or partial redemption thereof or pursuant to
Section 2.09, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder.  Wherever reference is made
in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
authenticating agent and a certificate of authentication executed on behalf of
the Trustee by an authenticating agent.  Each authenticating agent
shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America or
of any State or Territory thereof or of the District of Columbia, which
(a) is authorized under such laws to exercise corporate trust powers or to
otherwise act as authenticating agent, (b) is subject to supervision or
examination by Federal, State, Territorial or District of Columbia authority,
and (c) shall have at all times a combined capital and surplus of not less
than $5,000,000.  If such authenticating agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such authenticating agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published.  If at any time an authenticating agent shall
cease to be eligible in accordance with the provisions of this Section, such
authenticating agent shall resign immediately in the manner and with the effect
specified in this Section.

    

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

    

    An
authenticating agent may resign at any time by giving written notice thereof to
the Trustee and to the Company.  The Trustee may at any time terminate
the agency of an authenticating agent by giving written notice thereof to such
authenticating agent and to the Company.  Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such
authenticating agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor authenticating
agent which shall be acceptable to the Company and shall promptly give notice of
such appointment to all holders of Securities in the manner and to the extent
provided in Section 15.04.  Any successor authenticating agent
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent.  No successor
authenticating agent shall be appointed unless eligible under the provisions of
this Section.

    

    The
Trustee agrees to pay to each authenticating agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of
Section 7.06.

    

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

    

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

     

    The Bank
of New York Mellon Trust Company, N.A., as Trustee

    

    

    

    By:                                                                

            Authorized
Signatory

    

    If all of
the Securities of a series may not be originally issued at one time, and the
Trustee does not have an office capable of authenticating Securities upon
original issuance located in a Place of Payment where the Company wishes to have
Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing, shall appoint in accordance with this
Section an authenticating agent (which, if so requested by the Company, shall be
such affiliate of the Company) having an office in a Place of Payment designated
by the Company with respect to such series of Securities, provided that the
terms and conditions of such appointment are acceptable to the
Trustee.

    

    ARTICLE
8                                                    

     

    

     

    CONCERNING
THE SECURITYHOLDERS 

     

    
      	
              SECTION
      8.01.  

            	
              Action
      by Securityholders.

            

    

     

    Whenever
in this Indenture it is provided that the holders of a specified percentage in
aggregate principal amount of the Securities of any or all series may take any
action (including the making of any demand or request, the giving of any
authorization, 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 specified
percentage have joined therein may be evidenced (a) by any instrument or
any number of instruments of similar tenor executed by securityholders in person
or by agent or proxy appointed in writing, or (b) if Securities of a series
are issuable as Bearer Securities, by the record of the holders of Securities
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of securityholders of such series duly called and held
in accordance with the provisions of Article 9, or (c) by a combination of
such instrument or instruments and any such record of such a meeting of
securityholders.

    

    In
determining whether the holders of a specified percentage in aggregate principal
amount of the Securities of any or all series have taken any action (including
the making of any demand or request, the giving of any authorization, direction,
notice, consent or waiver or the taking of any other action), (i) the
principal amount of any Original Issue Discount Security that may be counted in
making such determination and that shall be deemed to be outstanding for such
purposes shall be equal to the amount of the principal thereof that could be
declared to be due and payable upon an Event of Default pursuant to the terms of
such Original Issue Discount Security at the time the taking of such of such
action is evidenced to the Trustee, and (ii) the principal amount of a
Security denominated in a foreign currency or currency unit shall be the U.S.
dollar equivalent, determined as of the date of original issuance of such
Security in accordance with Section 2.03(b) hereof, of the principal amount
of such Security.

    

    
      	
              SECTION
      8.02.  

            	
              Proof
      of Execution by Securityholders.

            

    

     

    Subject
to the provisions of Section 7.01, 7.02 and 9.05, proof of the execution of
any instrument by a securityholder or its agent or proxy, or of the holding by
any person of a Security, shall be sufficient and conclusive in favor of the
Trustee and the Company if made in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee.

    

    The
principal amount and serial numbers of Registered Securities held by any person,
and the date of holding the same, shall be proved by the Security
Register.  The principal amount and serial numbers of Bearer
Securities held by any person, and the date of holding the same, may be proved
by the production of such Bearer Securities or by a certificate executed, as
depositary, by any trust company, bank, banker or other depositary, wherever
situated, if such certificate shall be deemed by the Trustee to be satisfactory,
showing that at the date therein mentioned such person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such
facts may be proved by the certificate or affidavit of the person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to
be satisfactory.  The Trustee and the Company may assume that such
ownership of any Bearer Security continues until (1) another certificate or
affidavit bearing a later date issued in respect of the same Bearer Security is
produced, or (2) such Bearer Security is produced to the Trustee by some
other person, or (3) such Bearer Security is surrendered in exchange for a
Registered Security, or (4) such Bearer Security is no longer
Outstanding.  The principal amount and serial numbers of Bearer
Securities held by any person, and the date of holding the same, may also be
provided in any other manner which the Trustee deems sufficient.

    

    The
record of any securityholders’ meeting shall be proved in the manner provided in
Section 9.06.

    

    
      	
              SECTION
      8.03.  

            	
              Who
      Are Deemed Absolute Owners.

            

    

     

    Prior to
due presentment of a Registered Security for registration of transfer, the
Company, the Trustee and any agent of the Company or of the Trustee may deem the
person in whose name such Registered Security shall be registered upon the
Security Register to be, and may treat him as, the absolute owner of such
Registered Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon), for the
purpose of receiving payment of or on account of the principal of (and premium,
if any) and, subject to the provisions of Sections 2.05 and 2.07, any
interest on such Security and for all other purposes; and neither the Company
nor the Trustee nor any agent of the Company or of the Trustee shall be affected
by any notice to the contrary.  All such payments so made to any
holder for the time being, or upon his order, shall be valid and, to the extent
of the sum or sums so paid, effectual to satisfy and discharge the liability for
moneys payable upon any such Security.

    

    Title to
any Bearer Security and any coupons appertaining thereto shall pass by
delivery.  The Company, the Trustee and any agent of the Company or of
the Trustee may treat the bearer of any Bearer Security and the bearer of any
coupon as the owner of such Security or coupon for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever,
whether or not such Security or coupon be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

    

    Notwithstanding
the foregoing, with respect to any temporary or permanent global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or of the Trustee, from giving effect to any written certification,
proxy or other authorization furnished by a Common Depositary or a U.S.
Depositary, as the case may be, or impair, as between a Common Depositary or a
U.S. Depositary and holders of beneficial interests in any temporary or
permanent global Security, as the case may be, the operation of customary
practices governing the exercise of the rights of the Common Depositary or the
U.S. Depositary as holder of such temporary or permanent global
Security.

    

    
      	
              SECTION
      8.04.  

            	
              Company-Owned
      Securities Disregarded.

            

    

     

    In
determining whether the holders of the required aggregate principal amount of
Securities have provided any request, demand, authorization, notice, direction,
consent or waiver under this Indenture, Securities which are owned by the
Company or any other obligor on the Securities, or by any person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company or any other obligor on the Securities, 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 request, demand, authorization,
direction, notice, consent or waiver, only Securities which the Trustee knows
are so owned shall be so disregarded.  Securities so owned which 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 to vote 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 the
case of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be afforded full protection to the Trustee.

    

    
      	
              SECTION
      8.05.  

            	
              Revocation
      of Consents; Future Securityholders
Bound.

            

    

     

    At any
time prior to the taking of any action by the holders of the percentage in
aggregate principal amount of the Securities specified in this Indenture in
connection with such action, any holder of a Security, the identifying number of
which 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 at its office 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 upon
registration of transfer of or in exchange or substitution therefor in respect
of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, irrespective of whether or not any notation in regard
thereto is made upon such Security.  Any action taken by the holders
of the percentage in aggregate principal amount of the Securities 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.

    

    
      	
              SECTION
      8.06.  

            	
              Record
      Date.

            

    

     

    The
Company may, but shall not be obligated to, set a record date for purposes of
determining the identity of holders of Securities of any series entitled to vote
or consent to any action by vote or consent or to otherwise take any action
under this Indenture authorized or permitted by Section 6.12 or
Section 6.13 or otherwise under this Indenture.  Such record date
shall be the later of the date 20 days prior to the first solicitation of such
consent or vote or other action or the date of the most recent list of holders
of such Securities delivered to the principal corporate trust office of the
Trustee pursuant to Section 5.01 prior to such solicitation.  If
such a record date is fixed, those persons who were holders of such Securities
at the close of business on such record date shall be entitled to vote or
consent or take such other action, or to revoke any such action, whether or not
such persons continue to be holders after such record date, and for that purpose
the Outstanding Securities shall be computed as of such record
date.

    

    ARTICLE
9                                

     

    SECURITYHOLDERS’
MEETINGS

     

    
      	
              SECTION
      9.01.  

            	
              Purposes
      of Meeting.

            

    

     

    A meeting
of holders of any or all series of Securities may be called at any time and from
time to time pursuant to the provisions of this Article for any of the following
purposes:

    

    (a) to give
any notice to the Company or to the Trustee, or to give any directions to the
Trustee, or to waive any default hereunder and its consequences, or to take any
other action authorized to be taken by securityholders pursuant to any of the
provisions of Article 6;

     

    (b) to remove
the Trustee and appoint a successor trustee pursuant to the provisions of
Article 7;

     

    (c) to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 10.02; or

     

    (d) to take
any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of the Securities of any or all series, as
the case may be, under any other provision of this Indenture or under applicable
law.

     

    
      	
              SECTION
      9.02.  

            	
              Call
      of Meetings by Trustee.

            

    

     

    The
Trustee may at any time call a meeting of security-holders of any or all series
to take any action specified in Section 9.01, to be held at such time and
at such place in the Borough of Manhattan, The City of New York as the Trustee
shall determine.  Notice of every meeting of the securityholders of
any or all series, setting forth the time and place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given in
the manner provided in Section 15.04 not less than 20 nor more than 180
days prior to the date fixed for the meeting.

    

    
      	
              SECTION
      9.03.  

            	
              Call
      of Meetings by Company or
Securityholders.

            

    

     

    In case
at any time the Company, pursuant to a Board Resolution, or the holders of at
least 10% in aggregate principal amount of the Securities of any or all series,
as the case may be, then Outstanding, shall have requested the Trustee to call a
meeting of securityholders of any or all series to take any action authorized in
Section 9.01, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have
provided notice of such meeting in the manner provided in Section 15.04
within 30 days after receipt of such request, then the Company or the holders of
such Securities in the amount above specified may determine the time and the
place in said Borough of Manhattan, The City of New York for such meeting and
may call such meeting by giving notice thereof as provided in
Section 9.02.

    
      	
              SECTION
      9.04.  

            	
              Qualifications
      for Voting.

            

    

     

    To be
entitled to vote at any meeting of securityholders a person shall be a holder of
one or more Securities of such series Outstanding with respect to which a
meeting is being held or a person appointed by an instrument in writing as proxy
by such a holder or holders.  The only persons who shall be entitled
to be present or to speak at any meeting of the securityholders of any series
shall be the persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

    

    
      	
              SECTION
      9.05.  

            	
              Regulations.

            

    

     

    Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of securityholders of a
series, in regard to proof of the holding of Securities and of the appointment
of proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting
as it deems fit.  Except as otherwise permitted or required by any
such regulations, the holding of Securities shall be proved in the manner
specified in Article 8 and the appointment of any proxy shall be proved in the
manner specified in Article 8 or by having the signature of the person executing
the proxy witnessed or guaranteed by any trust company, bank or banker
authorized by Article 8 to certify to the holding of Bearer
Securities.  Such regulations may provide that written instruments
appointing proxies, regular on their face, may be presumed valid and genuine
without the proof specified in Article 8 or other proof.

    

    The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by
securityholders as provided in Section 9.03, in which case the Company or
the securityholders calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman.  A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the holders of a
majority in principal amount of the Securities represented at the meeting and
entitled to vote.

    

    Subject
to the provisions of Sections 8.01 and 8.04, at any meeting each
securityholder or proxy shall be entitled to one vote for each $1,000 (or the
U.S. Dollar equivalent thereof in connection with Securities issued in a foreign
currency or currency unit) Outstanding principal amount of Securities of such
series held or represented by him; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not
Outstanding.  The chairman of the meeting shall have no right to vote
except as a securityholder or proxy.  Any meeting of securityholders
duly called pursuant to the provisions of Section 9.02 or 9.03 may be
adjourned from time to time, and the meeting may be reconvened without further
notice.

    

    
      	
              SECTION
      9.06.  

            	
              Voting.

            

    

     

    The vote
upon any resolution submitted to any meeting of securityholders shall be by
written ballot on which shall be subscribed the signatures of the
securityholders or proxies and on which shall be inscribed the identifying
number or numbers or to which shall be attached a list of identifying numbers of
the Securities held or represented by them.  The chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting.  A record in duplicate of the proceedings
of each meeting of securityholders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was mailed as provided in
Section 9.02.  The record shall be signed and verified by the
chairman and secretary of the meeting and one of the duplicates shall be
delivered to the Company and the other to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the
meeting.

    

    Any
record so signed and verified shall be conclusive evidence of the matters
therein stated.

    

    ARTICLE
10                                

     

    SUPPLEMENTAL
INDENTURES

     

    
      	
              SECTION
      10.01.  

            	
              Supplemental
      Indentures without Consent of
Securityholders.

            

    

     

    Without
the consent of any holders of Securities or coupons, the Company, when
authorized by or pursuant to Board Resolution, 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 of 1939 as in
force at the date of the execution thereof) for one or more of the following
purposes:

    

    (a) to
evidence the succession of another corporation to the Company, or successive
successions, pursuant to Article 11 hereof, and the assumption by the successor
corporation of the covenants, agreements and obligations of the Company herein
and in the Securities;

     

    (b) to add to
the covenants of the Company such further covenants, restrictions, conditions or
provisions as its Board of Directors shall consider to be for the protection of
the holders of Securities, and to make the occurrence, or the occurrence and
continuance, of a default in any of such additional covenants, restrictions,
conditions or provisions an Event of Default permitting the enforcement of all
or any of the several remedies provided in this Indenture as herein set forth,
with such period of grace, if any, and subject to such conditions as such
supplemental indenture may provide;

     

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

     

    (d) to
modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust
Indenture Act of 1939, or under any similar Federal statute hereafter enacted,
and to add to this Indenture such other provisions as may be expressly permitted
by the Trust Indenture Act of 1939, excluding however, the provisions referred
to in Section 316(a)(2) of the Trust Indenture Act of 1939 or any
corresponding provision in any similar Federal statute hereafter
enacted;

     

    (e) to
modify, eliminate or add to any of the provisions of this Indenture, provided
that any such change or elimination (i) shall become effective only when
there is no Security of any series Outstanding and created prior to the
execution of such supplemental indenture that is entitled to the benefit of such
provision or (ii) shall not apply to any Security Outstanding;

     

    (f) to cure
any ambiguity or to correct or supplement any provision contained herein or in
any supplemental indenture which may be defective or inconsistent with any other
provisions contained herein or in any supplemental indenture; to convey,
transfer, assign, mortgage or pledge any property to or with the Trustee; or to
make such other provisions in regard to matters or questions arising under this
Indenture, provided such other provisions shall not adversely or any related
coupons affect in any material respect the interests of the holders of the
Securities or any related coupons, including provisions necessary or desirable
to provide for or facilitate the administration of the trusts hereunder;
and

     

    (g) to
evidence and provide for the acceptance and appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add or
change any provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to Section 7.11.

     

    The
Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustee shall not be obligated to enter into any such supplemental indenture
which adversely affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.  No supplemental indenture shall be
effective as against the Trustee unless and until the Trustee has duly executed
and delivered the same.

    

    
      	
              SECTION
      10.02.  

            	
              Supplemental
      Indentures with Consent of Holders.

            

    

     

    With the
consent (evidenced as provided in Section 8.01) of the holders of not less
than 66 2/3% in aggregate principal amount of the Securities of all series at
the time Outstanding affected by such supplemental indenture (voting as one
class), the Company, when authorized by a Board Resolution, 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 of 1939 as in force at the date of the execution thereof) 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 the rights of the holders of the Securities of such
series and any related coupons under this Indenture; provided, however, that no
such supplemental indenture shall (1) extend the fixed maturity of any
Securities, or reduce the principal amount thereof or premium, if any, or reduce
the rate or extend the time of payment of interest thereon, without the consent
of the holder of each Security so affected, or (2) reduce the aforesaid
percentage of Securities, the consent of the holders of which is required for
any such supplemental indenture, without the consent of the holders of all
Securities then Outstanding.

    

    Upon the
request of the Company, accompanied by a copy of a Board Resolution certified by
the Secretary or an Assistant Secretary of the Company authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of securityholders 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.

    

    It shall
not be necessary for the consent of the securityholders 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.

    

    Promptly
after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Article 10, the Company shall provide notice,
in the manner and to the extent provided in Section 15.04, setting forth in
general terms the substance of such supplemental indenture, to all holders of
Securities of each series so affected.  Any failure of the Company so
to provide such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

    

    
      	
              SECTION
      10.03.  

            	
              Compliance
      with Trust Indenture Act; Effect of Supplemental
    Indentures.

            

    

     

    Any
supplemental indenture executed pursuant to the provisions of this Article 10
shall comply with the Trust Indenture Act of 1939, as then in
effect.  Upon the execution of any supplemental indenture pursuant to
the provisions of this Article 10 and subject to the provisions in any
supplemental indenture relating to the prospective application of such
instrument, this Indenture shall 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 theretofore or thereafter authenticated
and delivered hereunder and of any coupons appertaining thereto 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.

    

    The
Trustee, subject to the provisions of Sections 7.01 and 7.02, shall be
entitled to receive and shall be fully protected in relying upon an Opinion of
Counsel as conclusive evidence that any such supplemental indenture complies
with the provisions of this Article 10.

    

    
      	
              SECTION
      10.04.  

            	
              Notation
      on Securities.

            

    

     

    Securities
of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article 10 may bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture.  New Securities of any series so modified as
to conform, in the opinion of the Trustee and 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, without charge to the securityholders, in exchange for
the Securities of such series then Outstanding.

     

    ARTICLE
11                                

     

    CONSOLIDATION,
MERGER, SALE OR CONVEYANCE

     

    
      	
              SECTION
      11.01.  

            	
              Company
      May Consolidate, etc., on Certain
Terms.

            

    

     

    The
Company covenants that it will not merge into or consolidate with any other
corporation or sell or convey all or substantially all of its assets to any
person, firm or corporation, unless (1) either the Company shall be the
continuing corporation, or the successor corporation (if other than the Company)
shall be a corporation organized and existing under the laws of the United
States of America or a state thereof or the District of Columbia and such
corporation shall expressly assume the due and punctual payment of the principal
of (and premium, if any, on) and any interest on all the Securities, according
to their tenor, and the due and punctual performance and observance of all of
the covenants and conditions of this Indenture to be performed by the Company by
supplemental indenture satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (2) the Company or such successor
corporation, as the case may be, shall not, immediately after such merger or
consolidation, or such sale or conveyance, be in default in the performance of
any such covenant or condition.

    

    
      	
              SECTION
      11.02.  

            	
              Successor
      Corporation Substituted.

            

    

     

    In case
of any such consolidation, merger, sale or conveyance and upon any such
assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for, and may exercise every right and power of,
the Company, with the same effect as if it had been named herein as the party of
the first part.  Such successor corporation thereupon may cause to be
signed, and may issue either in its own name or in the name of the Company, any
or all of the Securities issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of
such successor corporation, instead of the Company, and subject to all the
terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall make available for delivery any Securities which
previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee for
that purpose.  All of the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
thereof.

    

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

    

    
      	
              SECTION
      11.03.  

            	
              Opinion
      of Counsel and Officers’ Certificate to be Given
  Trustee.

            

    

     

    The
Trustee shall receive an Opinion of Counsel and Officers’ Certificate as
conclusive evidence that any such consolidation, merger, sale or conveyance, and
any such assumption, complies with the provisions of this Article 11 and that
all conditions precedent herein provided for relating to such transaction have
been complied with.

    

    ARTICLE
12                                

     

    SATISFACTION
AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

     

    
      	
              SECTION
      12.01.  

            	
              Discharge
      of Indenture.

            

    

     

    If at any
time

    (1) the
Company shall have delivered to the Trustee for cancellation all Securities of
any series theretofore authenticated and all coupons, if any, appertaining
thereto (other than (i) coupons appertaining to Bearer Securities
surrendered for exchange for Registered Securities and maturing after such
exchange, whose surrender is not required or has been waived as provided in
Section 2.07, (ii) Securities and coupons which have been destroyed,
lost or stolen and which have been replaced or paid as provided in
Section 2.09, (iii) coupons appertaining to Securities called for
redemption and maturing after the relevant Redemption Date, whose surrender has
been waived as provided in Section 3.03, and (iv) Securities and
coupons for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 4.03),
or

     

    (2) all such
Securities of such series and, in the case of (1)(i) or (1)(ii) above, any
coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation (i) shall have become due and payable, or (ii) are by
their terms to become due and payable within one year or (iii) are to be
called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption, and the Company in the case of
(1)(i) or (1)(iii) above shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount (other than moneys repaid by the
Trustee or any paying agent to the Company in accordance with
Section 12.04) sufficient to pay at maturity or upon redemption all
Securities of such series and coupons not therefore delivered to the Trustee for
cancellation, including principal (and premium, if any) and any interest due or
to become due to such date of maturity or date fixed for redemption, as the case
may be,

     

    and if in
either case the Company shall also pay or cause to be paid all other sums
payable hereunder by the Company with respect to such series, then this
Indenture shall cease to be of further effect with respect to the Securities of
such series, and the Trustee, on demand of and at the cost and expense of the
Company and subject to Section 15.05, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture with respect to the
Securities of such series.  The Company agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred by
the Trustee in connection with this Indenture or the Securities of such
series.  Notwithstanding the satisfaction and discharge of this
Indenture with respect to the Securities of any series or of all series, the
obligations of the Company to the Trustee under Section 7.06 shall
survive.

     

    The
Company will deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel which together shall state that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been
complied with.

    
      	
              SECTION
      12.02.  

            	
              Deposited
      Moneys to be Held in Trust by
Trustee.

            

    

     

    Subject
to the provisions of the last paragraph of Section 4.03, all moneys
deposited with the Trustee pursuant to Section 12.01 shall be held in trust
and applied by it to the payment, either directly or through any paying agent
(including the Company acting as its own paying agent), to the persons entitled
thereto, of all sums due and to become due thereon for principal and interest
(and premium, if any) for which payment of such money has been deposited with
the Trustee.

    

    
      	
              SECTION
      12.03.  

            	
              Paying
      Agent to Repay Moneys Held.

            

    

     

    In
connection with the satisfaction and discharge of this Indenture with respect to
Securities of any series and the payment of all amounts due to the Trustee under
Section 7.06, all moneys with respect to such Securities then held by any
paying agent under the provisions of this Indenture shall, upon demand of the
Company, be repaid to it or paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys.

    

    
      	
              SECTION
      12.04.  

            	
              Return
      of Unclaimed Moneys.

            

    

     

    Any
moneys deposited with or paid to the Trustee or any paying agent for the payment
of the principal of (and premium, if any) or interest on any Security and not
applied but remaining unclaimed for two years after the date upon which such
principal (and premium, if any, on) or interest shall have become due and
payable, shall be repaid to the Company by the Trustee or such paying agent on
demand, and the holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for any payment which such holder may
be entitled to collect and all liability of the Trustee or any paying agent with
respect to such moneys shall thereupon cease.

    

    ARTICLE
13                                

     

    IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     

    
      	
              SECTION
      13.01.  

            	
              Indenture
      and Securities Solely Corporate
Obligations.

            

    

     

    No
recourse under or upon any obligation, covenant or agreement contained in this
Indenture, or in any Security or coupon, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, or against any past,
present or future stockholder, officer or director, as such, of the Company or
of any successor corporation, either directly or through the Company or any
successor corporation, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of the Securities or coupons by the holders thereof and as
part of the consideration for the issue of the Securities.

    

    ARTICLE
14                                

     

    DEFEASANCE
AND COVENANT DEFEASANCE 

     

    
      	
              SECTION
      14.01.  

            	
              Applicability
      of Article.

            

    

     

    Unless,
as specified pursuant to Section 2.03(b), provision is made that either or
both of (a) defeasance of the Securities of a series under
Section 14.02 and (b) covenant defeasance of the Securities of a
series under Section 14.03 shall not apply to the Securities of a series,
then the provisions of such Section 14.02 and Section 14.03, together
with Sections 14.04 and 14.05, shall be applicable to the Outstanding
Securities of all series upon compliance with the conditions set forth below in
this Article 14.

     

    
      	
              SECTION
      14.02.  

            	
              Defeasance
      and Discharge.

            

    

     

    Subject
to Section 14.05, the Company may cause itself to be discharged from its
obligations with respect to the Outstanding Securities of any series on and
after the date the conditions precedent set forth below are satisfied but
subject to satisfaction of the conditions subsequent set forth below
(hereinafter, “defeasance”).  For this purpose, such defeasance means
that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Securities of such series and to
have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), except for the following which shall survive until otherwise terminated
or discharged hereunder:  (A) the rights of holders of
Outstanding Securities of such series to receive, solely from the trust fund
described in Section 14.04 and as more fully set forth in such Section,
payments of the principal of and any premium and interest on such Securities
when such payments are due, (B) the Company’s obligations with respect to
such Securities under Sections 2.07, 2.08, 2.09, 4.02 and 4.03 and such
obligations as shall be ancillary thereto, (C) the rights, powers, trusts,
duties, immunities and other provisions in respect of the Trustee hereunder and
(D) this Article 14.  Subject to compliance with this Article 14,
defeasance with respect to Securities of a series by the Company is permitted
under this Section 14.02 notwithstanding the prior exercise of its rights
under Section 14.03 with respect to the Securities of such
series.  Following a defeasance, payment of the Securities of such
series may not be accelerated because of an Event of Default.

    

    
      	
              SECTION
      14.03.  

            	
              Covenant
      Defeasance.

            

    

     

    The
Company may cause itself to be released from its obligations under any Sections
applicable to Securities of a series that are determined pursuant to
Section 2.03(b) to be subject to this provision with respect to the
Outstanding Securities of such series on and after the date the conditions
precedent set forth below are satisfied but subject to satisfaction of the
conditions subsequent set forth below (hereinafter, “covenant
defeasance”).  For this purpose, such covenant defeasance means that,
with respect to the Outstanding Securities of such series, the Company may omit
to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section, whether directly or indirectly by
reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

    

    
      	
              SECTION
      14.04.  

            	
              Conditions
      to Defeasance or Covenant
Defeasance.

            

    

     

    The
following shall be the conditions precedent or, as specifically noted below,
subsequent to application of either Section 14.02 or Section 14.03 to
the Outstanding Securities of such series:

    

    (1) The
Company shall irrevocably have deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the
benefit of the holders of such Securities, (A) money in an amount, or
(B) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an
amount, or (C) a combination thereof, sufficient, without reinvestment, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge, and which shall be applied by the Trustee to pay and discharge,
(i) the principal of and any premium and interest on the Outstanding
Securities of such series to maturity or redemption, as the case may be, and
(ii) any mandatory sinking fund payments or analogous payments applicable
to the Outstanding Securities of such series on the due dates
thereof.  Before such a deposit the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities at a future date or
dates in accordance with Article 3 which shall be given effect in applying the
foregoing.  For this purpose, “U.S. Government Obligations” means
securities that are (x) direct obligations of the United States of America
for the payment of which its full faith and credit is pledged or
(y) 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, which, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any such U.S. Government obligation or a specific
payment of principal of or interest on any such U.S. Government Obligation held
by such custodian for the account of the holder of such depository receipt,
provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal of or interest on the
U.S. Government Obligation evidenced by such depository receipt;

     

    (2) No
Default, or event which after notice or lapse of time, or both, would become a
Default with respect to the Securities of such series, shall have happened and
be continuing (A) on the date of such deposit or (B) insofar as
subsections 6.01(a) and (b) are concerned, at any time during the period
ending on the 123rd day after the date of such deposit or, if longer, ending on
the day following the expiration of the longest preference period applicable to
the Company in respect of such deposit (it being understood that the condition
in this clause (B) is a condition subsequent and shall not be deemed satisfied
until the expiration of such period);

     

    (3) Such
defeasance or covenant defeasance shall not (A) cause the Trustee for the
Securities of such series to have a conflicting interest as defined in
Section 7.08 or for purposes of the Trust Indenture Act of 1939 with
respect to any securities of the Company or (B) result in the trust arising
from such deposit to constitute, unless it is qualified as, a regulated
investment company under the Investment Company Act of 1940, as
amended;

     

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

     

    (5) Such
defeasance or covenant defeasance shall not cause any Securities of such series
then listed on any registered national securities exchange under the Exchange
Act to be delisted;

     

    (6) In the
case of a defeasance under Section 14.02, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that (x) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling, or (y) since the date of this Indenture there has been a change in
the applicable Federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the holders of the Outstanding
Securities of such series will not recognize income, gain or loss for Federal
income tax purposes as a result of such defeasance and will be subject to
Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such defeasance had not occurred;

     

    (7) In the
case of covenant defeasance under Section 14.03, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the holders of
the Outstanding Securities of such series will not recognize income, gain or
loss for Federal income tax purposes as a result of such covenant defeasance and
will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance
had not occurred;

     

    (8) Such
defeasance or covenant defeasance shall be effected in compliance with any
additional terms, conditions or limitations which may be imposed on the Company
in connection therewith pursuant to Section 2.03(b); and

     

    (9) The
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent and subsequent
provided for in this Indenture relating to either the defeasance under
Section 14.02 or the covenant defeasance under Section 14.03, as the
case may be, have been complied with.

     

    
      	
              SECTION
      14.05.  

            	
              Deposited
      Money and U.S. Government Obligations to be Held in Trust; Other
      Miscellaneous Provisions.

            

    

     

    All money
and U.S. Government Obligations (including the proceeds thereof) deposited with
the Trustee pursuant to Section 14.04 in respect of the Outstanding
Securities of such series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any paying agent (but not including the
Company acting as its own paying agent) as the Trustee may determine, to the
holders of such Securities of all sums due and to become due thereon in respect
of principal and any premium and interest, but such money need not be segregated
from other funds except to the extent required by law.

    

    The
Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the money or U.S. Government Obligations
deposited pursuant to Section 14.04 or the principal and interest received
in respect thereof.

    Anything
herein to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or U.S. Government
Obligations held by it as provided in Section 14.04 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance, provided that the Trustee shall
not be required to liquidate any U.S. Government Obligations in order to comply
with the provisions of this paragraph.

    

    Anything
herein to the contrary notwithstanding, if and to the extent the deposited money
or U.S. Government Obligations (or the proceeds thereof) either (i) cannot
be applied by the Trustee in accordance with this Section because of a court
order or (ii) are for any reason insufficient in amount, then the Company’s
obligations to pay principal of and any premium and interest on the Securities
of such series shall be reinstated to the extent necessary to cover the
deficiency on any due date for payment.  In any such case, the
Company’s interest in the deposited money and U.S. Government Obligations (and
proceeds thereof) shall be reinstated to the extent the Company’s payment
obligations are reinstated.

    

    ARTICLE
15                                

     

    MISCELLANEOUS
PROVISIONS

     

    
      	
              SECTION
      15.01.  

            	
              Benefits
      of Indenture Restricted to Parties and
  Securityholders.

            

    

     

    Nothing
in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any person, firm or corporation, other than the parties
hereto and their successors and assigns and the holders of the Securities, any
legal or equitable right, remedy or claim under this Indenture or under any
covenant or provision herein contained, all such covenants and provisions being
for the sole benefit of the parties hereto and their successors and assigns and
the holders of the Securities.

    

    
      	
              SECTION
      15.02.  

            	
              Provisions
      Binding on Company’s Successors.

            

    

     

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

    

    
      	
              SECTION
      15.03.  

            	
              Addresses
      for Notices, etc., to Company and
Trustee.

            

    

     

    Any
notice or demand which by any provisions 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 postage prepaid first class mail
addressed (until another address is filed by the Company with the Trustee), as
follows:  Raymond James Financial, Inc., 880 Carillon Parkway, St.
Petersburg, Florida 33716, Attn: General Counsel.  Any notice,
direction, request or demand by 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 principal corporate trust office of the Trustee as set
forth in Section 4.02.

    

    
      	
              SECTION
      15.04.  

            	
              Notice
      to Holders of Securities; Waiver.

            

    

     

    Except as
otherwise expressly provided herein, where this Indenture provides for notice of
holders of Securities of any event,

    

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

     

    (2) such
notice shall be sufficiently given to holders of Bearer Securities if published
in an Authorized Newspaper in The City of New York and in such other city or
cities as may be specified in such Securities on a Business Day at least twice,
the first such publication to be not earlier than the earliest date, and not
later than the latest date, prescribed for the giving of such
notice.

     

    In case
by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice to holders of Registered
Securities by mail, then such notification as shall be made with the approval of
the Trustee shall constitute sufficient notice to such holders for every purpose
hereunder.  In any case where notice to holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular holder of a Registered
Security shall affect the sufficiency of such notice with respect to other
holders of Registered Securities or the sufficiency of any notice to holders of
Bearer Securities given as provided herein.

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

    

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

    

    Any
request, demand, authorization, direction, notice, consent or waiver required or
permitted under this Indenture shall be in the English language, except that any
published notice may be in an official language of the country of
publication.

    

    
      	
              SECTION
      15.05.  

            	
              Evidence
      of Compliance with Conditions
Precedent.

            

    

     

    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, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, 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.

    

    Each
Officer’s Certificate and Opinion of Counsel provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or covenant
provided for 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
      15.06.  

            	
              Legal
      Holidays.

            

    

     

    In any
case where the date of maturity of interest on or principal of the Securities or
the date fixed for redemption of any Securities shall be a Saturday or Sunday or
a legal holiday in New York, New York or St. Petersburg, Florida or in such
other place or places as the Company may designate pursuant to
Section 4.02, or a day on which banking institutions in The City of New
York or St. Petersburg, Florida or in such other place or places are authorized
by law or required by executive order to close, then payment of interest or
principal (and premium, if any) need not be made on such date but may be made on
the next succeeding Business Day with the same force and effect as if made on
the date of maturity or the date fixed for redemption, and no interest shall
accrue for the period after such date.

    

    
      	
              SECTION
      15.07.  

            	
              Trust
      Indenture Act to Control.

            

    

     

    If and to
the extent that any provision of this Indenture limits, qualifies or conflicts
with another provision included in this Indenture which is required to be
included in this Indenture by any of Sections 310 to 317, inclusive, of the
Trust Indenture Act of 1939, such required provision shall control.

    

    
      	
              SECTION
      15.08.  

            	
              Execution
      in 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
      15.09.  

            	
              Governing
      Law.

            

    

     

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

    

    
      	
              SECTION
      15.10.  

            	
              Separability
      Clause.

            

    

     

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

    

    The
Trustee, by its execution of this Indenture, hereby accepts the trusts in this
Indenture declared and provided, upon the terms and conditions hereinabove set
forth.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, RAYMOND JAMES FINANCIAL, INC. has caused this Indenture to be
signed and acknowledged by its Chairman of the Board or its President or one of
its Vice Presidents; and The Bank of New York Mellon Trust Company, N.A. has
caused this Indenture to be signed and acknowledged by one of its Vice
Presidents, all as of the day and year first above written.

    
      	 
      	
              RAYMOND
      JAMES FINANCIAL, INC.

              By:/s/ Jeffrey P. Julien______

              Name:
      Jeffrey P. Julien

              Title:   Senior
      Vice President and

                         Chief
      Financial Officer

            
	 
      	 
      
	 
      	
              THE
      BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

              By:/s/ Tina D. Gonzalez ______

              Name:
      Tina D. Gonzalez

              Title:   Vice
      President

            
	 
      	 
      
	 
      	 
      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

     

    [FORMS
OF CERTIFICATION]

     

     

    EXHIBIT
A.1

     

     

    [FORM
OF CERTIFICATE TO BE GIVEN BY

     

     

    PERSON
ENTITLED TO RECEIVE (1) BEARER SECURITY,

     

     

    SECURITY
INITIALLY REPRESENTED BY A TEMPORARY GLOBAL

     

     

    SECURITY
OR (3) INTEREST ON A TEMPORARY GLOBAL SECURITY]

     

    CERTIFICATE

     

    [Insert
title or sufficient description of Securities]

     

    This is
to certify that the above-captioned Securities are being acquired by or on
behalf of, (or for offer to resell or for resale to), and if this certificate is
being delivered in connection with a payment of interest, were beneficially
owned by or on behalf of, (a) a person (other than a financial institution
for purposes of resale during the restricted period) who is not a United States
person; or (b) a United States person (other than a financial institution
for purposes of resale during the restricted period) who is (i) a foreign
branch of a United States financial institution or (ii) a United States
person acquiring such Securities through the foreign branch of a United States
financial institution and who for purposes of this certification holds such
Securities through such financial institution on the date hereof, and, in the
case of either (i) or (ii), such United States financial institution has agreed,
for the benefit of the Company, to comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as
from time to time amended, and the regulations thereunder; or (c) a
financial institution for purposes of resale during the restricted period and
such financial institution has not acquired such Securities for purposes of
resale directly or indirectly to a United States person or to a person within
the United States or its possessions.  If the undersigned is a
clearing organization, the undersigned has obtained a similar certificate from
its member organizations on which this certificate is based; provided, however,
that if the undersigned has actual knowledge that the information contained in
such a certificate is false (and, absent documentary evidence that the
beneficial owner of such Security is not a United States person, it will be
deemed to have actual knowledge that such certificate is false if it has a
United States address for such beneficial owner, other than a financial
institution described above), the undersigned will not deliver a Security in
temporary or definitive bearer form to the person who signed such certificate
notwithstanding the delivery of such certificate to the
undersigned.

    

    As used
herein, “United States person” means a citizen or resident of the United States,
a corporation, partnership or other entity created or organized in or under the
laws of the United States and an estate or trust the income of which is subject
to United States Federal income taxation regardless of its source, “United
States” means the United States of America (including the States and the
District of Columbia), “possessions” of the United States include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana
Islands, “restricted period” means the period described in
Section 1.163-5(c)(2)(i)(D)(7) of the Treasury Regulations and “financial
institution” means the persons described in Section 1.165-12(c)(1)(v) of
the Treasury Regulations.

    

    We
undertake to advise you by telex if the above statement as to beneficial
ownership is not correct on the date of delivery of the above-captioned
Securities or on the interest payment date with respect to the above-captioned
Securities, as the case may be, as to all of such Securities.

    

    We
understand that this certificate may be required in connection with certain tax
legislation in the United States.  If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such
proceedings.

    

    Dated:
_________________, 20__

     [To
be dated on or after

    ___________________,
20__ (the

    date
determined as provided in the

    Indenture)]

    [Name of
Person Entitled to Receive

     

    Bearer
Security or Interest]

     

    

     

    

     

    

     

    (Authorized
Signatory)

     

    Name:                                                           

     

    Title:                                                           

     

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A.2

     

     

    

     

     

    [FORM
OF CERTIFICATE TO BE GIVEN BY EUROCLEAR

     

     

    AND
CLEARSTREAM, LUXEMBOURG IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A
TEMPORARY GLOBAL SECURITY]

     

    CERTIFICATE

     

    [Insert
title or sufficient description

     

    of
Securities to be delivered]

     

    This is
to certify that, based on certificates we have received from each of the persons
appearing in our records as persons entitled to a portion of ________________
principal amount of the above-captioned Securities (our “Qualified Account
Holders”) substantially in the form set out in Exhibit A.1 to the Indenture
relating to the above-captioned Securities, such principal amount of Securities
(a) is owned by a person (other than a financial institution for purposes
of resale during the restricted period) who is not a United States person;
(b) is owned by a United States person (other than a financial institution
for purposes of resale during the restricted period) who is (i) a foreign
branch of a United States financial institution or (ii) a United States
person who acquired such Securities through the foreign branch of a United
States financial institution and who for purposes of this certification holds
such Securities through such financial institution on the date hereof and, in
either case, such United States financial institution has agreed, for the
benefit of the Company, to comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as
from time to time amended, and the regulations thereunder; or (c) is owned
by a financial institution for purposes of resale during the restricted period
and such financial institution has certified that it has not acquired such
Securities for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.

    

    To the
extent that we have knowledge that any of such certificates from a Qualified
Account Holder is false and to the extent that we have not received with respect
to any Securities such certificates from Qualified Account Holders, we are not
submitting for exchange any portion of the temporary global Security
attributable thereto.

    

    We
further certify that as of the date hereof we have not received any notification
from any of our Qualified Account Holders to the effect that the statements made
by such Qualified Account Holders with respect to any portion of the part
submitted herewith for exchange are no longer true and cannot be relied upon as
of the date hereof.

    

    As used
herein, “United States person” means a citizen or resident of the United States,
a corporation, partnership or other entity created or organized in or under the
laws of the United States and an estate or trust the income of which is subject
to United States Federal income taxation regardless of its source, “United
States” means the United States of America (including the States and the
District of Columbia), “possessions” of the United States include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana
Islands, “restricted period” means the period described in
Section 1.163-5(c)(2)(i)(D)(7) of the Treasury Regulations and “financial
institution” means the persons described in Section 1.165-12(c)(l)(v) of
the Treasury Regulations.

    

    We
understand that this certificate is required in connection with certain tax
legislation in the United States.  If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such
proceedings.

    

    

    Dated:
_________________, 20__

     [To
be dated no earlier than the

    Exchange
Date]

    [Morgan
Guaranty Trust

     

    Company
of New York, Brussels

     

    Office,
as Operator of the

     

    Euroclear
System]

     

    Clearstream
Banking, société anonyme

     

    By:                                                           

     

     

    

     

     

    EXHIBIT
A.3

     

     

    

     

     

    [FORM
OF CERTIFICATE TO BE GIVEN BY EUROCLEAR

     

     

    AND
CLEARSTREAM, LUXEMBOURG TO OBTAIN INTEREST]

     

    CERTIFICATE

     

    [Insert
title or sufficient description of Securities]

     

    This is
to certify that interest payable on the interest payment date[s] on [insert
date(s)] will be paid with respect to ______________ principal amount of the
above-captioned Securities with respect to which we have received from the
persons appearing in our records as being entitled to interest payable on such
date (our “Qualified Account Holders”) certificates substantially in the form
set out in Exhibit A.1 to the Indenture relating to the above-captioned
Securities that such Securities (a) are owned by a person (other than a
financial institution for purposes of resale during the restricted period) who
is not a United States person; (b) are owned by a United States person
(other than a financial institution for purposes of resale during the restricted
period) who is (i) a foreign branch of a United States financial
institution or (ii) a United States person who acquired such Securities
through the foreign branch of a United States financial institution and who for
purposes of this certification holds such Securities through such financial
institution on the date hereof and, in either case, such United States financial
institution has agreed, for the benefit of the Company, to comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue
Code of 1986, as from time to time amended, and the regulations thereunder; or
(c) are owned by a financial institution for purposes of resale during the
restricted period and such financial institution has certified that it has not
acquired such Securities for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its
possessions.

    

    To the
extent that we have knowledge that any of such certificates from a Qualified
Account Holder is false and to the extent that we have not received with respect
to any Securities such certificates from Qualified Account Holders, we are not
requesting that payment be made for interest with respect thereto.

    

    We
further certify that as of the date hereof we have not received any notification
from any of our Qualified Account Holders to the effect that the statements made
by such Qualified Account Holders with respect to any interest payment on any
portion of the principal amount of the Securities referred to above are no
longer true and cannot be relied upon as of the date hereof.

    

    We
undertake that any interest received by us and not paid as provided above shall
be returned to the Trustee for the above-captioned Securities immediately prior
to the expiration of two years after such interest payment date in order to be
repaid by such Trustee to the above issuer at the end of two years after such
interest payment date.

    

    As used
herein, “United States person” means a citizen or resident of the United States,
a corporation, partnership or other entity created or organized in or under the
laws of the United States and an estate or trust the income of which is subject
to United States Federal income taxation regardless of its source, “United
States” means the United States of America (including the States and the
District of Columbia), “possessions” of the United States include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana
Islands, “restricted period” means the period described in
Section 1.163-5(c)(2)(i)(D)(7) of the Treasury Regulations and “financial
institution” means the persons described in Section 1.165-12(c)(l)(v) of
the Treasury Regulations.

    

    We
understand that this certificate is required in connection with certain tax
legislation in the United States.  If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such
proceedings.

    

    Dated:
_________________, 20__

     [To
be dated on or after the most

    recent
relevant interest payment

    date]

    [Morgan
Guaranty Trust

     

    Company
of New York, Brussels

     

    Office,
as Operator of the

     

    Euroclear
System]

     

    Clearstream
Banking, société anonyme

     

    

     

    By:ex10-1.htm

    EXHIBIT
10.1

      

       

      
        AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

        

        

        THIS EMPLOYMENT AGREEMENT (the
"Agreement") is entered into as of May 22, 2009, by and between Cadiz Inc., a
Delaware corporation (the "Company") and Keith Brackpool, an individual
("Brackpool").

        

        WHEREAS, Brackpool has served as the
Company's Chief Executive Officer pursuant to an Employment Agreement effective
as of July 5, 2003, as subsequently modified from time to time (the "2003
Agreement"); and

        

        WHEREAS, it is in the best interests of
the Company and Brackpool to amend and restate the 2003 Agreement in order that
this Agreement set forth all of the terms and conditions pursuant to which
Brackpool shall continue to provide services to the Company;

        

        NOW, THEREFORE, the parties agree as
follows:

        

        1.           TERM OF
EMPLOYMENT.  The terms and conditions of Brackpool's employment
under this Agreement shall be effective as of the date hereof and shall continue
until terminated in accordance with the termination provisions of Section 6
below.

        

        2.           DUTIES.  Brackpool
shall be employed as the Chief Executive Officer of the
Company.  Brackpool's duties and responsibilities shall relate,
generally, to those ordinarily performed by the chief executive officer of a
publicly traded corporation.  Brackpool shall report to, and take
direction from, the Board of Directors of the Company.  Brackpool
further consents to serve in further capacities as an officer and/or director of
the Company or any subsidiary or affiliate of the Company without any additional
salary or compensation.  Brackpool's base of operations shall be at
the corporate headquarters office of the Company in Los Angeles, California,
unless changed by mutual agreement.  However, Brackpool shall also
render services at such other sites as necessary from time to time to properly
perform his duties.

        

        3.           NECESSARY
SERVICES.

        

        a.           Performance of
Duties.  Brackpool agrees that he will at all times faithfully,
industriously and to the best of his ability, experience and talents, perform to
the reasonable satisfaction of the Company all of the duties that may be
assigned to him hereunder and shall devote such time to the performance of these
duties as may be necessary therefor.  Provided that Brackpool
otherwise performs his duties in a satisfactory manner, nothing herein shall
require Brackpool to provide such services on a full-time basis or shall
preclude Brackpool from spending a reasonable amount of time in the pursuit of
other business opportunities, the management of his personal investments or with
any charitable or civic venture with which Brackpool may be involved as long as
such activities do not result in any conflicts with respect to Brackpool’s
duties to Cadiz hereunder, or violate any conflicts of interest policy which may
be maintained from time to time by Cadiz.

        

        b.           Exclusive
Services.  Brackpool agrees that during the period of his
employment, Brackpool shall provide services exclusively pursuant to this
Agreement, and Brackpool will not, without the prior written consent of the
Company (which consent may not be unreasonably withheld), directly or
indirectly:

        

        (i)  engage in the business
of, or own or control any interest in (except as a passive investor owning less
than 10% of the equity securities of a publicly held company), or act as
director, officer of employee of, or consultant to, any individual, partnership,
joint venture, corporation or other business entity, directly or indirectly
engaged anywhere in the United States, its possessions or territories, in any
business competitive with the business then being carried on by the Company or
any affiliate;

        

        (ii)  plan or organize any
business activity competitive with the business or planned business of the
Company or its affiliates, or combine, participate, or conspire with other
employees of the Company or its affiliates or other persons or entities for the
purpose of organizing any such competitive business activity; or

        

        (iii)  divert or take away,
or attempt to divert or take away, any of the customers or potential customers
of the Company or its affiliates, either for himself or for any other person,
firm, partnership, corporation or other business entity.

        

        4.           BASE
COMPENSATION.  Subject to such deductions as the Company may
from time to time be required to make pursuant to law, governmental regulation
or order, the Company agrees to pay to Brackpool a base salary of $400,000 per
annum.  Payments of base salary shall be made in accordance with the
normal payroll practices of the Company.

        

        5.           OTHER
COMPENSATION.

        

        a.           Equity Incentive Grant.  The
Company shall grant to Brackpool concurrently with the execution of this
Agreement 60,000 shares of common stock pursuant to the Company's 2007
Management Equity Incentive Plan (the "2007 Plan") which shares shall, for
purposes of the 2007 Plan, be deemed to be Deferred Stock (as defined in the
2007 Plan) subject to immediate vesting upon execution of this
Agreement.

        

        b.           Discretionary Annual
Bonus.  Following the conclusion of each fiscal year during the
term of this Agreement, the Board shall make a good faith evaluation of the
performance of Brackpool during such year, on the basis of which Brackpool shall
receive a bonus in an amount and upon such other terms and conditions as shall
be determined at the discretion of the Board.

        

        c.           Participation in Long Term Transaction
Incentive Plan.  The Company shall grant to Brackpool
concurrently with the execution of this Agreement the right to participate in
the total incentive pool made available to Company management under the
Company's Long Term Transaction Incentive Plan ( Plan Summary Attached ). The
participation percentage will be determined prior to June 30, 2009.

        

        d.           Other Equity Based
Compensation.  In the event that the Company, following the
execution of this Agreement, adopts a new compensation plan or program for
senior management (the “Compensation Plan”), then Brackpool shall be invited to
participate in the Compensation Plan.  Brackpool’s participation in
the Compensation Plan shall be negotiated between Brackpool and the Company in
good faith at a level consistent with that of a member of senior management with
comparable duties and responsibilities.

        

        e.           Fringe
Benefits.  In addition to the compensation set forth above,
Brackpool shall be entitled to the following benefits:

        

        i.           Four
(4) weeks paid annual vacation, provided that no more than two weeks are to be
taken consecutively;

        

        ii.           Sick
leave and personal leave with pay in accordance with the prevailing policies of
the Company;

        

        iii.           Medical
coverage under the group medical insurance plan of the Company (or COBRA
coverage, at the election of Brackpool);

        

        iv.           Participation
in any pension, profit-sharing, 401(k), or deferred compensation plan maintained
by the Company for the general benefit of its employees;

        

        v.           An
automobile allowance and/or access to Company vehicles consistent with the
Company's prior practice concerning Brackpool;

        

        vi.           Participation
in any other benefit plan maintained by the Company for the general benefit of
its employees; and

        

        vii.           Any
other benefits not specifically set forth herein as may be granted by the
Company in its sole and absolute discretion.

        

        f.           Deduction and
Reimbursement.  Brackpool hereby agrees that the Company may
deduct and withhold from the compensation payable to Brackpool hereunder any
amounts of money required to be deducted or withheld by the Company under the
provisions of any and all applicable local, state or federal statutes or
regulations or any amendments thereto hereafter enacted requiring the
withholding or deducting of compensation.

        

        6.           TERMINATION.  This
Agreement continue in full force and effect unless and until terminated as
provided in this Section.

        

        a.           Termination
Events.  This Agreement shall terminate:

        

        i.           At
the election of the Company, upon the death or permanent disability of
Brackpool, "permanent disability" being defined as any continuous loss of
one-half (1⁄2) or more of the time spent by Brackpool in the usual daily
performance of his duties as a result of physical or mental illness for a
continuous period in excess of ninety (90) days.

        

        ii.           At
the election of the Company, upon a Change in Control of the Company (as defined
below) or at such time, if any, as the Company ceases to conduct business for
any reason whatsoever.

        

        iii.           At
the election of the Company, upon the dismissal of Brackpool by the Company for
cause.  For purposes of this Agreement, "cause" shall include, but
shall not be limited to: (1) the breach by Brackpool of any term or condition of
this Agreement, (2) Brackpool engaging in one or more acts constituting a
felony; (3) Brackpool engaging in one or more acts involving fraud or serious
moral turpitude; (4) Brackpool misappropriating Company assets or engaging in
gross misconduct materially injurious to the Company or its affiliates or
subsidiaries; (4) the making by Brackpool of material misrepresentations to the
Company or its affiliates; or (5) Brackpool’s willful failure to comply with the
instructions of the Company’s Board of Directors.

        

        iv.           At
the election of Brackpool, upon a material breach by the Company of any term or
condition of this Agreement or upon a material change in Brackpool’s job title
or a material reduction in Brackpool’s duties and responsibilities
hereunder.

        

        v.           At
the election of either party, without cause.

        

        b.           Payments Following
Termination.  Following termination of this Agreement, whether
for any of the reasons specifically set forth above or for any other reason, the
Company shall have no obligation to make payments to or bestow benefits upon
Brackpool after the date of termination except as may be required by law and
as follows,
and references under this Agreement to Brackpool’s termination of employment or
the termination of this Agreement shall be deemed to refer to the date upon
which Brackpool has experienced a “separation from service” within the meaning
of Code Section 409A, as defined below:

        

        i.           In
the event of termination by the Company pursuant to Section (a)(i) as the result
of Brackpool’s death or permanent disability, payment of the base compensation
otherwise payable to Brackpool pursuant to Section 4 hereof shall continue to be
paid to Brackpool or his estate for a period of two (2) years following
Brackpool’s death or permanent disability.  Such payment shall be in
addition to, and not in lieu of, any payments made pursuant to any Company
provided death or disability benefit plans.

        

        ii.           In
the event of termination of this Agreement by the Company following a Change in
Control pursuant to Section (a)(ii) above, Brackpool shall be entitled to
receive for a period of two (2) years following the effective date of
termination, as though Brackpool were continuing to provide services to the
Company under this Agreement (i) base compensation as set forth in Section 4
above and (ii) all fringe benefits as described in Section 5(e) above to the
extent that such benefits can then lawfully be made available by the Company (or
the Company’s successor in interest) to Brackpool.

        

        iii.           In
the event of termination of this Agreement by the Company for cause pursuant to
Section (a)(iii) above, or in the event of termination of this Agreement by
Brackpool without cause pursuant to Section a(v) above, the Company shall have
no further liability or obligation to Brackpool under this Agreement other than
the Company's obligation to pay base compensation as set forth in Section 4
above and fringe benefits as described in Section 5(e) above to the extent that
such base compensation and fringe benefits are accrued but unpaid as of the
effective date of termination.

        

        iv.           In
the event of termination of this Agreement by Brackpool pursuant to Section
(a)(iv) above or by the Company without cause pursuant to Section (a)(v) above,
or in the event of termination of this Agreement by the Company for any reason
not specifically set forth above, Brackpool shall be entitled to receive for a
period of one (1) year following the effective date of termination (i.e. the
date upon which Brackpool ceases to provide services as Chief Executive Officer
of the Company), as though Brackpool were continuing to provide services to the
Company under this Agreement (i) base compensation as set forth in Section 4
above and (ii) all fringe benefits as described in Section 5(e) above to the
extent that such benefits can then lawfully be made available by the Company to
Brackpool.

        

        v.           The
termination of this Agreement shall not affect the right of Brackpool to
exercise any stock option, to purchase securities of the Company, or to receive
payments under any incentive plans in which Brackpool participates, which rights
may have vested under the terms of the applicable equity grant or incentive plan
prior to the date of termination.

        

        c.           Change in Control -
Definition.  For purposes of this Agreement, a Change in
Control shall be deemed to occur if, and only if, the transaction or event also
constitutes a change in the ownership or effective control of the Company, or in
the ownership of a substantial portion of the assets of the Company, within the
meaning of Code Section 409A.  Without limitation of the foregoing,
Change in Control shall include the occurrence of any of the following events
(subject to the full definition of such events as set forth in Code Section
409A); provided, however, that in the event of any conflict between the
description of the following events as set forth below and the provisions of
Code Section 409A, the provisions of Code Section 409A shall
control:

        

        i.           a
change in the ownership of the Company (generally, arising from the acquisition
by a person or group of stock of the Company that, together with stock
previously held by such person or group, constitutes more than 50% or the total
fair market value or total voting power of the Company's stock);

        

        ii.           a
change in the effective control of the Company (generally, arising from either
(a) the acquisition by a person or group of ownership of stock of the Company
possessing 30 percent or more of the total voting power of the stock of the
Company or (b) the replacement during any 12 month period of a majority of the
Company's Board of Directors by directors whose appointment or election is not
endorsed by a majority of the members of the Board before the date of
appointment or election); or

        

        iii.           a
change in the ownership of a substantial portion of the Company's assets
(generally, arising from the acquisition by any person or group of assets from
the Company that have a total gross fair market value equal to or more than 40
percent of the total gross fair market value of all of the assets of the Company
immediately before such acquisition).

        

        d.           Return of Company's
Property.  If this Agreement is terminated for any reason, the
Company may, at its option, require Brackpool to vacate his offices prior to the
effective date of a termination and to cease all activities on the Company’s
behalf.  Brackpool agrees that on the termination of this Agreement in
any manner, he will immediately deliver to the Company all notebooks, brochures,
documents, memoranda, reports, files, books, correspondence, customer lists, or
other written or graphical records, and the like, relating to the business or
work of the Company, which are or have been in his possession or under his
control and which have not been returned to the Company.  Brackpool
hereby expressly acknowledges that all such materials referenced above are the
property of the Company.

        

        e.           Public
Identification.  If this Agreement is terminated for any
reason, Brackpool shall immediately and forever thereafter cease to hold himself
out to any person, firm, partnership, corporation or other entity as an
employee, agent, independent contractor or representative of the Company or of
any entity owned by, or affiliated with, the Company.

        

        f.           Timing of Payments Under
Certain Circumstances.  With respect to any amount that becomes
payable to or for the benefit of Brackpool under this Agreement upon Brackpool’s
Separation from Service (as defined below) for any reason, the provisions of
this subsection (f) will apply, notwithstanding any other provision of this
Agreement to the contrary.  If the Company determines in good faith
that Brackpool is a “specified employee” within the meaning of Section 409A of
the Internal Revenue Code, any Treasury regulations promulgated thereunder and
any guidance issued by the Internal Revenue Service relating thereto
(collectively, “Code Section 409A”), then to the extent required under Code
Section 409A, payment of any amount of deferred compensation that becomes
payable to or for the benefit of Brackpool upon Separation from Service (other
than by reason of the death of Brackpool) and that otherwise would be payable
during the six-month period following Brackpool’s Separation from Service shall
be suspended until the lapse of such six-month period (or, if earlier, the date
of Brackpool’s death).  A “Separation from Service” of Brackpool means
Brackpool’s separation from service, as defined in Code Section 409A, with the
Company and all other entities with which the Company would be considered a
single employer under Internal Revenue Code Section 414(b) or (c), applying the
80% threshold used in such Internal Revenue Code Sections or any Treasury
regulations promulgated thereunder.  Any payment suspended as provided
in this subsection (f), unadjusted for interest on such suspended payment, shall
be paid to Brackpool in a single payment on the first business day following the
end of such six-month period or within 30 days following the death of Brackpool,
as applicable, provided that the death of Brackpool during such six-month period
shall not cause the acceleration of any amount that otherwise would be payable
on any date during such six-month period following the date of Brackpool’s
death.

        

        7.           EXPENSES.  The
Company shall reimburse Brackpool for all out-of-pocket expenses incurred by
Brackpool in the performance of his duties hereunder, including, but not limited
to, telephone, travel, and office expenses, all subject to such written
guidelines and/or requirements for verification as the Company may, in its sole
and absolute discretion, establish.

        

        8.           CONFIDENTIALITY AND TRADE
SECRETS.  For purposes of this Section 8, the term "Company"
shall collectively refer to the Company and any affiliate thereof.

        

        a.           Confidential
Information.  Brackpool shall keep in strictest confidence all
information relating to the business, affairs, products, customers and suppliers
of the Company (collectively hereinafter referred to as "Trade Secrets"), which
Brackpool has obtained or may acquire in the course of his employment by the
Company and which is not otherwise generally known to the
public.  Brackpool acknowledges that such Trade Secrets are of great
value, and have been developed and/or acquired at great expense to the Company,
and the Company would not enter into this contract of employment and such
information would not be made available to Brackpool in Brackpool's fiduciary
capacity unless the Company were assured that all such information will be used
for the exclusive benefit of the Company.  Accordingly, during the
term of this Agreement, and at all times thereafter, Brackpool shall not
publish, communicate, divulge, disclose or use, whether or not for his own
benefit, any such information without the prior written consent of the
Company.

        

        b.           Non-Competition.  Brackpool
agrees that during the period of his employment, Brackpool will not, directly or
indirectly, engage in the business of, or own or control any interest in (except
as a passive investor owning less than 10% of the equity securities of a
publicly held company), or act as a director, officer of employee of, or
consultant to, any individual, partnership, joint venture, corporation or other
business entity, directly or indirectly engaged in any country in which the
Company conducts business (including, without limitation, the United States, its
possessions and territories), in any business competitive with the business then
being carried on by the Company.

        

        c.           Client
Information.  Brackpool hereby specifically agrees that he will
not utilize any information concerning the customers, licensees or other
clients, partners or affiliates of the Company which Brackpool acquires during
the term of this Agreement, whether or not the same originated through
Brackpool's efforts, for any purpose detrimental to the business of the
Company.  Without limitation of the foregoing, Brackpool agrees that
he shall not at any time interfere with any existing contracts of the Company,
and further agrees that he shall not engage in business discussions with any
person or entity with whom he or the Company are in negotiations at the time he
ceases to be an employee of the Company until after such negotiations have been
concluded.

        

        d.           Solicitation of
Employees.  Brackpool acknowledges that important factors in
the Company's business and operations are the loyalty and good will of its
employees and its customers.  Accordingly, Brackpool agrees that both
during the term of this Agreement and after the expiration or termination of
this Agreement he will not enter into, and will not participate in, any plan or
arrangement to cause any of the Company's employees to terminate his employment
with the Company or hire any of such employees in connection with business
initiated by Brackpool or any other person, firm or
corporation.  Brackpool further agrees that information as to the
capabilities of the Company's employees, their salaries and benefits, and the
other terms of their employment is confidential and proprietary to the Company
and constitutes its valuable trade secrets.

        

        e.           Ongoing
Obligation.  The provisions in this Section 8 shall be
binding during Brackpool's employment and at all times thereafter, regardless of
the circumstances or reasons for termination of this Agreement.  In
the event the provisions in this Section 8 are more restrictive than
permitted by the laws of the jurisdiction in which enforcement of this provision
is sought, such provisions shall be interpreted to extend only over the maximum
period of time, range of activities or geographic area as to which it may be
enforceable.

        

        9.           REMEDY FOR
BREACH.  Brackpool acknowledges that the services to be
rendered by him hereunder are of a special, unique and extraordinary character,
which gives this Agreement a peculiar value to the Company, the loss of which
cannot be reasonably or adequately compensated in damages in an action at law,
and a breach by Brackpool of the provisions of this Agreement will cause the
Company irreparable injury.  It is, therefore, expressly acknowledged
that this Agreement may be enforced by injunction and other equitable remedies,
without bond.  Such relief shall not be exclusive, but shall be in
addition to any other rights or remedies Company may have for such breach, and
Company shall be entitled to recover all costs and expenses, including
reasonably attorneys' fees, incurred by reason of any breach of the covenants of
this Agreement.  Similarly, the provisions of this Section 9 shall not
it any way limit any rights or remedies to which Brackpool may be entitled in
the event of a breach by the Company of any obligations of the Company arising
under this Agreement.

        

        10.             LITIGATION AND ATTORNEYS
FEES.  In the event of any litigation or arbitration between
the parties hereto in connection with this Agreement or to enforce any provision
or right hereunder, each party to such litigation or arbitration shall pay its
own costs and expenses.

        

        11.             BOARD
ACTIONS.  Any actions required to be taken or determinations to
be made by the Board under this Agreement may, at the discretion of the Board,
be taken or made by the Compensation Committee or any other duly authorized
committee of the Board.

        

        12.             2003
AGREEMENT.  The terms and conditions set forth in this
Agreement shall amend and supersede in their entirety all of the terms and
conditions of the 2003 Agreement, which shall be deemed of no further force and
effect as of the effective date of this Agreement (subject to the satisfaction
by the Company of all obligations for compensation accrued but not paid to
Brackpool as of such date).

        

        13.             ADDITIONAL
ACKNOWLEDGMENTS.

        

        a.           Brackpool
understands that the terms of this Agreement may be required to be disclosed in,
or filed as an exhibit to, the Company’s annual proxy statement or other reports
filed publicly with the U.S. Securities and Exchange Commission.

        

        b.           Brackpool
acknowledges and agrees that he has fully read and understands this Agreement,
has been advised to and has been given the opportunity to consult with his
attorney concerning this Agreement, has been advised that the Company's attorney
as not acted as his attorney concerning this Agreement, has had any questions
regarding its effect or the meaning of its terms answered to his satisfaction
and, intending to be legally bound hereby, has freely and voluntarily executed
this Agreement.

        

        14.             GENERAL
PROVISIONS.

        

        a.           The
failure of the Company at any time to enforce performance by Brackpool of any
provisions of this Agreement shall in no way affect the Company's rights
thereafter to enforce the same, nor shall the waiver by the Company of any
breach of any provision hereof be held to be a waiver of any other breach of the
same or any other provision.

        

        b.           This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and the successors and assigns of the Company; provided, however, it is
understood and agreed that the services to be rendered and the duties to be
performed by Brackpool hereunder are of a special, unique and personal nature
and that it would be difficult or impossible to replace such services; by reason
thereof, Brackpool may not assign either the benefits or the obligations of this
Agreement.

        

        c.           Brackpool
shall be considered an employee of the Company within the meaning of all
federal, state and local laws and regulations governing unemployment insurance,
workers' compensation, industrial accident, labor and taxes.

        

        d.           This
Agreement is the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior oral and written agreements and
negotiations between the parties.

        

        e.           The
headings of the several paragraphs in this Agreement are inserted solely for the
convenience of the parties and are not a part of and are not intended to govern,
limit or aid in the construction of any term or provision hereof.

        

        f.           This
Agreement may not be modified except by a written instrument signed by all
parties hereto.

        

        g.           All
clauses and covenants contained in this Agreement are severable, and in the
event any of them shall be held to be invalid by any court, such clauses or
covenants shall be limited as permitted under applicable law, or, if the same
are not susceptible to such limitation, this Agreement shall be interpreted as
if such invalid clauses or covenants were not contained herein.

        

        h.           This
Agreement is made with reference to the laws of the State of California and
shall be governed by and construed in accordance therewith.  Any
litigation concerning or to enforce the provisions of this Agreement shall be
brought in the courts of the State of California.

        

        i.           Any
controversy or claim arising out of or relating to this Agreement, or breach
thereof, may, with the prior consent of both the Company and Brackpool, be
settled by binding arbitration in Los Angeles, California in accordance with the
Commercial Arbitration Rules of the American Arbitration
Association.

        

        15.             SECTION
409A.

        

        a.           It
is the intention of Company and Brackpool that this Agreement shall comply with
the requirements of Code Section 409A. All payments under this Agreement are
intended to be excluded from the requirements of Code Section 409A or be payable
on a fixed date or schedule under Code Section 409A. All payments made under
this Agreement shall be strictly paid in accordance with the terms of this
Agreement. Notwithstanding any other provision of this Agreement to the
contrary, if Company or Brackpool determines that any compensation or benefit
payable under this Agreement may be subject to Code Section 409A(a)(1), Company
and Brackpool, at the request of either but with the written consent of the
other, which consent shall not be unreasonably withheld, shall adopt such
amendments to this Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other
actions necessary or appropriate to cause the compensation and benefits payable
under this Agreement not to be subject to Code Section 409A(a)(1) and to
preserve the intended tax treatment of such compensation and benefits. Each
payment of compensation under this Agreement shall be treated as a separate
payment of compensation for purposes of Code Section 409A.

        

        b.           Any
reimbursements or in-kind benefits provided under this Agreement that are
subject to Code Section 409A shall be made or provided in accordance with the
requirements of Code Section 409A, including, where applicable, the requirement
that (A) any reimbursement is for expenses incurred during the period of time
specified in the Agreement, (B) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a calendar year may not
affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other calendar year, (C) the reimbursement of an eligible
expense will be made no later than the last day of the calendar year following
the year in which the expense is incurred, and (D) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another
benefit.

        

        c.           Company
shall not make any deductions for money or property that Brackpool owes to
Company, or offset or otherwise reduce any sums that may be due or become
payable to or for the account of Brackpool, from amounts that constitute
deferred compensation for purposes of Code Section 409A.

        

        d.           Brackpool’s
right to any deferred compensation, as defined under Code Section 409A, shall
not be subject to borrowing, anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors, to the
extent necessary to avoid tax, penalties and/or interest under Code Section 409A
or otherwise.

        IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above
written.

      BRACKPOOL:

       

      /s/ Keith
Brackpool

      Keith
Brackpool

       

       

       

      THE
COMPANY

       

      Cadiz
Inc.

       

      By: 
/s/ Murray
Hutchison

      Murray
Hutchison

      Chair,
Compensation Committee

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