Document:

EXHIBIT 4.1

 

ZIONS BANCORPORATION

 

TO

 

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION

Trustee

 

 

Indenture

 

 

Dated as
of        ,
2002

 

 

 

SENIOR DEBT
SECURITIES

 

 

 

TABLE OF CONTENTS

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

	
  SECTION
  101.

  	
  Definitions.

  
	
   

  	
  Act

  
	
   

  	
  Affiliate; control

  
	
   

  	
  Authenticating
  Agent

  
	
   

  	
  Board of Directors

  
	
   

  	
  Board Resolution

  
	
   

  	
  Business Day

  
	
   

  	
  Capital Stock

  
	
   

  	
  Claim

  
	
   

  	
  Commission

  
	
   

  	
  Company

  
	
   

  	
  Company Request; Company Order

  
	
   

  	
  Corporate
  Trust Office

  
	
   

  	
  corporation

  
	
   

  	
  Covenant
  Defeasance

  
	
   

  	
  Defaulted
  Interest

  
	
   

  	
  Defeasance

  
	
   

  	
  Depositary

  
	
   

  	
  Event of Default

  
	
   

  	
  Exchange Act

  
	
   

  	
  Expiration Date

  
	
   

  	
  Global Security

  
	
   

  	
  Holder

  
	
   

  	
  Indenture

  
	
   

  	
  interest

  
	
   

  	
  Interest
  Payment Date

  
	
   

  	
  Investment
  Company Act

  
	
   

  	
  Major
  Constituent Bank

  
	
   

  	
  Maturity

  
	
   

  	
  Notice of Default

  
	
   

  	
  Officers’
  Certificate

  
	
   

  	
  Opinion of Counsel

  
	
   

  	
  Original Issue
  Discount Security

  
	
   

  	
  Outstanding

  
			

 

NOTE: This Table of contents
shall not, for any purpose, be deemed to be a party of the Indenture.

 

 

	
   

  	
  Paying Agent

  
	
   

  	
  Person

  
	
   

  	
  Place of Payment

  
	
   

  	
  Predecessor
  Security

  
	
   

  	
  Redemption Date

  
	
   

  	
  Redemption Price

  
	
   

  	
  Regular
  Record Date

  
	
   

  	
  Securities

  
	
   

  	
  Securities Act

  
	
   

  	
  Security Register; Security
  Registrar

  
	
   

  	
  Special
  Record Date

  
	
   

  	
  Stated Maturity

  
	
   

  	
  Subsidiary

  
	
   

  	
  Trust
  Indenture Act

  
	
   

  	
  Trustee

  
	
   

  	
  U.S. Government Obligation

  
	
   

  	
  Vice President

  
	
   

  	
  Wholly
  Owned Subsidiary

  
	
  SECTION
  102.

  	
  Compliance
  Certificates and Opinions.

  
	
  SECTION
  103.

  	
  Form
  of Documents Delivered to Trustee.

  
	
  SECTION
  104.

  	
  Acts of
  Holders; Record Dates.

  
	
  SECTION 105.

  	
  Notices, Etc., to Trustee and Company.

  
	
  SECTION 106.

  	
  Notice to
  Holders; Waiver.

  
	
  SECTION
  107.

  	
  Conflict
  with Trust Indenture Act.

  
	
  SECTION
  108.

  	
  Effect
  of Headings and Table of Contents.

  
	
  SECTION 109.

  	
  Successors and
  Assigns.

  
	
  SECTION 110.

  	
  Separability Clause.

  
	
  SECTION 111.

  	
  Benefits of
  Indenture.

  
	
  SECTION 112.

  	
  Governing Law.

  
	
  SECTION 113.

  	
  Legal Holidays.

  
	
   

  
	
  ARTICLE TWO

  
	
   

  	
   

  
	
  SECURITY FORMS

  
	
   

  	
   

  
	
  SECTION 201.

  	
  Forms Generally.

  
	
  SECTION 202.

  	
  Form of Face of
  Security.

  
	
  SECTION 203.

  	
  Form of
  Reverse of Security.

  
	
  SECTION
  204.

  	
  Form
  of Legend for Global Securities.

  
	
  SECTION
  205.

  	
  Form
  of Trustee’s Certificate of Authentication.

  
	
   

  	
   

  
	
  ARTICLE THREE

  
	
   

  	
   

  
	
  THE SECURITIES

  
	
   

  	
   

  
	
  SECTION
  301.

  	
  Amount
  Unlimited; Issuable in Series.

  
	
  SECTION 302.

  	
  Denominations.

  
			

 

ii

 

	
  SECTION 303.

  	
  Execution, Authentication, Delivery and
  Dating.

  
	
  SECTION 304.

  	
  Temporary
  Securities.

  
	
  SECTION 305.

  	
  Registration, Registration of Transfer and
  Exchange.

  
	
  SECTION
  306.

  	
  Mutilated,
  Destroyed, Lost and Stolen Securities.

  
	
  SECTION
  307.

  	
  Payment
  of Interest; Interest Rights Preserved.

  
	
  SECTION 308.

  	
  Persons Deemed
  Owners.

  
	
  SECTION 309.

  	
  Cancellation.

  
	
  SECTION 310.

  	
  Computation of
  Interest.

  
	
  SECTION 311.

  	
  CUSIP Numbers.

  
	
   

  	
   

  
	
  ARTICLE FOUR

  
	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  
	
   

  	
   

  
	
  SECTION
  401.

  	
  Satisfaction
  and Discharge of Indenture.

  
	
  SECTION 402.

  	
  Application of
  Trust Money.

  
	
   

  	
   

  
	
  ARTICLE FIVE

  
	
   

  	
   

  
	
  REMEDIES

  
	
   

  	
   

  
	
  SECTION 501.

  	
  Events of Default.

  
	
  SECTION
  502.

  	
  Acceleration
  of Maturity; Rescission and Annulment.

  
	
  SECTION
  503.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Trustee.

  
	
  SECTION
  504.

  	
  Trustee
  May File Proofs of Claim.

  
	
  SECTION
  505.

  	
  Trustee
  May Enforce Claims Without Possession of Securities.

  
	
  SECTION
  506.

  	
  Application
  of Money Collected.

  
	
  SECTION 507.

  	
  Limitation on Suits.

  
	
  SECTION
  508.

  	
  Unconditional
  Right of Holders to Receive Principal, Premium and Interest.

  
	
  SECTION
  509.

  	
  Restoration
  of Rights and Remedies.

  
	
  SECTION
  510.

  	
  Rights and
  Remedies Cumulative.

  
	
  SECTION 511.

  	
  Delay or
  Omission Not Waiver.

  
	
  SECTION 512.

  	
  Control by Holders.

  
	
  SECTION 513.

  	
  Waiver of Past
  Defaults.

  
	
  SECTION 514.

  	
  Undertaking for
  Costs.

  
	
  SECTION
  515.

  	
  Waiver
  of Usury, Stay or Extension Laws.

  
	
   

  	
   

  
	
  ARTICLE SIX

  
	
   

  	
   

  
	
  THE TRUSTEE

  
	
   

  	
   

  
	
  SECTION
  601.

  	
  Certain
  Duties and Responsibilities.

  
	
  SECTION 602.

  	
  Notice of Defaults.

  
			

 

iii

 

	
  SECTION 603.

  	
  Certain Rights
  of Trustee.

  
	
  SECTION
  604.

  	
  Not
  Responsible for Recitals or Issuance of Securities.

  
	
  SECTION 605.

  	
  May Hold Securities.

  
	
  SECTION 606.

  	
  Money Held in Trust.

  
	
  SECTION
  607.

  	
  Compensation
  and Reimbursement.

  
	
  SECTION 608.

  	
  Conflicting
  Interests.

  
	
  SECTION
  609.

  	
  Corporate
  Trustee Required; Eligibility.

  
	
  SECTION
  610.

  	
  Resignation
  and Removal; Appointment of Successor.

  
	
  SECTION
  611.

  	
  Acceptance
  of Appointment by Successor.

  
	
  SECTION 612.

  	
  Merger, Conversion, Consolidation or
  Succession to Business.

  
	
  SECTION
  613.

  	
  Preferential
  Collection of Claims Against Company.

  
	
  SECTION
  614.

  	
  Appointment
  of Authenticating Agent.

  
	
   

  	
   

  
	
  ARTICLE SEVEN

  
	
   

  	
   

  
	
  HOLDERS’
  LISTS AND REPORTS BY TRUSTEE AND COMPANY

  
	
   

  	
   

  
	
  SECTION 701.

  	
  Company to Furnish Trustee Names and
  Addresses of Holders.

  
	
  SECTION 702.

  	
  Preservation of Information;
  Communications to Holders.

  
	
  SECTION 703.

  	
  Reports by Trustee.

  
	
  SECTION 704.

  	
  Reports by Company.

  
	
   

  	
   

  
	
  ARTICLE EIGHT

  
	
   

  	
   

  
	
  CONSOLIDATION, MERGER, CONVEYANCE,
  TRANSFER OR LEASE

  
	
   

  	
   

  
	
  SECTION 801.

  	
  Company May Consolidate, Etc., Only on
  Certain Terms.

  
	
  SECTION 802.

  	
  Successor
  Substituted.

  
	
   

  	
   

  
	
  ARTICLE NINE

  
	
   

  	
   

  
	
  SUPPLEMENTAL INDENTURES

  
	
   

  	
   

  
	
  SECTION 901.

  	
  Supplemental Indentures Without Consent of
  Holders.

  
	
  SECTION
  902.

  	
  Supplemental
  Indentures With Consent of Holders.

  
	
  SECTION
  903.

  	
  Execution
  of Supplemental Indentures.

  
	
  SECTION
  904.

  	
  Effect
  of Supplemental Indentures.

  
	
  SECTION
  905.

  	
  Conformity
  with Trust Indenture Act.

  
	
  SECTION
  906.

  	
  Reference
  in Securities to Supplemental Indentures.

  
	
   

  	
   

  
	
  ARTICLE TEN

  
	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  
	
  SECTION 1001.

  	
  Payment of Principal, Premium and
  Interest.

  
			

 

iv

 

	
  SECTION
  1002.

  	
  Maintenance
  of Office or Agency.

  
	
  SECTION
  1003.

  	
  Money
  for Securities Payments to Be Held in Trust.

  
	
  SECTION
  1004.

  	
  Statement
  by Officers as to Default.

  
	
  SECTION
  1005.

  	
  Existence.

  
	
  SECTION
  1006.

  	
  Company
  Statement as to Compliance.

  
	
  SECTION
  1007.

  	
  Payment
  of Taxes and Other Claims.

  
	
  SECTION
  1008.

  	
  Waiver of
  Certain Covenants.

  
	
  SECTION 1009.

  	
  Restrictions on Sale or Issuance of
  Capital Stock of Major Constituent Banks and Subsidiaries Owning Major
  Constituent Banks.

  
	
  SECTION
  1010.

  	
  Restrictions
  on Merger or Sale of Assets by Major Constituent Banks.

  
	
  SECTION
  1011.

  	
  Calculation
  of Original Issue Discount.

  
	
   

  	
   

  
	
  ARTICLE ELEVEN

  
	
   

  	
   

  
	
  REDEMPTION OF SECURITIES

  
	
   

  	
   

  
	
  SECTION 1101.

  	
  Applicability
  of Article.

  
	
  SECTION 1102.

  	
  Election to Redeem; Notice to Trustee.

  
	
  SECTION
  1103.

  	
  Selection
  by Trustee of Securities to Be Redeemed.

  
	
  SECTION 1104.

  	
  Notice of
  Redemption.

  
	
  SECTION
  1105.

  	
  Deposit of
  Redemption Price.

  
	
  SECTION
  1106.

  	
  Securities
  Payable on Redemption Date.

  
	
  SECTION
  1107.

  	
  Securities
  Redeemed in Part.

  
	
   

  	
   

  
	
  ARTICLE TWELVE

  
	
   

  
	
  SINKING FUNDS

  
	
   

  	
   

  
	
  SECTION 1201.

  	
  Applicability
  of Article.

  
	
  SECTION
  1202.

  	
  Satisfaction
  of Sinking Fund Payments with Securities.

  
	
  SECTION
  1203.

  	
  Redemption
  of Securities for Sinking Fund.

  
	
   

  	
   

  
	
  ARTICLE THIRTEEN

  
	
   

  	
   

  
	
  DEFEASANCE AND
  COVENANT DEFEASANCE

  
	
   

  	
   

  
	
  SECTION
  1301.

  	
  Company’s
  Option to Effect Defeasance or Covenant Defeasance.

  
	
  SECTION 1302.

  	
  Defeasance and
  Discharge.

  
	
  SECTION 1303.

  	
  Covenant Defeasance.

  
	
  SECTION
  1304.

  	
  Conditions
  to Defeasance or Covenant Defeasance.

  
	
  SECTION
  1305.

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

  
	
  SECTION 1306.

  	
  Reinstatement.

  
			

 

v

 

Certain Sections of
this Indenture relating to Sections 310 through 318,

inclusive, of the Trust Indenture Act of 1939:

 

	
  Trust
  Indenture

  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  § 310(a)

  	
  (1)

  	
  609

  
	
  (a)

  	
  (2)

  	
  609

  
	
  (a)

  	
  (3)

  	
  Not
  Applicable

  
	
  (a)

  	
  (4)

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  608

  
	
   

  	
   

  	
  610

  
	
  § 311(a)

  	
   

  	
  613

  
	
  (b)

  	
   

  	
  613

  
	
  § 312(a)

  	
   

  	
  701

  
	
   

  	
   

  	
  702

  
	
  (b)

  	
   

  	
  702

  
	
  (c)

  	
   

  	
  702

  
	
  § 313(a)

  	
   

  	
  703

  
	
  (b)

  	
   

  	
  703

  
	
  (c)

  	
   

  	
  703

  
	
  (d)

  	
   

  	
  703

  
	
  § 314(a)

  	
   

  	
  704

  
	
  (a)

  	
  (4)

  	
  101

  
	
   

  	
   

  	
  1004

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)

  	
  (1)

  	
  102

  
	
  (c)

  	
  (2)

  	
  102

  
	
  (c)

  	
  (3)

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  102

  
	
  § 315(a)

  	
   

  	
  601

  
	
  (b)

  	
   

  	
  602

  
	
  (c)

  	
   

  	
  601

  
	
  (d)

  	
   

  	
  601

  
	
  (e)

  	
   

  	
  514

  
	
  § 316(a)

  	
   

  	
  101

  
	
  (a)

  	
  (1)(A)

  	
  502

  
	
   

  	
   

  	
  512

  
	
  (a)

  	
  (1)(B)

  	
  513

  
	
  (a)

  	
  (2)

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  508

  
	
  (c)

  	
   

  	
  104

  
	
  § 317(a)

  	
  (1)

  	
  503

  
	
  (a)

  	
  (2)

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  § 318(a)

  	
   

  	
  107

  

 

NOTE:  This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.

 

 

INDENTURE,
dated as of         , 2002, between
Zions Bancorporation, a corporation duly organized and existing under the laws
of the State of Utah (herein called the “Company”), having its principal office
at One South Main, Suite 1134, Salt Lake City, Utah 84111, and J.P. Morgan
Trust Company, National Association, as Trustee (herein called the “Trustee”),
having its Corporate Trust Office at 101 California Street, Suite 3800, San
Francisco, California 94111.

 

RECITALS OF THE COMPANY

 

The Company
has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its senior debt securities (herein called the
“Securities”), to be issued in one or more series as in this Indenture
provided.

 

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

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in
consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

 

ARTICLE
ONE

 

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

SECTION 101.           Definitions.

 

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

 

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

 

(2)           all other terms used
herein which are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein;

 

(3)           all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance
with generally accepted accounting principles, and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect
to any computation required or permitted hereunder shall mean such accounting
principles as are generally accepted at the date of such computation;

 

(4)           unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an Article
or a Section, as the case may be, of this Indenture; and

 

 

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

 

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

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee
pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

“Board of
Directors” means either the board of directors of the
Company or any duly authorized committee of that board.

 

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

 

“Business Day”,
when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law or executive order to
close.

 

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

 

“Claim” shall have
the meaning assigned thereto in Section 101(5) of the Bankruptcy Code of 1978,
as amended to the date of this Indenture.

 

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

 

“Company” means the
Person named as the “Company” in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the

 

2

 

applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or
“Company Order“ means a written request or order signed in the name of the
Company by its Chairman of the Board, its Vice Chairman of the Board, its
President or a Vice President, and by its Treasurer, an Assistant Treasurer,
its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee
in San Francisco, California at which at any particular time its corporate
trust business shall be administered.

 

“corporation”
means a corporation, association, company, joint-stock company or business
trust.

 

“Covenant
Defeasance” has the meaning specified in
Section 1303.

 

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

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under
the Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 301.

 

“Event of Default”
has the meaning specified in Section 501.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 104.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and
bears the legend set forth in Section 204 (or such legend as may be
specified as contemplated by Section 301 for such Securities).

 

“Holder” means a
Person in whose name a Security is registered in the Security Register.

 

“Indenture” means this
instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall
also include the terms of particular series of Securities established as
contemplated by Section 301.

 

“interest”, when
used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

 

3

 

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

 

“Investment
Company Act” means the Investment Company Act of 1940
and any statute successor thereto, in each case as amended from time to time.

 

“Major
Constituent Bank” means any Subsidiary which is
organized as a banking organization under Federal or State law and which
represents 30% or more of the consolidated assets of the Company determined as
of the date of the most recent audited financial statements of the Company.

 

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

 

“Notice of
Default” means a written notice of the kind specified
in Section 501.

 

“Officers’
Certificate” means a certificate signed by the Chairman
of the Board, a Vice Chairman of the Board, the President or a Vice President,
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers
signing an Officers’ Certificate given pursuant to Section 1004 shall be
the principal executive, financial or accounting officer of the Company.

 

“Opinion of
Counsel” means a written opinion of counsel, who may
be counsel for the Company, and who shall be acceptable to the Trustee.

 

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

 

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

 

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

 

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

 

(3)           Securities as to
which Defeasance has been effected pursuant to Section 1302; and

 

4

 

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

 

provided, however,
that in determining whether the Holders of the requisite principal amount of
the Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 502,
(B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such
Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the principal
amount of a Security denominated in one or more foreign currencies or currency
units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated
by Section 301, of the principal amount of such Security (or, in the case
of a Security described in Clause (A) or (B) above, of the amount
determined as provided in such Clause), and (D) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be
so owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor.

 

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

 

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

 

“Place of Payment”,
when used with respect to the Securities of any series, means the place or
places where the principal of and any premium and interest on the Securities of
that series are payable as specified as contemplated by Section 301.

 

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

 

5

 

shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

 

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

 

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

 

“Regular
Record Date” for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified for that
purpose as contemplated by Section 301.

 

“Responsible
Officer”, when used with respect to the Trustee, means any officer of the
Trustee expressly assigned to administer the duties of the Trustee hereunder.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

 

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

 

“Special
Record Date” for the payment of any Defaulted Interest
means a date fixed by the Trustee pursuant to Section 307.

 

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

 

“Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For the
purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any
contingency.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force
at the date as of which this instrument was executed;  provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

6

 

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

 

“U.S.
Government Obligation” has the meaning specified in
Section 1304.

 

“Vice President”,
when used with respect to the Company or the Trustee, means any vice president,
whether or not designated by a number or a word or words added before or after
the title “vice president”.

 

“Wholly Owned
Subsidiary” means a corporation all the outstanding
Capital Stock of which is owned directly or indirectly by the Company.

 

SECTION 102.                                       Compliance
Certificates and Opinions.

 

Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture Act.
Each such certificate or opinion shall be given in the form of an Officers’
Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the Trust Indenture Act and any other requirements set forth in this Indenture.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include,

 

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

 

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

 

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

 

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

 

SECTION 103.                                  Form
of Documents Delivered to Trustee.

 

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

 

7

 

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

 

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

 

SECTION 104.                    Acts of Holders; Record Dates.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders 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 and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 601) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

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

 

The ownership
of Securities shall be proved by the Security Register.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and
the Holder of every Security issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted
or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Security.

 

8

 

The Company
may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders of Securities of such series, provided that the Company may not set a
record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If not set by the Company prior to
the first solicitation of a Holder made by any Person in respect of any such
matter referred to in the foregoing sentence, the record date for any such
matter shall be the 30th day (or, if later, the date of the most recent list of
Holders required to be provided pursuant to Section 701) prior to such first
solicitation. If any record date is set pursuant to this paragraph, the Holders
of Outstanding Securities of the relevant series on such record date, and no
other Holders, shall be entitled to take the relevant action, whether or not
such Holders remain Holders after such record date; provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Company, at its own expense, shall
cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Trustee in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section
106.

 

The Trustee
may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration
referred to in Section 502, (iii) any request to institute proceedings referred
to in Section 507(2) or (iv) any direction referred to in Section 512, in
each case with respect to Securities of such series. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Securities of such
series on such record date, and no other Holders, shall be entitled to join in
such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to
prevent the Trustee from setting a new record date for any action for which a
record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person
be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series on the date
such action is taken. Promptly after any record date is set pursuant to this
paragraph, the Trustee, at the Company’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Company in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 106.

 

9

 

With respect
to any record date set pursuant to this Section, the party hereto which sets
such record dates may designate any day as the “Expiration Date” and from time
to time may change the Expiration Date to any earlier or later day;  provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the
other party hereto in writing, and to each Holder of Securities of the relevant
series in the manner set forth in Section 106, on or prior to the existing
Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section, the party hereto which set such
record date shall be deemed to have initially designated the 180th day after such
record date as the Expiration Date with respect thereto, subject to its right
to change the Expiration Date as provided in this paragraph. Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the
applicable record date.

 

Without
limiting the foregoing, a Holder entitled hereunder to take any action
hereunder with regard to any particular Security may do so with regard to all
or any part of the principal amount of such Security or by one or more duly
appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

 

SECTION 105.                    Notices, Etc., to Trustee and Company.

 

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

 

(1)           the Trustee by any
Holder or by the Company shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: Assistant Vice President, or

 

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

 

SECTION 106.                    Notice to Holders; Waiver.

 

Where this
Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at his address as it appears in the Security Register, not later than the
latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to 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

 

10

 

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

 

SECTION 107.                    Conflict with Trust Indenture Act.

 

If any
provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under such Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that
may be so modified or excluded, the latter provision shall be deemed to apply
to this Indenture as so modified or to be excluded, as the case may be.

 

SECTION 108.                    Effect of Headings and Table of Contents.

 

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

 

SECTION 109.                    Successors and Assigns.

 

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

 

SECTION 110.                    Separability
Clause.

 

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

 

SECTION 111.                    Benefits of Indenture.

 

Nothing in
this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto, their successors hereunder and the Holders any benefit or any
legal or equitable right, remedy or claim under this Indenture.

 

SECTION 112.                    Governing Law.

 

This Indenture
and the Securities shall be governed by and construed in accordance with the
law of the State of New York.

 

11

 

SECTION 113.                    Legal Holidays.

 

In any case
where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on
such date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date
or Redemption Date, or at the Stated Maturity, provided
that no interest shall accrue for the period after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be, and up to and including
such next succeeding Business Day.

 

ARTICLE
TWO

 

SECURITY FORMS

 

SECTION 201.                    Forms Generally.

 

The Securities
of each series and the Trustee’s Certificate of Authentication shall be in
substantially the form set forth in this Article, or in such other form as
shall be established by or pursuant to a Board Resolution 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 such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form
of Securities of any series is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by
Section 303 for the authentication and delivery of such Securities.

 

The definitive
Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in
any other manner permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

 

SECTION 202.                    Form of Face of Security.

 

THIS SECURITY
IS AN UNSECURED SENIOR DEBT OBLIGATION OF ZIONS BANCORPORATION.  THIS SECURITY IS NOT A DEPOSIT OR SAVINGS
ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

12

 

[Insert any legend required by the Internal
Revenue Code and the regulations thereunder.]

 

ZIONS
BANCORPORATION

Senior Debt Securities

 

	
  No.          

  	
   

  	
  $         

  

 

ZIONS
BANCORPORATION, a corporation duly organized and existing under the laws of
Utah (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                                       
        , or registered assigns,
the principal sum of                                        Dollars on                                                        
[if the
Security is to bear interest prior to Maturity, insert — , and
to pay interest thereon from              
or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually on            and                  
in each year, commencing         
, at the rate of     % per annum,
until the principal hereof is paid or made available for payment [if
applicable, insert — , provided that any principal and premium,
and any such installment of interest, which is overdue shall bear interest at
the rate of     % per annum (to the
extent that the payment of such interest shall be legally enforceable), from
the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand].  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the       
 or         (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture].

 

[If the
Security is not to bear interest prior to Maturity, insert —
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of [     ]%
per annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be
payable on demand.  [Any such interest on overdue
principal or premium which is not paid on demand shall bear interest at the
rate of [     ]% per annum (to the
extent that the payment of such interest on interest shall be legally
enforceable), from the date of such demand until the amount so demanded is paid
or made available for payment. Interest on any overdue interest shall be
payable on demand.]]

 

13

 

Payment of the
principal of (and premium, if any) and [if applicable, insert — any such]
interest on this Security will be made at the office or agency of the Company
maintained for that purpose in            
, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts [if
applicable, insert — ; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register].

 

Reference is
hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

 

Dated:

 

	
   

  	
   

  	
  ZIONS BANCORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
				

 

SECTION 203.                    Form of
Reverse of Security.

 

This Security
is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of       , 2002
(herein called the “Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and J.P. Morgan Trust Company,
National Association, as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof [if applicable, insert —, limited in
aggregate principal amount to $          
].

 

[If
applicable, insert — The Securities of this series are subject
to redemption upon not less than 30 days’ notice by mail, [if applicable, insert —
(1) on             in any year
commencing with the year        and
ending with the year        through operation
of the sinking fund for this series at a Redemption Price equal to 100% of the
principal amount, and (2)] at any time [if applicable, insert —
on or after           , 20    ], as a whole or in part, at the election
of the Company, at the following Redemption Prices (expressed

 

14

 

as percentages of the principal
amount): If redeemed [if applicable, insert — on or
before                ,    %, and if redeemed] during the 12-month period
beginning               of the years
indicated,

 

	
  Year

  	
   

  	
  Redemption

  Price

  	
   

  	
  Year

  	
   

  	
  Redemption

  Price

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

and thereafter at a Redemption
Price equal to       % of the principal
amount, together in the case of any such redemption [if applicable, insert —
(whether through operation of the sinking fund or otherwise)]
with accrued interest to the Redemption Date, but interest installments whose
Stated Maturity is on or prior to such Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, of record at
the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.]

 

[If
applicable, insert — The Securities of this series are subject
to redemption upon not less than 30 days’ notice by mail, (1) on              in any year commencing with the
year      and ending with the year      through operation of the sinking fund
for this series at the Redemption Prices for redemption through operation of
the sinking fund (expressed as percentages of the principal amount) set forth
in the table below, and (2) at any time [if applicable, insert —
on or after             ],
as a whole or in part, at the election of the Company, at the Redemption Prices
for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If
redeemed during the 12-month period beginning              of the years indicated,

 

	
  Year

  	
   

  	
  Redemption Price

  For Redemption

  Through Operation

  of the

  Sinking Fund

  	
   

  	
  Redemption Price For

  Redemption Otherwise

  Than Through Operation

  of the Sinking Fund

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

and thereafter at a Redemption
Price equal to      % of the principal
amount, together in the case of any such redemption (whether through operation
of the sinking fund or otherwise) with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business

 

15

 

on the relevant Record Dates
referred to on the face hereof, all as provided in the Indenture.]

 

[If
applicable, insert — Notwithstanding the foregoing, the Company
may not, prior to              , redeem
any Securities of this series as contemplated by [if applicable, insert —
Clause (2) of] the preceding paragraph as a part of, or
in anticipation of, any refunding operation by the application, directly or
indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less
than        % per annum.]

 

[If
applicable, insert — The sinking fund for this series provides
for the redemption on              in
each year beginning with the year        
and ending with the year       
of [if
applicable, insert — not less than $           (“mandatory sinking fund”) and not more than]
$          aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by
the Company otherwise than through [if applicable, insert — mandatory]
sinking fund payments may be credited against subsequent [if applicable, insert —
mandatory]
sinking fund payments otherwise required to be made [if applicable, insert —
, in the inverse order in which they become due].]

 

[If the
Security is subject to redemption of any kind, insert — In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

 

[If
applicable, insert — The Indenture contains provisions for
defeasance at any time of [the entire indebtedness of this Security] [or] [certain
restrictive covenants and Events of Default with respect to this Security] [,
in each case] upon compliance with certain conditions set forth in the
Indenture.]

 

[If the
Security is not an Original Issue Discount Security, insert —
If an Event of Default with respect to Securities of this series shall occur
and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the
Security is an Original Issue Discount Security, insert — If an
Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to — insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared
due and payable and (ii) of interest on any overdue principal, premium and
interest (in each case to the extent that the payment of such interest shall be
legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and premium and interest, if any, on the Securities
of this series shall terminate.]

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of
66 2/3% in principal amount of the Securities at the time
Outstanding of each series to be

 

16

 

affected. The Indenture also
contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As provided in
and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

 

No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of (and premium, if any) and interest on
this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

 

As provided in
the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company in any place where the principal of and any premium and interest
on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

 

The Securities
of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

17

 

No service
charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due
presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

 

This Security
shall be governed by and construed in accordance with the laws of the State of
New York, but without regard to principles of conflict of laws.

 

All terms used
in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

 

SECTION 204.                    Form of Legend
for Global Securities.

 

Unless
otherwise specified as contemplated by Section 301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

 

This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of a Depositary or a nominee thereof.
This Security may not be exchanged in whole or in part for a Security
registered, and no transfer of this Security in whole or in part may be
registered, in the name of any Person other than such Depositary or a nominee
thereof, except in the limited circumstances described in the Indenture.

 

SECTION 205.                    Form of Trustee’s Certificate of
Authentication.

 

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

 

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

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
  As Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

18

 

ARTICLE
THREE

 

THE SECURITIES

 

SECTION 301.       Amount
Unlimited; Issuable in Series.

 

The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

 

The Securities
may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 303, set forth, or determined in
the manner provided, in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series,

 

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

 

(2)           any limit upon the
aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304,
305, 306, 906 or 1107 and except for any Securities which, pursuant to Section
303, are deemed never to have been authenticated and delivered hereunder);

 

(3)           the Person to whom
any interest on a Security of the series shall be payable, if other than the
Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest;

 

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

 

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

 

(6)           the place or places
where the principal of and any premium and interest on any Securities of the
series shall be payable;

 

(7)           the period or
periods within which, the price or prices at which and the terms and conditions
upon which any Securities of the series may be redeemed, in whole or in part,
at the option of the Company and, if other than by a Board Resolution, the
manner in which any election by the Company to redeem the Securities shall be
evidenced;

 

(8)           the obligation, if
any, of the Company to redeem or purchase any Securities of the series pursuant
to any sinking fund or analogous provisions or at the

 

19

 

option of the
Holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which any Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

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

 

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

 

(11)         if other than the
currency of the United States of America, the currency, currencies or currency
units in which the principal of or any premium or interest on any Securities of
the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose,
including for purposes of the definition of “Outstanding” in Section 101;

 

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

 

(13)         if other than the
entire principal amount thereof, the portion of the principal amount of any
Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 502;

 

(14)         if the principal
amount payable at the Stated Maturity of any Securities of the series will not
be determinable as of any one or more dates prior to the Stated Maturity, the
amount which shall be deemed to be the principal amount of such Securities as
of any such date for any purpose thereunder or hereunder, including the
principal amount thereof which shall be due and payable upon any Maturity other
than the Stated Maturity or which shall be deemed to be Outstanding as of any
date prior to the Stated Maturity (or, in any such case, the manner in which
such amount deemed to be the principal amount shall be determined);

 

(15)         if applicable, that
the Securities of the series, in whole or any specified part, shall be
defeasible pursuant to Section 1302 or Section 1303 or both such Sections
and, if other than by a Board Resolution, the manner in which any election by
the Company to defease such Securities shall be evidenced;

 

(16)         if applicable, that
any Securities of the series shall be issuable in whole or in part in the form
of one or more Global Securities and, in such case, the respective Depositaries
for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu of that set forth
in Section 204 and any circumstances in addition to or in lieu of those set
forth

 

20

 

in Clause (2)
of the last paragraph of Section 305 in which any such Global Security may be
exchanged in whole or in part for Securities registered, and any transfer of
such Global Security in whole or in part may be registered, in the name or
names of Persons other than the Depositary for such Global Security or a
nominee thereof;

 

(17)         any addition to or
change in the Events of Default which applies to any Securities of the series
and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to
Section 502;

 

(18)         any addition to or
change in the covenants set forth in Article Ten which applies to Securities of
the series; and

 

(19)         any other terms of
the series (which terms shall not be inconsistent with the provisions of this
Indenture, except as permitted by Section 901(5)).

 

All Securities
of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 303) set forth, or determined in
the manner provided, in the Officers’ Certificate referred to above or in any
such indenture supplemental hereto.

 

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

 

SECTION 302.                    Denominations.

 

The Securities
of each series shall be issuable in such denominations as shall be specified as
contemplated by Section 301. In the absence of any such specified
denomination with respect to the Securities of any series, the Securities of
such series shall be issuable only in registered form without coupons and in
denominations of $1,000 and any integral multiple thereof.

 

SECTION 303.                    Execution,
Authentication, Delivery and Dating.

 

The Securities
shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its President or one of its Vice Presidents, under
its corporate seal reproduced thereon attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities
may be manual or facsimile.

 

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

 

21

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 201 and
301, in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating,

 

(1)           if the form of such
Securities has been established by or pursuant to Board Resolution as permitted
by Section 201, that such form has been established in conformity with the
provisions of this Indenture;

 

(2)           if the terms of such
Securities have been established by or pursuant to Board Resolution as permitted
by Section 301, that such terms have been established in conformity with the
provisions of this Indenture; and

 

(3)           that such
Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute valid and legally binding obligations of the
Company enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

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

 

Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall
not be necessary to deliver the Officers’ Certificate otherwise required
pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise
required pursuant to such preceding paragraph at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to
the authentication upon original issuance of the first Security of such series
to be issued.

 

Each Security
shall be dated the date of its authentication.

 

No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of
authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company

 

22

 

shall deliver such Security to
the Trustee for cancellation as provided in Section 309, for all purposes
of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

 

SECTION 304.                    Temporary Securities.

 

Pending the
preparation of definitive Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their
execution of such Securities.

 

If temporary
Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or
agency of the Company in a Place of Payment for that series, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and
aggregate principal amount. Until so exchanged, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor.

 

SECTION 305.                    Registration,
Registration of Transfer and Exchange.

 

The Company
shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to
as the “Security Register”) in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

 

Upon surrender
for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of a like tenor and aggregate
principal amount.

 

At the option
of the Holder, and subject to the other provisions of this Section 305,
Securities of any series may be exchanged for other Securities of the same
series, of any authorized denominations and of a like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such
office or agency. Whenever any

 

23

 

Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to
receive.

 

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

 

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

 

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

 

If the
Securities of any series (or of any series and specified tenor) are to be
redeemed in part, the Company shall not be required (A) to issue, register
the transfer of or exchange any Securities of that series (or of that series
and specified tenor, as the case may be) during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 1103
and ending at the close of business on the day of such mailing, or (B) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

The provisions
of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

 

(1)           Each Global Security
authenticated under this Indenture shall be registered in the name of the
Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes
of this Indenture.

 

(2)           Notwithstanding any
other provision in this Indenture, no Global Security may be exchanged in whole
or in part for Securities registered, and no transfer of a Global Security in
whole or in part may be registered, in the name of any Person other than the Depositary
for such Global Security or a nominee thereof unless (A) such Depositary (i)
has notified the Company that it is unwilling or unable to continue as
Depositary for such Global Security or (ii) has ceased to be a clearing
agency registered under the Exchange Act, (B) there shall have occurred
and be continuing an Event of Default with respect to such Global Security or
(C) there shall exist such circumstances, if any, in addition to or in lieu of
the foregoing as have been specified for this purpose as contemplated by
Section 301.

 

24

 

(3)           Subject to Clause
(2) above, any exchange of a Global Security for other Securities may be made
in whole or in part, and all Securities issued in exchange for a Global
Security or any portion thereof shall be registered in such names as the
Depositary for such Global Security shall direct.

 

(4)           Every Security
authenticated and delivered upon registration of transfer of, or in exchange
for or in lieu of, a Global Security or any portion thereof, whether pursuant
to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

 

SECTION 306.                    Mutilated, Destroyed, Lost and Stolen
Securities.

 

If any
mutilated Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

If there shall
be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding.

 

In case any
such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a
new Security, pay such Security.

 

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

 

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

 

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

 

25

 

SECTION 307.         Payment of Interest; Interest Rights
Preserved.

 

Except as
otherwise provided as contemplated by Section 301 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest.

 

Any interest
on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in
Clause (1) or (2) below:

 

(1)           The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names
the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this Clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date and, in the name and at
the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first
class postage prepaid, to each Holder of Securities of such series at his
address as it appears in the Security Register, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2).

 

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

 

Subject to the
foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any
other

 

26

 

Security shall carry the rights
to interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

SECTION 308.           Persons Deemed Owners.

 

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

 

None of the
Company, the Trustee or any agent of the Company or the Trustee shall have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Security in
global form, or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. 
Notwithstanding the foregoing, with respect to any Security in global
form, nothing herein shall prevent the Company or Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by a Depositary (or its nominee), as a Holder,
with respect to such Security in global form or impair, as between such
Depositary and owners of beneficial interests in such Security in global form,
the operation of customary practices governing the exercise of the rights of
such Depositary (or its nominee) as Holder of such Security in global form.

 

SECTION 309.           Cancellation.

 

All Securities
surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held
by the Trustee shall be disposed of as directed by a Company Order.

 

SECTION 310.           Computation of Interest.

 

Except as
otherwise specified as contemplated by Section 301 for Securities of any
series, interest on the Securities of each series shall be computed on the
basis of a 360–day year of twelve 30-day months.

 

27

 

SECTION 311.           CUSIP
Numbers.

 

The Company 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 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 that reliance may
be placed only on the other identification numbers printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of
such numbers.  The Company will promptly
notify the Trustee of any change in the “CUSIP” numbers.

 

ARTICLE
FOUR

 

SATISFACTION
AND DISCHARGE

 

SECTION 401.           Satisfaction
and Discharge of Indenture.

 

This Indenture
shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein
expressly provided for), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

 

(1)           either

 

(A)          all Securities
theretofore authenticated and delivered (other than (i) Securities which
have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 306 and (ii) Securities for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for
cancellation; or

 

(B)           all such Securities
not theretofore delivered to the Trustee for cancellation

 

(i)              have become due
and payable, or

 

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

 

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

 

and the
Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose money in an
amount sufficient to pay and discharge the entire indebtedness on such

 

28

 

Securities not
theretofore delivered to the Trustee for cancellation, for principal (and
premium, if any) and interest to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 607, the obligations of the Trustee to any
Authenticating Agent under Section 614 and, if money shall have been
deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the
last paragraph of Section 1003 shall survive.

 

SECTION 402.           Application
of Trust Money.

 

Subject to the
provisions of the last paragraph of Section 1003, all money deposited with
the Trustee pursuant to Section 401 shall be held in trust and applied by
it, in accordance with the provisions of the Securities and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose
payment such money has been deposited with the Trustee.

 

ARTICLE
FIVE

 

REMEDIES

 

SECTION 501.           Events of
Default.

 

“Event of
Default”, wherever used herein with respect to Securities of any series, means
any one of the following events (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):

 

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

 

(2)           default in the
payment of the principal of or any premium on any Security of that series at
its Maturity; or

 

29

 

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

 

(4)           default in the
performance, or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of series of
Securities other than that series), and continuance of such default or breach
for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of
that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

 

(5)           a default under any
bond, debenture, note or other evidence of indebtedness for money borrowed by
the Company or any Major Constituent Bank (including a default with respect to
Securities of any series other than that series) having an aggregate principal
amount outstanding of at least $25,000,000, or under any mortgage, indenture or
instrument (including this Indenture) under which there may be issued or by
which there may be secured or evidenced any indebtedness for money borrowed by
the Company having an aggregate principal amount outstanding of at least
$25,000,000, whether such indebtedness now exists or shall hereafter be
created, which default (A) shall constitute a failure to pay any portion of the
principal of such indebtedness when due and payable after the expiration of any
applicable grace period with respect thereto or (B) shall have resulted in
such indebtedness becoming or being declared due and payable prior to the date
on which it would otherwise have become due and payable, without, in the case
of Clause (A), such indebtedness having been discharged or without, in the case
of Clause (B), such indebtedness having been discharged or such
acceleration having been rescinded or annulled, in each such case,  within
a period of 60 days after there shall have been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default and
requiring the Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled, as the case may be, and stating that
such notice is a “Notice of Default” hereunder, provided that any such default
in either case (A) or (B) shall not be deemed to have occurred if and so long
as the Company or the applicable Major Constituent Bank shall contest the
validity thereof in good faith by appropriate proceedings; or

 

(6)           the entry by a court
having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging the Company bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under
any applicable Federal or State law, or appointing a receiver or other similar
official of the Company or of any substantial part of its property, or ordering
the winding up or liquidation of

 

30

 

its affairs,
and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effect for a period of 60 consecutive days; or

 

(7)           the commencement by
the Company of a voluntary case or proceeding under any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law or of any
other case or proceeding to be adjudicated a bankrupt or insolvent, or the
consent by it to the entry of a decree or order for relief in respect of the
Company in an involuntary case or proceeding under any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or
the filing by it of a petition or answer or consent seeking reorganization
relief under any applicable Federal or State law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a
receiver or similar official of the Company or of any substantial part of its
property or the taking of corporate action by the Company in furtherance of any
such action; or

 

(8)           (A) the appointment
by a competent government agency having primary regulatory authority over any
Major Constituent Bank under any applicable Federal or State banking,
insolvency or similar law now or hereafter in effect of a receiver, conservator
or other similar official of any such Major Constituent Bank or of any
substantial part of such entity’s property or (B) the entry of a decree or
order in any case or proceeding under any applicable Federal or State banking,
insolvency or other similar law now or hereafter in effect adjudging any Major
Constituent Bank insolvent or bankrupt, or appointing any receiver, conservator
or other similar official of any Major Constituent Bank or of any substantial
part of such entity’s property, or ordering the winding up or liquidation of
such entity’s affairs; or

 

(9)           (A) the filing by
any Major Constituent Bank with any competent government agency having primary
regulatory authority over any such Major Constituent Bank of a notice of
voluntary liquidation or other similar action under any applicable Federal or
State banking, insolvency or other similar law now or hereafter in effect or
(B) the commencement by any Major Constituent Bank of any case or proceeding
under any applicable Federal or State banking, insolvency or other similar law
now or hereafter in effect to be adjudicated insolvent or bankrupt or seeking
the appointment of a receiver, conservator or other similar official of any
such Major Constituent Bank or of any substantial part of such entity’s property
or the consent by any Major Constituent Bank to the entry of a decree or order
in any case or proceeding under the Federal or State banking, insolvency or
other similar laws adjudging any such Major Constituent Bank insolvent or
bankrupt, or appointing any receiver, conservator or other similar official of
any Major Constituent Bank or of any substantial part of such entity’s
property, or ordering the winding up or liquidation of their respective
affairs, or the taking of any corporate action by any such Major Constituent
Bank in furtherance of such action; or

 

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

 

31

 

SECTION 502.           Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of
Default (other than an Event of Default specified in Section 501(6),
501(7), 501(8) or 501(9)) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount of all the
Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.  If an Event of Default specified in Section 501(6), 501(7),
501(8) or 501(9) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series
(or, if any Securities of that series are Original Issue Discount Securities,
such portion of the principal amount of such Securities as may be specified by
the terms thereof) shall automatically, and without any declaration or other
action on the part of the Trustee or any Holder, become immediately due and
payable.

 

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

 

(1)           the Company has paid
or deposited with the Trustee a sum sufficient to pay

 

(A)     all overdue interest on
all Securities of that series,

 

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

 

(C)     to
the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities, and

 

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

 

and

 

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

 

32

 

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

 

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

 

The Company
covenants that if

 

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

 

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

 

the Company will, upon demand
of the Trustee, pay to it, for the benefit of the Holders of such Securities,
the whole amount then due and payable on such Securities for principal and any
premium and interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and premium and on any
overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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

 

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

 

SECTION 504.           Trustee May
File Proofs of Claim.

 

In case of any
judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all
actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby

 

33

 

authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 607.

 

No provision
of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding; provided, however, that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors’ or other similar
committee.

 

SECTION 505.           Trustee May
Enforce Claims Without Possession of Securities.

 

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

 

SECTION 506.           Application
of Money Collected.

 

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

 

FIRST:  To the payment of all amounts due the
Trustee under Section 607; and

 

SECOND:  To the payment of the
amounts then due and unpaid for principal of (and premium, if any) and interest
on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and
any premium and interest, respectively.

 

SECTION 507.           Limitation
on Suits.

 

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

 

34

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 508.           Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the
principal of (and premium, if any) and (subject to Section 307) interest
on such Security on the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date) and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

 

SECTION 509.           Restoration
of Rights and Remedies.

 

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

 

35

 

SECTION 510.           Rights and
Remedies Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 306, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

SECTION 511.           Delay or
Omission Not Waiver.

 

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

 

SECTION 512.           Control by
Holders.

 

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

 

(1)           such direction shall
not be in conflict with any rule of law or with this Indenture or expose the
Trustee to personal liability, and

 

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

 

SECTION 513.           Waiver of
Past Defaults.

 

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

 

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

 

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

 

36

 

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

 

SECTION 514.           Undertaking
for Costs.

 

In any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to
pay the costs of such suit, and may assess costs against any such party litigant,
in the manner and to the extent provided in the Trust Indenture Act; provided
that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company.

 

SECTION 515.           Waiver of
Usury, Stay or Extension Laws.

 

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

 

ARTICLE
SIX

 

THE TRUSTEE

 

SECTION 601.           Certain
Duties and Responsibilities.

 

Except as
otherwise provided, the duties and responsibilities of the Trustee shall be as
provided by the Trust Indenture Act. 
Notwith­standing the foregoing, no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers.

 

The Trustee
shall, prior to the occurrence of an Event of Default of which the Trustee is
deemed to have knowledge, and after the curing of all Events of Default which
may have occurred, perform such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture or any other related document against the
Trustee.  The right of the Trustee to
perform any discretionary act enumerated or contemplated in this Indenture or
other related documents shall not be construed as a duty.

 

37

 

The Trustee
shall, during the existence of any Event of Default which it is deemed to have
knowledge of and which has not been cured, exercise 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 the prudent person’s own affairs.

 

The Trustee
shall not be liable for any error of judgment made in good faith by any
Responsible Officer of the Trustee unless the Trustee was negligent in
ascertaining the pertinent facts.  The
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of a
majority in aggregate principal amount of the Securities Outstanding of the
affected series relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or the exercise of any trust
or power conferred upon the Trustee, under this Indenture.  Notwithstanding the foregoing, 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.

 

Whether or not
therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section.

 

SECTION 602.           Notice of
Defaults.

 

The Trustee
shall give the Holders notice of any default hereunder as and to the extent
provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified
in Section 501(2) and Section 501(4), no such notice to Holders shall be
given until at least 30 days or 60 days, respectively, after the
occurrence thereof.  For the purpose of
this Section, the term “default” means any event which is, or after notice or
lapse of time or both would become, an Event of Default.

 

The Trustee
shall not be charged with knowledge of any Event of Default under this
Indenture or related documents unless (i) a Responsible Officer of the Trustee
shall have actual knowledge of such Event of Default or (ii) the Trustee shall
have received notice in writing of such Event of Default by the Company or by
the Holders of at least 25% in aggregate principal amount of the Securities
then Outstanding of the affected series.

 

SECTION 603.           Certain
Rights of Trustee.

 

Subject to the
provisions of Section 601:

 

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

 

38

 

(2)           any request or
direction of the Company mentioned herein shall be sufficiently evidenced by a
Company Request or Company Order, and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

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

 

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

 

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

 

SECTION 604.           Not
Responsible for Recitals or Issuance of Securities.

 

The recitals
contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity,
sufficiency or priority of this Indenture or of the Securities. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

 

39

 

SECTION 605.           May Hold
Securities.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 608 and 613, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other agent.

 

SECTION 606.           Money Held
in Trust.

 

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

 

SECTION 607.           Compensation
and Reimbursement.

 

The Company
agrees

 

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

 

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

 

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

 

(4)           whether or not
herein expressly provided, every provision of this Indenture and of other
related documents relating to the rights, privileges, protections, immunities
and benefits given to the Trustee hereunder, including without limitation its
right to be indemnified, shall (a) be subject to this Article, (b) apply to and
be enforceable by, the Trustee in each of its capacities hereunder, including
without limitation its capacity as Paying Agent and Security Registrar and (c)
extend to directors, officers and employees of the Trustee.

 

40

 

SECTION 608.           Conflicting
Interests.

 

If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act,
the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture. To the extent permitted by such Act, the Trustee shall
not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Securities of more than one series.

 

 

SECTION 609.           Corporate
Trustee Required; Eligibility.

 

There shall at
all times be a Trustee hereunder with respect to the Securities of each series,
which may be Trustee hereunder for Securities of one or more other series. Each
Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act
to act as such and has (or in the case of a corporation included in a bank
holding company system, the related holding company has) a combined capi­tal
and surplus of at least $50,000,000 and a corporate trust office in either the
Borough of Manhattan, City of New York or San Francisco, California.  If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its said
supervising or examining authority, then for the purposes of this Section and
to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such Person shall be deemed to be its combined capital and sur­plus
as set forth in its most recent report of condition so published.  If at any time the Trustee with respect to
the Securities of any series shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

 

SECTION 610.           Resignation
and Removal; Appointment of Successor.

 

No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of
Section 611.

 

The Trustee
may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

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

 

41

 

 

If at any
time:

 

(1)           the Trustee shall
fail to comply with Section 608 after written request therefor by the Company
or by any Holder who has been a bona fide Holder of a Security for at least six
months, or

 

(2)           the Trustee shall
cease to be eligible under Section 609 and shall fail to resign after written
request therefor by the Company or by any such Holder, or

 

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

 

then, in any such case, (A) the
Company by a Board Resolution may remove the Trustee with respect to all
Securities, or (B) subject to Section 514, any Holder who has been a
bona fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and
the appointment of a successor Trustee or Trustees.

 

If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of
one or more series, the Company, by a Board Resolution, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those
series and shall comply with the applicable requirements of Section 611. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 611, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by
Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

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

 

42

 

SECTION 611.           Acceptance of Appointment by Successor.

 

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

 

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

 

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

 

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

 

43

 

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

 

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

 

SECTION 613.           Preferential
Collection of Claims Against Company.

 

If and when
the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Company (or
any such other obligor).

 

SECTION 614.           Appointment
of Authenticating Agent.

 

The Trustee
may appoint an Authenticating Agent or Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon original issue and upon
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 306, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or
the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

 

44

 

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

 

An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which
shall be acceptable to the Company and shall give notice of such appointment in
the manner provided in Section 106 to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

 

The Trustee
agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of
Section 607.

 

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

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
  As Trustee

  
	
   

  	
  By

  	
   

  
	
   

  	
  As Authenticating
  Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Authorized Officer

  

 

45

 

ARTICLE SEVEN

 

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION
701.           Company to Furnish Trustee Names and
Addresses of Holders.

 

The Company
will furnish or cause to be furnished to the Trustee

 

(1)           semi-annually, not
more than 15 days after each Regular Record Date, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of
Securities of each series as of such Regular Record Date, and

 

(2)           at such other times
as the Trustee may request in writing, within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished; 

 

excluding from any
such list names and addresses received by the Trustee in its capacity as
Security Registrar.

 

SECTION
702.           Preservation of Information; Communications
to Holders.

 

The Trustee
shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 701 and the names and addresses of Holders
received by the Trustee in its capacity as Security Registrar. The Trustee may
destroy any list furnished to it as provided in Section 701 upon receipt
of a new list so furnished.

 

The rights of
Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder
of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any agent of either of
them shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders made pursuant to the Trust Indenture Act.

 

SECTION 703.           Reports by Trustee.

 

The Trustee
shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at
the times and in the manner provided pursuant thereto.

 

A copy of each
such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the
Commission and with the Company. The Company will notify the Trustee when any
Securities are listed on any stock exchange.

 

46

 

SECTION 704.           Reports by
Company.

 

The Company
shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant to such Act; provided that any such information,
documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee
within 15 days after the same is so required to be filed with the
Commission.

 

ARTICLE EIGHT

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION
801.           Company May Consolidate, Etc., Only on
Certain Terms.

 

The Company
shall not consolidate with or merge into any other Person or convey, transfer
or lease its properties and assets substantially as an entirety to any Person,
and the Company shall not permit any Person to consolidate with or merge into
the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

 

(1)           in case the Company
shall consolidate with or merge into another Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Company substantially as an entirety shall be a
corporation, partnership, limited liability company or trust, shall be
organized and validly existing under the laws of the United States of America,
any State thereof or the District of Columbia and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest on all the Securities and the performance or
observance of every covenant of this Indenture on the part of the Company to be
performed or observed;

 

(2)           immediately after
giving effect to such transaction and treating any indebtedness which becomes
an obligation of the Company or any Subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time of such
transaction, no Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have happened and be
continuing; and

 

(3)           the Company has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

 

47

 

SECTION 802.           Successor
Substituted.

 

Upon any
consolidation of the Company with, or merger of the Company into, any other
Person or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety in accordance with Section 801, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been
named as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities.

 

ARTICLE NINE

 

SUPPLEMENTAL
INDENTURES

 

SECTION
901.           Supplemental Indentures Without Consent
of Holders.

 

Without the
consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:

 

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

 

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

 

(3)           to add any
additional Events of Default for the benefit of the Holders of all or any
series of Securities (and if such additional Events of Default are to be for
the benefit of less than all series of Securities, stating that such additional
Events of Default are expressly being included solely for the benefit of such
series); or

 

(4)           to add to or change
any of the provisions of this Indenture to such extent as shall be necessary to
permit or facilitate the issuance of Securities in bearer form, registrable or
not registrable as to principal, and with or without interest coupons, or to
permit or facilitate the issuance of Securities in uncertificated form; or

 

(5)           to add to, change or
eliminate any of the provisions of this Indenture in respect of one or more
series of Securities, provided that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series
created prior to the execution of such supplemental indenture and entitled to
the benefit of such provision nor (ii) modify the rights of the Holder of any
such Security with respect to 

 

48

 

such provision
or (B) shall become effective only when there is no such Security
Outstanding; or

 

(6)           to secure the
Securities; or

 

(7)           to establish the
form or terms of Securities of any series as permitted by Sections 201 and
301; or

 

(8)           to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 611; or

 

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

 

SECTION 902.           Supplemental
Indentures With Consent of Holders.

 

With the
consent of the Holders of not less than 662/3% in principal amount
of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

 

(1)           change the Stated
Maturity of the principal of, or any installment of principal of or interest
on, any Security, or reduce the principal amount thereof or the rate of
interest thereon (or premium, if any) payable upon the redemption thereof, or
reduce the amount of the principal of an Original Issue Discount Security or
any other Security which would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 502, or change
any Place of Payment where, or the coin or currency in which, any Security or
any premium or interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date), or

 

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

 

49

 

(3)           modify any of the
provisions of this Section, Section 513 or Section 1008, except to
increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder
of each Outstanding Security affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this
Section and Section 1008, or the deletion of this proviso, in accordance
with the requirements of Sections 611 and 901(8).

 

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

 

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

 

SECTION 903.           Execution of Supplemental Indentures.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 601) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

SECTION 904.           Effect of
Supplemental Indentures.

 

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

 

SECTION 905.           Conformity with Trust Indenture Act.

 

Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

 

SECTION 906.           Reference in
Securities to Supplemental Indentures.

 

Securities of
any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new
Securities of any series 

 

50

 

so modified as to conform, in
the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by
the Trustee in exchange for Outstanding Securities of such series.

 

ARTICLE TEN

 

COVENANTS

 

SECTION
1001.         Payment of Principal, Premium and
Interest.

 

The Company
covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on
the Securities of that series in accordance with the terms of the Securities
and this Indenture.

 

SECTION 1002.         Maintenance of Office or Agency.

 

The Company
will maintain in each Place of Payment for any series of Securities an office
or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served.  The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency.  If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, sur­renders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

 

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

 

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

 

If the Company
shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and
premium, if any) or interest on any of the Securities of that series, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due until such sums shall be paid to such Persons or other­wise disposed of as
herein provided and will promptly notify the Trustee of its action or failure
so to act.

 

51

 

Whenever the
Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay such amount, such sum to be held as provided by the Trust
Inden­ture Act, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act.

 

The Company
will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will (i) comply with the provisions of the
Trust Indenture Act applicable to it as a Paying Agent and (ii) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

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

 

Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on
any Security of that series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a
newspaper published in the English language, customarily published on each
Business Day and of general circulation in the Borough of Manhattan, City of
New York, notice that such money remains unclaimed and that, after a date speci­fied
therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
to the Company.

 

SECTION 1004.         Statement by
Officers as to Default.

 

The Company
will deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided 

 

52

 

hereunder) and, if the Company
shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge.

 

SECTION 1005.         Existence.

 

Subject to
Article Eight, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and
statutory), as applicable, and franchises, and the existence, rights (charter
and statutory) and franchises of any Major Constituent Bank; provided, however, that the Company shall
not be required to preserve any such right or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.

 

SECTION 1006.         Company Statement
as to Compliance.

 

The Company
will deliver to the Trustee, within 120 days after the end of each fiscal year,
a written statement, which need not comply with Section 102, signed by the
Chairman of the Board, a Vice Chairman, the President or a Vice President and
by the Treasurer or an Assistant Treasurer of the Company, stating, as to each
signer thereof, that

 

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

 

(2)           to the best of his
knowledge, based on such review, (a) the Company has fulfilled all its
obligations under this Indenture throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to him and the nature and status thereof, and (b) no event has occurred
and is continuing which is, or after notice or lapse of time or both would
become, an Event of Default under Section 501 or, if such event has occurred
and is continuing, specifying such event known to him and the nature and status
thereof.

 

SECTION 1007.         Payment of
Taxes and Other Claims.

 

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

 

53

 

SECTION 1008.         Waiver of
Certain Covenants.

 

Except as
otherwise specified as contemplated by Section 301 for Securities of such
series, the Company, with respect to the Securities of any series, may omit in
any particular instance to comply with any term, provision or condition set
forth in any covenant provided pursuant to Section 301(18), 901(2) or 901(7)
for the benefit of the Holders of such series or in any of Sections 1005
to 1007, inclusive, or in Section 1009 or Section 1010 if before the time for
such compliance the Holders of at least 66 2/3% in principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

 

SECTION
1009.                            Restrictions on Sale or Issuance of Capital Stock of
Major Constituent Banks and Subsidiaries Owning Major Constituent Banks.

 

The Company
will not, and will not permit any Subsidiary to, sell, assign, pledge, transfer
or otherwise dispose of (i) any shares of Capital Stock of any Major Constituent Bank or any Subsidiary owning,
directly or indirectly, any shares of Capital Stock of any Major Constituent Bank, or (ii) any
securities convertible into such Capital Stock, and the Company will not permit
any Major Constituent Bank or
any Subsidiary owning, directly or indirectly, any shares of Capital Stock of a
Major Constituent Bank to issue
any shares of such Major Constituent Bank’s or such Subsidiary’s Capital Stock
or, as the case may be, any securities convertible into shares of such Major
Constituent Bank’s or such Sub­sidi­ary’s Capital Stock, as the case may be,
except in any such case where:

 

(1)           the sales,
assignments, pledges, transfers or other dispositions or issuances are made, in
the minimum amount required by law, to any Person for the purpose of the
qualification of such Person to serve as a director; or

 

(2)           the sales,
assignments, pledges, transfers or other dispositions or issuances are for fair
market value (as determined by the Board of Directors of the Company, such
determination being evidenced by a Board Resolution) and, after giving effect
to such disposition and to any potential dilution (if the shares or securities
are convertible into Capital Stock), the Company will own directly or
indirectly not less than 80% of the shares of each class of Capital Stock of
such Major Constituent
Bank or any such Subsidiary owning, directly or indirectly, any shares
of Capital Stock of such Major Constituent
Bank; or

 

(3)           the sales,
assignments, pledges, transfers or other dispositions or issuances are made
(i) in compliance with an order of a court or regulatory authority of
competent juris­diction, (ii) in compliance with a condition imposed by an
order of a court or regula­tory authority of competent jurisdiction permitting
the acquisition by the Company, directly or indirectly, of any entity the
activities of which are legally 

54

 

permissible
for a company such as the Company or a subsidiary thereof to engage in or
(iii) in compliance with an undertaking made to a regulatory authority of
com­petent jurisdiction in connection with an acquisition by the Company,
directly or indirectly, of any entity the activities of which are legally
permissible for a company such as the Company or a subsidiary thereof to engage
in; provided that, in the case of
Clauses (ii) and (iii), the assets of the entity to be acquired and its
con­solidated subsidiaries are equal to or greater than 75% of the assets of
such Major Constituent
Bank or such Subsidiary owning, directly or indirectly, any shares of Capital
Stock of a Major Constituent
Bank and its respective consolidated subsidiaries on the date of acquisition
calculated in accordance with generally accepted accounting principles; or

 

(4)           the sales,
assignments, pledges, transfers or other dispositions or issuances are made to
the Company or any Wholly Owned Subsidiary.

 

SECTION 1010.         Restrictions
on Merger or Sale of Assets by Major Constituent Banks.

 

So long as any
of the Securities shall be outstanding, the Company will not permit any Major Constituent Bank to

 

(1)           merge into or
consolidate with any other banking institution, unless the surviving banking
institution is the Company or is, or upon consummation of the merger or
consolidation will become, a Subsidiary not less than 80% of the shares of each
class of the Capital Stock of which are owned, directly or indirectly, by the
Company, or

 

(2)           lease, sell or
transfer all or substantially all of its properties and assets to any
corporation or other Person, except to the Company, a Subsidiary not less than
80% of the shares of the shares of each class of the Capital Stock of which are
owned, directly or indirectly, by the Company or a Person that, upon such
lease, sale or transfer, will become a Subsidiary not less than 80% of the shares
of the each class of the Capital Stock of which are owned, directly or
indirectly, by the Company,

 

except where such mergers,
consolidations, sales or transfers are made (i) in compliance with an
order of a court or regulatory authority of competent jurisdiction,
(ii) in compliance with a condition imposed by an order of a court or
regulatory authority of competent jurisdiction permitting the acquisition by
the Company, directly or indirectly, of any entity the activities of which are
legally permissible for a company such as the Company or a subsidiary thereof
to engage in or (iii) in compliance with an undertaking made to a
regulatory authority of competent jurisdiction in connection with an
acquisition by the Company, directly or indirectly, of any entity the
activities of which are legally permissible for a company such as the Company
or a subsidiary thereof to engage in; provided
that, in the case of Clauses (ii) and (iii), the assets of the
entity to be acquired and its consolidated subsidiaries are equal to or greater
than 75% of the assets of such Major Constituent Bank and its consolidated
subsidiaries on the date of acquisition, calculated in accordance with
generally accepted accounting principles.

 

55

 

SECTION 1011.         Calculation
of Original Issue Discount.

 

If any
Original Issue Discount Securities are outstanding, the Company shall file with
the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year
and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time.

 

ARTICLE ELEVEN

 

REDEMPTION OF
SECURITIES

 

SECTION 1101.         Applicability
of Article.

 

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

 

SECTION
1102.         Election to Redeem; Notice to Trustee.

 

The election
of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 301 for such
Securities. In case of any redemption at the election of the Company of less
than all the Securities of any series (including any such redemption affecting
only a single Security), the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of
the principal amount of Securities of such series to be redeemed and, if
applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction.

 

SECTION 1103.         Selection by
Trustee of Securities to Be Redeemed.

 

If less than
all the Securities of any series are to be redeemed (unless all the Securities
of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series not previously
called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any Security of such series, provided that the unredeemed
portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination)
for such Security. If less than all the Securities of such series and of a
specified tenor are to be redeemed (unless such redemption affects only a
single 

 

56

 

Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee, from the Outstanding Securities of such
series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

The Trustee
shall promptly notify the Company and each Securities Registrar in writing of
the Securities selected for redemption and, in case of any Securities selected
for partial redemption, the principal amount thereof to be redeemed.

 

The provisions
of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in
whole or in part. In the case of any such redemption in part, the unredeemed
portion of the principal amount of the Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination)
for such Security.

 

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

 

SECTION 1104.         Notice of
Redemption.

 

Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not less
than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed, at his address appearing in the Security
Register.

 

All notices of
redemption shall state:

 

(1)           the Redemption Date,

 

(2)           the Redemption
Price,

 

(3)           if less than all the
Outstanding Securities of any series consisting of more than a single Security
are to be redeemed, the identification (and, in the case of partial redemption
of any such Securities, the principal amounts) of the particular Securities to
be redeemed and, if less than all the Outstanding Securities of any series
consisting of a single Security are to be redeemed, the principal amount of the
particular Security to be redeemed,

 

(4)           that on the
Redemption Date the Redemption Price will become due and payable upon each such
Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,

 

(5)           the place or places
where each such Security is to be surrendered for payment of the Redemption
Price, and

 

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

 

57

 

Notice of
redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name
and at the expense of the Company.

 

SECTION 1105.         Deposit of
Redemption Price.

 

Prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay
the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed on that date.

 

SECTION 1106.         Securities
Payable on Redemption Date.

 

Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by
the Company at the Redemption Price, together with accrued interest to the
Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity
is on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

 

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

 

SECTION 1107.         Securities
Redeemed in Part.

 

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

 

58

 

ARTICLE TWELVE

 

SINKING FUNDS

 

SECTION 1201.         Applicability
of Article.

 

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

 

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

 

SECTION 1202.         Satisfaction
of Sinking Fund Payments with Securities.

 

The Company
(1) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (2) may apply as a credit Securities
of a series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by
the terms of such Securities; provided that the Securities to be so
credited have not been previously so credited. The Securities to be so credited
shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

SECTION 1203.         Redemption
of Securities for Sinking Fund.

 

Not less than
90 days (or such shorter period as shall be satisfactory to the Trustee) prior
to each sinking fund payment date for any Securities, the Company will deliver
to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of
cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities pursuant to Section 1202 and will also deliver to the
Trustee any Securities to be so delivered. Not less than 60 days prior to each
such sinking fund payment date, the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in
Section 1103 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in
Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107.

 

59

 

ARTICLE THIRTEEN

 

DEFEASANCE AND
COVENANT DEFEASANCE

 

SECTION 1301.         Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

The Company
may elect, at its option at any time, to have Section 1302 or Section 1303
applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 301 as being defeasible pursuant to such
Section 1302 or 1303, in accordance with any applicable requirements provided
pursuant to Section 301 and upon compliance with the conditions set forth
below in this Article. Any such election shall be evidenced by a Board
Resolution or in another manner specified as contemplated by Section 301
for such Securities.

 

SECTION 1302.         Defeasance
and Discharge.

 

Upon the
Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations  with respect to such
Securities as provided in this Section on and after the date the conditions set
forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For
this purpose, such Defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Securities and
to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 1304 and as more
fully set forth in such Section, payments in respect of the principal of (and
premium, if any) and interest on such Securities when payments are due,
(2) the Company’s obligations with respect to such Securities under
Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4) this Article.
Subject to compliance with this Article, the Company may exercise its option (if
any) to have this Section applied to any Securities notwithstanding the prior
exercise of its option (if any) to have Section 1303 applied to such
Securities.

 

SECTION 1303.         Covenant Defeasance.

 

Upon the
Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, (1) the Company
shall be released from its obligations under Sections 1005 to 1007
inclusive, Sections 1009 and 1010, and any covenants provided pursuant to Section 301(18),
901(2) or 901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any
event specified in Sections 501(4) (with respect to any of Sections 1005
to 1007 inclusive, Sections 1009 and 1010, and any such covenants provided pursuant
to Section 301(18), 901(2) or 901(7)), 501(5) and 501(10) shall be deemed
not to be or result in an Event of Default, in each case with respect to such
Securities as provided in this Section on and after the date the conditions set
forth in Section 1304 are satisfied (hereinafter called “Covenant 

 

60

 

Defeasance”).  For this purpose, such Covenant Defeasance
means that, with respect to such Securities, the Company may omit to comply
with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified
in the case of Section 501(4)), whether directly or indirectly by reason
of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

 

SECTION 1304.         Conditions
to Defeasance or Covenant Defeasance.

 

The following
shall be the conditions to the application of Section 1302 or Section 1303
to any Securities or any series of Securities, as the case may be:

 

(1)           The Company shall
irrevocably have deposited or caused to be deposited with the Trustee (or another
trustee which satisfies the requirements contemplated by Section 609 and agrees
to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefits of the Holders of such
Securities, (A) money in an amount, or (B) U.S. Government
Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment, money in an amount, or (C) a
combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee (or any such other qualifying trustee) to pay and
discharge, the principal of and any premium and interest on such Securities on
the respective Stated Maturities, in accordance with the terms of this
Indenture and such Securities. As used herein, “U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United
States of America for the payment of which the full faith and credit of the
United States of America is pledged or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America the payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States of America, which, in
either case (i) or (ii), is not callable or redeemable at the option of the
issuer thereof, and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with respect to any
U.S. Government Obligation which is specified in Clause (x) above and held by
such bank for the account of the holder of such depositary receipt, or with
respect to any specific payment of principal of or interest on any U.S.
Government Obligation which is so specified and held, provided that (except as
required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principal or interest evidenced by such depositary receipt.

 

(2)           In the event of an
election to have Section 1302 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee
an Opinion of Counsel stating that (A) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling or
(B) since the 

 

61

 

date of this
instrument, there has been a change in the applicable Federal income tax law,
in either case (A) or (B) to the effect that, and based thereon such opinion
shall confirm that, the Holders of such Securities will not recognize gain or
loss for Federal income tax purposes as a result of the deposit, Defeasance and
discharge to be effected with respect to such Securities and will be subject to
Federal income tax on the same amount, in the same manner and at the same times
as would be the case if such deposit, Defeasance and discharge were not to
occur.

 

(3)           In the event of an
election to have Section 1303 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of such Securities will
not recognize gain or loss for Federal income tax purposes as a result of the
deposit and Covenant Defeasance to be effected with respect to such Securities
and will be subject to Federal income tax on the same amount, in the same
manner and at the same times as would be the case if such deposit and Covenant
Defeasance were not to occur.

 

(4)           The Company shall
have delivered to the Trustee an Officers’ Certificate to the effect that
neither such Securities nor any other Securities of the same series, if then
listed on any securities exchange, will be delisted as a result of such
deposit.

 

(5)           No event which is,
or after notice or lapse of time or both would become, an Event of Default with
respect to such Securities or any other Securities shall have occurred and be
continuing at the time of such deposit or, with regard to any such event
specified in Sections 501(6), (7), (8) and (9), at any time on or prior to
the 90th day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until after such 90th day).

 

(6)           Such Defeasance or
Covenant Defeasance shall not cause the Trustee to have a conflicting interest
within the meaning of the Trust Indenture Act (assuming all Securities are in
default within the meaning of such Act).

 

(7)           Such Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, any other agreement or instrument to which the Company is a party
or by which it is bound.

 

(8)           Such Defeasance or
Covenant Defeasance shall not result in the trust arising from such deposit
constituting an investment company within the meaning of the Investment Company
Act unless such trust shall be registered under such Act or exempt from
registration thereunder.

 

(9)           The Company shall
have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such
Defeasance or Covenant Defeasance have been complied with.

 

62

 

SECTION 1305.             Deposited Money and U.S. Government
Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject to the
provisions of the last paragraph of Section 1003, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section and
Section 1306, the Trustee and any such other trustee are referred to
collectively as the “Trustee”) pursuant to Section 1304 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and this Indenture, to the payment,
either directly or through any such Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
(and premium, if any) and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law.

 

The Company
shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 1304 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of Outstanding Securities.

 

Anything in
this Article to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request any money or U.S.
Government Obligations held by it as provided in Section 1304 with respect
to any Securities which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect the Defeasance or Covenant Defeasance, as
the case may be, with respect to such Securities.

 

SECTION 1306.         Reinstatement.

 

If the Trustee
or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations under this Indenture and
such Securities from which the Company has been discharged or released pursuant
to Section 1302 or 1303 shall be revived and reinstated as though no
deposit had occurred pursuant to this Article with respect to such Securities,
until such time as the Trustee or Paying Agent is permitted to apply all money
held in trust pursuant to Section 1305 with respect to such Securities in
accordance with this Article; provided, however, that if the Company
makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be
subrogated to the rights (if any) of the Holders of such Securities to receive
such payment from the money so held in trust.

 

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

 

63

 

 

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
the day and year first above written.

 

	
   

  	
  ZIONS BANCORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
						

 

64

 

	
  STATE OF
  UTAH

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF
  SALT LAKE

  	
  )

  

 

On the      day of                               , 2002, before me personally
came                            , to me
known, who, being by me duly sworn, did depose and say that he is                      of Zions Bancorporation,
a Utah corporation, one of the corporations described in and which executed the
foregoing instrument; that he knows the 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.

 

	
  My
  Commission Expires:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  [Seal of
  Notary Public]

  	
   

  
	
   

  	
   

  
	
  Residing in:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STATE OF
  [                     ]

  	
  )

  	
   

  
	
   

  	
  )  ss.:

  	
   

  
	
  COUNTY OF
  [                 ]

  	
  )

  	
   

  
							

 

On the     day of                   , 2002, before me personally came                    , to me known, who, being
by me duly sworn, did depose and say that he is                        of J.P. Morgan Trust Company, National
Association, one of the corporations described in and which executed the
foregoing instrument; that he knows the 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.

 

	
  My
  Commission Expires:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  [Seal of
  Notary Public]

  	
   

  
	
   

  	
   

  
	
  Residing in:

  	
   

  	
   

  	
   

  
						

 

65EXHIBIT
4.2

 

ZIONS BANCORPORATION

 

TO

 

J.P. MORGAN TRUST
COMPANY, NATIONAL ASSOCIATION

Trustee

 

 

Indenture

 

 

Dated as of                             , 2002

 

 

 

 

SUBORDINATED DEBT SECURITIES

 

 

 

TABLE OF CONTENTS

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

	
  SECTION 101.

  	
  Definitions.

  
	
   

  	
  Act

  
	
   

  	
  Affiliate; control

  
	
   

  	
  Authenticating
  Agent

  
	
   

  	
  Board of Directors

  
	
   

  	
  Board Resolution

  
	
   

  	
  Business Day

  
	
   

  	
  Claim

  
	
   

  	
  Commission

  
	
   

  	
  Company

  
	
   

  	
  Company Request; Company Order

  
	
   

  	
  Corporate
  Trust Office

  
	
   

  	
  corporation

  
	
   

  	
  Covenant
  Defeasance

  
	
   

  	
  Defaulted
  Interest

  
	
   

  	
  Defeasance

  
	
   

  	
  Depositary

  
	
   

  	
  Event of Default

  
	
   

  	
  Excess Proceeds

  
	
   

  	
  Exchange Act

  
	
   

  	
  Expiration Date

  
	
   

  	
  Global Security

  
	
   

  	
  Holder

  
	
   

  	
  Indenture

  
	
   

  	
  interest

  
	
   

  	
  Interest
  Payment Date

  
	
   

  	
  Investment
  Company Act

  
	
   

  	
  Major
  Constituent Bank

  
	
   

  	
  Maturity

  
	
   

  	
  Notice of Default

  
	
   

  	
  Officers’
  Certificate

  
	
   

  	
  Opinion of Counsel

  
	
   

  	
  Original Issue
  Discount Security

  
	
   

  	
  Outstanding

  
	
   

  	
  Paying Agent

  
	
   

  	
  Person

  

 

NOTE:  This Table of contents
shall not, for any purpose, be deemed to be a party of the Indenture.

 

 

	
   

  	
  Place of Payment

  
	
   

  	
  Predecessor
  Security

  
	
   

  	
  Redemption Date

  
	
   

  	
  Redemption Price

  
	
   

  	
  Regular
  Record Date

  
	
   

  	
  Securities

  
	
   

  	
  Securities Act

  
	
   

  	
  Security Register; Security Registrar

  
	
   

  	
  Senior Indebtedness

  
	
   

  	
  Special
  Record Date

  
	
   

  	
  Stated Maturity

  
	
   

  	
  Subsidiary

  
	
   

  	
  Termination Event

  
	
   

  	
  Trust
  Indenture Act

  
	
   

  	
  Trustee

  
	
   

  	
  U.S. Government Obligation

  
	
   

  	
  Vice President

  
	
  SECTION
  102.

  	
  Compliance
  Certificates and Opinions.

  
	
  SECTION
  103.

  	
  Form
  of Documents Delivered to Trustee.

  
	
  SECTION 104.

  	
  Acts of
  Holders; Record Dates.

  
	
  SECTION 105.

  	
  Notices, Etc., to Trustee and Company.

  
	
  SECTION 106.

  	
  Notice to Holders; Waiver.

  
	
  SECTION 107.

  	
  Conflict with Trust Indenture Act.

  
	
  SECTION 108.

  	
  Effect of Headings and Table of Contents.

  
	
  SECTION 109.

  	
  Successors and Assigns.

  
	
  SECTION 110.

  	
  Separability Clause.

  
	
  SECTION 111.

  	
  Benefits of Indenture.

  
	
  SECTION 112.

  	
  Governing Law.

  
	
  SECTION 113.

  	
  Legal Holidays.

  
	
   

  	
   

  
	
  ARTICLE TWO

  
	
   

  	
   

  
	
  SECURITY FORMS

  
	
   

  	
   

  
	
  SECTION 201.

  	
  Forms Generally.

  
	
  SECTION 202.

  	
  Form of Face of Security.

  
	
  SECTION 203.

  	
  Form of Reverse of Security.

  
	
  SECTION 204.

  	
  Form of Legend for Global Securities.

  
	
  SECTION 205.

  	
  Form of Trustee’s Certificate of
  Authentication.

  
	
   

  	
   

  
	
  ARTICLE THREE

  
	
   

  	
   

  
	
  THE SECURITIES

  
	
   

  	
   

  
	
  SECTION 301.

  	
  Amount Unlimited; Issuable in Series.

  
	
  SECTION 302.

  	
  Denominations.

  
	
  SECTION 303.

  	
  Execution, Authentication, Delivery and
  Dating.

  
	
  SECTION
  304.

  	
  Temporary
  Securities.

  
	
  SECTION 305.

  	
  Registration, Registration of Transfer and
  Exchange.

  
	
  SECTION 306.

  	
  Mutilated, Destroyed, Lost and Stolen
  Securities.

  

 

 

	
  SECTION
  307.

  	
  Payment
  of Interest; Interest Rights Preserved.

  
	
  SECTION
  308.

  	
  Persons
  Deemed Owners.

  
	
  SECTION 309.

  	
  Cancellation.

  
	
  SECTION
  310.

  	
  Computation
  of Interest.

  
	
  SECTION 311.

  	
  CUSIP Numbers.

  
	
   

  	
   

  
	
  ARTICLE FOUR

  
	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  
	
   

  	
   

  
	
  SECTION 401.

  	
  Satisfaction
  and Discharge of Indenture.

  
	
  SECTION 402.

  	
  Application of Trust Money.

  
	
   

  	
   

  
	
  ARTICLE FIVE

  
	
   

  	
   

  
	
  REMEDIES

  
	
   

  	
   

  
	
  SECTION 501.

  	
  Events of Default.

  
	
  SECTION
  502.

  	
  Acceleration
  of Maturity; Rescission and Annulment.

  
	
  SECTION
  503.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Trustee.

  
	
  SECTION 504.

  	
  Trustee May File
  Proofs of Claim.

  
	
  SECTION
  505.

  	
  Trustee
  May Enforce Claims Without Possession of Securities.

  
	
  SECTION 506.

  	
  Application of Money
  Collected.

  
	
  SECTION
  507.

  	
  Limitation
  on Suits.

  
	
  SECTION
  508.

  	
  Unconditional
  Right of Holders to Receive Principal, Premium and Interest.

  
	
  SECTION 509.

  	
  Restoration of
  Rights and Remedies.

  
	
  SECTION 510.

  	
  Rights and Remedies
  Cumulative.

  
	
  SECTION 511.

  	
  Delay or Omission Not
  Waiver.

  
	
  SECTION
  512.

  	
  Control
  by Holders.

  
	
  SECTION
  513.

  	
  Waiver
  of Past Defaults.

  
	
  SECTION
  514.

  	
  Undertaking
  for Costs.

  
	
  SECTION 515.

  	
  Waiver of Usury, Stay or Extension
  Laws.

  
	
   

  	
   

  
	
  ARTICLE SIX

  
	
   

  	
   

  
	
  THE TRUSTEE

  
	
   

  	
   

  
	
  SECTION 601.

  	
  Certain Duties
  and Responsibilities.

  
	
  SECTION 602.

  	
  Notice of Defaults.

  
	
  SECTION
  603.

  	
  Certain
  Rights of Trustee.

  
	
  SECTION
  604.

  	
  Not
  Responsible for Recitals or Issuance of Securities.

  
	
  SECTION
  605.

  	
  May
  Hold Securities.

  
	
  SECTION
  606.

  	
  Money
  Held in Trust.

  
	
  SECTION 607.

  	
  Compensation and
  Reimbursement.

  
	
  SECTION 608.

  	
  Conflicting
  Interests.

  
	
  SECTION
  609.

  	
  Corporate
  Trustee Required; Eligibility.

  
	
  SECTION
  610.

  	
  Resignation
  and Removal; Appointment of Successor.

  
	
  SECTION
  611.

  	
  Acceptance
  of Appointment by Successor.

  
	
  SECTION 612.

  	
  Merger, Conversion, Consolidation or Succession
  to Business.

  

 

 

	
  SECTION
  613.

  	
  Preferential
  Collection of Claims Against Company.

  
	
  SECTION
  614.

  	
  Appointment
  of Authenticating Agent.

  
	
   

  	
   

  
	
  ARTICLE SEVEN

  
	
   

  	
   

  
	
  HOLDERS’
  LISTS AND REPORTS BY TRUSTEE AND COMPANY

  
	
   

  	
   

  
	
  SECTION
  701.

  	
  Company
  to Furnish Trustee Names and Addresses of Holders.

  
	
  SECTION
  702.

  	
  Preservation
  of Information; Communications to Holders.

  
	
  SECTION 703.

  	
  Reports by Trustee.

  
	
  SECTION 704.

  	
  Reports by Company.

  
	
   

  	
   

  
	
  ARTICLE EIGHT

  
	
   

  	
   

  
	
  CONSOLIDATION, MERGER, CONVEYANCE,
  TRANSFER OR LEASE

  
	
   

  	
   

  
	
  SECTION 801.

  	
  Company May Consolidate, Etc., Only on
  Certain Terms.

  
	
  SECTION 802.

  	
  Successor Substituted.

  
	
   

  	
   

  
	
  ARTICLE NINE

  
	
   

  	
   

  
	
  SUPPLEMENTAL INDENTURES

  
	
   

  	
   

  
	
  SECTION
  901.

  	
  Supplemental
  Indentures Without Consent of Holders.

  
	
  SECTION
  902.

  	
  Supplemental
  Indentures With Consent of Holders.

  
	
  SECTION
  903.

  	
  Execution
  of Supplemental Indentures.

  
	
  SECTION
  904.

  	
  Effect
  of Supplemental Indentures.

  
	
  SECTION
  905.

  	
  Conformity
  with Trust Indenture Act.

  
	
  SECTION
  906.

  	
  Reference
  in Securities to Supplemental Indentures.

  
	
  SECTION 907.

  	
  Subordination
  Impaired.

  
	
   

  	
   

  
	
  ARTICLE TEN

  
	
   

  	
   

  
	
  COVENANTS

  
	
   

  	
   

  
	
  SECTION 1001.

  	
  Payment of Principal, Premium and
  Interest.

  
	
  SECTION
  1002.

  	
  Maintenance
  of Office or Agency.

  
	
  SECTION
  1003.

  	
  Money
  for Securities Payments to Be Held in Trust.

  
	
  SECTION
  1004.

  	
  Statement
  by Officers as to Default.

  
	
  SECTION
  1005.

  	
  Existence.

  
	
  SECTION
  1006.

  	
  Company
  Statement as to Compliance.

  
	
  SECTION
  1007.

  	
  Payment
  of Taxes and Other Claims.

  
	
  SECTION
  1008.

  	
  Waiver of
  Certain Covenants.

  
	
  SECTION
  1009.

  	
  Calculation
  of Original Issue Discount.

  
	
   

  	
   

  
	
  ARTICLE ELEVEN

  
	
   

  	
   

  
	
  REDEMPTION OF SECURITIES

  
	
   

  	
   

  
	
  SECTION 1101.

  	
  Applicability
  of Article.

  
	
  SECTION
  1102.

  	
  Election
  to Redeem; Notice to Trustee.

  

 

 

	
  SECTION
  1103.

  	
  Selection
  by Trustee of Securities to Be Redeemed.

  
	
  SECTION 1104.

  	
  Notice of
  Redemption.

  
	
  SECTION 1105.

  	
  Deposit of
  Redemption Price.

  
	
  SECTION
  1106.

  	
  Securities
  Payable on Redemption Date.

  
	
  SECTION 1107.

  	
  Securities
  Redeemed in Part.

  
	
   

  	
   

  
	
  ARTICLE TWELVE

  
	
   

  	
   

  
	
  SINKING FUNDS

  
	
   

  	
   

  
	
  SECTION 1201.

  	
  Applicability
  of Article.

  
	
  SECTION
  1202.

  	
  Satisfaction
  of Sinking Fund Payments with Securities.

  
	
  SECTION
  1203.

  	
  Redemption
  of Securities for Sinking Fund.

  
	
   

  	
   

  
	
  ARTICLE THIRTEEN

  
	
   

  	
   

  
	
  DEFEASANCE AND
  COVENANT DEFEASANCE

  
	
   

  	
   

  
	
  SECTION
  1301.

  	
  Company’s
  Option to Effect Defeasance or Covenant Defeasance.

  
	
  SECTION 1302.

  	
  Defeasance and
  Discharge.

  
	
  SECTION 1303.

  	
  Covenant
  Defeasance.

  
	
  SECTION
  1304.

  	
  Conditions
  to Defeasance or Covenant Defeasance.

  
	
  SECTION
  1305.

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

  
	
  SECTION 1306.

  	
  Reinstatement.

  
	
   

  	
   

  
	
  ARTICLE FOURTEEN

  
	
   

  	
   

  
	
  SUBORDINATION OF SECURITIES

  
	
   

  	
   

  
	
  SECTION
  1401.

  	
  Securities
  Subordinate to Senior Indebtedness.

  
	
  SECTION
  1402.

  	
  Payment
  Over of Proceeds Upon Dissolution, Etc.

  
	
  SECTION
  1403.

  	
  Prior
  Payment to Senior Indebtedness Upon Acceleration of Securities.

  
	
  SECTION
  1404.

  	
  No
  Payment When Senior Indebtedness in Default.

  
	
  SECTION
  1405.

  	
  Payment
  Permitted If No Default.

  
	
  SECTION
  1406.

  	
  Subrogation
  to Rights of Holders of Senior Indebtedness.

  
	
  SECTION
  1407.

  	
  Provisions
  Solely to Define Relative Rights.

  
	
  SECTION
  1408.

  	
  Trustee
  to Effectuate Subordination.

  
	
  SECTION
  1409.

  	
  No
  Waiver of Subordination Provisions.

  
	
  SECTION 1410.

  	
  Notice to Trustee.

  
	
  SECTION
  1411.

  	
  Reliance
  on Judicial Order or Certificate of Liquidating Agent.

  
	
  SECTION
  1412.

  	
  Trustee
  Not Fiduciary for Holders of Senior Indebtedness (or Creditors in Respect of
  General Obligations).

  
	
  SECTION
  1413.

  	
  Rights
  of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s
  Rights.

  
	
  SECTION
  1414.

  	
  Article
  Applicable to Paying Agents.

  
	
  SECTION
  1415.

  	
  Payment
  of Proceeds in Certain Cases.

  
	
  SECTION 1416.

  	
  Automatic
  Termination.

  

 

 

Certain Sections of this Indenture relating to
Sections 310 through 318,

inclusive, of the Trust Indenture Act of 1939:

 

	
  Trust
  Indenture Act Section

  	
   

  	
  Indenture Section

  
	
  § 310(a)

  	
  (1)

  	
  609

  
	
  (a)

  	
  (2)

  	
  609

  
	
  (a)

  	
  (3)

  	
  Not Applicable

  
	
  (a)

  	
  (4)

  	
  Not Applicable

  
	
  (b)

  	
   

  	
  608

  
	
   

  	
   

  	
  610

  
	
  § 311(a)

  	
   

  	
  613

  
	
  (b)

  	
   

  	
  613

  
	
  § 312(a)

  	
   

  	
  701

  
	
   

  	
   

  	
  702

  
	
  (b)

  	
   

  	
  702

  
	
  (c)

  	
   

  	
  702

  
	
  § 313(a)

  	
   

  	
  703

  
	
  (b)

  	
   

  	
  703

  
	
  (c)

  	
   

  	
  703

  
	
  (d)

  	
   

  	
  703

  
	
  § 314(a)

  	
   

  	
  704

  
	
  (a)

  	
  (4)

  	
  101

  
	
   

  	
   

  	
  1004

  
	
  (b)

  	
   

  	
  Not Applicable

  
	
  (c)

  	
  (1)

  	
  102

  
	
  (c)

  	
  (2)

  	
  102

  
	
  (c)

  	
  (3)

  	
  Not Applicable

  
	
  (d)

  	
   

  	
  Not Applicable

  
	
  (e)

  	
   

  	
  102

  
	
  § 315(a)

  	
   

  	
  601

  
	
  (b)

  	
   

  	
  602

  
	
  (c)

  	
   

  	
  601

  
	
  (d)

  	
   

  	
  601

  
	
  (e)

  	
   

  	
  514

  
	
  § 316(a)

  	
   

  	
  101

  
	
  (a)

  	
  (1)(A)

  	
  502

  
	
   

  	
   

  	
  512

  
	
  (a)

  	
  (1)(B)

  	
  513

  
	
  (a)

  	
  (2)

  	
  Not Applicable

  
	
  (b)

  	
   

  	
  508

  
	
  (c)

  	
   

  	
  104

  
	
  § 317(a)

  	
  (1)

  	
  503

  
	
  (a)

  	
  (2)

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  § 318(a)

  	
   

  	
  107

  

 

NOTE:  This reconciliation and tie shall not, for
any purpose, be deemed to be a part of the Indenture.

 

 

INDENTURE, dated as of                          , 2002, between Zions Bancorporation, a
corporation duly organized and existing under the laws of the State of Utah
(herein called the “Company”), having its principal office at One South Main,
Suite 1134, Salt Lake City, Utah 84111, and J.P. Morgan Trust Company, National
Association, as Trustee (herein called the “Trustee”), having its Corporate
Trust Office at 101 California Street, Suite 3800, San Francisco, California
94111.

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its
subordinated debt securities (herein called the “Securities”), to be issued in
one or more series as in this Indenture provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually agreed, for
the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows:

 

ARTICLE ONE

 

DEFINITIONS AND OTHER
PROVISIONS

OF GENERAL APPLICATION

 

SECTION 101.       Definitions.

 

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

 

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

 

(2)           all
other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

 

(3)           all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and, except
as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted at the date of
such computation;

 

(4)           unless
the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture; and

 

 

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

 

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

 

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

 

“Authenticating Agent” means any Person authorized
by the Trustee pursuant to Section 614 to act on behalf of the Trustee to
authenticate Securities of one or more series.

 

“Board of Directors” means either the board of
directors of the Company or any duly authorized committee of that board.

 

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

 

“Business
Day”, when used with respect to any Place of Payment means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or
executive order to close.

 

“Claim”
shall have the meaning assigned thereto in Section 101(5) of the Bankruptcy
Code of 1978, as amended to the date of this Indenture.

 

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

 

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

 

“Company
Request” or “Company Order“ means a written request or order signed in the
name of the Company by its Chairman of the Board, its Vice Chairman of the
Board, its President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the
Trustee.

 

2

 

“Corporate Trust Office” means the principal
office of the Trustee in San Francisco, California at which at any particular
time its corporate trust business shall be administered.

 

“corporation”
means a corporation, association, company, joint-stock company or business
trust.

 

“Covenant Defeasance” has the meaning specified in
Section 1303.

 

“Default”
has the meaning specified in Section 501.

 

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

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency registered under
the Exchange Act that is designated to act as Depositary for such Securities as
contemplated by Section 301.

 

“Event
of Default” has the meaning specified in Section 501.

 

“Excess
Proceeds” has the meaning specified in Section 1415.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor
thereto, in each case as amended from time to time.

 

“Expiration
Date” has the meaning specified in Section 104.

 

“General Obligations” means all obligations of the
Company to make payment on account of claims of general creditors, other than
(A) obligations on account of Senior Indebtedness and (B) obligations on
account of the Securities and indebtedness for money borrowed ranking pari passu with or subordinate to the
Securities; provided, however,
that if the Board of Governors of the Federal Reserve System (or other Federal
banking supervisor that shall at the time of determination be the Company’s
primary Federal banking supervisor) shall promulgate any rule or issue any
interpretation defining or describing the term “general creditor” or “general
creditors” or “senior indebtedness” for purposes of its criteria for the
inclusion of subordinated debt of a bank holding company (including a financial
holding company, if applicable) in capital, or otherwise defining or describing
the obligations to which subordinated debt of a bank holding company (including
a financial holding company, if applicable) must be subordinated to be included
in capital, to include any obligations not included in the definition of
“Senior Indebtedness” herein, the term “General Obligations” shall mean such
obligations as defined or described in the first such rule or interpretation,
other than obligations described in clauses (A) and (B) above.

 

“Global
Security” means a Security that evidences all or part of the Securities of
any series and bears the legend set forth in Section 204 (or such legend
as may be specified as contemplated by Section 301 for such Securities).

 

3

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall
also include the terms of particular series of Securities established as
contemplated by Section 301.

 

“interest”,
when used with respect to an Original Issue Discount Security which by its
terms bears interest only after Maturity, means interest payable after
Maturity.

 

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

 

“Investment Company Act” means the Investment
Company Act of 1940 and any statute successor thereto, in each case as amended
from time to time.

 

“Major Constituent Bank” means any Subsidiary
which is organized as a banking organization under Federal or State law and
which represents 30% or more of the consolidated assets of the Company
determined as of the date of the most recent audited financial statements of
the Company.

 

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

 

“Notice
of Default” means a written notice of the kind specified in
Section 501(b).

 

“Officers’ Certificate” means a certificate signed
by the Chairman of the Board, a Vice Chairman of the Board, the President or a
Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary, of the Company, and delivered to the Trustee. One of
the officers signing an Officers’ Certificate given pursuant to
Section 1004 shall be the principal executive, financial or accounting
officer of the Company.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel for the Company, and who shall be acceptable to the
Trustee.

 

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

 

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

 

4

 

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

 

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

 

(3)           Securities
as to which Defeasance has been effected pursuant to Section 1302; and

 

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

 

provided,
however,
that in determining whether the Holders of the requisite principal amount of
the Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, (A) the principal amount of an Original Issue Discount
Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 502,
(B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such
Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the
principal amount of a Security denominated in one or more foreign currencies or
currency units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated
by Section 301, of the principal amount of such Security (or, in the case
of a Security described in Clause (A) or (B) above, of the amount
determined as provided in such Clause), and (D) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be
so owned shall be so disregarded. Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or of such other obligor.

 

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

 

5

 

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

 

“Place
of Payment”, when used with respect to the Securities of any series, means
the place or places where the principal of and any premium and interest on the
Securities of that series are payable as specified as contemplated by
Section 301.

 

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

 

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

 

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

 

“Regular Record Date” for the interest payable on any
Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 301.

 

“Responsible Officer”, when used with respect to the
Trustee, means any officer of the Trustee expressly assigned to administer the
duties of the Trustee hereunder.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities
Act” means the Securities Act of 1933 and any statute successor thereto, in
each case as amended from time to time.

 

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

 

“Senior Indebtedness”
means:

 

(1)           the principal of (and premium, if
any) and interest in respect of indebtedness of the Company for purchased or
borrowed money, whether or not evidenced by securities, notes, debentures,
bonds or other similar instruments issued by the Company;

 

(2)           all capital lease obligations of the
Company;

 

(3)           all obligations of the Company issued
or assumed as the deferred purchase price of property, all conditional sale
obligations of the Company and all obligations of the Company under any
conditional sale or title retention agreement, but excluding trade
accounts payable in the ordinary course of business;

 

6

 

(4)           all obligations of the Company in
respect of any letters of credit, bankers acceptance, security purchase
facilities and similar credit transactions;

 

(5)           all obligations of the Company in
respect of interest rate swap, cap or other agreements, interest rate future or
options contracts, currency swap agreements, currency future or option
contracts and other similar agreements;

 

(6)           all obligations of the type referred
to in clauses (1) through (5) of other persons for the payment of which the
Company is responsible or liable as obligor, guarantor or otherwise;

 

(7)           all obligations of the type referred
to in clauses (1) through (6) of other persons secured by any lien on any
property or asset of the Company whether or not such obligation is assumed by
the Company; and

 

(8)           any deferrals, renewals or extensions
of any such Senior Indebtedness;

 

provided, however, that
Senior Indebtedness does not include:

 

(1)           the Securities;

 

(2)           any indebtedness that by its terms is
subordinated to, or ranks on an equal basis with, the Securities, including the
Company’s 8% Subordinated Notes due October 15, 2002, the Company’s
Floating Rate Subordinated Notes due November 24, 2005, the Company’s Floating
Rate Subordinated Notes due June 15, 2008, the Company’s Fixed/Floating Rate
Subordinated Notes due October 15, 2011, Zions Financial Corp.’s
Fixed/Floating Rate Guaranteed Notes due May 15, 2011, Zions Institutional
Capital Trust A’s 8.536% Capital Securities due December 15, 2026, GB Capital
Trust’s 10.25% Capital Securities due January 15, 2027, VBC Capital I Trust’s
9.50% Capital Securities due April 30, 2027 and CSBI Capital Trust’s 11.75%
Capital Securities due June 6, 2027 (all of which shall rank pari passu with
the Securities); and

 

(3)           any indebtedness between or among the
Company and its affiliates, including all other debt securities and guarantees
in respect of debt securities issued to any trust, or a trustee of such trust,
partnership or other entity affiliated with the Company which is a financing
vehicle of the Company in connection with the issuance by such financing
vehicle of capital securities or other securities guaranteed by the Company
pursuant to an instrument that ranks on an equal basis with or junior in
respect of payment to the Securities.

 

“Special Record Date” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to
Section 307.

 

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

 

7

 

“Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For the
purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any
contingency.

 

“Termination Event” means (a) the promulgation of any
rule or regulation or the issuance of any interpretation of the Board of
Governors of the Federal Reserve System (or other Federal banking supervisor
that shall at the time of determination be the Company’s primary Federal
banking supervisor) that (i) defines or describes the terms “general creditor”
or “general creditors” or “senior indebtedness” for purposes of its criteria
for the inclusion of subordinated debt of a bank holding company (including a financial
holding company, if applicable) in capital, or otherwise defines or describes
the obligations to which subordinated debt of a bank holding company (including
a financial holding company, if applicable) must be subordinated for the debt
to be included in capital, to include no obligations other than those covered
by the definition of Senior Indebtedness without regard to any other
obligations of the Company, (ii) permits the Company to include the Securities
in its capital if they were subordinated in right of payment to the Senior
Indebtedness without regard to any other obligations of the Company, (iii)
otherwise eliminates the requirement that subordinated debt of a bank holding
company (including a financial holding company, if applicable) must be
subordinated in right of payment to the claims of its general creditors in
order to be included in capital or (iv) causes the Securities to be excluded
from capital notwithstanding the provisions of this Indenture referred to in
Section 1416 or (b) any event that results in the Company not being subject to
capital requirements under the rules, regulations or interpretations of the
Board of Governors of the Federal Reserve System (or other Federal banking
supervisor).

 

“Trust Indenture Act” means the Trust Indenture Act
of 1939 as in force at the date as of which this instrument was executed;  provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of
1939 as so amended.

 

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

 

“U.S. Government Obligation” has the meaning
specified in Section 1304.

 

“Vice
President”, when used with respect to the Company or the Trustee, means any
vice president, whether or not designated by a number or a word or words added
before or after the title “vice president”.

 

8

 

SECTION 102.                    Compliance
Certificates and Opinions.

 

Upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee such certificates and opinions as may be required
under the Trust Indenture Act. Each such certificate or opinion shall be given
in the form of an Officers’ Certificate, if to be given by an officer of the Company,
or an Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

 

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall
include,

 

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

 

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

 

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

 

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

 

SECTION 103.                    Form
of Documents Delivered to Trustee.

 

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

 

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

 

9

 

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

 

SECTION 104.                    Acts
of Holders; Record Dates.

 

Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders 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 and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 601)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

 

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

 

The ownership of Securities shall be proved by the
Security Register.

 

Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Trustee or
the Company in reliance thereon, whether or not notation of such action is made
upon such Security.

 

The Company may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to give, make or take any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture
to be given, made or taken by Holders of Securities of such series, provided
that the Company may not set a record date for, and the provisions of this
paragraph shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If not set
by the Company prior to the first solicitation of a Holder made by any Person
in respect of any such matter referred to in the foregoing sentence, the record
date for any such matter shall be the 30th day (or, if later, the date of the
most recent list of Holders required to be provided pursuant to Section 701)
prior to such first solicitation. If any record date is set pursuant 

10

 

to this paragraph, the Holders of Outstanding Securities of the
relevant series on such record date, and no other Holders, shall be entitled to
take the relevant action, whether or not such Holders remain Holders after such
record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the
Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be
cancelled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal
amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this paragraph, the
Company, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to
the Trustee in writing and to each Holder of Securities of the relevant series
in the manner set forth in Section 106.

 

The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to join in the giving or making of (i) any Notice of Default,
(ii) any declaration of acceleration referred to in Section 502, (iii) any
request to institute proceedings referred to in Section 507(2) or (iv) any
direction referred to in Section 512, in each case with respect to Securities
of such series. If any record date is set pursuant to this paragraph, the
Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request
or direction, whether or not such Holders remain Holders after such record
date; provided
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section
106.

 

With respect to any record date set pursuant to this
Section, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to
any earlier or later day;  provided
that no such change shall be effective unless notice of the proposed new
Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section
106, on or prior to the existing Expiration Date. If an Expiration Date is not
designated with respect to any record date set pursuant to this Section, the
party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. 

 

11

 

Notwithstanding the foregoing, no Expiration Date shall be later than
the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal
amount.

 

SECTION 105.                    Notices,
Etc., to Trustee and Company.

 

Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with,

 

(1)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee
at its Corporate Trust Office, Attention:  Assistant
Vice President, or

 

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

 

SECTION 106.                    Notice to
Holders; Waiver.

 

Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In
any case where notice to 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 regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of
the Trustee shall constitute a sufficient notification for every purpose
hereunder.

 

12

 

SECTION 107.                    Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under such Act to
be a part of and govern this Indenture, the latter provision shall control. If
any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be.

 

SECTION 108.                    Effect
of Headings and Table of Contents.

 

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

 

SECTION 109.                    Successors
and Assigns.

 

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

 

SECTION 110.                    Separability Clause.

 

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

 

SECTION 111.                    Benefits
of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than (a) the parties
hereto and their successors hereunder, (b) the holders of Senior
Indebtedness, (c) the Holders and (d) subject to Section 907,
the creditors in respect of General Obligations, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

 

SECTION 112.                    Governing
Law.

 

This Indenture and the Securities shall be governed by
and construed in accordance with the law of the State of New York.

 

SECTION 113.                    Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision of any Security which
specifically states that such provision shall apply in lieu of this Section))
payment of interest or principal (and premium, if any) need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the
Interest

 

13

 

Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for
the period after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be, and up to and including such next succeeding
Business Day.

 

ARTICLE TWO

 

SECURITY FORMS

 

SECTION 201.                    Forms Generally.

 

The Securities of each series and the Trustee’s Certificate
of Authentication shall be in substantially the form set forth in this Article,
or in such other form as shall be established by or pursuant to a Board
Resolution 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 such letters, numbers
or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange
or Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution thereof. If
the form of Securities of any series is established by action taken pursuant to
a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by Section 303 for the authentication and delivery of such
Securities.

 

The definitive Securities shall be printed,
lithographed or engraved or produced by any combination of these methods on
steel engraved borders or may be produced in any other manner permitted by the
rules of any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

 

SECTION 202.                    Form
of Face of Security.

 

THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT
OBLIGATION OF ZIONS BANCORPORATION. 
THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR
INSTRUMENTALITY.

 

[Insert any
legend required by the Internal Revenue Code and the regulations thereunder.]

 

14

 

ZIONS
BANCORPORATION

 

Subordinated Debt
Securities

 

	
  No.

  	
   

  	
  $

  

 

ZIONS BANCORPORATION, a corporation duly organized and
existing under the laws of Utah (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to
                                             ,
or registered assigns, the principal sum of
                                                    
Dollars
on                                                                [if the
Security is to bear interest prior to Maturity, insert — , and
to pay interest thereon from
                  or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually on
                and
                   in
each year, commencing
                ,
at the rate of     % per annum, until the principal hereof
is paid or made available for payment [if applicable, insert — , provided
that any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate of     % per annum
(to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for
payment, and such interest shall be payable on demand].  The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the         
or         (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture].

 

[If the
Security is not to bear interest prior to Maturity, insert —
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of [        ]%
per annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be
payable on demand.  [Any such interest on overdue principal or
premium which is not paid on demand shall bear interest at the rate of [         ]% per annum (to the extent that the
payment of such interest on interest shall be legally enforceable), from the
date of such demand until the amount so demanded is paid or made available for
payment.  Interest on any overdue
interest shall be payable on demand.] ]

 

Payment of the principal of (and premium, if any) and [if
applicable, insert — any such] interest on this Security
will be made at the office or agency of the Company maintained for that purpose
in             , in
such coin or currency of the United States of 

 

15

 

America as at the time of payment is legal tender for payment of public
and private debts [if applicable, insert — ; provided,
however,
that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register].

 

Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
  ZIONS
  BANCORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

SECTION 203.                    Form
of Reverse of Security.

 

This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of
                 ,
2002 (herein called the “Indenture”, which term shall have the meaning assigned
to it in such instrument), between the Company and J.P. Morgan Trust Company,
National Association, as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the
holders of Senior Indebtedness and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof [if
applicable, insert —, limited in aggregate principal amount to
$             ].

 

[If applicable, insert — The
Securities of this series are subject to redemption upon not less than 30 days’
notice by mail, [if applicable, insert — (1) on
            in any
year commencing with the year
           and ending
with the year
           through
operation of the sinking fund for this series at a Redemption Price equal to
100% of the principal amount, and (2)] at any time [if applicable, insert —
on or after            ,
20  ], as a whole or in part, at the election
of the Company, at the following Redemption Prices (expressed as percentages of
the principal amount): If redeemed [if applicable, insert — on or before 

 

16

 

             ,
    %, and if redeemed] during the 12-month period beginning
                  of
the years indicated,

 

	
  Year

  	
   

  	
  Redemption
  Price

  	
   

  	
  Year

  	
   

  	
  Redemption
  Price

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

and thereafter at a Redemption Price equal to
      % of the principal amount, together in the
case of any such redemption [if applicable, insert — (whether
through operation of the sinking fund or otherwise)] with accrued interest to
the Redemption Date, but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]

 

[If applicable, insert — The
Securities of this series are subject to redemption upon not less than
30 days’ notice by mail, (1) on
              
in any year commencing with the year        
and ending with the year          
through operation of the sinking fund for this series at the Redemption Prices
for redemption through operation of the sinking fund (expressed as percentages
of the principal amount) set forth in the table below, and (2) at any time
[if
applicable, insert — on or after
                ],
as a whole or in part, at the election of the Company, at the Redemption Prices
for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If
redeemed during the 12-month period beginning                      of
the years indicated,

 

	
  Year

  	
   

  	
  Redemption Price

  For Redemption

  Through Operation

  of the

  Sinking Fund

  	
   

  	
  Redemption Price For

  Redemption Otherwise

  Than Through Operation

  of the Sinking Fund

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

and thereafter at a Redemption Price equal to
          % of the principal
amount, together in the case of any such redemption (whether through operation
of the sinking fund or otherwise) with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business

 

17

 

on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]

 

[If applicable, insert —
Notwithstanding the foregoing, the Company may not, prior to
             ,
redeem any Securities of this series as contemplated by [if applicable, insert —
Clause (2) of] the preceding paragraph as a part of, or
in anticipation of, any refunding operation by the application, directly or
indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less
than         % per annum.]

 

[If applicable, insert — The sinking
fund for this series provides for the redemption on              in each year beginning with the year
         and ending with the year
         of [if applicable, insert —
not less than $         (“mandatory
sinking fund”) and not more than] $              aggregate principal amount of Securities of this
series. Securities of this series acquired or redeemed by the Company otherwise
than through [if applicable, insert — mandatory] sinking fund payments may
be credited against subsequent [if applicable, insert — mandatory]
sinking fund payments otherwise required to be made [if applicable, insert —
, in the inverse order in which they become due].]

 

[If the Security is subject to redemption of any kind,
insert — In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.]

 

The indebtedness evidenced
by this Security is, to the extent provided in the Indenture, subordinate and
subject in right of payment to the prior payment in full of all Senior Indebtedness, and in certain circumstances, to all
General Obligations, and this Security is issued subject to the provisions of
the Indenture with respect thereto. Each Holder of this Security, by accepting
the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his or her behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so
provided and (c) appoints the Trustee his or her attorney-in-fact for any
and all such purposes. Each Holder hereof, by his or her acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter
created, incurred, assumed or guaranteed, and waives reliance by each such
holder upon said provisions.

 

[If applicable, insert — The Indenture
contains provisions for defeasance at any time of [the entire indebtedness of
this Security] [or] [certain restrictive covenants and Events
of Default with respect to this Security] [, in each case] upon compliance with
certain conditions set forth in the Indenture.]

 

[If the Security is not an Original Issue Discount
Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.]

 

[If the Security is an Original Issue Discount
Security, insert — If an Event of Default with respect to
Securities of this series shall occur and be continuing, an amount

 

18

 

of principal of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the Indenture. Such
amount shall be equal to — insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of 66 2/3% in
principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute
any proceeding with respect to the Indenture or for the appointment of a receiver
or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25%
in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed
to institute any such proceeding, for 60 days after receipt of such notice,
request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof
or his 

 

19

 

attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

The Securities of this series are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

 

This Security shall be governed by and construed in
accordance with the laws of the State of New York, but without regard to
principles of conflict of laws.

 

All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

SECTION 204.                    Form
of Legend for Global Securities.

 

Unless otherwise specified as contemplated by Section
301 for the Securities evidenced thereby, every Global Security authenticated
and delivered hereunder shall bear a legend in substantially the following
form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

SECTION 205.                    Form
of Trustee’s Certificate of Authentication.

 

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

 

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

 

20

 

Dated:

 

	
   

  	
   

  	
  J.P. MORGAN TRUST
  COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
  As Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

ARTICLE THREE

 

THE SECURITIES

 

SECTION 301.                    Amount
Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’
Certificate, or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series,

 

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

 

(2)           any
limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304,
305, 306, 906 or 1107 and except for any Securities which, pursuant to Section
303, are deemed never to have been authenticated and delivered hereunder);

 

(3)           the
Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest;

 

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

 

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

 

(6)           the
place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;

 

21

 

(7)           the
period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or
in part, at the option of the Company and, if other than by a Board Resolution,
the manner in which any election by the Company to redeem the Securities shall
be evidenced;

 

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

 

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

 

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

 

(11)         if
other
than the currency of the United States of America, the currency, currencies or
currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the
equivalent thereof in the currency of the United States of America for any
purpose, including for purposes of the definition of “Outstanding” in Section 101;

 

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

 

(13)         if
other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)         if
the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated
Maturity, the amount which shall be deemed to be the principal amount of such
Securities as of any such date for any purpose thereunder or hereunder,
including the principal amount thereof which shall be due and payable upon any
Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be
determined);

 

(15)         if
applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 1302 or Section 1303 or both such 

 

22

 

Sections and, if other than by a Board Resolution, the
manner in which any election by the Company to defease such Securities shall be
evidenced;

 

(16)         if
applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the
respective Depositaries for such Global Securities, the form of any legend or
legends which shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 204 and any circumstances in addition to or
in lieu of those set forth in Clause (2) of the last paragraph of Section
305 in which any such Global Security may be exchanged in whole or in part for
Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof;

 

(17)         any
addition to or change in the Events of Default which applies to any Securities
of the series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 502;

 

(18)         any
addition to or change in the covenants set forth in Article Ten which applies
to Securities of the series; and

 

(19)         any
other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 901(5)).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise
be provided in or pursuant to the Board Resolution referred to above and
(subject to Section 303) set forth, or determined in the manner provided,
in the Officers’ Certificate referred to above or in any such indenture
supplemental hereto.

 

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

 

The Securities shall be subordinated in right of
payment to Senior Indebtedness as provided in Article Fourteen.

 

SECTION 302.       Denominations.

 

The Securities of each series shall be issuable in
such denominations as shall be specified as contemplated by Section 301.
In the absence of any such specified denomination with respect to the
Securities of any series, the Securities of such series shall be issuable only
in registered form without coupons and in denominations of $1,000 and any
integral multiple thereof.

 

23

 

SECTION 303.       Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of the
Company by its Chairman of the Board, its Vice Chairman of the Board, its
President or one of its Vice Presidents, under its corporate seal reproduced
thereon attested by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any
series executed by the Company to the Trustee for authentication, together with
a Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive, and (subject to Section
601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)           if
the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 201, that such form has been established in
conformity with the provisions of this Indenture;

 

(2)           if
the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 301, that such terms have been established
in conformity with the provisions of this Indenture; and

 

(3)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of
the Company enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

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

 

Notwithstanding the provisions of Section 301 and
of the preceding paragraph, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the
Officers’ Certificate otherwise required pursuant to Section 301 

 

24

 

or the Company Order and Opinion of Counsel otherwise required pursuant
to such preceding paragraph at or prior to the authentication of each Security
of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to
be issued.

 

Each Security shall be dated the date of its
authentication.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears
on such Security a certificate of authentication substantially in the form
provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as
provided in Section 309, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

 

SECTION 304.       Temporary
Securities.

 

Pending the preparation of definitive Securities of any
series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu
of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities
may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are issued, the
Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such
series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

 

SECTION 305.       Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, 

 

25

 

the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar”
for the purpose of registering Securities and transfers of Securities as herein
provided.

 

Upon surrender for registration of transfer of any
Security of a series at the office or agency of the Company in a Place of
Payment for that series, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of the same series, of any authorized
denominations and of a like tenor and aggregate principal amount.

 

At the option of the Holder, and subject to the other
provisions of this Section 305, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of
a like tenor and aggregate principal amount, upon surrender of the Securities
to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to
receive.

 

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

 

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

 

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

 

If the Securities of any series (or of any series and
specified tenor) are to be redeemed in part, the Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of that
series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of any such Securities selected for
redemption under Section 1103 and ending at the close of business on the day of
such mailing, or (B) to register the transfer of or exchange any Security
so selected for redemption in whole or in part, except the unredeemed portion
of any Security being redeemed in part.

 

The provisions of Clauses (1), (2), (3) and (4) below
shall apply only to Global Securities:

 

(1)           Each
Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a

 

26

 

nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes
of this Indenture.

 

(2)           Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in
whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other
than the Depositary for such Global Security or a nominee thereof unless (A)
such Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a
clearing agency registered under the Exchange Act, (B) there shall have
occurred and be continuing an Event of Default with respect to such Global
Security or (C) there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as
contemplated by Section 301.

 

(3)           Subject
to Clause (2) above, any exchange of a Global Security for other Securities may
be made in whole or in part, and all Securities issued in exchange for a Global
Security or any portion thereof shall be registered in such names as the
Depositary for such Global Security shall direct.

 

(4)           Every
Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether
pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global
Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

 

SECTION 306.       Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

If there shall be delivered to the Company and the
Trustee (i) evidence to their satisfaction of the destruction, loss or
theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen
Security has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section,
the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge

 

27

 

that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

 

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

 

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

 

SECTION 307.       Payment of Interest; Interest Rights Preserved.

 

Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest on any Security
which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest.

 

Any interest on any Security of any series which is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at
its election in each case, as provided in Clause (1) or (2) below:

 

(1)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Security of such series and
the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided.  Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first
class postage prepaid, to each Holder of Securities of such series at his
address as it appears in the Security Register, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special

 

28

 

Record Date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Securities
of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be
payable pursuant to the following Clause (2).

 

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

 

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

 

SECTION 308.       Persons
Deemed Owners.

 

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

 

None of the Company, the Trustee or any agent of the
Company or the Trustee shall have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests of a Security in global form, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.  Notwithstanding the
foregoing, with respect to any Security in global form, nothing herein shall
prevent the Company or Trustee, or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by a Depositary (or its nominee), as a Holder, with respect to such
Security in global form or impair, as between such Depositary and owners of
beneficial interests in such Security in global form, the operation of
customary practices governing the exercise of the rights of such Depositary (or
its nominee) as Holder of such Security in global form.

 

SECTION 309.       Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may
at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person
for 

 

29

 

delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of as
directed by a Company Order.

 

SECTION 310.       Computation
of Interest.

 

Except as otherwise specified as contemplated by
Section 301 for Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360–day year of twelve 30-day
months.

 

SECTION 311.       CUSIP Numbers.

 

The Company 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 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 that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers.  The Company will promptly notify the Trustee
of any change in the “CUSIP” numbers.

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE

 

SECTION 401.       Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Request cease to be
of further effect (except as to any surviving rights of registration of
transfer or exchange of Securities herein expressly provided for), and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

 

(1)           either

 

(A) all Securities theretofore authenticated and
delivered (other than (i) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 306 and
(ii) Securities for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 1003)
have been delivered to the Trustee for cancellation; or

 

(B) all such Securities not theretofore delivered to
the Trustee for cancellation

 

30

 

(i)                have
become due and payable, or

 

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

 

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

 

and the Company, in the case of (i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose money in an amount sufficient to pay and discharge the
entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if any) and interest to the date
of such deposit (in the case of Securities which have become due and payable)
or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 607, the
obligations of the Trustee to any Authenticating Agent under Section 614
and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of Clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003
shall survive.

 

SECTION 402.       Application
of Trust Money.

 

Subject to the provisions of the last paragraph of
Section 1003, all money deposited with the Trustee pursuant to
Section 401 shall be held in trust and applied by it, in accordance with
the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee.

 

31

 

ARTICLE FIVE

 

REMEDIES

SECTION 501.       Events of
Default.

 

(a)  “Event of
Default”, wherever used herein with respect to Securities of any series, means
any one of the following events (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):

 

(1)           the
entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company in an involuntary case or proceeding under
any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or (B) a decree or order adjudging the Company bankrupt or
insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under
any applicable Federal or State law, or appointing a receiver or other similar
official of the Company or of any substantial part of its property, or ordering
the winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in
effect for a period of 60 consecutive days; or

 

(2)           the
commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar
law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization relief under any applicable Federal or State law, or the
consent by it to the filing of such petition or to the appointment of or taking
possession by a receiver or similar official of the Company or of any
substantial part of its property or the taking of corporate action by the Company
in furtherance of any such action; or

 

(3)           (A)
the appointment by a competent government agency having primary regulatory
authority over any Major Constituent Bank under any applicable Federal or State
banking, insolvency or similar law now or hereafter in effect of a receiver,
conservator or other similar official of any such Major Constituent Bank or of
any substantial part of such entity’s property or (B) the entry of a decree or
order in any case or proceeding under any applicable Federal or State banking,
insolvency or other similar law now or hereafter in effect adjudging any Major
Constituent Bank insolvent or bankrupt, or appointing any receiver, conservator
or other similar official of any Major Constituent Bank or of any substantial
part of such entity’s property, or ordering the winding up or liquidation of
such entity’s affairs; or

 

(4)           (A)
the filing by any Major Constituent Bank with any competent government agency
having primary regulatory authority over any such Major

 

32

 

Constituent Bank of a notice of voluntary liquidation
or other similar action under any applicable Federal or State banking,
insolvency or other similar law now or hereafter in effect or (B) the
commencement by any Major Constituent Bank of any case or proceeding under any
applicable Federal or State banking, insolvency or other similar law now or
hereafter in effect to be adjudicated insolvent or bankrupt or seeking the
appointment of a receiver, conservator or other similar official of any such
Major Constituent Bank or of any substantial part of such entity’s property or
the consent by any Major Constituent Bank to the entry of a decree or order in
any case or proceeding under the Federal or State banking, insolvency or other
similar laws adjudging any such Major Constituent Bank insolvent or bankrupt,
or appointing any receiver, conservator or other similar official of any Major
Constituent Bank or of any substantial part of such entity’s property, or
ordering the winding up or liquidation of their respective affairs, or the
taking of any corporate action by any such Major Constituent Bank in
furtherance of such action.

 

(b)  “Default”,
wherever used herein, means any one of the following events (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 or any administrative or
governmental body):

 

(i)                an
Event of Default specified in Section 501(a); or

 

(ii)               default
in the payment of any interest upon any Security of that series when it becomes
due and payable, and continuance of such default for a period of 30 days; or

 

(iii)              default
in the payment of the principal of any Security of that series at its Maturity;
or

 

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

 

(v)              default
in the performance, or breach of any covenant or warranty of the Company in
this Indenture (other than a covenant or warranty a default in whose
performance or whose breach is elsewhere in this Section specifically dealt
with or which has expressly been included in this Indenture solely for the
benefit of series of Securities other than that series), and continuance of
such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

 

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

 

33

 

SECTION 502.                    Acceleration of Maturity; Rescission
and Annulment.

 

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

 

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

 

(1)                the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)     all
overdue interest on all Securities of that series,

 

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

 

(C)      to the
extent that payment of such interest is lawful, interest upon overdue interest
at the rate or rates prescribed therefor in such Securities, and

 

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

 

and

 

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

 

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

 

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

 

The Company covenants that if

 

34

 

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

 

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

 

the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and any premium and interest and, to
the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and premium and on any overdue interest, at the rate
or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

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

 

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

 

SECTION 504.       Trustee
May File Proofs of Claim.

 

In case of any judicial proceeding relative to the
Company (or any other obligor upon the Securities), its property or its
creditors, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized under the Trust
Indenture Act in order to have claims of the Holders and the Trustee allowed in
any such proceeding. In particular, the Trustee shall be authorized to collect
and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607.

 

No provision of this Indenture shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of 

 

35

 

reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for
the election of a trustee in bankruptcy or similar official and be a member of
a creditors’ or other similar committee.

 

SECTION 505.       Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

SECTION 506.       Application
of Money Collected.

 

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

 

FIRST:  To the payment of all amounts due the
Trustee under Section 607; and

 

SECOND:  To the payment of the amounts then due and
unpaid for principal of (and premium, if any) and interest on the Securities in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest,
respectively.

 

SECTION 507.       Limitation on
Suits.

 

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

 

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

 

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

 

36

 

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

 

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

 

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

 

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

 

SECTION 508.       Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 307) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such
Holder.

 

SECTION 509.       Restoration
of Rights and Remedies.

 

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

 

SECTION 510.       Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
the last paragraph of Section 306, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

37

 

SECTION 511.       Delay
or Omission Not Waiver.

 

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

 

SECTION 512.       Control by Holders.

 

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

 

(1)           such
direction shall not be in conflict with any rule of law or with this Indenture
or expose the Trustee to personal liability, and

 

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

 

SECTION 513.       Waiver of Past
Defaults.

 

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

 

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

 

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

 

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

 

SECTION 514.       Undertaking for
Costs.

 

In any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in
such suit to file an undertaking to pay the costs of such suit, and may assess
costs against any such party litigant, in the manner and to the extent provided
in the Trust Indenture Act; provided that neither this Section nor the

 

38

 

Trust Indenture Act shall be deemed to authorize any court to require
such an undertaking or to make such an assessment in any suit instituted by the
Company.

 

SECTION 515.       Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE SIX

 

THE TRUSTEE

 

SECTION 601.       Certain Duties and Responsibilities.

 

Except as otherwise provided, the duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture
Act.  Notwith standing the foregoing, no
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers.

 

The Trustee shall, prior to the occurrence of a
Default or Event of Default of which the Trustee is deemed to have knowledge,
and after the curing of all Defaults or Events of Default which may have
occurred, perform such duties and only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture or any other related document against the Trustee.  The right of the Trustee to perform any
discretionary act enumerated or contemplated in this Indenture or other related
documents shall not be construed as a duty.

 

The Trustee shall, during the existence of any Default
or Event of Default which it is deemed to have knowledge of and which has not
been cured, exercise 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
the prudent person’s own affairs.

 

The Trustee shall not be liable for any error of
judgment made in good faith by any Responsible Officer of the Trustee unless
the Trustee was negligent in ascertaining the pertinent facts.  The Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount
of the Securities Outstanding of the affected series relating to the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or the exercise of any trust or power conferred upon the Trustee,
under this Indenture. Notwithstanding the foregoing, no provision of this 

 

39

 

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.

 

Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section.

 

SECTION 602.       Notice of Defaults.

 

The Trustee shall give the Holders notice of any
default hereunder as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any
default of the character specified in Section 501(b)(ii) and
Section 501(b)(v), no such notice to Holders shall be given until at least
30 days or 60 days, respectively, after the occurrence thereof.  For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both
would become, a Default.

 

The Trustee shall not be charged with knowledge of any
Default or Event of Default under this Indenture or related documents unless
(i) a Responsible Officer of the Trustee shall have actual knowledge of such
Default or Event of Default or (ii) the Trustee shall have received notice in
writing of such Default or Event of Default by the Company or by the Holders of
at least 25% in aggregate principal amount of the Securities then Outstanding
of the affected series.

 

SECTION 603.       Certain Rights
of Trustee.

 

Subject to the provisions of Section 601:

 

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

 

(2)           any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

40

 

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

 

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

 

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

 

SECTION 604.       Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity, sufficiency or priority of this Indenture
or of the Securities. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of Securities or the
proceeds thereof.

 

SECTION 605.       May Hold
Securities.

 

The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 608 and 613, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other agent.

 

SECTION 606.       Money Held in
Trust.

 

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

 

SECTION 607.       Compensation
and Reimbursement.

 

The Company agrees

 

41

 

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

 

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

 

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

 

(4)           whether
or not herein expressly provided, every provision of this Indenture and of
other related documents relating to the rights, privileges, protections,
immunities and benefits given to the Trustee hereunder, including without
limitation its right to be indemnified, shall (a) be subject to this Article,
(b) apply to and be enforceable by, the Trustee in each of its capacities hereunder,
including without limitation its capacity as Paying Agent and Security
Registrar and (c) extend to directors, officers and employees of the Trustee.

 

SECTION 608.       Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.  To the extent permitted by such Act, the
Trustee shall not be deemed to have a conflicting interest by virtue of being a
trustee under this Indenture with respect to Securities of more than one series
or a trustee under the Indenture, dated as of October 25, 2001, with respect to
the Company’s $200,000,000 Fixed/Floating Rate Subordinated Notes due October
15, 2011; the Indenture, dated as of May 24, 2001, with respect to Zions
Financial Corp.’s $200,000,000 Fixed/Floating Rate Guaranteed Notes due May 15,
2011; or the Indenture, dated as of December 26, 1996, and the Capital
Securities Guarantee Agreement, dated as of December 26, 1996, relating to
Zions Institutional Capital Trust A’s $200,000,000 8.536% Series A Capital
Securities.

 

SECTION 609.       Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. 
Each Trustee shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has (or in the case of a corporation included
in a bank holding company system, the related holding company has) a combined
capi­tal and surplus of at least $50,000,000 and a corporate trust office in
either the Borough of Manhattan, City of New York or San Francisco,
California.  If any such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of its said supervising or examining authority, then for the
purposes of this Section and to the extent permitted

 

42

 

by the Trust Indenture Act, the combined capital and surplus of such
Person shall be deemed to be its combined capital and sur­plus as set forth in
its most recent report of condition so published.  If at any time the Trustee with respect to the Securities of any
series shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

 

SECTION 610.       Resignation
and Removal; Appointment of Successor.

 

No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 611.

 

The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company.  If the instrument of
acceptance by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

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

 

If at any time:

 

(1)           the
Trustee shall fail to comply with Section 608 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months, or

 

(2)           the
Trustee shall cease to be eligible under Section 609 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

 

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

 

then, in any such case, (A) the Company by a Board Resolution may
remove the Trustee with respect to all Securities, or (B) subject to
Section 514, any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

 

If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Company,
by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series and

 

43

 

shall comply with the applicable requirements of Section 611. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 611, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by
Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

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

 

SECTION 611.       Acceptance
of Appointment by Successor.

 

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

 

In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as
shall be necessary to

 

44

 

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

 

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

 

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

 

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

 

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

 

SECTION 613.       Preferential
Collection of
Claims Against Company.

 

If and when the Trustee shall be or become a creditor
of the Company (or any other obligor upon the Securities), the Trustee shall be
subject to the provisions of the Trust Indenture Act regarding the collection
of claims against the Company (or any such other obligor).

 

SECTION 614.       Appointment
of Authenticating Agent.

 

The Trustee may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to

 

45

 

authenticate Securities of such series issued upon original issue and
upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

 

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

 

An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company. The Trustee
may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case
at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 106 to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

The Trustee agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under this Section,
and the Trustee shall be entitled to be reimbursed for such payments, subject
to the provisions of Section 607.

 

46

 

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

 

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

 

Dated:

 

	
  J.P. MORGAN TRUST
  COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
  As Trustee

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Authorized Officer

  

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.       Company to
Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish or cause to be furnished to
the Trustee

 

(1)           semi-annually, not more than 15 days after each
Regular Record Date, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of each series
as of such Regular Record Date, and

 

(2)           at such other times as the Trustee may request in
writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior
to the time such list is furnished;

 

excluding
from any such list names and addresses received by the Trustee in its capacity
as Security Registrar.

 

SECTION 702.       Preservation
of Information; Communications to Holders.

 

The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 701 and
the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 701 upon receipt of a new list so furnished.

 

The rights of Holders to communicate with other
Holders with respect to their rights under this Indenture or under the
Securities, and the corresponding rights and privileges of the Trustee, shall
be as provided by the Trust Indenture Act.

 

47

 

Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of either of them shall be held accountable by reason
of any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

 

SECTION 703.       Reports by Trustee.

 

The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant thereto.

 

A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company. The
Company will notify the Trustee when any Securities are listed on any stock
exchange.

 

SECTION 704.       Reports by Company.

 

The Company shall file with the Trustee and the
Commission, and transmit to Holders, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant to such Act; provided
that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be
filed with the Trustee within 15 days after the same is so required to be
filed with the Commission.

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE

 

SECTION
801.       Company May
Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or merge into
any other Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, and the Company shall not permit
any Person to consolidate with or merge into the Company or convey, transfer or
lease its properties and assets substantially as an entirety to the Company,
unless:

 

(1)           in case the Company shall consolidate with or merge
into another Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, the Person formed by such
consolidation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation, partnership,
limited liability company or trust, shall be organized and validly existing
under the laws of the United States of America, any State thereof or the
District of Columbia and shall expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of (and premium, if any)
and interest on

 

48

 

all the Securities
and the performance or observance of every covenant of this Indenture on the
part of the Company to be performed or observed;

 

(2)   immediately after giving effect to such transaction and
treating any indebtedness which becomes an obligation of the Company or any
Subsidiary as a result of such transaction as having been incurred by the
Company or such Subsidiary at the time of such transaction, no Event of Default
or Default, and no event which, after notice or lapse of time or both, would
become an Event of Default or Default, shall have happened and be continuing;
and

 

(3)   the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.

 

SECTION 802.       Successor
Substituted.

 

Upon any consolidation of the Company with, or merger
of the Company into, any other Person or any conveyance, transfer or lease of
the properties and assets of the Company substantially as an entirety in
accordance with Section 801, the successor Person formed by such consolidation
or into which the Company is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

SECTION 901.       Supplemental
Indentures Without Consent of Holders.

 

Without the consent of any Holders, the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

 

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

 

(2)           to add to the covenants of the Company for the
benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included

 

49

 

solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Company; or

 

(3)           to add any additional Defaults or Events of Default
for the benefit of the Holders of all or any series of Securities (and if such
additional Defaults or Events of Default are to be for the benefit of less than
all series of Securities, stating that such additional Defaults or Events of
Default are expressly being included solely for the benefit of such series); or

 

(4)           to add to or change any of the provisions of this
Indenture to such extent as shall be necessary to permit or facilitate the
issuance of Securities in bearer form, registrable or not registrable as to
principal, and with or without interest coupons, or to permit or facilitate the
issuance of Securities in uncertificated form; or

 

(5)           to add to, change or eliminate any of the
provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither
(i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor
(ii) modify the rights of the Holder of any such Security with respect to such
provision or (B) shall become effective only when there is no such
Security Outstanding; or

 

(6)           to secure the Securities; or

 

(7)           to establish the form or terms of Securities of any
series as permitted by Sections 201 and 301; or

 

(8)           to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 611; or

 

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

 

Notwithstanding any provision in this Indenture or
otherwise, the rights of creditors in respect of General Obligations under this
Indenture and otherwise in respect of the Securities may, at any time and from
time to time, be reduced or eliminated by a supplemental indenture entered into
by the Company and the Trustee, which supplemental indenture will not require
the consent of the Holders of Securities or any creditor in respect of General
Obligations.

 

50

 

SECTION 902.       Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of not less than 662/3%
in principal amount of the Outstanding Securities of each series affected by
such supplemental indenture, by Act of said Holders delivered to the Company
and the Trustee, the Company, when authorized by a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby,

 

(1)           change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon (or premium, if any)
payable upon the redemption thereof, or reduce the amount of the principal of
an Original Issue Discount Security or any other Security which would be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 502, or change any Place of Payment where, or the coin or
currency in which, any Security or any premium or interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or
after the Redemption Date), or

 

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

 

(3)           modify any of the provisions of this Section, Section 513
or Section 1008, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent
of any Holder with respect to changes in the references to “the Trustee” and
concomitant changes in this Section and Section 1008, or the deletion of
this proviso, in accordance with the requirements of Sections 611 and
901(8).

 

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

 

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

 

51

 

SECTION 903.       Execution of
Supplemental Indentures.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 601) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

 

SECTION 904.       Effect of Supplemental Indentures.

 

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

 

SECTION 905.       Conformity
with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act.

 

SECTION 906.       Reference in Securities to Supplemental Indentures.

 

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

 

SECTION 907.       Subordination
Impaired.

 

(a) No provision in any supplemental indenture that
affects the superior position of the holders of Senior Indebtedness shall be
effective against any holder of Senior Indebtedness, unless such holder shall
have consented thereto.

 

(b) Notwithstanding any provision in this Indenture or
otherwise, the rights of creditors in respect of General Obligations under this
Indenture and otherwise in respect of the Securities may, at any time and from
time to time, be reduced or eliminated by a supplemental indenture entered into
by the Company and the Trustee, which supplemental indenture will not require
the consent of the Holders of Securities or any creditor in respect of General
Obligations.

 

52

 

ARTICLE TEN

 

COVENANTS

 

SECTION
1001.     Payment
of Principal, Premium and Interest.

 

The Company covenants and agrees for the benefit of
each series of Securities that it will duly and punctually pay the principal of
(and premium, if any) and interest on the Securities of that series in
accordance with the terms of the Securities and this Indenture.

 

SECTION 1002.     Maintenance of Office or Agency.

 

The Company will maintain in each Place of Payment for
any series of Securities an office or agency where Securities of that series
may be presented or surrendered for payment, where Securities of that series
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be served.  The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, sur­renders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

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

 

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

 

If the Company shall at any time act as its own Paying
Agent with respect to any series of Securities, it will, on or before each due
date of the principal of (and premium, if any) or interest on any of the
Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due until such sums shall be paid to such Persons
or other­wise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that
series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held as provided by the Trust Inden­ture Act, and (unless

 

53

 

such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent for any
series of Securities other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent will
(i) comply with the provisions of the Trust Indenture Act applicable to it
as a Paying Agent and (ii) during the continuance of any default by the
Company (or any other obligor upon the Securities of that series) in the making
of any payment in respect of the Securities of that series, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by
such Paying Agent for payment in respect of the Securities of that series.

 

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

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
of (and premium, if any) or interest on any Security of that series and
remaining unclaimed for two years after such principal (and premium, if any) or
interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, City of New York, notice that such
money remains unclaimed and that, after a date speci­fied therein, which shall
not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

 

SECTION 1004.     Statement by Officers as to Default.

 

The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company ending after the
date hereof, an Officers’ Certificate, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided
hereunder) and, if the Company shall be in default, specifying all such
defaults and the nature and status thereof of which they may have knowledge.

 

54

 

SECTION 1005.     Existence.

 

Subject to Article Eight, the Company will do or cause
to be done all things necessary to preserve and keep in full force and effect
its existence, rights (charter and statutory), as applicable, and franchises,
and the existence, rights (charter and statutory) and franchises of any Major
Constituent Bank; provided, however,
that the Company shall not be required to preserve any such right or franchise
if the Board of Directors shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and that the
loss thereof is not disadvantageous in any material respect to the Holders.

 

SECTION 1006.     Company Statement as to Compliance.

 

The Company will deliver to the Trustee, within 120
days after the end of each fiscal year, a written statement, which need not
comply with Section 102, signed by the Chairman of the Board, a Vice Chairman,
the President or a Vice President and by the Treasurer or an Assistant
Treasurer of the Company, stating, as to each signer thereof, that

 

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

 

(2)           to the best of his knowledge, based on such review,
(a) the Company has fulfilled all its obligations under this Indenture
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to him and the nature and
status thereof, and (b) no event has occurred and is continuing which is, or
after notice or lapse of time or both would become, an Event of Default under
Section 501, or a Default under Section 501 or, if such event has occurred and
is continuing, specifying such event known to him and the nature and status
thereof.

 

SECTION 1007.     Payment of
Taxes and Other Claims.

 

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

 

SECTION 1008.     Waiver of
Certain Covenants.

 

Except as otherwise specified as contemplated by
Section 301 for Securities of such series, the Company, with respect to the
Securities of any series, may omit in any particular instance to comply with
any term, provision or condition set forth in any

 

55

 

covenant provided pursuant to Section 301(18), 901(2) or 901(7) for the
benefit of the Holders of such series or in any of Sections 1005 to 1007,
inclusive, if before the time for such compliance the Holders of at least
66 2/3% in principal amount of the Outstanding Securities of such series
shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to
the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any
such term, provision or condition shall remain in full force and effect.

 

SECTION 1009.     Calculation
of Original Issue Discount.

 

If any Original Issue Discount Securities are
outstanding, the Company shall file with the Trustee promptly at the end of
each calendar year (i) a written notice specifying the amount of original issue
discount (including daily rates and accrual periods) accrued on Outstanding
Securities as of the end of such year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the
Internal Revenue Code of 1986, as amended from time to time.

 

ARTICLE ELEVEN

 

REDEMPTION
OF SECURITIES

 

SECTION 1101.     Applicability
of Article.

 

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

 

SECTION 1102.     Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities
shall be evidenced by a Board Resolution or in another manner specified as
contemplated by Section 301 for such Securities. In case of any redemption
at the election of the Company of less than all the Securities of any series
(including any such redemption affecting only a single Security), the Company
shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with such restriction.

 

56

 

SECTION 1103.     Selection by
Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series are to
be redeemed (unless all the Securities of such series and of a specified tenor
are to be redeemed or unless such redemption affects only a single Security),
the particular Securities to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security
of such series, provided that the unredeemed portion of the principal amount
of any Security shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. If less than all
the Securities of such series and of a specified tenor are to be redeemed
(unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to
the Redemption Date by the Trustee, from the Outstanding Securities of such
series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

The Trustee shall promptly notify the Company and each
Securities Registrar in writing of the Securities selected for redemption and,
in case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

 

The provisions of the two preceding paragraphs shall
not apply with respect to any redemption affecting only a single Security,
whether such Security is to be redeemed in whole or in part. In the case of any
such redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security.

 

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

 

SECTION 1104.     Notice of
Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior
to the Redemption Date, to each Holder of Securities to be redeemed, at his
address appearing in the Security Register.

 

All notices of redemption shall state:

 

(1)           the Redemption Date,

 

(2)           the Redemption Price,

 

(3)           if less than all the Outstanding Securities of any
series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities,
the principal amounts) of the particular Securities to be redeemed and, if less
than all the Outstanding Securities of any series

 

57

 

consisting of a single Security are to be redeemed,
the principal amount of the particular Security to be redeemed,

 

(4)           that on the Redemption Date the Redemption Price
will become due and payable upon each such Security to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date,

 

(5)           the place or places where each such Security is to
be surrendered for payment of the Redemption Price, and

 

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

 

Notice of redemption of Securities to be redeemed at
the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company.

 

SECTION 1105.     Deposit of Redemption Price.

 

Prior to any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting
as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money sufficient to pay the Redemption Price
of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.

 

SECTION 1106.     Securities Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with
accrued interest to the Redemption Date; provided, however, that, unless otherwise
specified as contemplated by Section 301, installments of interest whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 307.

 

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

 

SECTION 1107.     Securities
Redeemed in Part.

 

Any Security which is to be redeemed only in part
shall be surrendered at a Place of Payment therefor (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Trustee duly executed by,
the Holder thereof or his attorney duly authorized in writing),

 

58

 

and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Security
or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security
so surrendered.

 

ARTICLE TWELVE

 

SINKING
FUNDS

 

SECTION 1201.     Applicability
of Article.

 

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

 

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

 

SECTION 1202.     Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and
(2) may apply as a credit Securities of a series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to any Securities of such series
required to be made pursuant to the terms of such Securities as and to the
extent provided for by the terms of such Securities; provided that the Securities
to be so credited have not been previously so credited. The Securities to be so
credited shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

SECTION 1203.     Redemption
of Securities for Sinking Fund.

 

Not less than 90  days
(or such shorter period as shall be satisfactory to the Trustee) prior to each
sinking fund payment date for any Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of
cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities pursuant to

 

59

 

Section 1202 and will also deliver to the Trustee any Securities to be
so delivered. Not less than 60 days prior to each such sinking fund payment
date, the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 1103 and cause notice
of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 1104.  Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 1106 and
1107.

 

ARTICLE THIRTEEN

 

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 1301.     Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at any time, to
have Section 1302 or Section 1303 applied to any Securities or any series of
Securities, as the case may be, designated pursuant to Section 301 as
being defeasible pursuant to such Section 1302 or 1303, in accordance with any
applicable requirements provided pursuant to Section 301 and upon
compliance with the conditions set forth below in this Article. Any such
election shall be evidenced by a Board Resolution or in another manner
specified as contemplated by Section 301 for such Securities.

 

SECTION 1302.     Defeasance
and Discharge.

 

Upon the Company’s exercise of its option (if any) to
have this Section applied to any Securities or any series of Securities, as the
case may be, the Company shall be deemed to have been discharged from its
obligations, and the provisions of Article Fourteen shall cease to be
effective, with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 1304 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), subject to the following which shall
survive until otherwise terminated or discharged hereunder: (1) the rights
of Holders of such Securities to receive, solely from the trust fund described
in Section 1304 and as more fully set forth in such Section, payments in
respect of the principal of (and premium, if any) and interest on such
Securities when payments are due, (2) the Company’s obligations with
respect to such Securities under Sections 304, 305, 306, 1002 and 1003,
(3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article. Subject to compliance with this Article, the
Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have
Section 1303 applied to such Securities.

 

60

 

SECTION 1303.     Covenant
Defeasance.

 

Upon the Company’s exercise of its option (if any) to
have this Section applied to any Securities or any series of Securities, as the
case may be, (1) the Company shall be released from its obligations under
Sections 1005 to 1007 inclusive, and any covenants provided pursuant to
Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such
Securities, (2) the occurrence of any event specified in
Sections 501(b)(v) (with respect to any of Sections 1005 to 1007
inclusive and any such covenants provided pursuant to Section 301(18),
901(2) or 901(7)) and 501(b)(vi) shall be deemed not to be or result in a
Default and (3) the provisions of Article Fourteen shall cease to be
effective, in each case with respect to such Securities as provided in this
Section on and after the date the conditions set forth in Section 1304 are
satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such
Covenant Defeasance means that, with respect to such Securities, the Company
may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such specified Section (to the extent
so specified in the case of Section 501(b)(v)) or Article Fourteen,
whether directly or indirectly by reason of any reference elsewhere herein to
any such Section or by reason of any reference in any such Section to any other
provision herein or in any other document, but the remainder of this Indenture
and such Securities shall be unaffected thereby.

 

SECTION 1304.     Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to the
application of Section 1302 or Section 1303 to any Securities or any
series of Securities, as the case may be:

 

(1)           The Company shall irrevocably have deposited or
caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 609 and agrees to comply with the
provisions of this Article applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefits of the Holders of such Securities,
(A) money in an amount, or (B) U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, money in an amount, or (C) a combination thereof, in
each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective
Stated Maturities, in accordance with the terms of this Indenture and such
Securities. As used herein, “U.S. Government Obligation” means (x) any
security which is (i) a direct obligation of the United States of America
for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof,
and (y) any depositary receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities Act) as custodian with

 

61

 

respect to any
U.S. Government Obligation which is specified in Clause (x) above and held by
such bank for the account of the holder of such depositary receipt, or with
respect to any specific payment of principal of or interest on any U.S.
Government Obligation which is so specified and held, provided that (except as
required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principal or interest evidenced by such depositary receipt.

 

(2)           In the event of an election to have
Section 1302 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of
Counsel stating that (A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (B) since the date
of this instrument, there has been a change in the applicable Federal income
tax law, in either case (A) or (B) to the effect that, and based thereon such
opinion shall confirm that, the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit,
Defeasance and discharge to be effected with respect to such Securities and
will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit, Defeasance and
discharge were not to occur.

 

(3)           In the event of an election to have
Section 1303 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and
Covenant Defeasance to be effected with respect to such Securities and will be
subject to Federal income tax on the same amount, in the same manner and at the
same times as would be the case if such deposit and Covenant Defeasance were
not to occur.

 

(4)           The Company shall have delivered to the Trustee an
Officers’ Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will
be delisted as a result of such deposit.

 

(5)           No event which is, or after notice or lapse of time
or both would become, a Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit
or, with regard to any such event specified in Sections 501(a)(1), (a)(2),
(a)(3) and (a)(4), at any time on or prior to the 90th day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied
until after such 90th day).

 

(6)           Such Defeasance or Covenant Defeasance shall not
cause the Trustee to have a conflicting interest within the meaning of the
Trust Indenture Act (assuming all Securities are in default within the meaning
of such Act).

 

(7)           Such Defeasance or Covenant Defeasance shall not
result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is
bound.

 

62

 

(8)           Such Defeasance or Covenant Defeasance shall not
result in the trust arising from such deposit constituting an investment
company within the meaning of the Investment Company Act unless such trust
shall be registered under such Act or exempt from registration thereunder.

 

(9)           No event or condition shall exist that, pursuant to
the provisions of Article Fourteen, would prevent the Company from making
payments of the principal of (and any premium) or interest on the Securities of
such series on the date of such deposit or at any time on or prior to the 90th
day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until after such 90th day).

 

(10)         The Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance
have been complied with.

 

SECTION 1305.              Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions.

 

Subject to the provisions of the last paragraph of
Section 1003, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section and Section 1306, the Trustee and any such
other trustee are referred to collectively as the “Trustee”) pursuant to
Section 1304 in respect of any Securities shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities
and this Indenture, to the payment, either directly or through any such Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal (and premium, if any) and interest, but money
so held in trust need not be segregated from other funds except to the extent
required by law. Money and U.S. Government Obligations so held in trust shall
not be subject to the provisions of Article Fourteen, provided that the
applicable conditions of Section 1304 have been satisfied.

 

The Company 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 1304 or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of Outstanding
Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request any money or U.S. Government Obligations held by it
as provided in Section 1304 with respect to any Securities which, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

 

63

 

SECTION 1306.     Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply
any money in accordance with this Article with respect to any Securities by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has
been discharged or released pursuant to Section 1302 or 1303 shall be
revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities, until such time as the Trustee or
Paying Agent is permitted to apply all money held in trust pursuant to
Section 1305 with respect to such Securities in accordance with this
Article; provided,
however, that if the Company makes any payment of principal of or
any premium or interest on any such Security following such reinstatement of
its obligations, the Company shall be subrogated to the rights (if any) of the
Holders of such Securities to receive such payment from the money so held in
trust.

 

ARTICLE FOURTEEN

 

SUBORDINATION OF SECURITIES

 

SECTION 1401.     Securities
Subordinate to Senior Indebtedness.

 

The Company covenants and agrees, and each Holder of a
Security, by his acceptance thereof, likewise covenants and agrees, that, to
the extent and in the manner hereinafter set forth in this Article, the
indebtedness represented by the Securities and the payment of the principal of
(and premium, if any) and interest on each and all of the Securities are hereby
expressly made subordinate and subject in right of payment to the prior payment
in full of all Senior Indebtedness.

 

Notwithstanding the foregoing, if a deposit referred
to in Section 1304(1) is made pursuant to Section 1302 or
Section 1303 with respect to any Securities (and provided all other
conditions set out in Section 1302 or 1303, as applicable, shall have been
satisfied with respect to such Securities), then, following the 90th day after
such deposit, no money or U.S. Government Obligations so deposited, and no
proceeds thereon, will be subject to any rights of holders of Senior Indebtedness,
including any such rights arising under this Article Fourteen.

 

SECTION 1402.     Payment Over
of Proceeds Upon Dissolution, Etc.

 

In the event of (a) any insolvency or bankruptcy
case or proceeding, or any receivership, liquidation, reorganization or other
similar case or proceeding in connec­tion therewith, relative to the Company or
to its creditors, as such, or to its assets, or (b) any liquidation,
dissolution or other winding up of the Company, whether voluntary or
involuntary and whether or not involving insolvency or bank­ruptcy, or
(c) any assignment for the benefit of creditors or any other marshaling of
assets and liabilities of the Company, then and in any such event the holders
of Senior Indebtedness shall be entitled to receive payment in full of all
amounts due or to become due on or in respect of all Senior Indebtedness, or
provision shall be made for such payment, before the Holders of the Securities
are entitled to receive any payment on account of principal of or interest

 

64

 

on the Securities, and to that end the holders of Senior Indebtedness
shall be entitled to receive, for application to the payment thereof, any
payment or distribution of any kind or character, whether in cash, property or
securities, which may be payable or deliverable in respect of the Securities in
any such case, proceeding, dissolution, liquidation or other winding up or
event.

 

Upon the occurrence of any of the events described in
clauses (a), (b) or (c) of the immediately preceding paragraph, in the event
that notwithstanding the foregoing provisions of this Section the Trustee or
the Holder of any Security shall have received any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, before all Senior Indebtedness is paid in full or payment thereof
provided for, and if such fact shall, at or prior to the time of such payment
or distribution, have been made known to the Trustee or, as the case may be,
such Holder, then and in such event such payment or distribution shall be paid
over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee, agent or other Person making payment or
distribution of assets of the Company for application to the payment of all
Senior Indebted­ness remaining unpaid, to the extent necessary to pay all
Senior Indebtedness in full, after giving effect to any concurrent payment or
distribution to or for the holders of Senior Indebtedness.

 

The consolidation of the Company with, or the merger
of the Company into, another Person or the liquidation or dissolution of the
Company following the conveyance or transfer of its properties and assets
substantially as an entirety to another Person upon the terms and conditions
set forth in Article Eight shall not be deemed a dissolution, winding up,
liquidation, reorganization, assignment for the benefit of creditors or
marshaling of assets and liabilities of the Company for the purposes of this Section
if the Person formed by such consolidation or into which the Company is merged
or which acquires by conveyance or transfer such properties and assets sub­stantially
as an entirety, as the case may be, shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the respective conditions set forth
in Article Nine.

 

SECTION 1403.     Prior
Payment to Senior Indebtedness Upon Acceleration of Securities.

 

In the event that any Securities are declared due and
payable before their Stated Maturity, then and in such event the holders of
Senior Indebtedness shall be entitled to receive payment in full of all amounts
due or to become due on or in respect of all Senior Indebtedness or provision
shall be made for such payment in cash, before the Holders of the Securities
are entitled to receive any payment (including any payment which may be payable
by reason of the payment of any other indebtedness of the Company being
subordinated to the payment of the Securities) by the Company on account of the
principal of (or premium, if any) or interest on the Securities or on account
of the purchase or other acquisition of Securities; provided, however, that nothing in this Section shall
prevent the satisfaction of any sinking fund payment in accordance with
Article Twelve by delivering and crediting pursuant to Section 1202
Securities which have been acquired (upon redemption or otherwise) prior to
such declaration of acceleration.

 

65

 

In the event that, notwithstanding the foregoing, the
Company shall make any payment to the Trustee or the Holder of any Security
prohibited by the foregoing provisions of this Section, and if such fact shall,
at or prior to the time of such payment, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such payment shall
be paid over and delivered forthwith to the Company.

 

The provisions of this Section shall not apply to any
payment with respect to which Section 1402 would be applicable.

 

SECTION 1404.     No Payment
When Senior Indebtedness in Default.

 

In the event and during the continuation of any
default in the payment of principal of (or premium, if any) or interest on any
Senior Indebtedness beyond any applicable grace period with respect thereto,
or, in the event any judicial proceeding shall be pending with respect to
any such default, then no payment shall be made by the Company on account of
principal of or interest on the Securities or on account of the purchase or other
acquisition of Securities.

 

In the event that, notwithstanding the foregoing, the
Company shall make any payment to the Trustee or the Holder of any Security
prohibited by the foregoing provisions of this Section, and if such fact shall,
at or prior to the time of such payment, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such payment shall
be paid over and delivered forthwith to the Company.

 

The provisions of this Section shall not apply to any
payment with respect to which Section 1402 would be applicable.

 

SECTION 1405.     Payment
Permitted If No Default.

 

Nothing contained in this Article or elsewhere in this
Indenture or in any of the Securities of any series shall prevent (a) the
Company, at any time except during the pendency of any case, proceeding,
dissolution, liquidation or other winding up, assignment for the benefit of
creditors or other marshaling of assets and liabilities of the Company referred
to in Section 1402 or under the conditions described in Section 1403
or 1404, from making payments at any time of principal of or interest on the
Securities, or (b) the application by the Trustee of any money deposited
with it hereunder to the payment of or on account of the principal of (and
premium, if any) or interest on the Securities of any series or the retention
of such payment by the Holders, if, at the time of such application by the
Trustee, it did not have knowledge that such payment would have been prohibited
by the provisions of this Article.

 

SECTION 1406.     Subrogation
to Rights of Holders of Senior Indebtedness.

 

Subject to the payment in full of all Senior
Indebtedness, the Holders of the Securities shall be subrogated (equally and
ratably with the holders of all indebtedness of the Company which by its
express terms is subordinated to indebtedness of the Company to substantially
the same extent as the Securities are subordinated and is entitled to like
rights of subrogation) to the rights of the holders of such Senior Indebtedness
to receive

 

66

 

payments and distributions of cash, property and securities applicable
to the Senior Indebtedness until the principal of and interest on the
Securities shall be paid in full.  For
purposes of such subrogation, no payments or distributions to the holders of
the Senior Indebtedness of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the Securities
or the Trustee, shall, as among the Company, its creditors other than holders
of Senior Indebtedness and the Holders of the Securities, be deemed to be a payment
or distribution by the Company to or on account of the Senior Indebtedness.

 

SECTION 1407.     Provisions
Solely to Define Relative Rights.

 

The provisions of this Article are and are intended
solely for the purpose of defining the relative rights of the Holders of the
Securities on the one hand and the holders of Senior Indebtedness (and, in the
case of Section 1415, the creditors of General Obligations) on the other
hand.  Nothing contained in this Article
or elsewhere in this Indenture or in the Securities is intended to or shall
(a) impair, as among the Company, its creditors other than holders of
Senior Indebtedness and the Holders of the Securities, the obligation of the
Company, which is absolute and unconditional and which, subject to the rights
under this Article of the holders of Senior Indebtedness (and the rights under
Section 1415 of creditors in respect of General Obligations), is intended to
rank equally with all other General Obligations of the Company, to pay to the
Holders of the Securities the principal of and interest on the Securities as
and when the same shall become due and payable in accordance with their terms;
or (b) affect the relative rights against the Company of the Holders of
the Securities and creditors of the Company other than the holders of Senior
Indebtedness; or (c) prevent the Trustee or the Holder of any Security
from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, (and under Section 1415 of
creditors in respect of General Obligations) under this Article of the holders
of Senior Indebtedness to receive cash, property and securities otherwise
payable or deliverable to the Trustee or such Holder.

 

SECTION 1408.     Trustee to
Effectuate Subordination.

 

Each holder of a Security 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 1409.     No Waiver of
Subordination Provisions.

 

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

 

67

 

Without in any way limiting the generality of the
foregoing paragraph, the holders of Senior Indebtedness may, at any time and
from time to time, without the consent of or notice to the Trustee or the
Holders of the Securities, without incurring responsibility to the Holders of
the Securities and without impairing or releasing the subordination provided in
this Article or the obligations hereunder of the Holders of the Securities to
the holders of Senior Indebtedness, do any one or more of the following:  (i) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior
Indebtedness, or other­wise amend or supplement in any manner Senior
Indebtedness or any instrument evidencing the same or any agreement under which
Senior Indebtedness is outstand­ing; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing
Senior Indebtedness; (iii) release any Person liable in any manner for the
collection of Senior Indebtedness; and (iv) exercise or refrain from
exercising any rights against the Company and any other Person.

 

SECTION 1410.     Notice to
Trustee.

 

The Company shall give prompt written notice to the
Trustee of any fact known to the Company which would prohibit the making of any
payment to or by the Trustee in respect of the Securities.  Notwithstanding the provisions of this
Article or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts which would prohibit the
making of any payment to or by the Trustee in respect of the Securities, unless
and until the Trustee shall have received written notice thereof from the
Company or a holder of Senior Indebted­ness or from any trustee therefor; and,
prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Section 601, shall be entitled in all respects to assume
that no such facts exist; provided, however,
that if the Trustee shall not have received the notice provided for in this
Section at least five Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose, then, anything herein
contained to the contrary notwith­standing, the Trustee shall have full power
and authority to receive such money and to apply the same to the purpose for
which such money was received and shall not be affected by any notice to the
contrary which may be received by it within five Business Days prior to such
date.

 

Subject to the provisions of Section 601, the
Trustee shall be entitled to rely on the delivery to it of a written notice by
a Person representing himself to be a holder of Senior Indebtedness or a
trustee therefor (or a creditor in respect of General Obligations) to establish
that such notice has been given by a holder of Senior Indebtedness or a trustee
therefor (or a creditor in respect of General Obligations).  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness (or a creditor in respect of General
Obligations) to participate in any payment or distribution pursuant to this Article,
the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness (or General
Obligations) held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to
the rights of such Person under this Article, and if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

 

68

 

SECTION 1411.     Reliance on
Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets of the
Company referred to in this Article, the Trustee, subject to the provisions of
Section 601, and the Holders of the Securities shall be entitled to rely
upon any order or decree entered by any court of competent jurisdiction in
which such insolvency, bankruptcy, receivership, liquida­tion, reorganiza­tion,
dissolution, winding up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee for the benefit of creditors, agent or other Person making
such payment or distribution, delivered to the Trustee or to the Holders of
Securities, 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 Company (and the creditors in respect of General
Obligations), the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this
Article.

 

SECTION 1412.              Trustee Not
Fiduciary for Holders of Senior Indebtedness (or Creditors in Respect of
General Obligations).

 

The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness (or creditors in respect of General
Obligations) and shall not be liable to any such holders (or creditors in respect
of General Obligations) if it shall in good faith mistakenly pay over or
distribute to Holders of Securities or to the Company or to any other Person
cash, property or securities to which any holders of Senior Indebtedness (or
creditors in respect of General Obligations) shall be entitled by virtue of
this Article or otherwise.

 

SECTION 1413.              Rights of
Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights.

 

The Trustee in its individual capacity shall be
entitled to all the rights set forth in this Article with respect to any Senior
Indebtedness which may at any time be held by it (or with respect to any
General Obligations owed to the Trustee as a creditor), to the same extent as
any other holder of Senior Indebtedness (or creditors in respect of General
Obligations as the case may be), and nothing in this Indenture shall deprive
the Trustee of any of its rights as such holder.

 

Nothing in this Article shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 607.

 

SECTION 1414.     Article
Applicable to Paying Agents.

 

In case at any time any Paying Agent other than the
Trustee shall have been appointed by the Company and be then acting hereunder,
the term “Trustee” as used in this Article shall in such case (unless the
context otherwise requires) 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
Section 1413 shall not apply to the Company or any Affiliate of the
Company if it or such Affiliate acts as Paying Agent.

 

69

 

SECTION 1415.     Payment of
Proceeds in Certain Cases.

 

(a)  Upon the
occurrence of any of the events specified in clauses (a), (b) and (c) of the
first paragraph of Section 1402, the provisions of that Section shall be given
effect to determine the amount of cash, property or securities which may be
payable or deliverable as between the holders of Senior Indebtedness, on the
one  hand, and the Holders of
Securities, on the other hand.

 

(b)  If, after
giving effect to the provisions of Section 1402 and Section 1406, any amount of
cash, property or securities of the Company shall be available for payment or
distribution in respect of the Securities (“Excess Proceeds”), and any
creditors in respect of General Obligations shall not have received payment in
full of all amounts due or to become due on or in respect of such General
Obligations, then such Excess Proceeds shall first be applied (ratably with any
amount of cash, property or securities available for payment or distribution in
respect of any other indebtedness of the Company that by its express terms
provides for the payment over of amounts corresponding to Excess Proceeds to
creditors in respect of General Obligations) to pay or provide for the payment
of the General Obligations remaining unpaid, to the extent necessary to pay all
General Obligations in full, after giving effect to any concurrent payment or
distribution to or for creditors in respect of General Obligations.  Any Excess Proceeds remaining after the
payment (or provision for payment) in full of all General Obligations shall be
available for payment or distribution in respect of the Securities.

 

(c)  In the
event that, notwithstanding the foregoing provisions of subsection (b) of this
Section, the Trustee or Holder of any Security shall have received any payment
or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, before all General Obligations are paid in full
or payment thereof duly provided for, and if such fact shall, at or prior to
the time of such payment or distribution have been made known to the Trustee
or, as the case may be, such Holder, then and in such event, subject to any
obligation that the Trustee or such Holder may have pursuant to Section 1402,
such payment or distribution shall be paid over or delivered forthwith to the
trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee,
agent or other Person making payment or distribution of asset of the Company
for payment in accordance with subsection (b).

 

(d)  Subject to
the payment in full of all General Obligations, the Holders of the Securities
shall be subrogated (equally and ratably with the holders of all indebtedness
of the Company that by its express terms provides for the payment over of
amounts corresponding to Excess Proceeds to creditors in respect of General Obligations
and is entitled to like rights of subrogation) to the rights of the creditors
in respect of General Obligations to receive payments and distributions of
cash, property and securities applicable to the General Obligations until the
principal of and interest on the Securities shall be paid in full.  For purposes of such subrogation, no
payments or distributions to creditors in respect of General Obligations of any
cash, property or securities to which Holders of the Securities or the Trustee
would be entitled except for the provisions of this Section, and no payments
over pursuant to the provisions of this Section to creditors in respect of
General Obligations by Holders of Securities or the Trustee, shall, as among
the Company, its creditors other than creditors in respect of General
Obligations and the

 

70

 

Holders of Securities be deemed to be a payment or distribution by the
Company to or on account of the General Obligations.

 

(e)  The
provisions of subsections (b), (c) and (d) of this Section are and are intended
solely for the purpose of defining the relative rights of the Holders of the
Securities, on the one hand, and the creditors in respect of General
Obligations, on the other hand, after giving effect to the rights of the
holders of Senior Indebtedness, as provided in this Article.  Nothing contained in subsections (b), (c)
and (d) of this Section is intended to or shall affect the relative rights against
the Company of the Holders of the Securities and (1) the holders of Senior
Indebtedness or (2) other creditors of the Company other than creditors in
respect of General Obligations.

 

SECTION 1416.     Automatic
Termination.

 

Upon the occurrence of a Termination Event, the
Company will promptly notify the Trustee and the following provisions of this
Indenture shall immediately and automatically terminate, be null and void ab
initio and have no further effect: the definitions of “Claim”, “Excess
Proceeds” and “General Obligations”; subsection (d) of Section 111; the
sixth paragraph of Section 203; the last paragraph of Section 901; subsection
(b) of Section 907; all language in each parenthetical containing the words
“General Obligations” in Sections 1407, 1410, 1411, 1412 and 1413; and Section
1415.  The Trustee shall have the right
at any time to request that the Company supply it with an Opinion of Counsel as
to whether a Termination Event shall have occurred.

 

 

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

 

71

 

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 the day and year first above written.

 

	
   

  	
  ZIONS BANCORPORATION

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN TRUST
  COMPANY, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  

 

72

 

	
  STATE OF UTAH

  	
  )

  
	
   

  	
  )  ss.:

  
	
  COUNTY OF SALT LAKE

  	
  )

  

 

On the      day
of                         , 2002,
before me personally came                 
, to me known, who, being by me duly sworn, did depose and say that he
is .................... of Zions Bancorporation, a Utah corporation, one of the
corporations described in and which executed the foregoing instrument; that he
knows the 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.

 

	
  My Commission Expires:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public

  
	
  [Seal of Notary Public]

  
	
   

  
	
  Residing in:

  	
   

  	
   

  
	
   

  
	
  STATE OF [                        ]

  	
  )

  )  ss.:

  
	
  COUNTY OF [                   ]

  	
  )

  
								

 

On the       day of
             ,
2002, before me personally came
             ,
to me known, who, being by me duly sworn, did depose and say that he is
               
of J.P. Morgan Trust Company, National Association, one of the corporation
described in and which executed the foregoing instrument; that he knows the
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.

 

	
  My Commission Expires:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public

  
	
  [Seal of Notary Public]

  	
   

  
	
   

  	
   

  
	
  Residing in:

  	
   

  	
   

  	
   

  
							

 

73

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