Document:

Exhibit
4.5

       

      
 

      RUBY
TUESDAY, INC.

       

      as
the Company

       

      and

       

      as
Trustee

       

       

      
        	
                Subordinated
      Indenture

                 

                Dated
      as
      of                    ,
      20

              

      

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        

      

      

      TABLE
OF CONTENTS

       

      
        

      

      
        
          
            	 
      	 
      	
                    PAGE

                  
	 
      	
                    ARTICLE
      1

                  	 
      
	 
      	
                    DEFINITIONS
      AND INCORPORATION BY REFERENCE

                  	 
      
	
                    Section
      1.01.

                  	
                    Definitions.

                  	
                    5

                  
	
                    Section
      1.02.

                  	
                    Other
      Definitions

                  	
                    12

                  
	
                    Section
      1.03.

                  	
                    Incorporation
      by Reference of Trust Indenture Act

                  	
                    12

                  
	
                    Section
      1.04.

                  	
                    Rules
      of Construction

                  	
                    13

                  
	 
      	
                    ARTICLE
      2

                  	 
      
	 
      	
                    THE
      SECURITIES

                  	 
      
	
                    Section
      2.01.

                  	
                    Form
      and Dating

                  	
                    13

                  
	
                    Section
      2.02.

                  	
                    Execution
      And Authentication

                  	
                    13

                  
	
                    Section
      2.03.

                  	
                    Amount
      Unlimited; Issuable in Series

                  	
                    15

                  
	
                    Section
      2.04.

                  	
                    Denomination
      and Date of Securities; Payments of Interest

                  	
                    18

                  
	
                    Section
      2.05.

                  	
                    Registrar
      and Paying Agent; Agents Generally

                  	
                    19

                  
	
                    Section
      2.06.

                  	
                    Paying
      Agent to Hold Money in Trust

                  	
                    20

                  
	
                    Section
      2.07.

                  	
                    Transfer
      and Exchange

                  	
                    20

                  
	
                    Section
      2.08.

                  	
                    Replacement
      Securities

                  	
                    23

                  
	
                    Section
      2.09.

                  	
                    Outstanding
      Securities

                  	
                    25

                  
	
                    Section
      2.10.

                  	
                    Temporary
      Securities

                  	
                    25

                  
	
                    Section
      2.11.

                  	
                    Cancellation

                  	
                    26

                  
	
                    Section
      2.12.

                  	
                    CUSIP
      Numbers

                  	
                    26

                  
	
                    Section
      2.13.

                  	
                    Defaulted
      Interest

                  	
                    26

                  
	
                    Section
      2.14.

                  	
                    Series
      May Include Tranches

                  	
                    26

                  
	 
      	
                    ARTICLE
      3

                  	 
      
	 
      	
                    REDEMPTION

                  	 
      
	
                    Section
      3.01.

                  	
                    Applicability
      of Article

                  	
                    27

                  
	
                    Section
      3.02.

                  	
                    Notice
      of Redemption; Partial Redemptions

                  	
                    27

                  
	
                    Section
      3.03.

                  	
                    Payment
      Of Securities Called For Redemption

                  	
                    29

                  
	
                    Section
      3.04.

                  	
                    Exclusion
      of Certain Securities from Eligibility for Selection for
      Redemption

                  	
                    30

                  
	
                    Section
      3.05.

                  	
                    Mandatory
      and Optional Sinking Funds

                  	
                    30

                  
	 
      	
                    ARTICLE
      4

                  	 
      
	 
      	
                    COVENANTS

                  	 
      
	
                    Section
      4.01.

                  	
                    Payment
      of Securities

                  	
                    33

                  
	
                    Section
      4.02.

                  	
                    Maintenance
      of Office or Agency

                  	
                    34

                  
	
                    Section
      4.03.

                  	
                    Securityholders’
      Lists

                  	
                    34

                  
	
                    Section
      4.04.

                  	
                    Certificate
      to Trustee

                  	
                    35

                  

          

        

         

         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

         

         

        
          
            	
                    Section
      4.05.

                  	
                    Reports
      by the Company

                  	
                    35

                  
	
                    Section
      4.06.

                  	
                    Additional
      Amounts

                  	
                    35

                  
	 
      	
                    ARTICLE
      5

                  	 
      
	 
      	
                    SUCCESSOR
      CORPORATION

                  	 
      
	
                    Section
      5.01.

                  	
                    When
      Company May Merge, Etc

                  	
                    36

                  
	
                    Section
      5.02.

                  	
                    Successor
      Substituted

                  	
                    36

                  
	 
      	
                    ARTICLE
      6

                  	 
      
	 
      	
                    DEFAULT
      AND REMEDIES

                  	 
      
	
                    Section
      6.01.

                  	
                    Events
      of Default

                  	
                    37

                  
	
                    Section
      6.02.

                  	
                    Acceleration

                  	
                    37

                  
	
                    Section
      6.03.

                  	
                    Other
      Remedies

                  	
                    39

                  
	
                    Section
      6.04.

                  	
                    Waiver
      of Past Defaults

                  	
                    39

                  
	
                    Section
      6.05.

                  	
                    Control
      by Majority

                  	
                    39

                  
	
                    Section
      6.06.

                  	
                    Limitation
      on Suits

                  	
                    40

                  
	
                    Section
      6.07.

                  	
                    Rights
      of Holders to Receive Payment

                  	
                    40

                  
	
                    Section
      6.08.

                  	
                    Collection
      Suit by Trustee

                  	
                    40

                  
	
                    Section
      6.09.

                  	
                    Trustee
      May File Proofs of Claim

                  	
                    41

                  
	
                    Section
      6.10.

                  	
                    Application
      of Proceeds

                  	
                    41

                  
	
                    Section
      6.11.

                  	
                    Restoration
      of Rights and Remedies

                  	
                    42

                  
	
                    Section
      6.12.

                  	
                    Undertaking
      for Costs

                  	
                    42

                  
	
                    Section
      6.13.

                  	
                    Rights
      and Remedies Cumulative

                  	
                    43

                  
	
                    Section
      6.14.

                  	
                    Delay
      or Omission not Waiver

                  	
                    43

                  
	 
      	
                    ARTICLE
      7

                  	 
      
	 
      	
                    TRUSTEE

                  	 
      
	
                    Section
      7.01.

                  	
                    General

                  	
                    43

                  
	
                    Section
      7.02.

                  	
                    Certain
      Rights of Trustee

                  	
                    43

                  
	
                    Section
      7.03.

                  	
                    Individual
      Rights of Trustee

                  	
                    45

                  
	
                    Section
      7.04.

                  	
                    Trustee's
      Disclaimer

                  	
                    46

                  
	
                    Section
      7.05.

                  	
                    Notice
      of Default

                  	
                    46

                  
	
                    Section
      7.06.

                  	
                    Reports
      by Trustee to Holders

                  	
                    46

                  
	
                    Section
      7.07.

                  	
                    Compensation
      and Indemnity

                  	
                    46

                  
	
                    Section
      7.08.

                  	
                    Replacement
      of Trustee

                  	
                    47

                  
	
                    Section
      7.09.

                  	
                    Acceptance
      of Appointment by Successor

                  	
                    48

                  
	
                    Section
      7.10.

                  	
                    Successor
      Trustee By Merger, Etc

                  	
                    49

                  
	
                    Section
      7.11.

                  	
                    Eligibility

                  	
                    49

                  
	
                    Section
      7.12.

                  	
                    Money
      Held in Trust

                  	
                    49

                  
	 
      	
                    ARTICLE
      8

                  	 
      
	 
      	
                    SATISFACTION
      AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

                  	 
      
	
                    Section
      8.01.

                  	
                    Satisfaction
      and Discharge of Indenture

                  	
                    50

                  

          

        

         

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

         

         

        
          
            	
                    Section
      8.02.

                  	
                    Application
      by Trustee of Funds Deposited for Payment of Securities

                  	
                    51

                  
	
                    Section
      8.03.

                  	
                    Repayment
      of Moneys Held by Paying Agent

                  	
                    51

                  
	
                    Section
      8.04.

                  	
                    Return
      of Moneys Held by Trustee and Paying Agent Unclaimed for Two
      Years

                  	
                    51

                  
	
                    Section
      8.05.

                  	
                    Defeasance
      and Discharge of Indenture

                  	
                    51

                  
	
                    Section
      8.06.

                  	
                    Defeasance
      of Certain Obligations

                  	
                    53

                  
	
                    Section
      8.07.

                  	
                    Reinstatement

                  	
                    55

                  
	
                    Section
      8.08.

                  	
                    Indemnity

                  	
                    55

                  
	
                    Section
      8.09.

                  	
                    Excess
      Funds.

                  	
                    55

                  
	
                    Section
      8.10.

                  	
                    Qualifying
      Trustee.

                  	
                    55

                  
	 
      	
                    ARTICLE
      9

                  	 
      
	 
      	
                    AMENDMENTS,
      SUPPLEMENTS AND WAIVERS

                  	 
      
	
                    Section
      9.01.

                  	
                    Without
      Consent of Holders

                  	
                    56

                  
	
                    Section
      9.02.

                  	
                    With
      Consent of Holders

                  	
                    56

                  
	
                    Section
      9.03.

                  	
                    Revocation
      and Effect of Consent

                  	
                    57

                  
	
                    Section
      9.04.

                  	
                    Notation
      on or Exchange of Securities

                  	
                    58

                  
	
                    Section
      9.05.

                  	
                    Trustee
      to Sign Amendments, Etc

                  	
                    58

                  
	
                    Section
      9.06.

                  	
                    Conformity
      with Trust Indenture Act

                  	
                    58

                  
	 
      	
                    ARTICLE
      10

                  	 
      
	 
      	
                    MISCELLANEOUS

                  	 
      
	
                    Section
      10.01.

                  	
                    Trust
      Indenture Act of 1939

                  	
                    59

                  
	
                    Section
      10.02.

                  	
                    Notices

                  	
                    59

                  
	
                    Section
      10.03.

                  	
                    Certificate
      and Opinion as to Conditions Precedent

                  	
                    60

                  
	
                    Section
      10.04.

                  	
                    Statements
      Required in Certificate or Opinion

                  	
                    60

                  
	
                    Section
      10.05.

                  	
                    Evidence
      of Ownership

                  	
                    61

                  
	
                    Section
      10.06.

                  	
                    Rules
      by Trustee, Paying Agent or Registrar

                  	
                    61

                  
	
                    Section
      10.07.

                  	
                    Payment
      Date Other Than a Business Day

                  	
                    61

                  
	
                    Section
      10.08.

                  	
                    Governing
      Law

                  	
                    62

                  
	
                    Section
      10.09.

                  	
                    No
      Adverse Interpretation of Other Agreements

                  	
                    62

                  
	
                    Section
      10.10.

                  	
                    Successors

                  	
                    62

                  
	
                    Section
      10.11.

                  	
                    Duplicate
      Originals

                  	
                    62

                  
	
                    Section
      10.12.

                  	
                    Separability

                  	
                    62

                  
	
                    Section
      10.13.

                  	
                    Table
      of Contents, Headings, Etc

                  	
                    62

                  
	
                    Section
      10.14.

                  	
                    Incorporators,
      Stockholders, Officers and Directors of Company Exempt from Individual
      Liability

                  	
                    62

                  
	
                    Section
      10.15.

                  	
                    Judgment
      Currency

                  	
                    62

                  
	 
      	
                    ARTICLE
      11

                  	 
      
	 
      	
                    SUBORDINATION
      OF SECURITIES

                  	 
      
	
                    Section
      11.01.

                  	
                    Agreement
      to Subordinate

                  	
                    63

                  

          

        

         

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

         

         

         

        
          
            	
                    Section
      11.02.

                  	
                    Payments
      to Securityholders

                  	
                    63

                  
	
                    Section
      11.03.

                  	
                    Subrogation
      of Securities

                  	
                    65

                  
	
                    Section
      11.04.

                  	
                    Authorization
      by Securityholders

                  	
                    66

                  
	
                    Section
      11.05.

                  	
                    Notice
      to Trustee

                  	
                    66

                  
	
                    Section
      11.06.

                  	
                    Trustee’s
      Relation to Senior Indebtedness

                  	
                    67

                  
	
                    Section
      11.07.

                  	
                    No
      Impairment of Subordination

                  	
                    68

                  

          

        

      

       

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

      
 

      SUBORDINATED
INDENTURE, dated as
of            ,
20      , between Ruby Tuesday, Inc., a Georgia
corporation, as the Company,
and               ,
as Trustee.

       

      RECITALS
OF THE COMPANY

       

      WHEREAS,
the Company has duly authorized the issue from time to time of its subordinated
debentures, notes or other evidences of indebtedness to be issued in one or more
series (the “Securities”) up to such
principal amount or amounts as may from time to time be authorized in accordance
with the terms of this Indenture and to provide, among other things, for the
authentication, delivery and administration thereof, the Company has duly
authorized the execution and delivery of this Indenture; and

       

      WHEREAS,
all things necessary to make this Indenture a valid indenture and agreement
according to its terms have been done;

       

      NOW,
THEREFORE:

       

      In
consideration of the premises and the purchases of the Securities by the holders
thereof, the Company and the Trustee mutually covenant and agree for the equal
and proportionate benefit of the respective holders from time to time of the
Securities or of any and all series thereof and of the coupons, if any,
appertaining thereto as follows:

       

      ARTICLE
1

      
        DEFINITIONS AND INCORPORATION BY REFERENCE

        

        Section
1.01.  Definitions.

        

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

        

        “Agent” means any Registrar,
Paying Agent, transfer agent or Authenticating Agent.

        

        “Authorized Newspaper” means a
newspaper (which, in the case of The City of New York, will, if practicable, be
The Wall Street Journal (Eastern Edition) and in the case of London, will, if
practicable, be the Financial Times (London Edition) and published in an
official language of the country of

         

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

        publication customarily published at least once a day for at least
five days in each calendar week and of general circulation in The City of New
York or London, as applicable. If it shall be impractical in the opinion of the
Trustee to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof which is made or
given with the approval of the Trustee shall constitute a sufficient publication
of such notice.

        

        “Bank Credit Agreement” means
each of (i) the Loan Facility Agreement, as such Agreement has been and may be
amended, restated, supplemented or otherwise modified from time to time, and
(ii) the Revolving Credit Agreement, as such Agreement has been and may be
amended, restated, supplemented or otherwise modified from time to time, and
includes any agreement extending the maturity of, or restructuring (including,
but not limited to, the inclusion of additional borrowers thereunder that are
Subsidiaries of the Company and whose obligations are guaranteed by the Company
thereunder) all or any portion of, the Debt under such Agreements or any
successor agreements and includes any agreement with one or more banks or other
lending institutions refinancing all or any portion of the Debt under such
Agreement or any successor agreements.

        

        “Board Resolution” means one or
more resolutions of the board of directors of the Company or any authorized
committee thereof, certified by the secretary or an assistant secretary to have
been duly adopted and to be in full force and effect on the date of
certification, and delivered to the Trustee.

        

        “Business Day” means any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions are authorized or required by law or regulation to
close in The City of New York, with respect to any Security the interest on
which is based on the offered quotations in the interbank Eurodollar market for
dollar deposits in London, or with respect to Securities denominated in a
specified currency other than United States dollars, in the principal financial
center of the country of the specified currency.

        

        “Capital Lease” means, with
respect to any Person, any lease of any property which, in conformity with GAAP,
is required to be capitalized on the balance sheet of such Person.

         

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

        

        “Company” means the party named
as such in the first paragraph of this Indenture until a successor replaces it
pursuant to Article 5 of this Indenture and thereafter means the
successor.

        

        
          
             

          

          
            6

            
              

            

          

          
             

          

        

        “Corporate Trust
Office” means the office of the Trustee at which the corporate trust
business of the Trustee shall, at any particular time, be administered, which
office is, at the date of this Indenture, located at Attention:
..

        

        “Currency Agreement” means,
with respect to any Person, any foreign exchange contract, currency swap
agreement or other similar agreement or arrangement designed to protect such
Person or any of its Subsidiaries against fluctuations in currency values to or
under which such Person or any of its Subsidiaries is a party or a beneficiary
on the date hereof or becomes a party or a beneficiary thereafter.

        

        “Debt” means, with respect to
any Person at any date of determination (without duplication), (i) all
indebtedness of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (iii)
all obligations of such Person in respect of letters of credit or bankers’
acceptance or other similar instruments (or reimbursement obligations with
respect thereto), (iv) all obligations of such Person to pay the deferred
purchase price of property or services, except Trade Payables, (v) all
obligations of such Person as lessee under Capital Leases, (vi) all Debt of
others secured by a Lien on any asset of such Person, whether or not such Debt
is assumed by such Person; provided that, for purposes of determining the amount
of any Debt of the type described in this clause, if recourse with respect to
such Debt is limited to such asset, the amount of such Debt shall be limited to
the lesser of the fair market value of such asset or the amount of such Debt,
(vii) all Debt of others Guaranteed by such Person to the extent such Debt is
Guaranteed by such Person, (viii) all redeemable stock valued at the greater of
its voluntary or involuntary liquidation preference plus accrued and unpaid
dividends and (ix) to the extent not otherwise included in this definition, all
obligations of such Person under Currency Agreements and Interest Rate
Agreements.

        

        “Default” means any event that
is, or after notice or passage of time or both would be, an Event of
Default.

        

        “Depositary” means, with
respect to the Securities of any series issuable or issued in the form of one or
more Registered Global Securities, the Person designated as Depositary by the
Company pursuant to Section 2.03 until a successor Depositary shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter
“Depositary” shall mean
or include each Person who is then a Depositary hereunder, and if at any time
there is more than one such Person, “Depositary” as used with
respect to the Securities of any such series shall mean the Depositary with
respect to the Registered Global Securities of that series.

        

        “Designated Senior
Indebtedness” means (i) Debt under the Bank Credit Agreements and (ii)
Debt constituting Senior Indebtedness which, at the time of its determination,
(A) has an aggregate principal amount of at least $

        
          
             

          

          
            7

            
              

            

          

          
             

          

        

        million and (B) is specifically designated in the instrument
evidencing such Senior Indebtedness as “Designated Senior Indebtedness” by the
Company.

        

        “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

        

        “GAAP” means generally accepted
accounting principles in the U.S. as in effect as of the date hereof applied on
a basis consistent with the principles, methods, procedures and practices
employed in the preparation of the Company’s audited financial statements,
including, without limitation, those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
is approved by a significant segment of the accounting profession.

        

        “Guarantee” means any
obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Debt or other obligation of
such other Person (whether arising by virtue of partnership arrangements, or by
agreement to keepwell, to purchase assets, goods, securities or services, to
take-or-pay, or to maintain financial statement conditions or otherwise) or (ii)
entered into for purposes of assuring in any other manner the obligee of such
Debt or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); provided that the term
“Guarantee” shall not
include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has
a corresponding meaning.

        

        “Holder” or “Securityholder” means the
registered holder of any Security with respect to Registered Securities and the
bearer of any Unregistered Security or any coupon appertaining thereto, as the
case may be.

        

        “Indenture” means this
Indenture as originally executed and delivered or as it may be amended or
supplemented from time to time by one or more indentures supplemental to this
Indenture entered into pursuant to the applicable provisions of this Indenture
and shall include the forms and terms of the Securities of each series
established as contemplated pursuant to Sections 2.01 and 2.03.

        

        “Interest Rate Agreement”
means, with respect to any Person, any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement or other similar agreement or arrangement designed
to protect such Person or any of its Subsidiaries against fluctuations in
interest rates to or under which such Person or

        

         

        
          
             

          

          
            8

            
              

            

          

          
             

          

        

        any of its Subsidiaries is a party or a beneficiary on the date
hereof or becomes a party or a beneficiary thereafter.

        

        “Lien” means, with respect to
any property, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such property. For purposes of this
Indenture, the Company shall be deemed to own subject to a Lien any property
which it has acquired or holds subject to the interest of a vendor or lessor
under any conditional sale agreement, capital lease or other title retention
agreement relating to such property.

        

        “Loan Facility Agreement” means
the Amended and Restated Loan Facility Agreement and Guaranty, dated May 31,
2007, as amended, among the Company, Bank of America, N.A., as servicer, Amsouth
Bank, as documentation agent, SunTrust Bank, as co-syndication agent, Wachovia
Bank N.A., as co- syndication agent, Banc of America Securities LLC as lead
arranger and each of the participants party thereto.

        

        “Officer” means, with respect
to the Company, the chairman of the board of directors, the president or chief
executive officer, any executive vice president, any senior vice president, any
vice president, the chief financial officer, the treasurer or any assistant
treasurer, or the secretary or any assistant secretary.

        

        “Officers’ Certificate” means a
certificate signed in the name of the Company (i) by the chairman of the board
of directors, the president or chief executive officer, an executive vice
president, a senior vice president or a vice president and (ii) by the chief
financial officer, the treasurer or any assistant treasurer, or the secretary or
any assistant secretary, and delivered to the Trustee. Each such certificate
shall comply with Section 314 of the Trust Indenture Act, if applicable, and
include (except as otherwise expressly provided in this Indenture) the
statements provided in Section 10.04, if applicable.

        

        “Opinion of Counsel” means a
written opinion signed by legal counsel, who may be an employee of or counsel to
the Company, satisfactory to the Trustee. Each such opinion shall comply with
Section 314 of the Trust Indenture Act, if applicable, and include the
statements provided in Section 10.04, if and to the extent required
thereby.

        

        “original issue date” of any
Security (or portion thereof) means the earlier of (a) the date of
authentication of such Security or (b) the date of any Security (or portion
thereof) for which such Security was issued (directly or indirectly) on
registration of transfer, exchange or substitution.

        

        “Original Issue Discount
Security” means any Security that 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 6.02.

        

        “Periodic Offering” means an
offering of Securities of a series from time to time, the specific terms of
which Securities, including, without limitation, the

        

         

        
          
             

          

          
            9

            
              

            

          

          
             

          

        

        rate or rates of interest, if any, thereon, the stated maturity or
maturities thereof and the redemption provisions, if any, with respect thereto,
are to be determined by the Company or its agents upon the issuance of such
Securities.

        

        “Person” means an individual, a
corporation, a partnership, a limited liability company, an association, a trust
or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

        

        “Principal” of a Security means
the principal amount of, and, unless the context indicates otherwise, includes
any premium payable on, the Security.

        

        “Registered Global Security”
means a Security evidencing all or a part of a series of Registered Securities,
issued to the Depositary for such series in accordance with Section 2.02, and
bearing the legend prescribed in Section 2.02.

        

        “Registered Security” means any
Security registered on the Security Register (as defined in Section
2.05).

        

        “Responsible Officer” when used
with respect to the Trustee, shall mean an officer of the Trustee in the
Corporate Trust Office, having direct responsibility for the administration of
this Indenture, and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

        

        “Revolving Credit Agreement”
means the Amended and Restated Revolving Credit Agreement, dated February 28,
2007, as amended, among the Company, the lenders party thereto, and Bank of
America, N.A., as administrative agent, issuing bank and swing line
lender.

        

        “Securities” means any of the
securities, as defined in the first paragraph of the recitals hereof, that are
authenticated and delivered under this Indenture and, unless the context
indicates otherwise, shall include any coupon appertaining thereto.

        

        “Securities Act” means the
Securities Act of 1933, as amended.

        

        “Senior Indebtedness” means the
principal of (and premium, if any) and interest on all Debt of the Company
whether created, incurred or assumed before, on or after the date of this
Indenture; provided that such Senior Indebtedness shall not include (i) Debt of
the Company that, when incurred and without respect to any election under
Section 1111(b) of Title 11, U.S. Code, was without recourse, (ii) any other
Debt of the Company which by the terms of the instrument creating or evidencing
the same are specifically designated as not being senior in right of payment to
the Securities, and in particular the Securities shall rank pari passu with all
other debt securities and guarantees issued to any trust, partnership or other
entity affiliated with the Company which is a financing vehicle of
the

        

         

        
          
             

          

          
            10

            
              

            

          

          
             

          

        

        Company in connection with an issuance of preferred securities by
such financing entity and (iii) redeemable stock of the
Company.

        

        “Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of
which a majority of the capital stock or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly
owned by such Person.

        

        “Trade Payables” means, with
respect to any Person, any accounts payable or any other indebtedness or
monetary obligation to trade creditors created, assumed or Guaranteed by such
Person or any of its Subsidiaries arising in the ordinary course of business in
connection with the acquisition of goods or services.

        

        “Trustee” means the party named
as such in the first paragraph of this Indenture until a successor replaces it
in accordance with the provisions of Article 7 and thereafter shall mean or
include each Person who is then a Trustee hereunder, and if at any time there is
more than one such Person, “Trustee” as used with respect to the Securities of
any series shall mean the Trustee with respect to Securities of that
series.

        

        “Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it
may be amended from time to time.

        

        “Unregistered Security” means
any Security other than a Registered Security.

        

        “U.S. Government Obligations”
means securities that are (i) direct obligations of the United States of America
for the payment of which its full faith and credit is pledged or (ii)
obligations of an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such
U.S. Government Obligation or a specific payment of interest on or principal of
any such U.S. 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 U.S. Government Obligation or the specific payment
of interest on or principal of the U.S. Government Obligation evidenced by such
depository receipt.

        

        “Yield to Maturity” means, as
the context may require, the yield to maturity (i) on a series of Securities or
(ii) if the Securities of a series are issuable from time to time, on a Security
of such series, calculated at the time of issuance

        

         

        
          
             

          

          
            11

            
              

            

          

          
             

          

        

        of such series in the case of clause (i) or at the time of issuance
of such Security of such series in the case of clause (ii), or, if applicable,
at the most recent redetermination of interest on such series or on such
Security, and calculated in accordance with the constant interest method or such
other accepted financial practice as is specified in the terms of such
Security.

        

        Section 1.02. Other Definitions. Each of the
following terms is defined in the section set
forth opposite such term:

        

        
          	
                  Term

                	 	
                  Section

                
	 	 	 
	
                  Authenticating
      Agent

                	 	
                  2.02

                
	
                  Cash
      Transaction

                	 	
                  7.03

                
	
                  Dollars

                	 	
                  4.02

                
	
                  Event
      of Default

                	 	
                  6.01

                
	
                  Judgment
      Currency

                	 	
                  10.15(a)

                
	
                  mandatory
      sinking fund payment

                	 	
                  3.05

                
	
                  optional
      sinking fund payment

                	 	
                  3.05

                
	
                  Paying
      Agent

                	 	
                  2.05

                
	
                  Payment
      Blockage Period

                	 	
                  11.02

                
	
                  record
      date

                	 	
                  2.04

                
	
                  Registrar

                	 	
                  2.05

                
	
                  Required
      Currency

                	 	
                  10.15(a)

                
	
                  Security
      Register

                	 	
                  2.05

                
	
                  self-liquidating
      paper

                	 	
                  7.03

                
	
                  sinking
      fund payment date

                	 	
                  3.05

                
	
                  tranche

                	 	
                  2.14

                

        

        

        Section 1.03.  Incorporation by
Reference of Trust Indenture Act.

        

        Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision
is incorporated by reference in and made a part of this Indenture. The following
terms used in this Indenture that are defined by the Trust Indenture Act have
the following meanings:

        

        “indenture securities” means
the Securities;

        

        “indenture security holder”
means a Holder or a Securityholder;

        

        “indenture to be qualified”
means this Indenture;

        

        “indenture trustee” or “institutional trustee” means
the Trustee; and

        

        “obligor” on the indenture
securities means the Company or any other obligor on the
Securities.

        

        All other
terms used in this Indenture that are defined by the Trust Indenture Act,
defined by reference in the Trust Indenture Act to another statute

        

         

        
          
             

          

          
            12

            
              

            

          

          
             

          

        

        or defined by a rule of the Commission and not otherwise defined
herein have the meanings assigned to them therein.

        

        Section 1.04. Rules of Construction. Unless the context
otherwise requires:

        

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

        

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

        

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

        

        (d) all
references to Sections or Articles refer to Sections or Articles of this
Indenture unless otherwise indicated; and

        

        (e) use of
masculine, feminine or neuter pronouns should not be deemed a limitation, and
the use of any such pronouns should be construed to include, where appropriate,
the other pronouns.

        

        

        ARTICLE
2

        THE SECURITIES

        

        Section 2.01. Form and Dating. The Securities of
each series shall be substantially
in such form or forms (not inconsistent with this Indenture) as shall be
established by or pursuant to one or more Board Resolutions or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have imprinted or otherwise reproduced thereon such
legend or legends or endorsements, not inconsistent with the provisions of this
Indenture, as may be required to comply with any law, or with any rules of any
securities exchange or usage, all as may be determined by the officers executing
such Securities as evidenced by their execution of the Securities. Unless
otherwise so established, Unregistered Securities shall have coupons
attached.

        

        Section 2.02. Execution And
Authentication. Two Officers shall
execute the Securities
and one Officer shall execute the coupons appertaining thereto for the Company
by facsimile or manual signature in the name and on behalf of the Company. The
seal of the Company, if any, shall be reproduced on the Securities. If an
Officer whose signature is on a Security or coupon appertaining thereto no
longer holds that office at the time the Security is authenticated, the Security
and such coupon shall nevertheless be valid.

         

        
          
             

          

          
            13

            
              

            

          

          
             

          

        

        The Trustee, at the expense of the Company, may appoint an
authenticating agent (the “Authenticating Agent”) to
authenticate Securities. The Authenticating Agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such Authenticating
Agent.

        

        A
Security and the coupons appertaining thereto shall not be valid until the
Trustee or Authenticating Agent manually signs the certificate of authentication
on the Security or on the Security to which such coupon appertains by an
authorized officer. The signature shall be conclusive evidence that the Security
or the Security to which the coupon appertains has been authenticated under this
Indenture.

        

        At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series having attached thereto
appropriate coupons, if any, executed by the Company to the Trustee for
authentication together with the applicable documents referred to below in this
Section, and the Trustee shall thereupon authenticate and deliver such
Securities to or upon the written order of the Company. In authenticating any
Securities of a series, the Trustee shall be entitled to receive prior to the
authentication of any Securities of such series, and (subject to Article 7)
shall be fully protected in relying upon, unless and until such documents have
been superseded or revoked:

        

        (a) any Board
Resolution and/or executed supplemental indenture referred to in Sections 2.01
and 2.03 by or pursuant to which the forms and terms of the Securities of that
series were established;

        

        (b) an
Officers’ Certificate setting forth the form or forms and terms of the
Securities, stating that the form or forms and terms of the Securities of such
series have been, or, in the case of a Periodic Offering, will be when
established in accordance with such procedures as shall be referred to therein,
established in compliance with this Indenture; and

        

        (c) an
Opinion of Counsel substantially to the effect that the form or forms and terms
of the Securities of such series have been, or, in the case of a Periodic
Offering, will be when established in accordance with such procedures as shall
be referred to therein, established in compliance with this Indenture and that
the supplemental indenture, to the extent applicable, and Securities have been
duly authorized and, if executed and authenticated in accordance with the
provisions of the Indenture and delivered to and duly paid for by the purchasers
thereof on the date of such opinion, would be entitled to the benefits of the
Indenture and would be valid and binding obligations of the Company, enforceable
against the Company in accordance with their respective terms, subject to
bankruptcy, insolvency, reorganization, receivership, moratorium and other
similar laws affecting creditors’ rights generally, general
principles

        

        

          
            
               

            

            
              14

              
                

              

            

            
               

            

          

        of equity, and covering such other matters as shall be specified
therein and as shall be reasonably requested by the Trustee.

        

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

        

        Notwithstanding
the provisions of Sections 2.01 and 2.02, if, in connection with a Periodic
Offering, all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Board Resolution otherwise
required pursuant to Section 2.01 or the written order, Officers’ Certificate
and Opinion of Counsel otherwise required pursuant to Section 2.02 at or prior
to the authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

        

        With
respect to Securities of a series offered in a Periodic Offering, the Trustee
may rely, as to the authorization by the Company of any of such Securities, the
forms and terms thereof and the legality, validity, binding effect and
enforceability thereof, upon the Opinion of Counsel and the other documents
delivered pursuant to Sections 2.01 and 2.02, as applicable, in connection with
the first authentication of Securities of such series.

        

        If the
Company shall establish pursuant to Section 2.03 that the Securities of a series
or a portion thereof are to be issued in the form of one or more Registered
Global Securities, then the Company shall execute and the Trustee shall
authenticate and deliver one or more Registered Global Securities that (i) shall
represent and shall be denominated in an amount equal to the aggregate principal
amount of all of the Securities of such series issued in such form and not yet
cancelled, (ii) shall be registered in the name of the Depositary for such
Registered Global Security or Securities or the nominee of such Depositary,
(iii) shall be delivered by the Trustee to such Depositary or its custodian or
pursuant to such Depositary’s instructions and (iv) shall bear a legend
substantially to the following effect: “Unless and until it is exchanged in
whole or in part for Securities in definitive registered form, this Security may
not be transferred except as a whole by the Depositary to the nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.”

        

        Section 2.03. 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 and shall be subordinated to the
Senior Indebtedness pursuant to the provisions of Article 11

         

        

          
            
               

            

            
              15

              
                

              

            

            
               

            

          

        hereof. There shall be established in or pursuant to Board
Resolution or one or more indentures supplemental hereto, prior to the initial
issuance of Securities of any series, subject to the last sentence of this
Section 2.03,

        

        (a) the
designation of the Securities of the series, which shall distinguish the
Securities of the series from the Securities of all other series;

        

        (b) any limit
upon the aggregate principal amount of the Securities of the series that may be
authenticated and delivered under this Indenture and any limitation on the
ability of the Company to increase such aggregate principal amount after the
initial issuance of the Securities of that series (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, or upon redemption of, other Securities of the series
pursuant hereto);

        

        (c) the date
or dates on which the principal of the Securities of the series is payable
(which date or dates may be fixed or extendible);

        

        (d) the rate
or rates (which may be fixed or variable) per annum at which the Securities of
the series shall bear interest, if any, the date or dates from which such
interest shall accrue, on which such interest shall be payable and (in the case
of Registered Securities) on which a record shall be taken for the determination
of Holders to whom interest is payable and/or the method by which such rate or
rates or date or dates shall be determined;

        

        (e) if other
than as provided in Section 4.02, the place or places where the principal of and
any interest on Securities of the series shall be payable, any Registered
Securities of the series may be surrendered for exchange, notices, demands to or
upon the Company in respect of the Securities of the series and this Indenture
may be served and notice to Holders may be published;

        

        (f) the
right, if any, of the Company to redeem Securities of the series, in whole or in
part, at its option and the period or periods within which, the price or prices
at which and any terms and conditions upon which Securities of the series may be
so redeemed, pursuant to any sinking fund or otherwise;

        

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

        

         

        
          
             

          

          
            16

            
              

            

          

          
             

          

        

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

        

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

        

        (j) if other
than the coin or currency in which the Securities of the series are denominated,
the coin or currency in which payment of the principal of or interest on the
Securities of the series shall be payable or if the amount of payments of
principal of and/or interest on the Securities of the series may be determined
with reference to an index based on a coin or currency other than that in which
the Securities of the series are denominated, the manner in which such amounts
shall be determined;

        

        (k) if other
than the currency of the United States of America, the currency or currencies,
including composite currencies, in which payment of the Principal of and
interest on the Securities of the series shall be payable, and the manner in
which any such currencies shall be valued against other currencies in which any
other Securities shall be payable;

        

        (l) whether
the Securities of the series or any portion thereof will be issuable as
Registered Securities (and if so, whether such Securities will be issuable as
Registered Global Securities) or Unregistered Securities (with or without
coupons) (and if so, whether such Securities will be issued in temporary or
permanent global form), or any combination of the foregoing, any restrictions
applicable to the offer, sale or delivery of Unregistered Securities or the
payment of interest thereon and, if other than as provided herein, the terms
upon which Unregistered Securities of any series may be exchanged for Registered
Securities of such series and vice versa;

        

        (m) whether
the Securities of the series may be exchangeable for and/or convertible into the
common stock of the Company or any other security;

        

        (n) whether
and under what circumstances the Company will pay additional amounts on the
Securities of the series held by a person who is not a U.S. person in respect of
any tax, assessment or governmental charge withheld or deducted and, if so,
whether the Company will have the option to redeem such Securities rather than
pay such additional amounts;

        

        (o) if the
Securities of the 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

      

      
        

        
          
            
               

            

            
              17

              
                

              

            

            
               

            

          

        

        

        documents or satisfaction of other conditions, the form and terms of
such certificates, documents or conditions;

        

        (p) any
trustees, depositaries, authenticating or paying agents, transfer agents or the
registrar or any other agents with respect to the Securities of the
series;

        

        (q) provisions,
if any, for the defeasance of the Securities of the series (including provisions
permitting defeasance of less than all Securities of the series), which
provisions may be in addition to, in substitution for, or in modification of (or
any combination of the foregoing) the provisions of Article 8;

        

        (r) if the
Securities of the series are issuable in whole or in part as one or more
Registered Global Securities or Unregistered Securities in global form, the
identity of the Depositary or common Depositary for such Registered Global
Security or Securities or Unregistered Securities in global form;

        

        (s) any other
Events of Default or covenants with respect to the Securities of the series;
and

        

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

        

        All
Securities of any one series and coupons, if any, appertaining thereto shall be
substantially identical, except in the case of Registered Securities as to date
and denomination, except in the case of any Periodic Offering and except as may
otherwise be provided by or pursuant to the Board Resolution referred to above
or as set forth in any such indenture supplemental hereto. All Securities of any
one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant
to such Board Resolution or in any such indenture supplemental hereto and any
forms and terms of Securities to be issued from time to time may be completed
and established from time to time prior to the issuance thereof by procedures
described in such Board Resolution or supplemental indenture.

        

        Unless
otherwise expressly provided with respect to a series of Securities, the
aggregate principal amount of a series of Securities may be increased and
additional Securities of such series may be issued up to the maximum aggregate
principal amount authorized with respect to such series as
increased.

        

        Section 2.04.  Denomination and Date
of Securities; Payments of Interest.

        

        The
Securities of each series shall be issuable as Registered Securities or
Unregistered Securities in denominations established as contemplated by Section
2.03 or, if not so established with respect to Securities of any series, in
denominations of $1,000 and any integral multiple thereof. The Securities of
each series shall be numbered, lettered or otherwise distinguished in such
manner or in

         

        
          
             

          

          
            18

            
              

            

          

          
             

          

        

        accordance with such plan as the Officers of the Company executing
the same may determine, as evidenced by their execution
thereof.

        

        Unless
otherwise specified with respect to a series of Securities, each Security shall
be dated the date of its authentication. The Securities of each series shall
bear interest, if any, from the date, and such interest and shall be payable on
the dates, established as contemplated by Section 2.03.

        

        The
person in whose name any Registered Security of any series is registered at the
close of business on any record date applicable to a particular series with
respect to any interest payment date for such series shall be entitled to
receive the interest, if any, payable on such interest payment date
notwithstanding any transfer or exchange of such Registered Security subsequent
to the record date and prior to such interest payment date, except if and to the
extent the Company shall default in the payment of the interest due on such
interest payment date for such series, in which case the provisions of Section
2.13 shall apply. The term “record date” as used with
respect to any interest payment date (except a date for payment of defaulted
interest) for the Securities of any series shall mean the date specified as such
in the terms of the Registered Securities of such series established as
contemplated by Section 2.03, or, if no such date is so established, the
fifteenth day next preceding such interest payment date, whether or not such
record date is a Business Day.

        

        Section 2.05. Registrar and Paying Agent; Agents
Generally. The Company shall
maintain an office or agency where Securities may be presented for registration,
registration of transfer or for exchange (the “Registrar”) and an office or
agency where Securities may be presented for payment (the “Paying Agent”), which shall be in the
Borough of Manhattan, The City of New York. The Company shall cause
the Registrar to keep a register of the Registered Securities and of their
registration, transfer and exchange (the “Security Register”). The Company may
have one or more additional Paying Agents or transfer agents with
respect to any series.

        

        The
Company shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture. The agreement shall implement the provisions of this
Indenture and the Trust Indenture Act that relate to such Agent. The Company
shall give prompt written notice to the Trustee of the name and address of any
Agent and any change in the name or address of an Agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such. The Company
may remove any Agent upon written notice to such Agent and the Trustee; provided that no such removal
shall become effective until (i) the acceptance of an appointment by a successor
Agent to such Agent as evidenced by an appropriate agency agreement entered into
by the Company and such successor Agent and delivered to the Trustee or (ii)
notification to the Trustee that the Trustee shall serve as such Agent until the
appointment of a successor Agent in accordance with clause (i) of this proviso.
The Company or any affiliate of the Company may act as Paying Agent or
Registrar; provided
that neither the

         

        
          
             

          

          
            19

            
              

            

          

          
             

          

        

        Company nor an affiliate of the Company shall act as Paying Agent in
connection with the defeasance of the Securities or the discharge of this
Indenture under Article 8.

        

        The
Company initially appoints the Trustee as Registrar, Paying Agent and
Authenticating Agent. If, at any time, the Trustee is not the Registrar, the
Registrar shall make available to the Trustee ten days prior to each interest
payment date and at such other times as the Trustee may reasonably request the
names and addresses of the Holders as they appear in the Security
Register.

        

        Section 2.06. Paying Agent to Hold Money in
Trust. Not later than
10:00 a.m.
New York City time on each due date or, in the case of Unregistered Securities,
10:00 a.m. New York City time on the Business Day prior to the due date, of any
Principal or interest on any Securities, the Company shall deposit with the
Paying Agent money in immediately available funds sufficient to pay such
Principal or interest. The Company shall require each Paying Agent other than
the Trustee to agree in writing that such Paying Agent shall hold in trust for
the benefit of the Holders of such Securities or the Trustee all money held by
the Paying Agent for the payment of Principal of and interest on such Securities
and shall promptly notify the Trustee of any default by the Company in making
any such payment. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee and account for any funds disbursed, and the
Trustee may at any time during the continuance of any payment default, upon
written request to a Paying Agent, require such Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed. Upon doing so,
the Paying Agent shall have no further liability for the money so paid over to
the Trustee. If the Company or any affiliate of the Company acts as Paying
Agent, it will, on or before each due date of any Principal of or interest on
any Securities, segregate and hold in a separate trust fund for the benefit of
the Holders thereof a sum of money sufficient to pay such Principal or interest
so becoming due until such sum of money shall be paid to such Holders or
otherwise disposed of as provided in this Indenture, and will promptly notify
the Trustee in writing of its action or failure to act as required by this
Section.

        

        Section 2.07. Transfer and Exchange. Unregistered
Securities (except for any temporary
global Unregistered Securities) and coupons (except for coupons attached to any
temporary global Unregistered Securities) shall be transferable by
delivery.

        

        At the
option of the Holder thereof, Registered Securities of any series (other than a
Registered Global Security, except as set forth below) may be exchanged for a
Registered Security or Registered Securities of such series and tenor having
authorized denominations and an equal aggregate principal amount, upon surrender
of such Registered Securities to be exchanged at the agency of the Company that
shall be maintained for such purpose in accordance with Section 2.05 and upon
payment, if the Company shall so require, of the charges hereinafter provided.
If the Securities of any series are issued in both registered

        

         

        
          
             

          

          
            20

            
              

            

          

          
             

          

        

        and unregistered form, except as otherwise established pursuant to
Section 2.03, at the option of the Holder thereof, Unregistered Securities of
any series may be exchanged for Registered Securities of such series and tenor
having authorized denominations and an equal aggregate principal amount, upon
surrender of such Unregistered Securities to be exchanged at the agency of the
Company that shall be maintained for such purpose in accordance with Section
4.02, with, in the case of Unregistered Securities that have coupons attached,
all unmatured coupons and all matured coupons in default thereto appertaining,
and upon payment, if the Company shall so require, of the charges hereinafter
provided. At the option of the Holder thereof, if Unregistered Securities of any
series, maturity date, interest rate and original issue date are issued in more
than one authorized denomination, except as otherwise established pursuant to
Section 2.03, such Unregistered Securities may be exchanged for Unregistered
Securities of such series and tenor having authorized denominations and an equal
aggregate principal amount, upon surrender of such Unregistered Securities to be
exchanged at the agency of the Company that shall be maintained for such purpose
in accordance with Section 4.02, with, in the case of Unregistered Securities
that have coupons attached, all unmatured coupons and all matured coupons in
default thereto appertaining, and upon payment, if the Company shall so require,
of the charges hereinafter provided. Registered Securities of any series may not
be exchanged for Unregistered Securities of such series. 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.

        

        Upon
surrender for registration of transfer of any Registered Security of a series at
the agency of the Company that shall be maintained for that purpose in
accordance with Section 2.05 and upon payment, if the Company shall so require,
of the charges hereinafter provided, 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 like tenor and aggregate principal
amount.

        

        All
Registered Securities presented for registration of transfer, exchange,
redemption or payment shall be duly endorsed by, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
the Trustee duly executed by, the holder or his attorney duly authorized in
writing.

        

        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 exchange or
registration of transfer of Securities. No service charge shall be made for any
such transaction.

        

        Notwithstanding
any other provision of this Section 2.07, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Registered
Global Security representing all or a portion of the Securities of a series may
not be transferred except as a whole by the Depositary for such
series

        

         

        
          
             

          

          
            21

            
              

            

          

          
             

          

        

        to a nominee of such Depositary or by a nominee of such Depositary
to such Depositary or another nominee of such Depositary or by such Depositary
or any such nominee to a successor Depositary for such series or a nominee of
such successor Depositary.

        

        If at any
time the Depositary for any Registered Global Securities of any series notifies
the Company that it is unwilling or unable to continue as Depositary for such
Registered Global Securities or if at any time the Depositary for such
Registered Global Securities shall no longer be eligible under applicable law,
the Company shall appoint a successor Depositary eligible under applicable law
with respect to such Registered Global Securities. If a successor Depositary
eligible under applicable law for such Registered Global Securities is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such ineligibility, the Company will execute, and the
Trustee, upon receipt of the Company’s order for the authentication and delivery
of definitive Registered Securities of such series and tenor, will authenticate
and deliver Registered Securities of such series and tenor, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of
such Registered Global Securities, in exchange for such Registered Global
Securities.

        

        The
Company may at any time and in its sole discretion and subject to the procedures
of the Depositary determine that any Registered Global Securities of any series
shall no longer be maintained in global form. In such event the Company will
execute, and the Trustee, upon receipt of the Company’s order for the
authentication and delivery of definitive Registered Securities of such series
and tenor, will authenticate and deliver, Registered Securities of such series
and tenor in any authorized denominations, in an aggregate principal amount
equal to the principal amount of such Registered Global Securities, in exchange
for such Registered Global Securities.

        

        Any time
the Registered Securities of any series are not in the form of Registered Global
Securities pursuant to the preceding two paragraphs, the Company agrees to
supply the Trustee with a reasonable supply of certificated Registered
Securities without the legend required by Section 2.02 and the Trustee agrees to
hold such Registered Securities in safekeeping until authenticated and delivered
pursuant to the terms of this Indenture.

        

        If
established by the Company pursuant to Section 2.03 with respect to any
Registered Global Security, the Depositary for such Registered Global Security
may surrender such Registered Global Security in exchange in whole or in part
for Registered Securities of the same series and tenor in definitive registered
form on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Trustee shall authenticate and
deliver, without service charge,

        

        
          
             

          

          
            22

            
              

            

          

          
             

          

        

        (a) to the Person specified by such Depositary new Registered Securities
of the same series and tenor, of any authorized denominations as requested by
such Person, in an aggregate principal amount equal to and in exchange for such
Person’s beneficial interest in the Registered Global Security;
and

        

        (b) to such
Depositary a new Registered Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Registered
Global Security and the aggregate principal amount of Registered Securities
authenticated and delivered pursuant to clause (a) above.

        

        Registered
Securities issued in exchange for a Registered Global Security pursuant to this
Section 2.07 shall be registered in such names and in such authorized
denominations as the Depositary for such Registered Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee or an agent of the Company or the Trustee. The Trustee or
such agent shall deliver such Securities to or as directed by the Persons in
whose names such Securities are so registered.

        

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

        

        Notwithstanding
anything herein or in the forms or terms of any Securities to the contrary, none
of the Company, the Trustee or any agent of the Company or the Trustee shall be
required to exchange any Unregistered Security for a Registered Security if such
exchange would result in adverse Federal income tax consequences to the Company
(such as, for example, the inability of the Company to deduct from its income,
as computed for Federal income tax purposes, the interest payable on the
Unregistered Securities) under then applicable United States Federal income tax
laws. The Trustee and any such agent shall be entitled to rely on an Officers’
Certificate or an Opinion of Counsel in determining such result.

        

        The
Registrar shall not be required (i) to issue, authenticate, register the
transfer of or exchange Securities of any series for a period of 15 days before
a selection of such Securities to be redeemed or (ii) to register the transfer
of or exchange any Security selected for redemption in whole or in
part.

        

        Section 2.08. Replacement
Securities. If any mutilated
Security or a Security with a
mutilated coupon appertaining to it is surrendered to the Trustee, the Company
shall execute and the Trustee shall authenticate and deliver, in exchange for
such mutilated Security or in exchange for the Security to which a mutilated
coupon appertains, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously
outstanding,

      

      

      
        
          
             

          

          
            23

            
              

            

          

          
             

          

        

      

      

      with coupons corresponding to the coupons, if any, appertaining to
such mutilated Security or to the Security to which such mutilated coupon
appertains.

      

      If there
shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or coupon and
(ii) such security or indemnity as may be required by them to save each of them
and any agent of any 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 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 of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains.

      

      In case
any such mutilated, destroyed, lost or stolen Security or coupon has become or
is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security or coupon (without surrender
thereof except in the case of a mutilated Security or coupon) if the applicant
for such payment shall furnish to the Company and the Trustee such security or
indemnity as may be required by them to save each of them and any agent of any
of them harmless, and in the case of destruction, loss or theft, evidence
satisfactory to the Company and the Trustee and any agent of them of the
destruction, loss or theft of such Security and the ownership thereof; provided, however, that the Principal
of and any interest on Unregistered Securities shall, except as otherwise
provided in Section 4.02, be payable only at an office or agency located outside
the United States of America.

      

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

      

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

       

      

        
          
             

          

          
            24

            
              

            

          

          
             

          

        

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

      

      Section 2.09. Outstanding
Securities. Securities
outstanding at any time are all
Securities that have been authenticated by the Trustee except for those
cancelled by it, those delivered to it for cancellation, those described in this
Section as not outstanding and those that have been defeased pursuant to Section
8.05.

      

      If a
Security is replaced pursuant to Section 2.08, it ceases to be outstanding
unless and until the Trustee and the Company receive proof satisfactory to them
that the replaced Security is held by a holder in due course.

      

      If the
Paying Agent (other than the Company or an affiliate of the Company) holds on
the maturity date or any redemption date or date for repurchase of the
Securities money sufficient to pay Securities payable or to be redeemed or
repurchased on that date, then on and after that date such Securities cease to
be outstanding and interest on them shall cease to accrue.

      

      A
Security does not cease to be outstanding because the Company or one of its
affiliates holds such Security, 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, Securities owned by the Company or any
affiliate of the Company shall be disregarded and deemed not to be outstanding,
except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Securities as to which a Responsible Officer of the Trustee has
received written notice to be so owned shall be so disregarded. Any Securities
so owned which are pledged by the Company, or by any affiliate of the Company,
as security for loans or other obligations, otherwise than to another such
affiliate of the Company, shall be deemed to be outstanding, if the pledgee is
entitled pursuant to the terms of its pledge agreement and is free to exercise
in its or his discretion the right to vote such securities, uncontrolled by the
Company or by any such affiliate.

      

      Section 2.10. Temporary Securities. Until definitive
Securities of any series are
ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities of such series. Temporary Securities of any series shall be
substantially in the form of definitive Securities of such series but may have
insertions, substitutions, omissions and other variations determined to be
appropriate by the Officers executing the temporary Securities, as evidenced by
their execution of such temporary Securities. If temporary Securities of any
series are issued, the Company will cause definitive Securities of such series
to be prepared without unreasonable delay. After the preparation of definitive
Securities of any series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series and tenor upon surrender
of

      

       

      
        
          
             

          

          
            25

            
              

            

          

          
             

          

        

      

      

      such temporary Securities at the office or agency of the Company
designated for such purpose pursuant to Section 4.02, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of
such series and tenor and authorized denominations. Until so exchanged, the
temporary Securities of any series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series.

      

      Section 2.11. Cancellation. The Company at any
time may deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to
the Trustee for cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold. The Registrar, any transfer agent and
the Paying Agent shall forward to the Trustee any Securities surrendered to them
for transfer, exchange or payment. The Trustee shall cancel and dispose of in
accordance with its customary procedures all Securities surrendered for
transfer, exchange, payment or cancellation and shall deliver a certificate of
disposition to the Company. The Company may not issue new Securities to replace
Securities it has paid in full or delivered to the Trustee for
cancellation.

      

      Section 2.12. CUSIP Numbers. The Company in
issuing the Securities may use “CUSIP”
and “CINS” numbers (if then generally in use), and the Trustee shall use CUSIP
numbers or CINS numbers, as the case may be, in notices of redemption or
exchange as a convenience to Holders and no representation shall be made as to
the correctness of such numbers either as printed on the Securities or as
contained in any notice of redemption or exchange.

      

      Section 2.13. Defaulted Interest. If the Company
defaults in a payment of interest on the
Registered Securities, it shall pay, or shall deposit with the Paying Agent
money in immediately available funds sufficient to pay, the defaulted interest
plus (to the extent lawful) any interest payable on the defaulted interest (as
may be specified in the terms thereof, established pursuant to Section 2.03) to
the Persons who are Holders on a subsequent special record date, which shall
mean the 15th day next preceding the date fixed by the Company for the payment
of defaulted interest, whether or not such day is a Business Day. At least 15
days before such special record date, the Company shall mail to each Holder of
such Registered Securities and to the Trustee a notice that states the special
record date, the payment date and the amount of defaulted interest to be
paid.

      

      Section 2.14. Series May Include
Tranches. A series of
Securities may include one or
more tranches (each a “tranche”) of Securities,
including Securities issued in a Periodic Offering. The Securities of different
tranches may have one or more different terms, including authentication dates
and public offering prices, but all the Securities within each such tranche
shall have identical terms, including authentication date and public offering
price. Notwithstanding

    

     

    
      

      
        
          
             

          

          
            26

            
              

            

          

          
             

          

        

      

      

      any other provision of this Indenture, with respect to Sections 2.02
(other than the fourth, sixth and seventh paragraphs thereof) through 2.04,
2.07, 2.08, 2.10, 3.01 through 3.05, 4.02, 6.01 through 6.14, 8.01 through 8.07,
9.02 and Section 10.07, if any series of Securities includes more than one
tranche, all provisions of such sections applicable to any series of Securities
shall be deemed equally applicable to each tranche of any series of Securities
in the same manner as though originally designated a series unless otherwise
provided with respect to such series or tranche pursuant to Section 2.03. In
particular, and without limiting the scope of the next preceding sentence, any
of the provisions of such sections which provide for or permit action to be
taken with respect to a series of Securities shall also be deemed to provide for
and permit such action to be taken instead only with respect to Securities of
one or more tranches within that series (and such provisions shall be deemed
satisfied thereby), even if no comparable action is taken with respect to
Securities in the remaining tranches of that series.

      

      ARTICLE
3

      REDEMPTION

      

      Section 3.01. Applicability of
Article. The provisions of
this Article shall be applicable
to the Securities of any series which are redeemable before their maturity or to
any sinking fund for the retirement of Securities of a series except as
otherwise specified as contemplated by Section 2.03 for Securities of such
series.

      

      Section 3.02. Notice of Redemption; Partial
Redemptions. Notice of redemption to
the Holders of Registered Securities of any series to be redeemed as a whole or
in part at the option of the Company shall be given by mailing notice of such
redemption by first class mail, postage prepaid, at least 30 days and not more
than 60 days prior to the date fixed for redemption to such Holders of
Registered Securities of such series at their last addresses as they shall
appear upon the registry books. Notice of redemption to the Holders of
Unregistered Securities of any series to be redeemed as a whole or in part who
have filed their names and addresses with the Trustee pursuant to Section
313(c)(2) of the Trust Indenture Act, shall be given by mailing notice of such
redemption, by first class mail, postage prepaid, at least 30 days and not more
than 60 days prior to the date fixed for redemption, to such Holders at such
addresses as were so furnished to the Trustee (and, in the case of any such
notice given by the Company, the Trustee shall make such information available
to the Company for such purpose). Notice of redemption to all other Holders of
Unregistered Securities of any series to be redeemed as a whole or in part shall
be published in an Authorized Newspaper in The City of New York, or with respect
to any Security the interest on which is based on the offered quotations in the
interbank Eurodollar market for dollar deposits in an Authorized Newspaper in
London, in each case, once in each of three successive calendar weeks, the first
publication to be not less than 30 days nor more than 60 days prior to the date
fixed for redemption. Any notice which is mailed or published in the manner
herein provided shall be conclusively

       

      

      
        
          
             

          

          
            27

            
              

            

          

          
             

          

        

      

      

      presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the
Holder of any Security of a series designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any
other Security of such series.

      

      The
notice of redemption to each such Holder shall specify the principal amount of
each Security of such series held by such Holder to be redeemed, the CUSIP
numbers of the Securities to be redeemed, the date fixed for redemption, the
redemption price, or if not then ascertainable, the manner of calculation
thereof, the place or places of payment, that payment will be made upon
presentation and surrender of such Securities and, in the case of Securities
with coupons attached thereto, of all coupons appertaining thereto maturing
after the date fixed for redemption, that such redemption is pursuant to the
mandatory or optional sinking fund, or both, if such be the case, that interest
accrued to the date fixed for redemption will be paid as specified in such
notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue. In case any Security of a series is
to be redeemed in part only, the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that on and after
the date fixed for redemption, upon surrender of such Security, a new Security
or Securities of such series and tenor in principal amount equal to the
unredeemed portion thereof will be issued.

      

      The
notice of redemption of Securities of any series to be redeemed at the option of
the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company.

      

      On or
before 10:00 a.m. New York City time on the redemption date or, in the case of
Unregistered Securities, on or before 10:00 a.m. New York City time on the
Business Day prior to the redemption date specified in the notice of redemption
given as provided in this Section, the Company will deposit with the Trustee or
with one or more Paying Agents (or, if the Company is acting as its own Paying
Agent, set aside, segregate and hold in trust as provided in Section 2.06) an
amount of money sufficient to redeem on the redemption date all the Securities
of such series so called for redemption at the appropriate redemption price,
together with accrued interest to the date fixed for redemption. If all of the
outstanding Securities of a series are to be redeemed, the Company will deliver
to the Trustee at least 10 days prior to the last date on which notice of
redemption may be given to Holders pursuant to the first paragraph of this
Section 3.02 (or such shorter period as shall be acceptable to the Trustee) an
Officers’ Certificate stating that all such Securities are to be redeemed. If
less than all the outstanding Securities of a series are to be redeemed, the
Company will deliver to the Trustee at least 15 days prior to the last date on
which notice of redemption may be given to Holders pursuant to the first
paragraph of this Section 3.02 (or such shorter period as shall be acceptable to
the Trustee) an Officers’ Certificate stating the aggregate principal amount of
such Securities to be redeemed. In the case of any redemption of Securities (a)
prior to the expiration of any restriction on such

       

      

      
        
          
             

          

          
            28

            
              

            

          

          
             

          

        

      

      

      redemption provided in the terms of such Securities or elsewhere in
this Indenture, or (b) pursuant to an election of the Company which is subject
to a condition specified in the terms of such Securities or elsewhere in this
Indenture, the Company shall deliver to the Trustee, prior to the giving of any
notice of redemption to Holders pursuant to this Section, an Officers’
Certificate evidencing compliance with such restriction or
condition.

      

      If less
than all the Securities of a series are to be redeemed, the Trustee shall
select, pro rata, by lot or in such manner as it shall deem appropriate and
fair, Securities of such series to be redeemed in whole or in part. Securities
may be redeemed in part in principal amounts equal to authorized denominations
for Securities of such series. The Trustee shall promptly notify the Company in
writing of the Securities of such series selected for redemption and, in the
case of any Securities of such series 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 3.03. Payment Of Securities Called For
Redemption. If notice of redemption has
been given as above provided, the Securities or portions of Securities specified
in such notice shall become due and payable on the date and at the place stated
in such notice at the applicable redemption price, together with interest
accrued to the date fixed for redemption, and on and after such date (unless the
Company shall default in the payment of such Securities at the redemption price,
together with interest accrued to such date) interest on the Securities or
portions of Securities so called for redemption shall cease to accrue, and the
unmatured coupons, if any, appertaining thereto shall be void and, except as
provided in Sections 7.12 and 8.02, such Securities shall cease from and after
the date fixed for redemption to be entitled to any benefit under this
Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption. On presentation and surrender of such
Securities at a place of payment specified in said notice, together with all
coupons, if any, appertaining thereto maturing after the date fixed for
redemption, said Securities or the specified portions thereof shall be paid and
redeemed by the Company at the applicable redemption price, together with
interest accrued thereon to the date fixed for redemption; provided that payment
of interest becoming due on or prior to the date fixed for redemption shall be
payable in the case of Securities with coupons attached thereto, to the Holders
of the coupons for such interest upon surrender thereof, and in the case of
Registered Securities, to the Holders of such Registered Securities registered
as such on the relevant record date subject to the terms and provisions of
Sections 2.04 and 2.13 hereof.

      

      If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for,
bear

       

      

      
        
          
             

          

          
            29

            
              

            

          

          
             

          

        

      

      

      interest from the date fixed for redemption at the rate of interest
or Yield to Maturity (in the case of an Original Issue Discount Security) borne
by such Security.

      

      If any
Security with coupons attached thereto is surrendered for redemption and is not
accompanied by all appurtenant coupons maturing after the date fixed for
redemption, the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee, if there be furnished to each of them such security or
indemnity as they may require to save each of them harmless.

      

      Upon
presentation of any Security of any series redeemed in part only, the Company
shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Company, a new Security or
Securities of such series and tenor (with any unmatured coupons attached), of
authorized denominations, in principal amount equal to the unredeemed portion of
the Security so presented.

      

      Section 3.04. Exclusion of Certain Securities
from Eligibility for Selection for Redemption. Securities
shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in a written statement signed
by an authorized officer of the Company and delivered to the Trustee at least 40
days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by, either
(a) the Company or (b) an entity specifically identified in such written
statement as directly or indirectly controlling or controlled by or under direct
or indirect common control with the Company.

      

      Section 3.05. Mandatory and Optional Sinking
Funds. 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 the Securities of any series is herein referred to as an “optional sinking fund payment”. The date on which a
sinking fund payment is to be made is herein referred to as the
“sinking fund payment
date”.

      

      In lieu
of making all or any part of any mandatory sinking fund payment with respect to
any series of Securities in cash, the Company may at its option (a) deliver to
the Trustee Securities of such series theretofore purchased or otherwise
acquired (except through a mandatory sinking fund payment) by the Company or
receive credit for Securities of such series (not previously so credited)
theretofore purchased or otherwise acquired (except as aforesaid) by the Company
and delivered to the Trustee for cancellation pursuant to Section 2.11, (b)
receive credit for optional sinking fund payments (not previously so credited)
made pursuant to this Section, or (c) receive credit for Securities of such
series (not previously so credited) redeemed by the Company at the option of the
Company pursuant to the terms of such Securities or through any optional sinking
fund

      

      

      
        
          
             

          

          
            30

            
              

            

          

          
             

          

        

      

      

      payment. Securities so delivered or credited shall be received or
credited by the Trustee at the sinking fund redemption price specified in such
Securities.

      

      On or
before the sixtieth day next preceding each sinking fund payment date for any
series, or such shorter period as shall be acceptable to the Trustee, the
Company will deliver to the Trustee an Officers’ Certificate (a) specifying the
portion of the mandatory sinking fund payment to be satisfied by payment of cash
and the portion to be satisfied by credit of specified Securities of such series
and the basis for such credit, (b) stating that none of the specified Securities
of such series has theretofore been so credited, (c) stating that no defaults in
the payment of interest or Events of Default with respect to such series have
occurred (which have not been waived or cured) and are continuing and (d)
stating whether or not the Company intends to exercise its right to make an
optional sinking fund payment with respect to such series and, if so, specifying
the amount of such optional sinking fund payment which the Company intends to
pay on or before the next succeeding sinking fund payment date. Any Securities
of such series to be credited and required to be delivered to the Trustee in
order for the Company to be entitled to credit therefor as aforesaid which have
not theretofore been delivered to the Trustee shall be delivered for
cancellation pursuant to Section 2.11 to the Trustee with such Officers’
Certificate (or reasonably promptly thereafter if acceptable to the Trustee).
Such Officers’ Certificate shall be irrevocable and upon its receipt by the
Trustee the Company shall become unconditionally obligated to make all the cash
payments or delivery of Securities therein referred to, if any, on or before the
next succeeding sinking fund payment date. Failure of the Company, on or before
any such sixtieth day, to deliver such Officer’s Certificate and Securities
specified in this paragraph, if any, shall not constitute a default but shall
constitute, on and as of such date, the irrevocable election of the Company (i)
that the mandatory sinking fund payment for such series due on the next
succeeding sinking fund payment date shall be paid entirely in cash without the
option to deliver or credit Securities of such series in respect thereof and
(ii) that the Company will make no optional sinking fund payment with respect to
such series as provided in this Section.

      

      If the
sinking fund payment or payments (mandatory or optional or both) to be made in
cash on the next succeeding sinking fund payment date plus any unused balance of
any preceding sinking fund payments made in cash shall exceed $50,000 (or a
lesser sum if the Company shall so request with respect to the Securities of any
series), such cash shall be applied on the next succeeding sinking fund payment
date to the redemption of Securities of such series at the sinking fund
redemption price thereof together with accrued interest thereon to the date
fixed for redemption. If such amount shall be $50,000 (or such lesser sum) or
less and the Company makes no such request then it shall be carried over until a
sum in excess of $50,000 (or such lesser sum) is available. The Trustee shall
select, in the manner provided in Section 3.02, for redemption on such sinking
fund payment date a sufficient principal amount of Securities of such series to
absorb said cash, as nearly as may be, and shall (if requested in writing by the
Company) inform the Company of the serial numbers of the Securities
of

      
 

      
        
          
             

          

          
            31

            
              

            

          

          
             

          

        

      

      

      such series (or portions thereof) so selected. Securities shall be
excluded from eligibility for redemption under this Section if they are
identified by registration and certificate number in an Officers’ Certificate
delivered to the Trustee at least 60 days prior to the sinking fund payment date
as being owned of record and beneficially by, and not pledged or hypothecated by
either (a) the Company or (b) an entity specifically identified in such
Officers’ Certificate as directly or indirectly controlling or controlled by or
under direct or indirect common control with the Company. The Trustee, in the
name and at the expense of the Company (or the Company, if it shall so request
the Trustee in writing) shall cause notice of redemption of the Securities of
such series to be given in substantially the manner provided in Section 3.02
(and with the effect provided in Section 3.03) for the redemption of Securities
of such series in part at the option of the Company. The amount of any sinking
fund payments not so applied or allocated to the redemption of Securities of
such series shall be added to the next cash sinking fund payment for such series
and, together with such payment, shall be applied in accordance with the
provisions of this Section. Any and all sinking fund moneys held on the stated
maturity date of the Securities of any particular series (or earlier, if such
maturity is accelerated), which are not held for the payment or redemption of
particular Securities of such series shall be applied, together with other
moneys, if necessary, sufficient for the purpose, to the payment of the
Principal of, and interest on, the Securities of such series at
maturity.

      

      On or
before 10:00 a.m. New York City time on each sinking fund payment date or, in
the case of Unregistered Securities, 10:00 a.m. New York City time on the
Business Day prior to the sinking fund payment date, the Company shall pay to
the Trustee in cash or shall otherwise provide for the payment of all interest
accrued to the date fixed for redemption on Securities to be redeemed on the
next following sinking fund payment date.

      

      The
Trustee shall not redeem or cause to be redeemed any Securities of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a Default in
payment of interest on such Securities or of any Event of Default except that,
where the mailing of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such
Securities, provided that it shall have received from the Company a sum
sufficient for such redemption. Except as aforesaid, any moneys in the sinking
fund for such series at the time when any such Default or Event of Default shall
occur, and any moneys thereafter paid into the sinking fund, shall, during the
continuance of such Default or Event of Default, be deemed to have been
collected under Article 6 and held for the payment of all such Securities. In
case such Event of Default shall have been waived as provided in Section 6.04 or
the Default cured on or before the sixtieth day preceding the sinking fund
payment date in any year, such moneys shall thereafter be applied on the next
succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.

       

       

      
        
          
             

          

          
            32

            
              

            

          

          
             

          

        

      

      

      ARTICLE 4

      COVENANTS

      

      Section 4.01. Payment of Securities. The Company shall
pay the Principal of
and interest on the Securities on the dates and in the manner provided in the
Securities and this Indenture. The interest on Securities with coupons attached
(together with any additional amounts payable pursuant to the terms of such
Securities) shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature. The interest on any temporary Unregistered Securities
(together with any additional amounts payable pursuant to the terms of such
Securities) shall be paid, as to the installments of interest evidenced by
coupons attached thereto, if any, only upon presentation and surrender thereof,
and, as to the other installments of interest, if any, only upon presentation of
such Unregistered Securities for notation thereon of the payment of such
interest. The interest on Registered Securities (together with any additional
amounts payable pursuant to the terms of such Securities) shall be payable only
to the Holders thereof (subject to Section 2.04) and at the option of the
Company may be paid by mailing checks for such interest payable to or upon the
written order of such Holders at their last addresses as they appear on the
Security Register of the Company.

      

      Notwithstanding
any provisions of this Indenture and the Securities of any series to the
contrary, if the Company and a Holder of any Registered Security so agree,
payments of interest on, and any portion of the Principal of, such Holder’s
Registered Security (other than interest payable at maturity or on any
redemption or repayment date or the final payment of Principal on such Security)
shall be made by the Paying Agent, upon receipt from the Company of immediately
available funds by 11:00 A.M., New York City time (or such other time as may be
agreed to between the Company and the Paying Agent), directly to the Holder of
such Security (by Federal funds wire transfer or otherwise) if the Holder has
delivered written instructions to the Trustee 15 days prior to such payment date
requesting that such payment will be so made and designating the bank account to
which such payments shall be so made and in the case of payments of Principal,
surrenders the same to the Trustee in exchange for a Security or Securities
aggregating the same principal amount as the unredeemed principal amount of the
Securities surrendered. The Trustee shall be entitled to rely on the last
instruction delivered by the Holder pursuant to this Section 4.01 unless a new
instruction is delivered 15 days prior to a payment date. The Company will
indemnify and hold each of the Trustee and any Paying Agent harmless against any
loss, liability or expense (including attorneys’ fees) resulting from any act or
omission to act on the part of the Company or any such Holder in connection with
any such agreement or from making any payment in accordance with any such
agreement.

      

      The
Company shall pay interest on overdue Principal, and interest on overdue
installments of interest, to the extent lawful, at the rate per annum specified
in the Securities.

       

      
        
          
             

          

          
            33

            
              

            

          

          
             

          

        

      

      

      Section
4.02. Maintenance of
Office or Agency. The Company
will maintain in the
United States of America an office or agency where Securities may be surrendered
for registration of transfer or exchange or for presentation for payment and
where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served. The Company hereby initially designates the ,
located in , as such office or agency of the Company. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the address of the Trustee set forth in Section
10.02.

      

      The
Company will maintain one or more agencies in a city or cities located outside
the United States of America (including any city in which such an agency is
required to be maintained under the rules of any stock exchange on which the
Securities of any series are listed) where the Unregistered Securities, if any,
of each series and coupons, if any, appertaining thereto may be presented for
payment. No payment on any Unregistered Security or coupon will be made upon
presentation of such Unregistered Security or coupon at an agency of the Company
within the United States of America nor will any payment be made by transfer to
an account in, or by mail to an address in, the United States of America unless,
pursuant to applicable United States of America laws and regulations then in
effect, such payment can be made without adverse tax consequences to the
Company. Notwithstanding the foregoing, if full payment in United States Dollars
(“Dollars”) at each
agency maintained by the Company outside the United States of America for
payment on such Unregistered Securities or coupons appertaining thereto is
illegal or effectively precluded by exchange controls or other similar
restrictions, payments in Dollars of Unregistered Securities of any series and
coupons appertaining thereto which are payable in Dollars may be made at an
agency of the Company maintained in the United States of America.

      

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

      

      Section 4.03. Securityholders’
Lists. The Company will
furnish or cause to be furnished
to the Trustee a list in such form as the Trustee may reasonably require of the
names and addresses of the holders of the Securities pursuant to Section 312 of
the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days after
each record date for the payment of semi-annual interest on the Securities, as
hereinabove specified, as of such record date, and (b) at such
other

      
 

      
        
          
             

          

          
            34

            
              

            

          

          
             

          

        

      

      

      times as the Trustee may request in writing, within thirty days
after receipt by the Company of any such request as of a date not more than 15
days prior to the time such information is furnished.

      

      Section 4.04. Certificate to
Trustee. The Company will
furnish to the Trustee
annually, on or before a date not more than four months after the end of its
fiscal year (which, on the date hereof, is a calendar year), a brief certificate
(which need not contain the statements required by Section 10.04) from its
principal executive, financial or accounting officer as to his or her knowledge
of the compliance of the Company with all conditions and covenants under this
Indenture (such compliance to be determined without regard to any period of
grace or requirement of notice provided under this Indenture) which certificate
shall comply with the requirements of the Trust Indenture Act.

      

      Section 4.05. Reports by the
Company. The Company
covenants to file with the
Trustee, within 15 days after the Company files the same with the Commission,
copies of the annual reports and of the information, documents, and other
reports which the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act.

      

      Section 4.06. Additional Amounts. 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 and at least 10 days prior to each
date of payment of Principal of or interest on the Securities of that series if
there has been a change with respect to the matters set forth in the below-
mentioned Officers’ Certificate, the Company shall furnish to the Trustee and
the principal paying agent, if other than the Trustee, an Officers’ Certificate
instructing the Trustee and such paying agent whether such payment of Principal
of or interest on the Securities of that series shall be made to Holders of the
Securities of that series without withholding or deduction for or on account of
any tax, assessment or other governmental charge described in the Securities of
that series. If any such withholding or deduction shall be required, then such
Officers’ Certificate shall specify by country the amount, if any, required to
be withheld or deducted on such payments to such Holders and shall certify the
fact that additional amounts will be payable and the amounts so payable to each
Holder, and the Company shall pay to the Trustee or such paying agent the
additional amounts required to be paid by this Section. The Company covenants to
indemnify the Trustee and any paying agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence
or bad faith on their part arising out of or in connection with actions taken or
omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section.

      

      Whenever
in this Indenture there is mentioned, in any context, the payment of the
Principal of or interest or any other amounts on, or in respect 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

       

      
 

      
        
          
             

          

          
            35

            
              

            

          

          
             

          

        

      

      

      established hereby or pursuant hereto 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 payment of additional amounts
(if applicable) in any provision hereof shall not be construed as excluding the
payment of additional amounts in those provisions hereof where such express
mention is not made.

       

      ARTICLE
5

      SUCCESSOR CORPORATION

      

      Section 5.01. When Company May Merge,
Etc. The
Company shall not consolidate
with, merge with or into, or sell, convey, transfer, lease or otherwise dispose
of all or substantially all of its property and assets (in one transaction or a
series of related transactions) to, any Person unless either (x) the Company
shall be the continuing Person or (y) the Person (if other than the Company)
formed by such consolidation or into which the Company is merged or to which
properties and assets of the Company shall be sold, conveyed, transferred or
leased shall be a Person organized and validly existing under the laws of the
United States of America or any jurisdiction thereof and shall expressly assume,
by a supplemental indenture, executed and delivered to the Trustee, all of the
obligations of the Company on all of the Securities and under this Indenture and
the Company in the case of clauses (x) and (y) shall have delivered to the
Trustee (A) an Opinion of Counsel stating that such consolidation, merger or
sale, conveyance, transfer or lease and such supplemental indenture (if any)
complies with this provision and that all conditions precedent provided for
herein relating to such transaction have been complied with and that such
supplemental indenture (if any) constitutes the legal, valid and binding
obligation of the Company and such successor enforceable against such entity in
accordance with its terms, subject to customary exceptions and (B) an Officers’
Certificate to the effect that immediately after giving effect to such
transaction, no Default shall have occurred and be continuing.

      

      Section 5.02. Successor Substituted. Upon any
consolidation or merger, or any sale,
conveyance, transfer, lease or other disposition of all or substantially all of
the property and assets of the Company in accordance with Section 5.01 of this
Indenture, the successor Person formed by such consolidation or into which the
Company is merged or to which such sale, conveyance, transfer, lease or other
disposition is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein and thereafter
the predecessor Person, except in the case of a lease, shall be relieved of all
obligations and covenants under this Indenture and the Securities.

      

      

      
        
          
             

          

          
            36

            
              

            

          

          
             

          

        

      

      

      ARTICLE 6

      DEFAULT AND REMEDIES

      

      Section 6.01. Events of Default. An “Event of Default” shall occur
with respect to the
Securities of any series if:

      

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

      

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

      

      (c) the
Company defaults in the performance of or breaches any other covenant or
agreement of the Company in this Indenture with respect to any Security of such
series or in the Securities of such series and such default or breach continues
for a period of 30 consecutive days after written notice to the Company by the
Trustee or to the Company and the Trustee by the Holders of 25% or more in
aggregate principal amount of the Securities of all series affected thereby
specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder;

      

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

      

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

      

      
        (f)  any other
Event of Default established pursuant to Section 2.3  with
respect to the Securities of such series occurs.

      

      

      Section 6.02. Acceleration. (a) If an Event of
Default other than as described in
clauses (d) or (e) of Section 6.01 with respect to the Securities of
any

      

       

      
        
          
             

          

          
            37

            
              

            

          

          
             

          

        

      

      

      series then outstanding occurs and is continuing, then, and in each
and every such case, except for any series of Securities the principal of which
shall have already become due and payable, either the Trustee or the Holders of
not less than 25% in aggregate principal amount of the Securities of any such
series then outstanding hereunder (all such series voting together as a single
class) by notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if the Securities of any
such series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of such series established
pursuant to Section 2.03) of all Securities of such series, and the interest
accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.

      

      (b) If an
Event of Default described in clause (d) or (e) of Section 6.01 occurs and is
continuing, then the principal amount (or, if any Securities are Original Issue
Discount Securities, such portion of the principal as may be specified in the
terms thereof established pursuant to Section 2.03) of all the Securities then
outstanding and interest accrued thereon, if any, shall be and become
immediately due and payable, without any notice or other action by any Holder or
the Trustee, to the full extent permitted by applicable law.

      

      The
foregoing provisions, however, are subject to the condition that if, at any time
after the principal (or, if the Securities are Original Issue Discount
Securities, such portion of the principal as may be specified in the terms
thereof established pursuant to Section 2.03) of the Securities of any series
(or of all the Securities, as the case may be) shall have been so declared or
become due and payable, and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered as hereinafter provided, the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Securities of each such series (or
of all the Securities, as the case may be) and the principal of any and all
Securities of each such series (or of all the Securities, as the case may be)
which shall have become due otherwise than by acceleration (with interest upon
such principal and, to the extent that payment of such interest is enforceable
under applicable law, on overdue installments of interest, at the same rate as
the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in the Securities of each such series to the date
of such payment or deposit) and such amount as shall be sufficient to cover all
amounts owing the Trustee under Section 7.07, and if any and all Events of
Default under the Indenture, other than the non-payment of the principal of
Securities which shall have become due by acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then and in every such case the
Holders of a majority in aggregate principal amount of all the then outstanding
Securities of all such series that have been accelerated (voting as a single
class), by written notice to the Company and to the Trustee, may waive all
defaults with respect to all such series (or with respect to all the Securities,
as the case may be) and rescind and annul such declaration and its consequences,
but no such waiver or rescission and annulment

       

      

      
        
          
             

          

          
            38

            
              

            

          

          
             

          

        

      

      

      shall extend to or shall affect any subsequent default or shall
impair any right consequent thereon.

      

      For all
purposes under this Indenture, if a portion of the principal of any Original
Issue Discount Securities shall have been accelerated and declared or become due
and payable pursuant to the provisions hereof, then, from and after such
declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes hereunder, to be such portion of the principal thereof as shall be
due and payable as a result of such acceleration, and payment of such portion of
the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

      

      Section 6.03. Other Remedies. If a payment default
or an Event of Default with
respect to the Securities of any series occurs and is continuing, the Trustee
may pursue, in its own name or as trustee of an express trust, any available
remedy by proceeding at law or in equity to collect the payment of Principal of
and interest on the Securities of such series or to enforce the performance of
any provision of the Securities of such series or this Indenture.

      

      The
Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding.

      

      Section 6.04. Waiver of Past
Defaults. Subject to Sections
6.02, 6.07 and 9.02, the
Holders of at least a majority in principal amount (or, if the Securities are
Original Issue Discount Securities, such portion of the principal as is then
accelerable under Section 6.02) of the outstanding Securities of all series
affected (voting as a single class), by notice to the Trustee, may waive an
existing Default or Event of Default with respect to the Securities of such
series and its consequences, except a Default in the payment of Principal of or
interest on any Security as specified in clauses (a) or (b) of Section 6.01 or
in respect of a covenant or provision of this Indenture which cannot be modified
or amended without the consent of the Holder of each outstanding Security
affected. Upon any such waiver, such Default shall cease to exist, and any Event
of Default with respect to the Securities of such series arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereto.

      

      Section 6.05. Control by Majority. Subject to Sections
7.01 and 7.02(e), the Holders of
at least a majority in aggregate principal amount (or, if any Securities are
Original Issue Discount Securities, such portion of the principal as is then
accelerable under Section 6.02) of the outstanding Securities of all series
affected (voting as a single class) may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Securities of
such

      
 

      
        
          
             

          

          
            39

            
              

            

          

          
             

          

        

      

      

      series by this Indenture; provided, that the Trustee may refuse to
follow any direction that conflicts with law or this Indenture, that may involve
the Trustee in personal liability or that the Trustee determines in good faith
may be unduly prejudicial to the rights of Holders not joining in the giving of
such direction; and provided further, that the Trustee may take any other action
it deems proper that is not inconsistent with any directions received from
Holders of Securities pursuant to this Section 6.05.

      

      Section 6.06. Limitation on Suits. No Holder of any
Security of any series may
institute any proceeding, judicial or otherwise, with respect to this Indenture
or the Securities of such series, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

      

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

      

      (b) the
Holders of at least 25% in aggregate principal amount of outstanding Securities
of all such series affected 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;

      

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

      

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

      

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

      

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

      

      Section 6.07. Rights of Holders to Receive
Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder of a Security to receive
payment of Principal of or interest, if any, on such Holder’s Security on or
after the respective due dates expressed on such Security, or to bring suit for
the enforcement of any such payment on or after such respective dates, shall not
be impaired or affected without the consent of such Holder.

      

      Section 6.08. Collection Suit by
Trustee. If an Event of
Default with respect to the
Securities of any series in payment of Principal or interest specified in clause
(a) or (b) of Section 6.01 occurs and is continuing, the Trustee
may

      
 

      
        
          
             

          

          
            40

            
              

            

          

          
             

          

        

      

      

      recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount (or such portion thereof as specified
in the terms established pursuant to Section 2.03 of Original Issue Discount
Securities) of Principal of, and accrued interest remaining unpaid on, together
with interest on overdue Principal of, and, to the extent that payment of such
interest is lawful, interest on overdue installments of interest on, the
Securities of such series, in each case at the rate or Yield to Maturity (in the
case of Original Issue Discount Securities) specified in such Securities, and
such further amount as shall be sufficient to cover all amounts owing the
Trustee under Section 7.07.

      

      Section 6.09. Trustee May File Proofs of
Claim. The Trustee may
file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for amounts due
the Trustee under Section 7.07) and the Holders allowed in any judicial
proceedings relative to the Company (or any other obligor on the Securities),
its creditors or its property and shall be entitled and empowered to collect and
receive any moneys, securities or other property payable or deliverable upon
conversion or exchange of the Securities or upon any such claims and to
distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it under Section 7.07. Nothing
herein contained shall be deemed to empower the Trustee to authorize or consent
to, or accept or adopt on behalf of any Holder, any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of
any Holder thereof, or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.

      

      Section 6.10. Application of
Proceeds. Any moneys collected
by the Trustee
pursuant to this Article in respect of the Securities of any series shall be
applied in the following order at the date or dates fixed by the Trustee and, in
case of the distribution of such moneys on account of Principal or interest,
upon presentation of the several Securities and coupons appertaining to such
Securities in respect of which moneys have been collected and noting thereon the
payment, or issuing Securities of such series and tenor in reduced principal
amounts in exchange for the presented Securities of such series and tenor if
only partially paid, or upon surrender thereof if fully paid:

      

      FIRST: To
the payment of all amounts due the Trustee under Section 7.07 applicable to the
Securities of such series in respect of which moneys have been
collected;

      

      SECOND:
Subject to Article 11, in case the principal of the Securities of such series in
respect of which moneys have been collected shall not have become and be then
due and payable, to the payment of interest on the Securities of such series in
default in the order of the

      
 

      
        
          
             

          

          
            41

            
              

            

          

          
             

          

        

      

      

      maturity of the installments of such interest, with interest (to the
extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the same rate as the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) specified in such
Securities, such payments to be made ratably to the persons entitled thereto,
without discrimination or preference;

      

      THIRD:
Subject to Article 11, in case the principal of the Securities of such series in
respect of which moneys have been collected shall have become and shall be then
due and payable, to the payment of the whole amount then owing and unpaid upon
all the Securities of such series for Principal and interest, with interest upon
the overdue Principal, and (to the extent that such interest has been collected
by the Trustee) upon overdue installments of interest at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series; and in case such moneys
shall be insufficient to pay in full the whole amount so due and unpaid upon the
Securities of such series, then to the payment of such Principal and interest or
Yield to Maturity, without preference or priority of Principal over interest or
Yield to Maturity, or of interest or Yield to Maturity over Principal, or of any
installment of interest over any other installment of interest, or of any
Security of such series over any other Security of such series, ratably to the
aggregate of such Principal and accrued and unpaid interest or Yield to
Maturity; and

      

      FOURTH:
To the payment of the remainder, if any, to the Company or any other person
lawfully entitled thereto.

      

      Section 6.11. Restoration of Rights and
Remedies. If the Trustee or
any Holder
has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then, and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored to their former positions
hereunder and thereafter all rights and remedies of the Company, Trustee and the
Holders shall continue as though no such proceeding had been
instituted.

      

      Section 6.12. Undertaking for Costs. In any suit for the
enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken or omitted by it as Trustee, in either case in respect to the Securities
of any series, a court may require any party litigant in such suit (other than
the Trustee) to file an undertaking to pay the costs of the suit, and the court
may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant (other than the Trustee) in the suit having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This
Section 6.12 does not apply to a suit by a Holder pursuant to Section 6.07, a
suit instituted by

      
 

      
        
          
             

          

          
            42

            
              

            

          

          
             

          

        

      

      

      the Trustee or a suit by Holders of more than 10% in principal
amount of the outstanding Securities of such series.

      

      Section 6.13. Rights and Remedies
Cumulative. Except as
otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or
wrongfully taken Securities in Section 2.08, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

      

      Section 6.14. Delay or Omission not
Waiver. No delay or omission
of the Trustee or of
any Holder 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 6 or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.

      

      ARTICLE
7

      TRUSTEE

      

      Section 7.01. General. The duties and
responsibilities of the Trustee shall be as provided
by the Trust Indenture Act and as set forth herein. Notwithstanding the
foregoing, no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or
powers, unless it receives indemnity satisfactory to it against any loss,
liability or expense. Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Article 7.

      

      Section 7.02. Certain Rights of
Trustee. Subject to Trust
Indenture Act Sections 315(a)
through (d):

      

      (a) the
Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, Officers’ Certificate, Opinion of Counsel (or
both), statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed or
presented by the proper person or persons. The Trustee need not investigate any
fact or matter stated in the

       

      

      
        
          
             

          

          
            43

            
              

            

          

          
             

          

        

      

      

      document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see
fit;

      

      (b) before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate and/or an Opinion of Counsel, which shall conform to Section 10.04
and shall cover such other matters as the Trustee may reasonably request. The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such certificate or opinion. Subject to Sections 7.01 and
7.02, whenever in the administration of the trusts of this Indenture the Trustee
shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an Officers’ Certificate
delivered to the Trustee, and such certificate, in the absence of negligence or
bad faith on the part of the Trustee, shall be full warrant to the Trustee for
any action taken, suffered or omitted by it under the provisions of this
Indenture upon the faith thereof;

      

      (c) the
Trustee may act through its attorneys and agents not regularly in its employ and
shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care;

      

      (d) any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any Board Resolution may
be evidenced to the Trustee by a copy thereof certified by the Secretary or an
Assistant Secretary of the Company;

      

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

      

      (f) the
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers or for
any action it takes or omits to take in accordance with the direction of the
Holders in accordance with Section 6.05 relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Indenture;

      

      

      
        
          
             

          

          
            44

            
              

            

          

          
             

          

        

      

      

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

      

      (h) prior to
the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
Officers’ Certificate, Opinion of Counsel, Board Resolution, statement,
instrument, opinion, report, notice, request, consent, order, approval,
appraisal, bond, debenture, note, coupon, security, or other paper or document
unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then
outstanding; provided that, if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or
liabilities as a condition to proceeding.

      

      Section 7.03. Individual Rights of
Trustee. The Trustee, in its
individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not the Trustee. Any Agent may do the same with like rights. However, the
Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes
of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall
mean:

      

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

      

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

      

      

      
        
          
             

          

          
            45

            
              

            

          

          
             

          

        

      

      

      Section
7.04. Trustee's
Disclaimer. The recitals
contained herein and in the Securities
(except the Trustee’s certificate of authentication) shall be taken as
statements of the Company and not of the Trustee and the Trustee assumes no
responsibility for the correctness of the same. Neither the Trustee nor any of
its agents (a) makes any representation as to the validity or adequacy of this
Indenture or the Securities and (b) shall be accountable for the Company’s use
or application of the proceeds from the Securities.

      

      Section 7.05. Notice of Default. If any Default with
respect to the Securities of
any series occurs and is continuing and if such Default is known to the actual
knowledge of a Responsible Officer with the Corporate Trust Department of the
Trustee, the Trustee shall give to each Holder of Securities of such series
notice of such Default within 90 days after it occurs (a) if any Unregistered
Securities of such series are then outstanding, to the Holders thereof, by
publication at least once in an Authorized Newspaper in the Borough of
Manhattan, The City of New York and at least once in an Authorized Newspaper in
London and (b) to all Holders of Securities of such series in the manner and to
the extent provided in Section 313(c) of the Trust Indenture Act, unless such
Default shall have been cured or waived before the mailing or publication of
such notice; provided, however, that, except in the case of a Default in the
payment of the Principal of or interest on any Security, the Trustee shall be
protected in withholding such notice if the Trustee in good faith determines
that the withholding of such notice is in the interests of the
Holders.

      

      Section 7.06. Reports by Trustee to
Holders. The Trustee shall
transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Trustee shall, within 60 days after each May 15 following the date of
this Indenture, deliver to Holders a brief report, dated as of such May 15,
which complies with the provisions of such 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 with the Company. The Company will promptly notify the
Trustee when any Securities are listed on any stock exchange.

      

      Section 7.07. Compensation and
Indemnity. The Company shall
pay to the
Trustee such compensation as shall be agreed upon in writing from time to time
for its services. The compensation of the Trustee shall not be limited by any
law on compensation of a Trustee of an express trust. The Company shall
reimburse the Trustee and any predecessor Trustee upon request for all
reasonable out-of-pocket expenses, disbursements and advances incurred or made
by the Trustee or such predecessor Trustee. Such expenses shall include the
reasonable compensation and expenses of the Trustee’s or such predecessor
Trustee’s agents, counsel and other persons not regularly in their
employ.

       

      

      
        
          
             

          

          
            46

            
              

            

          

          
             

          

        

      

      

      The Company shall indemnify the Trustee and any predecessor Trustee
for, and hold them harmless against, any loss or liability or expense incurred
by them without negligence or bad faith on their part arising out of or in
connection with the acceptance or administration of this Indenture and the
Securities or the issuance of the Securities or of series thereof or the trusts
hereunder and the performance of duties under this Indenture and the Securities,
including the costs and expenses of defending themselves against or
investigating any claim or liability and of complying with any process served
upon them or any of their officers in connection with the exercise or
performance of any of their powers or duties under this Indenture and the
Securities.

      

      To secure
the Company’s payment obligations in this Section 7.07, the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the
Trustee, in its capacity as Trustee, except money or property held in trust to
pay Principal of, and interest on particular Securities.

      

      The
obligations of the Company under this Section to compensate and indemnify the
Trustee and each predecessor Trustee and to pay or reimburse the Trustee and
each predecessor Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture or the rejection or termination of this
Indenture under bankruptcy law. Such additional indebtedness shall be a senior
claim to that of the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the benefit of the Holders
of particular Securities or coupons, and the Securities are hereby subordinated
to such senior claim. Without prejudice to any other rights available to the
Trustee under applicable law, if the Trustee renders services and incurs
expenses following an Event of Default under Section 6.01(d) or Section 6.01(e)
hereof, the parties hereto and the holders by their acceptance of the Securities
hereby agree that such expenses are intended to constitute expenses of
administration under any bankruptcy law.

      

      Section 7.08. Replacement of
Trustee. A resignation or
removal of the Trustee as
Trustee with respect to the Securities of any series and appointment of a
successor Trustee as Trustee with respect to the Securities of any series shall
become effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section 7.08.

      

      The
Trustee may resign as Trustee with respect to the Securities of any series at
any time by so notifying the Company in writing. The Holders of a majority in
principal amount of the outstanding Securities of any series may remove the
Trustee as Trustee with respect to the Securities of such series by so notifying
the Trustee in writing and may appoint a successor Trustee with respect thereto
with the consent of the Company. The Company may remove the Trustee as Trustee
with respect to the Securities of any series if: (i) the Trustee is no longer
eligible under Section 7.11 of this Indenture; (ii) the Trustee is adjudged
a

       

       

      
        
          
             

          

          
            47

            
              

            

          

          
             

          

        

      

      

      bankrupt or insolvent; (iii) a receiver or other public officer
takes charge of the Trustee or its property; or (iv) the Trustee becomes
incapable of acting.

      

      If the
Trustee resigns or is removed as Trustee with respect to the Securities of any
series, or if a vacancy exists in the office of Trustee with respect to the
Securities of any series for any reason, the Company shall promptly appoint a
successor Trustee with respect thereto. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the
outstanding Securities of such series may appoint a successor Trustee in respect
of such Securities to replace the successor Trustee appointed by the Company. If
the successor Trustee with respect to the Securities of any series does not
deliver its written acceptance required by Section 7.09 within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount of the outstanding Securities of such
series may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect thereto.

      

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

      

      Notwithstanding
replacement of the Trustee with respect to the Securities of any series pursuant
to this Section 7.08 and Section 7.09, the Company’s obligations under Section
7.07 shall continue for the benefit of the retiring Trustee.

      

      Section 7.09. Acceptance of Appointment by
Successor. In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such
successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges and subject to
the lien provided for in Section 7.07, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee
hereunder.

      

      In case
of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest

    

    
      

      
        
          
             

          

          
            48

            
              

            

          

          
             

          

        

      

      

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

      

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

      

      No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be eligible under this Article and
qualified under Section 310(b) of the Trust Indenture Act.

      

      Section 7.10. Successor Trustee By Merger,
Etc. If
the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation or national banking
association, the resulting, surviving or transferee corporation or national
banking association without any further act shall be the successor Trustee with
the same effect as if the successor Trustee had been named as the Trustee
herein.

      

      Section 7.11. Eligibility. This Indenture shall
always have a Trustee who satisfies the
requirements of Trust Indenture Act Section 310(a). The Trustee shall have a
combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition.

      

      Section 7.12. Money Held in Trust. The Trustee shall
not be liable for interest on any
money received by it except as the Trustee may agree in writing

      

       

      
        
          
             

          

          
            49

            
              

            

          

          
             

          

        

      

      

      with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law and except for
money held in trust under Article 8 of this Indenture.

       

      ARTICLE
8

      SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

      

      Section 8.01. Satisfaction and Discharge of
Indenture. If at any time
(a) the
Company shall have paid or caused to be paid the Principal of and interest on
all the Securities of any series outstanding hereunder (other than Securities of
such series which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 2.08) as and when the same shall have
become due and payable, or (b) the Company shall have delivered to the Trustee
for cancellation all Securities of any series theretofore authenticated (other
than any Securities of such series which shall have been destroyed, lost or
stolen and which shall have been replaced or paid as provided in Section 2.08)
or (c) (i) all the securities of such series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are by their
terms to become due and payable within one year or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption, and (ii) the Company shall have irrevocably
deposited or caused to be deposited with the Trustee as trust funds the entire
amount in cash (other than moneys repaid by the Trustee or any paying agent to
the Company in accordance with Section 8.04) or U.S. Government Obligations,
maturing as to principal and interest in such amounts and at such times as will
insure (without consideration of the reinvestment of such interest) the
availability of cash, or a combination thereof, sufficient to pay at maturity or
upon redemption all Securities of such series (other than any Securities of such
series which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.08) not theretofore delivered to the
Trustee for cancellation, including principal and interest due or to become due
on or prior to such date of maturity or redemption as the case may be, and if,
in any such case, the Company is not prohibited from making payments in respect
of the Securities by Article 11 hereof and shall also pay or cause to be paid
all other sums payable hereunder by the Company with respect to Securities of
such series, then this Indenture shall cease to be of further effect with
respect to Securities of such series (except as to (i) rights of registration of
transfer and exchange of securities of such series, and the Company’s right of
optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed,
lost or stolen Securities, (iii) rights of holders to receive payments of
principal thereof and interest thereon, upon the original stated due dates
therefor (but not upon acceleration) and remaining rights of the holders to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations
and immunities of the Trustee hereunder and (v) the rights of the
Securityholders of such series as beneficiaries hereof with respect to the
property so deposited with the Trustee payable to all or any of them), and the
Trustee, on demand of the

      

       

      
        
          
             

          

          
            50

            
              

            

          

          
             

          

        

      

      

      Company accompanied by an Officers’ Certificate and an Opinion of
Counsel and at the cost and expense of the Company, shall execute proper
instruments acknowledging such satisfaction of and discharging this Indenture
with respect to such series; provided, that the rights of Holders of the
Securities to receive amounts in respect of Principal of and interest on the
Securities held by them shall not be delayed longer than required by
then-applicable mandatory rules or policies of any securities exchange upon
which the Securities are listed. The Company agrees to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred and to
compensate the Trustee for any services thereafter reasonably and properly
rendered by the Trustee in connection with this Indenture or the Securities of
such series.

      

      Section 8.02. Application by Trustee of Funds
Deposited for Payment of Securities. Subject to
Section 8.04, all moneys (including U.S. Government Obligations and the
proceeds thereof) deposited with the Trustee pursuant to Section 8.01, Section
8.05 or Section 8.06 shall be held in trust and applied by it to the payment,
either directly or through any paying agent to the Holders of the particular
Securities of such series for the payment or redemption of which such moneys
have been deposited with the Trustee, of all sums due and to become due thereon
for Principal and interest; but such money need not be segregated from other
funds except to the extent required by law. Funds and U.S. Government
Obligations held in trust under Section 8.01, 8.05 or 8.06 shall not be subject
to the claims of the holders of Senior Indebtedness under Article
11.

      

      Section 8.03. Repayment of Moneys Held by Paying
Agent. In connection with the
satisfaction and discharge of this Indenture with respect to Securities of any
series, all moneys then held by any paying agent under the provisions of this
Indenture with respect to such series of Securities shall, upon demand of the
Company, be repaid to it or paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys.

      

      Section 8.04. Return of Moneys Held by Trustee
and Paying Agent Unclaimed for Two Years. Any
moneys deposited with or paid to the Trustee or any paying agent for
the payment of the Principal of or interest on any Security of any series and
not applied but remaining unclaimed for two years after the date upon which such
Principal or interest shall have become due and payable, shall, upon the written
request of the Company and unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property law, be repaid to the
Company by the Trustee for such series or such paying agent, and the Holder of
the Security of such series shall, unless otherwise required by mandatory
provisions of applicable escheat or abandoned or unclaimed property laws,
thereafter look only to the Company for any payment which such Holder may be
entitled to collect, and all liability of the Trustee or any paying agent with
respect to such moneys shall thereupon cease.

      

      Section 8.05. Defeasance and Discharge of
Indenture. The Company shall be deemed
to have paid and shall be discharged from any and all obligations

       

      
        
          
             

          

          
            51

            
              

            

          

          
             

          

        

      

      

      in respect of the Securities of any series, on the 123rd day after
the deposit referred to in clause (i) hereof has been made, and the provisions
of this Indenture shall no longer be in effect with respect to the Securities of
such series (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), except as to: (a) rights of
registration of transfer and exchange, and the Company’s right of optional
redemption, (b) substitution of apparently mutilated, defaced, destroyed, lost
or stolen Securities, (c) rights of holders to receive payments of principal
thereof and interest thereon, upon the original stated due dates therefor (but
not upon acceleration), (d) the rights, obligations and immunities of the
Trustee hereunder and (e) the rights of the Securityholders of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them; provided that the following conditions shall have
been satisfied:

      

      (i) with
reference to this provision the Company has deposited or caused to be
irrevocably deposited with the Trustee (or another qualifying trustee satisfying
the requirements of Section 7.11) as trust funds in trust, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the
Securities of such series, (A) money in an amount, or (B) U.S. Government
Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms will provide not later than one day
before the due date of any payment referred to in subclause (x) or (y) of this
clause (i) money in an amount, or (C) a
combination thereof, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge without consideration of the
reinvestment of such interest and after payment of all federal, state and local
taxes or other charges and assessments in respect thereof payable by the Trustee
(x) the principal of, premium, if any, and each installment of interest on the
outstanding Securities of such series on the due dates thereof and (y) any
mandatory sinking fund payments or analogous payments applicable to the
Securities of such series on the day on which such payments are due and payable
in accordance with the terms of Securities of such series and the Indenture with
respect to the Securities of such series;

      

      (ii) the
Company has delivered to the Trustee (A) either (x) an Opinion of Counsel to the
effect that Holders of Securities of such series will not recognize income, gain
or loss for federal income tax purposes as a result of the Company’s exercise of
its option under this Section 8.05 and will be subject to federal income tax on
the same amount and in the same manner and at the same times as would have been
the case if such deposit, defeasance and discharge had not occurred, which
Opinion of Counsel must be based upon a ruling of the Internal Revenue Service
to the same effect or a change in applicable federal income tax law or related
treasury regulations after the date of this Indenture or (y) a ruling directed
to the Trustee received from the Internal Revenue Service to the
same

      
 

      
        
          
             

          

          
            52

            
              

            

          

          
             

          

        

      

      

      effect as the aforementioned Opinion of Counsel and (B) an Opinion
of Counsel to the effect that the creation of the defeasance trust does not
violate the Investment Company Act of 1940 and after the passage of 123 days
following the deposit, the trust fund will not be subject to the effect of
Section 547 of the U.S. Bankruptcy Code or Section 15 of the New York Debtor and
Creditor Law;

      

      (iii) immediately
after giving effect to such deposit on a pro forma basis, no Event of Default,
or event that after the giving of notice or lapse of time or both would become
an Event of Default, shall have occurred and be continuing on the date of such
deposit or during the period ending on the 123rd day after the date of such
deposit, and such deposit shall not result in a breach or violation of, or
constitute a default under, any other agreement or instrument to which the
Company is a party or by which the Company is bound;

      

      (iv) if at
such time the Securities of such series are listed on a national securities
exchange, the Company has delivered to the Trustee an Opinion of Counsel to the
effect that the Securities of such series will not be delisted as a result of
such deposit, defeasance and discharge;

      

      (v) 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
and discharge under this Section have been complied with; and

      

      (vi) if the
Securities of such series are to be redeemed prior to the final maturity thereof
(other than from mandatory sinking fund payments or analogous payments), notice
of such redemption shall have been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee shall have been
made.

      

      Section 8.06. Defeasance of Certain
Obligations. The Company may omit to comply
with any term, provision or condition set forth in, and this Indenture will no
longer be in effect with respect to, any covenant established pursuant to
Section 2.03(r) and clause (c) (with respect to any covenants established
pursuant to Section 2.03(r)) and clause (f) of Section 6.01 shall be deemed not
to be an Event of Default with respect to Securities of any series,
if

      

      (a) with
reference to this Section 8.06, the Company has deposited or caused to be
irrevocably deposited with the Trustee (or another qualifying trustee satisfying
the requirements of Section 7.11) as trust funds in trust, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the
Securities of such series and the Indenture with respect to the Securities of
such series, (i) money in an amount or (ii) U.S. Government Obligations which
through the payment of interest and principal in respect thereof in accordance
with their terms

       

      
 

      
        
          
             

          

          
            53

            
              

            

          

          
             

          

        

      

      

      will provide not later than one day before the due dates thereof or
earlier redemption (irrevocably provided for under agreements satisfactory to
the Trustee), as the case may be, of any payment referred to in subclause (x) or
(y) of this clause (a) money in an amount, or (iii) a combination thereof,
sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge without consideration of the reinvestment of such
interest and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof payable by the Trustee (x) the
principal of, premium, if any, and each installment of interest on the
outstanding Securities of such series on the due date thereof or earlier
redemption (irrevocably provided for under arrangements satisfactory to the
Trustee), as the case may be, and (y) any mandatory sinking fund payments or
analogous payments applicable to the Securities of such series and the Indenture
with respect to the Securities of such series on the day on which such payments
are due and payable in accordance with the terms of the Indenture and of
Securities of such series and the Indenture with respect to the Securities of
such series;

      

      (b) the
Company has delivered to the Trustee (i) an Opinion of Counsel to the effect
that Holders of Securities of such series will not recognize income, gain or
loss for federal income tax purposes as a result of the Company’s exercise of
its option under this Section 8.06 and will be subject to federal income tax on
the same amount and in the same manner and at the same times as would have been
the case if such deposit and defeasance had not occurred and (ii) an Opinion of
Counsel to the effect that the creation of the defeasance trust does not violate
the Investment Company Act of 1940 and after the passage of 123 days following
the deposit, the trust fund will not be subject to the effect of Section 547 of
the U.S. Bankruptcy Code or Section 15 of the New York Debtor and Creditor
Law;

      

      (c) immediately
after giving effect to such deposit on a pro forma basis, no Event of Default,
or event that after the giving of notice or lapse of time or both would become
an Event of Default, shall have occurred and be continuing on the date of such
deposit or during the period ending on the 123rd day after the date of such
deposit, and such deposit shall not result in a breach or violation of, or
constitute a default under, any other agreement or instrument to which the
Company is a party or by which the Company is bound;

      

      (d) if at
such time the Securities of such series are listed on a national securities
exchange, the Company has delivered to the Trustee an Opinion of Counsel to the
effect that the Securities of such series will not be delisted as a result of
such deposit, defeasance and discharge; and

      

      

      
        
          
             

          

          
            54

            
              

            

          

          
             

          

        

      

      

      (e) 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 this Section have been complied
with.

      

      Section 8.07. Reinstatement. If the Trustee or
paying agent is unable to apply any
monies or U.S. Government Obligations in accordance with Article 8 by reason of
any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to
this Article until such time as the Trustee or paying agent is permitted to
apply all such monies or U.S. Government Obligations in accordance with Article
8; provided, however,
that if the Company has made any payment of Principal of or interest on any
Securities because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such
payment from the monies or U.S. Government Obligations held by the Trustee or
paying agent.

      

      Section 8.08. Indemnity. The Company shall
pay and indemnify the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.08 and
Section 8.02, the “Trustee”) against any tax, fee or other charge, imposed on or
assessed against the U.S. Government Obligations deposited pursuant to Section
8.01, 8.05 or 8.06 or the principal or 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 the Securities and any coupons appertaining thereto.

      

      Section 8.09. Excess Funds. Anything in this
Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon request
of the Company, any money or U.S. Government Obligations (or other property and
any proceeds therefrom) held by it as provided in Section 8.01, 8.05 or 8.06
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 discharge or defeasance, as applicable, in accordance with
this Article 8.

      

      Section 8.10. Qualifying Trustee. Any trustee
appointed pursuant to Section 8.05 or
8.06 for the purpose of holding money or U.S. Government Obligations deposited
pursuant to such Sections shall be appointed under an agreement in form
acceptable to the Trustee and shall provide to the Trustee a certificate, upon
which certificate the Trustee shall be entitled to conclusively rely, that all
conditions precedent provided for herein to the related defeasance have been
complied with. In no event shall the Trustee be liable for any acts or omissions
of said trustee.

      

       

      
        
          
             

          

          
            55

            
              

            

          

          
             

          

        

      

      

      ARTICLE 9

      AMENDMENTS, SUPPLEMENTS AND WAIVERS

      

      Section 9.01. Without Consent of
Holders. The Company and the
Trustee may amend or
supplement this Indenture or the Securities of any series without notice to or
the consent of any Holder:

      

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

      

      
        (b)  to comply
with Article 5;

      

      

      (c) to comply
with any requirements of the Commission in connection with the qualification of
this Indenture under the Trust Indenture Act;

      

      (d) to
evidence and provide for the acceptance of appointment hereunder with respect to
the Securities of any or all series by a successor Trustee and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 7.09;

      

      (e) to
establish the form or forms or terms of Securities of any series or of the
coupons appertaining to such Securities as permitted by Section
2.03;

      

      (f) to
provide for uncertificated or Unregistered Securities and to make all
appropriate changes for such purpose; and

      

      (g) to make
any change that does not materially and adversely affect the rights of any
Holder.

      

      Section 9.02. With Consent of
Holders. Subject to Sections
6.04 and 6.07, without prior
notice to any Holders, the Company and the Trustee may amend this Indenture and
the Securities of any series with the written consent of the Holders of a
majority in principal amount of the outstanding Securities of all series
affected by such amendment (all such series voting together as a single class),
and the Holders of a majority in principal amount of the outstanding Securities
of all series affected thereby (all such series voting together as a single
class) by written notice to the Trustee may waive future compliance by the
Company with any provision of this Indenture or the Securities of such
series.

      

      Notwithstanding
the provisions of this Section 9.02, without the consent of each Holder affected
thereby, an amendment or waiver, including a waiver pursuant to Section 6.04,
may not:

       

      
        
          
             

          

          
            56

            
              

            

          

          
             

          

        

      

      

      (a) change the stated maturity of the Principal of, or any sinking fund
obligation or any installment of interest on, such Holder’s
Security,

      

      (b) reduce
the Principal amount thereof or the rate of interest thereon (including any
amount in respect of original issue discount);

      

      (c) reduce
the above stated percentage of outstanding Securities the consent of whose
holders is necessary to modify or amend the Indenture with respect to the
Securities of the relevant series; and

      

      (d) reduce
the percentage in principal amount of outstanding Securities of the relevant
series the consent of whose Holders is required for any supplemental indenture
or for any waiver of compliance with certain provisions of this Indenture or
certain Defaults and their consequences provided for in this
Indenture.

      

      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 Holders of Securities of such series with respect to such covenant or
provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series or of the coupons appertaining to such
Securities.

      

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

      

      After an
amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company shall give to the Holders affected thereby a notice briefly describing
the amendment, supplement or waiver. The Company will mail supplemental
indentures to Holders upon request. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture or waiver.

      

      Section 9.03. Revocation and Effect of
Consent. Until an amendment
or waiver
becomes effective, a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the Security of the consenting Holder, even if
notation of the consent is not made on any Security. However, any such Holder or
subsequent Holder may revoke the consent as to its Security or portion of its
Security. Such revocation shall be effective only if the Trustee receives the
notice of revocation before the date the amendment, supplement or waiver becomes
effective. An amendment, supplement or waiver shall become effective with
respect to any Securities affected thereby on receipt by the Trustee of written
consents from the requisite Holders of outstanding Securities affected
thereby.

       

      
        
          
             

          

          
            57

            
              

            

          

          
             

          

        

      

      

      The Company may, but shall not be obligated to, fix a record date
(which may be not less than five nor more than 60 days prior to the solicitation
of consents) for the purpose of determining the Holders of the Securities of any
series affected entitled to consent to any amendment, supplement or waiver. If a
record date is fixed, then, notwithstanding the immediately preceding paragraph,
those Persons who were such Holders at such record date (or their duly
designated proxies) and only those Persons shall be entitled to consent to such
amendment, supplement or waiver or to revoke any consent previously given,
whether or not such Persons continue to be such Holders after such record date.
No such consent shall be valid or effective for more than 90 days after such
record date.

      

      After an
amendment, supplement or waiver becomes effective with respect to the Securities
of any series affected thereby, it shall bind every Holder of such Securities
unless it is of the type described in any of clauses (a) through (d) of Section
9.02. In case of an amendment or waiver of the type described in clauses (a)
through (d) of Section 9.02, the amendment or waiver shall bind each such Holder
who has consented to it and every subsequent Holder of a Security that evidences
the same indebtedness as the Security of the consenting Holder.

      

      Section 9.04. Notation on or Exchange of
Securities. If an
amendment, supplement or
waiver changes the terms of any Security, the Trustee may require the Holder
thereof to deliver it to the Trustee. The Trustee may place an appropriate
notation on the Security about the changed terms and return it to the Holder and
the Trustee may place an appropriate notation on any Security of such series
thereafter authenticated. Alternatively, if the Company or the Trustee so
determines, the Company in exchange for the Security shall issue and the Trustee
shall authenticate a new Security of the same series and tenor that reflects the
changed terms.

      

      Section 9.05. Trustee to Sign Amendments,
Etc. The
Trustee shall be entitled to
receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article 9 is authorized or permitted by this Indenture, stating
that all requisite consents have been obtained or that no consents are required
and stating that such supplemental indenture constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to customary exceptions. The Trustee may, but shall not
be obligated to, execute any such amendment, supplement or waiver that affects
the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

      

      Section 9.06. Conformity with Trust Indenture
Act. Every
supplemental indenture
executed pursuant to this Article 9 shall conform to the requirements of the
Trust Indenture Act as then in effect.

      

       

      
        
          
             

          

          
            58

            
              

            

          

          
             

          

        

      

      

      ARTICLE 10

      MISCELLANEOUS

      

      Section 10.01. Trust Indenture Act of
1939. This Indenture
shall incorporate and
be governed by the provisions of the Trust Indenture Act that are required to be
part of and to govern indentures qualified under the Trust Indenture
Act.

      

      Section 10.02. Notices. Any notice or
communication shall be sufficiently
given if written and (a) if delivered in person when received or (b) if mailed
by first class mail 5 days after mailing, or (c) as between the Company and the
Trustee if sent by facsimile transmission, when transmission is confirmed, in
each case addressed as follows:

      

      if to the
Company:

      

      Ruby
Tuesday, Inc.

      150 West
Church Avenue

      Maryville,
TN 37801

      Telecopy:
(865) 379-6826

      Attention:
Scarlett May

      

      

      if to the
Trustee:

      

       

      

      

      

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

      

      Any
notice or communication shall be sufficiently given to Holders of any
Unregistered Securities, by publication at least once in an Authorized Newspaper
in The City of New York, or with respect to any Security the interest on which
is based on the offered quotations in the interbank Eurodollar market for dollar
deposits at least once in an Authorized Newspaper in London, and by mailing to
the Holders thereof who have filed their names and addresses with the Trustee
pursuant to Section 313(c)(2) of the Trust Indenture Act at such addresses as
were so furnished to the Trustee and to Holders of Registered Securities by
mailing to such Holders at their addresses as they shall appear on the Security
Register. Notice mailed shall be sufficiently given if so mailed within the time
prescribed. Copies of any such communication or notice to a Holder shall also be
mailed to the Trustee and each Agent at the same time.

      

      Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. Except as otherwise
provided in this Indenture, if a notice or communication is mailed in the
manner

      

      
 

      
        
          
             

          

          
            59

            
              

            

          

          
             

          

        

      

      

      provided in this Section 10.02, it is duly given, whether or not the
addressee receives it.

      

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

      

      In case
it shall be impracticable to give notice as herein contemplated, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

      

      Section 10.03. Certificate and Opinion as to
Conditions Precedent. Upon any request or
application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

      

      (a) an
Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

      

      (b) an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

      

      Section 10.04. Statements Required in Certificate
or Opinion. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture (other than the certificate required by Section 4.04) shall
include:

      

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

      

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

      

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

      

      
        (d)  a
statement as to whether or not, in the opinion of each such
person, such condition or covenant has been complied with; provided, however,
that, with respect to matters of fact, an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials.

      

       

      

      
        
          
             

          

          
            60

            
              

            

          

          
             

          

        

      

      

      Section
10.05. Evidence of
Ownership. The Company, the
Trustee and any agent of
the Company or the Trustee may deem and treat the Holder of any Unregistered
Security and the Holder of any coupon as the absolute owner of such Unregistered
Security or coupon (whether or not such Unregistered Security or coupon shall be
overdue) for the purpose of receiving payment thereof or on account thereof and
for all other purposes, and neither the Company, the Trustee, nor any agent of
the Company or the Trustee shall be affected by any notice to the contrary. The
fact of the holding by any Holder of an Unregistered Security, and the
identifying number of such Security and the date of his holding the same, may be
proved by the production of such Security or by a certificate executed by any
trust company, bank, banker or recognized securities dealer wherever situated
satisfactory to the Trustee, if such certificate shall be deemed by the Trustee
to be satisfactory. Each such certificate shall be dated and shall state that on
the date thereof a Security bearing a specified identifying number was deposited
with or exhibited to such trust company, bank, banker or recognized securities
dealer by the person named in such certificate. Any such certificate may be
issued in respect of one or more Unregistered Securities specified therein. The
holding by the person named in any such certificate of any Unregistered
Securities specified therein shall be presumed to continue for a period of one
year from the date of such certificate unless at the time of any determination
of such holding (1) another certificate bearing a later date issued in respect
of the same Securities shall be produced or (2) the Security specified in such
certificate shall be produced by some other Person, or (3) the Security
specified in such certificate shall have ceased to be outstanding. Subject to
Article 7, the fact and date of the execution of any such instrument and the
amount and numbers of Securities held by the Person so executing such instrument
may also be proven in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in any other manner which the Trustee may
deem sufficient.

      

      The
Company, the Trustee and any agent of the Company or the Trustee may deem and
treat the person in whose name any Registered Security shall be registered upon
the Security Register for such series as the absolute owner of such Registered
Security (whether or not such Registered Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the
purpose of receiving payment of or on account of the Principal of and, subject
to the provisions of this Indenture, interest on such Registered Security and
for all other purposes; and neither the Company nor the Trustee nor any agent of
the Company or the Trustee shall be affected by any notice to the
contrary.

      

      Section 10.06. Rules by Trustee, Paying Agent or
Registrar. The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Paying Agent or
Registrar may make reasonable rules for its functions.

      

      Section 10.07. Payment Date Other Than a Business
Day. Except as otherwise
provided with respect to a series of Securities, if any date for payment of
Principal or interest on any Security shall not be a Business Day at any place
of payment, then payment of Principal of or interest on such Security, as the
case

      
 

      
        
          
             

          

          
            61

            
              

            

          

          
             

          

        

      

      

      may be, need not be made on such date, but may be made on the next
succeeding Business Day at any place of payment with the same force and effect
as if made on such date and no interest shall accrue in respect of such payment
for the period from and after such date.

      

      Section 10.08. Governing Law. The laws of the
State of New York shall govern this
Indenture and the Securities.

      

      Section 10.09. No Adverse Interpretation of Other
Agreements. This Indenture may
not be used to interpret another indenture or loan or debt agreement of the
Company or any Subsidiary of the Company. Any such indenture or agreement may
not be used to interpret this Indenture.

      

      Section 10.10. Successors. All agreements of
the Company in this Indenture and
the Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors.

      

      Section 10.11. Duplicate Originals. The parties may sign
any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

      

      Section 10.12. Separability. In case any
provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

      

      Section 10.13. Table of Contents, Headings,
Etc. The
Table of Contents and headings of
the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms and provisions hereof.

      

      Section 10.14. Incorporators, Stockholders,
Officers and Directors of Company Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or
agreement contained in this Indenture or any indenture supplemental hereto, or
in any Security or any coupons appertaining thereto, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such
or against any past, present or future stockholder, officer, director or
employee, as such, of the Company or of any successor, either directly or
through the Company or any successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance of the Securities and the coupons appertaining
thereto by the holders thereof and as part of the consideration for the issue of
the Securities and the coupons appertaining thereto.

      

      Section 10.15. Judgment Currency. The Company agrees,
to the fullest extent that it
may effectively do so under applicable law, that (a) if for the purpose of
obtaining judgment in any court it is necessary to convert the sum due
in

      

      
        
          
             

          

          
            62

            
              

            

          

          
             

          

        

      

      

      respect of the Principal of or interest on the Securities of any
series (the “Required
Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a Business Day, then,
to the extent permitted by applicable law, the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment
Currency on the Business Day preceding the day on which final unappealable
judgment is entered and (b) its obligations under this Indenture to make
payments in the Required Currency (i) shall not be discharged or satisfied by
any tender, or any recovery pursuant to any judgment (whether or not entered in
accordance with subsection (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the
actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in
the Required Currency the amount, if any, by which such actual receipt shall
fall short of the full amount of the Required Currency so expressed to be
payable and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture.

      

      ARTICLE
11

      SUBORDINATION OF SECURITIES

      

      Section 11.01. Agreement to
Subordinate. The Company
covenants and agrees, and
each Holder of Securities issued hereunder by his acceptance thereof likewise
covenants and agrees, that all Securities shall be issued subject to the
provisions of this Article; and each person holding any Security, whether upon
original issue or upon transfer, assignment or exchange thereof accepts and
agrees that the Principal of and interest on all Securities issued hereunder
shall, to the extent and in the manner herein set forth, be subordinated and
subject in right of payment to the prior payment in full of all Senior
Indebtedness.

      

      Section 11.02. Payments to
Securityholders. No payments on
account of Principal of or
interest on the Securities shall be made if at the time of such payment or
immediately after giving effect thereto there shall exist a default in any
payment with respect to any Senior Indebtedness, and such default shall not have
been cured or waived or shall not have ceased to exist. In addition, during the
continuance of any default (other than a payment default) with respect to
Designated Senior Indebtedness pursuant to which the maturity thereof may be
accelerated, from and after the date of receipt by the Trustee of written notice
from the holders of such Designated Senior Indebtedness or from an agent of such
holders, stating that such default has occurred and is continuing, no payments
on account of Principal or interest in respect of the Securities may be made by
the

      

      
        
          
             

          

          
            63

            
              

            

          

          
             

          

        

      

      

      Company for a period (“Payment Blockage Period”) commencing on the
date of delivery of such notice and ending 179 days thereafter (unless such
Payment Blockage Period shall be terminated by written notice to the Trustee
from the holders of such Designated Senior Indebtedness or from an agent of such
holders, or such default has been cured or waived or has ceased to exist). Only
one Payment Blockage Period may be commenced with respect to the Securities
during any period of 360 consecutive days. No Event of Default which existed or
was continuing on the date of the commencement of any Payment Blockage Period
with respect to the Designated Senior Indebtedness initiating such Payment
Blockage Period shall be or be made the basis for the commencement of any
subsequent Payment Blockage Period by the holders of such Designated Senior
Indebtedness, unless such Event of Default shall have been cured or waived for a
period of not less than 90 consecutive days.

      

      Upon any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any liquidation,
dissolution, winding up, receivership, reorganization, assignment for the
benefit of creditors, marshalling of assets and liabilities or any bankruptcy,
insolvency or similar proceedings of the Company, all amounts due or to become
due upon all Senior Indebtedness shall first be paid in full, in cash or cash
equivalents, or payment thereof provided for in accordance with its terms,
before any payment is made on account of the Principal of, or interest on the
indebtedness evidenced by the Securities, and upon any such liquidation,
dissolution, winding up, receivership, reorganization, assignment, marshalling
or proceeding, any payment or distribution of assets of the Company of any kind
or character, whether in cash, property or securities, to which the Holders of
the Securities or the Trustee under this Indenture would be entitled, except for
the provisions hereof, shall be paid by the Company or by any receiver, trustee
in bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by
such holders) or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing any of such
Senior Indebtedness may have been issued, as their respective interests may
appear, to the extent necessary to pay all Senior Indebtedness in full
(including, without limitation, except to the extent, if any, prohibited by
mandatory provisions of law, post-petition interest, in any such proceedings),
after giving effect to any concurrent payment or distribution to or for the
holders of Senior Indebtedness, before any payment or distribution is made to
the holders of the indebtedness evidenced by the Securities or to the Trustee
under this Indenture.

      

      In the
event that, notwithstanding the foregoing, any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing, shall be received by the Trustee under
this Indenture or the Holders of the Securities before all Senior Indebtedness
is paid in full or provision is made for such payment in accordance with its
terms, such payment or distribution shall be held in trust for the benefit
of

      

       

      
        
          
             

          

          
            64

            
              

            

          

          
             

          

        

      

      

      and shall be paid over or delivered to the holders of such Senior
Indebtedness or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing any of such
Senior Indebtedness may have been issued, as their respective interests may
appear, for application to the payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full in
accordance with its terms, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Indebtedness.

      

      For
purposes of this Article, the words, “cash, property or securities” shall not be
deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of
arrangement, reorganization or readjustment, the payment of which is
subordinated (at least to the extent provided in this Article with respect to
the Securities) to the payment of all Senior Indebtedness which may at the time
be outstanding; provided, that (i) the Senior
Indebtedness is assumed by the new corporation, if any, resulting from any such
arrangement, reorganization or readjustment, and (ii) the rights of the holders
of the Senior Indebtedness are not, without the consent of such holders, altered
by such arrangement, reorganization or readjustment. The consolidation of the
Company with, or the merger of the Company into, another corporation or the
liquidation or dissolution of the Company following the sale, conveyance or
transfer of all or substantially all of its property and assets to another
corporation upon the terms and conditions provided in Article 5 shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section if such other corporation shall, as a part of such
consolidation, merger, sale, conveyance or transfer, comply with the conditions
stated in Article 5. Nothing in this Section shall apply to claims of, or
payments to, the Trustee under or pursuant to Article 7. This Section shall be
subject to the further provisions of Section 11.05.

      

      Section 11.03. Subrogation of
Securities. Subject to the
payment in full of all Senior
Indebtedness, the Holders of the Securities shall be subrogated to the rights of
the holders of Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to the Senior Indebtedness
until the principal of and interest on the Securities shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions to the
holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of the Securities or the Trustee on their behalf would be entitled
except for the provisions of this Article, and no payment over pursuant to the
provisions of this Article to the holders of Senior Indebtedness by Holders of
the Securities or the Trustee on their behalf shall, as between the Company, its
creditors other than holders of Senior Indebtedness and the Holders of the
Securities, be deemed to be a payment by the Company to or on account of the
Senior Indebtedness; and no payments or distributions of cash, property or
securities to or for the benefit of the Securityholders pursuant to the
subrogation provision of this Article, which would otherwise have been paid to
the holders of Senior Indebtedness shall be deemed to be a payment by the
Company to or for the account of the Securities.

      
 

      
        
          
             

          

          
            65

            
              

            

          

          
             

          

        

      

      

      It is understood that the provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the holders
of the Securities, on the one hand, and the Holders of the Senior Indebtedness,
on the other hand.

      

      Nothing
contained in this Article or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company, its creditors other than
the holders of Senior Indebtedness, and the Holders of the Securities, the
obligation of the Company, which is absolute and unconditional, to pay to the
Holders of the Securities the Principal of and interest on the Securities as and
when the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Holders of the Securities
and creditors of the Company other than the holders of the Senior Indebtedness,
nor shall anything herein or therein prevent the Holder of any Security or the
Trustee on his behalf from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any,
under this Article of the holders of Senior Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy.

      

      Upon any
payment or distribution of assets of the Company referred to in this Article,
the Trustee, subject to the provisions of Sections 7.01 and 7.02, and the
holders of the Securities shall be entitled to rely upon any order or decree
made by any court of competent jurisdiction in which such liquidation,
dissolution, winding up, receivership, reorganization, assignment or marshalling
proceedings are pending, or a certificate of the receiver, trustee in
bankruptcy, liquidating trustee, agent or other person making such payment or
distribution, delivered to the Trustee or to the Holders of the Securities, 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.

      

      Section 11.04. Authorization by
Securityholders. Each Holder of
a Security
by his acceptance thereof authorizes the Trustee in his behalf to take such
action as may be necessary or appropriate to effectuate the subordination
provided in this Article and appoints the Trustee his attorney-in-fact for any
and all such purposes.

      

      Section 11.05. Notice to Trustee. The Company shall
give prompt written notice to the
Trustee and to any paying agent of any fact known to the Company which would
prohibit the making of any payment of moneys to or by the Trustee or any paying
agent in respect of the Securities pursuant to the provisions of this Article or
would end such prohibition. Regardless of anything to the contrary contained in
this Article or elsewhere in this Indenture, the Trustee shall not be charged
with knowledge of the existence of any Senior Indebtedness or of any default or
event of default with respect to any Senior Indebtedness or of any other facts
which would prohibit the making of any payment of moneys to or by the Trustee or
which would end such prohibition, unless and until the Trustee
shall

      
 

      
        
          
             

          

          
            66

            
              

            

          

          
             

          

        

      

      

      have received notice in writing at its principal Corporate Trust
Office to that effect signed by an officer of the Company, or by a holder or
agent of a holder of Senior Indebtedness or by the trustee under any indenture
pursuant to which Senior Indebtedness shall be outstanding, who shall have been
certified by the Company or otherwise established to the reasonable satisfaction
of the Trustee to be such holder or agent or trustee, and, prior to the receipt
of any such written notice, the Trustee shall, subject to Sections 7.01 and
7.02, be entitled to assume that no such facts exist; provided that if on a date
at least three Business Days prior to the date upon which by the terms hereof
any such moneys shall become payable for any purpose (including, without
limitation, the payment of the Principal of, or interest on any Security) the
Trustee shall not have received with respect to such moneys the notice of
prohibition provided for in this Section, then, regardless of anything herein to
the contrary, the Trustee shall have full power and authority to receive such
moneys and to 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 prior date.

      

      Regardless
of anything to the contrary herein, nothing shall prevent (a) any payment by the
Company or the Trustee to the Securityholders of amounts in connection with a
redemption of Securities if (i) notice of such redemption has been given
pursuant to Article 3 prior to the receipt by the Trustee of written notice of
prohibition as aforesaid, and (ii) such notice of redemption is given not
earlier than 60 days before the redemption date, or (b) any payment by the
Trustee to the Securityholders of amounts deposited with it pursuant to Sections
8.01, 8.05 or 8.06.

      

      The
Trustee shall be entitled to rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness (or a trustee
or agent on behalf of such holder) to establish that such notice has been given
by a holder of Senior Indebtedness or a trustee or agent on behalf of any such
holder. 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 to participate in any payment or distribution pursuant to
this Article, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article, and if such evidence is not furnished the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

      

      Section 11.06. Trustee’s Relation to Senior
Indebtedness. The Trustee and any agent
of the Company or the Trustee shall be entitled to all the rights set forth in
this Article with respect to any Senior Indebtedness which may at any time be
held by it in its individual or any other capacity to the same extent as any
other holder of Senior Indebtedness and nothing in this Indenture shall deprive
the Trustee or any such agent, of any of its rights as such holder. Nothing in
this

      

      
        
          
             

          

          
            67

            
              

            

          

          
             

          

        

      

      

      Article shall apply to claims of, or payments to, the Trustee under
or pursuant to 7.07.

      

      With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform
or to observe only such of its covenants and obligations as are specifically set
forth in this Article, and no implied covenants or obligations with respect to
the holders of Senior Indebtedness shall be read into this Indenture against the
Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness and, subject to the provisions of Sections 7.01
and 7.02, the Trustee shall not be liable to any holder of Senior Indebtedness
if it shall pay over or deliver to Holders of Securities, the Company or any
other Person moneys or assets to which any holder of Senior Indebtedness shall
be entitled by virtue of this Article or otherwise.

      

      Section 11.07. No Impairment of
Subordination. No right of any
present or
future holder of any Senior Indebtedness to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the
terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof which any such holder may have or otherwise be charged
with.

      

      

      
        
          
             

          

          
            68

            
              

            

          

          
             

          

        

      

      .

      

      SIGNATURES

       

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

       

      
        	
                (SEAL)

                 

                Attest:

              	 
      	
                RUBY
      TUESDAY, INC.

                as
      the Company

              	 
	 
      	 
      	
                By:

              	 
      	 
	 	 	 	Name:	 
	 	 	 	Title:	 

      

      

      

      
        
          	
                  (SEAL)

                   

                  Attest:

                	 
      	
                   

                   

                  as
      the Trustee

                	 
	 	 	 	 
	 
      	 
      	
                  By:

                	 
      	 
	 	 	 	Name:	 
	 	 	 	Title:	 

        

      

       

       

       

      69exv10w1

Exhibit 10.1

BancorpSouth, Inc.

Change in Control Agreement

     This
Agreement (“Agreement”) is entered into this
23rd day of June, 2009, by and between BancorpSouth, Inc. (the “Company”) and William L. Prater
(“Employee”).

WITNESSETH:

     Whereas,
 Employee is employed as Executive Vice President of the Company; and

     Whereas,
 the Company desires to provide certain severance payments to Employee in
the event that Employee’s employment with the Company is terminated in connection with
a change in control of the Company;

     Now,
Therefore,  based upon the premises set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows

ARTICLE
I. DEFINITIONS

     Terms used in this Agreement that are defined are indicated by initial
capitalization of the term. References to an “Article” or a “Section” mean an article
or a section of this Agreement. In addition to those terms that are specifically
defined herein, the following terms are defined for purposes hereof:

     “Administrator” means a committee consisting of the Company’s chief
executive officer, the secretary of the Company, the vice president of human
resources, and any other individuals appointed by the chief executive officer. The
Administrator may delegate any of its duties or authorities to any person or entity.
If a change in Control occurs, as described in this Agreement, the Administrator shall
be the committee of individuals who were committee members immediately prior to the
Change in Control.

     “Benefit” means the benefits described in Article II.

     “Change in Control” means a transaction or circumstance in which
any of the following have occurred:

	(a)	 	any “person” as such term is used in sections 13 (d) and 14 (d) of the
Exchange Act, other than a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or a corporation
controlling the Company or owned directly or indirectly by the
shareholders of the Company in substantially the same proportions as
their ownership of stock of the Company, becomes the “beneficial owner”
(as defined in Rule l3d-3 under said Act), directly or indirectly, of
securities of the Company representing more than 25% of the total voting
power represented by the Company’s then outstanding Voting Securities
{as defined below), or
	 
	(b)	 	during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board and any new director whose
election by the Board or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority
thereof, or

1

 

	(c)	 	the shareholders of the Company approve a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation
which would result in the Voting Securities (i.e., any securities of the
entity which vote generally in the election of its directors) of the
Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into Voting
Securities of the surviving entity) more than 65% of the total voting
power represented by the Voting Securities of the Company or such
surviving entity outstanding immediately after such merger or
consolidation, or
	 
	(d)	 	the shareholders of the Company approve a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the

Company of all or substantially all of its assets.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

ARTICLE
II. CHANGE IN CONTROL TERMINATION PAYMENT

Section 2.1
Benefits on Termination.

     (a) Amount. Subject to the conditions, limitations and adjustments that are
provided for herein, the Company will provide Benefits to Employee
the sum of the
amounts described below if, within the 24 month period following a Change in Control,
Employee’s employment with the Company terminates pursuant to Section 2.3 of this
Agreement:

	 	(1)	 	An amount equal to 200% of the Employee’s annual base compensation
determined by reference to his base salary in effect at the time of Change in Control.
	 
	 	(2)	 	An amount equal to 200% of the highest annual bonus that Employee
would be eligible to receive during the fiscal year ending during

which the Change in Control occurs.
	 
	 	(3)	 	For a period of 24 months, participation in medical, life,
disability and similar benefit plans that are offered to similarly
situated employees of the Company immediately prior to the
applicable Change in Control for the Eligible Employee and his
dependents. Such participation may be pursuant to the continuation
coverage rights of Eligible Employees pursuant to Part 6 of Title
I of ERISA (“COBRA”) or the Company may provide such benefits
directly through the purchase of insurance or otherwise.
Notwithstanding the foregoing, the period for participation in a
self-funded medical plan pursuant to this paragraph 3 shall not
exceed the maximum period of continuation coverage provided under
COBRA. If benefits are provided pursuant to COBRA continuation
rights, the Company shall pay a cash amount to the Eligible
Employee at the time of severance that is sufficient to cover all
premiums required for such COBRA coverage under the appropriate
benefit plans.
	 
	 	(4)	 	For a period of 24 months, participation in general and executive
fringe benefits offered to similarly situated executive employees
immediately prior to the applicable Change in Control, including,
but not limited to, auto allowance, financial planning, annual
physical examination, and civic and country club dues.

2

 

     (b) Adjustments to the Amount of Benefit. Notwithstanding anything
herein to the contrary, the amounts due to Employee under Section 2.1 (a)
shall be adjusted in accordance with Section 2.2 if any payment provided to
Employee is determined to be subject to the excise tax described in section
4999 of the Code.

     (c) Time for Payment; Interest. The cash Benefits payable made under
this Section 2.1 shall be paid to Employee in a single lump sum within ten
days following the date of termination. The Company’s obligation to pay to
Employee any amounts under this Section 2.1 will bear interest at the lesser
of (i) 10% or (ii) the maximum rate allowed by law until paid by the Company,
and all accrued and unpaid interest will bear interest at the same rate, all
of which interest will be compounded annually.

     (d) Troubled Institution Limitation. All Benefit payments hereunder
are subject to the limitations on golden parachute and indemnification
payments set forth in 12 USC §1823(k), the regulations promulgated thereunder,
and other law that prohibits payment of any portion of Benefits by the Company
to Employee by the Company. To the extent possible, this limitation shall be
applied by reducing only the portion of Benefits that exceed such legal
limitation.

     2.2 Benefit Adjustments. Notwithstanding the amount of Benefits
described in Section 2.1(a), Benefits shall be limited in the event that
Employee would realize less income on the receipt of Benefits and other
“change in control payments” (as defined in section 280G of the Code), net of
taxes, after deducting the amount of excise taxes that would be imposed
pursuant to section 4999 of the Code. In such an event, the Benefits payable
hereunder shall be reduced so that Benefits received in combination with all
other change in control payments to be received by Employee equal the maximum
amount that does not result in the receipt of a “parachute payment” (as
defined by section 280G(b)(2) of the Code) by Employee. This reduction shall
not apply if the amount of Benefits and other change in control payments
received by Employee exceed such reduced amount after deducting the excise tax
that would be imposed pursuant to section 4999 of the Code.

     2.3 Termination of Employment. Employee shall only be entitled to the
Benefits described in Section 2.1, as adjusted by Section 2.2, if Employee’s
termination of employment is on account of termination by Company without
cause or termination by Employee with cause, which are described as follows:

     (a) By Company Without Cause, Termination of employment by the Company without
cause shall occur if the Company provides oral or written notice to Employee of
involuntary termination that is not on account of just cause. For this purpose,
termination for “just cause” will only occur upon written notice to Employee that
employment is involuntarily terminated due to any of the following:

	 	(1)	 	conviction of Employee for a crime involving fraud, dishonesty or
theft, or of any felony which, in the reasonable judgment of the
Board, materially affects Employee’s ability to perform his duties
pursuant to this Agreement;
	 
	 	(2)	 	commission by Employee of an act of fraud, embezzlement, or
material dishonesty against the Company or its affiliates; or
	 
	 	(3)	 	intentional neglect of or material inattention to Employee’s
duties, which neglect or inattention remains uncorrected for more
than 30 days following written notice from the chief executive
officer of the Company detailing the Company’s concern.

3

 

     (b) By Employee With Cause, Termination of employment by Employee with cause
shall occur if Employee terminates employment for any of the following reasons:

	 	(1)	 	A material adverse alteration in Employee’s position,
responsibilities or status from that which was in effect
immediately prior to a Change in Control.
	 
	 	(2)	 	A reduction in Employee’s compensation as in effect immediately
prior to the Change in Control, or a substantial reduction in the

benefits provided to Employee prior to the Change in Control.
	 
	 	(3)	 	Relocation of Employee by the Company to a location that is more
than 35 miles from the Employee’s current workplace.
	 
	 	(4)	 	The material breach of the Company of any portion of its
employment policies and/or any employment agreement with Employee.

Provided, however, that 180 days after Employee begins performing duties pursuant to a
position that was offered by the Company (or its successor) following a Change in
Control and that would have otherwise resulted in the occurrence of the events
described in this Section 2.3(b), the occurrence of the events described in this
Section 2.3(b) shall be determined by reference to the position as it was accepted by
Employee following the Change in Control.

ARTICLE III. ADMINISTRATION

     Section 3.1. The provisions of this Agreement are intended to provide severance
benefits and protection to Employee. The Administrator has absolute discretion to
interpret the terms of this Agreement and to make all determinations required in the
administration hereof, including making determinations about eligibility for and the
amounts of Benefits. All decisions of the Administrator are final, binding and
conclusive on all parties.

     Section 3.2. Benefits can only be denied or forfeited if Employee does not
satisfy the conditions for receiving payment that are described herein or if the
Company validly amends the Agreement as described in Section 4.4.

     Section 3.3. If Employee’s claim for Benefits is denied, the
Administrator will furnish written notice of denial to Employee within 90 days of the
date the claim is received, unless special circumstances require an extension of time
for processing the claim. This extension will not exceed 90 days, and Employee must
receive written notice stating the grounds for the extension and the length of the
extension within the initial 90-day review period. If the Administrator does not
provide written notice, Employee may deem the claim denied and seek review according
to the appeals procedures set forth below.

     (a) Notice of Denial. The notice of denial to the Claimant shall state:

	 	(1)	 	The specific reasons for the denial.
	 
	 	(2)	 	Specific references to pertinent provisions of the Agreement on
which the denial was based.
	 
	 	(3)	 	A description of any additional material or information needed for
Employee to perfect his claim and an explanation of why the
material or information is needed.

4

 

	 	(4)	 	A statement that Employee may request a review upon written
application to the Administrator, review pertinent documents, and
submit issues and comments in writing and that any appeal that
Employee wishes to make of the adverse determination must be in
writing to the Administrator within 60 days after Employee
receives notice of denial of benefits.
	 
	 	(5)	 	The name and address of the Administrator to which Employee may
forward an appeal. The notice may state that failure to appeal the
action to the Administrator in writing within the 60-day period
will render the determination final, binding and conclusive.

     (b) Appeals
Procedure. If Employee appeals to the Administrator, Employee or his
authorized representative may submit in writing whatever issues and comments he
believes to be pertinent. The Administrator shall reexamine all facts related to the
appeal and make a final determination of whether the denial of benefits is justified
under the circumstances. The Administrator shall advise Employee in writing of;

	 	(1)	 	The Administrator’s decision on appeal.
	 
	 	(2)	 	The specific reasons for the decision.
	 
	 	(3)	 	The specific provisions of the Agreement on which the decision is
based.

Notice of the Administrator’s decision shall be given within 60 days of the Claimant’s
written request for review, unless additional time is required due to special
circumstances. In no event shall the Administrator render a decision on an appeal
later than 120 days after receiving a request for a review.

ARTICLE IV. GENERAL TERMS

     Section 4.1 Notices. All notices and other communications hereunder will be in
writing or by written telecommunication, and will be deemed to have been duly given if
delivered personally or if sent by overnight courier or by written telecommunication,
to the relevant address set forth below, or to such other address as the recipient of
such notice or communication will have specified to the other party hereto in
accordance with this Section:

If to the Company to:

BancorpSouth, Inc.

Personnel Director

P.O. Box 789

Tupelo, MS 38802

If to Employee, to:

William L. Prater

1527 Columbine Drive

Tupelo, MS 38801

     Section 4.2 Withholding; No Offset. All payments required to be made by the
Company under this Agreement to Employee will be subject to the withholding of such
amounts, if any, relating to federal, state and local taxes as may be required by law.
No payment under this Agreement will be subject to offset or reduction attributable to
any amount Employee may owe to the Company or any other person, except as required by
law.

5

 

     Section 4.3
Entire Agreement; Modification. This Agreement and its
Attachments constitute the complete and entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior agreements between the
parties. The parties have executed this Agreement based upon the express terms and
provisions set forth herein and have not relied on any communications or
representations, oral or written, which are not set forth in this
Agreement.

     Section 4.4
Amendment. This Agreement may not be modified by an subsequent
agreement unless the modifying agreement: (i) is in writing; (ii) contains an express
provision referencing this Agreement; (iii) is signed and executed on behalf of the
Company by an officer of the Company other than Employee; and (iv) is signed by
Employee.

     Section 4.5
Choice of Law. This Agreement and the performance hereof will be
construed and governed in accordance with the laws of the State of Mississippi,
without regard to its choice of law principles, except to the extent that federal law
controls or preempts state law.

     Section 4.6
Successors and Assigns. The obligations, duties and responsibilities
of Employee under this Agreement are personal and shall not be assignable. In the
event of Employee’s death or disability, this Agreement shall be enforceable by
Employee’s estate, executors or legal representatives. The obligations, duties and
responsibilities of Company hereunder shall be binding upon any successor of the
Company (whether through a transaction described as a Change in Control or otherwise).

     Section 4.7
Waiver of Provisions. Any waiver of any terms and conditions hereof
must be in writing and signed by the parties hereto. The waiver of any of the terms
and conditions of this Agreement shall not be construed as a waiver of any subsequent
breach of the same or any other terms and conditions hereof.

     Section 4.8
Severability. The provisions of this Agreement and the
amount of Benefits payable hereunder shall be deemed severable, and if any
portion shall be held invalid, illegal or enforceable for any reason, the
remainder of this Agreement and/or Benefit payment shall be effective and
binding upon the parties.

     Section 4.9
Counterparts. This Agreement may be executed in multiple
counterparts, each of which will be deemed an original, and all of which together will
constitute one and the same instrument.

ARTICLE
V. ERISA RIGHTS AND INFORMATION

The
parties acknowledge that the following information is provided to Employee
hereunder in connection with Employee’s rights as a welfare plan participant under
ERISA. The terms “you” and “yours” refer to Employee.

As a participant in a welfare plan maintained by the Company, you are entitled to
certain rights and protections under ERISA. ERISA provides that all plan participants
shall be entitled to:

	•	 	Examine, without charge, at the Administrator’s office and at other specified
locations, all plan documents, including insurance contracts, and copies of all
documents filed by the plan with the U.S. Department of Labor, such as detailed
annual reports and plan descriptions.

6

 

	•	 	Obtain copies of all plan documents and other plan information upon written
request to the Administrator. The Administrator may make a reasonable
charge for the copies.
	 
	•	 	Receive a summary of the plan’s annual financial report. The Administrator
is required by law to furnish each participant with a copy of this summary annual
report.

In addition to creating rights for plan participants, ERISA imposes duties upon the
people who are responsible for the operation of the employee benefit plan. The people
who operate your plan, called “fiduciaries” of the plan, have a duty to do so
prudently and in the interest of you and other plan participants and beneficiaries. No
one, including the Company or any other person, may fire you or otherwise discriminate
against you in any way to prevent you from obtaining a benefit under this plan or from
exercising your rights under ERISA.

If a claim for a Benefit is denied in whole or in part, you must receive a written
explanation of the reason for the denial. You have the right to have the Administrator
review and reconsider your claim.

Under ERISA, there are steps you can take to enforce the above rights. For instance,
if you request materials from the plan and do not receive them within 30 days, you may
file suit in a federal court. In such a case, the court may require the Administrator
to provide the materials and pay you up to $100 a day until you receive the materials,
unless the materials were not sent because of reasons beyond the control of the
Administrator.

If you have a claim for benefits that is denied or ignored, in whole or in part, you
may file suit in a state or federal court. If it should happen that plan fiduciaries
misuse the plan’s money or if you are discriminated against for asserting your rights,
you may seek assistance from the U.S. Department of Labor or you may file suit in a
federal court. The court will decide who should pay court costs and fees. If you lose,
the court may order you to pay these costs and fees, for example, if it finds your
claim is frivolous.

If you have any questions about your plan, you should contact the
Administrator. If you have any questions about this statement or about your
rights under ERISA, you should contact the nearest Area Office of the U.S.
Labor-Management Services Administration, Department of Labor.

7

 

Summary of ERISA Information

Name of Plan: BancorpSouth, Inc. Change in Control Plan

Name and Address of the Company:

BancorpSouth, Inc. 

One Mississippi Plaza 

Tupelo, MS 38805

Who Pays for the Plan: The cost of the plan is paid entirely by the Company.

The Company’s Employer Identification No.: 64-0659571

Plan Number: 520

Plan Year: January 1 to December 31

Plan Administrator, Name, Address and Telephone No.

Administrator of the BancorpSouth, Inc. Change in Control plan

c/o Cathy Freeman

BancorpSouth, Inc.

One Mississippi Plaza

Tupelo, MS 388 04

(601) 680-2084

Agent for
Service of Legal Process on the Plan: Chief executive officer or Administrator.

Benefits are paid out of the general assets of the Company. The Company may, in its
discretion establish a “grantor trust” to fund the payment of Benefits. Otherwise,
this plan does not give you any rights to any particular assets of the Company. Cash
amounts paid under a severance plan are generally considered taxable income to the
recipient.

8

 

     IN WITNESS whereof, Company and Employee have caused this Agreement to
be executed on the day and year indicated below to be effective on the day and year
first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Employee	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ William L. Prater	 	 	 	6.23.2009	 	 	 	 
	William L. Prater	 	 	 	Date
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	COMPANY:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	BancorpSouth, Inc.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/
W. O.  Jones	 	 	 	6.23.09	 	 	 	 
	 

	 	Title:
	 	Sr. V.P.
	 	 	 	(Date)
	 	 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]