Document:

_

Exhibit 10.1

STOCK CREDIT PLAN FOR 2008-2009

Of

MACY'S, INC.

1.
Purpose of the Plan.

The purpose of this Plan is to further the achievement of certain
priorities of the strategic plan of Macy's, Inc. (the "Company") by
offering long-term incentives in addition to current compensation to those
officers and key employees of the Company and its subsidiaries who will be
largely responsible for such achievement.

2. Administration of the Plan.

The Plan shall be administered by the Compensation and Management
Development Committee of the Board of Directors of the Company (the
"Committee").  No member of the Committee while serving as such shall
be eligible for participation in the Plan.

Subject to the provisions of the Plan, the Committee shall have
exclusive power to select the employees to be granted Stock Credits, to
determine the number of Stock Credits to be granted to each employee selected,
to determine the type of Stock Credits to be granted to each participant, to
determine the time or times when Stock Credits will be granted, and to
determine that all participants shall be of a single class or to divide
participants into different classes. Subject to the requirements of Section
409A and the terms of this Stock Credit Plan, the Committee shall determine the
time or times, and the conditions, subject to which any awards may become
payable and may, in its sole discretion, waive or accelerate any provision of
this Plan. In the case of the CEO's grants, any actions recommended by the
Committee are subject to approval by the Board of Directors.

Decisions and determinations by the Committee shall be final and
binding upon all parties, including shareholders, participants, and other
employees. The Committee shall have the authority to interpret the Plan, to
establish and revise rules and regulations relating to the Plan, and to make
any other determinations that it believes necessary or advisable for the
administration of the Plan.

3. Participation.

Individual participants in the Plan shall be selected by the
Committee from key employees of the Company and its subsidiaries. The term
"employee" shall mean any person (including any officer) employed by
the Company or a subsidiary on a salaried basis and, except as provided in
Section 2 above with respect to Committee members, no employee shall be
excluded because he is also a Director of the Company or any of its
subsidiaries.

4. Stock Credits.

Awards under this Plan shall be granted to a participant in the
form of Stock Credits ("Stock Credits"), which shall be credited to a Stock
Credit Account to be maintained for such participant. Each Stock Credit shall
be deemed to be equivalent in value to one share of Common Stock of the
Company.  Stock Credits awarded under this Plan shall be credited with dividend
equivalents during the Holding Period until such Stock Credits are forfeited or
paid out pursuant to Section 7 or 8 below.  Dividend equivalents, which will be
paid only on whole, not fractional, Stock Credits, will be converted to
additional Stock Credits (in whole and fractional shares) based on the
20-trading day average closing price of the Common Stock of the Company as
reported on the New York Stock Exchange ending on the record date for the
dividend.

The Committee may award the following Stock Credits:  (i) Core
Stock Credits, a portion of which may be earned based on achievement of certain
strategic objectives of the Company during the Performance Period
("Performance-Based Core Stock Credits"), and a portion of which may be earned
based solely on the participant's service ("Time-Based Core Stock Credits"),
and (ii) on a limited basis, My Macy's/Consolidation Stock Credits, which may
be earned based on achievement of certain strategic objectives related to sales
in the My Macy's regions and division consolidation savings during the
Performance Period.

5. Time of Grant of Awards.

The Committee shall make grants of awards of Stock Credits during
the first year of the Performance Period (i.e., Spring 2008). 

6. Right to Payment of Stock Credits.

A participant shall have no right to receive payment for any part
of his Stock Credits and all of his Stock Credits shall be forfeited unless he
remains in the employment of the Company or a subsidiary at all times from the
date of grant of the award through the earliest to occur of: 

(a)        the last day of the Holding Period; 

(b)        his
retirement date (defined as any time after age 62 with at least 10 years of
vesting service, as determined for purposes of the Macy's, Inc. Cash Account
Pension Plan) during the Performance Period or the Holding Period; 

(c)        his
retirement date (defined as any time between age 55 and age 62 with at least 10
years of vesting service, as determined for purposes of the Macy's, Inc. Cash
Account Pension Plan) during the Holding Period; 

(d)        his involuntary termination without
Cause; 

(e)        with respect
to Time-Based Core Stock Credits, his death while employed by the Company or a
subsidiary or, with respect to Performance-Based Core Stock Credits and My
Macy's/Consolidation Stock Credits, his death during the Holding Period; 

(f)         with respect
to Time-Based Core Stock Credits, Total Disability while employed by the
Company or a subsidiary or, with respect to Performance-Based Core Stock
Credits and My Macy's/Consolidation Stock Credits, Total Disability during the
Holding Period; or 

(g)        the
circumstances described in Section 7. 

The extent to which a participant earns the right to receive
payment of all or part of the Stock Credits in an award grant shall be
determined by the Committee, as follows:

(a)        for those
participants who receive Time-Based Core Stock Credits, each participant shall
receive all such Time-Based Stock Credits;

(b)        for those
participants who receive Performance-Based Core Stock Credits, each participant
shall receive payment of the same percentage of those Performance-Based Core
Stock Credits as all other participants; and 

(c)        for those
participants who receive My Macy's/Consolidation Stock Credits, each
participant shall receive payment of the same percentage of those My
Macy's/Consolidation Stock Credits as all other participants who receive My
Macy's/Consolidation Stock Credits.  

Any Stock Credits allocated to a participant that are not paid
shall be forfeited.  Payment of Stock Credits shall include any applicable
dividend equivalents credited to such Stock Credits pursuant to Section 4.

A participant who, during the Performance Period (i) retires at or
after age 62 with at least 10 years of vesting service, or (ii) is terminated
without Cause, will receive a payment equal to the number of Stock Credits
earned during the Performance Period under this Section 6 multiplied by a
fraction, the numerator of which is the number of months that the participant
was employed during the Performance Period and the denominator of which is 24. 
The payment will be made at the same time and in the same manner as applicable
to the active participants.

A participant who, during the Holding Period (i) retires at or
after age 62 with at least 10 years of vesting service, or (ii) is terminated
without Cause, will receive the number of Stock Credits earned during the
Performance Period under this Section 6. The payment will be made at the same
time and in the same manner as applicable to the active participants.  

A participant who retires during the Holding Period between age 55
and 62 with at least 10 years of vesting service will be entitled to a pro-rata
payment of his Stock Credits equal to the number of Stock Credits (whether Time
Based or Performance Based, and including dividend equivalents) earned during
the Performance Period under this Section 6, one-half of which is multiplied by
a fraction, the numerator of which is the total number of months that the
participant was employed during the Performance Period plus the Holding Period
and the denominator of which is 48 and the other half of which is multiplied by
a fraction, the numerator of which is the total number of months that the
participant was employed during the Performance Period plus the Holding Period
and the denominator of which is 60. The payment will be made at the same time
and in the same manner as applicable to the active participants.  

In the case of death or Total Disability during
the Performance Period, a payment equal to the pro-rata portion of the
Time-Based Core Stock Credits earned by the participant, discounted to present
value (using the Company's standard discount rate) at the time of death or
determination of the Total Disability, will be made to the participant's
designated beneficiary, or if no beneficiary has been designated, to the
participant's estate or to the participant, such pro-ration to be based on the
number of months that the participant was employed during the Performance
Period.  

In the case of death or Total Disability during the Holding
Period, a lump sum payment of the discounted present value of the account
(using the Company's standard discount rate) will be made to the participant's
designated beneficiary, or if no beneficiary has been designated, to the
participant's estate or to the participant.  

Except as otherwise determined by the Committee in accordance with
this Plan, a participant's right to receive payment for his Stock Credits shall
be forfeited automatically and without further notice on the date that the
participant ceases to be an employee of the Company or a subsidiary by reason
other than as set forth above prior to the last day of the Holding Period.

The Committee may, if in the opinion of the Committee
circumstances warrant such action, approve payment of any or all of the Stock
Credits which would otherwise be forfeited as a result of a participant failing
to remain in the employment of the participating Companies for the required
period. Any such payment will be made as prescribed in Section 8, or if the
Committee so determines, 30 days after the earliest date, if any, permitted by
Section 409A. 

7. Change in Control

Upon a Change in Control, the strategic plan objectives for
Performance-Based Core Stock Credits, and if applicable, My
Macy's/Consolidation Stock Credits, shall be deemed achieved, and all service
requirements for Time-Based Core Stock Credits will be deemed satisfied.  In
addition, Participants shall be paid 100% of the Stock Credit balance on the 10th
day after a Change in Control.  The value of a Participant's Stock Credit balance
shall be based on the value at which the Company's stock is purchased or
exchanged pursuant to the Change in Control agreement, or if the Change in
Control does not involve a purchase or exchange of the Company's stock, such
value shall be based on the 20-trading day average closing price of the
Company's common stock immediately preceding the Change in Control, as reported
on the New York Stock Exchange.  Notwithstanding the foregoing, in the event
that a Change in Control fails to meet the requirements of Section 409A,
payment shall be made at the same time and in the same manner as applicable to
active participants absent a Change in Control.

8. Form and Timing of Payment.

All payments shall be made wholly in cash.  Except as otherwise
provided herein with respect to death, Total Disability or a Change in Control,
payments shall be made to the holder of Stock Credits in two installments.  The
first installment, equal to 50% of the Stock Credits and 50% of the dividends
to be paid pursuant to Section 6 above will be made in a lump sum on or as soon
as practicable after January 28, 2012, but in no event later than December 31,
2012.  The second installment, equal to the remainder of the participant's
Stock Credits and dividends to be paid pursuant to Section 6, above, will be
made in a lump sum on or as soon as practicable after February 2, 2013, but in
no event later than December 31, 2013.  The amount of cash to be paid shall be
based on the 20-trading day average closing price of the Company's common stock
immediately preceding the last day of the company's fiscal year immediately
preceding the year of payment, as reported on the New York Stock Exchange.

For a participant (or a participant's designated beneficiary or if
no beneficiary has been designated, the participant's estate) who becomes
entitled to payment under Section 6, above as a result of death or Total
Disability, payment shall be made 90 days after the date of the death or
determination by the Committee of a participant's Total Disability.  Such
payment shall be made in a single lump sum.  Notwithstanding the foregoing, in
the event that Total Disability fails to meet the requirements of Section 409A,
payment shall be made at the same time and in the same manner as applicable to
active participants.

Payments shall not be considered compensation for purposes of the
Company's qualified or nonqualified retirement plans or its group health and
welfare benefit plans.

9. Miscellaneous Provisions.

A.         An employee's rights and interests under the Plan may
not be assigned or transferred. In the case of an employee's death, payment of
Stock Credits due under this Plan shall be made to his designated beneficiary
or if no beneficiary has been designated, to his estate.

B.         No employee or other person shall have any claim or
right to be granted an award under this Plan. Neither this Plan nor any action
taken hereunder shall be construed as giving any employee any right to be
retained in the employ of any participating Company.

C.        The Company shall have the right to deduct from all
awards paid in cash any taxes or other amounts required by law to be withheld
with respect to such cash awards.

D.        As used in this Plan, the following terms shall have the
following meanings:

"Cause", as it relates to the termination of a
participant's employment, means "cause" as defined in any employment
agreement the participant may have with the Company or a Subsidiary or, if no
such agreement exists cause shall mean:

(i)         An
intentional act of fraud, embezzlement, theft or any other material violation
of law in connection with the Employee's duties or in the course of his
employment with the Company;

(ii)        Intentional
wrongful damage to material assets of the Company;

(iii)       Intentional
wrongful disclosure of material confidential information of the Company;

(iv)       Intentional
wrongful engagement in any competitive activity which would constitute a
material breach of the duty of loyalty; or

(v)        Intentional
breach of any stated material employment policy of the Company. 

No act, or failure to act, on the part of an
Employee shall be deemed "intentional" if it was due primarily to an
error in judgment or negligence but shall be deemed "intentional" only if
done, or omitted to be done, by the Employee not in good faith and without
reasonable belief that his action or omission was in or not opposed to the best
interest of the Employer.  Failure to meet performance standards or objectives
of the Company shall not constitute Cause for purposes hereof.  

     "Change in
Control," means the occurrence during the term of this plan of any of the
following events:

(i)         The
Company is merged, consolidated, or reorganized into or with another
corporation or other legal entity, and as a result of or immediately following
such merger, consolidation, or reorganization less than a majority of the
combined voting power of the then-outstanding securities of such other
corporation or entity immediately after such transaction are held in the
aggregate by the holders of the then-outstanding securities entitled to vote
generally in the election of directors of the Company ("Voting
Stock") immediately prior to such transaction; 

(ii)        The Company sells or otherwise transfers all or
substantially all of its assets to another corporation or other legal entity
and, as a result of or immediately following such sale or transfer, less than a
majority of the combined voting power of the then-outstanding securities of
such other corporation or entity immediately after such sale or transfer is
held in the aggregate by the holders of Voting Stock of the Company immediately
prior to such sale or transfer;

 (iii)      There is a report filed on Schedule 13D or
Schedule 14D-1 (or any successor schedule, form, or report or item therein),
each as promulgated pursuant to the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), disclosing that any person (as the term
"person" is used in Section 13(d)(3) or Section 14(d)(2) of the
Exchange Act) has become the beneficial owner (as the term "beneficial owner"
is defined under Rule 13d-3 or any successor rule or regulation promulgated
under the Exchange Act) of securities representing 25% or more the of the
combined voting power of the Voting Stock of the Company (a "25% holder"),
provided, however that no such person will be deemed to constitute a 25% holder
by reason of such person's increase in percentage ownership of Voting Stock
resulting from repurchases of Voting Stock by the Company or any subsidiary
unless thereafter such person purchases or otherwise acquires more than 100,000
additional shares of Voting Stock; 

 (iv)      The Company files a report or proxy
statement with the Securities and Exchange Commission pursuant to the Exchange
Act disclosing in response to Form 8-K or Schedule 14A (or any successor
schedule, form, or report or item therein) that a change in control of the
Company has occurred or will occur in the future pursuant to any then-existing
contract or transaction; or 

 (v)        If,
during any period of two consecutive years, individuals who at the beginning of
any such period constitute the directors of the Company cease for any reason to
constitute at least a majority thereof; provided, however, that for purposes of
this clause (v) the following persons will in all events be deemed to be
directors of the Company as of the beginning of the relevant two-year period:
each director who is first elected, or first nominated for election by the
Company's stockholders, by a vote of at least two-thirds of the directors of
the Company (or a committee thereof) then still in office who were directors of
the Company at the beginning of the relevant two-year period (including any
person deemed to be a director pursuant to the immediately preceding clause).

  Notwithstanding
the foregoing provisions of Section (iii) or (iv), unless otherwise determined
in a specific case by majority vote of the Board of Directors of the Company
(the "Board"), a "Change in Control" will not be deemed to
have occurred for purposes of clauses (iii) or (iv) solely because (1) the Company,
(2) an entity in which the Company, directly or indirectly, beneficially owns
50% or more of the voting securities (an "Affiliate"), or (3) any
employee stock ownership plan or any other employee benefit plan of the Company
or any Affiliate either files or becomes obligated to file a report or a proxy
statement under or in response to Schedule 13D, Schedule 14D-1, Form 8-K, or
Schedule 14A (or any successor schedule, form, or report or item therein) under
the Exchange Act disclosing beneficial ownership by it of shares of Voting
Stock, whether in excess of 25% or otherwise, or because the Company reports
that a change in control of the Company has occurred or will occur in the
future by reason of such beneficial ownership.

 "Holding Period," means the period beginning on the date
following the Performance Period and ending on the following dates: (i) in the
case of 50% of the Stock Credits and any dividends thereon, the last day of
Company's fiscal year that begins in 2011 and (ii) in the case of the remaining
50% of Stock Credits and any dividends thereon, the last day of Company's
fiscal year that begins in 2012.

"Performance Period" means the period during which the Company's
achievement of its strategic plan for Performance-Based Core Stock Credits
and/or My Macy's/Consolidation Stock Credits is measured (i.e., the fiscal
years of the Company that begin in 2008 and 2009).

"Section 409A" means Section 409A of the Internal Revenue Code of
1986, as amended, and also including final regulations or any other guidance,
promulgated with respect to such Section by the U.S. Department of the Treasury
or the Internal Revenue Service.

"Subsidiary" means any corporation or other entity a
majority of whose outstanding voting power is held, directly or indirectly, by
the Company.

"Total Disability" means, because of physical or mental
impairment a participant is unable to perform his duties for a period of 12
months or the Social Security Administration makes a determination that an
employee is disabled.  The Committee, upon the basis of such evidence, shall
make all determinations as to the date and extent of disability of any
participant as the Committee deems necessary and desirable.

10. Amendments and Termination.

The Board of Directors may at any time amend or terminate
this Plan with regard to any or all Stock Credits, whether awarded or not,
including to comply with Section 409A of the Internal Revenue Code; provided
that, upon a Plan termination, payments with respect to outstanding Stock
Credits will be made 30 days after the earliest date, if any, permitted by
Section 409A. . No amendment of termination may be made or effected if it would
cause the Plan to fail to comply with Section 409A.  If circumstances warrant,
the Committee may, during the Performance Period, modify the objectives or the
minimum level of achievement necessary to earn payment of Performance-Based
Core Stock Credits and My Macy's/Consolidation Stock Credits. Except as
specifically provided in this Plan, the acceleration of any payment is
prohibited.

11.
Governing Law; Plan Interpretation

The interpretation, performance, and enforcement of this
Plan shall be governed by the laws of the State of Ohio, without giving effect
to the principles of conflict of laws thereof. To the extent applicable, it is
intended that the compensation arrangements under this Plan be in full
compliance with Section 409A.  This Plan shall be construed in a manner to give
effect to such intention.   

12. Effective Date of the Plan.

The Plan shall be effective as of March 21, 2008.ex4-3.htm

    Exhibit
4.3

      

      

      

      DYNEX
CAPITAL, INC.

      

      

      

      AND

      

      

      

      

      

                                 ,
Trustee

      

      

      

      

      

      

      Indenture

      

      Dated as
of             ,
20

      

      

      

      [Senior]
[Subordinated] Debt Securities

      (Issuable
in series)

      

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      
        

        TABLE OF
CONTENTS

        

        

        
          	 
      	 
      	 
      
	
                  ARTICLE
      ONE

                	 
      	 
      
	 
      	 
      	 
      
	
                  DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

                	 
      	
                  1

                
	
                  Section 101.    Definitions

                	 
      	
                  1

                
	
                  Act

                	 
      	
                  2

                
	
                  Additional
    Amounts

                	 
      	
                  2

                
	
                  Affiliate

                	 
      	
                  2

                
	
                  Authenticating
      Agent

                	 
      	
                  2

                
	
                  Authorized
      Newspaper

                	 
      	
                  2

                
	
                  Bankruptcy Law

                	 
      	
                  2

                
	
                  Bearer
Security

                	 
      	
                  2

                
	
                  Board of
    Directors

                	 
      	
                  2

                
	
                  Board
    Resolution

                	 
      	
                  3

                
	
                  Business Day

                	 
      	
                  3

                
	
                  Clearstream Banking
      S.A.

                	 
      	
                  3

                
	
                  Commission

                	 
      	
                  3

                
	
                  Common Shares

                	 
      	
                  3

                
	
                  Company

                	 
      	
                  3

                
	
                  Company
Request

                	 
      	
                  3

                
	
                  Conversion
    Event

                	 
      	
                  3

                
	
                  Corporate Trust
      Office

                	 
      	
                  3

                
	
                  Corporation

                	 
      	
                  3

                
	
                  Coupon

                	 
      	
                  4

                
	
                  Custodian

                	 
      	
                  4

                
	
                  Defaulted
    Interest

                	 
      	
                  4

                
	
                  Dollar or $

                	 
      	
                  4

                
	
                  Euro

                	 
      	
                  4

                
	
                  Euroclear

                	 
      	
                  4

                
	
                  European Economic
      Area

                	 
      	
                  4

                
	
                  European Union

                	 
      	
                  4

                
	
                  Event of
    Default

                	 
      	
                  4

                
	
                  Foreign
    Currency

                	 
      	
                  4

                
	
                  GAAP

                	 
      	
                  4

                
	
                  Government
      Obligations

                	 
      	
                  5

                
	
                  Holder

                	 
      	
                  5

                
	
                  Indenture

                	 
      	
                  5

                
	
                  Indexed
    Security

                	 
      	
                  5

                
	
                  Interest

                	 
      	
                  6

                
	
                  Interest Payment
      Date

                	 
      	
                  6

                
	
                  Maturity

                	 
      	
                  6

                
	
                  Officers’
      Certificate

                	 
      	
                  6

                
	
                  Opinion of
    Counsel

                	 
      	
                  6

                
	
                  Original Issue Discount
      Security

                	 
      	
                  6

                

        

        
          
             

          

          
            i

            
              

            

          

          
             

          

        

        

        
          	
                  Outstanding

                	 
      	
                  6

                
	
                  Paying Agent

                	 
      	
                  8

                
	
                  Person

                	 
      	
                  8

                
	
                  Place of
    Payment

                	 
      	
                  8

                
	
                  Predecessor
      Security

                	 
      	
                  8

                
	
                  Preferred
    Shares

                	 
      	
                  8

                
	
                  Redemption
Date

                	 
      	
                  8

                
	
                  Redemption
    Price

                	 
      	
                  8

                
	
                  Registered
      Security

                	 
      	
                  8

                
	
                  Regular Record
      Date

                	 
      	
                  8

                
	
                  Repayment Date

                	 
      	
                  8

                
	
                  Repayment
Price

                	 
      	
                  9

                
	
                  Responsible
      Officer

                	 
      	
                  9

                
	
                  Security

                	 
      	
                  9

                
	
                  Security
    Register

                	 
      	
                  9

                
	
                  Senior
      Indebtedness

                	 
      	
                  9

                
	
                  Significant
      Subsidiary

                	 
      	
                  9

                
	
                  Special Record
      Date

                	 
      	
                  9

                
	
                  Stated
Maturity

                	 
      	
                  10

                
	
                  Subsidiary

                	 
      	
                  10

                
	
                  Trust Indenture Act or
      TIA

                	 
      	
                  10

                
	
                  Trustee

                	 
      	
                  10

                
	
                  United States

                	 
      	
                  10

                
	
                  United States
      person

                	 
      	
                  10

                
	
                  Yield to
    Maturity

                	 
      	
                  10

                
	
                  Section 102.    Compliance
      Certificates and Opinions

                	 
      	
                  11

                
	
                  Section 103.    Form of
      Documents Delivered to Trustee

                	 
      	
                  11

                
	
                  Section 104.    Acts of
      Holders.

                	 
      	
                  12

                
	
                  Section 105.    Notices, etc.,
      to Trustee and Company

                	 
      	
                  14

                
	
                  Section 106.    Notice to
      Holders; Waiver

                	 
      	
                  14

                
	
                  Section 107.    Effect of
      Headings and Table of Contents

                	 
      	
                  15

                
	
                  Section 108.    Successors and
      Assigns

                	 
      	
                  15

                
	
                  Section 109.    Separability
      Clause

                	 
      	
                  15

                
	
                  Section 110.    Benefits of
      Indenture

                	 
      	
                  15

                
	
                  Section 111.    Governing
      Law

                	 
      	
                  15

                
	
                  Section 112.    Legal
      Holidays

                	 
      	
                  16

                
	
                  Section 113.    Personal
      Immunity from Liability for Incorporators, Stockholders,
    Etc

                	 
      	
                  16

                
	 
      	 
      	 
      
	
                  ARTICLE
      TWO

                	 
      	 
      
	 
      	 
      	 
      
	
                  SECURITIES
      FORMS

                	 
      	
                  16

                
	
                  Section 201.    Forms of
      Securities

                	 
      	
                  16

                
	
                  Section 202.    Form of
      Trustee’s Certificate of Authentication

                	 
      	
                  17

                
	
                  Section 203.    Securities
      Issuable in Global Form

                	 
      	
                  17

                

        

        
          
             

          

          
            ii

            
              

            

          

          
             

          

        

        

        
          	 
      	 
      	 
      
	
                  ARTICLE
      THREE

                	 
      	 
      
	 
      	 
      	 
      
	
                  THE
      SECURITIES

                	 
      	
                  18

                
	
                  Section 301.    Amount
      Unlimited; Issuable in Series

                	 
      	
                  18

                
	
                  Section 302.    Denominations

                	 
      	
                  22

                
	
                  Section 303.    Execution,
      Authentication, Delivery and Dating

                	 
      	
                  22

                
	
                  Section 304.    Temporary
      Securities.

                	 
      	
                  25

                
	
                  Section 305.    Registration,
      Registration of Transfer and Exchange

                	 
      	
                  27

                
	
                  Section 306.    Mutilated,
      Destroyed, Lost and Stolen Securities

                	 
      	
                  31

                
	
                  Section 307.    Payment of
      Interest; Interest Rights Preserved

                	 
      	
                  32

                
	
                  Section 308.    Persons Deemed
      Owners

                	 
      	
                  34

                
	
                  Section 309.    Cancellation

                	 
      	
                  35

                
	
                  Section 310.    Computation of
      Interest

                	 
      	
                  35

                
	 
      	 
      	 
      
	
                  ARTICLE
      FOUR

                	 
      	 
      
	 
      	 
      	 
      
	
                  SATISFACTION
      AND DISCHARGE

                	 
      	
                  36

                
	
                  Section 401.    Satisfaction
      and Discharge of Indenture

                	 
      	
                  36

                
	
                  Section 402.    Application of
      Trust Funds

                	 
      	
                  37

                
	 
      	 
      	 
      
	
                  ARTICLE
      FIVE

                	 
      	 
      
	 
      	 
      	 
      
	
                  REMEDIES

                	 
      	
                  38

                
	
                  Section 501.    Events of
      Default

                	 
      	
                  38

                
	
                  Section 502.    Acceleration of
      Maturity; Rescission and Annulment

                	 
      	
                  39

                
	
                  Section 503.    Collection of
      Indebtedness and Suits for Enforcement by Trustee

                	 
      	
                  40

                
	
                  Section 504.    Trustee May
      File Proofs of Claim

                	 
      	
                  41

                
	
                  Section 505.    Trustee May
      Enforce Claims Without Possession of Securities or Coupons

                	 
      	
                  42

                
	
                  Section 506.    Application of
      Money Collected

                	 
      	
                  42

                
	
                  Section 507.    Limitation on
      Suits

                	 
      	
                  42

                
	
                  Section 508.    Unconditional
      Right of Holders to Receive Principal, Premium, if any, Interest and
      Additional Amounts

                	 
      	
                  43

                
	
                  Section 509.    Restoration of
      Rights and Remedies

                	 
      	
                  43

                
	
                  Section 510.    Rights and
      Remedies Cumulative

                	 
      	
                  44

                
	
                  Section 511.    Delay or
      Omission Not Waiver

                	 
      	
                  44

                
	
                  Section 512.    Control by
      Holders of Securities

                	 
      	
                  44

                
	
                  Section 513.    Waiver of Past
      Defaults

                	 
      	
                  44

                
	
                  Section 514.    Waiver of
      Usury, Stay or Extension Laws

                	 
      	
                  45

                
	
                  Section 515.    Undertaking for
      Costs

                	 
      	
                  45

                
	 
      	 
      	 
      
	
                  ARTICLE
      SIX

                	 
      	 
      
	 
      	 
      	 
      
	
                  THE
      TRUSTEE

                	 
      	
                  45

                
	
                  Section 601.    Notice of
      Defaults

                	 
      	
                  45

                
	
                  Section 602.    Certain Rights
      of Trustee

                	 
      	
                  46

                

        

        
          
             

          

          
            iii

            
              

            

          

          
             

          

        

        

        
          	
                  Section 603.    Not Responsible
      for Recitals or Issuance of Securities

                	 
      	
                  47

                
	
                  Section 604.    May Hold
      Securities

                	 
      	
                  47

                
	
                  Section 605.    Money Held in
      Trust

                	 
      	
                  48

                
	
                  Section 606.    Compensation
      and Reimbursement

                	 
      	
                  48

                
	
                  Section 607.    Corporate
      Trustee Required; Eligibility; Conflicting Interests

                	 
      	
                  49

                
	
                  Section 608.    Resignation and
      Removal; Appointment of Successor.

                	 
      	
                  49

                
	
                  Section 609.    Acceptance of
      Appointment by Successor.

                	 
      	
                  50

                
	
                  Section 610.    Merger,
      Conversion, Consolidation or Succession to Business

                	 
      	
                  51

                
	
                  Section 611.    Appointment of
      Authenticating Agent

                	 
      	
                  52

                
	 
      	 
      	 
      
	
                  ARTICLE
      SEVEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  HOLDERS’
      LISTS AND REPORTS BY TRUSTEE AND COMPANY  54

                	 
      	
                  54

                
	
                  Section 701.    Disclosure of
      Names and Addresses of Holders

                	 
      	
                  54

                
	
                  Section 702.    Reports by
      Trustee

                	 
      	
                  54

                
	
                  Section 703.    Reports by
      Company

                	 
      	
                  54

                
	
                  Section 704.    Company to
      Furnish Trustee Names and Addresses of Holders

                	 
      	
                  55

                
	 
      	 
      	 
      
	
                  ARTICLE
      EIGHT

                	 
      	 
      
	 
      	 
      	 
      
	
                  CONSOLIDATION,
      MERGER, SALE, LEASE OR CONVEYANCE

                	 
      	
                  55

                
	
                  Section 801.    Consolidations
      and Mergers of Company and Sales, Leases and Conveyances Permitted Subject
      to Certain Conditions

                	 
      	
                  55

                
	
                  Section 802.    Rights and
      Duties of Successor Corporation

                	 
      	
                  56

                
	
                  Section 803.    Officers’
      Certificate and Opinion of Counsel

                	 
      	
                  56

                
	 
      	 
      	 
      
	
                  ARTICLE
      NINE

                	 
      	 
      
	 
      	 
      	 
      
	
                  SUPPLEMENTAL
      INDENTURES  56

                	 
      	
                  56

                
	
                  Section 901.    Supplemental
      Indentures without Consent of Holders

                	 
      	
                  56

                
	
                  Section 902.    Supplemental
      Indentures with Consent of Holders

                	 
      	
                  58

                
	
                  Section 903.    Execution of
      Supplemental Indentures

                	 
      	
                  59

                
	
                  Section 904.    Effect of
      Supplemental Indentures

                	 
      	
                  59

                
	
                  Section 905.    Conformity with
      Trust Indenture Act

                	 
      	
                  60

                
	
                  Section 906.    Reference in
      Securities to Supplemental Indentures

                	 
      	
                  60

                
	 
      	 
      	 
      
	
                  ARTICLE
      TEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  COVENANTS

                	 
      	
                  60

                
	
                  Section 1001.    Payment of
      Principal, Premium, if any, Interest and Additional
Amounts

                	 
      	
                  60

                
	
                  Section 1002.    Maintenance of
      Office or Agency

                	 
      	
                  60

                
	
                  Section 1003.    Money for
      Securities Payments to Be Held in Trust

                	 
      	
                  62

                
	
                  Section 1004.    Existence

                	 
      	
                  64

                
	
                  Section 1005.    Maintenance of
      Properties

                	 
      	
                  64

                
	
                  Section 1006.    Payment of
      Taxes and Other Claims

                	 
      	
                  64

                
	
                  Section 1007.    Statement as to
      Compliance

                	 
      	
                  64

                

        

        
          
             

          

          
            iv

            
              

            

          

          
             

          

        

        

        
          	
                  Section 1008.    Additional
      Amounts

                	 
      	
                  64

                
	
                  Section 1009.    Waiver of
      Certain Covenants

                	 
      	
                  65

                
	 
      	 
      	 
      
	
                  ARTICLE
      ELEVEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  REDEMPTION
      OF SECURITIES

                	 
      	
                  66

                
	
                  Section 1101.    Applicability
      of Article

                	 
      	
                  66

                
	
                  Section 1102.    Election to
      Redeem; Notice to Trustee

                	 
      	
                  66

                
	
                  Section 1103.    Selection by
      Trustee of Securities to Be Redeemed

                	 
      	
                  66

                
	
                  Section 1104.    Notice of
      Redemption

                	 
      	
                  66

                
	
                  Section 1105.    Deposit of
      Redemption Price

                	 
      	
                  68

                
	
                  Section 1106.    Securities
      Payable on Redemption Date

                	 
      	
                  68

                
	
                  Section 1107.    Securities
      Redeemed in Part

                	 
      	
                  69

                
	 
      	 
      	 
      
	
                  ARTICLE
      TWELVE

                	 
      	 
      
	 
      	 
      	 
      
	
                  SINKING
      FUNDS

                	 
      	
                  69

                
	
                  Section 1201.    Applicability
      of Article

                	 
      	
                  69

                
	
                  Section 1202.    Satisfaction of
      Sinking Fund Payments with Securities

                	 
      	
                  70

                
	
                  Section 1203.    Redemption of
      Securities for Sinking Fund

                	 
      	
                  70

                
	 
      	 
      	 
      
	
                  ARTICLE
      THIRTEEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  REPAYMENT
      AT THE OPTION OF HOLDERS

                	 
      	
                  71

                
	
                  Section 1301.    Applicability
      of Article

                	 
      	
                  71

                
	
                  Section 1302.    Repayment of
      Securities

                	 
      	
                  71

                
	
                  Section 1303.    Exercise of
      Option

                	 
      	
                  71

                
	
                  Section 1304.    When Securities
      Presented for Repayment Become Due and Payable

                	 
      	
                  72

                
	
                  Section 1305.    Securities
      Repaid in Part

                	 
      	
                  73

                
	 
      	 
      	 
      
	
                  ARTICLE
      FOURTEEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  DEFEASANCE
      AND COVENANT DEFEASANCE

                	 
      	
                  73

                
	
                  Section 1401.    Applicability
      of Article; Company’s Option to Effect Defeasance or Covenant
      Defeasance

                	 
      	
                  73

                
	
                  Section 1402.    Defeasance and
      Discharge

                	 
      	
                  73

                
	
                  Section 1403.    Covenant
      Defeasance

                	 
      	
                  74

                
	
                  Section 1404.    Conditions to
      Defeasance or Covenant Defeasance

                	 
      	
                  74

                
	
                  Section 1405.    Deposited Money
      and Government Obligations to Be Held in Trust; Other Miscellaneous
      Provisions

                	 
      	
                  76

                
	
                  Section 1406.    Reinstatement

                	 
      	
                  77

                

        

        
          
             

          

          
            v

            
              

            

          

          
             

          

        

        

        
          	
                  [ARTICLE
      FIFTEEN

                	 
      	 
      
	 
      	 
      	 
      
	
                  SUBORDINATION

                	 
      	
                  78

                
	
                  Section 1501.    Securities
      Subordinated to Senior Indebtedness

                	 
      	
                  78

                
	
                  Section 1502.    Right of
      Trustee to Hold Senior Indebtedness

                	 
      	
                  80

                
	
                  Section 1503.    Subordination
      Not to Prevent Events of Default

                	 
      	
                  80

                
	
                  Section 1504.    No Fiduciary
      Duty of Trustee to Holders of Senior Indebtedness

                	 
      	
                  80

                
	
                  Section 1505.    Payment
      Permitted if No Default

                	 
      	
                  81

                
	
                  Section 1506.    Article Applicable
      to Paying Agent

                	 
      	
                  82]

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

        

        
 

      

      
        
          
             

             

          

           

        

        
          vi

          
            

          

        

        
           

        

      

      INDENTURE

       

      INDENTURE,
dated as
of                                                                ,
between DYNEX CAPITAL, INC., a corporation organized under the laws of Virginia
(hereinafter called the “Company”), having its principal office at 4551 Cox
Road, Suite 300, Glen Allen, Virginia  23060
and                                             
, a corporation organized under the laws of , as Trustee hereunder (hereinafter
called the “Trustee”), having its Corporate Trust Office at.

       

      RECITALS
OF THE COMPANY

       

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

       

      Whereas,
this Indenture is subject to the provisions of the Trust Indenture Act of 1939,
as amended (“TIA”), that are deemed to be incorporated into this Indenture and
shall, to the extent applicable, be governed by such provisions;

       

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

       

      NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

       

      For and
in consideration of the premises and the purchase of the Securities by the
holders thereof (“Holders”), it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities, as
follows:

       

      ARTICLE
ONE

       

      

       

      DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

       

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

       

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

       

      (2)           all
other terms used herein which are defined in the TIA, either directly or by
reference therein, have the meanings assigned to them therein, and the terms
“cash transaction” and “self-liquidating paper”, as used in TIA Section 311,
shall have the meanings assigned to them in the rules of the Commission adopted
under the TIA;

       

      
        
          
             

          

           

        

        
          1

          
            

          

        

        
           

        

      

      (3)           all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with GAAP; and

       

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

       

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

       

      “Additional
Amounts” means any additional amounts which are required by a Security or by or
pursuant to a Board Resolution, under circumstances specified therein, to be
paid by the Company in respect of certain taxes imposed on certain Holders and
which are owing to such Holders.

       

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

       

      “Authenticating
Agent” means any authenticating agent appointed by the Trustee pursuant to
Section 611.

       

      “Authorized
Newspaper” means a newspaper, printed in the English language or in an official
language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general
circulation in each place in connection with which the term is used or in the
financial community of each such place.  Whenever successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different Authorized Newspapers in
the same city meeting the foregoing requirements and in each case on any
Business Day.

       

      “Bankruptcy
Law” has the meaning specified in Section 501.

       

      “Bearer
Security” means any Security established pursuant to Section 201 which is
payable to bearer.

       

      “Board of
Directors” means the board of directors of the Company, the executive committee
or any committee of that board duly authorized to act hereunder.

       

      
        
          
             

             

          

           

        

        
          2

          
            

          

        

        
           

        

      

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

       

      “Business
Day”, when used with respect to any Place of Payment or any other particular
location referred to in this Indenture or in the Securities, means, unless
otherwise specified with respect to any Securities pursuant to Section 301, any
day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions in that Place of Payment or particular location
are authorized or required by law, regulation or executive order to
close.

       

      “Clearstream”
means Clearstream Banking S.A., or its successor.

       

      “Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, as amended, or, if at any
time after execution of this instrument such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties on such date.

       

      “Common
Shares” means, with respect to any Person, capital stock issued by such Person
other than Preferred Shares.

       

      “Company”
means the Person named as the “Company” in the first paragraph of this Indenture
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” and “Company Order” mean, respectively, a written request or order
signed in the name of the Company by one trustee and one executive officer of
the Company, and delivered to the Trustee.

       

      “Conversion
Event” means the cessation of use of (i) a Foreign Currency both by the
government of the country which issued such currency and for the settlement of
transactions by a central bank or other public institutions of or within the
international banking community, (ii) the Euro both within the European Union
and for the settlement of transactions by public institutions of or within the
European Economic Area or (iii) any currency unit (or composite currency) other
than the Euro for the purposes for which it was established.

       

      “Corporate
Trust Office” means the office of the Trustee at which, at any particular time,
its corporate trust business shall be principally administered, which office at
the date hereof is located at

       

      “Corporation”
includes corporations, associations, partnerships, companies and business
trusts.

       

      
        
          
             

             

          

           

        

        
          3

          
            

          

        

        
           

        

      

      “Coupon”
means any interest coupon appertaining to a Bearer Security.

       

      “Custodian”
has the meaning specified in Section 501.

       

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

       

      “Dollar”
or “$” means 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.

       

      “Euro”
means the currency adopted by those nations participating in the third stage of
the economic and monetary union provisions of the Treaty on European Union,
signed at Maastricht on February 7, 1992.

       

      “Euroclear”
means Euroclear Bank S.A./N.V., or its successor as operator of the Euroclear
System.

       

      “European
Economic Area” means the member nations of the European Economic Area pursuant
to the Oporto Agreement on the European Economic Area dated May 2, 1992, as
amended.

       

      “European
Union ” means the member nations of the European Union established by the Treaty
of European Union, signed at Maastricht on February 2, 1992, which amended the
Treaty of Rome establishing the European Community.

       

      “Event of
Default” has the meaning specified in Article Five.

       

      “Foreign
Currency” means any currency, currency unit or composite currency, including,
without limitation, the Euro issued by the government of one or more countries
other than the United States of America or by any recognized confederation or
association of such governments.

       

      “GAAP”
means generally accepted accounting principles, as in effect from time to time,
as used in the United States applied on a consistent basis.

       

      
        
          
             

             

          

           

        

        
          4

          
            

          

        

        
           

        

      

      “Government
Obligations” means securities which are (i) direct obligations of the United
States of America or the government which issued the Foreign Currency in which
the Securities of a particular series are payable, for the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America or such government which issued the foreign currency in which the
Securities of such series are payable, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America
or such other government, 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 or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder
of a 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 Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depository
receipt.

       

      “Holder”
means, in the case of a Registered Security, the Person in whose name a Security
is registered in the Security Register and, in the case of a Bearer Security,
the bearer thereof and, when used with respect to any coupon, shall mean the
bearer thereof.

       

      “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms
of particular series of Securities established as contemplated by Section 301;
provided, however, that, if at any time more than one Person is acting as
Trustee under this instrument, “Indenture” shall mean, with respect to any one
or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of the particular
series of Securities for which such Person is Trustee established as
contemplated by Section 301, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party.

       

      “Indexed
Security” means a Security the terms of which provide that the principal amount
thereof payable at Stated Maturity may be more or less than the principal face
amount thereof at original issuance.

       

      
        
          
             

             

          

           

        

        
          5

          
            

          

        

        
           

        

      

      “Interest”,
when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, shall mean interest payable after Maturity,
and, when used with respect to a Security which provides for the payment of
Additional Amounts pursuant to Section 1008, includes such Additional
Amounts.

       

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

       

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

       

      “Officers’
Certificate” means a certificate signed by the Chairman of the Board of
Directors, the President or a Vice President and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered
to the Trustee.

       

      “Opinion
of Counsel” means a written opinion of counsel, who may be counsel for the
Company or who may be an employee of or other counsel for the Company and who
shall be satisfactory to the Trustee.

       

      “Original
Issue Discount Security” means any Security which provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 502.

       

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

       

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

       

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

       

      
        
          
             

             

          

           

        

        
          6

          
            

          

        

        
           

        

      

      (iii)
Securities, except to the extent provided in Sections 1402 and 1403, with
respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Article Fourteen;

       

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

       

      (v)
Securities converted into Common Shares or Preferred Shares pursuant to or in
accordance with this Indenture if the terms of such Securities provide for
convertibility pursuant to Section 301; provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or are present at a meeting of Holders for quorum
purposes, and for the purpose of making the calculations required by TIA Section
313, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to
be Outstanding for such purpose shall be equal to the amount of principal
thereof that would be (or shall have been declared to be) due and payable, at
the time of  such determination, upon a declaration of acceleration of
the maturity thereof pursuant to Section 502, (ii) the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such
determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined pursuant to Section
301 as of the date such Security is originally issued by the Company, of the
principal amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent as of such date of original issuance of the amount determined
as provided in clause (i) above) of such Security, (iii) the principal amount of
any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed outstanding for such purpose shall be equal
to the principal face amount of such Indexed Security at original issuance,
unless otherwise provided with respect to such Security pursuant to Section 301,
and (iv) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making such calculation or in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities which the Trustee knows to be so owned shall be so
disregarded.  Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other
obligor.

       

      
        
          
             

             

          

           

        

        
          7

          
            

          

        

        
           

        

      

      “Paying
Agent” means any Person authorized by the Company to pay the principal of (and
premium, if any) or interest on any Securities or coupons on behalf of the
Company.

       

      “Person”
means 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”, when used with respect to the Securities of or within any series,
means the place or places where the principal of (and premium, if any) and
interest on such Securities are payable as specified as contemplated by Sections
301 and 1002.

       

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

       

      “Preferred
Shares” means, with respect to any Person, capital shares issued by such Person
that are entitled to a preference or priority over any other capital shares
issued by such Person upon any distribution of such Person’s assets, whether by
dividend or upon liquidation.

       

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

       

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

       

      “Registered
Security” shall mean any Security which is registered in the Security
Register.

       

      “Regular
Record Date” for the interest payable on any Interest Payment Date on the
Registered Securities of or within any series means the date specified for that
purpose as contemplated by Section 301, whether or not a Business
Day.

       

      “Repayment
Date” means, when used with respect to any Security to be repaid at the option
of the Holder, the date fixed for such repayment by or pursuant to this
Indenture.

       

      
        
          
             

             

          

           

        

        
          8

          
            

          

        

        
           

        

      

      “Repayment
Price” means, when used with respect to any Security to be repaid at the option
of the Holder, the price at which it is to be repaid by or pursuant to this
Indenture.

       

      “Responsible
Officer”, when used with respect to the Trustee, means the chairman or
vice-chairman of the board of directors, the chairman or vice-chairman of the
executive committee of the board of directors, the president, any vice president
(whether or not designated by a number or a word or words added before or after
the title “vice president”) the secretary, any assistant secretary, the
treasurer, any assistant treasurer, any corporate trust officer, the controller
or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer’s knowledge and familiarity with the
particular subject.

       

      “Security”
has the meaning stated in the first recital of this Indenture and, more
particularly, means any Security or Securities authenticated and delivered under
this Indenture; provided, however, that, if at any time there is more than one
Person acting as Trustee under this Indenture, “Securities” with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in
the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee.

       

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

       

      [“Senior
Indebtedness” of the Company, means with respect to the Securities of a series
as contemplated by Section 301, the indebtedness specified in such Securities or
in the supplemental indenture pursuant to which such Securities are issued.
Different series of Securities may be subordinated to different Senior
Indebtedness, and one series of Securities may be subordinated to another series
of Securities, all as and to the extent provided in the relevant documentation
for each issue of Securities.]

       

      “Significant
Subsidiary” means any Subsidiary which is a “significant subsidiary” (as defined
in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act
of 1933, as amended) of the Company.

       

      “Special
Record Date” for the payment of any Defaulted Interest on the Registered
Securities of or within any series means a date fixed by the Trustee pursuant to
Section 307.

       

      
        
          
             

             

          

           

        

        
          9

          
            

          

        

        
           

        

      

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

       

      “Subsidiary”
means a corporation a majority of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries of the Company.  For the purposes of this definition,
“voting stock” means stock having voting power for the election of directors,
whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency.

       

      “Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, and
as in force at the date as of which this Indenture was executed, except as
provided in Section 905.

       

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

       

      “Trustee”
as used with respect to the Securities of any series shall mean only the Trustee
with respect to Securities of that series.

       

      “United
States” means, unless otherwise specified with respect to any Securities
pursuant to Section 301, the United States of America (including the states and
the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction.

       

      “United
States person” means, unless otherwise specified with respect to any Securities
pursuant to Section 301, an individual who is 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 or an estate or trust the income of
which is subject to United States federal income taxation regardless of its
source.

       

      “Yield to
Maturity” means the yield to maturity, computed at the time of issuance of a
Security (or, if applicable, at the most recent redetermination of interest on
such Security) and as set forth in such Security in accordance with generally
accepted United States bond yield computation principles.

       

      
        
          
             

             

          

           

        

        
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      SECTION
102.                                Compliance
Certificates and Opinions.  Upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture,
the Company shall furnish to the Trustee 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 request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

       

      Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (including certificates delivered pursuant to
Section 1008) shall include:

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
             

             

          

           

        

        
          11

          
            

          

        

        
           

        

      

      the
Company stating that the information as to such factual matters is in the
possession of the Company, unless such counsel knows that the certificate or
opinion or representations as to such matters are erroneous.

       

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

       

      SECTION
104.                                Acts
of Holders.

       

      (a)         Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of the
Outstanding Securities of all series or one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agents duly appointed in
writing.  If Securities of a series are issuable as Bearer Securities,
any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of Securities
of such series may, alternatively, be embodied in and evidenced by the record of
Holders of Securities of such series voting in favor thereof, either in person
or by proxies duly appointed in writing, at any meeting of Holders of Securities
of such series, or a combination of such instruments and any such
record.  Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments or record or both are
delivered to the Trustee and, where it is hereby expressly required, to the
Company.  Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders signing such instrument or instruments or so voting
at any such meeting.  Proof of execution of any such instrument or of
a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture.

       

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

       

      (c)         The
ownership of Registered Securities shall be proved by the Security
Register.

       

      
        
          
             

             

          

           

        

        
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      (d)         The
ownership of Bearer Securities 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 exhibit, 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
ownership of Bearer Securities may also be proved in any other manner which the
Trustee deems sufficient.

       

      (e)         If
the Company shall solicit from the Holders of Registered Securities any request,
demand, authorization, direction, notice, consent, waiver or other Act, the
Company may, at its option, in or pursuant to a Board Resolution, fix in advance
a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so.  Notwithstanding TIA
Section 316(c), such record date shall be the record date specified in or
pursuant to such Board Resolution, which shall be a date not earlier than the
date 30 days prior to the first solicitation of Holders generally in connection
therewith and not later than the date such solicitation is
completed.  If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding
Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that
purpose the Outstanding Securities shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than eleven months after the
record date.

       

      In the
absence of any such record date fixed by the Company, regardless as to whether a
solicitation of the Holders is occurring on behalf of the Company or any Holder,
the Trustee may, at its option, fix in advance a record date for the
determination of such Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Trustee
shall have no obligation to do so.  Any such record date shall be a
date not more than 30 days prior to the first solicitation of Holders generally
in connection therewith no later than the date of such
solicitation.

       

      (f)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer

       

      
        
          
             

             

          

           

        

        
          13

          
            

          

        

        
           

        

      

      thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted
or suffered to be done by the Trustee, any Security Registrar, any Paying Agent,
any Authenticating Agent or the Company in reliance thereon, whether or not
notation of such action is made upon such Security.

       

      SECTION
105.                                Notices,
etc., to Trustee and Company.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed
with,

       

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

       

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

       

      SECTION
106.                                Notice
to Holders; Waiver.  Where this Indenture provides for notice of any
event to Holders of Registered Securities by the Company or the Trustee, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to each such Holder
affected by such event, at his address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice.  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
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.  Any notice mailed to a Holder in
the manner herein prescribed shall be conclusively deemed to have been received
by such Holder, whether or not such Holder actually receives such
notice.

       

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

       

      Except as
otherwise expressly provided herein or otherwise specified with respect to any
Securities pursuant to Section 301, where this Indenture provides for notice to
Holders of Bearer Securities of any event, such notice shall be sufficiently
given if published in an Authorized Newspaper in New York City and in such other
city or cities as may be specified in such Securities on a Business Day, such
publication to be not later

       

      
        
          
             

             

          

           

        

        
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      than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice.  Any such notice shall be deemed to have been given on
the date of such publication or, if published more than once, on the date of the
first such publication.

       

      If 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 to Holders of Bearer Securities 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 any particular Holder of Bearer Securities as provided above, nor
any defect in any notice so published, shall affect the sufficiency of such
notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided
herein.

       

      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.

       

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

       

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

       

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

       

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

       

      SECTION
110.                                Benefits
of Indenture.  Nothing in this Indenture or in the Securities or
coupons, express or implied, shall give to any Person, other than the parties
hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and
their successors hereunder and the Holders [and any Holders of Senior
Indebtedness] any benefit or any legal or equitable right, remedy or claim under
this Indenture.

       

      SECTION
111.                                Governing
Law.  This Indenture and the Securities and coupons shall be governed
by and construed in accordance with the law of the State of New
York.  This Indenture is subject to the provisions of the TIA that are
required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions.

       

      
        
          
             

             

          

           

        

        
          15

          
            

          

        

        
           

        

      

      SECTION
112.                                Legal
Holidays.  In any case where any Interest Payment Date, Redemption
Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of
any Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or any Security or coupon
other than a provision in the Securities of any series which specifically states
that such provision shall apply in lieu hereof), payment of interest or any
Additional Amounts or principal (and premium, if any) need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment
date, or at the Stated Maturity or Maturity, provided that no interest shall
accrue on the amount so payable for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated
Maturity or Maturity, as the case may be.

       

      SECTION
113.                                Personal
Immunity from Liability for Incorporators, Stockholders, Etc.  No
recourse shall be had for the payment of the principal of or premium, if any, or
interest, if any, on any Security, or for any claim based thereon, or otherwise
in respect of any Security, or based on or in respect of this Indenture or any
indenture supplemental hereto, against any incorporator, or against any past,
present or future stockholder, director of officers, as such, of the Company or
of any successor corporation, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise,
all such liability being expressly waived and released as a condition of, and as
consideration for, the execution of this Indenture and the issue of
Securities.

       

      ARTICLE
TWO

       

      

       

      SECURITIES
FORMS

       

      SECTION
201.                                Forms
of Securities.  The Registered Securities, if any, of each series and
the Bearer Securities, if any, of each series and related coupons shall be in
substantially the forms as shall be established in one or more indentures
supplemental hereto or approved from time to time by or pursuant to a Board
Resolution in accordance with Section 301, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification or designation and such
legends or endorsements placed 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 by Section 301, Bearer Securities shall have
interest coupons attached.

       

      
        
          
             

             

          

           

        

        
          16

          
            

          

        

        
           

        

      

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

       

      SECTION
202.                                Form
of Trustee’s Certificate of Authentication.  Subject to Section 611,
the Trustee’s certificate of authentication shall be in substantially the
following form:

       

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

       

      as
Trustee

       

      By

      Authorized
Signatory

       

      SECTION
203.                                Securities
Issuable in Global Form.  If Securities of or within a series are
issuable in global form, as specified as contemplated by Section 301, then,
notwithstanding clause (8) of Section 301 and the provisions of Section 302, any
such Security shall represent such of the Outstanding Securities of such series
as shall be specified therein and may provide that it shall represent the
aggregate amount of Outstanding Securities of such series from time to time
endorsed thereon and that the aggregate amount of Outstanding Securities of such
series represented thereby may from time to time be increased or decreased to
reflect exchanges.  Any endorsement of a Security in global form to
reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustee in such manner and
upon instructions given by such Person or Persons as shall be specified therein
or in the Company Order to be delivered to the Trustee pursuant to Section 303
or 304.  Subject to the provisions of Section 303 and, if applicable,
Section 304, the Trustee shall deliver and redeliver any Security in permanent
global form in the manner and upon instructions given by the Person or Persons
specified  therein or in the applicable Company Order.  If a
Company Order pursuant to Section 303 or 304 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 comply with Section 102 and need not be accompanied by an Opinion of
Counsel.

       

      The
provisions of the last sentence of Section 303 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 the Security in
global form together with written instructions (which need not comply with
Section 102 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
303.

       

      
        
          
             

             

          

           

        

        
          17

          
            

          

        

        
           

        

      

      Notwithstanding
the provisions of Section 307, unless otherwise specified as contemplated by
Section 301, payment of principal of and any premium and interest on any
Security in permanent global form shall be made to the Person or Persons
specified therein.

       

      Notwithstanding
the provisions of Section 308 and except as provided in the preceding paragraph,
the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities
represented by a permanent global Security (i) in the case of a permanent global
Security in registered form, the Holder of such permanent global Security in
registered form, or (ii) in the case of a permanent global Security in bearer
form, Euroclear or Clearstream.

       

      ARTICLE
THREE

       

      

       

      THE
SECURITIES

       

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

       

      The
Securities may be issued in one or more series.  There shall be
established in one or more Board Resolutions or pursuant to authority granted by
one or more Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of
which (except for the matters set forth in clauses (1), (2) and (15) below) if
so provided, may be determined from time to time by the Company with respect to
unissued Securities of the series when issued from time to time):

       

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

       

      (2)           any
limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304, 305,
306, 906, 1107 or 1305);

       

      (3)           the
date or dates, or the method by which such date or dates will be determined, on
which the principal of the Securities of the series shall be
payable;

       

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

       

      
        
          
             

             

          

           

        

        
          18

          
            

          

        

        
           

        

      

      interest
payable on any Registered Security on any Interest Payment Date, or the method
by which such date shall be determined, and the basis upon which interest shall
be calculated if other than that of a 360-day year of twelve 30-day
months;

       

      (5)           the
place or places, if any, other than or in addition to the Borough of Manhattan,
New York City, where the principal of (and premium, if any), interest, if any,
on, and Additional Amounts, if any, payable in respect of, Securities of the
series shall be payable, any Registered Securities of the series may be
surrendered for registration of transfer, exchange or conversion and notices or
demands to or upon the Company in respect of the Securities of the series and
this Indenture may be served;

       

      (6)           the
period or periods within which, the price or prices at which, the currency or
currencies, currency unit or units or composite currency or currencies in which,
and other terms and conditions upon which, Securities of the series may be
redeemed, in whole or in part, at the option of the Company, if the Company is
to have the option;

       

      [(7)           the
Senior Indebtedness to which the Securities of such series are subordinated, and
the terms of such subordination;]

       

      (8)           the
obligation, if any, of the Company to redeem, repay or purchase Securities of
the series pursuant to any sinking fund or analogous provision or at the option
of a Holder thereof, and the period or periods within which or the date or dates
on which, the price or prices at which,  the currency or currencies,
currency unit or units or composite currency or currencies in which, and other
terms and conditions upon which Securities of the series shall be redeemed,
repaid or purchased, in whole or in part, pursuant to such
obligation;

       

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

       

      (10)           if
other than the Trustee, the identity of each Security Registrar and/or Paying
Agent;

       

      (11)           if
other than the principal amount thereof, the portion of the principal amount of
Securities of the series that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 502 or, if applicable, the portion
of the principal amount of Securities of the series that is convertible in
accordance with the provisions of this Indenture, or the method by which such
portion shall be determined;

       

      
        
          
             

             

          

           

        

        
          19

          
            

          

        

        
           

        

      

      (12)           if
other than Dollars, the Foreign Currency or Currencies in which payment of the
principal of (and premium, if any) or interest or Additional Amounts, if
any,  on the Securities of the series shall be payable or in which the
Securities of the series shall be denominated;

       

      (13)           whether
the amount of payments of principal of (and premium, if any) or interest, if
any, on the Securities of the series may be determined with reference to an
index, formula or other method (which index, formula or method may be based,
without limitation, on one or more currencies, currency units, composite
currencies, commodities, equity indices or other indices), and the manner in
which such amounts shall be determined;

       

      (14)           whether
the principal of (and premium, if any) or interest or Additional Amounts, if
any, on the Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in a currency or currencies, currency unit or units
or composite currency or currencies other than that in which such Securities are
denominated or stated to be payable, the period or periods within which, and the
terms and conditions upon which, such election may be made, and the time and
manner of, and identity of the exchange rate agent with responsibility for,
determining the exchange rate between the currency or currencies, currency unit
or units or composite currency or currencies in which such Securities are
denominated or stated to be payable and the currency or currencies, currency
unit or units or composite currency or currencies in which such Securities are
to be so payable;

       

      (15)           provisions,
if any, granting special rights to the Holders of Securities of the series upon
the occurrence of such events as may be specified;

       

      (16)           any
deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to Securities of the series, whether or
not such Events of Default or covenants are consistent with the Events of
Default or covenants set forth herein;

       

      (17)           whether
Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without coupons) or both, any restrictions applicable to the
offer, sale or delivery of Bearer Securities and the terms upon which Bearer
Securities of the series may be exchanged for Registered Securities of the
series and vice versa (if permitted by applicable laws and
regulations),  whether any Securities of the series are to be issuable
initially in temporary global form 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,

       

      
        
          
             

             

          

           

        

        
          20

          
            

          

        

        
           

        

      

       if
other than in the manner provided in Section 305, and, if Registered Securities
of the series are to be issuable as a global Security, the identity of the
depositary for such series;

       

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

       

      (19)           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, and 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 304;

       

      (20)           the
applicability, if any, of Section 1402 and/or 1403 to the Securities of the
series and any provisions in modification of, in addition to or in lieu of any
of the provisions of Article Fourteen;

       

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

       

      (22)           if
the Securities of the series are to be issued upon the exercise of warrants, the
time, manner and place for such Securities to be authenticated and
delivered;

       

      (23)           whether
and under what circumstances the Company will pay Additional Amounts as
contemplated by Section 1008 on the Securities of the series to any Holder who
is not a United States person (including any modification to the definition of
such term) in respect of any tax, assessment or governmental charge and, if so,
whether the Company will have the option to redeem such Securities rather than
pay such Additional Amounts (and the terms of any such option);

       

      (24)           the
obligation, if any, of the Company to permit the conversion of the Securities of
such series into the Company’s Common Shares or Preferred Shares, as the case
may be, and the terms and conditions upon which such conversion shall be
effected (including, without limitation, the initial

       

      
        
          
             

             

          

           

        

        
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      conversion
price or rate, the conversion period, any adjustment of the applicable
conversion price and any requirements relative to the reservation of such shares
for purposes of conversion; and

       

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

       

      All
Securities of any one series and the coupons appertaining to any Bearer
Securities of such series shall be substantially identical except, in the case
of Registered Securities, as to denomination and except as may otherwise be
provided in or pursuant to such Board Resolution (subject to Section 303) and
set forth in such Officers’ Certificate or in any such indenture supplemental
hereto.  All Securities of any one series need not be issued at the
same time and, unless otherwise provided, a series may be reopened, without the
consent of the Holders, for issuances of additional Securities of such
series.

       

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

       

      SECTION
302.                                Denominations.  The
Securities of each series shall be issuable in such denominations as shall be
specified as contemplated by Section 301.  With respect to Securities
of any series denominated in Dollars, in the absence of any such provisions with
respect to the Securities of any series, the Registered Securities of such
series, other than Registered Securities issued in global form (which may be of
any denomination), shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series, other than Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in a denomination of $5,000.

       

      SECTION
303.                                Execution,
Authentication, Delivery and Dating.  The Securities and any coupons
appertaining thereto shall be executed on behalf of the Company by a trustee and
an executive officer of the Company and attested by its Secretary or one of its
Assistant Secretaries.  The signature of any of these individuals on
the Securities and coupons may be manual or facsimile signatures of the present
or any future such authorized officer and trustee and may be imprinted or
otherwise reproduced on the Securities.

       

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

       

      
        
          
             

             

          

           

        

        
          22

          
            

          

        

        
           

        

      

      At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series, together with any coupon
appertaining thereto, executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities; provided, however, that, in connection
with its original issuance, no Bearer Security shall be mailed or otherwise
delivered to any location in the United States; and provided further that,
unless otherwise specified with respect to any series of Securities pursuant to
Section 301, a Bearer Security may be delivered in connection with its original
issuance only if the Person entitled to receive such Bearer Security shall have
furnished a certificate to Euroclear or Clearstream, as the case may be, in the
form set forth in Exhibit A-1 to this Indenture or such other certificate as may
be specified with respect to any series of Securities pursuant to Section 301,
dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary Security and this Indenture.  If any Security shall be
represented by a permanent global Bearer Security, then, for purposes of this
Section and Section 304, the notation of a beneficial owner’s interest therein
upon original issuance of such Security or upon exchange of a portion of a
temporary global Security shall be deemed to be delivery in connection with its
original issuance of such beneficial owner’s interest in such permanent global
Security.  Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for
interest then matured have been detached and cancelled.

       

      If all
the Securities of any series are not to be issued at one time and if the Board
Resolution or supplemental indenture establishing such series shall so permit,
such Company Order may set forth procedures acceptable to the Trustee for the
issuance of such Securities and determining the terms of particular Securities
of such series, such as interest rate or formula, maturity date, date of
issuance and date from which interest shall accrue.  In authenticating
such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully
protected in relying upon,

       

      (i)           an
Opinion of Counsel stating that

       

      (a) the
form or forms of such Securities and any coupons have been established in
conformity with the provisions of this Indenture;

       

      (b) the
terms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture; and

       

      
        
          
             

             

          

           

        

        
          23

          
            

          

        

        
           

        

      

      (c) such
Securities, together with any coupons appertaining thereto, 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 issued by the
Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute legal, valid and binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization and  other similar laws of general
applicability relating to or affecting the enforcement of creditors’ rights
generally and to general equitable principles; and

       

      (ii)           an
Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the issuance of the Securities have been complied with and
that, to the best of the knowledge of the signers of such certificate, no Event
of Default with respect to any of the Securities shall have occurred and be
continuing.

       

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

       

      Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all the
Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Officers’ Certificate otherwise required pursuant to
Section 301 or a Company Order, or an Opinion of Counsel or an Officers’
Certificate otherwise required pursuant to the preceding paragraph at the time
of issuance of each Security of such series, but such order, opinion and
certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series.

       

      Each
Registered Security shall be dated the date of its authentication and each
Bearer Security shall be dated as of the date specified as contemplated by
Section 301.

       

      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
Security to which such coupon appertains a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee by
manual signature of an authorized signatory, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture.  Notwithstanding the foregoing, if
any

       

      
        
          
             

             

          

           

        

        
          24

          
            

          

        

        
           

        

      

      Security
shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 309 together with a written statement (which
need not comply with Section 102 and need not be accompanied by an Opinion of
Counsel) 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
304.                                Temporary
Securities.

       

      (a)         Pending
the preparation of definitive Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued, in registered
form, or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities.  In the
case of Securities of any series, such temporary Securities may be in global
form.

       

      Except in
the case of temporary Securities in global form (which shall be exchanged in
accordance with Section 304(b) or as otherwise provided in or pursuant to a
Board Resolution) if temporary Securities of any series are issued, the Company
will cause definitive Securities of that series to be prepared without
unreasonable delay.  After the preparation of definitive Securities of
such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder.  Upon surrender for
cancellation of any one or more temporary Securities of any series (accompanied
by any non-matured coupons appertaining thereto), the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of the same series of authorized denominations;
provided, however, that no definitive Bearer Security shall be delivered in
exchange for a temporary Registered Security; and provided further 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
303.  Until so exchanged, the temporary Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series.

       

      (b)         Unless
otherwise provided in or pursuant to a Board Resolution, this Section 304(b)
shall govern the exchange of temporary Securities issued in global form other
than through the facilities of The Depository Trust Company.  If any
such temporary Security is issued in global form, then such temporary global
Security shall, unless otherwise provided therein, be delivered to the London
office of a depositary or

       

      
        
          
             

             

          

           

        

        
          25

          
            

          

        

        
           

        

      

      common
depositary (the “Common Depositary”), for the benefit of Euroclear and
Clearstream, for credit to the respective accounts of 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 (the
“Exchange Date”), the Company shall deliver to the Trustee definitive
Securities, 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 surrendered by the Common
Depositary to the Trustee, as the Company’s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary global Security, an equal 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.  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 301, and, if any
combination thereof is so specified, as requested by the beneficial owner
thereof; provided, however, that, unless otherwise specified in such temporary
global Security, upon such presentation by the Common Depositary, such temporary
global Security is 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 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 or in
such other form as may be established pursuant to Section 301; and provided
further that definitive Bearer Securities shall be delivered in exchange for a
portion of a temporary global Security only in compliance with the requirements
of Section 303.

       

      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
following the Exchange Date when the account holder instructs Euroclear or
Clearstream, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or Clearstream, as the case may be, a certificate in the
form set forth in Exhibit A-1 to this Indenture (or in such other form as may be
established pursuant to Section 301), dated no earlier than 15 days prior to the
Exchange Date, copies of which certificate shall be available from the offices
of Euroclear and Clearstream, 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

       

      
        
          
             

             

          

           

        

        
          26

          
            

          

        

        
           

        

      

      the like
unless such Person takes delivery of such definitive Securities in person at the
offices of Euroclear or Clearstream.  Definitive Securities in bearer
form to be delivered in exchange for any portion of a temporary global Security
shall be delivered only outside the United States.

       

      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 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities of such series occurring prior to the
applicable Exchange Date shall be payable to Euroclear and Clearstream on such
Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee
of a certificate or certificates in the form set forth in Exhibit A-2 to this
Indenture (or in such other forms as may be established pursuant to Section
301), for credit without further interest on or after such Interest Payment Date
to the respective accounts of Persons who are the beneficial owners of such
temporary global Security on such Interest Payment Date and who have each
delivered to Euroclear or Clearstream, as the case may be, a certificate dated
no earlier than 15 days prior to the Interest Payment Date occurring prior to
such Exchange Date in the form set forth as Exhibit A-1 to this Indenture (or in
such other forms as may be established pursuant to Section
301).  Notwithstanding anything to the contrary herein contained, the
certifications made pursuant to this paragraph shall satisfy the certification
requirements of the preceding two paragraphs of this Section 304(b) and of the
third paragraph of Section 303 of this Indenture and the interests of the
Persons who are the beneficial owners of the temporary global Security with
respect to which such certification was made will be exchanged for definitive
Securities of the same series and of like tenor on the Exchange Date or the date
of certification if such date occurs after the Exchange Date, without further
act or deed by such beneficial owners.  Except as otherwise provided
in this paragraph, no payments of principal or interest owing with respect to a
beneficial interest in a temporary global Security will be made unless and until
such interest in such temporary global Security shall have been exchanged for an
interest in a definitive Security.  Any interest so received by
Euroclear and Clearstream and not paid as herein provided shall be returned to
the Trustee prior to the expiration of two years after such Interest Payment
Date in order to be repaid to the Company.

       

      SECTION
305.                                Registration,
Registration of Transfer and Exchange.  The Company shall cause to be
kept at the Corporate Trust Office of the Trustee or in any office or agency of
the Company in a Place of Payment a register for each series of Securities (the
registers maintained in such office or in any such office or agency of the
Company in a Place of Payment being herein sometimes referred to collectively as
the “Security Register”) in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Registered
Securities and of transfers of Registered Securities.  The Security
Register shall be in written form or any other form capable of being converted
into written form within a reasonable time.  The Trustee, at its
Corporate Trust Office, is hereby appointed “Security Registrar” for the purpose
of

       

      
        
          
             

             

          

           

        

        
          27

          
            

          

        

        
           

        

      

      registering
Registered Securities and transfers of Registered Securities on such Security
Register as herein provided.  In the event that the Trustee shall
cease to be Security Registrar, it shall have the right to examine the Security
Register at all reasonable times.

       

      Subject
to the provisions of this Section 305, upon surrender for registration of
transfer of any Registered Security of any series at any office or agency of the
Company in a Place of Payment for that series, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal
amount, bearing a number not contemporaneously outstanding, and containing
identical terms and provisions.

       

      Subject
to the provisions of this Section 305, 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 denomination or denominations and of a like
aggregate principal amount, containing identical terms and provisions, upon
surrender of the Registered Securities to be exchanged at any such office or
agency.  Whenever any such Registered Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Securities which the Holder making the exchange is
entitled to receive.  Unless otherwise specified with respect to any
series of Securities as contemplated by Section 301, Bearer Securities may not
be issued in exchange for Registered Securities.

       

      If (but
only if) permitted by the applicable Board Resolution and (subject to Section
303) set forth in the applicable Officers’ Certificate, or in any indenture
supplemental hereto, delivered as contemplated by Section 301, 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 and all
matured coupons in default thereto appertaining.  If the Holder of a
Bearer Security is unable to produce any such unmatured coupon or coupons or
matured coupon or coupons in default, any such permitted 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 Security 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
1002, 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.  Notwithstanding the foregoing, in case a Bearer Security of
any series is surrendered at any such office or agency in a permitted exchange
for a Registered Security of the same series and like tenor after the close of
business at such office or

       

      
        
          
             

             

          

           

        

        
          28

          
            

          

        

        
           

        

      

      agency on
(i) any Regular 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, 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 the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to
receive.

       

      Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any
permanent global Security shall be exchangeable only as provided in this
paragraph.  If the depositary for any permanent global Security is The
Depository Trust Company (“DTC”), then, unless the terms of such global Security
expressly permit such global Security to be exchanged in whole or in part for
definitive Securities, a global Security may be transferred, in whole but not in
part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor
to DTC for such global Security selected or approved by the Company or to a
nominee of such successor to DTC.  If at any time DTC notifies the
Company that it is unwilling or unable to continue as depositary for the
applicable global Security or Securities or if at any time DTC ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, if so required by applicable law or regulation, the Company shall
appoint a successor depositary with respect to such global Security or
Securities.  If (x) a successor depositary for such global Security or
Securities is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such unwillingness, inability or
ineligibility, (y) an Event of Default has occurred and is continuing and the
beneficial owners representing a majority in principal amount of the applicable
series of Securities represented by such global Security or Securities advise
DTC to cease acting as depositary for such global Security or Securities or (z)
the Company, in its sole discretion, determines at any time that all Outstanding
Securities (but not less than all) of any series issued or issuable in the form
of one or more global Securities shall no longer be represented by such global
Security or Securities, then the Company shall execute, and the Trustee shall
authenticate and deliver definitive Securities of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the principal
amount of such global Security or Securities.  If any beneficial owner
of an interest in a permanent global Security is otherwise entitled to exchange
such interest for Securities of such series and of like tenor and principal
amount of another authorized form and denomination, as specified as contemplated
by Section 301 and provided that any applicable notice provided in the permanent
global Security shall have been given, then without unnecessary delay but in any
event not later than the earliest date on which such interest may be so
exchanged, the Company shall execute, and the Trustee shall authenticate and
deliver definitive Securities in aggregate principal amount equal to
the

       

      
        
          
             

             

          

           

        

        
          29

          
            

          

        

        
           

        

      

      principal
amount of such beneficial owner’s interest in such permanent global
Security.  On or after the earliest date on which such interests may
be so exchanged, such permanent global Security shall be surrendered for
exchange by DTC or such other depositary as shall be specified in the Company
Order with respect thereto to the Trustee, as the Company’s agent for such
purpose; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities
to be redeemed and ending on the relevant Redemption Date if the Security for
which exchange is requested may be among those selected 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.  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 Regular
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 the opening
of business at such office or agency on the related proposed date for payment of
Defaulted Interest, 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.

       

      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.

       

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

       

      No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906, 1107 or 1305 not involving any
transfer.

       

      The
Company or the Trustee, as applicable, shall not be required (i) to issue,
register the transfer of or exchange any Security if such Security may be among
those selected for redemption during a period beginning at the opening of
business 15 days before selection of the Securities to be redeemed under Section
1103 and ending at the close of business on (A) if such Securities are issuable
only as Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer Securities, the day
of the first publication of the relevant notice of

       

      
        
          
             

             

          

           

        

        
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      redemption
or, if such Securities are also issuable as Registered Securities and there is
no publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security so selected for
redemption in whole or in part, except, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) 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
like tenor, provided that such Registered Security shall be simultaneously
surrendered for redemption, or (iv) to issue, register the transfer of or
exchange any Security which has been surrendered for repayment at the option of
the Holder, except the portion, if any, of such Security not to be so
repaid.

       

      SECTION
306.                                Mutilated,
Destroyed, Lost and Stolen Securities.  If any mutilated Security or a
Security with a mutilated coupon appertaining to it is surrendered to the
Trustee or the Company, together with, in proper cases, such security or
indemnity as may be required by the Company or the Trustee to save each of them
or any agent of either of them harmless, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and principal amount, containing identical terms and provisions
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 to 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 execute and upon its request the Trustee shall
authenticate and deliver, 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 principal amount, containing identical terms and
provisions 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.

       

      Notwithstanding
the provisions of the previous two paragraphs, 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, 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, pay such Security or coupon;
provided, however, that payment of principal of (and premium, if any), any
interest on and any Additional Amounts with respect to, Bearer Securities shall,
except as otherwise provided in Section 1002, be payable only at an office or
agency located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable
only upon presentation and surrender of the coupons appertaining
thereto.

       

      
        
          
             

             

          

           

        

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

       

      Every new
Security of any series with its coupons, if any, 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 its coupons, if any, or the destroyed,
lost or stolen coupon shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series 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
307.                                Payment
of Interest; Interest Rights Preserved.  Except as otherwise specified
with respect to a series of Securities in accordance with the provisions of
Section 301, interest on any Registered Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 1002; provided, however, that each installment of
interest on any Registered Security may at the Company’s option be paid by (i)
mailing a check for such interest, payable to or upon the written order of the
Person entitled thereto pursuant to Section 308, to the address of such Person
as it appears on the Security Register or (ii) transfer to an account maintained
by the payee located inside the United States.

       

      Unless
otherwise provided as contemplated by Section 301 with respect to the Securities
of any series, payment of interest may be made, in the case of a Bearer
Security, by transfer to an account maintained by the payee with a bank located
outside the United States.

       

      Unless
otherwise provided as contemplated by Section 301, every permanent global
Security will provide that interest, if any, payable on any Interest Payment
Date will be paid to DTC, Euroclear and/or Clearstream, as the case may be, with
respect to that portion of such permanent global Security held for its account
by Cede & Co. or the Common Depositary, as the case may be, for the purpose
of permitting such party to credit the interest received by it in respect of
such permanent global Security to the accounts of the beneficial owners
thereof.

       

      
        
          
             

             

          

           

        

        
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      In case a
Bearer Security of any series is surrendered in exchange for a Registered
Security of such series after the close of business (at an office or agency in a
Place of Payment for such series) on any Regular Record Date and before the
opening of business (at such office or agency) on the next succeeding Interest
Payment Date, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date and interest will not be payable on such
Interest Payment Date 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.

       

      Except as
otherwise specified with respect to a series of Securities in accordance with
the provisions of Section 301, any interest on any Registered Security of any
series that is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease
to be payable to the registered Holder thereof on the relevant Regular Record
Date by virtue of having been such Holder, and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

       

      (1)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner:  The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered
Security of such series and the date of the proposed payment (which shall not be
less than 20 days after such notice is received by the Trustee) and at the same
time the Company shall deposit with the Trustee an amount of money in the
currency or currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series)
equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit
on or prior to the date of the proposed payment, such money when deposited to be
held in trust for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided.  Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more
than 15 days and not less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment.  The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first-class postage prepaid, to each
Holder of Registered Securities of such series at his address as it appears in
the Security Register not less than 10 days prior to such Special Record
Date.  The Trustee may,  in its discretion, in the name and
at the expense of the Company, cause a similar notice to be published at least
once in an

       

      
        
          
             

             

          

           

        

        
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      Authorized
Newspaper in each place of payment, but such publications shall not be a
condition precedent to the establishment of such Special Record
Date.  Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names the Registered Securities
of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).  In case a Bearer Security of
any series is surrendered at the office or agency in a Place of Payment for such
series in exchange for a Registered Security of such series after the close of
business at such office or agency on 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, such Bearer Security shall be surrendered without
the coupon relating to such proposed date of payment and Defaulted Interest will
not be payable on such proposed date of payment 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.

       

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

       

      Subject
to the foregoing provisions of this Section and Section 305, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other
Security.

       

      SECTION
308.                                Persons
Deemed Owners.  Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any), and (subject to Sections 305 and 307)
interest on, such Registered Security and for all other purposes whatsoever,
whether or not such Registered Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

       

      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
the Trustee may treat the Holder of any Bearer Security and the Holder of any
coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on

       

      
        
          
             

             

          

           

        

        
          34

          
            

          

        

        
           

        

      

      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.

       

      None of
the Company, the Trustee, any Paying Agent or the Security Registrar will have
any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Security in
global form or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

       

      Notwithstanding
the foregoing, with respect to any global Security, nothing herein shall prevent
the Company, the Trustee, or any agent of the Company or the Trustee, from
giving effect to any written certification, proxy or other authorization
furnished by any depositary, as a Holder, with respect to such global Security
or impair, as between such depositary and owners of beneficial interests in such
global Security, the operation of customary practices governing the exercise of
the rights of such depositary (or its nominee) as Holder of such global
Security.

       

      SECTION
309.                                Cancellation.  All
Securities and coupons surrendered for payment, redemption, repayment at the
option of the Holder, registration of transfer or exchange or for credit against
any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee, and any such Securities and coupons and
Securities and coupons surrendered directly to the Trustee for any such purpose
shall be promptly cancelled by it; provided, however, where the Place of Payment
is located outside of the United States, the Paying Agent at such Place of
Payment may cancel the Securities surrendered to it for such purposes prior to
delivering the Securities to the Trustee.  The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner
whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee.  If the Company
shall so acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for
cancellation.  No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section, except as
expressly permitted by this Indenture.  Cancelled Securities and
coupons held by the Trustee shall be destroyed by the Trustee and the Trustee
shall deliver a certificate of such destruction to the Company, unless by a
Company Order the Company directs their return to it.

       

      SECTION
310.                                Computation
of Interest.  Except as otherwise specified as contemplated by Section
301 with respect to Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360-day year consisting of twelve
30-day months.

       

      
        
          
             

             

          

           

        

        
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      ARTICLE
FOUR

       

      

       

      SATISFACTION
AND DISCHARGE

       

      SECTION
401.                                Satisfaction
and Discharge of Indenture.  This Indenture shall upon Company Request
cease to be of further effect with respect to any series of Securities specified
in such Company Request (except as to any surviving rights of registration of
transfer or exchange of Securities of such series herein expressly provided for
and any right to receive Additional Amounts, and the Trustee, upon receipt of a
Company Order, and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series when

       

      (1)           either

       

      (A)           all
Securities of such series theretofore authenticated and delivered 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 305, (ii) Securities and coupons of such series which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 306, (iii) coupons appertaining to Securities called for
redemption and maturing after the relevant Redemption Date, whose surrender has
been waived as provided in Section 1106, and (iv) Securities and coupons of such
series for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 1003) have been delivered
to the Trustee for cancellation; or

       

      (B)           all
Securities of such series and, in the case of (i) or (ii) below, any coupons
appertaining thereto not theretofore delivered to the Trustee for
cancellation

       

      (i) have
become due and payable, or

       

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

       

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

       

      
        
          
             

             

          

           

        

        
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      and the
Company, in the case of (i), (ii) or (iii) above, has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose
(A) an amount of money in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such series are
payable, (B) Government Obligations that 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 to pay and discharge the entire
indebtedness on such Securities and such coupons not theretofore delivered to
the Trustee for cancellation, for principal (and premium, if any) and interest,
and any Additional Amounts with respect thereto, to the date of such deposit (in
the case of Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be;

       

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

       

      (3)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture as to such series have been
complied with.

       

      Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee and any predecessor Trustee under Section 606, the obligations of
the Company to any Authenticating Agent under Section 611 and, if money shall
have been deposited with and held by the Trustee pursuant to subclause (B) of
clause (1) of this Section, the obligations of the Trustee under Section 402 and
the last paragraph of Section 1003 shall survive.

       

      SECTION
402.                                Application
of Trust Funds.  Subject to the provisions of the last paragraph of
Section 1003, all amounts deposited with the Trustee pursuant to Section 401
shall be held in trust and applied by it, in accordance with the provisions of
the Securities, the coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any), and any interest and Additional Amounts for
whose payment such amounts have been deposited with or received by the Trustee,
but such amounts need not be segregated from other funds except to the extent
required by law.

       

      
        
          
             

             

          

           

        

        
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      ARTICLE
FIVE

       

      

       

      REMEDIES

       

      SECTION
501.                                Events
of Default.  “Event of Default”, wherever used herein with respect to
any particular series of Securities, means any one of the following events
(whatever the reason for such Event of Default and whether or not it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

       

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

       

      (2)           default
in the payment of the principal of (or premium, if any, on) any Security of that
series when it becomes due and payable at its Maturity; or

       

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

       

      (4)           default
in the performance, or breach, of any covenant or warranty of the Company in
this Indenture with respect to any Security of that series (other than a
covenant or warranty a default in whose performance or  whose breach
is elsewhere in this Section specifically dealt with) and continuance of such
default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

       

      (5)           the
Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

       

      (A)
commences a voluntary case,

       

      (B)
consents to the entry of an order for relief against it in an involuntary
case,

       

      (C)
consents to the appointment of a Custodian of it or for all or substantially all
of its property, or

       

      
        
          
             

             

          

           

        

        
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      (D) makes
a general assignment for the benefit of its creditors; or

       

      (6)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

       

      (A) is
for relief against the Company or any Significant Subsidiary in an involuntary
case,

       

      (B)
appoints a Custodian of the Company or any Significant Subsidiary or for all or
substantially all of either of its property, or

       

      (C)
orders the liquidation of the Company or any Significant
Subsidiary,

       

      and the
order or decree remains unstayed and in effect for 90 days; or

       

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

       

      As used
in this Section 501, the term “Bankruptcy Law” means Title 11 of the U.S. Code
or any similar Federal or State law for the relief of debtors and the term
“Custodian” means any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

       

      SECTION
502.                                Acceleration
of Maturity; Rescission and Annulment.  If an Event of Default with
respect to Securities of any series at the time Outstanding occurs and is
continuing, then and in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series may
declare the principal (or, if any Securities are Original Issue Discount
Securities or Indexed Securities, such portion of the principal as may be
specified in the terms thereof) of all the Securities of that series to be due
and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by the Holders), and upon any such declaration such principal
or specified portion thereof shall become immediately due and
payable.

       

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

       

      (1)           the
Company has paid or deposited with the Trustee a sum sufficient to pay in the
currency or currency unit or composite currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series):

       

      
        
          
             

             

          

           

        

        
          39

          
            

          

        

        
           

        

      

      

       

      (A) all
overdue installments of interest on and any Additional Amounts payable in
respect of all Outstanding Securities of that series and any related
coupons,

       

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

       

      (C) to
the extent that payment of such interest is lawful, interest upon overdue
installments of interest and any Additional Amounts at the rate or rates borne
by or provided for in such Securities, and

       

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

       

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

       

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

       

      SECTION
503.                                Collection
of Indebtedness and Suits for Enforcement by Trustee.  The Company
covenants that if:

       

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

       

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

       

      then the
Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of
the Holders of such Securities of such series and coupons, the whole amount then
due and payable on such Securities and coupons for principal (and premium, if
any) and interest and Additional Amounts, with interest upon any overdue
principal (and premium, if any) and, to the extent that payment of such interest
shall be legally enforceable, upon any overdue installments of interest or
Additional Amounts, if any, at the rate or rates borne by or provided for in
such Securities, and, in addition thereto, such further amount as

       

      
        
          
             

             

          

           

        

        
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      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 proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon such Securities of such series and collect
the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon such Securities of such
series, wherever situated.

       

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

       

      SECTION
504.                                Trustee
May File Proofs of Claim.  In case of the pendency of any
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 of such
other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities of any series 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, premium, if any, 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, or such lesser amount as may be
provided for in the Securities of such series, of principal (and premium, if
any) and interest and Additional Amounts, if any, 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 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
custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each
Holder of Securities of such series 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, to pay

       

      
        
          
             

             

          

           

        

        
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      to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and any predecessor Trustee, their
agents and counsel, and any other amounts due the Trustee or any predecessor
Trustee under Section 606.

       

      Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder of a Security or 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 coupon in
any such proceeding.

       

      SECTION
505.                                Trustee
May Enforce Claims Without Possession of Securities or Coupons.  All
rights of action and claims under this Indenture or any of 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 Holders of the Securities and coupons in respect
of which such judgment has been recovered.

       

      SECTION
506.                                Application
of Money Collected.  Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of
principal (or premium, if any) or interest and any Additional Amounts, 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 and any predecessor Trustee under
Section 606;

       

      SECOND:                                To
the payment of the amounts then due and unpaid upon the Securities and coupons
for principal (and premium, if any) and interest and any Additional Amounts
payable, 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
aggregate amounts due and payable on such Securities and coupons for principal
(and premium, if any), interest and Additional Amounts, respectively;
and

       

      THIRD: To
the payment of the remainder, if any, to the Company.

       

      SECTION
507.                                Limitation
on Suits.  No Holder of any Security of any series or any related
coupon 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:

       

      
        
          
             

             

          

           

        

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

       

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

       

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

       

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

       

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

       

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

       

      SECTION
508.                                Unconditional
Right of Holders to Receive Principal, Premium, if any, Interest and Additional
Amounts.  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 305 and 307) interest on, and any Additional Amounts in
respect of, such Security or payment of such coupon on the respective due dates
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 rights shall not be impaired without the consent of such
Holder.

       

      SECTION
509.                                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 had been instituted.

       

      

      
        
          
          

        

        
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      SECTION
510.                                Rights
and Remedies Cumulative.  Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or
coupons in the last paragraph of Section 306, 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
511.                                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 Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein.  Every
right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Securities or coupons, as the
case may be.

       

      SECTION
512.                                Control
by Holders of Securities.  The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
the Trustee with respect to the Securities of such series, provided
that

       

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

       

      (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 might involve it in personal liability or
be unduly prejudicial to the Holders of Securities of such series not joining
therein.

       

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

       

      (1)           in
the payment of the principal of (or premium, if any) or interest on or
Additional Amounts payable in respect of any Security of such series or any
related coupons, or

       

      
        
          
             

             

          

           

        

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

       

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

       

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

       

      SECTION
515.                                Undertaking
for Costs.  All parties to this Indenture agree, and each Holder of
any Security 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 or omitted by it as Trustee, the filing by any party litigant in
such suit of any 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 for the enforcement of the payment of
the principal of (or premium, if any) or interest on any Security on or after
the respective Stated Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

       

      ARTICLE
SIX

       

      

       

      THE
TRUSTEE

       

      SECTION
601.                                Notice
of Defaults.  Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall
transmit in the manner and to the extent provided in TIA Section 313(c), 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

       

      
        
          
             

             

          

           

        

        
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      principal
of (or premium, if any) or interest on or any Additional Amounts with respect to
any Security of such series, or in the payment of any sinking fund installment
with respect to the Securities of such series, the Trustee shall be protected in
withholding such notice if and so long as Responsible Officers of the Trustee in
good faith determine that the withholding of such notice is in the interests of
the Holders of the Securities and coupons of such series; and provided further
that in the case of any default or breach of the character specified in Section
501(4) with respect to the Securities and coupons of such series, no such notice
to Holders shall be given until at least 90 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 the Securities of such series.

       

      SECTION
602.                                Certain
Rights of Trustee.  Subject to the provisions of TIA Section 315(a)
through 315(d):

       

      (1)           the
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, 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;

       

      (2)           any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order (other than delivery of any
Security, together with any coupons appertaining thereto, to the Trustee for
authentication and delivery pursuant to Section 303 which shall be sufficiently
evidenced as provided therein) and any resolution of the Board of Directors may
be sufficiently evidenced by a Board Resolution;

       

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

       

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

       

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

       

      
        
          
             

             

          

           

        

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

       

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

       

      (8)           the
Trustee shall not be liable for any action taken, suffered or omitted by it in
good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture.

       

      The
Trustee shall not be required to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

       

      Except
during the continuance of an Event of Default, the Trustee undertakes to perform
only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the
Trustee.

       

      SECTION
603.                                Not
Responsible for Recitals or Issuance of Securities.  The recitals
contained herein and in the Securities, except the Trustee’s certificate of
authentication, and in any coupons shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder.  Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof.

       

      SECTION
604.                                May
Hold Securities.  The Trustee, any Paying Agent, Security Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and

       

      
        
          
             

             

          

           

        

        
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      coupons
and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, Authenticating Agent or such other agent.

       

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

       

      SECTION
606.                                Compensation
and Reimbursement.  The Company agrees:

       

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

       

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

       

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

       

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

       

      As
security for the performance of the obligations of the Company under this
Section, the Trustee shall have a lien prior to the Securities upon all property
and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of (or premium, if any) or interest on particular
Securities or any coupons.

       

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

       

      
        
          
             

             

          

           

        

        
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      SECTION
607.                                Corporate
Trustee Required; Eligibility; Conflicting Interests.  There shall at
all times be a Trustee hereunder which shall be eligible to act as Trustee under
TIA Section 310(a)(1) and shall have a combined capital and surplus of at least
$50,000,000.  If such corporation publishes reports of condition at
least annually, pursuant to law or the requirements of Federal, State,
Territorial or District of Columbia supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.  If the Trustee has or shall
acquire a conflicting interest within the meaning of the TIA, the Trustee shall
either eliminate such interest or resign to the extent and in the manner
provided by and subject to the provisions of the TIA and this
Indenture.

       

      SECTION
608.                                Resignation
and Removal; Appointment of Successor.

       

      (a)         No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 609.

       

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

       

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

       

      (d)         If
at any time:

       

      (1)           the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after
written request therefor by the Company or by any Holder of a Security who has
been a bona fide Holder of a Security for at least six months, or

       

      (2)           the
Trustee shall cease to be eligible under Section 607 and shall fail to resign
after written request therefor by the Company or by any Holder of a Security who
has been a bona fide Holder of a Security for at least six months,
or

       

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

       

      

      
        
          
          

        

        
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      then, in
any such case, (i) the Company by or pursuant to a Board Resolution may remove
the Trustee and appoint a successor Trustee with respect to all Securities, or
(ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee with respect to all Securities and the appointment of
a successor Trustee or Trustees.

       

      (e)         If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause with respect to the
Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series).  If, within one
year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee with respect to the Securities
of such series and to that extent supersede the successor Trustee appointed by
the Company.  If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders of
Securities and accepted appointment in the manner hereinafter provided, any
Holder of a Security who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to Securities of such
series.

       

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

       

      SECTION
609.                                Acceptance
of Appointment by Successor.

       

      (a)         In
case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on request of the Company or the successor
Trustee, such retiring

       

      
        
          
             

             

          

           

        

        
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      Trustee
shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee
hereunder.

       

      (b)         In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto, pursuant to
Article Nine hereof, wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be
trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

       

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

       

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

       

      SECTION
610.                                Merger,
Conversion, Consolidation or Succession to Business.  Any corporation
into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger,
conversion

       

      
        
          
          

        

        
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      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 otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.  In case any Securities or coupons 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 or coupons so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities or coupons.  In case any Securities or
coupons shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of
the Trustee.

       

      SECTION
611.                                Appointment
of Authenticating Agent.  At any time when any of the Securities
remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents
with respect to one or more series of Securities which shall be authorized to
act on behalf of the Trustee to authenticate Securities of such series issued
upon exchange, registration of transfer or partial redemption or repayment
thereof, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder.  Any such appointment shall be
evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, a copy of which instrument shall be promptly furnished to the
Company.  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 bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States of America or of any State or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
Federal or State authorities.  If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or the requirements of
the aforesaid 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.  In case 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

       

      
        
          
          

        

        
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      corporation
succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or further act on the part of the Trustee or
the Authenticating Agent.

       

      An
Authenticating Agent for any series of Securities may at any time resign by
giving written notice of resignation to the Trustee for such series and to the
Company.  The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination 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 for such series may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall give notice of such appointment to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve in the manner set
forth in Section 106.  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 herein.  No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

       

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

       

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

       

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

       

      as
Trustee

      

      By:                                
,

      as Authenticating Agent

      

      

      By:                                
,

      Authorized Signatory

      
        
          
             

             

          

           

        

        
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      ARTICLE
SEVEN

       

      

       

      HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

       

      SECTION
701.                                Disclosure
of Names and Addresses of Holders.  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 Authenticating Agent
nor any Paying Agent nor any Security Registrar shall be held accountable by
reason of the disclosure of any information as to the names and addresses of the
Holders of Securities in accordance with TIA Section 312, 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 TIA Section 312(b).

       

      SECTION
702.                                Reports
by Trustee.  Within 60 days after May 15 of each year commencing with
the first May 15 after the first issuance of Securities pursuant to this
Indenture, the Trustee shall transmit by mail to all Holders of Securities as
provided in TIA Section 313(c) a brief report dated as of such May 15 if
required by TIA Section 313(a).  A copy of each such report shall at
the time of such transmission to Holders be filed by the Trustee with each stock
exchange upon which any Securities are listed with the Commission and the
Company.  The Company will notify the Trustee when any securities are
listed on any stock exchange.

       

      SECTION
703.                                Reports
by Company.  The Company will:

       

      (1)           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 Securities Exchange Act of 1934, as amended;
or, if the Company is not required to file information, documents or reports
pursuant to either of such Sections, then it will file with the Trustee, in
accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Securities Exchange
Act of 1934, as amended, 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;

       

      (2)           file
with the Trustee and the Commission, in accordance with 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 of this Indenture as may be required from time to time
by such rules and regulations; and

       

      
        
          
             

             

          

           

        

        
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      (3)           transmit
by mail to the Holders of Securities, within 30 days after the filing thereof
with the Trustee, in the manner and to the extent provided in TIA Section
313(c), such summaries of any information, documents and reports required to be
filed by the Company pursuant to paragraphs (1) and (2) of this Section as may
be required by rules and regulations prescribed from time to time by the
Commission.

       

      SECTION
704.                                Company
to Furnish Trustee Names and Addresses of Holders.  The Company will
furnish or cause to be furnished to the Trustee:

       

      (a)         semi-annually,
not later than 15 days after the Regular Record Date for interest for each
series of Securities, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Registered Securities of
such series as of such Regular Record Date, or if there is no Regular Record
Date for interest for such series of Securities, semi-annually, upon such dates
as are set forth in the Board Resolution or indenture supplemental hereto
authorizing such series, and

       

      (b)         at
such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished,
provided, however, that, so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.

       

      ARTICLE
EIGHT

       

      

       

      CONSOLIDATION,
MERGER, SALE, LEASE OR CONVEYANCE

       

      SECTION
801.                                Consolidations
and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to
Certain Conditions.  The Company may consolidate with, or sell, lease
or convey all or substantially all of its assets to, or merge with or into any
other corporation, provided that in any such case, (1) either the Company shall
be the continuing corporation, or the successor corporation shall be a
corporation organized and existing under the laws of the United States or a
State thereof and such successor corporation shall expressly assume the due and
punctual payment of the principal of (and premium, if any) and any interest
(including all Additional Amounts, if any, payable pursuant to this Indenture on
all of 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, complying
with Article Nine hereof, satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation and (2) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Company or any Subsidiary as a result thereof as having been incurred by the
Company or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or the lapse of time, or both, would become an
Event of Default, shall have occurred and be continuing.

       

      
        
          
             

             

          

           

        

        
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      SECTION
802.                                Rights
and Duties of Successor Corporation.  In case of any such
consolidation, merger, sale, lease or conveyance and upon any such assumption by
the successor corporation, such successor corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named herein
as the party of the first part, and the predecessor corporation, except in the
event of a lease, shall be relieved of any further obligation under this
Indenture and the Securities.  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 deliver 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 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 hereof.

       

      In case of any such consolidation,
merger, sale, lease 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
803.                                Officers’
Certificate and Opinion of Counsel.  Any consolidation, merger, sale,
lease or conveyance permitted under Section 801 is also subject to the condition
that the Trustee receive an Officers’ Certificate and an Opinion of Counsel to
the effect that any such consolidation, merger, sale, lease or conveyance, and
the assumption by any successor corporation, complies with the provisions of
this Article and that all conditions precedent herein provided for relating to
such transaction have been complied with.

       

      ARTICLE
NINE

       

      

       

      SUPPLEMENTAL
INDENTURES

       

      SECTION
901.                                Supplemental
Indentures without Consent of Holders.  Without the consent of any
Holders of Securities or coupons, the Company, when authorized by or pursuant to
a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to
the Trustee, for any of the following purposes:

       

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

       

      
        
          
             

             

          

           

        

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

       

      (3)           to
add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such Events of Default are to be for the
benefit of less than all series of Securities, stating that such Events of
Default are expressly being included solely for the benefit of such series);
provided, however, that in respect of any such additional Events of Default such
supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default or
may limit the remedies available to the Trustee upon such default or may limit
the right of the Holders of a majority in aggregate principal amount of that or
those series of Securities to which such additional Events of Default apply to
waive such default; or

       

      (4)           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; or

       

      (5)           to
change or eliminate any of the provisions of this Indenture, provided that any
such change or elimination shall become effective only when there is no Security
Outstanding of any series created prior to the execution of such supplemental
indenture which is entitled to the benefit of such provision; or

       

      (6)           to
secure the Securities; or

       

      (7)           to
establish the form or terms of Securities of any series and any related coupons
as permitted by Sections 201 and 301, including the provisions and procedures
relating to Securities convertible into Common Shares or Preferred Shares, as
the case may be; or

       

      
        
          
             

             

          

           

        

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

       

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

       

      (10)           to
supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Sections 401, 1402 and 1403; provided that any such
action shall not adversely affect the interests of the Holders of Securities of
such series and any related coupons or any other series of Securities in any
material respect.

      

      SECTION
902.                                Supplemental
Indentures with Consent of Holders.  With the consent of the Holders
of not less than a majority in principal amount of all Outstanding Securities
affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities and any related
coupons under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:

       

      (1)           change
the Stated Maturity of the principal of (or premium, if any, on) or any
installment of principal of or interest on, any Security; or reduce the
principal amount thereof or the rate or amount of interest thereon or any
Additional Amounts payable in respect thereof, or any premium payable upon the
redemption thereof, or change any obligation of the Company to pay Additional
Amounts pursuant to Section 1008 (except as contemplated by Section
801(1)  and permitted by Section 901(1)), or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section
502 or the amount thereof provable in bankruptcy pursuant to Section 504, or
adversely affect any right of repayment at the option of the Holder of any
Security, or change any Place of Payment where, or the currency or currencies,
currency unit or units or composite currency or currencies in which, any
Security or any

       

      
        
          
          

        

        
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      premium
or the interest thereon is payable, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof (or,
in the case of redemption or repayment at the option of the Holder, on or after
the Redemption Date or the Repayment Date, as the case may be), or

       

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

       

      (3)           modify
any of the provisions of this Section, Section 513 or Section 1008, except to
increase the required percentage to effect such action or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected
thereby.

       

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

      

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

      

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

       

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

       

      
        
          
             

             

          

           

        

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

       

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

       

      ARTICLE
TEN

       

      

       

      COVENANTS

       

      SECTION
1001.                                           Payment
of Principal, Premium, if any, Interest and Additional Amounts.  The
Company covenants and agrees for the benefit of the Holders of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest on and any Additional Amounts payable in respect of the
Securities of that series in accordance with the terms of such series of
Securities, any coupons appertaining thereto and this
Indenture.  Unless otherwise specified as contemplated by Section 301
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, other
than Additional Amounts, if any, payable as provided in Section 1008 in respect
of principal of (or premium, if any, on) such a Security, shall be payable only
upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally
mature.  Unless otherwise specified with respect to Securities of any
series pursuant to Section 301, at the option of the Company, all payments of
principal may be paid by check to the registered Holder of the Registered
Security or other person entitled thereto against surrender of such
Security.

       

      SECTION
1002.                                           Maintenance
of Office or Agency.  If Securities of a series are issuable only as
Registered Securities, the Company shall maintain in each Place of Payment for
any series of Securities an office or agency where Securities of that series may
be presented or surrendered for payment or conversion, where Securities of that
series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served.  The Company will give prompt
written notice to the Trustee of the location, and any change in the location,
of each such office or agency.  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, an office or agency where any Registered
Securities of that series may be presented or surrendered for payment or
conversion,

       

      
        
          
          

        

        
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      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 or
conversion in the circumstances described in the following paragraph (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, 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 1008) or
conversion; provided, however, that if the Securities of that series are listed
on the Luxembourg Stock Exchange or any other stock exchange located outside the
United States and such stock exchange shall so require, the Company will
maintain a Paying Agent for the Securities of that series in Luxembourg or any
other required city located outside the United States, 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 located outside the United States 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 demand to or upon the Company in respect of the Securities of
that series and this Indenture may be served.  The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of each such office or agency.  If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee (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 1008) or conversion at the offices specified in the Security, in London,
England, and the Company hereby appoints the same as its agent to receive such
presentations, surrenders, notices and demands), and the Company hereby appoints
the Trustee its agent to receive all such presentations, surrenders, notices and
demands.

       

      Unless otherwise specified with respect
to any Securities pursuant to Section 301, no payment of principal, premium or
interest on or Additional Amounts in respect of Bearer Securities shall be made
at any office or agency of the Company in the United States or by check mailed
to any address in the United States or by transfer to an account maintained with
a bank located in the United States; provided, however, that, if the Securities
of a series are payable in Dollars, payment of principal of and any premium and
interest on any Bearer Security (including any Additional Amounts payable on
Securities of such series pursuant to Section 1008) shall be made at the office
of the Company’s Paying Agent in the Borough of Manhattan, The City of New York,
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 maintained for the purpose by the Company in
accordance with this Indenture, is illegal or effectively precluded by exchange
controls or other similar restrictions.

      
        
          
             

             

          

           

        

        
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      The Company may 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 of 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 of any such designation
or rescission and of any change in the location of any such other office or
agency.  Unless otherwise specified with respect to any Securities
pursuant to Section 301 with respect to a series of Securities, the Company
hereby designates as a Place of Payment for each series of Securities the office
or agency of the Company in the Borough of Manhattan, The City of New York, and
initially appoints the Trustee at its Corporate Trust Office as Paying Agent in
such city and as its agent to receive all such presentations, surrenders, notice
and demands.

      

      Unless otherwise specified with respect
to any Securities pursuant to Section 301, if and so long as the Securities of
any series (i) are denominated in a Foreign Currency or (ii) may be payable in a
Foreign Currency, or so long as it is required under any other provision of the
Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate agent.

      

      SECTION
1003.                                           Money
for Securities Payments to Be Held in Trust.  If the Company shall at
any time act as its own Paying Agent with respect to any series of any
Securities and any related coupons, it will, on or before each due date of the
principal of (and premium, if any), or interest on or Additional Amounts in
respect of, any of the Securities of that series, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum in the currency or
currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) sufficient to pay the
principal (and premium, if any) or interest or Additional Amounts so becoming
due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and will promptly notify the Trustee of its action or failure
so to act.

       

      Whenever the Company shall have one or
more Paying Agents for any series of Securities and any related coupons, it
will, before each due date of the principal of (and premium, if any), or
interest on or Additional Amounts in respect of, any Securities of that series,
deposit with a Paying Agent a sum (in the currency or currencies, currency unit
or units or composite currency or currencies described in the preceding
paragraph) sufficient to pay the principal (and premium, if any) or interest or
Additional Amounts, so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or interest or
Additional Amounts and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to
act.

      
        
          
             

             

          

           

        

        
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      The Company will cause each Paying
Agent other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will

      

      (1)           hold
all sums held by it for the payment of principal of (and premium, if any) or
interest on Securities or Additional Amounts 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;

       

      (2)           give
the Trustee notice of any default by the Company (or any other obligor upon the
Securities) in the making of any such payment of principal (and premium, if any)
or interest or Additional Amounts; and

       

      (3)           at
any time during the continuance of any Event of Default upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
Paying Agent.

       

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

      

      Except as otherwise provided in the
Securities of any series, any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of
(and premium, if any) or interest on, or any Additional Amounts in respect of,
any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any), interest or Additional Amounts has become due
and payable shall be paid to the Company upon Company Request or (if then held
by the Company) shall be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment of such principal of (and premium, if any) or interest on,
or any Additional Amounts in respect of, any Security, without interest thereon,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in an Authorized Newspaper, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

      
        
          
             

             

          

           

        

        
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      SECTION
1004.                                           Existence.  Subject
to Article Eight, the Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence, rights
(charter and statutory) and franchises; provided, however, that the Company
shall not be required to preserve any right or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company.

       

      SECTION
1005.                                           Maintenance
of Properties.  The Company will cause all of it properties used or
useful in the conduct of its business or the business of any Subsidiary to be
maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the
judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all
times.

       

      SECTION
1006.                                           Payment
of Taxes and Other Claims.  The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all
taxes, assessments and governmental charges levied or imposed upon it or any
Subsidiary or upon the income, profits or property of the Company or any
Subsidiary, and (2) all lawful claims for labor, materials and supplies which,
if unpaid, might by law become a lien upon the property of the Company or any
Subsidiary; provided, however, that the Company shall not be required to pay or
discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings.

       

      SECTION
1007.                                           Statement
as to Compliance.  The Company will deliver to the Trustee, within 120
days after the end of each fiscal year, a certificate from the principal
executive officer, principal financial officer or principal accounting officer
as to his or her knowledge of the Company’s compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance,
specifying such noncompliance and the nature and status thereof.  For
purposes of this Section 1007, such compliance shall be determined without
regard to any period of grace or requirement of notice under this
Indenture.

       

      SECTION
1008.                                           Additional
Amounts.  If any 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 may be specified
as contemplated by Section 301.  Whenever in this Indenture there is
mentioned, in any context except in the case of Section 502(1), 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 by the terms of
such series established pursuant to Section 301 to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof
pursuant to such terms and express mention of the

       

      
        
          
          

        

        
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      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.

       

      Except as otherwise specified as
contemplated by Section 301, 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, 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 any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
or any related coupons who are not United States persons without withholding for
or on account of any tax, assessment or other governmental charge described in
the Securities of the 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
of that series or related coupons and the Company will pay to the Trustee or
such Paying Agent the Additional Amounts required by the terms of such
Securities.  In the event that the Trustee or any Paying Agent, as the
case may be, shall not so receive the above-mentioned certificate, then the
Trustee or such Paying Agent shall be entitled (i) to assume that no such
withholding or deduction is required with respect to any payment of principal or
interest with respect to any Securities of a series or related coupons until it
shall have received a certificate advising otherwise and (ii) to make all
payments of principal and interest with respect to the Securities of a series or
related coupons without withholding or deductions until otherwise
advised.  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 or
in reliance on any Officers’ Certificate furnished pursuant to this Section or
in reliance on the Company’s not furnishing such an Officers’
Certificate.

      

      SECTION
1009.                                           Waiver
of Certain Covenants.  The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Sections 1004 to
1006, inclusive, if before or after the time for such compliance the Holders of
at least a majority in principal amount of all outstanding Securities of such
series, by Act of such Holders, 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 term,
provision or condition shall remain in full force and effect.

       

      
        
          
             

             

          

           

        

        
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      ARTICLE
ELEVEN

       

      

       

      REDEMPTION
OF SECURITIES

       

      SECTION
1101.                                           Applicability
of Article.  Securities of any series which are redeemable before
their Stated Maturity shall be redeemable in accordance with their terms and
(except as otherwise specified as contemplated by Section 301 for Securities of
any series) in accordance with this Article.

       

      SECTION
1102.                                           Election
to Redeem; Notice to Trustee.  The election of the Company to redeem
any Securities shall be evidenced by or pursuant to a Board
Resolution.  In case of any redemption at the election of the Company
of less than all of the Securities of any series, the Company shall, at least 45
days prior to the giving of the notice of redemption in Section 1104 (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be
redeemed.  In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such
restriction.

       

      SECTION
1103.                                           Selection
by Trustee of Securities to Be Redeemed.  If less than all the
Securities of any series issued on the same day with the same terms are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series issued on such date with the same terms not previously
called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or
any integral multiple thereof) of the principal amount of Securities of such
series of a denomination larger than the minimum authorized denomination for
Securities of that series.

       

      The Trustee shall promptly notify the
Company and the Security Registrar (if other than itself) in writing of the
Securities selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be
redeemed.

      

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

      

      SECTION
1104.                                           Notice
of Redemption.  Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 days nor more than 60 days prior to
the Redemption Date, unless a shorter period is specified by the terms of such
series

       

      
        
          
          

        

        
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      established
pursuant to Section 301, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other such Security or portion thereof.

       

      Any notice that is mailed to the
Holders of Registered Securities in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder
receives the notice.

      

      All
notices of redemption shall state:

      

      (1)           the
Redemption Date,

       

      (2)           the
Redemption Price, accrued interest to the Redemption Date payable as provided in
Section 1106, if any, and Additional Amounts, if any,

       

      (3)           If
less than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount) of
the particular Security or Securities to be redeemed,

       

      (4)           in
case any Security is to be redeemed in part only, the notice which relates to
such Security shall state that on and after the Redemption Date, upon surrender
of such Security, the holder will receive, without a charge, a new Security or
Securities of authorized denominations for the principal amount thereof
remaining unredeemed,

       

      (5)           that
on the Redemption Date the Redemption Price and accrued interest to the
Redemption Date payable as provided in Section 1106, if any, will become due and
payable upon each such Security, or the portion thereof, to be redeemed and, if
applicable, that interest thereon shall cease to accrue on and after said
date,

       

      (6)           the
Place or Places of Payment where such Securities, together in the case of Bearer
Securities with all coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and
accrued interest, if any, or for conversion,

       

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

       

      (8)           that,
unless otherwise specified in such notice, Bearer Securities of any series, if
any, surrendered for redemption must be accompanied by all coupons maturing
subsequent to the date fixed for redemption or the amount of any such missing
coupon or coupons will be deducted from the Redemption Price, unless security or
indemnity satisfactory to the Company, the Trustee for such series and any
Paying Agent is furnished,

       

      
        
          
             

             

          

           

        

        
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      (9)           if
Bearer Securities of any series are to be redeemed and any Registered Securities
of such series are not to be redeemed, and if such Bearer Securities may be
exchanged for Registered Securities not subject to redemption on this Redemption
Date pursuant to Section 305 or otherwise, the last date, as determined by the
Company, on which such exchanges may be made,

       

      (10)           the
CUSIP number of such Security, if any, and

       

      (11)           if
applicable, that a Holder of Securities who desires to convert Securities for
redemption must satisfy the requirements for conversion contained in such
Securities, the then existing conversion price or rate, and the date and time
when the option to convert shall expire.

       

      Notice of redemption of Securities to
be redeemed 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.

      

      SECTION
1105.                                           Deposit
of Redemption Price.  At least one Business Day prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, which it may not do
in the case of a sinking fund payment under Article Twelve, segregate and hold
in trust as provided in Section 1003) an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) sufficient to pay on
the Redemption Date the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on, all the Securities or
portions thereof which are to be redeemed on that date.

       

      SECTION
1106.                                           Securities
Payable on Redemption Date.  Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein specified in the currency
or currencies, currency unit or units or composite currency or currencies in
which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) (together with
accrued interest, if any, to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall
be void.  Upon surrender of any such Security for redemption in
accordance with said notice, together with all coupons, if any, appertaining
thereto maturing after the Redemption Date, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date; provided, however, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the

       

      
        
          
          

        

        
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      Redemption
Date shall be payable only at an office or agency located outside the United
States (except as otherwise provided in Section 1002) and, unless otherwise
specified as contemplated by Section 301, only upon presentation and surrender
of coupons for such interest; and provided further that, except as otherwise
provided with respect to Securities convertible into Common Stock or Preferred
Stock, installments of interest on Registered Securities whose Stated Maturity
is on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

       

      If any Bearer Security surrendered for
redemption shall not be accompanied by all appurtenant coupons maturing after
the Redemption Date, 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 be 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
(except as otherwise provided in Section 1002) and, unless otherwise specified
as contemplated by Section 301, only upon presentation and surrender of those
coupons.

      

      If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal (and
premium, if any) shall, until paid, bear interest from the Redemption Date at
the rate borne by the Security.

      

      SECTION
1107.                                           Securities
Redeemed in Part.  Any Registered Security which is to be redeemed
only in part (pursuant to the provisions of this Article or of Article Twelve)
shall be surrendered at a Place of Payment therefore (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge a new Security or Securities of the same series,
of any authorized denomination as requested by such Holder in aggregate
principal amount equal to and in exchange for the unredeemed portion of the
principal of the Security so surrendered.

       

      ARTICLE
TWELVE

       

      

       

      SINKING
FUNDS

       

      SECTION
1201.                                           Applicability
of Article.  The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section 301 for Securities of such
series.

       

      
        
          
             

             

          

           

        

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

      

      SECTION
1202.                                           Satisfaction
of Sinking Fund Payments with Securities.  The Company may, in
satisfaction of all or any part of any mandatory sinking fund payment with
respect to the Securities of a series, (1) deliver Outstanding Securities of
such series (other than any previously called for redemption) together in the
case of any Bearer Securities of such series with all unmatured coupons
appertaining thereto and (2) apply as a credit Securities of such series which
have been redeemed either at the election of the Company pursuant to the terms
of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, as provided for by the terms
of such Securities, or which have otherwise been acquired by the Company;
provided that such Securities so delivered or applied as a credit have not been
previously so credited.  Such Securities shall be received and
credited for such purpose by the Trustee at the applicable Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such mandatory sinking fund payment shall be reduced
accordingly.

       

      SECTION
1203.                                           Redemption
of Securities for Sinking Fund.  Not less than 60 days prior to each
sinking fund payment date for Securities of any series, the Company will deliver
to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing mandatory sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of
cash in the currency or currencies, currency unit or units or composite currency
or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series)
and the portion thereof, if any, which is to be satisfied by delivering and
crediting Securities of that series pursuant to Section 1202, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund
payment, and will also deliver to the Trustee any Securities to be so delivered
and credited.  If such Officers’ Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon be obligated to pay the amount therein
specified.  Not less than 30 days before each such sinking fund
payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 1103 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104.  Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and 1107.

       

      
        
          
             

             

          

           

        

        
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      ARTICLE
THIRTEEN

       

      

       

      REPAYMENT
AT THE OPTION OF HOLDERS

       

      SECTION
1301.                                           Applicability
of Article.  Repayment of Securities of any series before their Stated
Maturity at the option of Holders thereof shall be made in accordance with the
terms of such Securities, if any, and (except as otherwise specified by the
terms of such series established pursuant to Section 301) in accordance with
this Article.

       

      SECTION
1302.                                           Repayment
of Securities.  Securities of any series subject to repayment in whole
or in part at the option of the Holders thereof will, unless otherwise provided
in the terms of such Securities, be repaid at a price equal to the principal
amount thereof, together with interest, if any, thereon accrued to the Repayment
Date specified in or pursuant to the terms of such Securities.  The
Company covenants that at least one Business Day prior to the Repayment Date it
will deposit with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series) sufficient to pay the principal (or, if so provided
by the terms of the Securities of any series, a percentage of the principal) of,
and (except if the Repayment Date shall be an Interest Payment Date) accrued
interest on, all the Securities or portions thereof, as the case may be, to be
repaid on such date.

       

      SECTION
1303.                                           Exercise
of Option.  Securities of any series subject to repayment at the
option of the Holders thereof will contain an “Option to Elect Repayment” form
on the reverse of such Securities.  In order for any Security to be
repaid at the option of the Holder, the Trustee must receive at the Place of
Payment therefor specified in the terms of such Security (or at such other place
or places of which the Company shall from time to time notify the Holders of
such Securities) not earlier than 60 days nor later than 30 days prior to the
Repayment Date (1)the Security so providing for such repayment together with the
“Option to Elect Repayment” form on the reverse thereof duly completed by the
Holder (or by the Holder’s attorney duly authorized in writing) or (2) a
telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange, or the Financial Industry Regulatory Authority, or a
commercial bank or trust company in the United States setting forth the name of
the Holder of the Security, the principal amount of the Security, the principal
amount of the Security to be repaid, the CUSIP number, if any, or a description
of the tenor and terms of the Security, a statement that the option to elect
repayment is being exercised thereby and a guarantee that the Security to be
repaid, together with the duly completed form entitled “Option to Elect
Repayment” on the reverse of the Security, will be received by the Trustee not
later than the fifth Business Day after the date of such

       

      
        
          
          

        

        
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      telegram,
telex, facsimile transmission or letter; provided, however, that such telegram,
telex, facsimile transmission or letter shall only be effective if such Security
and form duly completed are received by the Trustee by such fifth Business
Day.  If less than the entire principal amount of such Security is to
be repaid in accordance with the terms of such Security, the principal amount of
such Security to be repaid, in increments of the minimum denomination for
Securities of such series, and the denomination or denominations of the Security
or Securities to be issued to the Holder for the portion of the principal amount
of such Security surrendered that is not to be repaid, must be
specified.  The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part.   Except as otherwise
may be provided by the terms of any Security providing for repayment at the
option of the Holder thereof, exercise of the repayment option by the Holder
shall be irrevocable unless waived by the Company.

       

      SECTION
1304.                                           When
Securities Presented for Repayment Become Due and Payable.  If
Securities of any series providing for repayment at the option of the Holders
thereof shall have been surrendered as provided in this Article and as provided
by or pursuant to the terms of such Securities, such Securities or the portions
thereof, as the case may be, to be repaid shall become due and payable and shall
be paid by the Company on the Repayment Date therein specified, and on and after
such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void.  Upon surrender of any such Security
for repayment in accordance with such provisions, together with all coupons, if
any, appertaining thereto maturing after the Repayment Date, the principal
amount of such Security so to be repaid shall be paid by the Company, together
with accrued interest, if any, to the Repayment Date; provided, however, that
coupons whose Stated Maturity is on or prior to the Repayment Date shall be
payable only at an office or agency located outside the United States (except as
otherwise provided in Section 1002) and, unless otherwise specified pursuant to
Section 301, only upon presentation and surrender of such coupons; and provided
further that, in the case of Registered Securities, installments of interest, if
any, whose Stated Maturity is on or prior to the Repayment Date shall be payable
(but without interest thereon, unless the Company shall default in the payment
thereof) to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 307.

       

      If any Bearer Security surrendered for
repayment shall not be accompanied by all appurtenant coupons maturing after the
Repayment Date, such Security may be paid after deducting from the amount
payable therefor as provided in Section 1302 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 be furnished to them such
security or indemnity as they may require to save each of them and any
Paying

      
        
          
          

        

        
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      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 as provided in the preceding sentence, 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 (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated by Section 301,
only upon presentation and surrender of those coupons.

      

      If the principal amount of any Security
surrendered for repayment shall not be so repaid upon surrender thereof, such
principal amount (together with interest, if any, thereon accrued to such
Repayment Date) shall, until paid, bear interest from the Repayment Date at the
rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) set forth in such Security.

      

      SECTION
1305.                                           Securities
Repaid in Part.  Upon surrender of any Registered Security which is to
be repaid in part only, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge
and at the expense of the Company, a new Registered Security or Securities of
the same series, of any authorized denomination specified by the Holder, in an
aggregate principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered which is not to be
repaid.

       

      ARTICLE
FOURTEEN

       

      

       

      DEFEASANCE
AND COVENANT DEFEASANCE

       

      SECTION
1401.                                           Applicability
of Article; Company’s Option to Effect Defeasance or Covenant
Defeasance.  If, pursuant to Section 301, provision is made for either
or both of (a) defeasance of the Securities of or within a series under Section
1402 or (b) covenant defeasance of the Securities of or within a series under
Section 1403, then the provisions of such Section or Sections, as the case may
be, together with the other provisions of this Article (with such modifications
thereto as may be specified pursuant to Section 301 with respect to any
Securities), shall be applicable to such Securities and any coupons appertaining
thereto, and the Company may at its option by Board Resolution, at any time,
with respect to such Securities and any coupons appertaining thereto, elect to
have Section 1402 (if applicable) or Section 1403 (if applicable) be applied to
such Outstanding Securities and any coupons appertaining thereto upon compliance
with the conditions set forth below in this Article.

       

      SECTION
1402.                                           Defeasance
and Discharge.  Upon the Company’s exercise of the above option
applicable to this Section with respect to any Securities of or within a series,
the Company shall be deemed to have been discharged from its obligations with
respect to such Outstanding Securities and any coupons appertaining thereto on
the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“defeasance”).  For this purpose, such defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness
represented by such Outstanding Securities and any

       

      
        
          
          

        

        
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      coupons
appertaining thereto, which shall thereafter be deemed to be “Outstanding” only
for the purposes of Section 1405 and the other Sections of this Indenture
referred to in clauses (A) and (B) below, and to have satisfied all of its other
obligations under such Securities and any coupons appertaining thereto and this
Indenture insofar as such Securities and any coupons appertaining thereto 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 such Outstanding Securities and any coupons appertaining thereto to
receive, solely from the trust fund described in Section 1404 and as more fully
set forth in such Section, payments in respect of the principal of (and premium,
if any) and interest, if any, on such Securities and any coupons appertaining
thereto when such payments are due, (B) the Company’s obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003 and with respect to
the payment of Additional Amounts, if any, on such Securities as contemplated by
Section 1008, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (D) this Article.  Subject to compliance with
this Article Fourteen, the Company may exercise its option under this Section
notwithstanding the prior exercise of its option under Section 1403 with respect
to such Securities and any coupons appertaining thereto.

       

      SECTION
1403.                                           Covenant
Defeasance.  Upon the Company’s exercise of the above option
applicable to this Section with respect to any Securities of or within a series,
the Company shall be released from its obligations under Section 1004
to

       

      1006,
inclusive, and, if specified pursuant to Section 301, its obligations under any
other covenant, with respect to such Outstanding Securities and any coupons
appertaining thereto on and after the date the conditions set forth in Section
1404 are satisfied (hereinafter, “covenant defeasance”), and such Securities and
any coupons appertaining thereto shall thereafter be deemed to be not
“Outstanding” for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with
Sections 1004 to 1006, inclusive, or such other covenant, but shall continue to
be deemed “Outstanding” for all other purposes hereunder.  For this
purpose, such covenant defeasance means that, with respect to such Outstanding
Securities and any coupons appertaining thereto, 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 or such other covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or
such other covenant or by reason of reference in any such Section or such other
covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a default or an Event of Default under
Section 501(4) or 501(8) or otherwise, as the case may be, but, except as
specified above, the remainder of this Indenture and such Securities and any
coupons appertaining thereto shall be unaffected thereby.

      

      SECTION
1404.                                           Conditions
to Defeasance or Covenant Defeasance.  The following shall be the
conditions to application of Section 1402 or Section 1403 to any Outstanding
Securities of or within a series and any coupons appertaining
thereto:

       

      
        
          
             

             

          

           

        

        
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      (a)         The
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 607 who shall
agree to comply with the provisions of this Article Fourteen applicable to it)
as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities and any coupons appertaining thereto, (1) an
amount in such currency, currencies or currency unit in which such Securities
and any coupons appertaining thereto are then specified as payable at Stated
Maturity, or (2) Government Obligations applicable to such Securities and
coupons appertaining thereto (determined on the basis of the currency,
currencies or currency unit in which such Securities and coupons appertaining
thereto are then specified as payable at Stated Maturity) 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 of principal of (and premium, if any) and interest, if any, on such
Securities and any coupons appertaining thereto, money in an amount, or (3) a
combination thereof, in any case, in an amount, sufficient, without
consideration of any reinvestment of such principal and interest, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, (i) the principal of (and premium, if any) and interest, if any,
on such Outstanding Securities and any coupons appertaining thereto on the
Stated Maturity of such principal or installment of principal or interest and
(ii) any mandatory sinking fund payments or analogous payments applicable to
such Outstanding Securities and any coupons appertaining thereto on the day on
which such payments are due and payable in accordance with the terms of this
Indenture and of such Securities and any coupons appertaining
thereto.

       

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

       

      (c)         No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to such Securities and any coupons
appertaining thereto shall have occurred and be continuing on the date of such
deposit or, insofar as Sections 501(6) and 501(7) are concerned, at any time
during the period ending on the 91st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the
expiration of such period).

       

      (d)         In
the case of an election under Section 1402, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling, or
(ii) since the date of execution 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 such Outstanding
Securities and any

       

      
        
          
          

        

        
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      coupons
appertaining thereto 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.

       

      (e)         In
the case of an election under Section 1403, the Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Securities and any coupons appertaining thereto 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.

       

      (f)         The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the defeasance
under Section 1402 or the covenant defeasance under Section 1403 (as the case
may be) have been complied with and an Opinion of Counsel to the effect that
either (i) as a result of a deposit pursuant to subsection (a) above and the
related exercise of the Company’s option under Section 1402 or Section 1403 (as
the case may be), registration is not required under the Investment Company Act
of 1940, as amended, by the Company, with respect to the trust funds
representing such deposit or by the Trustee for such trust funds or (ii) all
necessary registrations under said Act have been effected.

       

      (g)         Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance
shall be effected in compliance with any additional or substitute terms,
conditions or limitations which may be imposed on the Company in connection
therewith pursuant to Section 301.

       

      SECTION
1405.                                           Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions.  Subject to the provisions of the last paragraph of
Section 1003, all money and Government Obligations (or other property as may be
provided pursuant to Section 301) (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 1405, the “Trustee”) pursuant to Section 1404 in respect of any
Outstanding Securities of any series and any coupons appertaining thereto shall
be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and any coupons appertaining thereto and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities and any coupons appertaining thereto of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest
and Additional Amounts, if any, but such money need not be segregated from other
funds except to the extent required by law.

       

      
        
          
             

             

          

           

        

        
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      Unless otherwise specified with respect
to any Security pursuant to Section 301, if, after a deposit referred to in
Section 1404(a) has been made, (a) the Holder of a Security in respect of which
such deposit was made is entitled to, and does, elect pursuant to Section 301 or
the terms of such Security to receive payment in a currency or currency unit
other than that in which the deposit pursuant to Section 1404(a) has been made
in respect of such Security, or (b) a Conversion Event occurs in respect of the
currency or currency unit in which the deposit pursuant to Section 1404(a) has
been made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully discharged
and satisfied through the payment of the principal of (and premium, if any), and
interest, if any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the case of any
such election) the amount or other property deposited in respect of such
Security into the currency or currency unit in which such Security becomes
payable as a result of such election or Conversion Event based on the applicable
market exchange rate for such currency or currency unit in effect on the second
Business Day prior to each payment date, except, with respect to a Conversion
Event, for such currency or currency unit in effect (as nearly as feasible) at
the time of the Conversion Event.

       

      

      The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
Government Obligations deposited pursuant to Section 1404 or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of such Outstanding
Securities and any coupons appertaining thereto.

      

      Anything in this Article to the
contrary notwithstanding, subject to Section 606, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money or
Government Obligations (or other property and any proceeds therefrom) held by it
as provided in Section 1404 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 a defeasance or covenant
defeasance, as applicable, in accordance with this Article.

      

      SECTION
1406.                                           Reinstatement.  If
the Trustee is unable to apply any money in accordance with this Article
Fourteen with respect to any Securities by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations under this Indenture and such
Securities from which the Company has been discharged or released pursuant to
Section 1402 or 1403shall be revived and reinstated as though no deposit had
occurred pursuant to this Article Fourteen with respect to such Securities,
until such time as the Trustee is permitted to apply all money held in trust
pursuant to Section 1405 with respect to such Securities in accordance with this
Article Fourteen; provided, however, that if the Company makes any payment of
principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights
(if any) of the Holders of such Securities to receive such payment from the
money so held in trust.

      
        
          
             

             

          

           

        

        
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      [ARTICLE
FIFTEEN

       

      

       

      SUBORDINATION

       

      SECTION
1501.                                           Securities
Subordinated to Senior Indebtedness.  The Company and each Holder of a
Security, by his acceptance thereof, agree that (a) the payment of the
principal of, premium (if any) and interest on and any Additional Amounts with
respect to each and all the Securities and (b) any other payment in respect
of the Securities, including on account of the acquisition or redemption of
Securities by the Company, is subordinated, to the extent and in the manner
provided in such Security or in the supplemental indenture pursuant to which
such Security is issued, to the prior payment in full of all Senior Indebtedness
specified in such Security or in such supplemental indenture.

       

      

      Such subordination provisions shall
constitute a continuing offer to all Persons who, in reliance upon such
provisions, become holders of, or continue to hold, any of such Senior
Indebtedness, and such provisions are made for the benefit of the holders of
such Senior Indebtedness and any one or more of them may enforce such
provisions.

      

      In the event that the Company shall
default in the payment of any principal of (or premium, if any) or interest on
any Senior Indebtedness of the Company when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or
otherwise, then, upon written notice of such default to the Company by the
holders of Senior Indebtedness or any trustee therefor, unless and until such
default shall have been cured or waived or shall have ceased to exist, no direct
or indirect payment (in cash, property, securities, by set-off or otherwise)
shall be made or agreed to be made on account of the principal of or interest on
any of the Securities, or in respect of any redemption, retirement, purchase or
other acquisition of any of the Securities.

      

      In the event of

      

      (1) any insolvency, bankruptcy,
receivership, liquidation, reorganization, readjustment, composition or other
similar proceeding relating to the Company, its creditors or its
property,

      

      (2) any proceeding for the liquidation,
dissolution or other winding up of the Company, voluntary or involuntary,
whether or not involving insolvency or bankruptcy proceedings,

      

      (3) any assignment by the Company for
the benefit of creditors, or

      

      (4) any other marshalling of the assets
of the Company,

      
        
          
             

             

          

           

        

        
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      all
Senior Indebtedness of the Company (including any interest thereon accruing
after the commencement of any such proceedings) shall first be paid in full
before any payment or distribution, whether in cash, securities or other
property, shall be made to any Holder of any of the Securities on account
thereof. Any payment or distribution, whether in cash, securities or other
property (other than securities of the Company or any other corporation provided
for by a plan of reorganization or readjustment the payment of which is
subordinate, at least to the extent provided in these subordination provisions
with respect to the indebtedness evidenced by the Securities, to the payment of
all Senior Indebtedness of the Company at the time outstanding and to any
securities issued in respect thereof under any such plan of reorganization or
readjustment), which would otherwise (but for these subordination provisions) be
payable or deliverable in respect of the Securities of any series shall be paid
or delivered directly to the holders of Senior Indebtedness of the Company in
accordance with the priorities then existing among such holders until all Senior
Indebtedness of the Company (including any interest thereon accruing after the
commencement of any such proceedings) shall have been paid in full.

      

      In the event that, notwithstanding the
foregoing, any payment or distribution of any character or any security, whether
in cash, securities or other property (other than securities of the Company or
any other corporation provided for by a plan of reorganization or readjustment
the payment of which are subordinate, at least to the extent provided in these
subordination provisions with respect to the indebtedness evidenced by the
Securities, to the payment of all Senior Indebtedness of the Company at the time
outstanding and to any securities issued in respect thereof under any such plan
or reorganization or readjustment), shall be received by the Trustee or any
Holder in contravention of any of the terms hereof such payment or distribution
or security shall be received in trust for the benefit of, and shall be paid
over or delivered and transferred to, the holders of the Senior Indebtedness of
the Company at the time outstanding in accordance with the priorities then
existing among such holders for application to the payment of all Senior
Indebtedness of the Company remaining unpaid, to the extent necessary to pay all
such Senior Indebtedness of the Company in full. In the event of the failure of
the Trustee or any Holder to endorse or assign any such payment, distribution or
security, each holder of Senior Indebtedness of the Company is hereby
irrevocably authorized to endorse or assign the same.

      

      No present or future holder of any
Senior Indebtedness of the Company shall be prejudiced in the right to enforce
subordination of the indebtedness evidenced by the Securities by any act or
failure to act on the part of the Company.

      

      Senior Indebtedness of the Company
shall not be deemed to have been paid in full unless the holders thereof shall
have received cash, securities or other property equal to the amount of such
Senior Indebtedness of the Company then outstanding. Upon the payment in full of
all Senior Indebtedness of the Company, the Holders of Securities of each series
shall be subrogated to all rights of any holders of Senior Indebtedness of the
Company to receive any further payments or distributions applicable to the
Senior

      
        
          
          

        

        
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      Indebtedness
of the Company until the indebtedness evidenced by the Securities of such series
shall have been paid in full, and such payments or distributions received by
such Holders, by reason of such subrogation, of cash, securities or other
property which otherwise would be paid or distributed to the holders of Senior
Indebtedness of the Company, shall, as between the Company and its creditors
other than the holders of Senior Indebtedness of the Company, on the one hand,
and such Holders, on the other hand, be deemed to be a payment by the Company on
account of Senior Indebtedness of the Company, and not on account of the
Securities of such series.

      

      The Trustee and Holders will take such
action (including, without limitation, the delivery of this Indenture to an
agent for the holders of Senior Indebtedness of the Company or consent to the
filing of a financing statement with respect thereto) as may, in the opinion of
counsel designated by the holders of a majority in principal amount of the
Senior Indebtedness of the Company at the time outstanding, be necessary or
appropriate to assure the effectiveness of the subordination effected by these
provisions.

      

      SECTION
1502.                                           Right
of Trustee to Hold Senior Indebtedness.  The Trustee in its individual
capacity shall be entitled to all of the rights set forth in this
Article Fifteen in respect of any Senior Indebtedness at any time held by
it to the same extent as any other holder of Senior Indebtedness, and nothing in
this Indenture shall be construed to deprive the Trustee of any of its rights as
such holder.

       

      

      SECTION
1503.                                           Subordination
Not to Prevent Events of Default.  The failure to make a payment on
account of principal of, premium (if any) or interest on the Securities by
reason of any subordination provision for the benefit of holders of Senior
Indebtedness shall not be construed as preventing the occurrence of a Default or
an Event of Default under Section 501 or in any way prevent the Holders of
the Securities from exercising any right hereunder other than the right to
receive payment on the Securities.

       

      

      SECTION
1504.                                           No
Fiduciary Duty of Trustee to Holders of Senior Indebtedness.  Upon any
payment or distribution of assets of the Company referred to in this Article
Fifteen, the Trustee and the Holders shall be entitled to rely on an order or
decree made by any court of competent jurisdiction in which such dissolution or
winding up or liquidation or reorganization or arrangement proceedings are
pending or upon a certificate of the trustee in bankruptcy, receiver, assignee
for the benefit of creditors or other person making such payment or
distribution, delivered to the Trustee or to the Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the
holders of the Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article Fifteen.
In the absence of any such bankruptcy trustee, receiver, assignee or other
person, the Trustee shall be entitled to rely upon a written notice by a Person
representing himself to be a holder of Senior Indebtedness of the Company (or a
trustee or representative on behalf of such Holder) as evidence that such Person
is a holder of such Senior Indebtedness (or is

       

      
        
          
          

        

        
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      such a
trustee or representative). In the event that the Trustee determines, in good
faith, that further evidence is required with respect to the right of any person
as a holder of Senior Indebtedness of the Company to participate in any payments
or distributions pursuant to this Article Fifteen, the Trustee may request
such person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Indebtedness of the Company held by such person, as to
the extent to which such person is entitled to participate in such payment or
distribution, and as to other facts pertinent to the rights of such person under
this Article Fifteen, and if such evidence is not furnished, the Trustee
may offer any payment to such person pending judicial determination as to the
right of such person to receive such payment.

       

      The Trustee shall not be deemed to owe
any fiduciary duty to the holders of Senior Indebtedness, and shall not be
liable to any such holders (other than for its willful misconduct or negligence)
if it shall in good faith mistakenly pay over or distribute to the Holders of
the Securities or the Company or any other Person, cash, property or securities
to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article Fourteen or otherwise. Nothing in this Section 1504 shall
affect the obligation of any other such Person to hold such payment for the
benefit of, and to pay such payment over to, the holders of Senior Indebtedness
or their representative.

      

      SECTION
1505.                                           Payment
Permitted if No Default.  Nothing contained in this
Article Fifteen or elsewhere in this Indenture, or in any of the
Securities, shall prevent (1) the Company, at any time except during the
pendency of any dissolution, winding up, liquidation or reorganization
proceedings referred to in, or under the conditions described in,
Section 1501, from making payments at any time of the principal of or
interest on the Securities or (2) the application by the Trustee or any
Paying Agent of any monies deposited with it hereunder to payments of the
principal of or interest on the Securities, if, at the time of such deposit, the
Trustee or such Paying Agent, as the case may be, did not have the written
notice provided for in this Section 1505 of any event prohibiting the
making of such deposit, or if, at the time of such deposit (whether or not in
trust) by the Company with the Trustee or any Paying Agent (other than the
Company) such payment would not have been prohibited by the provisions of this
Article, and the Trustee or any Paying Agent shall not be affected by any notice
to the contrary received by it on or after such date.

       

      Anything in this Article Fifteen
or elsewhere in this Indenture contained to the contrary notwithstanding, the
Trustee shall not at any time be charged with knowledge of the existence of any
facts which would prohibit the making of any payment of monies to or by the
Trustee and shall be entitled conclusively to assume that no such facts exist
and that no event specified in Section 1501 has happened, until the Trustee
shall have received an Officer’s Certificate of the Company to that effect or
notice in writing to that effect signed by or on behalf of the holder or
holders, or their representatives, of Senior Indebtedness of the Company, as the
case may be, who shall have been certified by the Company or otherwise
established to the reasonable satisfaction of the Trustee to be such holder or
holders or representatives or from any trustee under any indenture pursuant to
which such Senior Indebtedness of the Company shall be outstanding; provided
that, if

      
        
          
          

        

        
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      prior to
the third Business Day preceding the date upon which by the terms hereof any
monies become payable (including, without limitation, the payment of either the
principal of or interest on any security, or in the event of the execution of an
instrument pursuant to Section 401 acknowledging satisfaction and discharge
of this Indenture, then if prior to the second Business Day preceding the date
of such execution, the Trustee or any Paying Agent shall not have received with
respect to such monies the Officers’ Certificate or notice provided for in this
Section 1505, then, anything herein contained to the contrary
notwithstanding, the Trustee or such Paying Agent shall have full power and
authority to receive such monies and apply the same to the purpose for which
they were received and shall not be affected by any notice to the contrary which
may be received by it on or after such date. The Company shall give prompt
written notice to the Trustee and to the Paying Agent of any facts which would
prohibit the payment of monies to or by the Trustee or any Paying
Agent.

      

      SECTION
1506.                                           Article Applicable
to Paying Agent.  In case at any time any Paying Agent other than the
Trustee shall have been appointed by the Company and be then acting hereunder,
the term “ Trustee “ as used in this Article Fifteen shall in such case
(unless the context shall otherwise require) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article Fifteen in
addition to or in place of the Trustee; provided, however, that this
Section 1506 shall not apply to the Company or any Affiliate of the Company
if it or such Affiliate acts as Paying Agent.]

       

      

      * * * *
*

      

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

      

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

      

      DYNEX
CAPITAL, INC.

       

      By:                                

      Title:

       

                                           ,
as Trustee

       

      By:                                

      Title:

       

      
        
          
             

             

          

           

        

        
          82

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      FORMS OF
CERTIFICATION

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