Document:

EXHIBIT 4-qqq
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                  MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.

                                      AND

                         THE BANK OF NEW YORK, Trustee

                         Junior Subordinated Indenture

                           Dated as of March 1, 1998,

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                               TABLE OF CONTENTS

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                                   ARTICLE 1
                                  DEFINITIONS

SECTION 1.01.  Certain Terms Defined.......................................  1

                                   ARTICLE 2
                                  SECURITIES

SECTION 2.01.  Forms Generally............................................. 10

SECTION 2.02.  Form of Trustee's Certificate of Authentication............. 10

SECTION 2.03.  Amount Unlimited; Issuable in Series........................ 11

SECTION 2.04.  Authentication and Delivery of Securities................... 14

SECTION 2.05.  Execution of Securities..................................... 17

SECTION 2.06.  Certificate of Authentication............................... 18

SECTION 2.07.  Denomination and Date of Securities; Payments of
               Interest.................................................... 18

SECTION 2.08.  Registration, Transfer and Exchange......................... 19

SECTION 2.09.  Mutilated, Defaced, Destroyed, Lost and Stolen
               Securities.................................................. 23

SECTION 2.10.  Cancellation of Securities; Destruction Thereof............. 24

SECTION 2.11.  Temporary Securities........................................ 24

                                   ARTICLE 3
                            COVENANTS OF THE ISSUER

SECTION 3.01.  Payment of Principal and Interest........................... 25

SECTION 3.02.  Offices for Payments, etc................................... 26

SECTION 3.03.  Appointment to Fill a Vacancy in Office of Trustee.......... 27

SECTION 3.04.  Paying Agents............................................... 27

SECTION 3.05.  Written Statement to Trustee................................ 28

SECTION 3.06.  Luxembourg Publications..................................... 28

                                   ARTICLE 4
        SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

SECTION 4.01.  Issuer to Furnish Trustee Information as to Names
               and Addresses of Securityholders............................ 29

SECTION 4.02.  Preservation and Disclosure of Securityholders
               Lists....................................................... 29

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SECTION 4.03.  Reports by the Issuer....................................... 29

SECTION 4.04.  Reports by the Trustee...................................... 29

                                   ARTICLE 5
      REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS IN THE EVENT OF DEFAULT

SECTION 5.01.  Event of Default Defined; Acceleration of
               Maturity; Waiver of Default................................. 30

SECTION 5.02.  Collection of Indebtedness by Trustee; Trustee
               May Prove Debt.............................................. 34

SECTION 5.03.  Applications of Proceeds.................................... 37

SECTION 5.04.  Suits for Enforcement....................................... 38

SECTION 5.05.  Restoration of Rights on Abandonment of
               Proceedings................................................. 38

SECTION 5.06.  Limitations on Suits by Securityholder...................... 38

SECTION 5.07.  Unconditional Right of Securityholders to Institute
               Certain Suits............................................... 39

SECTION 5.08.  Powers and Remedies Cumulative; Delay or
               Omission Not Waiver of Default; Restoration of
               Rights and Remedies......................................... 39

SECTION 5.09.  Control by Holders of Securities............................ 40

SECTION 5.10.  Waiver of Past Defaults..................................... 41

SECTION 5.11.  Trustee to Give Notice of Default, But May
               Withhold in Certain Circumstances........................... 41

SECTION 5.12.  Right of Court to Require Filing of Undertaking to
               Pay Costs................................................... 42

                                   ARTICLE 6
                            CONCERNING THE TRUSTEE

SECTION 6.01.  Duties and Responsibilities of the Trustee; During
               Default; Prior to Default................................... 42

SECTION 6.02.  Certain Rights of the Trustee............................... 44

SECTION 6.03.  Trustee Not Responsible for Recitals, Disposition
               of Securities or Application of Proceeds Thereof............ 45

SECTION 6.04.  Trustee and Agents May Hold Securities or
               Coupons; Collections, etc................................... 45

SECTION 6.05.  Moneys Held by Trustee...................................... 46

SECTION 6.06.  Compensation and Indemnification of Trustee and
               Its Prior Claim............................................. 46

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SECTION 6.07.  Right of Trustee to Rely on Officer's Certificate, etc...... 46

SECTION 6.08.  Indentures Not Creating Potential Conflicting
               Interests for the Trustee................................... 47

SECTION 6.09.  Persons Eligible for Appointment as Trustee................. 47

SECTION 6.10.  Resignation and Removal; Appointment of
               Successor Trustee

SECTION 6.11.  Acceptance of Appointment by Successor Trustee.............. 49

SECTION 6.12.  Merger, Conversion, Consolidation or Succession
               to Business of Trustee...................................... 51

SECTION 6.13.  Preferential Collection of Claims Against the
               Issuer...................................................... 51

SECTION 6.14.  Appointment of Authenticating Agent......................... 51

                                   ARTICLE 7
                        CONCERNING THE SECURITYHOLDERS

SECTION 7.01.  Evidence of Action Taken by Securityholders................. 52

SECTION 7.02.  Proof of Execution of Instruments and of Holding
               of Securities............................................... 53

SECTION 7.03.  Holders to Be Treated as Owners............................. 54

SECTION 7.04.  Securities Owned by Issuer Deemed Not
               Outstanding................................................. 55

SECTION 7.05.  Right of Revocation of Action Taken......................... 55

                                   ARTICLE 8
                            SUPPLEMENTAL INDENTURES

SECTION 8.01.  Supplemental Indentures Without Consent of
               Securityholders............................................. 56

SECTION 8.02.  Supplemental Indentures With Consent of
               Securityholders............................................. 57

SECTION 8.03.  Effect of Supplemental Indenture............................ 59

SECTION 8.04.  Documents to Be Given to Trustee............................ 60

SECTION 8.05.  Notation on Securities in Respect of Supplemental
               Indentures.................................................. 60

SECTION 8.06.  Subordination Unimpaired.................................... 60

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                                   ARTICLE 9
                   CONSOLIDATION, MERGER, SALE OR CONVEYANCE

SECTION 9.01.  Covenant Not to Merge, Consolidate, Sell or
               Convey Property Except Under Certain Conditions............. 60

SECTION 9.02.  Successor Corporation Substituted........................... 61

SECTION 9.03.  Opinion of Counsel Delivered to Trustee..................... 62

                                  ARTICLE 10
           SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

SECTION 10.01.  Satisfaction and Discharge of Indenture.................... 62

SECTION 10.02.  Application by Trustee of Funds Deposited for
                Payment of Securities...................................... 68

SECTION 10.03.  Repayment of Moneys Held by Paying Agent................... 68

SECTION 10.04.  Return of Moneys Held by Trustee and Paying
                Agent Unclaimed for Two Years.............................. 68

SECTION 10.05.  Indemnity for U.S. Government Obligations.................. 69

                                  ARTICLE 11
                           MISCELLANEOUS PROVISIONS

SECTION 11.01.  Incorporators, Stockholders, Officers and
                Directors of Issuer Exempt from Individual
                Liability.................................................. 69

SECTION 11.02.  Provisions of Indenture for the Sole Benefit of
                Parties and Holders of Securities and Coupons.............. 69

SECTION 11.03.  Successors and Assigns of Issuer Bound by
                Indenture.................................................. 69

SECTION 11.04.  Notices and Demands on Issuer, Trustee and
                Holders of Securities and Coupons.......................... 70

SECTION 11.05.  Officer's Certificates and Opinions of Counsel;
                Statements to Be Contained Therein......................... 70

SECTION 11.06.  Payments Due on Saturdays, Sundays and
                Holidays................................................... 72

SECTION 11.07.  Conflict of Any Provision of Indenture with Trust
                Indenture Act of 1939...................................... 72

SECTION 11.08.  New York Law to Govern..................................... 72

SECTION 11.09.  Counterparts............................................... 72

SECTION 11.10.  Effect of Headings......................................... 72

SECTION 11.11.  Securities in a Foreign Currency........................... 72

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SECTION 11.12.  Judgment Currency.......................................... 73

                                  ARTICLE 12
                  REDEMPTION OF SECURITIES AND SINKING FUNDS

SECTION 12.01.  Applicability of Article................................... 74

SECTION 12.02.  Notice of Redemption; Partial Redemptions.................. 74

SECTION 12.03.  Payment of Securities Called for Redemption................ 76

SECTION 12.04.  Exclusion of Certain Securities from Eligibility
                for Selection for Redemption............................... 77

SECTION 12.05.  Mandatory and Optional Sinking Funds....................... 77

                                  ARTICLE 13
                                 SUBORDINATION

SECTION 13.01.  Securities and Coupons Subordinated to Senior
                Indebtedness............................................... 80

SECTION 13.02.  Disputes with Holders of Certain Senior
                Indebtedness............................................... 82

SECTION 13.03.  Subrogation................................................ 82

SECTION 13.04.  Obligation of Issuer Unconditional......................... 82

SECTION 13.05.  Payments on Securities and Coupons Permitted............... 83

SECTION 13.06.  Effectuation of Subordination by Trustee................... 83

SECTION 13.07.  Knowledge of Trustee....................................... 83

SECTION 13.08.  Trustee May Hold Senior Indebtedness....................... 84

SECTION 13.09.  Rights of Holders of Senior Indebtedness Not
                Impaired................................................... 84

SECTION 13.10.  Article Applicable to Paying Agents........................ 84

SECTION 13.11.  Trustee; Compensation Not Prejudiced....................... 84

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     THIS INDENTURE, dated as of March 1, 1998 between MORGAN STANLEY, DEAN
WITTER, DISCOVER & CO., a Delaware corporation (the "ISSUER"), and THE BANK OF
NEW YORK, as trustee (the "TRUSTEE"),

                              W I T N E S S E T H :

     WHEREAS, the Issuer has duly authorized the issue from time to time of its
junior subordinated unsecured 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;

     WHEREAS, the Issuer has duly authorized the execution and delivery of this
Indenture to provide, among other things, for the authentication, delivery and
administration of the Securities; 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 Issuer and the Trustee mutually covenant and agree for the
equal and proportionate benefit of the respective holders from time to time of
the Securities and of the coupons, if any, appertaining thereto as follows:

                                   ARTICLE 1

                                  DEFINITIONS

     Section 1.01.  Certain Terms Defined.  The following terms (except as
otherwise expressly provided or unless the context otherwise clearly requires)
for all purposes of this Indenture and of any indenture supplemental hereto
shall have the respective meanings specified in this Section. All other terms
used in this Indenture that are defined in the Trust Indenture Act of 1939 or
the definitions of which in the Securities Act of 1933 are referred to in the
Trust Indenture Act of 1939, including terms defined therein by reference to the
Securities Act of 1933 (except as herein otherwise expressly provided or unless
the context otherwise requires), shall have the meanings assigned to such terms
in said Trust Indenture Act and in said Securities Act as in force at the date
of this Indenture. All
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accounting terms used herein and not expressly defined shall have the meanings
assigned to such terms in accordance with generally accepted accounting
principles, and the term "generally accepted accounting principles" means such
accounting principles as are generally accepted at the time of any computation.
The words "herein", "hereof" and "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision. The terms defined in this Article have the meanings assigned
to them in this Article and include the plural as well as the singular.

        "ADDITIONAL INTEREST" means compounded interest arising on any deferred
interest payments, as defined in any series of Securities.

        "ADDITIONAL SUMS" has the meaning specified in Section 2.03(r) of this
Indenture.

        "AFFILIATE" has the same meaning as given to that term in Rule 405 of
the Securities Act of 1933 or any successor rule thereunder.

        "AUTHENTICATING AGENT" shall have the meaning set forth in Section 6.14.

        "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),
in the case of the United Kingdom, will, if practicable, be the Financial Times
(London Edition) and, in the case of Luxembourg, will, if practicable, be the
Luxemburger Wort) published in an official language of the country of
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, the
United Kingdom or in Luxembourg, 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.

        "BOARD OF DIRECTORS" means either the Board of Directors of the Issuer
or any committee of such Board duly authorized to act on its behalf.

        "BOARD RESOLUTION" means a copy of one or more resolutions, certified by
the secretary or an assistant secretary of the Issuer to have been duly adopted
or consented to by the Board of Directors and to be in full force and effect,
and delivered to the Trustee.

        "BUSINESS DAY" means, with respect to any Security of a series unless
otherwise specified pursuant to Section 2.03, a day other than a Saturday or

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Sunday that in the city (or in any of the cities, if more than one) in which
amounts are payable, as specified in the form of such Security, is not a day on
which banking institutions are authorized or required by law or executive order
to remain closed.

        "CAPITAL SECURITIES" means, with respect to an MSDW Capital Trust, the
undivided beneficial interests in the assets of such trust that rank pari passu
with the Common Securities issued by such trust; provided, that upon the
occurrence of an Event of Default with respect to the Securities held by such
trust, the rights of holders of such Common Securities to payment in respect of
distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights of holders of such Capital Securities.

        "CAPITAL SECURITIES GUARANTEE" means, with respect to an MSDW Capital
Trust, any Guarantee that the Guarantor enters into with The Bank of New York or
any other Person that operates directly or indirectly for the benefit of holders
of the Capital Securities of such trust.

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

        "COMMON SECURITIES" means, with respect to an MSDW Capital Trust, the
undivided beneficial interests in the assets of such trust that rank pari passu
with the Capital Securities issued by such trust; provided, that upon the
occurrence of an Event of Default with respect to the Securities held by such
trust, the rights of holders of such Common Securities to payment in respect to
distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights of holders of such Capital Securities.

        "COMMON SECURITIES GUARANTEE" means, with respect to an MSDW Capital
Trust, any Guarantee that the Guarantor enters into with any Person that
operates directly or indirectly for the benefit of holders of the Common
Securities of such trust.

        "COMPOSITE RATE" means, at any time, the rate of interest, per annum,
compounded semiannually, equal to the sum of the rates of interest borne by the
Securities of each series (as specified on the face of the Securities of each
series, provided, that, in the case of the Securities with variable rates of
interest, the interest rate to be used in calculating the Composite Rate shall
be the interest rate applicable to such Securities at the beginning of the year
in which the Composite

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Rate is being determined and, provided, further, that, in the case of Securities
which do not bear interest, the interest rate to be used in calculating the
Composite Rate shall be a rate equal to the yield to maturity on such
Securities, calculated at the time of issuance of such Securities) multiplied,
in the case of each series of Securities, by the percentage of the aggregate
principal amount of the Securities of all series Outstanding represented by the
Outstanding Securities of such series. For the purposes of this calculation, the
aggregate principal amounts of Outstanding Securities that are denominated in a
foreign currency, shall be calculated in the manner set forth in Section 11.11.

        "CORPORATE TRUST OFFICE" means the office of the Trustee at which the
corporate trust business of the Trustee shall, at any particular time, be
principally administered, which office is, at the date as of which this
Indenture is dated, located in New York, New York.

        "COUPON" means any interest coupon appertaining to a Security.

        "COVENANT DEFEASANCE" shall have the meaning set forth in Section
10.01(c).

        "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 Issuer 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.

        "DIRECT ACTION" means a legal proceeding instituted by a holder of the
Capital Securities of an MSDW Capital Trust directly against the Issuer for the
enforcement of payment to such holder of any amounts payable in respect of the
Securities held by such trust having a principal amount equal to the aggregate
liquidation amount of the Capital Securities held by such holder, if an Event of
Default has occurred and is continuing and such Event of Default is attributable
to the failure of the Issuer to pay any amounts payable in respect of such
Securities on the date such amounts are otherwise payable (in accordance with
the terms hereof and thereof).

        "DOLLAR" means the coin or currency of the United States of America as
at the time of payment is legal tender for the payment of public and private
debts.

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        "ECU" means the European Currency Unit as defined and revised from time
to time by the Council of European Communities.

        "EURO" means the currency of participating member states of the European
Union that adopt a single currency in accordance with the Treaty on European
Unity signed February 7, 1992.

        "EVENT OF DEFAULT" means any event or condition specified as such in
Section 5.01.

        "FOREIGN CURRENCY" means the ECU, euro or any successor or similar
currency or any currency issued by the government of a country other than the
United States.

        "GUARANTOR" means the Issuer in its capacity as guarantor under any
Trust Securities Guarantee.

        "HOLDER", "HOLDER OF SECURITIES", "SECURITYHOLDER" or other similar
terms mean (a) in the case of any Registered Security, the person in whose name
such Security is registered in the security register kept by the Issuer for that
purpose in accordance with the terms hereof, and (b) in the case of any
Unregistered Security, the bearer of such Security, or any Coupon appertaining
thereto, as the case may be.

        "INDEBTEDNESS" shall have the meaning set forth in Section 5.01.

        "INDENTURE" means this instrument as originally executed and delivered
or, if amended or supplemented as herein provided, as so amended or supplemented
or both, and shall include the forms and terms of particular series of
Securities established as contemplated hereunder.

        "INTEREST" means, when used with respect to non-interest bearing
Securities, interest payable after maturity.

        "ISSUER" means (except as otherwise provided in Article 6) Morgan
Stanley, Dean Witter, Discover & Co., a Delaware corporation and, subject to
Article , its successors and assigns.

        "ISSUER ORDER" means a written statement, request or order of the Issuer
signed in its name by one of the following: the Chairman of the Board, the
President, the Chief Financial Officer, the Chief Strategic and Administrative

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Officer, the Chief Legal Officer, the Treasurer, any Assistant Treasurer or any
other person authorized by the Board of Directors to execute any such written
statement, request or order.

        "JUDGMENT CURRENCY" shall have the meaning set forth in Section 11.12.

        "MSDW CAPITAL TRUST" means an MSDW Capital Trust, a Delaware statutory
business trust, or any permitted successor thereto, or any substantially similar
Delaware statutory business trust sponsored by the Issuer.

        "OFFICER'S CERTIFICATE" means a certificate signed by any one of the
following: the Chairman of the Board, the President, the Chief Financial
Officer, the Chief Strategic and Administrative Officer, the Chief Legal
Officer, the Treasurer, any Assistant Treasurer or any other person authorized
by the Board of Directors to execute any such certificate and delivered to the
Trustee. Each such certificate shall comply with Section 314 of the Trust
Indenture Act of 1939 and include the statements provided for in Section 11.05.

        "OPINION OF COUNSEL" means an opinion in writing signed by the Chief
Legal Officer of the Issuer, or by such other legal counsel who may be an
employee of or counsel to the Issuer. Each such opinion shall comply with
Section 314 of the Trust Indenture Act of 1939 and include the statements
provided for in Section 11.05.

        "ORIGINAL ISSUE DATE" of any Security (or portion thereof) means the
earlier of (a) the date 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 5.01.

        "OUTSTANDING" (except as otherwise provided in Section 7.04), when used
with reference to Securities, shall, subject to the provisions of Section 7.04,
mean, as of any particular time, all Securities authenticated and delivered by
the Trustee under this Indenture, except

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

     (b) Securities, or portions thereof, for the payment or redemption of which
moneys or U.S. Government Obligations (as provided for in Section 10.01)

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in the necessary amount shall have been deposited in trust with the Trustee or
with any paying agent (other than the Issuer) or shall have been set aside,
segregated and held in trust by the Issuer for the Holders of such Securities
(if the Issuer shall act as its own paying agent), provided that if such
Securities, or portions thereof, are to be redeemed prior to the maturity
thereof, notice of such redemption shall have been given as herein provided, or
provision satisfactory to the Trustee shall have been made for giving such
notice; and

     (c) Securities which shall have been paid or in substitution for which
other Securities shall have been authenticated and delivered pursuant to the
terms of Section 2.09 (except with respect to any such Security as to which
proof satisfactory to the Trustee is presented that such Security is held by a
person in whose hands such Security is a legal, valid and binding obligation of
the Issuer).

     In determining whether the Holders of the requisite principal amount of
Outstanding Securities of any or all series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon a declaration
of acceleration of the maturity thereof pursuant to Section 5.01.

        "PERIODIC OFFERING" means an offering of Securities of a series from
time to time, the specific terms of which Securities, including, without
limitation, the 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 Issuer or its agents upon the issuance of
such Securities.

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

        "PRINCIPAL" whenever used with reference to the Securities or any
Security or any portion thereof, shall be deemed to include "and premium, if
any".

        "RECORD DATE" shall have the meaning set forth in Section 2.07.

        "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 2.04, and bearing the legend prescribed in
Section 2.04.

        "REGISTERED SECURITY" means any Security registered on the Security
register of the Issuer.

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        "REQUIRED CURRENCY" shall have the meaning set forth in Section 11.12.

        "RESPONSIBLE OFFICER" when used with respect to the Trustee means the
chairman of the Board of Directors, any vice chairman of the board of directors,
the chairman of the trust committee, the chairman of the executive committee,
any vice chairman of the executive committee, the president, any vice president,
(whether or not designated by numbers or words added before or after the title
"vice president") the cashier, the secretary, the treasurer, any trust officer,
any assistant trust officer, any assistant vice president, any assistant
cashier, any assistant secretary, any assistant treasurer, or any other officer
or assistant officer of the Trustee customarily performing functions similar to
those performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of his
knowledge of and familiarity with the particular subject.

        "SECURITY" or "SECURITIES" (except as otherwise provided in
Section 6.08) has the meaning stated in the first recital of this Indenture, or,
as the case may be, Securities that have been authenticated and delivered under
this Indenture.

        "SENIOR INDENTURE" means a Senior Indenture between Morgan Stanley (as
predecessor to the Issuer) and The Chase Manhattan Bank (formerly known as
Chemical Bank), as trustee, dated as of April 15, 1989, as supplemented by a
First Supplemental Senior Indenture dated as of May 15, 1991 and a Second
Supplemental Senior Indenture dated as of April 15, 1996 and by a Third
Supplemental Senior Indenture between the Issuer and The Chase Manhattan Bank,
as trustee, dated as of June 1, 1997, as the same may be amended from time to
time.

        "SENIOR INDEBTEDNESS" means obligations with respect to securities
issued under the Senior Indenture or the Senior Subordinated Indenture and any
other obligations (other than non-recourse obligations, the Securities or any
other obligations specifically designated as being subordinate in right of
payment to Senior Indebtedness) of, or guaranteed or assumed by, the Issuer for
borrowed money or evidenced by bonds, debentures, notes or other similar
instruments, and amendments, renewals, extensions, modifications and refundings
of any such indebtedness or obligation.

        "SENIOR SUBORDINATED INDENTURE" means a Subordinated Indenture between
Morgan Stanley (as predecessor to the Issuer) and The First National Bank of
Chicago, as trustee, dated as of April 15, 1989, as supplemented by a First
Supplemental Subordinated Indenture dated as of May 15, 1991 and a Second
Supplemental Subordinated Indenture dated as of April 15, 1996 and by a Third
Supplemental Subordinated Indenture between the Issuer and The First

                                       8
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National Bank of Chicago, as trustee, dated as of June 1, 1997, as the same may
be amended from time to time.

        "TRUST AGREEMENT" means, with respect to an MSDW Capital Trust, the
Amended and Restated Trust Agreement of such trust.

        "TRUST INDENTURE ACT OF 1939" (except as otherwise provided in Sections
8.01 and 8.02) means the Trust Indenture Act of 1939 as in force at the date
as of which this Indenture was originally executed.

        "TRUSTEE" means the Person identified as "TRUSTEE" in the first
paragraph hereof and, subject to the provisions of Article 6, shall also include
any successor trustee. "TRUSTEE" shall also 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 the Securities of such series.

        "TRUST SECURITIES" means, with respect to an MSDW Capital Trust, the
Common Securities and the Capital Securities issued by such trust.

        "TRUST SECURITIES GUARANTEE" means, with respect to an MSDW Capital
Trust, the Common Securities Guarantee and the Capital Securities Guarantee
covering the Common Securities and the Capital Securities, respectively, of such
trust.

        "UNREGISTERED SECURITY" means any Security other than a Registered
Security.

        "U.S. GOVERNMENT OBLIGATIONS" shall have the meaning set forth in
Section 10.01(a).

        "YIELD TO MATURITY" means the yield to maturity on a series of
securities, calculated at the time of issuance of such series, or, if
applicable, at the most recent redetermination of interest on such series, and
calculated in accordance with accepted financial practice.

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<PAGE>

                                   ARTICLE 2

                                  SECURITIES

          Section 2.01.  Forms Generally.  The Securities of each series and the
Coupons, if any, to be attached thereto shall be substantially in such form (not
inconsistent with this Indenture) as shall be established by or pursuant to one
or more Board Resolutions (as set forth in a Board Resolution or, to the extent
established pursuant to rather than set forth in a Board Resolution, an
Officer's Certificate detailing such establishment) 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 or regulations
pursuant thereto, or with any rules of any securities exchange or to conform to
general usage, all as may be determined by the officers executing such
Securities and Coupons, if any, as evidenced by their execution of such
Securities and Coupons.

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

          Section 2.02.  Form of Trustee's Certificate of Authentication.  The
Trustee's certificate of authentication on all Securities shall be in
substantially the following form:

              "This is one of the Securities referred to in the
                within-mentioned Junior Subordinated Indenture.

                                                ------------------------------
                                                 as Trustee

Dated:                                          By:
      ------------------------                     ---------------------------
                                                    Authorized Signatory

          If at any time there shall be an Authenticating Agent appointed with
respect to any series of Securities, then the Trustee's Certificate of
Authentication to be borne by the Securities of each such series shall be
substantially as follows:

                                       10
<PAGE>

              "This is one of the Securities referred to in the
                within-mentioned Junior Subordinated Indenture.

                                                  ------------------------------
                                                  as Authenticating Agent

Dated:                                            By:
      ----------------------------                   ---------------------------
                                                      Authorized Officer

     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 the Securities of
each such series shall rank equally and pari passu with the Securities of each
other series, but all Securities issued hereunder shall be subordinate and
junior in right of payment, to the extent and in the manner set forth in
Article 13, to all Senior Indebtedness of the Issuer. There shall be
established in or pursuant to one or more Board Resolutions (and, to the extent
established pursuant to rather than set forth in a Board Resolution, in an
Officer's Certificate detailing such establishment) or established in one or
more indentures supplemental hereto, prior to the initial issuance of Securities
of any series,

     (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 (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of the series pursuant to Sections
2.08, 2.09, 2.11, 8.05 or 12.03);

     (c) if other than Dollars, the coin or currency in which the Securities of
that series are denominated (including, but not limited to, any Foreign
Currency);

     (d) the date or dates on which the principal of the Securities of the
series is payable and any provisions for the advancement of any such date;

     (e) the rate or rates at which the Securities of the series shall bear
interest, if any, the rate or rates and extent to which Additional Interest, if
any, shall be payable in respect of any Securities of such series, 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

                                       11
<PAGE>

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;

     (f) the place or places where the principal of and any interest on
Securities of the series shall be payable (if other than as provided in Section
3.02), the place or places where the Securities of the series may be presented
for registration of transfer or exchange and the place or places where notices
and demands to or upon the Issuer in respect of the Securities of the series may
be made;

     (g) any provisions relating to the deferral of interest payments on the
Securities of the series at the option of the Issuer or otherwise;

     (h) the right, if any, of the Issuer 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;

     (i) the obligation, if any, of the Issuer 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, the period or periods within which and any terms and conditions
upon which Securities of the series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligation;

     (j) any securities exchange or quotation system on which the Securities of
the series may be listed or quoted, as applicable;

     (k) if other than denominations of $25 and any integral multiple thereof,
the denominations in which Securities of the series shall be issuable;

     (l) 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;

     (m) if other than the coin or currency in which the Securities of that
series are denominated, the coin or currency in which payment of the principal
of or interest on the Securities of such series shall be payable;

     (n) if the Securities of a series may be converted into or exchanged for
stock or other securities of the Issuer or other entities, the terms upon which
such series may be converted or exchanged, any specific terms relating to the

                                       12
<PAGE>

adjustment thereof and the period during which such Securities may be so
converted or exchanged;

     (o) if the principal of or interest on the Securities of such series are to
be payable, at the election of the Issuer or a Holder thereof, in a coin or
currency other than that in which the Securities are denominated, the period or
periods within which, and the terms and conditions upon which, such election may
be made;

     (p) if the amount of payments of principal of and 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;

     (q) whether the Securities of the series 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), 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 in Section 2.08, the terms upon which Unregistered
Securities of any series may be exchanged for Registered Securities of such
series and vice versa;

     (r) whether and under what circumstances the Issuer will pay any additional
amounts ("ADDITIONAL SUMS") on the Securities of the series held by a person who
is not a U.S. person or held in an MSDW Capital Trust in respect of any tax,
assessment or governmental charge withheld or deducted and, if so, whether the
Issuer will have the option to redeem such Securities rather than pay such
Additional Sums;

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

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

     (u) any additions, modifications or deletions in the Events of Default or
covenants of the Issuer set forth herein with respect to the Securities of such
series; and

                                       13
<PAGE>

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

     All Securities of any one series and Coupons, if any, appertaining thereto,
shall be substantially identical, except in the case of Registered Securities as
to denomination and except as may otherwise be provided by or pursuant to the
Board Resolution or Officer's Certificate 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, such Officer's Certificate or in any such indenture supplemental
hereto.

     Section 2.04.  Authentication and Delivery of Securities.  The Issuer may
deliver Securities of any series having attached thereto appropriate Coupons, if
any, executed by the Issuer to the Trustee for authentication together with the
applicable documents referred to below in this Section, and the Trustee shall
thereupon manually authenticate and deliver such Securities to or upon the order
of the Issuer (contained in the Issuer Order referred to below in this Section)
or pursuant to such procedures acceptable to the Trustee and to such recipients
as may be specified from time to time by an Issuer Order. The maturity date,
original issue date, interest rate and any other terms of the Securities of such
series and Coupons, if any, appertaining thereto shall be determined by or
pursuant to such Issuer Order and procedures. If provided for in such
procedures, such Issuer Order may authorize authentication and delivery pursuant
to oral instructions from the Issuer or its duly authorized agent, which
instructions shall be promptly confirmed in writing. In authenticating such
Securities and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (b), (c) and (d) below only at or before the time of the
first request of the Issuer to the Trustee to authenticate Securities of such
series) and (subject to Section 6.01) shall be fully protected in relying upon,
unless and until such documents have been superceded or revoked:

     (a) an Issuer Order requesting such authentication and setting forth
delivery instructions if the Securities and Coupons, if any, are not to be
delivered to the Issuer, provided that, with respect to Securities of a series
subject to a Periodic Offering, (i) such Issuer Order may be delivered by the
Issuer to the Trustee prior to the delivery to the Trustee of such Securities
for authentication and delivery, (ii) the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time, in an aggregate
principal amount not exceeding the aggregate principal amount established for
such series, pursuant to an Issuer Order or pursuant to procedures acceptable to
the Trustee as may be

                                       14
<PAGE>

specified from time to time by an Issuer Order, (iii) the maturity date or
dates, original issue date or dates, interest rate or rates and any other terms
of Securities of such series shall be determined by an Issuer Order or pursuant
to such procedures and (iv) if provided for in such procedures, such Issuer
Order may authorize authentication and delivery pursuant to oral or electronic
instructions from the Issuer or its duly authorized agent or agents, which oral
instructions shall be promptly confirmed in writing;

     (b) any Board Resolution, Officer's Certificate 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 and Coupons, if any, were
established;

     (c) an Officer's Certificate setting forth the form or forms and terms of
the Securities and Coupons, if any, stating that the form or forms and terms of
the Securities and Coupons, if any, have been established pursuant to Sections
2.01 and 2.03 and comply with this Indenture, and covering such other matters
as the Trustee may reasonably request; and

     (d) at the option of the Issuer, either an Opinion of Counsel, or a letter
addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:

               (i) the forms of the Securities and Coupons, if any, have been
     duly authorized and established in conformity with the provisions of this
     Indenture;

               (ii) in the case of an underwritten offering, the terms of the
     Securities have been duly authorized and established in conformity with the
     provisions of this Indenture, and, in the case of an offering that is not
     underwritten, certain terms of the Securities have been established
     pursuant to a Board Resolution, an Officer's Certificate or a supplemental
     indenture in accordance with this Indenture, and when such other terms as
     are to be established pursuant to procedures set forth in an Issuer Order
     shall have been established, all such terms will have been duly authorized
     by the Issuer and will have been established in conformity with the
     provisions of this Indenture;

               (iii)     when the Securities and Coupons, if any, have been
     executed by the Issuer and authenticated by the Trustee in accordance with
     the provisions of this Indenture and delivered to and duly paid for by the
     purchasers thereof, they will have been duly issued under this Indenture
     and will be valid and legally binding obligations of the Issuer,
     enforceable

                                       15
<PAGE>

     in accordance with their respective terms, and will be entitled to the
     benefits of this Indenture; and

               (iv) the execution and delivery by the Issuer of, and the
     performance by the Issuer of its obligations under, the Securities and
     Coupons, if any, will not contravene any provision of applicable law or the
     certificate of incorporation or by-laws of the Issuer or any agreement or
     other instrument binding upon the Issuer or any of its subsidiaries that is
     material to the Issuer and its subsidiaries, considered as one enterprise,
     or, to the best of such counsel's knowledge, any judgment, order or decree
     of any governmental body, agency or court having jurisdiction over the
     Issuer or any subsidiary, and no consent, approval or authorization of any
     governmental body or agency is required for the performance by the Issuer
     of its obligations under the Securities and Coupons, if any, except such as
     are specified and have been obtained and such as may be required by the
     securities or blue sky laws of the various states in connection with the
     offer and sale of the Securities and Coupons, if any.

          In rendering such opinions, such counsel may qualify any opinions as
to enforceability by stating that such enforceability may be limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium and other
similar laws affecting the rights and remedies of creditors and is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). Such counsel may rely, as to
all matters governed by the laws of jurisdictions other than the State of New
York and the federal law of the United States, upon opinions of other counsel
(copies of which shall be delivered to the Trustee), who shall be counsel
reasonably satisfactory to the Trustee, in which case the opinion shall state
that such counsel believes he and the Trustee are entitled so to rely. Such
counsel may also state that, insofar as such opinion involves factual matters,
he has relied, to the extent he deems proper, upon certificates of officers of
the Issuer and its subsidiaries and certificates of public officials.

          The Trustee shall have the right to decline to authenticate and
deliver any Securities under this Section if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken by the Issuer or
if the Trustee in good faith by its board of directors or board of trustees,
executive committee, or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee
to personal liability to existing Holders or would affect the Trustee's own
rights, duties or immunities under the Securities, this Indenture or otherwise.

                                       16
<PAGE>

          If the Issuer shall establish pursuant to Section 2.03 that the
Securities of a series are to be issued in the form of one or more Registered
Global Securities, then the Issuer shall execute and the Trustee shall, in
accordance with this Section and the Issuer Order with respect to such series,
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 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 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."

          Each Depositary designated pursuant to Section 2.03 must, at the time
of its designation and at all times while it serves as Depositary, be a clearing
agency registered under the Securities Exchange Act of 1934 and any other
applicable statute or regulation.

          Section 2.05.  Execution of Securities.  The Securities and, if
applicable, each Coupon appertaining thereto shall be signed on behalf of the
Issuer by one of the following: the Chairman of the Board, the President, the
Chief Financial Officer, the Chief Strategic and Administrative Officer, the
Chief Legal Officer, the Treasurer, any Assistant Treasurer or any other person
authorized by the Board of Directors to execute Securities or, if applicable,
Coupons, which Securities or Coupons may, but need not, be attested. Such
signatures may be the manual or facsimile signatures of the present or any
future such officers.  Minor errors or defects in any such reproduction of any
such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.

          In case any officer of the Issuer who shall have signed any of the
Securities or Coupons, if any, shall cease to be such officer before the
Security or Coupon so signed (or the Security to which the Coupon so signed
appertains) shall be authenticated and delivered by the Trustee or disposed of
by the Issuer, such Security or Coupon nevertheless may be authenticated and
delivered or disposed of as though the person who signed such Security or Coupon
had not ceased to be such officer of the Issuer; and any Security or Coupon may
be signed on behalf of the Issuer by such persons as, at the actual date of the
execution of such Security or Coupon, shall be the proper officers of the
Issuer, although at the

                                       17
<PAGE>

date of the execution and delivery of this Indenture any such person was not
such an officer.

          SECTION 2.06. Certificate of Authentication. Only such Securities as
shall bear thereon a certificate of authentication substantially in the form
hereinbefore recited, executed by the Trustee by the manual signature of one of
its authorized officers, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose. No Coupon shall be entitled to the
benefits of this Indenture or shall be valid and obligatory for any purpose
until the certificate of authentication on the Security to which such Coupon
appertains shall have been duly executed by the Trustee. The execution of such
certificate by the Trustee upon any Security executed by the Issuer shall be
conclusive evidence that the Security so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the
benefits of this Indenture.

          SECTION 2.07. 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, with respect to the Registered Securities of
any series, if not so established, in denominations of $1,000 and any integral
multiple thereof. If denominations of Unregistered Securities of any series are
not so established, such Securities shall be issuable in denominations of $1,000
and $5,000. The Securities of each series shall be numbered, lettered or
otherwise distinguished in such manner or in accordance with such plan as the
officers of the Issuer executing the same may determine with the approval of the
Trustee, as evidenced by the execution and authentication thereof.

          Each Registered Security shall be dated the date of its
authentication. Each Unregistered Security shall be dated as provided in the
resolution or resolutions of the Board of Directors of the Issuer referred to in
Section 2.03. The Securities of each series shall bear interest, if any, from
the date, and such interest 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 Issuer shall default in the payment of the
interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the persons in whose names Outstanding
Registered Securities for such series are registered at the close of business on
a subsequent record date (which shall be not less than five

                                       18
<PAGE>

Business Days prior to the date of payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders
of Registered Securities not less than 15 days preceding such subsequent record
date. 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, if such interest payment date is the first day of a
calendar month, the fifteenth day of the next preceding calendar month or, if
such interest payment date is the fifteenth day of a calendar month, the first
day of such calendar month, whether or not such record date is a Business Day.

          SECTION 2.08. Registration, Transfer and Exchange. The Issuer will
keep at each office or agency to be maintained for the purpose as provided in
Section 3.02 for each series of Securities a register or registers in which,
subject to such reasonable regulations as it may prescribe, it will provide for
the registration of Registered Securities of such series and the registration of
transfer of Registered Securities of such series. Such register shall be in
written form in the English language or in any other form capable of being
converted into such form within a reasonable time. At all reasonable times such
register or registers shall be open for inspection by the Trustee.

          Upon due presentation for registration of transfer of any Registered
Security of any series at any such office or agency to be maintained for the
purpose as provided in Section 3.02, the Issuer shall execute and the Trustee
shall authenticate and deliver in the name of the transferee or transferees a
new Registered Security or Registered Securities of the same series, maturity
date, interest rate and original issue date in authorized denominations for a
like aggregate principal amount.

          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
having authorized denominations and an equal aggregate principal amount, upon
surrender of such Registered Securities to be exchanged at the agency of the
Issuer that shall be maintained for such purpose in accordance with Section 3.02
and upon payment, if the Issuer shall so require, of the charges hereinafter
provided. If the Securities of any series are issued in both registered and
unregistered form, except as otherwise specified pursuant to Section 2.03, at
the

                                       19
<PAGE>

option of the Holder thereof, Unregistered Securities of any series may be
exchanged for Registered Securities of such series having authorized
denominations and an equal aggregate principal amount, upon surrender of such
Unregistered Securities to be exchanged at the agency of the Issuer that shall
be maintained for such purpose in accordance with Section 3.02, 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 Issuer 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 specified pursuant to Section 2.03,
such Unregistered Securities may be exchanged for Unregistered Securities of
such series having authorized denominations and an equal aggregate principal
amount, upon surrender of such Unregistered Securities to be exchanged at the
agency of the Issuer that shall be maintained for such purpose in accordance
with Section 3.02 or as specified pursuant to Section 2.03, 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
Issuer shall so require, of the charges hereinafter provided. Unless otherwise
specified pursuant to Section 2.03, Registered Securities of any series may not
be exchanged for Unregistered Securities of such series. Whenever any Securities
are so surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive. All Securities and Coupons surrendered upon any exchange or
transfer provided for in this Indenture shall be promptly cancelled and disposed
of by the Trustee and the Trustee will deliver a certificate of disposition
thereof to the Issuer.

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

          The Issuer 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.

          The Issuer shall not be required to exchange or register a transfer
of (a) any Securities of any series for a period of 15 days next preceding the
first mailing of notice of redemption of Securities of such series to be
redeemed or (b) any Securities selected, called or being called for redemption,
in whole or in part,

                                       20
<PAGE>

except, in the case of any Security to be redeemed in part, the portion thereof
not so to be redeemed.

          Notwithstanding any other provision of this Section 2.08, 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 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 Securities of a
series represented by one or more Registered Global Securities notifies the
Issuer that it is unwilling or unable to continue as Depositary for such
Registered Securities or if at any time the Depositary for such Registered
Securities shall no longer be eligible under Section 2.04, the Issuer shall
appoint a successor Depositary eligible under Section 2.04 with respect to such
Registered Securities. If a successor Depositary eligible under Section 2.04 for
such Registered Securities is not appointed by the Issuer within 90 days after
the Issuer receives such notice or becomes aware of such ineligibility, the
Issuer's election pursuant to Section 2.03 that such Registered Securities be
represented by one or more Registered Global Securities shall no longer be
effective and the Issuer will execute, and the Trustee, upon receipt of an
Officer's Certificate for the authentication and delivery of definitive
Securities of such series, will authenticate and deliver, Securities of such
series in definitive registered form without coupons, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of
the Registered Global Security or Securities representing such Registered
Securities in exchange for such Registered Global Security or Securities.

          The Issuer may at any time and in its sole discretion determine that
the Registered Securities of any series issued in the form of one or more
Registered Global Securities shall no longer be represented by a Registered
Global Security or Securities. In such event the Issuer will execute, and the
Trustee, upon receipt of an Officer's Certificate for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver,
Securities of such series in definitive registered form without coupons, in any
authorized denominations, in an aggregate principal amount equal to the
principal amount of the Registered Global Security or Securities representing
such Registered Securities, in exchange for such Registered Global Security or
Securities.

          If specified by the Issuer pursuant to Section 2.03 with respect to
Securities represented by a Registered Global Security, the Depositary for such

                                       21
<PAGE>

Registered Global Security may surrender such Registered Global Security in
exchange in whole or in part for Securities of the same series in definitive
registered form on such terms as are acceptable to the Issuer and such
Depositary. Thereupon, the Issuer shall execute, and the Trustee shall
authenticate and deliver, without service charge,

          (a) to the Person specified by such Depositary a new Registered
Security or Securities of the same series, 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.

          Upon the exchange of a Registered Global Security for Securities in
definitive registered form without coupons, in authorized denominations, such
Registered Global Security shall be cancelled by the Trustee or an agent of the
Issuer or the Trustee. Securities in definitive registered form without coupons
issued in exchange for a Registered Global Security pursuant to this Section
2.08 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 Issuer 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 Issuer, 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 terms of any series of
Securities to the contrary, none of the Issuer, the Trustee or any agent of the
Issuer or the Trustee (any of which, other than the Issuer, shall rely on an
Officer's Certificate and an Opinion of Counsel) 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 Issuer (such as, for
example, the inability of the Issuer 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.

                                       22
<PAGE>

          SECTION 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen
Securities. In case any temporary or definitive Security or any Coupon
appertaining to any Security shall become mutilated, defaced or be destroyed,
lost or stolen, the Issuer in its discretion may execute, and upon the written
request of any officer of the Issuer, the Trustee shall authenticate and deliver
a new Security of the same series, maturity date, interest rate and original
issue date, bearing a number or other distinguishing symbol not
contemporaneously outstanding, in exchange and substitution for the mutilated or
defaced Security, or in lieu of and in substitution for the Security so
destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining
to the Securities so mutilated, defaced, destroyed, lost or stolen, or in
exchange or substitution for the Security to which such mutilated, defaced,
destroyed, lost or stolen Coupon appertained, with Coupons appertaining thereto
corresponding to the Coupons so mutilated, defaced, destroyed, lost or stolen.
In every case the applicant for a substitute Security or Coupon shall furnish to
the Issuer and to the Trustee and any agent of the Issuer or the Trustee such
security or indemnity as may be required by them to indemnify and defend and to
save each of them harmless and, in every case of destruction, loss or theft,
evidence to their satisfaction of the destruction, loss or theft of such
Security or Coupon and of the ownership thereof and in the case of mutilation or
defacement shall surrender the Security and related Coupons to the Trustee or
such agent.

          Upon the issuance of any substitute Security or Coupon, the Issuer
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security or Coupon which has matured or is about to
mature or has been called for redemption in full shall become mutilated or
defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a
substitute Security, pay or authorize the payment of the same or the relevant
Coupon (without surrender thereof except in the case of a mutilated or defaced
Security or Coupon), if the applicant for such payment shall furnish to the
Issuer and to the Trustee and any agent of the Issuer or the Trustee such
security or indemnity as any of them may require to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee
evidence to their satisfaction of the destruction, loss or theft of such
Security or Coupon and of the ownership thereof.

          Every substitute Security or Coupon of any series issued pursuant to
the provisions of this Section by virtue of the fact that any such Security or
Coupon is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Issuer, whether or not the destroyed, lost or stolen Security
or Coupon shall be at any time enforceable by anyone and shall be entitled to
all the benefits of (but shall be subject to all the limitations of rights set
forth in) this Indenture equally

                                       23
<PAGE>

and proportionately with any and all other Securities or Coupons of such series
duly authenticated and delivered hereunder. All Securities and Coupons shall be
held and owned upon the express condition that, to the extent permitted by law,
the foregoing provisions are exclusive with respect to the replacement or
payment of mutilated, defaced or destroyed, lost or stolen Securities and
Coupons and shall preclude any and all other rights or remedies notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to
the replacement or payment of negotiable instruments or other securities without
their surrender.

          SECTION 2.10. Cancellation of Securities; Destruction Thereof. All
Securities and Coupons surrendered for payment, redemption, registration of
transfer or exchange, or for credit against any payment in respect of a sinking
or analogous fund, if surrendered to the Issuer or any agent of the Issuer or
the Trustee or any agent of the Trustee, shall be delivered to the Trustee or
its agent for cancellation or, if surrendered to the Trustee, shall be cancelled
by it; and no Securities or Coupons shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Indenture. The Trustee or
its agent shall return such cancelled Securities and Coupons held by it to the
Issuer. If the Issuer or its agent shall acquire any of the Securities or
Coupons, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Securities or Coupons unless and until the
same are delivered to the Trustee or its agent for cancellation.

          SECTION 2.11. Temporary Securities. Pending the preparation of
definitive Securities for any series, the Issuer may execute and the Trustee
shall authenticate and deliver temporary Securities for such series (printed,
lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be
issuable as Registered Securities without coupons, or as Unregistered Securities
with or without coupons attached thereto, of any authorized denomination, and
substantially in the form of the definitive Securities of such series but with
such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Issuer with the concurrence of the
Trustee as evidenced by the execution and authentication thereof. Temporary
Securities may contain such references to any provisions of this Indenture as
may be appropriate. Every temporary Security shall be executed by the Issuer and
be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities. Without
unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Registered Securities of such
series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section 3.02
and, in the case of Unregistered Securities, at any agency maintained by the
Issuer for such

                                       24
<PAGE>

purpose as specified pursuant to Section 2.03, and the Trustee shall
authenticate and deliver in exchange for such temporary Securities of such
series an equal aggregate principal amount of definitive Securities of the same
series having authorized denominations and, in the case of Unregistered
Securities, having attached thereto any appropriate Coupons. 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, unless otherwise
established pursuant to Section 2.03. The provisions of this Section are subject
to any restrictions or limitations on the issue and delivery of temporary
Unregistered Securities of any series that may be established pursuant to
Section 2.03 (including any provision that Unregistered Securities of such
series initially be issued in the form of a single global Unregistered Security
to be delivered to a depositary or agency located outside the United States and
the procedures pursuant to which definitive or global Unregistered Securities of
such series would be issued in exchange for such temporary global Unregistered
Security).

                                   ARTICLE 3

                            COVENANTS OF THE ISSUER

          SECTION 3.01. Payment of Principal and Interest. The Issuer
covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay or cause to be paid the principal of, and interest on,
each of the Securities of such series (together with any additional amounts
payable pursuant to the terms of such Securities) at the place or places, at the
respective times and in the manner provided in such Securities and in the
Coupons, if any, appertaining thereto and in 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. If any temporary Unregistered
Security provides that interest thereon may be paid while such Security is in
temporary form, the interest on any such temporary Unregistered Security
(together with any additional amounts payable pursuant to the terms of such
Security) 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
Securities for notation thereon of the payment of such interest, in each case
subject to any restrictions that may be established pursuant to Section 2.03.
The interest on Registered Securities (together with any additional amounts
payable pursuant to the terms of such Securities) shall be payable only to or
upon the written order of the Holders thereof and, at the option

                                       25
<PAGE>

of the Issuer, may be paid by wire transfer or 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 registry books of the Issuer; provided, however,
that, if the Securities of such series are held by an MSDW Capital Trust or a
trustee of such trust and a holder of a Capital Security of such trust brings a
successful Direct Action with respect to any interest payable on such
Securities, such interest will be payable directly to such holder. In such
event, the Issuer will have the right to set-off such payment to such holder
against its obligation to pay interest on such Securities to such MSDW Capital
Trust.

          SECTION 3.02. Offices for Payments, etc. So long as any Registered
Securities are authorized for issuance pursuant to this Indenture or are
outstanding hereunder, the Issuer will maintain in the Borough of Manhattan, The
City of New York, an office or agency where the Registered Securities of each
series may be presented for payment, where the Securities of each series may be
presented for exchange as is provided in this Indenture and, if applicable,
pursuant to Section 2.03 and where the Registered Securities of each series may
be presented for registration of transfer as in this Indenture provided.

          The Issuer will maintain one or more offices or agencies in a city
or cities located outside the United States (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 such 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 Issuer within the United States nor will any payment be made by transfer
to an account in, or by mail to an address in, the United States unless pursuant
to applicable United States laws and regulations then in effect such payment can
be made without adverse tax consequences to the Issuer. Notwithstanding the
foregoing, 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 Issuer maintained in the Borough of Manhattan, The City of New
York if such payment in Dollars at each agency maintained by the Issuer outside
the United States for payment on such Unregistered Securities is illegal or
effectively precluded by exchange controls or other similar restrictions.

          The Issuer will maintain in the Borough of Manhattan, The City of
New York, an office or agency where notices and demands to or upon the Issuer in
respect of the Securities of any series, the Coupons appertaining thereto or
this Indenture may be served.

                                       26
<PAGE>

          The Issuer will give to the Trustee written notice of the location
of each such office or agency and of any change of location thereof. In case the
Issuer shall fail to maintain any agency required by this Section to be located
in the Borough of Manhattan, The City of New York, or shall fail to give such
notice of the location or of any change in the location of any of the above
agencies, presentations and demands may be made and notices may be served at the
Corporate Trust Office of the Trustee.

          The Issuer may from time to time designate one or more additional
offices or agencies where the Securities of a series and any Coupons
appertaining thereto may be presented for payment, where the Securities of that
series may be presented for exchange as provided in this Indenture and pursuant
to Section 2.03 and where the Registered Securities of that series may be
presented for registration of transfer as in this Indenture provided, and the
Issuer may from time to time rescind any such designation, as the Issuer may
deem desirable or expedient; provided, however, that no such designation or
rescission shall in any manner relieve the Issuer of its obligation to maintain
the agencies provided for in this Section. The Issuer will give to the Trustee
prompt written notice of any such designation or rescission thereof.

          SECTION 3.03. Appointment to Fill a Vacancy in Office of Trustee.
The Issuer, whenever necessary to avoid or fill a vacancy in the office of
Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so
that there shall at all times be a Trustee with respect to each series of
Securities hereunder.

          SECTION 3.04. Paying Agents. Whenever the Issuer shall appoint a
paying agent other than the Trustee with respect to the Securities of any
series, it will cause such paying agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section,

          (a) that it will hold all sums received by it as such agent for
the payment of the principal of or interest on the Securities of such series
(whether such sums have been paid to it by the Issuer or by any other obligor on
the Securities of such series) in trust for the benefit of the Holders of the
Securities of such series, or Coupons appertaining thereto, if any, or of the
Trustee,

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

                                       27
<PAGE>

          (c) that it will pay any such sums so held in trust by it to the
Trustee upon the Trustee's written request at any time during the continuance of
the failure referred to in clause (b) above.

          The Issuer will, on or prior to each due date of the principal of or
interest on the Securities of such series, deposit with the paying agent a sum
sufficient to pay such principal or interest so becoming due, and (unless such
paying agent is the Trustee) the Issuer will promptly notify the Trustee of any
failure to take such action.

          If the Issuer shall act as its own paying agent with respect to the
Securities of any series, it will, on or before each due date of the principal
of or interest on the Securities of such series, set aside, segregate and hold
in trust for the benefit of the Holders of the Securities of such series or the
Coupons appertaining thereto a sum sufficient to pay such principal or interest
so becoming due. The Issuer will promptly notify the Trustee of any failure to
take such action.

          Anything in this Section to the contrary notwithstanding, but
subject to Section 10.01 and to the terms of any series of Securities, the
Issuer may at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Securities hereunder, or
for any other reason, pay or cause to be paid to the Trustee all sums held in
trust for any such series by the Issuer or any paying agent hereunder, as
required by this Section, such sums to be held by the Trustee upon the trusts
herein contained.

          Anything in this Section to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section is subject to the
provisions of Sections 10.03 and 11.04.

          SECTION 3.05. Written Statement to Trustee. The Issuer will furnish
to the Trustee on or before March 31 in each year (beginning with March 31,
1999) a brief certificate (which need not comply with Section 11.05) from the
principal executive, financial or accounting officer of the Issuer stating that
in the course of the performance by the signer of his duties as an officer of
the Issuer he would normally have knowledge of any default or non-compliance by
the Issuer in the performance of any covenants or conditions contained in this
Indenture, stating whether or not he has knowledge of any such default or
non-compliance and, if so, specifying each such default or non-compliance of
which the signer has knowledge and the nature thereof.

          SECTION 3.06. Luxembourg Publications. In the event of the publication
of any notice pursuant to Sections 5.11, 6.08, 6.10(a), 6.11, 8.02, 10.04, 12.02
or 12.05, the party making such publication in the Borough of Manhattan, The
City

                                       28
<PAGE>

of New York and London shall also, to the extent that notice is required to be
given to Holders of Securities of any series by applicable Luxembourg law or
stock exchange regulation, as evidenced by an Officer's Certificate delivered to
such party, make a similar publication in Luxembourg.

                                   ARTICLE 4
        SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

          SECTION 4.01. Issuer to Furnish Trustee Information as to Names and
Addresses of Securityholders. If and so long as the Trustee shall not be the
Security registrar for the Securities of any series, the Issuer and any other
obligor on the Securities 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 Registered Securities of such series 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 interest on such Registered
Securities, as hereinabove specified, as of such record date and on dates to be
determined pursuant to Section 2.03 for non-interest bearing Registered
Securities in each year, and (b) at such other times as the Trustee may request
in writing, within thirty days after receipt by the Issuer of any such request
as of a date not more than 15 days prior to the time such information is
furnished.

          SECTION 4.02.  Preservation and Disclosure of Securityholders Lists.
[This Section intentionally left blank.]

          SECTION 4.03. Reports by the Issuer. The Issuer covenants to file
with the Trustee, within 15 days after the Issuer is required to file the same
with the Commission, copies of the annual reports and of the information,
documents, and other reports that the Issuer may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 or pursuant to Section 314 of the Trust Indenture Act of 1939.

          SECTION 4.04. Reports by the Trustee. Any Trustee's report required
under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on
or before May 15 in each year beginning May 15, 1998, as provided in Section
313(c) of the Trust Indenture Act of 1939, so long as any Securities are
Outstanding hereunder, and shall be dated as of a date convenient to the Trustee
no more than 60 days prior thereto.

                                       29
<PAGE>

                                   ARTICLE 5
      REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS IN THE EVENT OF DEFAULT

          SECTION 5.01. Event of Default Defined; Acceleration of Maturity;
Waiver of Default. "EVENT OF DEFAULT" with respect to Securities of any series
wherever used herein, means each one of the following events which shall have
occurred and be continuing (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

          (a) default in the payment of any instalment of interest upon any
of the Securities of such series as and when the same shall become due and
payable, and continuance of such default for a period of 30 days; provided,
however, that a valid extension of an interest payment period by the Issuer in
accordance with the terms of Securities of a series issued hereunder shall not
constitute a default in the payment of interest for this purpose; or

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

          (c) failure on the part of the Issuer duly to observe or perform
any other of the covenants or agreements on the part of the Issuer in the
Securities of such series (other than a covenant or warranty in respect of the
Securities of such series a default in the performance or breach of which is
elsewhere in this Section specifically dealt with) or in this Indenture and
continued for a period of 60 days after the date on which written notice
specifying such failure, stating that such notice is a "NOTICE OF DEFAULT"
hereunder and demanding that the Issuer remedy the same, shall have been given
by registered or certified mail, return receipt requested, to the Issuer by the
Trustee, or to the Issuer and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Outstanding Securities of all series affected
thereby and, if the Securities of such series are held by an MSDW Capital Trust
or a trustee of such trust and should the Trustee or such Holders of the
Outstanding Securities fail to give such notice, the holders of at least 25% in
aggregate liquidation amount of the outstanding Capital Securities of such trust
shall have the right to give such notice; or

          (d) a court having jurisdiction in the premises shall enter a
decree or order for relief in respect of the Issuer in an involuntary case under
any applicable

                                       30
<PAGE>

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 Issuer or for any substantial part of its property
or ordering the winding up or liquidation of its affairs, and such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days;
or

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

          (f) failure by the Issuer to make any payment at maturity,
including any applicable grace period, in respect of indebtedness, which term as
used herein means obligations (other than the Securities of such series or
non-recourse obligations) of, or guaranteed or assumed by, the Issuer for
borrowed money or evidenced by bonds, debentures, notes or other similar
instruments ("INDEBTEDNESS") in an amount in excess of $10,000,000 or the
equivalent thereof in any other currency or composite currency and such failure
shall have continued for a period of thirty days after written notice thereof
shall have been given by registered or certified mail, return receipt requested,
to the Issuer by the Trustee, or to the Issuer and the Trustee by the Holders of
not less than 25% in aggregate principal amount of the Outstanding Securities
(treated as one class) and, if the Securities of such series are held by an MSDW
Capital Trust or a trustee of such trust and should the Trustee or such Holders
of the Outstanding Securities fail to give such notice, the holders of at least
25% in aggregate liquidation amount of the outstanding Capital Securities of
such trust shall have the right to give such notice; or

          (g) a default with respect to any Indebtedness, which default
results in the acceleration of Indebtedness in an amount in excess of
$10,000,000 or the equivalent thereof in any other currency or composite
currency without such Indebtedness having been discharged or such acceleration
having been cured, waived, rescinded or annulled for a period of thirty days
after written notice thereof shall have been given by registered or certified
mail, return receipt requested, to the Issuer by the Trustee, or to the Issuer
and the Trustee by the Holders of not less than 25% in aggregate principal
amount of the Outstanding Securities (treated as one class) and, if the
Securities of such series are held by an MSDW Capital Trust or a trustee of such
trust and should the Trustee or such Holders of the Outstanding Securities fail
to give such notice, the holders of at

                                       31
<PAGE>

least 25% in aggregate liquidation amount of the outstanding Capital Securities
of such trust shall have such right; or

          (h) any other Event of Default provided in the supplemental
indenture under which such series of Securities is issued or in the form of
Security for such series;

provided that if any such failure, default or acceleration referred to in
clauses (f) or (g) above shall cease or be cured, waived, rescinded or annulled,
then the Event of Default hereunder by reason thereof shall be deemed likewise
to have been thereupon cured.

          If an Event of Default described in clauses (a), (b), (c) or (h) (if
the Event of Default under clause (c) or (h), as the case may be, is with
respect to less than all series of Securities 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 each such affected series then Outstanding hereunder
(voting as a single class) or, if the Securities of such series are held by an
MSDW Capital Trust or a trustee of such trust and should the Trustee or such
Holders of the Outstanding Securities fail to make the declaration referred to
below, the holders of at least 25% in aggregate liquidation amount of the
outstanding Capital Securities of such trust (voting as a separate class), by
notice in writing to the Issuer (and to the Trustee if given by Securityholders
or the holders of Capital Securities), may declare the entire principal (or, if
the Securities of any such affected series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of such series) of all Securities of all such affected series or of such
series held by an MSDW Capital Trust, as the case may be, 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. If an Event of
Default described in clause (c) or (h) (if the Event of Default under clause (c)
or (h), as the case may be, is with respect to all series of Securities then
Outstanding), (d), (e), (f) or (g) occurs and is continuing, then and in each
and every such case, unless the principal of all the Securities shall have
already become due and payable, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of all the Securities then Outstanding
hereunder (treated as one class), or, if the Securities of any such series are
held by an MSDW Capital Trust or a trustee of such trust and should the Trustee
or such Holders of the Outstanding Securities fail to make the declaration
referred to below, the Holders of at least 25% in aggregate liquidation amount
of the outstanding Capital Securities of such trust (treated as a separate
class), by notice in writing to the Issuer (and to the Trustee if given by
Securityholders or the

                                       32
<PAGE>

holders of Capital Securities), may declare the entire principal (or, if any
Securities are Original Issue Discount Securities, such portion of the principal
as may be specified in the terms thereof) of all the Securities then Outstanding
or of such series held by an MSDW Capital Trust, as the case may be, and
interest accrued thereon, if any, to be due and payable immediately, and upon
any such declaration the same shall become immediately due and payable.

          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) of the Securities of any series (or of all the Securities, as the
case may be) shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, the Issuer shall pay or shall deposit with the
Trustee a sum sufficient to pay all matured instalments 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 instalments 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 (or at the respective rates of interest or Yields to Maturity of all the
Securities, as the case may be) to the date of such payment or deposit) and such
amount as shall be sufficient to cover reasonable compensation to the Trustee
and each predecessor Trustee, its agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad faith, 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 Securities of each such series or of all the Securities then Outstanding, in
each case voting as a single class (except that each such series of Securities
held by an MSDW Capital Trust shall vote as a separate class), by written notice
to the Issuer and to the Trustee, may waive all defaults with respect to each
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 shall extend to or shall affect any subsequent default
or shall impair any right consequent thereon; provided however, that if the
Securities of such series are held by an MSDW Capital Trust or a trustee of such
trust, (i) such waiver or rescission and annulment shall not be effective until
the holders of a majority in aggregate liquidation amount of the Capital
Securities of such trust shall have consented to such waiver or rescission and
annulment and

                                       33
<PAGE>

(ii) should the Holders of the Securities of such series fail to waive such
defaults and rescind and annul such declaration and its consequences, the
holders of a majority in aggregate liquidation amount of the Capital Securities
of such trust shall have such right.

          If the Securities of a series are held by an MSDW Capital Trust or a
trustee of such trust and an Event of Default has occurred and is continuing and
such Event of Default is attributable to the failure of the Issuer to pay any
amounts payable in respect of such Securities on the date such amounts are
otherwise payable, a holder of Capital Securities of such trust may institute a
Direct Action. If the Issuer makes any payment to a holder of such Capital
Securities as a result of a Direct Action, the Issuer will have the right to
set-off any such payment against its obligation to make any corresponding
payment to such MSDW Capital Trust on such Securities.

          For all purposes under this Indenture, if a portion of the principal
of any Original Issue Discount Securities shall have been accelerated and
declared 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 5.02. Collection of Indebtedness by Trustee; Trustee May
Prove Debt. The Issuer covenants that (a) in case default shall be made in the
payment of any instalment of interest on any of the Securities of any series
when such interest shall have become due and payable, and such default shall
have continued for a period of 30 days or (b) in case default shall be made in
the payment of all or any part of the principal of any of the Securities of any
series when the same shall have become due and payable, whether upon maturity of
the Securities of such series or upon any redemption or by declaration or
otherwise -- then upon demand of the Trustee, the Issuer will pay to the Trustee
for the benefit of the Holders of the Securities of such series the whole amount
that then shall have become due and payable on all Securities of such series,
and such Coupons, for principal or interest, as the case may be (with interest
to the date of such payment upon the overdue principal and, to the extent that
payment of such interest is enforceable under applicable law, on overdue
instalments 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 addition thereto, such further amount as
shall be sufficient to cover the costs and expenses

                                       34
<PAGE>

of collection, including reasonable compensation to the Trustee and each
predecessor Trustee, their respective agents, attorneys and counsel, and any
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of its negligence or bad faith.

          Until such demand is made by the Trustee, the Issuer may pay the
principal of and interest on the Securities of any series to the Holders,
whether or not the Securities of such series be overdue.

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

          In case there shall be pending proceedings relative to the Issuer or
any other obligor upon the Securities under Title 11 of the United States Code
or any other applicable Federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor, or in case
of any other comparable judicial proceedings relative to the Issuer or other
obligor upon the Securities, or to the creditors or property of the Issuer or
such other obligor, the Trustee, irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such proceedings or otherwise:

          (a) to file and prove a claim or claims for the whole amount of
principal and interest (or, if the Securities of any series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in
the terms of such series) owing and unpaid in respect of the Securities of any
series, and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses
and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee, except as a result of negligence or bad faith) and of the
Securityholders allowed in any judicial

                                       35
<PAGE>

proceedings relative to the Issuer or other obligor upon the Securities, or to
the creditors or property of the Issuer or such other obligor,

          (b) unless prohibited by applicable law and regulations, to vote
on behalf of the holders of the Securities of any series in any election of a
trustee or a standby trustee in arrangement, reorganization, liquidation or
other bankruptcy or insolvency proceedings or person performing similar
functions in comparable proceedings, and

          (c) to collect and receive any moneys or other property payable or
deliverable on any such claims, and to distribute all amounts received with
respect to the claims of the Securityholders and of the Trustee on their behalf;
and any trustee, receiver, or liquidator, custodian or other similar official is
hereby authorized by each of the Securityholders to make payments to the
Trustee, and, in the event that the Trustee shall consent to the making of
payments directly to the Securityholders, to pay to the Trustee such amounts as
shall be sufficient to cover reasonable compensation to the Trustee, each
predecessor Trustee and their respective agents, attorneys and counsel, and all
other expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith.

          Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities of any series or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar person.

          All rights of action and of asserting claims under this Indenture,
or under any of the Securities of any series or Coupons appertaining to such
Securities, may be enforced by the Trustee without the possession of any of the
Securities of such series or Coupons appertaining to such Securities or the
production thereof on any trial or other proceedings relative thereto, and any
such action or proceedings instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment, subject to
the payment of the expenses, disbursements and compensation of the Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Securities or Coupons appertaining to such
Securities in respect of which such action was taken.

          In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the

                                       36
<PAGE>

Trustee shall be a party), the Trustee shall be held to represent all the
Holders of the Securities or Coupons appertaining to such Securities in respect
to which such action was taken and it shall not be necessary to make any Holders
of such Securities or Coupons appertaining to such Securities parties to any
such proceedings.

          SECTION 5.03. Applications of Proceeds. Any moneys collected by the
Trustee pursuant to this Article in respect of any series shall, subject to the
subordination provisions hereof, 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 monies have been
collected and stamping (or otherwise noting) thereon the payment, or issuing
Securities of such series in reduced principal amounts in exchange for the
presented Securities of like series if only partially paid, or upon surrender
thereof if fully paid:

              FIRST: To the payment of costs and expenses applicable
          to such series in respect of which monies have been collected,
          including reasonable compensation to the Trustee and each
          predecessor Trustee and their respective agents and attorneys and of
          all expenses and liabilities incurred, and all advances made, by the
          Trustee and each predecessor Trustee except as a result of
          negligence or bad faith;

              SECOND: 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
          maturity of the instalments of such interest, with interest (to the
          extent that such interest has been collected by the Trustee) upon
          the overdue instalments 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: 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 instalments 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

                                       37
<PAGE>

          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 instalment of interest over any other
          instalment 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 Issuer or
          any other person lawfully entitled thereto.

          SECTION 5.04. Suits for Enforcement. In case an Event of Default has
occurred, has not been waived and is continuing, the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any of such rights, either at law or in
equity or in bankruptcy or otherwise, whether for the specific enforcement of
any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law.

          SECTION 5.05. Restoration of Rights on Abandonment of Proceedings.
In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned for any
reason, or shall have been determined adversely to the Trustee, then and in
every such case the Issuer and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and powers
of the Issuer, the Trustee and the Securityholders and any rights of holders of
Capital Securities to institute a Direct Action shall continue as though no such
proceedings had been taken.

          SECTION 5.06. Limitations on Suits by Securityholder. No Holder of
any Security of any series or of any Coupon appertaining thereto shall have any
right by virtue or by availing of any provision of this Indenture to institute
any action or proceeding at law or in equity or in bankruptcy or otherwise upon
or under or with respect to this Indenture, or for the appointment of a trustee,
receiver, liquidator, custodian or other similar official or for any other
remedy hereunder, unless such Holder previously shall have given to the Trustee
written notice of default and of the continuance thereof, as hereinbefore
provided, and unless also the Holders of not less than 25% in aggregate
principal amount of the Securities of each affected series then Outstanding
(treated as a single class) shall have made written request upon the Trustee to
institute such action or proceedings in its own name as trustee

                                       38
<PAGE>

hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred therein
or thereby and the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity shall have failed to institute any such action or
proceeding and no direction inconsistent with such written request shall have
been given to the Trustee pursuant to Section 5.09; it being understood and
intended, and being expressly covenanted by the taker and Holder of every
Security or Coupon with every other taker and Holder and the Trustee, that no
one or more Holders of Securities of any series or Coupons appertaining to such
Securities shall have any right in any manner whatever by virtue or by availing
of any provision of this Indenture to affect, disturb or prejudice the rights of
any other such Holder of Securities or Coupons appertaining to such Securities,
or to obtain or seek to obtain priority over or preference to any other such
Holder or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all Holders of
Securities of the applicable series and Coupons appertaining to such Securities.
For the protection and enforcement of the provisions of this Section, each and
every Securityholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

          SECTION 5.07. Unconditional Right of Securityholders to Institute
Certain Suits. Notwithstanding any other provision in this Indenture and any
provision of any Security, the right of any Holder of any Security or Coupon to
receive payment of the principal of and interest on such Security or Coupon on
or after the respective due dates expressed in such Security or Coupon, or to
institute 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; provided however, that if a series of Securities is held by an MSDW
Capital Trust, the Holder of such Securities shall not give such consent without
the consent of each holder of the Capital Securities of such trust.
Notwithstanding the foregoing, nothing in this Section shall be deemed to impair
the right of any holder of Capital Securities to institute a Direct Action.

          SECTION 5.08. Powers and Remedies Cumulative; Delay or Omission Not
Waiver of Default; Restoration of Rights and Remedies. Except as provided in
Section 5.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Securities or Coupons or to holders of the Capital
Securities 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.

                                       39
<PAGE>

          No delay or omission of the Trustee or of any Holder of Securities
or Coupons or of any holder of Capital Securities to exercise any right or power
accruing upon any Event of Default occurring and continuing as aforesaid shall
impair any such right or power or shall be construed to be a waiver of any such
Event of Default or an acquiescence therein; and, subject to Section 5.06, every
power and remedy given by this Indenture or by law to the Trustee or to the
Holders of Securities or Coupons or to holders of Capital Securities may be
exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders of Securities or Coupons or by the holders of Capital
Securities.

          If the Trustee, any Holder or any holder of Capital Securities 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, such Holder or such holder of Capital
Securities, then and in every case the Company, the Trustee, the Holders and
such holder of Capital Securities shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee, the Holders
and the holders of Capital Securities shall continue as though no such
proceeding had been instituted.

          SECTION 5.09. Control by Holders of Securities. The Holders of a
majority in aggregate principal amount of the Securities of each series affected
(with all such series voting as a single class) at the time Outstanding shall
have the right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee with respect to the Securities of such series by
this Indenture; provided that such direction shall not be otherwise than in
accordance with law and the provisions of this Indenture and provided further
that (subject to the provisions of Section 6.01) the Trustee shall have the
right to decline to follow any such direction if the Trustee, being advised by
counsel, shall determine that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, the
executive committee, or a trust committee of directors or Responsible Officers
of the Trustee shall determine that the action or proceedings so directed would
involve the Trustee in personal liability or if the Trustee in good faith shall
so determine that the actions or forebearances specified in or pursuant to such
direction would be unduly prejudicial to the interests of Holders of the
Securities of all series so affected not joining in the giving of said
direction, it being understood that (subject to Section 6.01) the Trustee shall
have no duty to ascertain whether or not such actions or forebearances are
unduly prejudicial to such Holders.

                                       40
<PAGE>

          Nothing in this Indenture shall impair the right of the Trustee in
its discretion to take any action deemed proper by the Trustee and which is not
inconsistent with such direction or directions by Securityholders.

          SECTION 5.10. Waiver of Past Defaults. Prior to the acceleration of
the maturity of any Securities as provided in Section 5.01, the Holders of a
majority in aggregate principal amount of the Securities of all series at the
time Outstanding with respect to which an Event of Default shall have occurred
and be continuing (voting as a single class) may on behalf of the Holders of all
such Securities waive any past default or Event of Default described in Section
5.01 and its consequences, except a default in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Security affected; provided, that if the Securities of such
series are held by an MSDW Capital Trust or a trustee of such trust, such waiver
shall not be effective as to such Securities unless the holders of at least a
majority in aggregate liquidation amount of the Capital Securities of such trust
shall have consented to such waiver; provided further, that if the consent of
the Holder of each Outstanding Security of such series is required, such waiver
shall not be effective unless each holder of the Capital Securities of such
trust shall have consented to such waiver. In the case of any such waiver, the
Issuer, the Trustee, the Holders of all such Securities and the holders of any
Capital Securities shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

          Upon any such waiver, such default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured, and not to have occurred
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

          SECTION 5.11. Trustee to Give Notice of Default, But May Withhold in
Certain Circumstances. The Trustee shall, within ninety days after the
occurrence of a default with respect to the Securities of any series, give
notice of all defaults with respect to that series known to the Trustee (a) if
any Unregistered Securities of that 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, if required by Section 3.06, at least once in an Authorized
Newspaper in Luxembourg) and (b) by mail to all Holders of Registered Securities
of such series and to such other Holders of Securities as have, within two years
preceding such transmission, filed their names and addresses with the Trustee
for that purpose, unless in each case such defaults shall have been cured before
the mailing or publication of such notice (the term "DEFAULTS" for the purpose
of this Section being hereby defined to

                                       41
<PAGE>

mean any event or condition which is, or with notice or lapse of time or both
would become, an Event of Default); provided that, except in the case of default
in the payment of the principal of or interest on any of the Securities of such
series, or in the payment of any sinking fund instalment on such series, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee, or a trust committee of directors
or trustees and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Securityholders
of such series.

          SECTION 5.12. Right of Court to Require Filing of Undertaking to Pay
Costs. All parties to this Indenture agree, and each Holder of any Security or
Coupon by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of
Securityholders of any series holding in the aggregate more than 10% in
aggregate principal amount of the Securities of such series, or, in the case of
any suit relating to or arising under clause (c) or (h) of Section 5.01 (if the
suit relates to Securities of more than one but less than all series), 10% in
aggregate principal amount of Securities then Outstanding and affected thereby,
or in the case of any suit relating to or arising under clause (c) or (h) (if
the suit under clause (c) or (h) relates to all the Securities then
Outstanding), (d), (e), (f) or (g) of Section 5.01, 10% in aggregate principal
amount of all Securities then Outstanding, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of or
interest (including any Additional Interest) on any Security on or after the due
date expressed in such Security or any date fixed for redemption.

                                   ARTICLE 6
                            CONCERNING THE TRUSTEE

          SECTION 6.01. Duties and Responsibilities of the Trustee; During
Default; Prior to Default. With respect to the Holders of any series of
Securities issued hereunder, the Trustee, prior to the occurrence of an Event of
Default with respect to the Securities of a particular series and after the
curing or waiving of all Events

                                       42
<PAGE>

of Default which may have occurred with respect to such series, undertakes to
perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default with respect to the Securities of a
series has occurred (which has not been cured or waived) the Trustee shall
exercise with respect to such series of Securities such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the circumstances
in the conduct of his own affairs.

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

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

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

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

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

          (c) the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section 5.09 relating to the time, method
and place of

                                       43
<PAGE>

conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture.

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

          The provisions of this Section 6.01 are in furtherance of and
subject to Section 315 of the Trust Indenture Act of 1939.

          SECTION 6.02.  Certain Rights of the Trustee.  In furtherance of and
subject to the Trust Indenture Act of 1939, and subject to Section 6.01:

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

          (b) any request, direction, order or demand of the Issuer
mentioned herein shall be sufficiently evidenced by an Officer's Certificate
(unless other evidence in respect thereof be herein specifically prescribed);
and any resolution of the Board of Directors may be evidenced to the Trustee by
a copy thereof certified by the secretary or an assistant secretary of the
Issuer;

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

          (d) the Trustee shall be under no obligation to exercise any of
the trusts or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
which might be incurred therein or thereby;

                                       44
<PAGE>

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

          (f) 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, 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; the reasonable expenses of every such investigation shall be paid by
the Issuer or, if paid by the Trustee or any predecessor Trustee, shall be
repaid by the Issuer upon demand; and

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

          SECTION 6.03. Trustee Not Responsible for Recitals, Disposition of
Securities or Application of Proceeds Thereof. The recitals contained herein and
in the Securities, except the Trustee's certificates of authentication, shall be
taken as the statements of the Issuer, and the Trustee assumes no responsibility
for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture or of the Securities or Coupons. The
Trustee shall not be accountable for the use or application by the Issuer of any
of the Securities or of the proceeds thereof.

          SECTION 6.04. Trustee and Agents May Hold Securities or Coupons;
Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
or Coupons with the same rights it would have if it were not the Trustee or such
agent and may otherwise deal with the Issuer and receive, collect, hold and
retain collections from the Issuer with the same rights it would have if it were
not the Trustee or such agent.

                                       45
<PAGE>

          SECTION 6.05. Moneys Held by Trustee. Subject to the provisions of
Section 11.04 hereof, all moneys received by the Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except to the extent
required by mandatory provisions of law. Neither the Trustee nor any agent of
the Issuer or the Trustee shall be under any liability for interest on any
moneys received by it hereunder.

          SECTION 6.06. Compensation and Indemnification of Trustee and Its
Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to
time, and the Trustee shall be entitled to, such compensation as the parties
shall agree in writing from time to time (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
and the Issuer covenants and agrees to pay or reimburse the Trustee and each
predecessor Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by or on behalf of it in accordance with any of
the provisions of this Indenture (including the reasonable compensation and the
expenses and disbursements of its counsel and of all agents and other persons
not regularly in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith. The Issuer also covenants to
indemnify the Trustee and each predecessor Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder and its duties
hereunder, including the costs and expenses of defending itself against or
investigating any claim of liability in the premises. The obligations of the
Issuer 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. 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.

          SECTION 6.07. Right of Trustee to Rely on Officer's Certificate,
etc. Subject to Sections 6.01 and 6.02, 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 Officer's Certificate delivered to the Trustee, and such certificate, in
the absence

                                       46
<PAGE>

of negligence or bad faith on the part of the Trustee, shall be full warrant to
the Trustee for any action taken, suffered or omitted by it under the provisions
of this Indenture upon the faith thereof.

          SECTION 6.08. Indentures Not Creating Potential Conflicting Interests
for the Trustee. The following indenture is hereby specifically described for
the purposes of Section 310(b)(1) of the Trust Indenture Act of 1939: this
Indenture with respect to the Securities of any other series.

          SECTION 6.09. Persons Eligible for Appointment as Trustee. The
Trustee for each series of Securities hereunder shall at all times be a
corporation organized and doing business under the laws of the United States of
America or of any State or the District of Columbia having a combined capital
and surplus of at least $5,000,000, and which is authorized under such laws to
exercise corporate trust powers and is subject to supervision or examination by
Federal, State or District of Columbia authority. Such corporation shall have
its principal place of business in the Borough of Manhattan, The City of New
York if there be such a corporation in such location willing to act upon
reasonable and customary terms and conditions. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 6.10.

          The provisions of this Section 6.09 are in furtherance of and
subject to Section 310(a) of the Trust Indenture Act of 1939.

          SECTION 6.10. Resignation and Removal; Appointment of Successor
Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at
any time resign with respect to one or more or all series of Securities by
giving written notice of resignation to the Issuer and (i) if any Unregistered
Securities of a series affected are then Outstanding, by giving notice of such
resignation 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, if required by Section
3.06, at least once in an Authorized Newspaper in Luxembourg), (ii) if any
Unregistered Securities of a series affected are then Outstanding, by mailing
notice of such resignation to the Holders thereof who have filed their names and
addresses with the Trustee within the two years preceding the notice at such
addresses as were so furnished to the Trustee and (iii) by mailing notice of
such resignation to the Holders of then

                                       47
<PAGE>

Outstanding Registered Securities of each series affected at their addresses as
they shall appear on the registry books. Upon receiving such notice of
resignation, the Issuer shall promptly appoint a successor trustee or trustees
with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument
shall be delivered to the resigning Trustee and one copy to the successor
trustee or trustees. If no successor trustee shall have been so appointed with
respect to any series and have accepted appointment within 30 days after the
mailing of such notice of resignation, the resigning trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee, or
any Securityholder who has been a bona fide Holder of a Security or Securities
of the applicable series for at least six months may, subject to the provisions
of Section 5.12, on behalf of himself and all others similarly situated,
petition any such court for the appointment of a successor trustee. Such court
may thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.

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

              (i) the Trustee shall fail to comply with the provisions of
          Section 310(b) of the Trust Indenture Act of 1939 with respect to
          any series of Securities after written request therefor by the
          Issuer or by any Securityholder who has been a bona fide Holder of a
          Security or Securities of such series for at least six months; or

             (ii) the Trustee shall cease to be eligible in accordance with the
          provisions of Section 6.09 and Section 310(a) of the Trust Indenture
          Act of 1939 and shall fail to resign after written request therefor by
          the Issuer or by any Securityholder; or

            (iii) the Trustee shall become incapable of acting with respect to
          any series of Securities, or shall be adjudged a bankrupt or
          insolvent, or a receiver or liquidator of the Trustee or of its
          property shall be appointed, or any public officer shall take charge
          or control of the Trustee or of its property or affairs for the
          purpose of rehabilitation, conservation or liquidation;

then, in any such case, the Issuer may remove the Trustee with respect to the
applicable series of Securities and appoint a successor trustee for such series
by written instrument, in duplicate, executed by order of the Board of Directors
of the Issuer, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee, or, subject to the provisions of
Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has
been a bona fide Holder of a Security or Securities of such series for at least
six

                                       48
<PAGE>

months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee. If no successor trustee
shall have been so appointed with respect to any series and have accepted
appointment within 30 days after the mailing of such notice of removal, the
retiring trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Securityholder who has been a bona
fide Holder of a Security or Securities of the applicable series for at least
six months may, subject to the provisions of Section 5.12, on behalf of himself
and all others similarly situated, petition any such court for the appointment
of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, appoint a successor trustee.

          (c) The Holders of a majority in aggregate principal amount of the
Securities of each series at the time outstanding may at any time remove the
Trustee with respect to Securities of such series and appoint a successor
trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the
evidence provided for in Section 7.01 of the action in that regard taken by the
Securityholders.

          (d) Any resignation or removal of the Trustee with respect to any
series and any appointment of a successor trustee with respect to such series
pursuant to any of the provisions of this Section 6.10 shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
6.11.

          SECTION 6.11. Acceptance of Appointment by Successor Trustee. Any
successor trustee appointed as provided in Section 6.10 shall execute and
deliver to the Issuer and to its predecessor trustee an instrument accepting
such appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all rights, powers, duties and obligations
with respect to such series of its predecessor hereunder, with like effect as if
originally named as trustee for such series hereunder; but, nevertheless, on the
written request of the Issuer or of the successor trustee, upon payment of its
charges then unpaid, the trustee ceasing to act shall, subject to Section 10.04,
pay over to the successor trustee all moneys at the time held by it hereunder
and shall execute and deliver an instrument transferring to such successor
trustee all such rights, powers, duties and obligations. Upon request of any
such successor trustee, the Issuer shall execute any and all instruments in
writing for more fully and certainly vesting in and confirming to such successor
trustee all such rights and powers. Any trustee

                                       49
<PAGE>

ceasing to act shall, nevertheless, retain a prior claim upon all property or
funds held or collected by such trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

          If a successor trustee is appointed with respect to the Securities
of one or more (but not all) series, the Issuer, the predecessor Trustee and
each successor trustee with respect to the Securities of any applicable series
shall execute and deliver an indenture supplemental hereto which shall contain
such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to
the Securities of any series as to which the predecessor Trustee is not retiring
shall continue to be vested in the predecessor Trustee, and shall add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such trustees co-trustees of the same trust and that
each such trustee shall be trustee of a trust or trusts under separate
indentures.

          No successor trustee with respect to any series of Securities shall
accept appointment as provided in this Section 6.11 unless at the time of such
acceptance such successor trustee shall be qualified under Section 310(b) of the
Trust Indenture Act of 1939 and eligible under the provisions of Section 6.09.

          Upon acceptance of appointment by any successor trustee as provided
in this Section 6.11, the Issuer shall give notice thereof (a) if any
Unregistered Securities of a series affected are then Outstanding, to the
Holders thereof, by publication of such notice 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, if required by Section 3.06, at least
once in an Authorized Newspaper in Luxembourg), (b) if any Unregistered
Securities of a series affected are then Outstanding, to the Holders thereof who
have filed their names and addresses with the Trustee within the two years
preceding the notice, by mailing such notice to such Holders at such addresses
as were so furnished to the Trustee (and the Trustee shall make such information
available to the Issuer for such purpose) and (c) to the Holders of Registered
Securities of each series affected, by mailing such notice to such Holders at
their addresses as they shall appear on the registry books. If the acceptance of
appointment is substantially contemporaneous with the resignation, then the
notice called for by the preceding sentence may be combined with the notice
called for by Section 6.10. If the Issuer fails to give such notice within ten
days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be given at the expense of the Issuer.

                                       50
<PAGE>

          SECTION 6.12. Merger, Conversion, Consolidation or Succession to
Business of Trustee. Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be qualified under Section 310(b) of the Trust Indenture Act
of 1939 and eligible under the provisions of Section 6.09, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.

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

          SECTION 6.13. Preferential Collection of Claims Against the Issuer.
[This Section intentionally left blank.]

          SECTION 6.14. Appointment of Authenticating Agent. As long as any
Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the
"Authenticating Agent") which shall be authorized to act on behalf of the
Trustee to authenticate Securities, including Securities issued upon exchange,
registration of transfer, partial redemption or pursuant to Section 2.09.
Securities of each such series authenticated by such Authenticating Agent shall
be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee. Whenever reference is made
in this Indenture to the authentication and delivery of Securities of any series
by the Trustee or to the Trustee's Certificate of Authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent for such series and a Certificate of Authentication
executed on behalf of the Trustee by such Authenticating Agent. Such
Authenticating Agent shall at all times be a corporation organized and doing
business under the laws of the United

                                       51
<PAGE>

States of America or of any State, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$5,000,000 (determined as provided in Section 6.09 with respect to the Trustee)
and subject to supervision or examination by Federal or State authority.

          Any corporation into which any Authenticating Agent may be merged or
converted, or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent with
respect to all series of Securities for which it served as Authenticating Agent
without the execution or filing of any paper or any further act on the part of
the Trustee or such Authenticating Agent. Any Authenticating Agent may at any
time, and if it shall cease to be eligible shall, resign by giving written
notice of resignation to the Trustee and to the Issuer.

          Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 6.14 with respect to
one or more series of Securities, the Trustee shall upon receipt of an Issuer
Order appoint a successor Authenticating Agent and the Issuer shall provide
notice of such appointment to all Holders of Securities of such series in the
manner and to the extent provided in Section 11.04. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all
rights, powers, duties and responsibilities of its predecessor hereunder, with
like effect as if originally named as Authenticating Agent. The Issuer agrees to
pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall
have no responsibility or liability for any action taken by it as such at the
direction of the Trustee.

          Sections 6.02, 6.03, 6.04, 6.06, 6.09 and 7.03 shall be applicable
to any Authenticating Agent.

                                   ARTICLE 7

                        CONCERNING THE SECURITYHOLDERS

          SECTION 7.01. Evidence of Action Taken by Securityholders. Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by a specified percentage
in principal

                                       52
<PAGE>

amount of the Securityholders of any or all series or holders of Capital
Securities interested therein may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage
of Securityholders or holders of Capital Securities in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee. Proof of execution of any instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and
(subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee and the
Issuer, if made in the manner provided in this Article.

          SECTION 7.02. Proof of Execution of Instruments and of Holding of
Securities. Subject to Sections 6.01 and 6.02, the execution of any instrument
by a Securityholder or, if a series of Securities is held by an MSDW Capital
Trust, a holder of Capital Securities or, in each case, his agent or proxy may
be proved in the following manner:

          (a) The fact and date of the execution by any Holder or, if a
series of Securities is held by an MSDW Capital Trust, by any holder of Capital
Securities of any instrument may be proved by the certificate of any notary
public or other officer of any jurisdiction authorized to take acknowledgments
of deeds or administer oaths that the person executing such instruments
acknowledged to him the execution thereof, or by an affidavit of a witness to
such execution sworn to before any such notary or other such officer. Where such
execution is by or on behalf of any legal entity other than an individual, such
certificate or affidavit shall also constitute sufficient proof of the authority
of the person executing the same. The fact of the holding by any Holder or, if a
series of Securities is held by an MSDW Capital Trust, by any holder of Capital
Securities of an Unregistered Security of any series, 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 of such series 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 of
one or more series specified therein. The holding by the person named in any
such certificate of any Unregistered Securities of any series 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 (i) another
certificate bearing a later date issued in respect of the same Securities shall
be produced, or (ii) the Security of such series specified in such certificate

                                       53
<PAGE>

shall be produced by some other person, or (iii) the Security of such series
specified in such certificate shall have ceased to be Outstanding. Subject to
Sections 6.01 and 6.02, the fact and date of the execution of any such
instrument and the amount and numbers of Securities of any series held by the
person so executing such instrument and the amount and numbers of any Security
or Securities for such series may also be proven in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee for such
series or in any other manner which the Trustee for such series may deem
sufficient.

          (b) In the case of Registered Securities, the ownership of such
Securities shall be proved by the Security register or by a certificate of the
Security registrar.

          The Issuer may set a record date for purposes of determining the
identity of Holders of Registered Securities or, if a series of Securities is
held by an MSDW Capital Trust, of holders of registered Capital Securities of
any series entitled to vote or consent to any action referred to in Section
7.01, which record date may be set at any time or from time to time by notice to
the Trustee, for any date or dates (in the case of any adjournment or
reconsideration) not more than 60 days nor less than five days prior to the
proposed date of such vote or consent, and thereafter, notwithstanding any other
provisions hereof, with respect to Registered Securities of any series, only
Holders of Registered Securities or, if a series of Securities is held by an
MSDW Capital Trust, holders of registered Capital Securities of such series of
record on such record date shall be entitled to so vote or give such consent or
revoke such vote or consent.

          SECTION 7.03. Holders to Be Treated as Owners. The Issuer, the
Trustee and any agent of the Issuer or the Trustee may deem and treat the person
in whose name any Security shall be registered upon the Security register for
such series as the absolute owner of such Security (whether or not such Security
shall be overdue and notwithstanding any notation of ownership or other writing
thereon) for the purpose of receiving payment of or on account of the principal
of and, subject to the provisions of this Indenture, interest on such Security
and for all other purposes; and neither the Issuer nor the Trustee nor any agent
of the Issuer or the Trustee shall be affected by any notice to the contrary.
The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Holder of any Unregistered Security and the Holder of any Coupon or, if a series
of Securities is held by an MSDW Capital Trust, the holder of any unregistered
Capital Security 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 Issuer, the Trustee, nor any agent of the Issuer or the
Trustee shall be affected by any notice to the contrary. All such payments so
made to any such person, or upon his order, shall be valid, and, to the extent
of the sum or sums so

                                       54
<PAGE>

paid, effectual to satisfy and discharge the liability for moneys payable upon
any such Unregistered Security or Coupon.

          Notwithstanding the foregoing, if the Securities of such series are
held by an MSDW Capital Trust, nothing in this Section 7.03 shall be deemed to
impair the right of any holder of Capital Securities to institute a Direct
Action or to declare an Event of Default and accelerate the maturity of such
series.

          SECTION 7.04. Securities Owned by Issuer Deemed Not Outstanding. In
determining whether the Holders of the requisite aggregate principal amount of
Outstanding Securities of any or all series have concurred in any direction,
consent or waiver under this Indenture, Securities which are owned by the Issuer
or any other obligor on the Securities with respect to which such determination
is being made or by any person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Issuer or any other
obligor on the Securities with respect to which such determination is being made
shall be disregarded and deemed not to be Outstanding for the purpose of any
such determination, except that for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver
only Securities which the Trustee knows are so owned shall be so disregarded;
provided, that, if the Securities of such series are held by an MSDW Capital
Trust or a trustee of such trust, the provisions of this Section 7.04 shall not
apply. Securities so owned which have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Issuer or any other obligor upon the Securities or any person
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any other obligor on the Securities. In case
of a dispute as to such right, the advice of counsel shall be full protection in
respect of any decision made by the Trustee in accordance with such advice. Upon
request of the Trustee, the Issuer shall furnish to the Trustee promptly an
Officer's Certificate listing and identifying all Securities, if any, known by
the Issuer to be owned or held by or for the account of any of the
above-described persons; and, subject to Sections 6.01 and 6.02, the Trustee
shall be entitled to accept such Officer's Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Securities not listed
therein are Outstanding for the purpose of any such determination.

          SECTION 7.05. Right of Revocation of Action Taken. At any time prior
to (but not after) the evidencing to the Trustee, as provided in Section 7.01,
of the taking of any action by the Holders of the percentage in aggregate
principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action, any Holder of a
Security or, if any such series is held by an MSDW Capital Trust, any holder of
a Capital Security the

                                       55
<PAGE>

serial number of which is shown by the evidence to be included among the serial
numbers of the Securities the Holders of which have consented to such action
may, by filing written notice at the Corporate Trust Office and upon proof of
holding as provided in this Article, revoke such action so far as concerns such
Security. Except as aforesaid any such action taken by the Holder of any
Security shall be conclusive and binding upon such Holder and upon all future
Holders and owners of such Security and of any Securities issued in exchange or
substitution therefor or on registration of transfer thereof, irrespective of
whether or not any notation in regard thereto is made upon any such Security.
Any action taken by the Holders of the percentage in aggregate principal amount
of the Securities of any or all series, as the case may be, specified in this
Indenture in connection with such action shall be conclusively binding upon the
Issuer, the Trustee and the Holders of all the Securities affected by such
action.

                                   ARTICLE 8

                            SUPPLEMENTAL INDENTURES

          SECTION 8.01. Supplemental Indentures Without Consent of
Securityholders. The Issuer, when authorized by a resolution of its Board of
Directors (which resolution may provide general terms or parameters for such
action and may provide that the specific terms of such action may be determined
in accordance with or pursuant to an Issuer Order), and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental
hereto for one or more of the following purposes:

          (a) to convey, transfer, assign, mortgage or pledge to the Trustee
as security for the Securities of one or more series any property or assets;

          (b) to evidence the succession of another corporation to the
Issuer, or successive successions, and the assumption by the successor
corporation of the covenants, agreements and obligations of the Issuer pursuant
to Article 9;

          (c) to add to the covenants of the Issuer such further covenants,
restrictions, conditions or provisions as the Issuer and the Trustee shall
consider to be for the protection of the Holders of Securities or Coupons, and
to make the occurrence, or the occurrence and continuance, of a default in any
such additional covenants, restrictions, conditions or provisions an Event of
Default permitting the enforcement of all or any of the several remedies
provided in this Indenture as herein set forth; provided, that in respect of any
such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a

                                       56
<PAGE>

particular period of grace after default (which period may be shorter or longer
than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Default or may limit the remedies available to
the Trustee upon such an Event of Default or may limit the right of the Holders
of a majority in aggregate principal amount of the Securities of such series to
waive such an Event of Default;

          (d) to cure any ambiguity or to correct or supplement any
provision contained herein or in any supplemental indenture which may be
defective or inconsistent with any other provision contained herein or in any
supplemental indenture, or to make any other provisions as the Issuer may deem
necessary or desirable, provided that no such action shall adversely affect the
interests of the Holders of the Securities or Coupons;

          (e) to establish the forms or terms of Securities of any series or
of the Coupons appertaining to such Securities as permitted by Sections 2.01 and
2.03; and

          (f) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Section
6.11.

          The Trustee is hereby authorized to join with the Issuer in the
execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained and to accept the
conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

          Any supplemental indenture authorized by the provisions of this
Section may be executed without the consent of the Holders of any of the
Securities at the time outstanding, notwithstanding any of the provisions of
Section 8.02.

          SECTION 8.02. Supplemental Indentures With Consent of
Securityholders. With the consent (evidenced as provided in Article 7) of the
Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of all series affected by such supplemental
indenture (voting as one class), the Issuer, when authorized by a resolution of
its Board of Directors (which resolution may provide general terms or parameters
for such action and may provide that the specific terms of such action may be
determined in accordance

                                       57
<PAGE>

with or pursuant to an Issuer Order), and the Trustee may, from time to time and
at any time, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities of each such
series or of the Coupons appertaining to such Securities; provided, that no such
supplemental indenture shall (a) extend the final maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption thereof,
or make the principal thereof (including any amount in respect of original issue
discount), or interest thereon payable in any coin or currency other than that
provided in the Securities and Coupons or in accordance with the terms thereof,
or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon an acceleration of the maturity thereof
pursuant to Section 5.01 or the amount thereof provable in bankruptcy pursuant
to Section 5.02, or alter the provisions of Sections 11.11 or 11.12 or impair or
affect the right of any Securityholder to institute suit for the payment thereof
or, if the Securities provide therefor, any right of repayment at the option of
the Securityholder, in each case without the consent of the Holder of each
Security so affected, or (b) reduce the aforesaid percentage of Securities of
any series, the consent of the Holders of which is required for any such
supplemental indenture, without the consent of the Holders of each Security so
affected; provided further, that, if the Securities of such series are held by
an MSDW Capital Trust or a trustee of such trust, so long as any of the Capital
Securities of such trust remain outstanding, no such modification may be made
that adversely affects the holders of such Capital Securities in any material
respect, and no termination of this Indenture may occur, without the prior
consent of the holders of at least a majority of the aggregate liquidation
amount of the outstanding Capital Securities of such trust unless and until the
principal of such Securities and all accrued and unpaid interest thereon have
been paid in full, and none of the modifications described in clauses (a) and
(b) above may be made without the prior written consent of all the holders of
Capital Securities of such MSDW Trust. In addition, the Issuer may not amend
this Indenture to remove the rights of holders of Capital Securities of an MSDW
Capital Trust to institute a Direct Action without the prior written consent of
all the holders of Capital Securities of such trust or to remove the obligation
to obtain the consent of such holders of Capital Securities in accordance with
this Section, without the consent of the required percentage of holders of the
Capital Securities of such Trust.

            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, or of Coupons appertaining
to such

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<PAGE>

Securities, 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.

          Upon the request of the Issuer, accompanied by a copy of a
resolution of the Board of Directors (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such
action may be determined in accordance with or pursuant to an Issuer Order)
certified by the secretary or an assistant secretary of the Issuer authorizing
the execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of the Holders of the Securities as aforesaid
and other documents, if any, required by Section 7.01, the Trustee shall join
with the Issuer in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

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

          Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall give notice thereof (a) to the Holders of then Outstanding Registered
Securities of each series affected thereby, by mailing a notice thereof by
first-class mail to such Holders at their addresses as they shall appear on the
Security register, (b) if any Unregistered Securities of a series affected
thereby are then Outstanding, to the Holders thereof who have filed their names
and addresses with the Trustee within two years preceding such notice, by
mailing a notice thereof by first-class mail to such Holders at such addresses
as were so furnished to the Trustee and (c) if any Unregistered Securities of a
series affected thereby are then Outstanding, to all Holders thereof, by
publication of a notice thereof 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, if required by Section 3.06, at least once in an
Authorized Newspaper in Luxembourg), and in each case such notice shall set
forth in general terms the substance of such supplemental indenture. Any failure
of the Issuer to give such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture.

          SECTION 8.03. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and
the

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<PAGE>

respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Issuer and the Holders of Securities of
each series affected thereby shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

          SECTION 8.04. Documents to Be Given to Trustee. The Trustee, subject
to the provisions of Sections 6.01 and 6.02, may receive an Officer's
Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article 8 complies with the
applicable provisions of this Indenture.

          SECTION 8.05. Notation on Securities in Respect of Supplemental
Indentures. Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this
Article may bear a notation in form approved by the Trustee for such series as
to any matter provided for by such supplemental indenture or as to any action
taken by Securityholders. If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the
Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Issuer,
authenticated by the Trustee and delivered in exchange for the Securities of
such series then Outstanding.

          SECTION 8.06. Subordination Unimpaired. This Indenture may not be
amended to alter the subordination of any of the Outstanding Securities without
the written consent of each holder of Senior Indebtedness then outstanding that
would be adversely affected thereby.

                                   ARTICLE 9

                   CONSOLIDATION, MERGER, SALE OR CONVEYANCE

          SECTION 9.01. Covenant Not to Merge, Consolidate, Sell or Convey
Property Except Under Certain Conditions. The Issuer covenants that it will not
merge or consolidate with any other person or sell, lease or convey all or
substantially all of its assets to any other person, unless (a) either the
Issuer shall be the continuing corporation, or the successor corporation or the
person which acquires by sale, lease or conveyance substantially all the assets
of the Issuer (if

                                       60
<PAGE>

other than the Issuer) shall be a corporation organized under the laws of the
United States of America or any State thereof or the District of Columbia and
shall expressly assume the due and punctual payment of the principal of and
interest on all the Securities and Coupons, if any, according to their tenor,
and the due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Issuer, by
supplemental indenture satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (b) the Issuer, such person or such
successor corporation, as the case may be, shall not, immediately after such
merger or consolidation, or such sale, lease or conveyance, be in default in the
performance of any such covenant or condition.

          SECTION 9.02. Successor Corporation Substituted. In case of any such
consolidation, merger, sale, lease or conveyance, and following such an
assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for the Issuer, with the same effect as if it had
been named herein. Such successor corporation may cause to be signed, and may
issue either in its own name or in the name of the Issuer prior to such
succession any or all of the Securities issuable hereunder which together with
any Coupons appertaining thereto theretofore shall not have been signed by the
Issuer and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Issuer, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and
shall deliver any Securities together with any Coupons appertaining thereto
which previously shall have been signed and delivered by the officers of the
Issuer to the Trustee for authentication, and any Securities which such
successor corporation thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All of the Securities so issued together with any
Coupons appertaining thereto shall in all respects have the same legal rank and
benefit under this Indenture as the Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

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

          In the event of any such sale or conveyance (other than a conveyance
by way of lease) the Issuer or any successor corporation which shall theretofore
have become such in the manner described in this Article shall be discharged
from all obligations and covenants under this Indenture and the Securities and
may be liquidated and dissolved.

                                       61
<PAGE>

          SECTION 9.03. Opinion of Counsel Delivered to Trustee. The Trustee,
subject to the provisions of Sections 6.01 and 6.02, may receive an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, sale, lease
or conveyance, and any such assumption, and any such liquidation or dissolution,
complies with the applicable provisions of this Indenture.

                                  ARTICLE 10

           SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

          SECTION 10.01. Satisfaction and Discharge of Indenture. (a) If at
any time (i) the Issuer shall have paid or caused to be paid the principal of
and interest on all the Securities of any series Outstanding hereunder and all
unmatured Coupons appertaining thereto (other than Securities of such series and
Coupons appertaining thereto which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.09) as and when the same
shall have become due and payable, or (ii) the Issuer shall have delivered to
the Trustee for cancellation all Securities of any series theretofore
authenticated and all unmatured Coupons appertaining thereto (other than any
Securities of such series and Coupons appertaining thereto which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided
in Section 2.09) or (iii) in the case of any series of Securities where the
exact amount (including the currency of payment) of principal of and interest
due on which can be determined at the time of making the deposit referred to in
clause (B) below, (A) all the Securities of such series and all unmatured
Coupons appertaining thereto 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 (B) the Issuer 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 Issuer in accordance
with Section 10.04) or, in the case of any series of Securities the payments on
which may only be made in Dollars, direct obligations of the United States of
America, backed by its full faith and credit ("U.S. GOVERNMENT OBLIGATIONS"),
maturing as to principal and interest at such times and in such amounts as will
insure the availability of cash, or a combination thereof, sufficient in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
(1) the principal and interest on all Securities of such series and

                                       62
<PAGE>

Coupons appertaining thereto on each date that such principal or interest is due
and payable and (2) any mandatory sinking fund payments on the dates on which
such payments are due and payable in accordance with the terms of the Indenture
and the Securities of such series; and if, in any such case, the Issuer shall
also pay or cause to be paid all other sums payable hereunder by the Issuer,
then this Indenture shall cease to be of further effect (except as to (i) rights
of registration of transfer and exchange of Securities of such Series and of
Coupons appertaining thereto and the Issuer's right of optional redemption, if
any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen
Securities or Coupons, (iii) rights of holders of Securities and Coupons
appertaining thereto 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, duties and immunities of
the Trustee hereunder, (v) the rights of the Holders of Securities of such
series and Coupons appertaining thereto as beneficiaries hereof with respect to
the property so deposited with the Trustee payable to all or any of them, and
(vi) the obligations of the Issuer under Section 3.02) and the Trustee, on
demand of the Issuer accompanied by an Officer's Certificate and an Opinion of
Counsel and at the cost and expense of the Issuer, shall execute proper
instruments acknowledging such satisfaction of and discharging this Indenture;
provided, that the rights of Holders of the Securities and Coupons to receive
amounts in respect of principal of and interest on the Securities and Coupons
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 Issuer 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.

          (b) The following provisions shall apply to the Securities of each
series unless specifically otherwise provided in a Board Resolution, Officer's
Certificate or indenture supplemental hereto provided pursuant to Section 2.03.
In addition to discharge of the Indenture pursuant to the next preceding
paragraph, in the case of any series of Securities the exact amounts (including
the currency of payment) of principal of and interest due on which can be
determined at the time of making the deposit referred to in clause (i) below,
the Issuer shall be deemed to have paid and discharged the entire indebtedness
on all the Securities of such a series and the Coupons appertaining thereto on
the 91st day after the date of the deposit referred to in subparagraph (i)
below, and the provisions of this Indenture with respect to the Securities of
such series and Coupons appertaining thereto shall no longer be in effect
(except as to (A) rights of registration of transfer and exchange of Securities
of such series and of Coupons appertaining thereto and the Issuer's right of
optional redemption, if any, (B) substitution of mutilated, defaced,

                                       63
<PAGE>

destroyed, lost or stolen Securities or Coupons, (C) rights of Holders of
Securities and Coupons appertaining thereto 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, (D) the rights, obligations, duties and
immunities of the Trustee hereunder, (E) the rights of the Holders of Securities
of such series and Coupons appertaining thereto as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them and (F) the obligations of the Issuer under Section 3.02) and the Trustee,
at the expense of the Issuer, shall at the Issuer's request, execute proper
instruments acknowledging the same, if

              (i) with reference to this provision the Issuer has irrevocably
          deposited or caused to be irrevocably deposited with the Trustee 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 Coupons appertaining thereto (A) cash in an amount, or
          (B) in the case of any series of Securities the payments on which may
          only be made in Dollars, U.S. Government Obligations, maturing as to
          principal and interest at such times and in such amounts as will
          insure the availability of cash 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 (1) the principal and
          interest on all Securities of such series and Coupons appertaining
          thereto on each date that such principal or interest is due and
          payable and (2) any mandatory sinking fund payments on the dates on
          which such payments are due and payable in accordance with the terms
          of the Indenture and the Securities of such series;

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

              (iii) the Issuer has delivered to the Trustee an Opinion of
          Counsel based on the fact that (x) the Issuer has received from, or
          there has been published by, the Internal Revenue Service a ruling or
          (y) since the date hereof, there has been a change in the applicable
          Federal income tax law, in either case to the effect that, and such
          opinion shall confirm that, the Holders of the Securities of such
          series and Coupons appertaining thereto will not recognize income,
          gain or loss for Federal income tax purposes as a result of such
          deposit, defeasance and discharge and will be subject to Federal
          income tax on the same amount and in the same manner and at the

                                       64
<PAGE>

          same times, as would have been the case if such deposit, defeasance
          and discharge had not occurred;

              (iv) the Issuer has delivered to the Trustee an Officer's
          Certificate and an Opinion of Counsel, each stating that all
          conditions precedent provided for relating to the defeasance
          contemplated by this provision have been complied with;

              (v) no event or condition shall exist that, pursuant to the
          provisions of Section 13.01, would prevent the Issuer from making
          payments of the principal of or interest on the Securities of such
          series and Coupons appertaining thereto on the date of such deposit or
          at any time during the period ending on the 91st day after the date of
          such deposit (it being understood that this condition shall not be
          deemed satisfied until the expiration of such period); and

             (vi) the Issuer has delivered to the Trustee an Opinion of Counsel
          to the effect that (x) the trust funds will not be subject to any
          rights of holders of Senior Indebtedness, including without limitation
          those arising under Article 13 of this Indenture, and (y) after the
          91st day following the deposit, the trust funds will not be subject to
          the effect of any applicable bankruptcy, insolvency, reorganization or
          similar laws affecting creditors' rights generally, except that if a
          court were to rule under any such law in any case or proceeding that
          the trust funds remained property of the Issuer, no opinion is given
          as to the effect of such laws on the trust funds except the following:
          (A) assuming such trust funds remained in the Trustee's possession
          prior to such court ruling to the extent not paid to Holders of
          Securities of such series and Coupons appertaining thereto, the
          Trustee will hold, for the benefit of such Holders, a valid and
          perfected security interest in such trust funds that is not avoidable
          in bankruptcy or otherwise, (B) such Holders will be entitled to
          receive adequate protection of their interests in such trust funds if
          such trust funds are used, and (C) no property, rights in property or
          other interests granted to the Trustee or such Holders in exchange for
          or with respect to any of such funds will be subject to any prior
          rights of holders of Senior Indebtedness, including without limitation
          those arising under Article 13 of this Indenture.

          (c) The Issuer shall be released from its obligations under
Section 9.01 with respect to the Securities of any Series, and any Coupons
appertaining thereto, Outstanding on and after the date the conditions set forth
below are satisfied (hereinafter, "COVENANT DEFEASANCE"). For this purpose, such
covenant defeasance means that, with respect to the Outstanding Securities of
any Series, the Issuer may omit to comply with and shall have no liability in
respect of any term,

                                       65
<PAGE>

condition or limitation set forth in such Section, whether directly or
indirectly by reason of any reference elsewhere herein to such Section or by
reason of any reference in such Section to any other provision herein or in any
other document and such omission to comply shall not constitute an Event of
Default under Section 5.01, but the remainder of this Indenture and such
Securities and Coupons shall be unaffected thereby. The following shall be the
conditions to application of this subsection (c) of this Section 10.01:

              (i) The Issuer has irrevocably deposited or caused to be deposited
          with the Trustee as trust funds in trust for the purpose of making the
          following payments, specifically pledged as security for, and
          dedicated solely to, the benefit of the holders of the Securities of
          such series and Coupons appertaining thereto, (A) cash in an amount,
          or (B) in the case of any series of Securities the payments on which
          may only be made in Dollars, U.S. Government Obligations maturing as
          to principal and interest at such times and in such amounts as will
          insure the availability of cash 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 (1) the principal and
          interest on all Securities of such series and Coupons appertaining
          thereto and (2) any mandatory sinking fund payments on the day on
          which such payments are due and payable in accordance with the terms
          of the Indenture and the Securities of such series.

             (ii) No Event of Default or event which with notice or lapse of
          time or both would become an Event of Default with respect to the
          Securities shall have occurred and be continuing on the date of such
          deposit or, insofar as subsections 5.01(d) and 5.01(e) are concerned,
          at any time during the period ending on the 91st day after the date of
          such deposit (it being understood that this condition shall not be
          deemed satisfied until the expiration of such period).

            (iii) Such covenant defeasance shall not cause the Trustee to have a
          conflicting interest as defined in Section 6.08 and for purposes of
          the Trust Indenture Act of 1939 with respect to any securities of the
          Issuer.

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

                                       66
<PAGE>

              (v) Such covenant defeasance shall not cause any Securities then
          listed on any registered national securities exchange under the
          Securities Exchange Act of 1934, as amended, to be delisted.

              (vi) No event or condition shall exist that, pursuant to the
          provisions of Section 13.01, would prevent the Issuer from making
          payments of the principal of or interest on the Securities of such
          series and Coupons appertaining thereto on the date of such deposit or
          at any time during the period ending on the 91st day after the date of
          such deposit (it being understood that this condition shall not be
          deemed satisfied until the expiration of such period).

              (vii) The Issuer shall have delivered to the Trustee an Officer's
          Certificate and Opinion of Counsel to the effect that the Holders of
          the Securities of such series and Coupons appertaining thereto will
          not recognize income, gain or loss for Federal income tax purposes as
          a result of such covenant defeasance and will be subject to Federal
          income tax on the same amounts, in the same manner and at the same
          times as would have been the case if such covenant defeasance had not
          occurred.

              (viii) The Issuer shall have delivered to the Trustee an Officer's
          Certificate and an Opinion of Counsel, each stating that all
          conditions precedent provided for relating to the covenant defeasance
          contemplated by this provision have been complied with.

              (ix) The Issuer has delivered to the Trustee an Opinion of Counsel
          to the effect that (x) the trust funds will not be subject to any
          rights of holders of Senior Indebtedness, including without limitation
          those arising under Article 13 of this Indenture, and (y) after the
          91st day following the deposit, the trust funds will not be subject to
          the effect of any applicable bankruptcy, insolvency, reorganization or
          similar laws affecting creditors' rights generally, except that if a
          court were to rule under any such law in any case or proceeding that
          the trust funds remained property of the Issuer, no opinion is given
          as to the effect of such laws on the trust funds except the following:
          (A) assuming such trust funds remained in the Trustee's possession
          prior to such court ruling to the extent not paid to Holders of
          Securities of such series and Coupons appertaining thereto, the
          Trustee will hold, for the benefit of such Holders, a valid and
          perfected security interest in such trust funds that is not avoidable
          in bankruptcy or otherwise, (B) such Holders will be entitled to
          receive adequate protection of their interests in such trust funds if
          such trust funds are used, and (C) no property, rights in property or
          other interests granted to the Trustee or such Holders in exchange for
          or with

                                       67
<PAGE>

          respect to any of such funds will be subject to any prior rights of
          holders of Senior Indebtedness, including without limitation those
          arising under Article 13 of this Indenture.

          SECTION 10.02. Application by Trustee of Funds Deposited for Payment
of Securities. Subject to Section 10.04, all moneys deposited with the Trustee
(or other trustee) pursuant to Section 10.01 shall be held in trust and applied
by it to the payment, either directly or through any paying agent (including the
Issuer acting as its own paying agent), to the Holders of the particular
Securities of such series and of Coupons appertaining thereto 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.

          SECTION 10.03. 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 Issuer, 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 10.04. 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 or Coupons attached thereto 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 Issuer and unless
otherwise required by mandatory provisions of applicable escheat or abandoned or
unclaimed property law, be repaid to the Issuer by the Trustee for such series
or such paying agent, and the Holder of the Securities of such series and of any
Coupons appertaining thereto shall, unless otherwise required by mandatory
provisions of applicable escheat or abandoned or unclaimed property laws,
thereafter look only to the Issuer 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; provided, however, that the
Trustee or such paying agent, before being required to make any such repayment
with respect to moneys deposited with it for any payment (a) in respect of
Registered Securities of any series, shall at the expense of the Issuer, mail by
first-class mail to Holders of such Securities at their addresses as they shall
appear on the Security register, an (b) in respect of Unregistered Securities of
any series, shall at the expense of the Issuer cause to be published once, in an
Authorized Newspaper in the Borough of Manhattan, The City of New York and once
in an Authorized Newspaper in

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<PAGE>

London (and if required by Section 3.06, once in an Authorized Newspaper in
Luxembourg), notice, that such moneys remain and that, after a date specified
therein, which shall not be less than thirty days from the date of such mailing
or publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer.

          SECTION 10.05. Indemnity for U.S. Government Obligations. The Issuer
shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to
Section 10.01 or the principal or interest received in respect of such
obligations.

                                  ARTICLE 11

                           MISCELLANEOUS PROVISIONS

          SECTION 11.01. Incorporators, Stockholders, Officers and Directors
of Issuer Exempt from Individual Liability. No recourse under or upon any
obligation, covenant or agreement contained in this Indenture, or in any
Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such or against any past, present or future stockholder,
officer or director, as such, of the Issuer or of any successor, either directly
or through the Issuer 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 11.02. Provisions of Indenture for the Sole Benefit of
Parties and Holders of Securities and Coupons. Nothing in this Indenture, in the
Securities or in the Coupons appertaining thereto, expressed or implied, shall
give or be construed to give to any person, firm or corporation, other than the
parties hereto and their successors and the holders of Senior Indebtedness and
the Holders of the Securities or Coupons, if any, any legal or equitable right,
remedy or claim under this Indenture or under any covenant or provision herein
contained, all such covenants and provisions being for the sole benefit of the
parties hereto and their successors, the holders of the Senior Indebtedness and
the Holders of the Securities or Coupons, if any.

          SECTION 11.03.  Successors and Assigns of Issuer Bound by Indenture.
All the covenants, stipulations, promises and agreements in this Indenture

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<PAGE>

contained by or in behalf of the Issuer shall bind its successors and assigns,
whether so expressed or not.

          SECTION 11.04. Notices and Demands on Issuer, Trustee and Holders of
Securities and Coupons. Any notice or demand which by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by
the Holders of Securities or Coupons to or on the Issuer may be given or served
by being deposited postage prepaid, first-class mail (except as otherwise
specifically provided herein) addressed (until another address of the Issuer is
filed by the Issuer with the Trustee) to Morgan Stanley, Dean Witter, Discover &
Co., 1585 Broadway, New York, New York 10036, Attention: Secretary. Any notice,
direction, request or demand by the Issuer or any Holder of Securities or
Coupons to or upon the Trustee shall be deemed to have been sufficiently given
or served by being deposited postage prepaid, first-class mail (except as
otherwise specifically provided herein) addressed (until another address of the
Trustee is filed by the Trustee with the Issuer) to The Bank of New York, 101
Barclay St, Floor 31 West, New York, New York 10286, Attention: Corporate Trust
Administration.

          Where this Indenture provides for notice to Holders of Registered
Securities, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder entitled thereto, at his last address as it appears in the Security
register. In any case where notice to such Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. 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, by reason of the suspension of or irregularities in regular
mail service, it shall be impracticable to mail notice to the Issuer when such
notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be reasonably satisfactory to the
Trustee shall be deemed to be a sufficient giving of such notice.

          SECTION 11.05. Officer's Certificates and Opinions of Counsel;
Statements to Be Contained Therein. Upon any application or demand by the Issuer
to the Trustee to take any action under any of the provisions of this Indenture,
the Issuer shall furnish to the Trustee an Officer's Certificate stating that
all conditions precedent provided for in this Indenture relating to the

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<PAGE>

proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent have been complied
with, except that in the case of any such application or demand as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.

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

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

          Any certificate, statement or opinion of an officer of the Issuer or
of counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of or representations by an accountant or firm of
accountants in the employ of the Issuer, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which his certificate, statement or
opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.

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<PAGE>

          Any certificate or opinion of any independent firm of public
accountants filed with and directed to the Trustee shall contain a statement
that such firm is independent.

          SECTION 11.06. Payments Due on Saturdays, Sundays and Holidays. If
the date of maturity of interest on or principal of the Securities of any series
or any Coupons appertaining thereto or the date fixed for redemption or
repayment of any such Security or Coupon shall not be a Business Day, then
payment of interest or principal need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on
the date of maturity or the date fixed for redemption, and no interest shall
accrue for the period after such date.

          SECTION 11.07. Conflict of Any Provision of Indenture with Trust
Indenture Act of 1939. If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by, or with another
provision (an "incorporated provision") included in this Indenture by operation
of, Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such
imposed duties or incorporated provision shall control.

          SECTION 11.08. New York Law to Govern. This Indenture and each
Security and Coupon shall be deemed to be a contract under the laws of the State
of New York, and for all purposes shall be construed in accordance with the laws
of such State, except as may otherwise be required by mandatory provisions of
law.

          SECTION 11.09. Counterparts. This Indenture may be executed in any
number of counterparts, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

          SECTION 11.10. Effect of Headings. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

          SECTION 11.11. Securities in a Foreign Currency. Unless otherwise
specified in an Officer's Certificate delivered pursuant to Section 2.03 of this
Indenture with respect to a particular series of Securities, whenever for
purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all series or all
series affected by a particular action at the time Outstanding and, at such
time, there are Outstanding Securities of any series which are denominated in a
Foreign Currency, then the principal amount of Securities of such series which
shall be deemed to be Outstanding for the purpose of taking such action shall be
that amount of Dollars

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<PAGE>

that could be obtained for such amount at the Market Exchange Rate. For purposes
of this Section 11.11, Market Exchange Rate shall mean the noon Dollar buying
rate in New York City for cable transfers of that currency published by the
Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of
the European Communities (or any successor thereto) as published in the Official
Journal of the European Communities (such publication or any successor
publication, the "Journal"). If such Market Exchange Rate is not available for
any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations
or, in the case of ECUs, rates of exchange from one or more major banks in The
City of New York or in the country of issue of the currency in question, which
for purposes of the ECU shall be Brussels, Belgium, or such other quotations or,
in the case of ECU, rates of exchange as the Trustee shall deem appropriate. The
provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a series denominated in a currency other than
Dollars in connection with any action taken by Holders of Securities pursuant to
the terms of this Indenture, including, without limitation, any determination
contemplated in Sections 5.01(f) or 5.01(g).

          All decisions and determinations of the Trustee regarding the Market
Exchange Rate or any alternative determination provided for in the preceding
paragraph shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive to the extent permitted by law for all purposes and
irrevocably binding upon the Issuer and all Holders.

          SECTION 11.12. Judgment Currency. The Issuer 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 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 New York
Banking 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 New York Banking Day preceding the
day on which a final unappealable judgment is entered, and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall not be
discharged

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<PAGE>

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. For purposes of the
foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a
legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or required by law or executive order to
close.

                                  ARTICLE 12

                  REDEMPTION OF SECURITIES AND SINKING FUNDS

          SECTION 12.01. 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 12.02. 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 Issuer 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 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 to be redeemed as a whole or in part, who have filed their names and
addresses with the Trustee within the two years preceding such notice of
redemption, shall be given by mailing notice of such redemption, by first class
mail, postage prepaid, at least 30 days and not more than 60 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 Issuer, the
Trustee shall make such information available to the Issuer for such purpose).
Notice of redemption to all other Holders of Unregistered Securities shall be
published in an Authorized Newspaper in the Borough of Manhattan, The City of
New York and in an Authorized Newspaper in London (and, if required by Section
3.06, in an Authorized Newspaper in

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<PAGE>

Luxembourg), in each case, once in each of three successive calendar weeks, the
first publication to be not less than 30 nor more than 60 days prior to the date
fixed for redemption. Any notice which is mailed in the manner herein provided
shall be conclusively 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 date fixed for redemption, the redemption price, 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 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 Issuer shall be given by the Issuer or, at the Issuer's
request, by the Trustee in the name and at the expense of the Issuer.

          On or before the redemption date specified in the notice of
redemption given as provided in this Section, the Issuer will deposit with the
Trustee or with one or more paying agents (or, if the Issuer is acting as its
own paying agent, set aside, segregate and hold in trust as provided in Section
3.04) 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. The
Issuer will deliver to the Trustee at least 70 days prior to the date fixed for
redemption an Officer's Certificate stating the aggregate principal amount of
Securities to be redeemed. In case of a redemption at the election of the Issuer
prior to the expiration of any restriction on such redemption, the Issuer shall
deliver to the Trustee, prior to the giving of any notice of redemption to
Holders pursuant to this Section, an Officer's Certificate stating that such
restriction has been complied with.

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<PAGE>

          If less than all the Securities of a series are to be redeemed, the
Trustee shall select, 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 multiples equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Trustee shall promptly
notify the Issuer 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 of any series 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 12.03. 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 said date (unless the Issuer shall default in the payment of such
Securities at the redemption price, together with interest accrued to said 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 6.05 and 10.04, such
Securities shall cease from and after the date fixed for redemption to be
entitled to any benefit or security 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
Issuer 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 2.03
and 2.07 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 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.

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<PAGE>

          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 Issuer 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 redeemed in part only, the Issuer
shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Issuer, a new Security or
Securities of such series, of authorized denominations, in principal amount
equal to the unredeemed portion of the Security so presented.

          SECTION 12.04. 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 an Officer's Certificate 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
Issuer 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 Issuer.

          SECTION 12.05. Mandatory and Optional Sinking Funds. The minimum
amount of any sinking fund payment provided for by the terms of the 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 Issuer may at its
option (a) deliver to the Trustee Securities of such series theretofore
purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such
series (not previously so credited) theretofore purchased or otherwise acquired
(except as aforesaid) by the Issuer and delivered to the Trustee for
cancellation pursuant to Section 2.10, (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 Issuer through any optional redemption provision contained in
the terms of such series. Securities so delivered or credited shall be received
or credited by the Trustee at the sinking fund redemption price specified in
such Securities.

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<PAGE>

          On or before the 60th day next preceding each sinking fund payment
date for any series, the Issuer will deliver to the Trustee an Officer's
Certificate (which need not contain the statements required by Section 11.05)
(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 Securities of
such series and the basis for such credit, (b) stating that none of the
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 Issuer 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 Issuer
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 Issuer 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 2.10 to the Trustee with such Officer's
Certificate (or reasonably promptly thereafter if acceptable to the Trustee).
Such Officer's Certificate shall be irrevocable and upon its receipt by the
Trustee the Issuer shall become unconditionally obligated to make all the cash
payments or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. Failure of the Issuer, on or before any
such 60th 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 Issuer (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
Issuer 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 the equivalent thereof in any Foreign Currency) or a lesser
sum in Dollars (or the equivalent thereof in any Foreign Currency) if the Issuer
shall so request with respect to the Securities of any particular 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
together with accrued interest to the date fixed for redemption. If such amount
shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and
the Issuer makes no such request then it shall be carried over until a sum in
excess of $50,000 (or the equivalent thereof in any Foreign Currency) is
available. The Trustee shall select, in the manner provided in Section 12.02,
for redemption on such sinking fund payment date a sufficient principal amount
of Securities of such

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<PAGE>

series to absorb said cash, as nearly as may be, and shall (if requested in
writing by the Issuer) inform the Issuer of the serial numbers of the Securities
of 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 Officer's 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
Issuer or (b) an entity specifically identified in such Officer's Certificate as
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer. The Trustee, in the name and at the expense of
the Issuer (or the Issuer, 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 12.02 (and with the effect provided
in Section 12.03) for the redemption of Securities of such series in part at the
option of the Issuer. 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 each sinking fund payment date, the Issuer 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 give any notice of redemption of
Securities for 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 giving 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
Issuer 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 5 and held for the payment of all such
Securities. In case such Event of Default shall have been waived as provided in
Section 5.10 or the default cured on or before the sixtieth day preceding the
sinking fund payment date in any year, such moneys

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<PAGE>

shall thereafter be applied on the next succeeding sinking fund payment date in
accordance with this Section to the redemption of such Securities.

                                  ARTICLE 13

                                 SUBORDINATION

          SECTION 13.01. Securities and Coupons Subordinated to Senior
Indebtedness. The Issuer covenants and agrees, and each Holder of a Security or
Coupon, by his acceptance thereof, likewise covenants and agrees, that the
indebtedness represented by the Securities and any Coupons and the payment of
the principal of and interest on each and all of the Securities and of any
Coupons is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment to the prior payment in full of
Senior Indebtedness.

          In the event (a) of any insolvency or bankruptcy proceedings or any
receivership, liquidation, reorganization or other similar proceedings in
respect of the Issuer or a substantial part of its property, or of any
proceedings for liquidation, dissolution or other winding up of the Issuer,
whether or not involving insolvency or bankruptcy, or (b) subject to the
provisions of Section 13.02 that (i) a default shall have occurred with respect
to the payment of principal of or interest on or other monetary amounts due and
payable on any Senior Indebtedness, or (ii) there shall have occurred an event
of default (other than a default in the payment of principal or interest or
other monetary amounts due and payable) in respect of any Senior Indebtedness,
as defined therein or in the instrument under which the same is outstanding,
permitting the holder or holders thereof to accelerate the maturity thereof
(with notice or lapse of time, or both), and such event of default shall have
continued beyond the period of grace, if any, in respect thereof, and, in the
cases of subclauses (i) and (ii) of this clause (b), such default or event of
default shall not have been cured or waived or shall not have ceased to exist,
or (c) that the principal of and accrued interest on the Securities of any
series shall have been declared due and payable pursuant to Section 5.01 and
such declaration shall not have been rescinded and annulled as provided in
Section 5.01 then:

              (i) the holders of all Senior Indebtedness shall first be entitled
          to receive payment of the full amount due thereon, or provision shall
          be made for such payment in money or money's worth, before the Holders
          of any of the Securities or Coupons are entitled to receive a payment
          on account of the principal of or interest on the indebtedness
          evidenced by the Securities or of the Coupons, including, without
          limitation, any payments made pursuant to Article 12;

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<PAGE>

              (ii) any payment by, or distribution of assets of, the Issuer of
          any kind or character, whether in cash, property or securities, to
          which the Holders of any of the Securities or Coupons or the Trustee
          would be entitled except for the provisions of this Article shall be
          paid or delivered by the person making such payment or distribution,
          whether a trustee in bankruptcy, a receiver or liquidating trustee or
          otherwise, directly to the holders of such Senior Indebtedness or
          their representative or representatives or to the trustee or trustees
          under any indenture under which any instruments evidencing any of such
          Senior Indebtedness may have been issued, ratably according to the
          aggregate amounts remaining unpaid on account of such Senior
          Indebtedness held or represented by each, to the extent necessary to
          make payment in full of all Senior Indebtedness remaining unpaid after
          giving effect to any concurrent payment or distribution (or provision
          therefor) to the holders of such Senior Indebtedness, before any
          payment or distribution is made to the holders of the indebtedness
          evidenced by the Securities or Coupons or to the Trustee under this
          instrument; and

              (iii) in the event that, notwithstanding the foregoing, any
          payment by, or distribution of assets of, the Issuer of any kind or
          character, whether in cash, property or securities, in respect of
          principal of or interest on the Securities or in connection with any
          repurchase by the Issuer of the Securities, shall be received by the
          Trustee or the Holders of any of the Securities or Coupons before all
          Senior Indebtedness is paid in full, or provision made for such
          payment in money or money's worth, such payment or distribution in
          respect of principal of or interest on the Securities or in connection
          with any repurchase by the Issuer of the Securities shall be paid over
          to the holders of such Senior Indebtedness or their representative or
          representatives or to the trustee or trustees under any indenture
          under which any instruments evidencing any such Senior Indebtedness
          may have been issued, ratably as aforesaid, for application to the
          payment of all Senior Indebtedness remaining unpaid until all such
          Senior Indebtedness shall have been paid in full, after giving effect
          to any concurrent payment or distribution (or provision therefor) to
          the holders of such Senior Indebtedness.

          Notwithstanding the foregoing, at any time after the 91st day
following the date of deposit of cash or, in the case of Securities payable only
in Dollars, U.S. Government Obligations pursuant to Section 10.01(b) or 10.01(c)
(provided all other conditions set out in such Section shall have been
satisfied) the funds so deposited and any interest thereon will not be subject
to any rights of holders of

                                       81
<PAGE>

Senior Indebtedness including, without limitation, those arising under this
Article 13.

          SECTION 13.02. Disputes with Holders of Certain Senior Indebtedness.
Any failure by the Issuer to make any payment on or perform any other obligation
under Senior Indebtedness, other than any indebtedness incurred by the Issuer or
assumed or guaranteed, directly or indirectly, by the Issuer for money borrowed
(or any deferral, renewal, extension or refunding thereof) or any indebtedness
or obligation as to which the provisions of this Section shall have been waived
by the Issuer in the instrument or instruments by which the Issuer incurred,
assumed, guaranteed or otherwise created such indebtedness or obligation, shall
not be deemed a default or event of default under Section 13.01(b) if (a) the
Issuer shall be disputing its obligation to make such payment or perform such
obligation and (b) either (i) no final judgment relating to such dispute shall
have been issued against the Issuer which is in full force and effect and is not
subject to further review, including a judgment that has become final by reason
of the expiration of the time within which a party may seek further appeal or
review, and (ii) in the event of a judgment that is subject to further review or
appeal has been issued, the Issuer shall in good faith be prosecuting an appeal
or other proceeding for review and a stay of execution shall have been obtained
pending such appeal or review.

          SECTION 13.03. Subrogation. Subject to the payment in full of all
Senior Indebtedness, the Holders of the Securities and any Coupons shall be
subrogated (equally and ratably with the holders of all obligations of the
Issuer which by their express terms are subordinated to Senior Indebtedness of
the Issuer to the same extent as the Securities are subordinated and which are
entitled to like rights of subrogation) to the rights of the holders of Senior
Indebtedness to receive payments or distributions of cash, property or
securities of the Issuer applicable to the Senior Indebtedness until all amounts
owing on the Securities and any Coupons shall be paid in full, and as between
the Issuer, its creditors other than holders of such Senior Indebtedness and the
Holders, no such payment or distribution made to the holders of Senior
Indebtedness by virtue of this Article that otherwise would have been made to
the Holders shall be deemed to be a payment by the Issuer on account of such
Senior Indebtedness, it being understood that the provisions of this Article are
and are intended solely for the purpose of defining the relative rights of the
Holders, on the one hand, and the holders of Senior Indebtedness, on the other
hand.

          SECTION 13.04. Obligation of Issuer Unconditional. Nothing contained
in this Article or elsewhere in this Indenture or in the Securities or any
Coupons is intended to or shall impair, as among the Issuer, its creditors other
than the holders of Senior Indebtedness and the Holders, the obligation of the
Issuer, which is absolute and unconditional, to pay to the Holders the principal
of and

                                       82
<PAGE>

interest on the Securities and the amounts owed pursuant to any Coupons 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 and creditors of
the Issuer other than the holders of Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or any Holder 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 Issuer received upon the
exercise of any such remedy.

          Upon payment or distribution of assets of the Issuer referred to in
this Article, the Trustee and the Holders shall be entitled to rely upon any
order or decree made by any court of competent jurisdiction in which any such
dissolution, winding up, liquidation or reorganization proceeding affecting the
affairs of the Issuer is pending or upon a certificate of the trustee in
bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee
or agent or other person making any payment or distribution, delivered to the
Trustee or to the Holders, for the purpose of ascertaining the persons entitled
to participate in such payment or distribution, the holders of the Senior
Indebtedness and other indebtedness of the Issuer, the amount thereof or payable
thereon, the amount paid or distributed thereon and all other facts pertinent
thereto or to this Article.

          SECTION 13.05. Payments on Securities and Coupons Permitted. Nothing
contained in this Article or elsewhere in this Indenture or in the Securities or
Coupons shall affect the obligations of the Issuer to make, or prevent the
Issuer from making, payment of the principal of or interest on the Securities
and of any Coupons in accordance with the provisions hereof and thereof, except
as otherwise provided in this Article.

          SECTION 13.06. Effectuation of Subordination by Trustee. Each holder
of Securities or Coupons, by his acceptance thereof, authorizes and directs the
Trustee on 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 13.07. Knowledge of Trustee. Notwithstanding the provisions
of this Article or any other provisions of this Indenture, the Trustee shall not
be charged with knowledge of the existence of any facts that would prohibit the
making of any payment of moneys to or by the Trustee, or the taking of any other
action by the Trustee, unless and until the Trustee shall have received written
notice thereof mailed or delivered to the Trustee at its Corporate Trust Office
from the Issuer, any Holder, any paying agent or the holder or representative of
any class of Senior Indebtedness; provided that if at least three Business Days

                                       83
<PAGE>

prior to the date upon which by the terms hereof any such moneys may become
payable for any purpose (including, without limitation, the payment of the
principal or interest on any Security or interest on any Coupon) the Trustee
shall not have received with respect to such moneys the notice provided for in
this Section, then, anything herein contained to the contrary notwithstanding,
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 that may be received by it within three
Business Days prior to or on or after such date.

          SECTION 13.08. Trustee May Hold Senior Indebtedness. The Trustee
shall be entitled to all the rights set forth in this Article with respect to
any Senior Indebtedness at the time held by it, to the same extent as any other
holder of Senior Indebtedness, and nothing in Section 6.03 or elsewhere in this
Indenture shall deprive the Trustee of any of its rights as such holder.

          SECTION 13.09. Rights of Holders of Senior Indebtedness Not
Impaired. No right of any present or future holder of any Senior Indebtedness to
enforce the subordination herein shall at any time or in any way be prejudiced
or impaired by any act or failure to act on the part of the Issuer or by any
noncompliance by the Issuer with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

          With respect to the holders of Senior Indebtedness, (a) the duties
and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture, (b) the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Indenture, (c) no implied covenants or obligations shall be read into this
Indenture against the Trustee and (d) the Trustee shall not be deemed to be a
fiduciary as to such holders.

          SECTION 13.10. Article Applicable to Paying Agents. In case at any
time any paying agent other than the Trustee shall have been appointed by the
Issuer and be then acting hereunder, the term "Trustee" as used in this Article
shall in such case (unless the context shall require otherwise) be construed as
extending to and including such paying agent within its meaning as fully for all
intents and purposes as if such paying agent were named in this Article in
addition to or in place of the Trustee, provided, however, that Sections 13.07
and 13.08 shall not apply to the Issuer if it acts as its own paying agent.

          SECTION 13.11. Trustee; Compensation Not Prejudiced. Nothing in this
Article shall apply to claims of, or payments to, the Trustee pursuant to
Section 6.06.

                                       84
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed, and their respective corporate seals to be hereunto affixed
and attested, all as of March 1, 1998.

                                       MORGAN STANLEY, DEAN WITTER,
                                       DISCOVER & CO.

[CORPORATE SEAL]
                                       By:___________________________________
                                          Name:  Alexander C. Frank
                                          Title: Assistant Treasurer

Attest:

By:_____________________________

                                       THE BANK OF NEW YORK, TRUSTEE

                                       By:___________________________________
                                          Name:
                                          Title:

                                       85
<PAGE>

STATE OF NEW YORK                               )
                                                )     ss.:
COUNTY OF NEW YORK                              )

          On this ____ of ________, 1998 before me personally came     , to me
personally known, who, being by me duly sworn, did depose and say that he
resides at      that he is the           of Morgan Stanley, Dean Witter,
Discover & Co., one of the corporations described in and which executed the
above instrument; that he knows the corporate seal of said corporation; that
the seal affixed to said instrument is such corporate seal; that it was so
affixed by authority of the Board of Directors of said corporation, and that
he signed his name thereto by like authority.

[NOTARIAL SEAL]

- ---------------------------------------
Notary Public

                                       86
<PAGE>

STATE OF NEW YORK                   )
                                    )           ss.:
COUNTY OF NEW YORK                  )

          On this ____ of ________, 1998 before me personally came     , to me
personally known, who, being by me duly sworn, did depose and say that he
resides at            that he is a Vice President of The Bank of New York, one
of the corporations described in and which executed the above instrument and
that he signed his name thereto by like authority.

[NOTARIAL SEAL]

- ---------------------------------------
Notary Public

                                       87EXHIBIT
4-ttt

      

      

      

      

      

      

      

      
        

        

      

      

      

      
        	
                MORGAN
      STANLEY 

                 

                AND

                 

              

      

      THE
BANK OF NEW YORK MELLON, Trustee

      

      

      

      

      

      Form
of Series V Junior Subordinated Indenture

       

      

      Dated
as of
[                                             ], [20_
_]

      

      

      _________________

      

      

      

      

      

      
        

        

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      TABLE
OF CONTENTS

       

        
          

        

      

      
 

      
        

        

        
          	 
      	 
      	
                  PAGE

                
	
                  ARTICLE
      1

                
	
                  DEFINITIONS

                
	 
      	 
      	 
      
	
                  Section
      1.01.

                	
                  Certain
      Terms Defined

                	
                  1

                
	 
      	 
      	 
      
	
                  ARTICLE
      2

                
	
                  SECURITIES

                
	 
      	 
      	 
      
	
                  Section
      2.01.

                	
                  Forms
      Generally

                	
                  10

                
	
                  Section
      2.02.

                	
                  Form
      of Trustee’s Certificate of Authentication

                	
                  10

                
	
                  Section
      2.03.

                	
                  Amount
      Unlimited; Issuable in Series

                	
                  11

                
	
                  Section
      2.04.

                	
                  Authentication
      and Delivery of Securities

                	
                  14

                
	
                  Section
      2.05.

                	
                  Execution
      of Securities

                	
                  17

                
	
                  Section
      2.06.

                	
                  Certificate
      of Authentication

                	
                  18

                
	
                  Section
      2.07.

                	
                  Denomination
      and Date of Securities; Payments of Interest

                	
                  18

                
	
                  Section
      2.08.

                	
                  Registration,
      Transfer and Exchange

                	
                  19

                
	
                  Section
      2.09.

                	
                  Mutilated,
      Defaced, Destroyed, Lost and Stolen Securities

                	
                  23

                
	
                  Section
      2.10.

                	
                  Cancellation
      of Securities; Destruction Thereof

                	
                  24

                
	
                  Section
      2.11.

                	
                  Temporary
      Securities

                	
                  24

                
	
                  Section
      2.12.

                	
                  CUSIP
      Numbers

                	
                  25

                
	 
      	 
      	 
      
	
                  ARTICLE
      3

                
	
                  COVENANTS
      OF THE ISSUER

                
	 
      	 
      	 
      
	
                  Section
      3.01.

                	
                  Payment
      of Principal and Interest

                	
                  25

                
	
                  Section
      3.02.

                	
                  Offices
      for Payments, etc

                	
                  26

                
	
                  Section
      3.03.

                	
                  Appointment
      to Fill a Vacancy in Office of Trustee

                	
                  27

                
	
                  Section
      3.04.

                	
                  Paying
      Agents

                	
                  27

                
	
                  Section
      3.05.

                	
                  Written
      Statement to Trustee

                	
                  28

                
	
                  Section
      3.06.

                	
                  Luxembourg
      Publications

                	
                  29

                
	 
      	 
      	 
      
	
                  ARTICLE
      4

                
	
                  SECURITYHOLDERS
      LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

                
	 
	
                  Section
      4.01.

                	
                  Issuer
      to Furnish Trustee Information as to Names and Addresses
      of Securityholders

                	
                  29

                
	
                  Section
      4.02.

                	
                  Preservation
      and Disclosure of Securityholders Lists

                	
                  29

                
	
                  Section
      4.03.

                	
                  Reports
      by the Issuer

                	
                  29

                
	
                  Section
      4.04.

                	
                  Reports
      by the Trustee

                	
                  30

                

        

         

        i

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          

          
            	
                    ARTICLE
      5

                  
	
                    REMEDIES
      OF THE TRUSTEE AND SECURITYHOLDERS IN DEFAULT OR EVENT
      OF

                  
	
                    DEFAULT

                  
	 
      	 
      	 
      
	
                    Section
      5.01.

                  	
                    Event
      of Default Defined; Acceleration of Maturity; Waiver of Event
      of Default

                  	
                    30

                  
	
                    Section
      5.02.

                  	
                    Collection
      of Indebtedness by Trustee; Trustee May Prove Debt

                  	
                    33

                  
	
                    Section
      5.03.

                  	
                    Applications
      of Proceeds

                  	
                    35

                  
	
                    Section
      5.04.

                  	
                    Suits
      for Enforcement

                  	
                    37

                  
	
                    Section
      5.05.

                  	
                    Restoration
      of Rights on Abandonment of Proceedings

                  	
                    37

                  
	
                    Section
      5.06.

                  	
                    Limitations
      on Suits by Securityholder; Default Defined

                  	
                    37

                  
	
                    Section
      5.07.

                  	
                    Unconditional
      Right of Securityholders to Institute Certain Suits

                  	
                    39

                  
	
                    Section
      5.08.

                  	
                    Powers
      and Remedies Cumulative; Delay or Omission Not Waiver
      of Default; Restoration of Rights and Remedies

                  	
                    39

                  
	
                    Section
      5.09.

                  	
                    Control
      by Holders of Securities

                  	
                    40

                  
	
                    Section
      5.10.

                  	
                    Waiver
      of Past Defaults

                  	
                    40

                  
	
                    Section
      5.11.

                  	
                    Trustee
      to Give Notice of Default, But May Withhold in Certain
      Circumstances

                  	
                    41

                  
	
                    Section
      5.12.

                  	
                    Right
      of Court to Require Filing of Undertaking to Pay Costs

                  	
                    42

                  
	 
      	 
      	
                     
      

                  

          

           

           

          
            
              	
                      ARTICLE
      6

                    
	
                      CONCERNING
      THE TRUSTEE

                    
	 
      	 
      	 
      
	
                      Section
      6.01.

                    	
                      Duties
      and Responsibilities of the Trustee; During Default; Prior
      to Default

                    	
                      42

                    
	
                      Section
      6.02.

                    	
                      Certain
      Rights of the Trustee

                    	
                      43

                    
	
                      Section
      6.03.

                    	
                      Trustee
      Not Responsible for Recitals, Disposition of Securities or
      Application of Proceeds Thereof

                    	
                      45

                    
	
                      Section
      6.04.

                    	
                      Trustee
      and Agents May Hold Securities or Coupons; Collections,
      etc

                    	
                      45

                    
	
                      Section
      6.05.

                    	
                      Moneys
      Held by Trustee

                    	
                      45

                    
	
                      Section
      6.06.

                    	
                      Compensation
      and Indemnification of Trustee and Its Prior Claim

                    	
                      46

                    
	
                      Section
      6.07.

                    	
                      Right
      of Trustee to Rely on Officer’s Certificate, etc

                    	
                      46

                    
	
                      Section
      6.08.

                    	
                      Indentures
      Not Creating Potential Conflicting Interests for the Trustee

                    	
                      46

                    
	
                      Section
      6.09.

                    	
                      Persons
      Eligible for Appointment as Trustee

                    	
                      47

                    
	
                      Section
      6.10.

                    	
                      Resignation
      and Removal; Appointment of Successor Trustee

                    	
                      47

                    
	
                      Section
      6.11.

                    	
                      Acceptance
      of Appointment by Successor Trustee

                    	
                      49

                    
	
                      Section
      6.12.

                    	
                      Merger,
      Conversion, Consolidation or Succession to Business of
      Trustee

                    	
                      50

                    
	
                      Section
      6.13.

                    	
                      Preferential
      Collection of Claims Against the Issuer

                    	
                      51

                    
	
                      Section
      6.14.

                    	
                      Appointment
      of Authenticating Agent

                    	
                      51

                    

            

          

           

           

          

          ii

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          
            
              	
                      ARTICLE
      7

                    
	
                      CONCERNING
      THE SECURITYHOLDERS

                    
	 
      	 
      	 
      
	
                      Section
      7.01.

                    	
                      Evidence
      of Action Taken by Securityholders

                    	
                      52

                    
	
                      Section
      7.02.

                    	
                      Proof
      of Execution of Instruments and of Holding of Securities

                    	
                      52

                    
	
                      Section
      7.03.

                    	
                      Holders
      to be Treated as Owners

                    	
                      54

                    
	
                      Section
      7.04.

                    	
                      Securities
      Owned by Issuer Deemed Not Outstanding

                    	
                      54

                    
	
                      Section
      7.05.

                    	
                      Right
      of Revocation of Action Taken

                    	
                      55

                    
	 
      	 
      	 
      
	
                      ARTICLE
      8

                    
	
                      SUPPLEMENTAL
      INDENTURES

                    
	 
      	 
      	 
      
	
                      Section
      8.01.

                    	
                      Supplemental
      Indentures Without Consent of Securityholders

                    	
                      56

                    
	
                      Section
      8.02.

                    	
                      Supplemental
      Indentures With Consent of Securityholders

                    	
                      57

                    
	
                      Section
      8.03.

                    	
                      Effect
      of Supplemental Indenture

                    	
                      59

                    
	
                      Section
      8.04.

                    	
                      Documents
      to be Given to Trustee

                    	
                      59

                    
	
                      Section
      8.05.

                    	
                      Notation
      on Securities in Respect of Supplemental Indentures

                    	
                      60

                    
	
                      Section
      8.06.

                    	
                      Subordination
      Unimpaired

                    	
                      60

                    
	 
      	 
      	 
      
	
                      ARTICLE
      9

                    
	
                      CONSOLIDATION,
      MERGER, SALE OR CONVEYANCE

                    
	 
      	 
      	 
      
	
                      Section
      9.01.

                    	
                      Covenant
      Not to Merge, Consolidate, Sell or Convey Property Except
      Under Certain Conditions

                    	
                      60

                    
	
                      Section
      9.02.

                    	
                      Successor
      Corporation Substituted

                    	
                      60

                    
	
                      Section
      9.03.

                    	
                      Opinion
      of Counsel Delivered to Trustee

                    	
                      61

                    
	 
      	 
      	 
      
	
                      ARTICLE
      10

                    
	
                      SATISFACTION
      AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

                    
	 
      	 
      	 
      
	
                      Section
      10.01.

                    	
                      Satisfaction
      and Discharge of Indenture

                    	
                      61

                    
	
                      Section
      10.02.

                    	
                      Application
      by Trustee of Funds Deposited for Payment of Securities

                    	
                      67

                    
	
                      Section
      10.03.

                    	
                      Repayment
      of Moneys Held by Paying Agent

                    	
                      67

                    
	
                      Section
      10.04.

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

                    	
                      67

                    
	
                      Section
      10.05.

                    	
                      Indemnity
      for U.S. Government Obligations

                    	
                      68

                    
	 
      	 
      	 
      
	
                      ARTICLE
      11

                    
	
                      MISCELLANEOUS
      PROVISIONS

                    
	 
      	 
      	 
      
	
                      Section
      11.01.

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

                    	
                      68

                    
	
                      Section
      11.02.

                    	
                      Provisions
      of Indenture for the Sole Benefit of Parties and Holders
      of Securities and Coupons

                    	
                      69

                    
	 
      	 
      	 
      

            

           

           

          iii

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          

          

          
            	
                    Section
      11.03.

                  	
                    Successors
      and Assigns of Issuer Bound by Indenture

                  	
                    69

                  
	
                    Section
      11.04.

                  	
                    Notices
      and Demands on Issuer, Trustee and Holders of Securities
      and Coupons

                  	
                    69

                  
	
                    Section
      11.05.

                  	
                    Officer’s
      Certificates and Opinions of Counsel; Statements to be
      Contained Therein

                  	
                    70

                  
	
                    Section
      11.06.

                  	
                    Payments
      Due on Saturdays, Sundays and Holidays

                  	
                    71

                  
	
                    Section
      11.07.

                  	
                    Conflict
      of Any Provision of Indenture with Trust Indenture Act
      of 1939

                  	
                    71

                  
	
                    Section
      11.08.

                  	
                    New
      York Law to Govern

                  	
                    71

                  
	
                    Section
      11.09.

                  	
                    Counterparts

                  	
                    71

                  
	
                    Section
      11.10.

                  	
                    Effect
      of Headings

                  	
                    71

                  
	
                    Section
      11.11.

                  	
                    Securities
      in a Foreign Currency

                  	
                    72

                  
	
                    Section
      11.12.

                  	
                    Judgment
      Currency

                  	
                    72

                  
	
                    Section
      11.13.

                  	
                    Waiver
      of Jury Trial

                  	
                    73

                  
	
                    Section
      11.14.

                  	
                    Force
      Majeure

                  	
                    73

                  
	 
      	 
      	 
      
	
                    ARTICLE
      12

                  
	
                    REDEMPTION
      OF SECURITIES AND SINKING FUNDS

                  
	 
      	 
      	 
      
	
                    Section
      12.01.

                  	
                    Applicability
      of Article

                  	
                    73

                  
	
                    Section
      12.02.

                  	
                    Notice
      of Redemption; Partial Redemptions

                  	
                    74

                  
	
                    Section
      12.03.

                  	
                    Payment
      of Securities Called for Redemption

                  	
                    75

                  
	
                    Section
      12.04.

                  	
                    Exclusion
      of Certain Securities from Eligibility for Selection for
      Redemption

                  	
                    76

                  
	
                    Section
      12.05.

                  	
                    Mandatory
      and Optional Sinking Funds

                  	
                    77

                  
	 
      	 
      	 
      
	
                    ARTICLE
      13

                  
	
                    SUBORDINATION

                  
	 
      	 
      	 
      
	
                    Section
      13.01.

                  	
                    Securities
      and Coupons Subordinated to Senior Indebtedness

                  	
                    79

                  
	
                    Section
      13.02.

                  	
                    Disputes
      with Holders of Certain Senior Indebtedness

                  	
                    81

                  
	
                    Section
      13.03.

                  	
                    Subrogation

                  	
                    82

                  
	
                    Section
      13.04.

                  	
                    Obligation
      of Issuer Unconditional

                  	
                    82

                  
	
                    Section
      13.05.

                  	
                    Payments
      on Securities and Coupons Permitted

                  	
                    83

                  
	
                    Section
      13.06.

                  	
                    Effectuation
      of Subordination by Trustee

                  	
                    83

                  
	
                    Section
      13.07.

                  	
                    Knowledge
      of Trustee

                  	
                    83

                  
	
                    Section
      13.08.

                  	
                    Trustee
      May Hold Senior Indebtedness

                  	
                    83

                  
	
                    Section
      13.09.

                  	
                    Rights
      of Holders of Senior Indebtedness Not Impaired

                  	
                    83

                  
	
                    Section
      13.10.

                  	
                    Article
      Applicable to Paying Agents

                  	
                    84

                  
	
                    Section
      13.11.

                  	
                    Trustee;
      Compensation Not Prejudiced

                  	
                    84

                  

          

          

      

      

      iv

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        

        THIS
INDENTURE, dated as of [ ], [20_ _] between MORGAN STANLEY, a Delaware
corporation (the “Issuer”), and THE BANK OF NEW
YORK MELLON, as trustee (the “Trustee”),

        

        W I T N E
S S E T H :

        

        WHEREAS,
the Issuer has duly authorized the issue from time to time of its junior
subordinated unsecured 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;

        

        WHEREAS,
the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration
of the Securities; 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 Issuer and the Trustee mutually covenant and agree for the equal
and proportionate benefit of the respective holders from time to time of the
Securities and of the coupons, if any, appertaining thereto as
follows:

        

        

        ARTICLE
1

        DEFINITIONS

        

        Section
1.01. Certain Terms
Defined. The following terms (except as otherwise expressly provided or
unless the context otherwise clearly requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this Section. All other terms used in this Indenture that
are defined in the Trust Indenture Act of 1939 or the definitions of which in
the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939,
including terms defined therein by reference to the Securities Act of 1933
(except as herein otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in said Trust
Indenture Act and in said Securities Act as in force at the date of this
Indenture. All accounting terms used herein and not expressly defined shall have
the meanings assigned to such terms in accordance with generally accepted
accounting principles, and the term “generally accepted accounting principles”
means such accounting principles as are generally accepted at the time of any
computation. The words “herein”, “hereof” and “hereunder” and other words of
similar import

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        refer to
this Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the
singular.

        

        “1998 Junior Subordinated
Indenture” means the junior subordinated indenture, dated as of March 1,
1998, between Morgan Stanley (formerly known as Morgan Stanley, Dean Witter,
Discover & Co.) and The Bank of New York Mellon, as trustee.

        

        “2004 Junior Subordinated
Indenture” means the junior subordinated indenture, dated as of October
1, 2004, between Morgan Stanley and The Bank of New York Mellon, as
trustee.

        

        “2006 Junior Subordinated
Indenture” means the junior subordinated indenture, dated as of October
12, 2006 between Morgan Stanley and The Bank of New York Mellon, as
trustee.

        

        “Additional Interest” means
compounded interest arising on any deferred interest payments, as defined in any
series of Securities.

        

        “Additional Sums” has the
meaning specified in Section 2.03(r) of this Indenture.

        

        “Authenticating Agent” shall
have the meaning set forth in Section 6.14.

        

        “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), in the case of the United Kingdom,
will, if practicable, be the Financial Times (London Edition) and, in the case
of Luxembourg, will, if practicable, be the Luxemburger Wort) published in an
official language of the country of 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, the United Kingdom or in Luxembourg, 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.

        

        “Board of Directors” means
either the Board of Directors of the Issuer or any committee of such Board duly
authorized to act on its behalf.

        

        “Board Resolution” means a copy
of one or more resolutions, certified by the secretary or an assistant secretary
of the Issuer to have been duly adopted or consented to by the Board of
Directors and to be in full force and effect, and delivered to the
Trustee.

        

        2

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        “Business Day” means, with
respect to any Security, unless otherwise specified pursuant to Section 2.03, a
day that in the city (or in any of the cities, if more than one) in which
amounts are payable, as specified in the form of such Security, is not a day on
which banking institutions are authorized or required by law or regulation to
close.

        

        “Capital Securities” means,
with respect to a Morgan Stanley Capital Trust, the undivided beneficial
interests in the assets of such trust that rank pari passu with the Common
Securities issued by such trust; provided, that upon the occurrence of an Event
of Default with respect to the Securities held by such trust, the rights of
holders of such Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of such Capital Securities.

        

        “Capital Securities Guarantee”
means, with respect to a Morgan Stanley Capital Trust, any Guarantee that the
Guarantor enters into with The Bank of New York Mellon or any other Person that
operates directly or indirectly for the benefit of holders of the Capital
Securities of such trust.

        

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

        

        “Common Securities” means, with
respect to a Morgan Stanley Capital Trust, the undivided beneficial interests in
the assets of such trust that rank pari passu with the Capital
Securities issued by such trust; provided, that upon the occurrence of an Event
of Default with respect to the Securities held by such trust, the rights of
holders of such Common Securities to payment in respect to distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of such Capital Securities.

        

        “Common Securities Guarantee”
means, with respect to a Morgan Stanley Capital Trust, any Guarantee that the
Guarantor enters into with any Person that operates directly or indirectly for
the benefit of holders of the Common Securities of such trust.

        

        “Corporate Trust Office” means
the office of the Trustee at which the corporate trust business of the Trustee
shall, at any particular time, be principally administered, which office is, at
the date as of which this Indenture is dated, located at 101 Barclay Street,
Floor 8 West, New York, New York 10286, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Issuer, or the

        

        3

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

        

        principal
corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders and
the Issuer).

        

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

        

        “covenant defeasance” shall
have the meaning set forth in Section 10.01(c).

        

        “Default” shall have the
meaning set forth in Section 5.06.

        

        “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
Issuer 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.

        

        “Direct Action” means a legal
proceeding instituted by a holder of the Capital Securities of a Morgan Stanley
Capital Trust directly against the Issuer for the enforcement of payment to such
holder of any amounts payable in respect of the Securities held by such trust
having a principal amount equal to the aggregate liquidation amount of the
Capital Securities held by such holder, if an Event of Default or a Default
attributable to the failure of the Issuer to pay any amounts payable in respect
of such Securities on the date such amounts are otherwise payable (in accordance
with the terms hereof and thereof) has occurred and is continuing.

        

        “Dollar” means the coin or
currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

        

        “Event of Default” means any
event or condition specified as such in Section 5.01.

        

        “Existing Morgan Stanley
Trusts” means, collectively, Morgan Stanley Capital Trust III, Morgan
Stanley Capital Trust IV, Morgan Stanley Capital Trust V, Morgan Stanley Capital
Trust VI, Morgan Stanley Capital Trust VII, Morgan Stanley Capital Trust VIII
[add additional Morgan Stanley Trusts, if then existing].

        

        

        

        

        

        4

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        

        “Foreign Currency” means a
currency issued by the government of a country other than the United States (or
any currency unit comprised of any such currencies).

        

        “Guarantor” means the Issuer in
its capacity as guarantor under any Trust Securities Guarantee.

        

        “Holder”, “Holder of Securities”, “Securityholder” or other
similar terms mean (a) in the case of any Registered Security, the Person in
whose name such Security is registered in the security register kept by the
Issuer for that purpose in accordance with the terms hereof, and (b) in the case
of any Unregistered Security, the bearer of such Security, or any Coupon
appertaining thereto, as the case may be.

        

        “Indenture” means this
instrument as originally executed and delivered or, if amended or supplemented
as herein provided, as so amended or supplemented or both, and shall include the
forms and terms of particular series of Securities established as contemplated
hereunder.

        

        “Interest” means, when used
with respect to non-interest bearing Securities, interest payable after
maturity.

        

        “Issuer” means (except as
otherwise provided in Article 6) Morgan Stanley, a Delaware corporation, and,
subject to Article 9, its successors and assigns.

        

        “Issuer Order” means a written
statement, request or order of the Issuer signed in its name by any one of the
following: the Chairman of the Board, the President, the Chief Financial
Officer, the Chief Strategic and Administrative Officer, the Chief Legal
Officer, the Treasurer, any Assistant Treasurer or any other person authorized
by the Board of Directors to execute any such written statement, request or
order.

        

        “Judgment Currency” shall have
the meaning set forth in Section 11.12.

        

        “Morgan Stanley Capital Trust”
means a Morgan Stanley Capital Trust, a Delaware statutory business trust, or
any permitted successor thereto, or any substantially similar Delaware statutory
business trust sponsored by the Issuer.

        

        “Officer’s Certificate” means a
certificate (i) signed by any one of the following: the Chairman of the Board,
the President, the Chief Financial Officer, the Chief Strategic and
Administrative Officer, the Chief Legal Officer, the Treasurer, any Assistant
Treasurer or any other person authorized by the Board of Directors to execute
any such certificate and (ii) delivered to the Trustee. Each

        

        

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        such
certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and
include the statements provided for in Section 11.05.

        

        “Opinion of Counsel” means an
opinion in writing signed by the Chief Legal Officer of the Issuer, or by such
other legal counsel who may be an employee of or counsel to the Issuer and who
shall be satisfactory to the Trustee. Each such opinion shall comply with
Section 314 of the Trust Indenture Act of 1939 and include the statements
provided for in Section 11.05.

        

        “original issue date” of any
Security (or portion thereof) means the earlier of (a) the date 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 5.01.

        

        “Outstanding” when used with
reference to Securities, shall, subject to the provisions of Section 7.04, mean,
as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except

        

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

        

        (b) Securities,
or portions thereof, for the payment or redemption of which moneys or U.S.
Government Obligations (as provided for in Section 10.01) in the necessary
amount shall have been deposited in trust with the Trustee or with any paying
agent (other than the Issuer) or shall have been set aside, segregated and held
in trust by the Issuer for the Holders of such Securities (if the Issuer shall
act as its own paying agent), provided that if such
Securities, or portions thereof, are to be redeemed prior to the maturity
thereof, notice of such redemption shall have been given as herein provided, or
provision satisfactory to the Trustee shall have been made for giving such
notice; and

        

        (c) Securities
which shall have been paid or in substitution for which other Securities shall
have been authenticated and delivered pursuant to the terms of Section 2.09
(except with respect to any such Security as to which proof satisfactory to the
Trustee is presented that such Security is held by a person in whose hands such
Security is a legal, valid and binding obligation of the Issuer).

        

        In
determining whether the Holders of the requisite principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal
amount

        

        

        6

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        

        of an
Original Issue Discount Security that shall be deemed to be Outstanding for such
purposes shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon a declaration of acceleration
of the maturity thereof pursuant to Section 5.01.

        

        “Periodic Offering” means an
offering of Securities of a series from time to time, the specific terms of
which Securities, including, without limitation, the 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 Issuer or
its agents upon the issuance of such Securities.

        

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

        

        “principal” whenever used with
reference to the Securities or any Security or any portion thereof, shall be
deemed to include “and premium, if any”.

        

        “record date” shall have the
meaning set forth in Section 2.07.

        

        “Redemption Notice Period”
shall have the
meaning set forth in Section 12.02.

        

        “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 2.04, and
bearing the legend prescribed in Section 2.04.

        

        “Registered Security” means any
Security registered on the Security register of the Issuer.

        

        “Required Currency” shall have
the meaning set forth in Section 11.12.

        

        “Responsible Officer” when used
with respect to the Trustee means any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person's
knowledge of and familiarity with the particular subject and who shall have
direct responsibility for the administration of this Indenture. “Security” or “Securities” has the meaning
stated in the first recital of this Indenture, or, as the case may be,
Securities that have been authenticated and delivered under this
Indenture.

        

        

        

        7

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        “Senior Indentures” means (i)
an Indenture dated June 15, 1988, between Morgan Stanley (formerly known as
Morgan Stanley Group Inc.) and JPMorgan Chase Bank (formerly known as Chemical
Bank), Trustee, as the same may be amended from time to time, (ii) an Indenture
between Morgan Stanley (formerly known as Dean Witter, Discover & Co.) and
The First National Bank of Chicago, as trustee, dated as of February 24, 1993,
as the same may be amended from time to time, (iii) an Amended and Restated
Senior Indenture between Morgan Stanley (formerly known as Morgan Stanley Dean
Witter & Co.) and The Bank of New York Mellon (as successor to JPMorgan
Chase Bank (formerly known as The Chase Manhattan Bank)), as trustee, dated as
of May 1, 1999, as supplemented by a First Supplemental Senior Indenture dated
as of September 15, 2000, a Second Supplemental Senior Indenture dated as of
October 8, 2002, a Third Supplemental Senior Indenture dated as of August 29,
2003 and a Fourth Supplemental Indenture dated as of October 8, 2007, as the
same may be further amended from time to time, (iv) a Senior Indenture dated as
of May 15, 1999, between Morgan Stanley (formerly known as Morgan Stanley Dean
Witter & Co.) and JPMorgan Chase Bank (formerly known as The Chase Manhattan
Bank), Trustee, as the same may be amended from time to time, and (v) a Senior
Indenture between Morgan Stanley and The Bank of New York Mellon (as successor
to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)), as
trustee, dated as of November 1, 2004, as supplemented by a First Supplemental
Senior Indenture dated as of September 4, 2007, a Second Supplemental Senior
Indenture dated as of January 4, 2008, a Third Supplemental Senior Indenture
dated as of September 10, 2008 and a Fourth Supplemental Senior Indenture dated
December 1, 2008, as the same may be further amended from time to
time.

        

        “Senior Indebtedness” means (i)
obligations (other than non-recourse obligations, the Securities or any other
obligations specifically designated as being subordinate in right of payment to
Senior Indebtedness) of, or guaranteed or assumed by, the Issuer for borrowed
money or evidenced by bonds, debentures, notes or similar instruments, including
obligations with respect to securities issued under the Issuer’s Senior
Indentures, Senior Subordinated Indentures, 1998 Junior Subordinated Indenture,
2004 Junior Subordinated Indenture or the 2006 Junior Subordinated Indenture,
and amendments, renewals, extensions, modifications and refundings of any of
such indebtedness or of such obligations, (ii) capitalized lease obligations of
the Issuer, (iii) obligations of the Issuer issued or assumed as the deferred
purchase price of property, (iv) obligations, contingent or otherwise, of the
Issuer in respect of any letters of credit, bankers acceptance, security
purchase facilities or similar credit transactions, (v) obligations of the
Issuer in respect of interest rate, foreign exchange rate and commodity forward
contracts, options and swaps and similar arrangements, (vi) certain guarantees
by the Issuer of capital securities issued by the Existing Morgan Stanley Trusts
and (vii) all obligations of the type referred to in clauses (i) through (vi) of
other Persons which the Issuer has guaranteed or is responsible or liable for as
obligor

        

        8

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        or
otherwise; subject to, if provided in the supplemental indenture under which a
series of Securities is issued or in the form of Security for such series, any
modifications to this definition of Senior Indebtedness, including additional
obligations that the Issuer may determine to include within this definition and
obligations that may be excluded from this definition, pursuant to Section 2.3
hereof.

        

        “Senior Subordinated
Indentures” means (i) an Amended and Restated Subordinated Indenture
between Morgan Stanley (formerly known as Morgan Stanley Dean Witter & Co.)
and The Bank of New York Mellon (as successor to J.P. Morgan Trust Company,
National Association, as successor to The First National Bank of Chicago), as
trustee, dated as of May 1, 1999, as the same may be amended from time to time,
and (ii) a Subordinated Indenture, dated as of October 1, 2004, between Morgan
Stanley and The Bank of New York Mellon (as successor to J.P. Morgan Trust
Company, National Association), as trustee, as the same may be amended from time
to time.

        

        “Trust Agreement” means, with
respect to a Morgan Stanley Capital Trust, the Amended and Restated Trust
Agreement of such trust.

        

        “Trust Indenture Act of 1939”
means the Trust Indenture Act of 1939.

        

        “Trustee” means the Person
identified as “Trustee”
in the first paragraph hereof and, subject to the provisions of Article 6, shall
also include any successor trustee. “Trustee” shall also 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 the
Securities of such series.

        

        “Trust Securities” means, with
respect to a Morgan Stanley Capital Trust, the Common Securities and the Capital
Securities issued by such trust.

        

        “Trust Securities Guarantee”
means, with respect to a Morgan Stanley Capital Trust, the Common Securities
Guarantee and the Capital Securities Guarantee covering the Common Securities
and the Capital Securities, respectively, of such trust.

        

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

        

        “U.S. Government Obligations”
shall have the meaning set forth in Section 10.01(a).

        

        “Yield to Maturity” means the
yield to maturity on a series of securities, calculated at the time of issuance
of such series, or, if applicable, at the most

        

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        recent
redetermination of interest on such series, and calculated in accordance with
accepted financial practice.

        

        

        ARTICLE
2

        SECURITIES

        

        Section
2.01. Forms Generally.
The Securities of each series and the Coupons, if any, to be attached thereto
shall be substantially in such form (not inconsistent with this Indenture) as
shall be established by or pursuant to one or more Board Resolutions (as set
forth in a Board Resolution or, to the extent established pursuant to rather
than set forth in a Board Resolution, an Officer’s Certificate detailing such
establishment) 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 or regulations pursuant thereto, or with any
rules of any securities exchange or to conform to general usage, all as may be
determined by the officers executing such Securities and Coupons, if any, as
evidenced by their execution of such Securities and Coupons.

        

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

        

        Section
2.02. Form of Trustee’s
Certificate of Authentication. The Trustee’s certificate of
authentication on all Securities shall be in substantially the following
form:

        

        “This is
one of the Securities referred to in the within-mentioned Series V Junior
Subordinated Indenture.

        

        

        
          	 
      	 
      
	 
      	
                  as
      Trustee

                

        

        

        
          	
                  Dated:

                	 
      	 	
                  By:

                	 
      
	 
      	 
      	 	 
      	
                  Authorized
      Signatory

                
	 
      	 
      	 	 
      	 
      

        

        

        

        

        

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        If at any
time there shall be an Authenticating Agent appointed with respect to any series
of Securities, then the Trustee’s Certificate of Authentication to be borne by
the Securities of each such series shall be substantially as
follows:

        

        “This is
one of the Securities referred to in the within-mentioned Series V Junior
Subordinated Indenture.

        

        

        
          	 
      	 
      
	 
      	
                  as
      Authenticating Agent

                

        

         

        

          	
                  Dated:

                	 
      	 	
                  By:

                	 
      
	 
      	 
      	 	 
      	
                  Authorized
      Signatory

                
	 
      	 
      	 	 
      	 
      

        

        

        

        

        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 the Securities of each such
series shall rank equally and pari passu with the Securities of each other
series, but all Securities issued hereunder shall be subordinate and junior in
right of payment, to the extent and in the manner set forth in Article 13, to
all Senior Indebtedness of the Issuer. There shall be established in or pursuant
to one or more Board Resolutions (and, to the extent established pursuant to
rather than set forth in a Board Resolution, in an Officer’s Certificate
detailing such establishment) or established in one or more indentures
supplemental hereto, prior to the initial issuance of Securities of any
series,

        

        (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 (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 2.08,
2.09, 2.11, 8.05 or 12.03);

        

        (c) if other
than Dollars, the coin or currency in which the Securities of that series are
denominated (including, but not limited to, any Foreign Currency);

        

        (d) the date
or dates on which the principal of the Securities of the series is payable and
any provisions for the advancement of any such date;

        

        

        

        

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        (e) the rate
or rates at which the Securities of the series shall bear interest, if any, the
rate or rates and extent to which Additional Interest, if any, shall be payable
in respect of any Securities of such series, 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;

        

        (f) the place
or places where the principal of and any interest on Securities of the series
shall be payable (if other than as provided in Section 3.02), the place or
places where the Securities of the series may be presented for registration of
transfer or exchange and the place or places where notices and demands to or
upon the Issuer in respect of the Securities of the series may be
made;

        

        (g) any
provisions relating to the deferral of interest payments on the Securities of
the series at the option of the Issuer or otherwise, including the duration of
any such deferral or extension period and the maximum period during which
interest payments may be deferred or extended;

        

        (h) the right,
if any, of the Issuer 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, including the Redemption Notice Period, upon
which Securities of the series may be so redeemed, pursuant to any sinking fund
or otherwise;

        

        (i) the
obligation, if any, of the Issuer 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, the period or periods within which and any terms and conditions upon
which Securities of the series shall be redeemed, purchased or repaid, in whole
or in part, pursuant to such obligation;

        

        (j) any
securities exchange or quotation system on which the Securities of the series
may be listed or quoted, as applicable;

        

        (k) if other
than denominations of $25 and any integral multiple thereof, the denominations
in which Securities of the series shall be issuable;

        

        (l) 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;

        

        

        

        

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        (m) if other
than the coin or currency in which the Securities of that series are
denominated, the coin or currency in which payment of the principal of or
interest on the Securities of such series shall be payable;

        

        (n) if the
Securities of a series may be converted into or exchanged for stock or other
securities of the Issuer or other entities, the terms upon which such series may
be converted or exchanged, any specific terms relating to the adjustment thereof
and the period during which such Securities may be so converted or
exchanged;

        

        (o) if the
principal of or interest on the Securities of such series are to be payable, at
the election of the Issuer or a Holder thereof, in a coin or currency other than
that in which the Securities are denominated, the period or periods within
which, and the terms and conditions upon which, such election may be
made;

        

        (p) if the
amount of payments of principal of and 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;

        

        (q) whether
the Securities of the series 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), 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 in Section 2.08. the terms upon which Unregistered Securities of any
series may be exchanged for Registered Securities of such series and vice
versa;

        

        (r) whether
and under what circumstances the Issuer will pay any additional amounts (“Additional Sums”) on the
Securities of the series held by a person who is not a U.S. person or held in a
Morgan Stanley Capital Trust in respect of any tax, assessment or governmental
charge withheld or deducted and, if so, whether the Issuer will have the option
to redeem such Securities rather than pay such Additional Sums;

        

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

        

        

        

        

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

        

        (u) any
additions, modifications or deletions in the Defaults, Events of Default or
covenants of the Issuer set forth herein with respect to the Securities of such
series;

        

        (v) any
modifications, including additions to or exclusions from, the definition of
Senior Indebtedness; and

        

        
          (w)  any other
terms of the series.

        

        

        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
denomination and except as may otherwise be provided by or pursuant to the Board
Resolution or Officer’s Certificate 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,
such Officer’s Certificate or in any such indenture supplemental
hereto.

        

        Section
2.04. Authentication and
Delivery of Securities. The Issuer may deliver Securities of any series
having attached thereto appropriate Coupons, if any, executed by the Issuer to
the Trustee for authentication together with the applicable documents referred
to below in this Section, the Trustee shall thereupon authenticate and deliver
such Securities to or upon the order of the Issuer (contained in the Issuer
Order referred to below in this Section) or pursuant to such procedures
acceptable to the Trustee and to such recipients as may be specified from time
to time by an Issuer Order. The maturity date, original issue date, interest
rate and any other terms of the Securities of such series and Coupons, if any,
appertaining thereto (including Redemption Notice Periods) shall be determined
by or pursuant to such Issuer Order and procedures. If provided for in such
procedures, such Issuer Order may authorize authentication and delivery pursuant
to oral instructions from the Issuer or its duly authorized agent, which
instructions shall be promptly confirmed in writing. In authenticating such
Securities and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (b), (c) and (d) below only at or before the time of the
first request of the Issuer to the Trustee to authenticate Securities of such
series) and (subject to Section 6.01) shall be fully protected in relying upon,
unless and until such documents have been superceded or revoked:

        

        

        

        

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        (a) an Issuer
Order requesting such authentication and setting forth delivery instructions if
the Securities and Coupons, if any, are not to be delivered to the Issuer,
provided that, with respect to Securities of a series subject to a Periodic
Offering, (i) such Issuer Order may be delivered by the Issuer to the Trustee
prior to the delivery to the Trustee of such Securities for authentication and
delivery, (ii) the Trustee shall authenticate and deliver Securities of such
series for original issue from time to time, in an aggregate principal amount
not exceeding the aggregate principal amount established for such series,
pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee
as may be specified from time to time by an Issuer Order, (iii) the maturity
date or dates, original issue date or dates, interest rate or rates and any
other terms of Securities of such series (including Redemption Notice Periods)
shall be determined by an Issuer Order or pursuant to such procedures and (iv)
if provided for in such procedures, such Issuer Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Issuer or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing;

        

        (b) any Board
Resolution, Officer’s Certificate 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 and Coupons, if any, were established;

        

        (c) an
Officer’s Certificate setting forth the form or forms and terms of the
Securities and Coupons, if any, stating that the form or forms and terms of the
Securities and Coupons, if any, have been established pursuant to Sections 2.01
and 2.03 and comply with this Indenture, and covering such other matters as the
Trustee may reasonably request; and

        

        (d) at the
option of the Issuer, either an Opinion of Counsel, or a letter addressed to the
Trustee permitting it to rely on an Opinion of Counsel, substantially to the
effect that:

        

        (i) the forms
of the Securities and Coupons, if any, have been duly authorized and established
in conformity with the provisions of this Indenture; 

        

        (ii) in the
case of an underwritten offering, the terms of the Securities have been duly
authorized and established in conformity with the provisions of this Indenture,
and, in the case of an offering that is not underwritten, certain terms of the
Securities have been established pursuant to a Board Resolution, an Officer’s
Certificate or a supplemental indenture in accordance with this Indenture, and
when such other terms as are to be established pursuant to procedures set forth
in an Issuer Order shall have been established, all such terms will have been
duly authorized

         

        

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        by the
Issuer and will have been established in conformity with the provisions of this
Indenture;

        

        (iii) when the
Securities and Coupons, if any, have been executed by the Issuer and
authenticated by the Trustee in accordance with the provisions of this Indenture
and delivered to and duly paid for by the purchasers thereof, they will have
been duly issued under this Indenture and will be valid and legally binding
obligations of the Issuer, enforceable in accordance with their respective
terms, and will be entitled to the benefits of this Indenture; and

        

        (iv) the
execution and delivery by the Issuer of, and the performance by the Issuer of
its obligations under, the Securities and Coupons, if any, will not contravene
any provision of applicable law or the certificate of incorporation or by-laws
of the Issuer or any agreement or other instrument binding upon the Issuer or
any of its subsidiaries that is material to the Issuer and its subsidiaries,
considered as one enterprise, or, to the best of such counsel’s knowledge, any
judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Issuer or any subsidiary, and no consent, approval or
authorization of any governmental body or agency is required for the performance
by the Issuer of its obligations under the Securities and Coupons, if any,
except such as are specified and have been obtained and such as may be required
by the securities or blue sky laws of the various states in connection with the
offer and sale of the Securities and Coupons, if any.

        

        In
rendering such opinions, such counsel may qualify any opinions as to
enforceability by stating that such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium and other similar laws
affecting the rights and remedies of creditors and is subject to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law). Such counsel may rely, as to all matters
governed by the laws of jurisdictions other than the State of New York and the
federal law of the United States, upon opinions of other counsel (copies of
which shall be delivered to the Trustee), who shall be counsel reasonably
satisfactory to the Trustee, in which case the opinion shall state that such
counsel believes he and the Trustee are entitled so to rely. Such counsel may
also state that, insofar as such opinion involves factual matters, he has
relied, to the extent he deems proper, upon certificates of officers of the
Issuer and its subsidiaries and certificates of public officials.

        

        The
Trustee shall have the right to decline to authenticate and deliver any
Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken by the Issuer or if the
Trustee in good

        

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        faith by
its board of directors or board of trustees, executive committee, or a trust
committee of directors or trustees or Responsible Officers shall determine that
such action would expose the Trustee to personal liability to existing Holders
or would affect the Trustee’s own rights, duties or immunities under the
Securities, this Indenture or otherwise.

        

        If the
Issuer shall establish pursuant to Section 2.03 that the Securities of a series
are to be issued in the form of one or more Registered Global Securities, then
the Issuer shall execute and the Trustee shall, in accordance with this Section
and the Issuer Order with respect to such series, 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 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 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.”

        

        Each
Depositary designated pursuant to Section 2.03 must, at the time of its
designation and at all times while it serves as Depositary, be a clearing agency
registered under the Securities Exchange Act of 1934 and any other applicable
statute or regulation.

        

        Section
2.05. Execution of
Securities. The Securities and, if applicable, each Coupon appertaining
thereto shall be signed on behalf of the Issuer by one of the following: the
Chairman of the Board, the President, the Chief Financial Officer, the Chief
Strategic and Administrative Officer, the Chief Legal Officer, the Treasurer,
any Assistant Treasurer or any other person authorized by the Board of Directors
to execute Securities or, if applicable, Coupons, which Securities or Coupons
may, but need not, be attested. Such signatures may be the manual or facsimile
signatures of the present or any future such officers. Minor errors or defects
in any such reproduction of any such signature shall not affect the validity or
enforceability of any Security that has been duly authenticated and delivered by
the Trustee.

        

        In case
any officer of the Issuer who shall have signed any of the Securities or
Coupons, if any, shall cease to be such officer before the Security or Coupon so
signed (or the Security to which the Coupon so signed appertains) shall be
authenticated and delivered by the Trustee or disposed of by the
Issuer,

        

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        such
Security or Coupon nevertheless may be authenticated and delivered or disposed
of as though the person who signed such Security or Coupon had not ceased to be
such officer of the Issuer; and any Security or Coupon may be signed on behalf
of the Issuer by such persons as, at the actual date of the execution of such
Security or Coupon, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not
such an officer.

        

        Section
2.06. Certificate of
Authentication. Only such Securities as shall bear thereon a certificate
of authentication substantially in the form hereinbefore recited, executed by
the Trustee by the manual signature of one of its authorized officers, shall be
entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. No Coupon shall be entitled to the benefits of this Indenture or shall
be valid and obligatory for any purpose until the certificate of authentication
on the Security to which such Coupon appertains shall have been duly executed by
the Trustee. The execution of such certificate by the Trustee upon any Security
executed by the Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the
Holder is entitled to the benefits of this Indenture.

        

        Section
2.07.  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, with respect to the Registered Securities of any series, if not so
established, in denominations of $1,000 and any integral multiple thereof. If
denominations of Unregistered Securities of any series are not so established,
such Securities shall be issuable in denominations of $1,000 and $5,000. The
Securities of each series shall be numbered, lettered or otherwise distinguished
in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee, as evidenced
by the execution and authentication thereof.

        

        Each
Registered Security shall be dated the date of its authentication. Each
Unregistered Security shall be dated as provided in the resolution or
resolutions of the Board of Directors of the Issuer referred to in Section 2.03.
The Securities of each series shall bear interest, if any, from the date, and
such interest 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
Issuer

        

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        shall
default in the payment of the interest due on such interest payment date for
such series, in which case such defaulted interest shall be paid to the Persons
in whose names Outstanding Registered Securities for such series are registered
at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders
of Registered Securities not less than 15 days preceding such subsequent record
date. 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, if such interest payment date is the first day of a calendar month,
the fifteenth day of the next preceding calendar month or, if such interest
payment date is the fifteenth day of a calendar month, the first day of such
calendar month, whether or not such record date is a Business Day.

        

        Section
2.08. Registration, Transfer
and Exchange. The Issuer will keep at each office or agency to be
maintained for the purpose as provided in Section 3.02 for each series of
Securities a register or registers in which, subject to such reasonable
regulations as it may prescribe, it will provide for the registration of
Registered Securities of such series and the registration of transfer of
Registered Securities of such series. Such register shall be in written form in
the English language or in any other form capable of being converted into such
form within a reasonable time. At all reasonable times such register or
registers shall be open for inspection by the Trustee.

        

        Upon due
presentation for registration of transfer of any Registered Security of any
series at any such office or agency to be maintained for the purpose as provided
in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new Registered Security
or Registered Securities of the same series, maturity date, interest rate and
original issue date in authorized denominations for a like aggregate principal
amount.

        

        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 having authorized
denominations and an equal aggregate principal amount, upon surrender of such
Registered Securities to be exchanged at the agency of the Issuer that shall be
maintained for such purpose in accordance with Section 3.02

        

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        and upon
payment, if the Issuer shall so require, of the charges hereinafter provided. If
the Securities of any series are issued in both registered and unregistered
form, except as otherwise specified 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 having authorized denominations and an
equal aggregate principal amount, upon surrender of such Unregistered Securities
to be exchanged at the agency of the Issuer that shall be maintained for such
purpose in accordance with Section 3.02, 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 Issuer 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 specified pursuant to Section 2.03, such Unregistered
Securities may be exchanged for Unregistered Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender
of such Unregistered Securities to be exchanged at the agency of the Issuer that
shall be maintained for such purpose in accordance with Section 3.02 or as
specified pursuant to Section 2.03 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 Issuer shall so require,
of the charges hereinafter provided. Unless otherwise specified pursuant to
Section 2.03, Registered Securities of any series may not be exchanged for
Unregistered Securities of such series. Whenever any Securities are so
surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive. All Securities and Coupons surrendered upon any exchange or
transfer provided for in this Indenture shall be promptly cancelled and disposed
of by the Trustee and the Trustee will deliver a certificate of disposition
thereof to the Issuer.

        

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

        

        The Issuer
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.

        

        The Issuer
shall not be required to exchange or register a transfer of (a) any Securities
of any series for a period of 15 days next preceding the first

        

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        mailing of
notice of redemption of Securities of such series to be redeemed or (b) any
Securities selected, called or being called for redemption, in whole or in part,
except, in the case of any Security to be redeemed in part, the portion thereof
not so to be redeemed.

        

        Notwithstanding
any other provision of this Section 2.08, 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 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 Securities of a series represented by one
or more Registered Global Securities notifies the Issuer that it is unwilling or
unable to continue as Depositary for such Registered Securities or if at any
time the Depositary for such Registered Securities shall no longer be eligible
under Section 2.04, the Issuer shall appoint a successor Depositary eligible
under Section 2.04 with respect to such Registered Securities. If a successor
Depositary eligible under Section 2.04 for such Registered Securities is not
appointed by the Issuer within 90 days after the Issuer receives such notice or
becomes aware of such ineligibility, the Issuer’s election pursuant to Section
2.03 that such Registered Securities be represented by one or more Registered
Global Securities shall no longer be effective and the Issuer will execute, and
the Trustee, upon receipt of an Officer’s Certificate for the authentication and
delivery of definitive Securities of such series, will authenticate and deliver,
Securities of such series in definitive registered form without coupons, in any
authorized denominations, in an aggregate principal amount equal to the
principal amount of the Registered Global Security or Securities representing
such Registered Securities in exchange for such Registered Global Security or
Securities.

        

        The Issuer
may at any time and in its sole discretion determine that the Registered
Securities of any series issued in the form of one or more Registered Global
Securities shall no longer be represented by a Registered Global Security or
Securities. In such event the Issuer will execute, and the Trustee, upon receipt
of an Officer’s Certificate for the authentication and delivery of definitive
Securities of such series, will authenticate and deliver, Securities of such
series in definitive registered form without coupons, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of
the Registered Global Security or Securities representing such Registered
Securities, in exchange for such Registered Global Security or
Securities.

        

        

        

        

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

        

        (a) to the
Person specified by such Depositary a new Registered Security or Securities of
the same series, 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.

        

        Upon the
exchange of a Registered Global Security for Securities in definitive registered
form without coupons, in authorized denominations, such Registered Global
Security shall be cancelled by the Trustee or an agent of the Issuer or the
Trustee. Securities in definitive registered form without coupons issued in
exchange for a Registered Global Security pursuant to this Section 2.08 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 Issuer 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 Issuer, 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 terms of any series of Securities to the contrary,
none of the Issuer, the Trustee or any agent of the Issuer or the Trustee (any
of which, other than the Issuer, shall rely on an Officer’s Certificate and an
Opinion of Counsel) 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 Issuer (such as, for example, the inability of the
Issuer 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.

        

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        Section
2.09.  Mutilated,
Defaced, Destroyed, Lost and Stolen Securities. In case
any temporary or definitive Security or any Coupon appertaining to any Security
shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in
its discretion may execute, and upon the written request of any officer of the
Issuer, the Trustee shall authenticate and deliver a new Security of the same
series, maturity date, interest rate and original issue date, bearing a number
or other distinguishing symbol not contemporaneously outstanding, in exchange
and substitution for the mutilated or defaced Security, or in lieu of and in
substitution for the Security so destroyed, lost or stolen with Coupons
corresponding to the Coupons appertaining to the Securities so mutilated,
defaced, destroyed, lost or stolen, or in exchange or substitution for the
Security to which such mutilated, defaced, destroyed, lost or stolen Coupon
appertained, with Coupons appertaining thereto corresponding to the Coupons so
mutilated, defaced, destroyed, lost or stolen. In every case the applicant for a
substitute Security or Coupon shall furnish to the Issuer and to the Trustee and
any agent of the Issuer or the Trustee such security or indemnity as may be
required by them to indemnify and defend and to save each of them harmless and,
in every case of destruction, loss or theft, evidence to their satisfaction of
the destruction, loss or theft of such Security or Coupon and of the ownership
thereof and in the case of mutilation or defacement shall surrender the Security
and related Coupons to the Trustee or such agent.

        

        Upon the
issuance of any substitute Security or Coupon, the Issuer may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee or its agent) connected therewith. In case any
Security or Coupon which has matured or is about to mature or has been called
for redemption in full shall become mutilated or defaced or be destroyed, lost
or stolen, the Issuer may instead of issuing a substitute Security, pay or
authorize the payment of the same or the relevant Coupon (without surrender
thereof except in the case of a mutilated or defaced Security or Coupon), if the
applicant for such payment shall furnish to the Issuer and to the Trustee and
any agent of the Issuer or the Trustee such security or indemnity as any of them
may require to save each of them harmless, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to their satisfaction of the
destruction, loss or theft of such Security or Coupon and of the ownership
thereof.

        

        Every
substitute Security or Coupon of any series issued pursuant to the provisions of
this Section by virtue of the fact that any such Security or Coupon is
destroyed, lost or stolen shall constitute an additional contractual obligation
of the Issuer, whether or not the destroyed, lost or stolen Security or Coupon
shall be at any time enforceable by anyone and shall be entitled to all the
benefits of (but shall be subject to all the limitations of rights set forth in)
this Indenture equally and proportionately with any and all other Securities or
Coupons of such series

        

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        duly
authenticated and delivered hereunder. All Securities and Coupons shall be held
and owned upon the express condition that, to the extent permitted by law, the
foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, defaced or destroyed, lost or stolen Securities and Coupons and shall
preclude any and all other rights or remedies notwithstanding any law or statute
existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their
surrender.

        

        Section
2.10. Cancellation of
Securities; Destruction Thereof. All Securities and Coupons surrendered
for payment, redemption, registration of transfer or exchange, or for credit
against any payment in respect of a sinking or analogous fund, if surrendered to
the Issuer or any agent of the Issuer or the Trustee or any agent of the
Trustee, shall be delivered to the Trustee or its agent for cancellation or, if
surrendered to the Trustee, shall be cancelled by it; and no Securities or
Coupons shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Indenture. The Trustee or its agent shall return such
cancelled Securities and Coupons held by it to the Issuer. If the Issuer or its
agent shall acquire any of the Securities or Coupons, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such
Securities or Coupons unless and until the same are delivered to the Trustee or
its agent for cancellation.

        

        Section
2.11. Temporary
Securities. Pending the preparation of definitive Securities for any
series, the Issuer may execute and the Trustee shall authenticate and deliver
temporary Securities for such series (printed, lithographed, typewritten or
otherwise reproduced, in each case in form satisfactory to the Trustee).
Temporary Securities of any series shall be issuable as Registered Securities
without coupons, or as Unregistered Securities with or without coupons attached
thereto, of any authorized denomination, and substantially in the form of the
definitive Securities of such series but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be
determined by the Issuer with the concurrence of the Trustee as evidenced by the
execution and authentication thereof. Temporary Securities may contain such
references to any provisions of this Indenture as may be appropriate. Every
temporary Security shall be executed by the Issuer and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with
like effect, as the definitive Securities. Without unreasonable delay the Issuer
shall execute and shall furnish definitive Securities of such series and
thereupon temporary Registered Securities of such series may be surrendered in
exchange therefor without charge at each office or agency to be maintained by
the Issuer for that purpose pursuant to Section 3.02 and, in the case of
Unregistered Securities, at any agency maintained by the Issuer for such purpose
as specified pursuant to Section 2.03, and the Trustee shall authenticate and
deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of

        

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        definitive
Securities of the same series having authorized denominations and, in the case
of Unregistered Securities, having attached thereto any appropriate Coupons.
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,
unless otherwise established pursuant to Section 2.03. The provisions of this
Section are subject to any restrictions or limitations on the issue and delivery
of temporary Unregistered Securities of any series that may be established
pursuant to Section 2.03 (including any provision that Unregistered Securities
of such series initially be issued in the form of a single global Unregistered
Security to be delivered to a depositary or agency located outside the United
States and the procedures pursuant to which definitive or global Unregistered
Securities of such series would be issued in exchange for such temporary global
Unregistered Security).

        

        Section
2.12. CUSIP Numbers.
The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of a redemption, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Company will promptly notify the Trustee in
writing of any change in the “CUSIP” numbers.

        

        

        ARTICLE
3

        COVENANTS
OF THE ISSUER

        

        Section
3.01. Payment of Principal and
Interest. The Issuer covenants and agrees for the benefit of each series
of Securities that it will duly and punctually pay or cause to be paid the
principal of, and interest on, each of the Securities of such series (together
with any additional amounts payable pursuant to the terms of such Securities) at
the place or places, at the respective times and in the manner provided in such
Securities and in the Coupons, if any, appertaining thereto and in 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. If any
temporary Unregistered Security provides that interest thereon may be paid while
such Security is in temporary form, the interest on any such temporary
Unregistered Security (together with any additional amounts payable pursuant to
the terms of such Security) 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 Securities for notation thereon of the payment of
such

        

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        interest,
in each case subject to any restrictions that may be established pursuant to
Section 2.03. The interest on Registered Securities (together with any
additional amounts payable pursuant to the terms of such Securities) shall be
payable only to or upon the written order of the Holders thereof and, at the
option of the Issuer, may be paid by wire transfer or 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 registry books of the Issuer; provided, however, that, if
the Securities of such series are held by a Morgan Stanley Capital Trust or a
trustee of such trust and a holder of a Capital Security of such trust brings a
successful Direct Action with respect to any interest payable on such
Securities, such interest will be payable directly to such holder. In such
event, the Issuer will have the right to set-off such payment to such holder
against its obligation to pay interest on such Securities to such Morgan Stanley
Capital Trust.

        

        Section
3.02. Offices for Payments,
etc. So long as any Registered Securities are authorized for issuance
pursuant to this Indenture or are outstanding hereunder, the Issuer will
maintain in the Borough of Manhattan, The City of New York, an office or agency
where the Registered Securities of each series may be presented for payment,
where the Securities of each series may be presented for exchange as is provided
in this Indenture and, if applicable, pursuant to Section 2.03 and where the
Registered Securities of each series may be presented for registration of
transfer as in this Indenture provided.

        

        The Issuer
initially appoints the Corporate Trust Office of the Trustee in the Borough of
Manhattan, The City of New York, as its agency for the foregoing purposes. The
Issuer may subsequently appoint a different office or agency of the Issuer in
the Borough of Manhattan, The City of New York. The Issuer further initially
appoints the Trustee at said Corporate Trust Office as Security registrar for
each series of Securities. The Issuer will have the right to remove and replace
from time to time the Security registrar for any series of Securities; provided
that no such removal or replacement will be effective until a successor Security
registrar with respect to such series of Securities has been appointed by the
Issuer and has accepted such appointment.

        

        The Issuer
will maintain one or more offices or agencies in a city or cities located
outside the United States (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 such 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 Issuer
within the United States nor will any payment be made by transfer to an account
in, or by mail to an address in, the United States unless pursuant to applicable
United States laws and regulations then in effect such payment can
be

        

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        made
without adverse tax consequences to the Issuer. Notwithstanding the foregoing,
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 Issuer maintained in the Borough of Manhattan, The City of New York if such
payment in Dollars at each agency maintained by the Issuer outside the United
States for payment on such Unregistered Securities is illegal or effectively
precluded by exchange controls or other similar restrictions.

        

        The Issuer
will maintain in the Borough of Manhattan, The City of New York, an office or
agency where notices and demands to or upon the Issuer in respect of the
Securities of any series, the Coupons appertaining thereto or this Indenture may
be served.

        

        The Issuer
will give to the Trustee written notice of the location of each such office or
agency and of any change of location thereof. In case the Issuer shall fail to
maintain any agency required by this Section to be located in the Borough of
Manhattan, The City of New York, or shall fail to give such notice of the
location or of any change in the location of any of the above agencies,
presentations and demands may be made and notices may be served at the Corporate
Trust Office of the Trustee.

        

        The Issuer
may from time to time designate one or more additional offices or agencies where
the Securities of a series and any Coupons appertaining thereto may be presented
for payment, where the Securities of that series may be presented for exchange
as provided in this Indenture and pursuant to Section 2.03 and where the
Registered Securities of that series may be presented for registration of
transfer as in this Indenture provided, and the Issuer may from time to time
rescind any such designation, as the Issuer may deem desirable or expedient;
provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain the agencies provided for in this Section. The Issuer
will give to the Trustee prompt written notice of any such designation or
rescission thereof.

        

        Section
3.03. Appointment to Fill a
Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 6.10, a Trustee, so that there shall at all times be a Trustee with
respect to each series of Securities hereunder.

        

        Section
3.04. Paying Agents.
Whenever the Issuer shall appoint a paying agent other than the Trustee with
respect to the Securities of any series, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section,

        

        

        

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        (a) that it
will hold all sums received by it as such agent for the payment of the principal
of or interest on the Securities of such series (whether such sums have been
paid to it by the Issuer or by any other obligor on the Securities of such
series) in trust for the benefit of the Holders of the Securities of such
series, or Coupons appertaining thereto, if any, or of the Trustee,

        

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

        

        (c) that it
will pay any such sums so held in trust by it to the Trustee upon the Trustee’s
written request at any time during the continuance of the failure referred to in
clause (b) above.

        

        The Issuer
will, on or prior to each due date of the principal of or interest on the
Securities of such series, deposit with the paying agent a sum sufficient to pay
such principal or interest so becoming due, and (unless such paying agent is the
Trustee) the Issuer will promptly notify the Trustee of any failure to take such
action.

        

        If the
Issuer shall act as its own paying agent with respect to the Securities of any
series, it will, on or before each due date of the principal of or interest on
the Securities of such series, set aside, segregate and hold in trust for the
benefit of the Holders of the Securities of such series or the Coupons
appertaining thereto a sum sufficient to pay such principal or interest so
becoming due. The Issuer will promptly notify the Trustee of any failure to take
such action.

        

        Anything
in this Section to the contrary notwithstanding, but subject to Section 10.01
and to the terms of any series of Securities, the Issuer may at any time, for
the purpose of obtaining a satisfaction and discharge with respect to one or
more or all series of Securities hereunder, or for any other reason, pay or
cause to be paid to the Trustee all sums held in trust for any such series by
the Issuer or any paying agent hereunder, as required by this Section, such sums
to be held by the Trustee upon the trusts herein contained.

        

        Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section is subject to the provisions of Sections 10.03
and 11.04.

        

        Section
3.05. Written Statement to
Trustee. The Issuer will furnish to the Trustee on or before March 31 in
each year (beginning with March 31, [20_ _]) a brief certificate (which need not
comply with Section 11.05) from the principal executive, financial or accounting
officer of the Issuer stating that in the course of

        

        

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        the
performance by the signer of his duties as an officer of the Issuer he would
normally have knowledge of any default or non-compliance by the Issuer in the
performance of any covenants or conditions contained in this Indenture, stating
whether or not he has knowledge of any such default or non-compliance and, if
so, specifying each such default or non-compliance of which the signer has
knowledge and the nature thereof.

        

        Section
3.06. Luxembourg
Publications. In the event of the publication of any notice pursuant to
Section 5.11, 6.10(a), 6.11, 8.02, 10.04, 12.02 or 12.05, the party making such
publication in the Borough of Manhattan, The City of New York and London shall
also, to the extent that notice is required to be given to Holders of Securities
of any series by applicable Luxembourg law or stock exchange regulation, as
evidenced by an Officer’s Certificate delivered to such party, make a similar
publication in Luxembourg.

        

        

        ARTICLE
4

        SECURITYHOLDERS
LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

        

        Section
4.01. Issuer to Furnish
Trustee Information as to Names and Addresses of Securityholders.
If and so long as the Trustee shall not be the Security registrar for
the Securities of any series, the Issuer and any other obligor on the Securities
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
Registered Securities of such series 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 interest on such Registered Securities, as hereinabove
specified, as of such record date and on dates to be determined pursuant to
Section 2.03 for non-interest bearing Registered Securities in each year, and
(b) at such other times as the Trustee may request in writing, within thirty
days after receipt by the Issuer of any such request as of a date not more than
15 days prior to the time such information is furnished.

        

        Section
4.02. Preservation and
Disclosure of Securityholders Lists. This Section intentionally left
blank.

        

        Section
4.03. Reports by the
Issuer. The Issuer covenants to file with the Trustee, within 15 days
after the Issuer is required to file the same with the Commission, copies of the
annual reports and of the information, documents, and other reports that the
Issuer may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314
of the Trust Indenture Act of 1939.

        

        

        

        

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        Section
4.04. Reports by the
Trustee. Any Trustee’s report required under Section 313(a) of the Trust
Indenture Act of 1939 shall be transmitted on or before May 15 in each year
beginning May 15, [20_ _], as provided in Section 313(c) of the Trust Indenture
Act of 1939, so long as any Securities are Outstanding hereunder, and shall be
dated as of a date convenient to the Trustee no more than 60 days prior
thereto.

        

        

        ARTICLE
5

        
          REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS IN DEFAULT OR EVENT OF
DEFAULT

        

        

        Section
5.01. Event of Default
Defined; Acceleration of Maturity; Waiver of Event of Default. “Event of Default” with respect
to Securities of any series wherever used herein,
means each one of the following events which shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body) unless it is specifically deleted or
modified in the supplemental indenture, if any, under which such series of
Securities is issued:

        

        (a) failure to
pay in full the interest accrued on any Securities of such series upon the
conclusion of an extension of the interest payment period of the number of
payment periods specified herein or pursuant to Section 2.03 and continuance of
that failure for a period of 30 days; or

        

        (b) a court
having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Issuer 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 Issuer or for any substantial part of its property or ordering
the winding up or liquidation of its affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days;
or

        

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

        

        

        

        

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        (d) any
other Event of Default provided in the supplemental indenture under which such
series of Securities is issued or in the form of Security for such
series.

        

        If an
Event of Default described in clause (a) or (d) (if the Event of Default under
clause (a) or (d) is with respect to less than all series of Securities 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 each such affected series
then Outstanding hereunder (voting as a single class) or, if the Securities of
such series are held by a Morgan Stanley Capital Trust or a trustee of such
trust and should the Trustee or such Holders of the Outstanding Securities fail
to make the declaration referred to below, the holders of at least 25% in
aggregate liquidation amount of the outstanding Capital Securities of such trust
(voting as a separate class), by notice in writing to the Issuer (and to the
Trustee if given by Securityholders or the holders of Capital Securities), may
declare the entire principal (or, if any of the Securities of any such affected
series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of all Securities of
all such affected series or of such series held by a Morgan Stanley Capital
Trust, as the case may be, 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.

        

        If an
Event of Default described in clause (b), (c) or (d) (if the Event of Default
under clause (d) is with respect to all series of Securities then Outstanding)
occurs and is continuing, then and in each and every such case, unless the
principal of all the Securities shall have already become due and payable,
either the Trustee or the Holders of not less than 25% in aggregate principal
amount of all the Securities then Outstanding hereunder (treated as one class),
or, if the Securities of any such series are held by a Morgan Stanley Capital
Trust or a trustee of such trust and should the Trustee or such Holders of the
Outstanding Securities fail to make the declaration referred to below, the
holders of at least 25% in aggregate liquidation amount of the outstanding
Capital Securities of such trust (treated as a separate class), by notice in
writing to the Issuer (and to the Trustee if given by Securityholders or the
holders of Capital Securities), may declare the entire principal (or, if any
Securities are Original Issue Discount Securities, such portion of the principal
as may be specified in the terms thereof) of all the Securities then Outstanding
or of such series held by a Morgan Stanley Capital Trust, as the case may be,
and interest accrued thereon, if any, to be due and payable immediately, and
upon any such declaration the same shall become immediately due and
payable.

        

        

        

        

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        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) of the Securities of any series (or of all the Securities, as the case
may be) shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the Issuer 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 such
series (or at the respective rates of interest or Yields to Maturity of all the
Securities, as the case may be) to the date of such payment or deposit) and such
amount as shall be sufficient to cover reasonable compensation to the Trustee
and each predecessor Trustee, its agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad faith, and if
any and all Defaults under the Indenture, other than the non-payment of the
principal of Securities which shall have become due by acceleration, shall have
been 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
Securities of each such series or of all the Securities then Outstanding, in
each case voting as a single class (except that each such series of Securities
held by a Morgan Stanley Capital Trust shall vote as a separate class), by
written notice to the Issuer and to the Trustee, may waive all Defaults with
respect to each 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 shall extend to or shall affect any
subsequent Default or shall impair any right consequent thereon; provided however, that if the
Securities of such series are held by a Morgan Stanley Capital Trust or a
trustee of such trust, (i) such waiver or rescission and annulment shall not be
effective until the holders of a majority in aggregate liquidation amount of the
Capital Securities of such trust shall have consented to such waiver or
rescission and annulment and (ii) should the Holders of the Securities of such
series fail to waive such Defaults and rescind and annul such declaration and
its consequences, the holders of a majority in aggregate liquidation amount of
the Capital Securities of such trust shall have such right.

        

        If the
Securities of a series are held by a Morgan Stanley Capital Trust or a trustee
of such trust and an Event of Default or Default attributable to the failure of
the Issuer to pay any amounts payable in respect of such Securities on the
date

        

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        such
amounts are otherwise payable has occurred and is continuing, a holder of
Capital Securities of such trust may institute a Direct Action. If the Issuer
makes any payment to a holder of such Capital Securities as a result of a Direct
Action, the Issuer will have the right to set-off any such payment against its
obligation to make any corresponding payment to such Morgan Stanley Capital
Trust on such Securities.

        

        For all
purposes under this Indenture, if a portion of the principal of any Original
Issue Discount Securities shall have been accelerated and declared 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
5.02. Collection of
Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants
that (a) in case default shall be made in the payment of any installment of
interest on any of the Securities of any series when such interest shall have
become due and payable, and such default shall have continued for a period of 30
days or (b) in case default shall be made in the payment of all or any part of
the principal of any of the Securities of any series when the same shall have
become due and payable, whether upon maturity of the Securities of such series
or upon any redemption or by declaration or otherwise then upon demand of the
Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of
the Securities of such series the whole amount that then shall have become due
and payable on all Securities of such series, and such Coupons, for principal or
interest, as the case may be (with interest to the date of such payment upon the
overdue 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 such series); and in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including reasonable compensation to the Trustee and
each predecessor Trustee, their respective agents, attorneys and counsel, and
any expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of its negligence or bad
faith.

        

        Until such
demand is made by the Trustee, the Issuer may pay the principal of and interest
on the Securities of any series to the Holders, whether or not the Securities of
such series be overdue.

        

        

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

        

        In case
there shall be pending proceedings relative to the Issuer or any other obligor
upon the Securities under Title 11 of the United States Code or any other
applicable Federal or state bankruptcy, insolvency or other similar law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor, or in case
of any other comparable judicial proceedings relative to the Issuer or other
obligor upon the Securities, or to the creditors or property of the Issuer or
such other obligor, the Trustee, irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such proceedings or otherwise:

        

        (a) to file
and prove a claim or claims for the whole amount of principal and interest (or,
if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series)
owing and unpaid in respect of the Securities of any series, and to file such
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for reasonable compensation to the
Trustee and each predecessor Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all
advances made, by the Trustee and each predecessor Trustee, except as a result
of negligence or bad faith) and of the Securityholders allowed in any judicial
proceedings relative to the Issuer or other obligor upon the Securities, or to
the creditors or property of the Issuer or such other obligor,

        

        (b) unless
prohibited by applicable law and regulations, to vote on behalf of the holders
of the Securities of any series in any election of a trustee or a standby
trustee in arrangement, reorganization, liquidation or other bankruptcy or
insolvency proceedings or person performing similar functions in comparable
proceedings, and

        

        

        

        

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        (c) to
collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute all amounts received with respect to the claims
of the Securityholders and of the Trustee on their behalf; and any trustee,
receiver, or liquidator, custodian or other similar official is hereby
authorized by each of the Securityholders to make payments to the Trustee, and,
in the event that the Trustee shall consent to the making of payments directly
to the Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad
faith.

        

        Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Securities of any series or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

        

        All rights
of action and of asserting claims under this Indenture, or under any of the
Securities of any series or Coupons appertaining to such Securities, may be
enforced by the Trustee without the possession of any of the Securities of such
series or Coupons appertaining to such Securities or the production thereof on
any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Securities or Coupons appertaining to such
Securities in respect of which such action was taken.

        

        In any
proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be
a party), the Trustee shall be held to represent all the Holders of the
Securities or Coupons appertaining to such Securities in respect to which such
action was taken and it shall not be necessary to make any Holders of such
Securities or Coupons appertaining to such Securities parties to any such
proceedings.

        

        Section
5.03. Applications of
Proceeds. Any moneys collected by the Trustee pursuant to this Article in
respect of any series shall, subject to the subordination provisions hereof, 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

        

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        account of
principal or interest, upon presentation of the several Securities and Coupons
appertaining to such Securities in respect of which monies have been collected
and stamping (or otherwise noting) thereon the payment, or issuing Securities of
such series in reduced principal amounts in exchange for the presented
Securities of like series if only partially paid, or upon surrender thereof if
fully paid:

        

        FIRST: To
the payment of costs and expenses applicable to such series in respect of which
moneys have been collected, including reasonable compensation to the Trustee and
each predecessor Trustee and their respective agents and attorneys and of all
expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad
faith;

        

        SECOND: 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 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: 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

        

        

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        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 Issuer or any other person lawfully
entitled thereto.

        

        Section
5.04. Suits for
Enforcement. In case a Default has occurred, has not been waived and is
continuing, the Trustee may in its discretion proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in this
Indenture or in aid of the exercise of any power granted in this Indenture or to
enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law.

        

        Section
5.05. Restoration of Rights on
Abandonment of Proceedings. In case the Trustee shall have proceeded to
enforce any right under this Indenture and such proceedings shall have been
discontinued or abandoned for any reason, or shall have been determined
adversely to the Trustee, then and in every such case the Issuer and the Trustee
shall be restored respectively to their former positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Trustee and the
Securityholders and any rights of holders of Capital Securities to institute a
Direct Action shall continue as though no such proceedings had been
taken.

        

        Section
5.06.  Limitations
on Suits by Securityholder; Default Defined. No Holder
of any Security of any series or of any Coupon appertaining thereto shall have
any right by virtue or by availing of any provision of this Indenture to
institute any action or proceeding at law or in equity or in bankruptcy or
otherwise upon or under or with respect to this Indenture, or for the
appointment of a trustee, receiver, liquidator, custodian or other similar
official or for any other remedy hereunder, unless such Holder previously shall
have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of not less than
25% in aggregate principal amount of the Securities of each affected series then
Outstanding (treated as a single class) shall have made written request upon the
Trustee to institute such action or proceedings in its own name as trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred therein
or thereby and the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity shall have failed to institute any such action or
proceeding and no direction inconsistent with such written request shall have
been given to the Trustee pursuant to Section 5.09; it being understood and
intended, and being expressly covenanted by the taker and

        

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        Holder of
every Security or Coupon with every other taker and Holder and the Trustee, that
no one or more Holders of Securities of any series or Coupons appertaining to
such Securities shall have any right in any manner whatever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the
rights of any other such Holder of Securities or Coupons appertaining to such
Securities, or to obtain or seek to obtain priority over or preference to any
other such Holder or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all
Holders of Securities of the applicable series and Coupons appertaining to such
Securities. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

        

        “Default” with respect to
Securities of any series wherever used herein, means each one of the following
events which shall have occurred and be continuing (whatever the reason for such
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body) unless
it is specifically deleted or modified in the supplemental indenture, if any,
under which such series of Securities is issued:

        

        (a) default in
the payment of any installment of interest upon any of the Securities of such
series as and when the same shall become due and payable, and continuance of
such default for a period of 30 days; provided, however, that a
valid extension of an interest payment period in accordance with the terms of
the Securities of such series shall not constitute a default in the payment of
interest for this purpose; or

        

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

        

        (c) failure on
the part of the Issuer duly to observe or perform any other of the covenants or
agreements on the part of the Issuer in the Securities of such series (other
than a covenant or warranty in respect of the Securities of such series a
default in the performance or breach of which is elsewhere in this Section or in
Section 5.01 specifically dealt with) or contained in this Indenture for a
period of 60 days after
the date on which written notice specifying such failure, stating that such
notice is a “Notice
of Default” hereunder and demanding that the Issuer remedy the same,
shall have been given by registered or certified mail, return receipt requested,
to the Issuer by the Trustee, or to the Issuer and the Trustee by the holders of
at least 25% in aggregate principal amount of the Outstanding Securities of all
series affected thereby and, if the Securities of such series are held by a
Morgan Stanley Capital Trust or a trustee of such trust and should
the

        

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        Trustee or
such Holders of the Outstanding Securities fail to give such notice, the holders
of at least 25% in aggregate liquidation amount of the outstanding Capital
Securities of such trust shall have the right to give such notice;
or

        

        
          (d)  an Event
of Default with respect to such series specified in Section 5.01;
or

        

        

        (e) any other
Default provided in the supplemental indenture under which such series of
Securities is issued or in the form of Security for such series.

        

        Section
5.07. Unconditional Right of
Securityholders to Institute Certain Suits. Notwithstanding any
other provision in this Indenture and any provision of any Security, the right
of any Holder of any Security or Coupon to receive payment of the principal of
and interest on such Security or Coupon on or after the respective due dates
expressed in such Security or Coupon, or to institute 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; provided however, that if a series of
Securities is held by a Morgan Stanley Capital Trust, the Holder of such
Securities shall not give such consent without the consent of each holder of the
Capital Securities of such trust. Notwithstanding the foregoing, nothing in this
Section shall be deemed to impair the right of any holder of Capital Securities
to institute a Direct Action.

        

        Section
5.08. Powers and Remedies
Cumulative; Delay or Omission Not Waiver of Default; Restoration of
Rights and Remedies. Except as provided in Section 5.06, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders of
Securities or Coupons or to holders of the Capital Securities 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.

        

        No delay
or omission of the Trustee or of any Holder of Securities or Coupons or of any
holder of Capital Securities to exercise any right or power accruing upon any
Default occurring and continuing as aforesaid shall impair any such right or
power or shall be construed to be a waiver of any such Default or an
acquiescence therein; and, subject to Section 5.06 every power and remedy given
by this Indenture or by law to the Trustee or to the Holders of Securities or
Coupons or to holders of Capital Securities may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Holders of
Securities or Coupons or by the holders of Capital Securities.

        

        

        

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        If the
Trustee, any Holder or any holder of Capital Securities 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, such Holder or such holder of Capital
Securities, then and in every case the Company, the Trustee, the Holders and
such holder of Capital Securities shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee, the Holders
and the holders of Capital Securities shall continue as though no such
proceeding had been instituted.

        

        Section
5.09. Control by Holders of
Securities. The Holders of a majority in aggregate principal amount of
the Securities of each series affected (with all such series voting as a single
class) at the time Outstanding shall have the right to direct the time, method,
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series by this Indenture; provided that such direction
shall not be otherwise than in accordance with law and the provisions of this
Indenture and provided
further that (subject to the provisions of Section 6.01) the Trustee
shall have the right to decline to follow any such direction if the Trustee,
being advised by counsel, shall determine that the action or proceeding so
directed may not lawfully be taken or if the Trustee in good faith by its board
of directors, the executive committee, or a trust committee of directors or
Responsible Officers of the Trustee shall determine that the action or
proceedings so directed would involve the Trustee in personal liability or if
the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the
interests of Holders of the Securities of all series so affected not joining in
the giving of said direction, it being understood that (subject to Section 6.01)
the Trustee shall have no duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders.

        

        Nothing in
this Indenture shall impair the right of the Trustee in its discretion to take
any action deemed proper by the Trustee and which is not inconsistent with such
direction or directions by Securityholders.

        

        Section
5.10. Waiver of Past
Defaults. Prior to the acceleration of the maturity of any Securities as
provided in Section 5.01, the Holders of a majority in aggregate principal
amount of the Securities of all series at the time Outstanding with respect to
which a Default shall have occurred and be continuing (voting as a single class)
may on behalf of the Holders of all such Securities waive any past Default and
its consequences, except a Default in the payment of principal or interest
(unless such Default has been cured and a sum sufficient to pay all matured
installments of interest and principal due otherwise

        

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        than by
acceleration has been deposited with the Trustee) or a Default in respect of a
covenant or provision hereof which cannot be modified or amended without the
consent of the Holder of each Security affected; provided, that if the
Securities of such series are held by a Morgan Stanley Capital Trust or a
trustee of such trust, such waiver shall not be effective as to such Securities
unless the holders of at least a majority in aggregate liquidation amount of the
Capital Securities of such trust shall have consented to such waiver; provided further, that if the
consent of the Holder of each Outstanding Security of such series is required,
such waiver shall not be effective unless each holder of the Capital Securities
of such trust shall have consented to such waiver. In the case of any such
waiver, the Issuer, the Trustee, the Holders of all such Securities and the
holders of any Capital Securities shall be restored to their former positions
and rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon.

        

        Upon any
such waiver, such default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Default or Event of Default arising therefrom
shall be deemed to have been cured, and not to have occurred for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon.

        

        Section
5.11. Trustee to Give Notice
of Default, But May Withhold in Certain Circumstances. The
Trustee shall, within ninety days after the occurrence of a default
with respect to the Securities of any series, give notice of all defaults with
respect to that series known to the Trustee (a) if any Unregistered Securities
of that 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, if
required by Section 3.06, at least once in an Authorized Newspaper in
Luxembourg) and (b) by mail to all Holders of Registered Securities of such
series and to such other Holders of Securities as have, within two years
preceding such transmission, filed their names and addresses with the Trustee
for that purpose, unless in each case such defaults shall have been cured before
the mailing or publication of such notice (the term “defaults” for the purpose of
this Section being hereby defined to mean any event or condition which is, or
with notice or lapse of time or both would become, a Default or Event of
Default); provided
that, except in the case of default in the payment of the principal of or
interest on any of the Securities of such series, or in the payment of any
sinking fund installment on such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee, or a trust committee of directors or trustees and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Securityholders of such series.

        

        

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        Section
5.12. Right of Court to
Require Filing of Undertaking to Pay Costs. All parties to this
Indenture agree, and each Holder of any Security or Coupon by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of
Securityholders of any series holding in the aggregate more than 10% in
aggregate principal amount of the Securities of such series, or, in the case of
any suit relating to or arising under clause (d) of Section 5.01 or clause (c)
or (e) of Section 5.06 (if the suit relates to Securities of more than one but
less than all series), 10% in aggregate principal amount of Securities then
Outstanding and affected thereby, or in the case of any suit relating to or
arising under clause (b) or (c) of Section 5.01, 10% in aggregate principal
amount of all Securities then Outstanding, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of or
interest (including any Additional Interest) on any Security on or after the due
date expressed in such Security or any date fixed for redemption.

        

        

        ARTICLE
6

        CONCERNING
THE TRUSTEE

        

        Section
6.01. Duties and
Responsibilities of the Trustee; During Default; Prior to Default. With
respect to the Holders of any series of Securities issued hereunder, the Trustee,
prior to the occurrence of a Default with respect to the Securities of a
particular series and after the curing or waiving of all Defaults which may have
occurred with respect to such series, undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture. In case a Default
with respect to the Securities of a series has occurred (which has not been
cured or waived), the Trustee shall exercise with respect to such series of
Securities such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his own
affairs.

        

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

        

        

        

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        (a) prior to
the occurrence of a Default with respect to the Securities of any series and
after the curing or waiving of all such Defaults with respect to such series
which may have occurred:

        

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

        

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

        

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

        

        (c) the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders
pursuant to Section 5.09 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.

        

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

        

        The
provisions of this Section 6.01 are in furtherance of and subject to Section 315
of the Trust Indenture Act of 1939.

        

        Section
6.02. Certain Rights of the
Trustee. In furtherance of and subject to the Trust Indenture Act of
1939, and subject to Section 6.01:

        

        

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

        

        (b) any
request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the
Board of Directors may be evidenced to the Trustee by a copy thereof certified
by the secretary or an assistant secretary of the Issuer;

        

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

        

        (d) the
Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture at the request, order or direction of any of the
Securityholders pursuant to the provisions of this Indenture, unless such
Securityholders shall have offered to the Trustee security or indemnity
reasonably satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred therein or thereby;

        

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

        

        (f) prior to
the occurrence of a Default hereunder and after the curing or waiving of all
Defaults, the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, 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
indemnity reasonably satisfactory to the Trustee against such expenses or
liabilities as a condition to proceeding; the reasonable expenses of every such
investigation shall be paid by the Issuer or, if paid by the Trustee or any
predecessor Trustee, shall be repaid by the Issuer upon demand;

        

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

        

        (h) in no
event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of
action;

        

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

        

        (j) the
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities
hereunder.

        

        Section
6.03. Trustee Not Responsible
for Recitals, Disposition of Securities or Application of
Proceeds Thereof. The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representation as to the validity
or sufficiency of this Indenture or of the Securities or Coupons. The Trustee
shall not be accountable for the use or application by the Issuer of any of the
Securities or of the proceeds thereof.

        

        Section
6.04. Trustee and Agents May
Hold Securities or Coupons; Collections, etc. The Trustee
or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities or Coupons with the same
rights it would have if it were not the Trustee or such agent and may otherwise
deal with the Issuer and receive, collect, hold and retain collections from the
Issuer with the same rights it would have if it were not the Trustee or such
agent.

        

        Section
6.05. Moneys Held by
Trustee. Subject to the provisions of Section 10.04 hereof, all moneys
received by the Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of

        

        

        

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        the Issuer
or the Trustee shall be under any liability for interest on any moneys received
by it hereunder.

        

        Section
6.06. Compensation and
Indemnification of Trustee and Its Prior Claim. The Issuer covenants
and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as the parties shall agree in writing from
time to time (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) and the Issuer covenants and
agrees to pay or reimburse the Trustee and each predecessor Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by or on behalf of it in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its
counsel and of all agents and other persons not regularly in its employ) except
any such expense, disbursement or advance as may arise from its negligence or
bad faith. The Issuer also covenants to indemnify the Trustee and each
predecessor Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of this Indenture or the
trusts hereunder and its duties hereunder, including the costs and expenses of
defending itself against or investigating any claim of liability in the
premises. The obligations of the Issuer 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. 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.

        

        Section
6.07.  Right
of Trustee to Rely on Officer’s Certificate, etc. Subject to
Sections 6.01 and 6.02, 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
Officer’s Certificate delivered to the Trustee, and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted by it under the
provisions of this Indenture upon the faith thereof.

        

        Section
6.08. Indentures Not Creating
Potential Conflicting Interests for the Trustee. The following
indenture is hereby specifically described for the

        

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        purposes
of Section 310(b)(1) of the Trust Indenture Act of 1939: this Indenture with
respect to the Securities of any other series.

        

        Section
6.09. Persons Eligible for
Appointment as Trustee. The Trustee for each series of Securities
hereunder shall at all times be a corporation organized and doing business under
the laws of the United States of America or of any State or the District of
Columbia having a combined capital and surplus of at least $5,000,000, and which
is authorized under such laws to exercise corporate trust powers and is subject
to supervision or examination by Federal, State or District of Columbia
authority. Such corporation shall have its principal place of business in the
Borough of Manhattan, The City of New York if there be such a corporation in
such location willing to act upon reasonable and customary terms and conditions.
If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 6.10.

        

        The
provisions of this Section 6.09 are in furtherance of and subject to Section
310(a) of the Trust Indenture Act of 1939.

        

        Section
6.10. Resignation and Removal;
Appointment of Successor Trustee. (a) The Trustee, or
any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of
resignation to the Issuer and (i) if any Unregistered Securities of a series
affected are then Outstanding, by giving notice of such resignation 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, if required by Section 3.06, at least once in an
Authorized Newspaper in Luxembourg), (ii) if any Unregistered Securities of a
series affected are then Outstanding, by mailing notice of such resignation to
the Holders thereof who have filed their names and addresses with the Trustee
within the two years preceding the notice at such addresses as were so furnished
to the Trustee and (iii) by mailing notice of such resignation to the Holders of
then Outstanding Registered Securities of each series affected at their
addresses as they shall appear on the registry books. Upon receiving such notice
of resignation, the Issuer shall promptly appoint a successor trustee or
trustees with respect to the applicable series by written instrument in
duplicate, executed by authority of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee or trustees. If no successor trustee shall have been so
appointed with respect to any series and have

        

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        accepted
appointment within 30 days after the mailing of such notice of resignation, the
resigning trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Securityholder who has been a bona
fide Holder of a Security or Securities of the applicable series for at least
six months may, subject to the provisions of Section 5.12, on behalf of himself
and all others similarly situated, petition any such court for the appointment
of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, appoint a successor trustee.

        

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

        

        

        (i) the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
Indenture Act of 1939 with respect to any series of Securities after written
request therefor by the Issuer or by any Securityholder who has been a bona fide
Holder of a Security or Securities of such series for at least six months;
or

        

        (ii) the
Trustee shall cease to be eligible in accordance with the provisions of Section
6.09 and Section 310(a) of the Trust Indenture Act of 1939 and shall fail to
resign after written request therefor by the Issuer or by any Securityholder;
or

        

        (iii) the
Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or
liquidator of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or
liquidation;

        

        then, in
any such case, the Issuer may remove the Trustee with respect to the applicable
series of Securities and appoint a successor trustee for such series by written
instrument, in duplicate, executed by order of the Board of Directors of the
Issuer, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee, or, subject to the provisions of
Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has
been a bona fide Holder of a Security or Securities of such series for at least
six months may on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee. If no successor trustee
shall have been so appointed with respect to any series and have accepted
appointment within 30 days after the mailing of such notice of removal, the
retiring trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any

        

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        Securityholder
who has been a bona fide Holder of a Security or Securities of the applicable
series for at least six months may, subject to the provisions of Section 5.12,
on behalf of himself and all others similarly situated, petition any such court
for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

        

        (c) The
Holders of a majority in aggregate principal amount of the Securities of each
series at the time outstanding may at any time remove the Trustee with respect
to Securities of such series and appoint a successor trustee with respect to the
Securities of such series by delivering to the Trustee so removed, to the
successor trustee so appointed and to the Issuer the evidence provided for in
Section 7.01 of the action in that regard taken by the
Securityholders.

        

        (d) Any
resignation or removal of the Trustee with respect to any series and any
appointment of a successor trustee with respect to such series pursuant to any
of the provisions of this Section 6.10 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 6.11.

        

        Section
6.11. Acceptance of
Appointment by Successor Trustee. Any successor trustee appointed as
provided in Section 6.10 shall execute and deliver to the Issuer and to its
predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to
all or any applicable series shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all
rights, powers, duties and obligations with respect to such series of its
predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer
or of the successor trustee, upon payment of its charges then unpaid, the
trustee ceasing to act shall, subject to Section 10.04, pay over to the
successor trustee all moneys at the time held by it hereunder and shall execute
and deliver an instrument transferring to such successor trustee all such
rights, powers, duties and obligations. Upon request of any such successor
trustee, the Issuer shall execute any and all instruments in writing for more
fully and certainly vesting in and confirming to such successor trustee all such
rights and powers. Any trustee ceasing to act shall, nevertheless, retain a
prior claim upon all property or funds held or collected by such trustee to
secure any amounts then due it pursuant to the provisions of Section
6.06.

        

        If a
successor trustee is appointed with respect to the Securities of one or more
(but not all) series, the Issuer, the predecessor Trustee and each successor
trustee with respect to the Securities of any applicable series shall execute
and deliver an indenture supplemental hereto which shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers,

        

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        trusts and
duties of the predecessor Trustee with respect to the Securities of any series
as to which the predecessor Trustee is not retiring shall continue to be vested
in the predecessor Trustee, and shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such trustees co-trustees of the same trust and that each such
trustee shall be trustee of a trust or trusts under separate
indentures.

        

        No
successor trustee with respect to any series of Securities shall accept
appointment as provided in this Section 6.11 unless at the time of such
acceptance such successor trustee shall be qualified under Section 310(b) of the
Trust Indenture Act of 1939 and eligible under the provisions of Section
6.09.

        

        Upon
acceptance of appointment by any successor trustee as provided in this Section
6.11 the Issuer shall give notice thereof (a) if any Unregistered Securities of
a series affected are then Outstanding, to the Holders thereof, by publication
of such notice 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, if required by Section 3.05, at least once in an Authorized
Newspaper in Luxembourg), (b) if any Unregistered Securities of a series
affected are then Outstanding, to the Holders thereof who have filed their names
and addresses with the Trustee within the two years preceding the notice, by
mailing such notice to such Holders at such addresses as were so furnished to
the Trustee (and the Trustee shall make such information available to the Issuer
for such purpose) and (c) to the Holders of Registered Securities of each series
affected, by mailing such notice to such Holders at their addresses as they
shall appear on the registry books. If the acceptance of appointment is
substantially contemporaneous with the resignation, then the notice called for
by the preceding sentence may be combined with the notice called for by Section
6.10. If the Issuer fails to give such notice within ten days after acceptance
of appointment by the successor trustee, the successor trustee shall cause such
notice to be given at the expense of the Issuer.

        

        Section
6.12. Merger, Conversion,
Consolidation or Succession to Business of Trustee. Any
corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such
corporation shall be qualified under Section 310(b) of the Trust Indenture Act
of 1939 and eligible under the provisions of Section 6.09, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.

        

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

        

        Section
6.13. Preferential Collection
of Claims Against the Issuer. This Section intentionally left
blank.

        

        Section
6.14. Appointment of
Authenticating Agent. As long as any Securities of a series remain
Outstanding, the Trustee may, by an instrument in writing, appoint with the
approval of the Issuer an authenticating agent (the “Authenticating Agent”)
which shall be authorized to act on behalf of the Trustee to authenticate
Securities, including Securities issued upon exchange, registration of transfer,
partial redemption or pursuant to Section 2.09. Securities of each such series
authenticated by such Authenticating Agent shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to
the authentication and delivery of Securities of any series by the Trustee or to
the Trustee’s Certificate of Authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent for such series and a Certificate of Authentication
executed on behalf of the Trustee by such Authenticating Agent. Such
Authenticating Agent shall at all times be a corporation organized and doing
business under the laws of the United States of America or of any State,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $5,000,000 (determined as provided in Section
6.09 with respect to the Trustee) and subject to supervision or examination by
Federal or State authority.

        

        Any
corporation into which any Authenticating Agent may be merged or converted, or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which any Authenticating Agent shall be a party,
or any corporation succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect
to all series of Securities for which it served as Authenticating Agent without
the execution or filing of any paper or any further act on the part of
the

        

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        Trustee or
such Authenticating Agent. Any Authenticating Agent may at any time, and if it
shall cease to be eligible shall, resign by giving written notice of resignation
to the Trustee and to the Issuer.

        

        Upon
receiving such a notice of resignation or upon such a termination, or in case at
any time any Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 6.14 with respect to one or more series of
Securities, the Trustee shall upon receipt of an Issuer Order appoint a
successor Authenticating Agent and the Issuer shall provide notice of such
appointment to all Holders of Securities of such series in the manner and to the
extent provided in Section 11.04. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all rights,
powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named as Authenticating Agent. The Issuer agrees to pay
to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall
have no responsibility or liability for any action taken by it as such at the
direction of the Trustee.

        

        Sections
6.02, 6.03, 6.04, 6.06, 6.09 and 7.03 shall be applicable to any Authenticating
Agent.

        

        

        ARTICLE
7

        CONCERNING
THE SECURITYHOLDERS

        

        Section
7.01. Evidence of Action Taken
by Securityholders. Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by a specified percentage in principal amount of the Securityholders of
any or all series or holders of Capital Securities interested therein may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such specified percentage of Securityholders or holders of
Capital Securities in person or by agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee. Proof of execution
of any instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Sections 6.01 and 6.02)
conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Article.

        

        Section
7.02. Proof of Execution of
Instruments and of Holding of Securities. Subject to
Sections 6.01 and 6.02, the execution of any instrument by a Securityholder or, if
a series of Securities is held by a Morgan Stanley Capital

        

        

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        Trust, a
holder of Capital Securities or, in each case, his agent or proxy may be proved
in the following manner:

        

        (a) The fact
and date of the execution by any Holder or, if a series of Securities is held by
a Morgan Stanley Capital Trust, by any holder of Capital Securities of any
instrument may be proved by the certificate of any notary public or other
officer of any jurisdiction authorized to take acknowledgments of deeds or
administer oaths that the person executing such instruments acknowledged to him
the execution thereof, or by an affidavit of a witness to such execution sworn
to before any such notary or other such officer. Where such execution is by or
on behalf of any legal entity other than an individual, such certificate or
affidavit shall also constitute sufficient proof of the authority of the person
executing the same. The fact of the holding by any Holder or, if a series of
Securities is held by a Morgan Stanley Capital Trust, by any holder of Capital
Securities of an Unregistered Security of any series, 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 of such series 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 of
one or more series specified therein. The holding by the person named in any
such certificate of any Unregistered Securities of any series 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 (i) another
certificate bearing a later date issued in respect of the same Securities shall
be produced, or (ii) the Security of such series specified in such certificate
shall be produced by some other person, or (iii) the Security of such series
specified in such certificate shall have ceased to be Outstanding. Subject to
Sections 6.01 and 6.02, the fact and date of the execution of any such
instrument and the amount and numbers of Securities of any series held by the
person so executing such instrument and the amount and numbers of any Security
or Securities for such series may also be proven in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee for such
series or in any other manner which the Trustee for such series may deem
sufficient.

        

        (b) In the
case of Registered Securities, the ownership of such Securities shall be proved
by the Security register or by a certificate of the Security
registrar.

        

        The Issuer
may set a record date for purposes of determining the identity of Holders of
Registered Securities or, if a series of Securities is held by a Morgan Stanley
Capital Trust, of holders of registered Capital Securities of any
series

        

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        entitled
to vote or consent to any action referred to in Section 7.01, which record date
may be set at any time or from time to time by notice to the Trustee, for any
date or dates (in the case of any adjournment or reconsideration) not more than
60 days nor less than five days prior to the proposed date of such vote or
consent, and thereafter, notwithstanding any other provisions hereof, with
respect to Registered Securities of any series, only Holders of Registered
Securities or, if a series of Securities is held by a Morgan Stanley Capital
Trust, holders of registered Capital Securities of such series of record on such
record date shall be entitled to so vote or give such consent or revoke such
vote or consent.

        

        Section
7.03. Holders to be Treated as
Owners. The Issuer, the Trustee and any agent of the Issuer or the
Trustee may deem and treat the person in whose name any Security shall be
registered upon the Security register for such series as the absolute owner of
such Security (whether or not such Security shall be overdue and notwithstanding
any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of
this Indenture, interest on such Security and for all other purposes; and
neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee
shall be affected by any notice to the contrary. The Issuer, the Trustee and any
agent of the Issuer or the Trustee may treat the Holder of any Unregistered
Security and the Holder of any Coupon or, if a series of Securities is held by a
Morgan Stanley Capital Trust, the holder of any unregistered Capital Security 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
Issuer, the Trustee, nor any agent of the Issuer or the Trustee shall be
affected by any notice to the contrary. All such payments so made to any such
person, or upon his order, shall be valid, and, to the extent of the sum or sums
so paid, effectual to satisfy and discharge the liability for moneys payable
upon any such Unregistered Security or Coupon.

        

        Notwithstanding
the foregoing, if the Securities of such series are held by a Morgan Stanley
Capital Trust, nothing in this Section 7.03 shall be deemed to impair the right
of any holder of Capital Securities to institute a Direct Action or to declare
an Event of Default and accelerate the maturity of such series.

        

        Section
7.04. Securities Owned by
Issuer Deemed Not Outstanding. In determining whether the Holders of the
requisite aggregate principal amount of Outstanding Securities of any or all
series have concurred in any direction, consent or waiver under this Indenture,
Securities which are owned by the Issuer or any other obligor on the Securities
with respect to which such determination is being made or by any person directly
or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any other obligor on the Securities with respect to
which such determination is being made shall be

        

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        disregarded
and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver only Securities
which a Responsible Officer of the Trustee actually knows are so owned shall be
so disregarded; provided, that, if the
Securities of such series are held by a Morgan Stanley Capital Trust or a
trustee of such trust, the provisions of this Section 7.04 shall not apply.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee
is not the Issuer or any other obligor upon the Securities or any person
directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any other obligor on the Securities. In case
of a dispute as to such right, the advice of counsel shall be full protection in
respect of any decision made by the Trustee in accordance with such advice. Upon
request of the Trustee, the Issuer shall furnish to the Trustee promptly an
Officer’s Certificate listing and identifying all Securities, if any, known by
the Issuer to be owned or held by or for the account of any of the
above-described persons; and, subject to Sections 6.01 and 6.02, the Trustee
shall be entitled to accept such Officer’s Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Securities not listed
therein are Outstanding for the purpose of any such determination.

        

        Section
7.05. Right of Revocation of
Action Taken. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 7.01, of the taking of any action by the Holders
of the percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such
action, any Holder of a Security or, if any such series is held by a Morgan
Stanley Capital Trust, any holder of a Capital Security the serial number of
which is shown by the evidence to be included among the serial numbers of the
Securities the Holders of which have consented to such action may, by filing
written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article, revoke such action so far as concerns such Security.
Except as aforesaid any such action taken by the Holder of any Security shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of such Security and of any Securities issued in exchange or substitution
therefor or on registration of transfer thereof, irrespective of whether or not
any notation in regard thereto is made upon any such Security. Any action taken
by the Holders of the percentage in aggregate principal amount of the Securities
of any or all series, as the case may be, specified in this Indenture in
connection with such action shall be conclusively binding upon the Issuer, the
Trustee and the Holders of all the Securities affected by such
action.

        

        

        

        

        

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        ARTICLE
8

        SUPPLEMENTAL
INDENTURES

        

        Section
8.01. Supplemental Indentures
Without Consent of Securityholders. The Issuer,
when authorized by a resolution of its Board of Directors (which
resolution may provide general terms or parameters for such action and may
provide that the specific terms of such action may be determined in accordance
with or pursuant to an Issuer Order), and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto for one or
more of the following purposes:

        

        (a) to convey,
transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;

        

        (b) to
evidence the succession of another corporation to the Issuer, or successive
successions, and the assumption by the successor corporation of the covenants,
agreements and obligations of the Issuer pursuant to Article 9;

        

        (c) to add to
the covenants of the Issuer such further covenants, restrictions, conditions or
provisions as the Issuer and the Trustee shall consider to be for the protection
of the Holders of Securities or Coupons, and to make the occurrence, or the
occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions a Default or an Event of Default
permitting the enforcement of all or any of the several remedies provided in
this Indenture as herein set forth; provided, that in respect of
any such additional covenant, restriction, condition or provision such
supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such a Default
or Event of Default or may limit the remedies available to the Trustee upon such
a Default or Event of Default or may limit the right of the Holders of a
majority in aggregate principal amount of the Securities of such series to waive
such a Default or Event of Default;

        

        (d) to cure
any ambiguity or to correct or supplement any provision contained herein or in
any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture, or to make any
other provisions as the Issuer may deem necessary or desirable, provided that no such action
shall adversely affect the interests of the Holders of the Securities or
Coupons;

        

        (e) to
establish the forms or terms of Securities of any series or of the Coupons
appertaining to such Securities as permitted by Sections 2.01 and 2.03;
and

        

        

        

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        (f) to
evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Section 6.11.

        

        The
Trustee is hereby authorized to join with the Issuer in the execution of any
such supplemental indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

        

        Any
supplemental indenture authorized by the provisions of this Section may be
executed without the consent of the Holders of any of the Securities at the time
outstanding, notwithstanding any of the provisions of Section 8.02.

        

        Section
8.02.  Supplemental
Indentures With Consent of Securityholders. With the
consent (evidenced as provided in Article 7) of the Holders of not less than a
majority in aggregate principal amount of the Securities at the time Outstanding
of all series affected by such supplemental indenture (voting as one class), the
Issuer, when authorized by a resolution of its Board of Directors (which
resolution may provide general terms or parameters for such action and may
provide that the specific terms of such action may be determined in accordance
with or pursuant to an Issuer Order), and the Trustee may, from time to time and
at any time, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities of each such
series or of the Coupons appertaining to such Securities; provided, that no such
supplemental indenture shall (a) extend the final maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption thereof,
or make the principal thereof (including any amount in respect of original issue
discount), or interest thereon payable in any coin or currency other than that
provided in the Securities and Coupons or in accordance with the terms thereof,
or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon an acceleration of the maturity thereof
pursuant to Section 5.01 or the amount thereof provable in bankruptcy pursuant
to Section 5.02, or alter the provisions of Sections 11.11 or 11.12 or impair or
affect the right of any Securityholder to institute suit for the payment thereof
or, if the Securities provide therefor, any right of repayment at the option of
the Securityholder, in each case without the consent of the Holder
of

        

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        each
Security so affected, or (b) reduce the aforesaid percentage of Securities of
any series, the consent of the Holders of which is required for any such
supplemental indenture, without the consent of the Holders of each Security so
affected; and provided
further, that, if the Securities of such series are held by a Morgan
Stanley Capital Trust or a trustee of such trust, so long as any of the Capital
Securities of such trust remain outstanding, no such modification may be made
that adversely affects the holders of such Capital Securities in any material
respect, and no termination of this Indenture may occur, without the prior
consent of the holders of at least a majority of the aggregate liquidation
amount of the outstanding Capital Securities of such trust unless and until the
principal of such Securities and all accrued and unpaid interest thereon have
been paid in full, and none of the modifications described in clauses (a) and
(b) above may be made without the prior written consent of all the holders of
Capital Securities of such Morgan Stanley Capital Trust. In addition, the Issuer
may not amend this Indenture to remove the rights of holders of Capital
Securities of a Morgan Stanley Capital Trust to institute a Direct Action
without the prior written consent of all the holders of Capital Securities of
such trust or to remove the obligation to obtain the consent of such holders of
Capital Securities in accordance with this Section, without the consent of the
required percentage of holders of the Capital Securities of such Trust; and
provided further, that
the Issuer shall, if then required under applicable laws, regulations or
policies, seek the prior approval of the Securities and Exchange Commission or
any self-regulatory organization then having jurisdiction before exercising its
rights, if any, to enter into a supplemental indenture to shorten the maturity
of the Securities as a result of an adverse tax event.

        

        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, or of Coupons appertaining to
such Securities, 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.

        

        Upon the
request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such
action and may provide that the specific terms of such action may be determined
in accordance with or pursuant to an Issuer Order) certified by the secretary or
an assistant secretary of the Issuer authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of the Holders of the Securities as aforesaid and other documents, if
any, required by Section 7.01, the Trustee shall join with the Issuer in the
execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture
or

        

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        otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture.

        

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

        

        Promptly
after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall give notice
thereof (a) to the Holders of then Outstanding Registered Securities of each
series affected thereby, by mailing a notice thereof by first-class mail to such
Holders at their addresses as they shall appear on the Security register, (b) if
any Unregistered Securities of a series affected thereby are then Outstanding,
to the Holders thereof who have filed their names and addresses with the Trustee
within two years preceding such notice, by mailing a notice thereof by
first-class mail to such Holders at such addresses as were so furnished to the
Trustee and (c) if any Unregistered Securities of a series affected thereby are
then Outstanding, to all Holders thereof, by publication of a notice thereof 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, if
required by Section 3.06, at least once in an Authorized Newspaper in
Luxembourg), and in each case such notice shall set forth in general terms the
substance of such supplemental indenture. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

        

        Section
8.03. Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to
the provisions hereof, this Indenture shall be and be deemed to be modified and
amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee,
the Issuer and the Holders of Securities of each series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

        

        Section
8.04. Documents to be Given to
Trustee. The Trustee, subject to the provisions of Sections 6.01 and
6.02, may receive an Officer’s Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this
Article 8 complies with the applicable provisions of this
Indenture.

        

        

        

        

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        Section
8.05. Notation on Securities
in Respect of Supplemental Indentures. Securities of any
series authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article may bear a
notation in form approved by the Trustee for such series as to any matter
provided for by such supplemental indenture or as to any action taken by
Securityholders. If the Issuer or the Trustee shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Issuer, authenticated by the
Trustee and delivered in exchange for the Securities of such series then
Outstanding.

        

        Section
8.06. Subordination
Unimpaired. This Indenture may not be amended to alter the subordination
of any of the Outstanding Securities without the written consent of each holder
of Senior Indebtedness then outstanding that would be adversely affected
thereby.

        

        

        ARTICLE
9

        CONSOLIDATION,
MERGER, SALE OR CONVEYANCE

        

        Section
9.01. Covenant Not to Merge,
Consolidate, Sell or Convey Property Except Under Certain
Conditions. The Issuer covenants that it will not merge or consolidate
with any other person or sell, lease or convey all or substantially all of its
assets to any other person, unless (a) either the Issuer shall be the continuing
corporation, or the successor corporation or the person which acquires by sale,
lease or conveyance substantially all the assets of the Issuer (if other than
the Issuer) shall be a corporation organized under the laws of the United States
of America or any State thereof or the District of Columbia and shall expressly
assume the due and punctual payment of the principal of and interest on all the
Securities and Coupons, if any, according to their tenor, and the due and
punctual performance and observance of all of the covenants and conditions of
this Indenture to be performed or observed by the Issuer, by supplemental
indenture satisfactory to the Trustee, executed and delivered to the Trustee by
such corporation, and (b) the Issuer, such person or such successor corporation,
as the case may be, shall not, immediately after such merger or consolidation,
or such sale, lease or conveyance, be in default in the performance of any such
covenant or condition.

        

        Section
9.02. Successor Corporation
Substituted. In case of any such consolidation, merger, sale, lease or
conveyance, and following such an assumption by the successor corporation, such
successor corporation shall succeed to and be substituted for the Issuer, with
the same effect as if it had been named herein. Such successor corporation may
cause to be signed, and may issue

        

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        either in
its own name or in the name of the Issuer prior to such succession any or all of
the Securities issuable hereunder which together with any Coupons appertaining
thereto theretofore shall not have been signed by the Issuer and delivered to
the Trustee; and, upon the order of such successor corporation, instead of the
Issuer, and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities together with any Coupons appertaining thereto which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for
authentication, and any Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All of
the Securities so issued together with any Coupons appertaining thereto shall in
all respects have the same legal rank and benefit under this Indenture as the
Securities theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Securities had been issued at the date of the
execution hereof.

        

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

        

        In the
event of any such sale or conveyance (other than a conveyance by way of lease)
the Issuer or any successor corporation which shall theretofore have become such
in the manner described in this Article shall be discharged from all obligations
and covenants under this Indenture and the Securities and may be liquidated and
dissolved.

        

        Section
9.03. Opinion of Counsel
Delivered to Trustee. The Trustee, subject to the provisions of Sections
6.01 and 6.02, may receive an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, lease or conveyance, and any such assumption,
and any such liquidation or dissolution, complies with the applicable provisions
of this Indenture.

        

        

        ARTICLE
10

        SATISFACTION
AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

        

        Section
10.01. Satisfaction and
Discharge of Indenture. (a) If at any time (i) the Issuer shall have paid
or caused to be paid the principal of and interest on all the Securities of any
series Outstanding hereunder and all unmatured Coupons appertaining thereto
(other than Securities of such series and Coupons appertaining thereto which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 2.09) as and when the same shall have become due and
payable, or (ii) the Issuer shall have delivered to the Trustee for cancellation
all Securities of any series theretofore authenticated and all

        

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        unmatured
Coupons appertaining thereto (other than any Securities of such series and
Coupons appertaining thereto which shall have been destroyed, lost or stolen and
which shall have been replaced or paid as provided in Section 2.09) or (iii) in
the case of any series of Securities where the exact amount (including the
currency of payment) of principal of and interest due on which can be determined
at the time of making the deposit referred to in clause (B) below, (A) all the
Securities of such series and all unmatured Coupons appertaining thereto 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 (B) the Issuer 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 Issuer in accordance with Section 10.04) or, in the case of
any series of Securities the payments on which may only be made in Dollars,
direct obligations of the United States of America, backed by its full faith and
credit (“U.S. Government
Obligations”), maturing as to principal and interest at such times and in
such amounts as will insure the availability of cash, or a combination thereof,
sufficient in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay (1) the principal and interest on all Securities of such series
and Coupons appertaining thereto on each date that such principal or interest is
due and payable and (2) any mandatory sinking fund payments on the dates on
which such payments are due and payable in accordance with the terms of the
Indenture and the Securities of such series; and if, in any such case, the
Issuer shall also pay or cause to be paid all other sums payable hereunder by
the Issuer with respect to the Securities of such series, then this Indenture
shall cease to be of further effect with respect to the Securities of such
series and the Coupons appertaining thereto (except as to (i) rights of
registration of transfer and exchange of Securities of such Series and of
Coupons appertaining thereto and the Issuer’s right of optional redemption, if
any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen
Securities or Coupons, (iii) rights of holders of Securities and Coupons
appertaining thereto 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, duties and immunities of
the Trustee hereunder, (v) the rights of the Holders of Securities of such
series and Coupons appertaining thereto as beneficiaries hereof with respect to
the property so deposited with the Trustee payable to all or any of them, and
(vi) the obligations of the Issuer under Section 3.02) and the Trustee, on
demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of
Counsel and at the cost and expense of the Issuer, shall execute proper
instruments acknowledging such satisfaction of and discharging this Indenture as
to such series; provided, that the rights of
Holders of

        

        

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        the
Securities and Coupons to receive amounts in respect of principal of and
interest on the Securities and Coupons 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 Issuer 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.

        

        (b) The
following provisions shall apply to the Securities of each series unless
specifically otherwise provided in a Board Resolution, Officer’s Certificate or
indenture supplemental hereto provided pursuant to Section 2.03. In addition to
discharge of the Indenture pursuant to the next preceding paragraph, in the case
of any series of Securities the exact amounts (including the currency of
payment) of principal of and interest due on which can be determined at the time
of making the deposit referred to in clause (i) below, the Issuer shall be
deemed to have paid and discharged the entire indebtedness on all the Securities
of such a series and the Coupons appertaining thereto on the 91st day after the
date of the deposit referred to in clause (i) below, and the provisions of this
Indenture with respect to the Securities of such series and Coupons appertaining
thereto shall no longer be in effect (except as to (A) rights of registration of
transfer and exchange of Securities of such series and of Coupons appertaining
thereto and the Issuer’s right of optional redemption, if any, (B) substitution
of mutilated, defaced, destroyed, lost or stolen Securities or Coupons, (C)
rights of Holders of Securities and Coupons appertaining thereto 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, (D) the rights, obligations,
duties and immunities of the Trustee hereunder, (E) the rights of the Holders of
Securities of such series and Coupons appertaining thereto as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all
or any of them and (F) the obligations of the Issuer under Section 3.02) and the
Trustee, at the expense of the Issuer, shall at the Issuer’s request, execute
proper instruments acknowledging the same, if

        

        (i) with
reference to this provision the Issuer has irrevocably deposited or caused to be
irrevocably deposited with the Trustee 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 Coupons appertaining thereto (A) cash in an
amount, or (B) in the case of any series of Securities the payments on which may
only be made in Dollars, U.S. Government Obligations, maturing as to principal
and interest at such times and in such amounts as will insure the availability
of cash or (C) a combination thereof, sufficient, in the opinion of a nationally
recognized

        

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        firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay (1) the principal and interest on all
Securities of such series and Coupons appertaining thereto on each date that
such principal or interest is due and payable and (2) any mandatory sinking fund
payments on the dates on which such payments are due and payable in accordance
with the terms of the Indenture and the Securities of such series;

        

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

        

        (iii) the Issuer
has delivered to the Trustee an Opinion of Counsel based on the fact that (x)
the Issuer has received from, or there has been published by, the Internal
Revenue Service a ruling or (y) since the date hereof, there has been a change
in the applicable Federal income tax law, in either case to the effect that, and
such opinion shall confirm that, the Holders of the Securities of such series
and Coupons appertaining thereto will not recognize income, gain or loss for
Federal income tax purposes as a result of such deposit, defeasance and
discharge 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;

        

        (iv) the Issuer
has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent provided for relating to the
defeasance contemplated by this provision have been complied with;

        

        (v) no event
or condition shall exist that, pursuant to the provisions of Section 13.01,
would prevent the Issuer from making payments of the principal of or interest on
the Securities of such series and Coupons appertaining thereto on the date of
such deposit or at any time during the period ending on the 91st day after the
date of such deposit (it being understood that this condition shall not be
deemed satisfied until the expiration of such period); and

        

        (vi) the Issuer
has delivered to the Trustee an Opinion of Counsel to the effect that (x) the
trust funds will not be subject to any rights of holders of Senior Indebtedness,
including without limitation those arising under Article 13 of this Indenture,
and (y) after the 91st day following the deposit, the trust funds will not be
subject to the effect of any applicable bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ rights generally, except that if a court
were to rule

        

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        under any
such law in any case or proceeding that the trust funds remained property of the
Issuer, no opinion is given as to the effect of such laws on the trust funds
except the following: (A) assuming such trust funds remained in the Trustee’s
possession prior to such court ruling to the extent not paid to Holders of
Securities of such series and Coupons appertaining thereto, the Trustee will
hold, for the benefit of such Holders, a valid and perfected security interest
in such trust funds that is not avoidable in bankruptcy or otherwise, (B) such
Holders will be entitled to receive adequate protection of their interests in
such trust funds if such trust funds are used, and (C) no property, rights in
property or other interests granted to the Trustee or such Holders in exchange
for or with respect to any of such funds will be subject to any prior rights of
holders of Senior Indebtedness, including without limitation those arising under
Article 13 of this Indenture.

        

        (c) The
Issuer shall be released from its obligations under Section 9.01 with respect to
the Securities of any Series, and any Coupons appertaining thereto, Outstanding
on and after the date the conditions set forth below are satisfied (hereinafter,
“covenant defeasance”).
For this purpose, such covenant defeasance means that, with respect to the
Outstanding Securities of any Series, the Issuer may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in such Section, whether directly or indirectly by reason of any reference
elsewhere herein to such Section or by reason of any reference in such Section
to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default, but the remainder
of this Indenture and such Securities and Coupons shall be unaffected thereby.
The following shall be the conditions to application of this subsection (c) of
this Section 10.01:

        

        (i) The
Issuer has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
the holders of the Securities of such series and Coupons appertaining thereto,
(A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in Dollars, U.S. Government Obligations
maturing as to principal and interest at such times and in such amounts as will
insure the availability of cash 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
(1) the principal and interest on all Securities of such series and Coupons
appertaining thereto and (2) any mandatory sinking fund payments on the day on
which such payments are due and payable in accordance with the terms of the
Indenture and the Securities of such series.

        

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        (ii) No Default
or Event of Default or event which with notice or lapse of time or both would
become a Default or an Event of Default with respect to the Securities shall
have occurred and be continuing on the date of such deposit or, insofar as
subsections 5.01(b) and 5.01(c) are concerned, at any time during the period
ending on the 91st day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such
period).

        

        (iii) Such
covenant defeasance shall not cause the Trustee to have a conflicting interest
as defined in Section 6.08 and for purposes of the Trust Indenture Act of 1939
with respect to any securities of the Issuer.

        

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

        

        (v) Such
covenant defeasance shall not cause any Securities then listed on any registered
national securities exchange under the Securities Exchange Act of 1934, as
amended, to be delisted.

        

        (vi) No event
or condition shall exist that, pursuant to the provisions of Section 13.01,
would prevent the Issuer from making payments of the principal of or interest on
the Securities of such series and Coupons appertaining thereto on the date of
such deposit or at any time during the period ending on the 91st day after the
date of such deposit (it being understood that this condition shall not be
deemed satisfied until the expiration of such period).

        

        (vii) The Issuer
shall have delivered to the Trustee an Officer’s Certificate and Opinion of
Counsel to the effect that the Holders of the Securities of such series and
Coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such covenant defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not
occurred.

        

        (viii) The Issuer
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the
covenant defeasance contemplated by this provision have been complied
with.

        

        (ix) The Issuer
has delivered to the Trustee an Opinion of Counsel to the effect that (x) the
trust funds will not be subject to any

        

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        rights of
holders of Senior Indebtedness, including without limitation those arising under
Article 13 of this Indenture, and (y) after the 91st day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy,
insolvency, reorganization or similar laws affecting creditors’ rights
generally, except that if a court were to rule under any such law in any case or
proceeding that the trust funds remained property of the Issuer, no opinion is
given as to the effect of such laws on the trust funds except the following: (A)
assuming such trust funds remained in the Trustee’s possession prior to such
court ruling to the extent not paid to Holders of Securities of such series and
Coupons appertaining thereto, the Trustee will hold, for the benefit of such
Holders, a valid and perfected security interest in such trust funds that is not
avoidable in bankruptcy or otherwise, (B) such Holders will be entitled to
receive adequate protection of their interests in such trust funds if such trust
funds are used, and (C) no property, rights in property or other interests
granted to the Trustee or such Holders in exchange for or with respect to any of
such funds will be subject to any prior rights of holders of Senior
Indebtedness, including without limitation those arising under Article 13 of
this Indenture.

        

        Section
10.02. Application by Trustee
of Funds Deposited for Payment of Securities. Subject to
Section 10.04, all moneys deposited with the Trustee (or other trustee) pursuant
to Section 10.01 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Issuer acting as its own
paying agent), to the Holders of the particular Securities of such series and of
Coupons appertaining thereto 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.

        

        Section
10.03. 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 Issuer, 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
10.04. 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 or
Coupons attached thereto 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 Issuer and unless

        

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        otherwise
required by mandatory provisions of applicable escheat or abandoned or unclaimed
property law, be repaid to the Issuer by the Trustee for such series or such
paying agent, and the Holder of the Securities of such series and of any Coupons
appertaining thereto shall, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property laws, thereafter look only
to the Issuer 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; provided, however, that the Trustee or
such paying agent, before being required to make any such repayment with respect
to moneys deposited with it for any payment (a) in respect of Registered
Securities of any series, shall at the expense of the Issuer, mail by
first-class mail to Holders of such Securities at their addresses as they shall
appear on the Security register, and (b) in respect of Unregistered Securities
of any series, shall at the expense of the Issuer cause to be published once, in
an Authorized Newspaper in the Borough of Manhattan, The City of New York and
once in an Authorized Newspaper in London (and if required by Section 3.06, once
in an Authorized Newspaper in Luxembourg), notice, that such moneys remain and
that, after a date specified therein, which shall not be less than thirty days
from the date of such mailing or publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer.

        

        Section
10.05. Indemnity for U.S.
Government Obligations. The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 10.01 or the principal or
interest received in respect of such obligations.

        

        

        ARTICLE
11

        MISCELLANEOUS
PROVISIONS

        

        Section
11.01. Incorporators,
Stockholders, Officers and Directors of Issuer Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or
agreement contained in this Indenture, or in any Security, or because of any
indebtedness evidenced thereby, shall be had against any incorporator, as such
or against any past, present or future stockholder, officer or director, as
such, of the Issuer or of any successor, either directly or through the Issuer
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.

        

        

        

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        Section
11.02. Provisions of Indenture
for the Sole Benefit of Parties and Holders of Securities and Coupons.
Nothing in this Indenture, in the Securities or in the Coupons
appertaining thereto, expressed or implied, shall give or be construed to give
to any person, firm or corporation, other than the parties hereto and their
successors and the holders of Senior Indebtedness and the Holders of the
Securities or Coupons, if any, any legal or equitable right, remedy or claim
under this Indenture or under any covenant or provision herein contained, all
such covenants and provisions being for the sole benefit of the parties hereto
and their successors, the holders of the Senior Indebtedness and the Holders of
the Securities or Coupons, if any.

        

        Section
11.03. Successors and Assigns
of Issuer Bound by Indenture. All the covenants, stipulations, promises
and agreements in this Indenture contained by or in behalf of the Issuer shall
bind its successors and assigns, whether so expressed or not.

        

        Section
11.04. Notices and Demands on
Issuer, Trustee and Holders of Securities and Coupons. Any
notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Holders of
Securities or Coupons to or on the Issuer may be given or served by being
deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed (until another address of the Issuer is filed by the
Issuer with the Trustee) to Morgan Stanley, 1585 Broadway, New York, New York
10036, Attention: Secretary. Any notice, direction, request or demand by the
Issuer or any Holder of Securities or Coupons to or upon the Trustee shall be
deemed to have been sufficiently given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein)
addressed (until another address of the Trustee is filed by the Trustee with the
Issuer) to The Bank of New York Mellon, 101 Barclay St, Floor 8 West, New York,
New York 10286, Attention: Corporate Trust Administration.

        

        Where this
Indenture provides for notice to Holders of Registered Securities, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to each Holder entitled
thereto, at his last address as it appears in the Security register. In any case
where notice to such Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. 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.

        

        

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        In case,
by reason of the suspension of or irregularities in regular mail service, it
shall be impracticable to mail notice to the Issuer when such notice is required
to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be reasonably satisfactory to the Trustee shall be
deemed to be a sufficient giving of such notice.

        

        Section
11.05. Officer’s Certificates
and Opinions of Counsel; Statements to be Contained Therein. Upon
any application or demand by the Issuer to the Trustee to take any
action under any of the provisions of this Indenture, the Issuer shall furnish
to the Trustee an Officer’s Certificate stating that all conditions precedent
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion
need be furnished.

        

        Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture shall include (a) a statement that the person making such
certificate or opinion has read such covenant or condition (b) a brief statement
as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based (c) a
statement that, in the opinion of such person, he has made such examination or
investigation as is necessary to enable him to express an 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 such person, such condition or covenant has
been complied with.

        

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

        

        

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        Any
certificate, statement or opinion of an officer of the Issuer or of counsel may
be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the
employ of the Issuer, unless such officer or counsel, as the case may be, knows
that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based
as aforesaid are erroneous, or in the exercise of reasonable care should know
that the same are erroneous.

        

        Any
certificate or opinion of any independent firm of public accountants filed with
and directed to the Trustee shall contain a statement that such firm is
independent.

        

        Section
11.06. Payments Due on
Saturdays, Sundays and Holidays. If the date of maturity of interest on
or principal of the Securities of any series or any Coupons appertaining thereto
or the date fixed for redemption or repayment of any such Security or Coupon
shall not be a Business Day, then payment of interest or principal need not be
made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the date of maturity or the date fixed for
redemption, and no interest shall accrue for the period after such
date.

        

        Section
11.07. Conflict of Any
Provision of Indenture with Trust Indenture Act of 1939. If and
to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision (an
“incorporated provision”) included in this Indenture by operation of, Sections
310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties
or incorporated provision shall control.

        

        Section
11.08. New York Law to
Govern. This Indenture and each Security and Coupon shall be deemed to be
a contract under the laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of such State, except as may otherwise
be required by mandatory provisions of law.

        

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

        

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

        

        

        

        

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        Section
11.11. Securities in a Foreign
Currency. Unless otherwise specified in an Officer’s Certificate
delivered pursuant to Section 2.03 of this Indenture with respect to a
particular series of Securities, whenever for purposes of this Indenture any
action may be taken by the Holders of a specified percentage in aggregate
principal amount of Securities of all series or all series affected by a
particular action at the time Outstanding and, at such time, there are
Outstanding Securities of any series which are denominated in a Foreign
Currency, then the principal amount of Securities of such series which shall be
deemed to be Outstanding for the purpose of taking such action shall be that
amount of Dollars that could be obtained for such amount at the Market Exchange
Rate. For purposes of this Section 11.11, Market Exchange Rate shall mean the
noon Dollar buying rate in New York City for cable transfers of that currency
published by the Federal Reserve Bank of New York. If such Market Exchange Rate
is not available for any reason with respect to such currency, the Trustee shall
use, in its sole discretion and without liability on its part, such quotation of
the Federal Reserve Bank of New York as of the most recent available date, or
quotations from one or more major banks in The City of New York or in the
country of issue of the currency in question, or such other quotations as the
Trustee shall deem appropriate. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of Securities of a series
denominated in a currency other than Dollars in connection with any action taken
by Holders of Securities pursuant to the terms of this Indenture.

        

        All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Issuer and all Holders.

        

        Section
11.12. Judgment
Currency. The Issuer 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 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 New York Banking 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
New York Banking Day preceding the day on which a final unappealable judgment is
entered, and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be

        

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        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. For purposes of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a
legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or required by law or executive order to
close.

        

        Section
11.13. Waiver of Jury
Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

        

        Section
11.14. Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and,
if beyond its control, interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable
under the circumstances.

        

        

        ARTICLE
12

        REDEMPTION
OF SECURITIES AND SINKING FUNDS

        

        Section
12.01. 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. The
Issuer covenants that it shall, if then required under applicable laws,
regulations or policies, seek the prior approval of the Securities and Exchange
Commission or any self-regulatory organization then having jurisdiction before
redeeming any of the Securities.

        

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        Section
12.02. 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 Issuer shall be given by mailing notice of such redemption by first class
mail, postage prepaid, to such Holders of Securities of such series at their
last addresses as they shall appear upon the registry books at least 30 days and
not more than 60 days prior to the date fixed for redemption, or within such
other redemption notice period as has been designated for any Securities of such
series pursuant to Section 2.03 or Section 2.04 (the “Redemption Notice Period”).
Notice of redemption to the Holders of Unregistered Securities to be redeemed as
a whole or in part, who have filed their names and addresses with the Trustee
within the two years preceding such notice of redemption, shall be given by
mailing notice of such redemption, by first class mail, postage prepaid, at
least 30 and not more than 60 days prior to the date fixed for redemption or
within any applicable Redemption Notice Period to such Holders at such addresses
as were so furnished to the Trustee (and, in the case of any such notice given
by the Issuer, the Trustee shall make such information available to the Issuer
for such purpose). Notice of redemption to all other Holders of Unregistered
Securities shall be published in an Authorized Newspaper in the Borough of
Manhattan, The City of New York and in an Authorized Newspaper in London (and,
if required by Section 3.06, in an Authorized Newspaper in Luxembourg), in each
case, once in each of three successive calendar weeks, the first publication to
be not less than 30 nor more than 60 days prior to the date fixed for redemption
or within any applicable Redemption Notice Period; provided that notice to
Holders of Unregistered Securities held only in global form may be made, at the
option of the Issuer, through the customary notice provisions of the clearing
system or systems through which beneficial interests in such Unregistered
Securities are owned. Any notice which is mailed in the manner herein provided
shall be conclusively 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 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
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        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 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
Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee
in the name and at the expense of the Issuer.

        

        On or
before the redemption date specified in the notice of redemption given as
provided in this Section, the Issuer will deposit with the Trustee or with one
or more paying agents (or, if the Issuer is acting as its own paying agent, set
aside, segregate and hold in trust as provided in Section 3.04) an amount of
money or other property 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. The
Issuer will deliver to the Trustee at least 65 days prior to the date fixed for
redemption or at least 5 days prior to the first day of any applicable
Redemption Notice Period an Officer’s Certificate stating the aggregate
principal amount of Securities to be redeemed. In case of a redemption at the
election of the Issuer prior to the expiration of any restriction on such
redemption, the Issuer shall deliver to the Trustee, prior to the giving of any
notice of redemption to Holders pursuant to this Section, an Officer’s
Certificate stating that such restriction has been complied with.

        

        If less
than all the Securities of a series are to be redeemed, the Trustee shall
select, 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
multiples equal to the minimum authorized denomination for Securities of such
series or any multiple thereof. The Trustee shall promptly notify the Issuer 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 of any series 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
12.03. 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 said date

        

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        (unless
the Issuer shall default in the payment of such Securities at the redemption
price, together with interest accrued to said 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 6.05 and 10.04, such Securities shall cease from and
after the date fixed for redemption to be entitled to any benefit or security
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 Issuer 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 2.03 and 2.07 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 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
Issuer 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 redeemed in part only, the Issuer shall execute and
the Trustee shall authenticate and deliver to or on the order of the Holder
thereof, at the expense of the Issuer, a new Security or Securities of such
series, of authorized denominations, in principal amount equal to the unredeemed
portion of the Security so presented.

        

        Section
12.04. 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 an
Officer’s Certificate 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)
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        Issuer 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 Issuer.

        

        Section
12.05. Mandatory and Optional
Sinking Funds. The minimum amount of any sinking fund payment provided
for by the terms of the 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 Issuer may at its option (a) deliver to the
Trustee Securities of such series theretofore purchased or otherwise acquired
(except upon redemption pursuant to the mandatory sinking fund) by the Issuer or
receive credit for Securities of such series (not previously so credited)
theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer
and delivered to the Trustee for cancellation pursuant to Section 2.10, (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 Issuer through any optional
redemption provision contained in the terms of such series. 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 60th day next preceding each sinking fund payment date or the 30th
day next preceding the last day of any applicable Redemption Notice Period
relating to a sinking fund payment date for any series, the Issuer will deliver
to the Trustee an Officer’s Certificate (which need not contain the statements
required by Section 11.05) (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 Securities of such series and the basis for such credit, (b)
stating that none of the Securities of such series has theretofore been so
credited, (c) stating that no defaults in the payment of interest or Defaults 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 Issuer
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 Issuer 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 Issuer 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
2.10 to the Trustee with such

        

        77

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Officer’s
Certificate (or reasonably promptly thereafter if acceptable to the Trustee).
Such Officer’s Certificate shall be irrevocable and upon its receipt by the
Trustee the Issuer shall become unconditionally obligated to make all the cash
payments or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. Failure of the Issuer, on or before any
such 60th day or 30th day, if applicable, 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 Issuer (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 Issuer 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 the
equivalent thereof in any Foreign Currency) or a lesser sum in Dollars (or the
equivalent thereof in any Foreign Currency) if the Issuer shall so request with
respect to the Securities of any particular 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 together with accrued
interest to the date fixed for redemption. If such amount shall be $50,000 (or
the equivalent thereof in any Foreign Currency) or less and the Issuer makes no
such request then it shall be carried over until a sum in excess of $50,000 (or
the equivalent thereof in any Foreign Currency) is available. The Trustee shall
select, in the manner provided in Section 12.02, 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
Issuer) inform the Issuer of the serial numbers of the Securities of 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 Officer’s Certificate delivered to the Trustee at least
60 days prior to the sinking fund payment date or at least 30 days prior to the
last day of any applicable Redemption Notice Period relating to a sinking fund
payment date as being owned of record and beneficially by, and not pledged or
hypothecated by either (a) the Issuer or (b) an entity specifically identified
in such Officer’s Certificate as directly or indirectly controlling or
controlled by or under direct or indirect common control with the Issuer. The
Trustee, in the name and at the expense of the Issuer (or the Issuer, 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 12.02 (and with the effect provided in Section 12.03) for the redemption
of Securities of such series in part at the option of the Issuer. The amount of
any sinking fund payments not so

        

        78

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        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 each sinking fund payment date, the Issuer 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 give any notice of redemption of Securities for such
series by operation of the sinking fund during the continuance of a default in
payment of interest on such Securities or of any Default except that, where the
giving 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 Issuer 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 Default shall occur, and any moneys
thereafter paid into the sinking fund, shall, during the continuance of such
default or Default, be deemed to have been collected under Article 5 and held
for the payment of all such Securities. In case such Default shall have been
waived as provided in Section 5.10 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.

        

        

        ARTICLE
13

        SUBORDINATION

        

        Section
13.01. Securities and Coupons
Subordinated to Senior Indebtedness. The Issuer
covenants and agrees, and each Holder of a Security or Coupon, by his
acceptance thereof, likewise covenants and agrees, that the indebtedness
represented by the Securities and any Coupons and the payment of the principal
of and interest on each and all of the Securities and of any Coupons is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of Senior
Indebtedness.

        

        

        79

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        In the
event (a) of any insolvency or bankruptcy proceedings or any receivership,
liquidation, reorganization or other similar proceedings in respect of the
Issuer or a substantial part of its property, or of any proceedings for
liquidation, dissolution or other winding up of the Issuer, whether or not
involving insolvency or bankruptcy, or (b) subject to the provisions of Section
13.02 that (i) a default shall have occurred with respect to the payment of
principal of or interest on or other monetary amounts due and payable on any
Senior Indebtedness, or (ii) there shall have occurred an event of default
(other than a default in the payment of principal or interest or other monetary
amounts due and payable) in respect of any Senior Indebtedness, as defined
therein or in the instrument under which the same is outstanding, permitting the
holder or holders thereof to accelerate the maturity thereof (with notice or
lapse of time, or both), and such event of default shall have continued beyond
the period of grace, if any, in respect thereof, and, in the cases of subclauses
(i) and (ii) of this clause (b), such default or event of default shall not have
been cured or waived or shall not have ceased to exist, or (c) that the
principal of and accrued interest on the Securities of any series shall have
been declared due and payable pursuant to Section 5.01 and such declaration
shall not have been rescinded and annulled as provided in Section 5.01
then:

        

        (i) the
holders of all Senior Indebtedness shall first be entitled to receive payment of
the full amount due thereon, or provision shall be made for such payment in
money or money’s worth, before the Holders of any of the Securities or Coupons
are entitled to receive a payment on account of the principal of or interest on
the indebtedness evidenced by the Securities or of the Coupons, including,
without limitation, any payments made pursuant to Article 12.

        

        (ii) any
payment by, or distribution of assets of, the Issuer of any kind or character,
whether in cash, property or securities, to which the Holders of any of the
Securities or Coupons or the Trustee would be entitled except for the provisions
of this Article shall be paid or delivered by the person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of such Senior Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness
may have been issued, ratably according to the aggregate amounts remaining
unpaid on account of such Senior Indebtedness held or represented by each, to
the extent necessary to make payment in full of all Senior Indebtedness
remaining unpaid after giving effect to any concurrent payment or distribution
(or provision therefor) to the holders of such Senior Indebtedness, before any
payment or distribution is made to the

        

        

        80

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        holders of
the indebtedness evidenced by the Securities or Coupons or to the Trustee under
this instrument; and

        

        (iii) in
the event that, notwithstanding the foregoing, any payment by, or distribution
of assets of, the Issuer of any kind or character, whether in cash, property or
securities, in respect of principal of or interest on the Securities or in
connection with any repurchase by the Issuer of the Securities, shall be
received by the Trustee or the Holders of any of the Securities or Coupons
before all Senior Indebtedness is paid in full, or provision made for such
payment in money or money’s worth, such payment or distribution in respect of
principal of or interest on the Securities or in connection with any repurchase
by the Issuer of the Securities shall be paid over to the holders of such Senior
Indebtedness or their representative or representatives or to the trustee or
trustees under any indenture under which any instruments evidencing any such
Senior Indebtedness may have been issued, ratably as aforesaid, for application
to the payment of all Senior Indebtedness remaining unpaid until all such Senior
Indebtedness shall have been paid in full, after giving effect to any concurrent
payment or distribution (or provision therefor) to the holders of such Senior
Indebtedness.

        

        Notwithstanding
the foregoing, at any time after the 91st day following the date of deposit of
cash or, in the case of Securities payable only in Dollars, U.S. Government
Obligations pursuant to Section 10.01(b) or Section 10.01(c) (provided all other
conditions set out in such Section shall have been satisfied) the funds so
deposited and any interest thereon will not be subject to any rights of holders
of Senior Indebtedness including, without limitation, those arising under this
Article 13.

        

        Section
13.02.  Disputes
with Holders of Certain Senior Indebtedness. Any
failure by the Issuer to make any payment on or perform any other obligation
under Senior Indebtedness, other than any indebtedness incurred by the Issuer or
assumed or guaranteed, directly or indirectly, by the Issuer for money borrowed
(or any deferral, renewal, extension or refunding thereof) or any indebtedness
or obligation as to which the provisions of this Section shall have been waived
by the Issuer in the instrument or instruments by which the Issuer incurred,
assumed, guaranteed or otherwise created such indebtedness or obligation, shall
not be deemed a default or event of default under Section 13.01(b) if (a) the
Issuer shall be disputing its obligation to make such payment or perform such
obligation and (b) either (i) no final judgment relating to such dispute shall
have been issued against the Issuer which is in full force and effect and is not
subject to further review, including a judgment that has become final by reason
of the expiration of the time within which a party may seek further appeal or
review, and (ii) in the event of a judgment that is subject to further review or
appeal has been issued, the

        

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        Issuer
shall in good faith be prosecuting an appeal or other proceeding for review and
a stay of execution shall have been obtained pending such appeal or
review.

        

        Section
13.03. Subrogation.
Subject to the payment in full of all Senior Indebtedness, the Holders of the
Securities and any Coupons shall be subrogated (equally and ratably with the
holders of all obligations of the Issuer which by their express terms are
subordinated to Senior Indebtedness of the Issuer to the same extent as the
Securities are subordinated and which are entitled to like rights of
subrogation) to the rights of the holders of Senior Indebtedness to receive
payments or distributions of cash, property or securities of the Issuer
applicable to the Senior Indebtedness until all amounts owing on the Securities
and any Coupons shall be paid in full, and as between the Issuer, its creditors
other than holders of such Senior Indebtedness and the Holders, no such payment
or distribution made to the holders of Senior Indebtedness by virtue of this
Article that otherwise would have been made to the Holders shall be deemed to be
a payment by the Issuer on account of such Senior Indebtedness, it being
understood that the provisions of this Article are and are intended solely for
the purpose of defining the relative rights of the Holders, on the one hand, and
the holders of Senior Indebtedness, on the other hand.

        

        Section
13.04. Obligation of Issuer
Unconditional. Nothing contained in this Article or elsewhere in this
Indenture or in the Securities or any Coupons is intended to or shall impair, as
among the Issuer, its creditors other than the holders of Senior Indebtedness
and the Holders, the obligation of the Issuer, which is absolute and
unconditional, to pay to the Holders the principal of and interest on the
Securities and the amounts owed pursuant to any Coupons 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 and creditors of the Issuer
other than the holders of Senior Indebtedness, nor shall anything herein or
therein prevent the Trustee or any Holder 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 Issuer received upon the exercise
of any such remedy.

        

        Upon
payment or distribution of assets of the Issuer referred to in this Article, the
Trustee and the Holders shall be entitled to rely upon any order or decree made
by any court of competent jurisdiction in which any such dissolution, winding
up, liquidation or reorganization proceeding affecting the affairs of the Issuer
is pending or upon a certificate of the trustee in bankruptcy, receiver,
assignee for the benefit of creditors, liquidating trustee or agent or other
person making any payment or distribution, delivered to the Trustee or to the
Holders, for the purpose of ascertaining the persons entitled to participate in
such payment or distribution, the holders of the Senior Indebtedness and other
indebtedness of the

        

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        Issuer,
the amount thereof or payable thereon, the amount paid or distributed thereon
and all other facts pertinent thereto or to this Article.

        

        Section
13.05. Payments on Securities
and Coupons Permitted. Nothing contained in this Article or elsewhere in
this Indenture or in the Securities or Coupons shall affect the obligations of
the Issuer to make, or prevent the Issuer from making, payment of the principal
of or interest on the Securities and of any Coupons in accordance with the
provisions hereof and thereof, except as otherwise provided in this
Article.

        

        Section
13.06. Effectuation of
Subordination by Trustee. Each holder of Securities or Coupons, by his
acceptance thereof, authorizes and directs the Trustee on 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
13.07. Knowledge of
Trustee. Notwithstanding the provisions of this Article or any other
provisions of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of
moneys to or by the Trustee, or the taking of any other action by the Trustee,
unless and until the Trustee shall have received written notice thereof mailed
or delivered to the Trustee at its Corporate Trust Office from the Issuer, any
Holder, any paying agent or the holder or representative of any class of Senior
Indebtedness; provided
that if at least three Business Days prior to the date upon which by the terms
hereof any such moneys may become payable for any purpose (including, without
limitation, the payment of the principal or interest on any Security or interest
on any Coupon) the Trustee shall not have received with respect to such moneys
the notice provided for in this Section, then, anything herein contained to the
contrary notwithstanding, 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 that may be
received by it within three Business Days prior to or on or after such
date.

        

        Section
13.08. Trustee May Hold Senior
Indebtedness. The Trustee shall be entitled to all the rights set forth
in this Article with respect to any Senior Indebtedness at the time held by it,
to the same extent as any other holder of Senior Indebtedness, and nothing in
Section 6.03 or elsewhere in this Indenture shall deprive the Trustee of any of
its rights as such holder.

        

        Section
13.09.  Rights of
Holders of Senior Indebtedness Not Impaired.  No right
of any present or future holder of any Senior Indebtedness to enforce the
subordination herein shall at any time or in any way be prejudiced or impaired
by any act or failure to act on the part of the Issuer or by any noncompliance
by the

        

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        Issuer
with the terms, provisions and covenants of this Indenture, regardless of any
knowledge thereof any such holder may have or be otherwise charged
with.

        

        With
respect to the holders of Senior Indebtedness, (a) the duties and obligations of
the Trustee shall be determined solely by the express provisions of this
Indenture, (b) the Trustee shall not be liable except for the performance of
such duties and obligations as are specifically set forth in this Indenture, (c)
no implied covenants or obligations shall be read into this Indenture against
the Trustee and (d) the Trustee shall not be deemed to be a fiduciary as to such
holders.

        

        Section
13.10. Article Applicable to
Paying Agents. In case at any time any paying agent other than the
Trustee shall have been appointed by the Issuer and be then acting hereunder,
the term “Trustee” as used in this Article shall in such case (unless the
context shall require otherwise) be construed as extending to and including such
paying agent within its meaning as fully for all intents and purposes as if such
paying agent were named in this Article in addition to or in place of the
Trustee, provided,
however, that Sections 13.07 and 13.08 shall not apply to the Issuer if
it acts as its own paying agent.

        

        Section
13.11. Trustee; Compensation
Not Prejudiced. Nothing in this Article shall apply to claims of, or
payments to, the Trustee pursuant to Section 6.06.

        

         

        

        

        

        

        

        

        

        

        84

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        
          IN WITNESS
WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of
[                               
], [20_ _].

          

        

        
          
            	 
      	 
      	 
      	
                    MORGAN
      STANLEY

                  	 
      
	
                    [CORPORATE
      SEAL]

                  	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	
                    Name:

                  	 
      
	 
      	 
      	 
      	
                    Title:

                  	 
      
	 
      	 
      	 
      	 
      

          

        

        

         

        

        

        

        
          
            	
                    Attest:

                     

                    By:

                  	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                    THE
      BANK OF NEW YORK MELLON,

                  	 
      
	 
      	 
      	 
      	
                    TRUSTEE

                  	 
      
	 
      	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	 
      	
                    Name:

                  	 
      
	 
      	 
      	 
      	 
      	
                    Title:

                  	 
      

          

        

         

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

        
          	
                  STATE
      OF NEW YORK

                	
                  )

                	 
      
	 
      	
                  )

                	
                  ss.:

                
	
                  COUNTY
      OF NEW YORK

                	
                  )

                	 
      

        

        

        On this
_________ of ________, [ ] before me personally came , to me personally known,
who, being by me duly sworn, did depose and say that he resides at     that he
is     the     of Morgan
Stanley, one of the corporations described in and which executed the above
instrument; that he knows the corporate seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
authority of the Board of Directors of said corporation, and that he signed his
name thereto by like authority.

        

        [NOTARIAL
SEAL]

        

        

        

        

        
          	
                   

                	 
      
	
                  Notary
      Public

                	 
      

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          

          

          
            	
                    STATE
      OF NEW YORK

                  	
                    )

                  	 
      
	 
      	
                    )

                  	
                    ss.:

                  
	
                    COUNTY
      OF NEW YORK

                  	
                    )

                  	 
      

          

          
 

        

        

        On this
_____________ of ________, [ ] before me personally came , to me personally
known, who, being by me duly sworn, did depose and say that  he
resides at      that he is a Vice
President of The Bank of New York Mellon, one of the corporations described in
and which executed the above instrument and that he signed his name thereto by
like authority.

        

        [NOTARIAL
SEAL]

         

        
          

          
            	
                     

                  	 
      
	
                    Notary
      Public

                  	 
      

          

          
 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

        

        CROSS REFERENCE SHEET

         

        _____________________________

        Between

        

        Provisions
of Trust Indenture Act of 1939 and Series V Junior Subordinated Indenture to be
dated as of [ ], [20_ _] between MORGAN STANLEY and THE BANK OF NEW YORK MELLON,
Trustee.

        

        
          	
                  Section
      of the Act

                	 
      	
                  Section
      of the Indenture

                
	
                  310(a)(1)
      and (2)

                	
                  6.09

                
	
                  310(a)(3)
      and (4)

                	 
      	
                  Inapplicable

                
	
                  310(b)

                	 
      	
                  6.08
      and 6.10(a), (b) and (d)

                
	
                  310(c)

                	 
      	
                  Inapplicable

                
	
                  311(a)

                	
                  6.13

                
	
                  311(b)

                	
                  6.13

                
	
                  312(a)

                	
                  4.01

                
	
                  312(b)

                	
                  4.02

                
	
                  312(c)

                	
                  4.02

                
	
                  313(a)

                	
                  4.04

                
	
                  313(b)(1)

                	 
      	
                  Inapplicable

                
	
                  313(b)(2)

                	 
      	
                  Inapplicable

                
	
                  313(c)

                	
                  4.04

                
	
                  313(d)

                	
                  4.03

                
	
                  314(a)

                	
                  4.03

                
	
                  314(b)

                	 
      	
                  Inapplicable

                
	
                  314(c)(1)
      and (2)

                	
                  11.05

                
	
                  314(c)(3)

                	 
      	
                  Inapplicable

                
	
                  314(d)

                	 
      	
                  Inapplicable

                
	
                  314(e)

                	
                  11.05

                
	
                  314(f)

                	 
      	
                  Inapplicable

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

                	
                  6.01

                
	
                  315(b)

                	
                  5.11

                
	
                  315(e)

                	
                  5.12

                
	
                  316(a)(1)

                	
                  5.09

                
	
                  316(a)(2)

                	 
      	
                  Inapplicable

                
	
                  316(b)

                	
                  5.07

                
	
                  317(a)(1)

                	
                  5.02

                
	
                  317(a)(2)

                	
                  5.02(a)

                
	
                  317(b)

                	
                  3.04(a)
      and (b)

                
	
                  318(a)

                	
                  11.07

                

        

        

        Note: This
reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Series V Junior Subordinated Indenture.

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